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SECURITIES AND EXCHANGE COMMISSION
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from
to
.
Commission File Number:
001-34791
Magnachip Semiconductor Corporation
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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c/o MagnaChip Semiconductor S.A.
1,
Allée Scheffer,
L-2520
Luxembourg, Grand Duchy of Luxembourg
(Address, zip code, and telephone number, including area code, of registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
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Common Stock, par value $0.01 per share Preferred Stock Purchase Rights |
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New York Stock Exchange New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒
Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to
submit such files). ☒
Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes
☒ No
As of October 31, 2022, the registrant had
44,175,252 shares of common stock outstanding.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
2
http://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesCurrent
PART I—FINANCIAL INFORMATION
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Interim Consolidated Financial Statements (Unaudited) |
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
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(In thousands of U.S. dollars, except share data) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
250,831 |
|
|
|
|
|
|
$ |
279,547 |
|
|
|
|
36,759 |
|
|
|
|
|
|
|
50,954 |
|
|
|
|
37,298 |
|
|
|
|
|
|
|
39,370 |
|
Other receivables (Note 16) |
|
|
8,248 |
|
|
|
|
|
|
|
25,895 |
|
|
|
|
10,322 |
|
|
|
|
|
|
|
7,675 |
|
Hedge collateral (Note 7) |
|
|
15,370 |
|
|
|
|
|
|
|
3,060 |
|
Other current assets (Note 17) |
|
|
20,208 |
|
|
|
|
|
|
|
2,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
379,036 |
|
|
|
|
|
|
|
409,120 |
|
Property, plant and equipment, net |
|
|
94,411 |
|
|
|
|
|
|
|
107,882 |
|
|
|
|
4,928 |
|
|
|
|
|
|
|
4,275 |
|
|
|
|
1,770 |
|
|
|
|
|
|
|
2,377 |
|
Long-term prepaid expenses |
|
|
11,382 |
|
|
|
|
|
|
|
8,243 |
|
|
|
|
34,299 |
|
|
|
|
|
|
|
41,095 |
|
|
|
|
10,382 |
|
|
|
|
|
|
|
10,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
536,208 |
|
|
|
|
|
|
$ |
583,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
26,545 |
|
|
|
|
|
|
$ |
37,593 |
|
|
|
|
14,809 |
|
|
|
|
|
|
|
6,289 |
|
Accrued expenses (Note 6) |
|
|
15,800 |
|
|
|
|
|
|
|
20,071 |
|
|
|
|
— |
|
|
|
|
|
|
|
11,823 |
|
Operating lease liabilities |
|
|
1,324 |
|
|
|
|
|
|
|
2,323 |
|
Other current liabilities (Notes 7 and 8) |
|
|
15,881 |
|
|
|
|
|
|
|
7,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
74,359 |
|
|
|
|
|
|
|
85,481 |
|
Accrued severance benefits, net |
|
|
28,036 |
|
|
|
|
|
|
|
33,064 |
|
Non-current operating lease liabilities |
|
|
3,811 |
|
|
|
|
|
|
|
1,952 |
|
Other non-current liabilities |
|
|
16,787 |
|
|
|
|
|
|
|
10,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
122,993 |
|
|
|
|
|
|
|
130,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 17) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,234,774 shares issued and 44,579,075 outstanding at September 30, 2022 and 55,905,320 shares issued and 45,659,304 outstanding at December 31, 2021 |
|
|
562 |
|
|
|
|
|
|
|
559 |
|
Additional paid-in capital |
|
|
264,510 |
|
|
|
|
|
|
|
241,197 |
|
|
|
|
332,535 |
|
|
|
|
|
|
|
343,542 |
|
Treasury stock, 11,655,699 shares at September 30, 2022 and 10,246,016 shares at December 31, 2021, respectively |
|
|
(152,161 |
) |
|
|
|
|
|
|
(130,306 |
) |
Accumulated other comprehensive loss |
|
|
(32,231 |
) |
|
|
|
|
|
|
(2,230 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
413,215 |
|
|
|
|
|
|
|
452,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
536,208 |
|
|
|
|
|
|
$ |
583,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of U.S. dollars, except share data) |
|
|
|
|
|
|
Net sales – standard products business |
|
$ |
62,771 |
|
|
$ |
117,415 |
|
|
$ |
248,069 |
|
|
$ |
333,589 |
|
Net sales – transitional Fab 3 foundry services |
|
|
8,428 |
|
|
|
9,585 |
|
|
|
28,599 |
|
|
|
30,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,199 |
|
|
|
127,000 |
|
|
|
276,668 |
|
|
|
363,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales – standard products business |
|
|
45,497 |
|
|
|
71,641 |
|
|
|
165,197 |
|
|
|
221,297 |
|
Cost of sales – transitional Fab 3 foundry services |
|
|
8,477 |
|
|
|
8,772 |
|
|
|
26,305 |
|
|
|
27,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,974 |
|
|
|
80,413 |
|
|
|
191,502 |
|
|
|
248,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,225 |
|
|
|
46,587 |
|
|
|
85,166 |
|
|
|
114,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
11,411 |
|
|
|
12,550 |
|
|
|
38,310 |
|
|
|
39,185 |
|
Research and development expenses |
|
|
13,321 |
|
|
|
12,270 |
|
|
|
38,685 |
|
|
|
39,015 |
|
|
|
|
— |
|
|
|
1,552 |
|
|
|
— |
|
|
|
13,842 |
|
|
|
|
2,501 |
|
|
|
214 |
|
|
|
3,298 |
|
|
|
3,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,233 |
|
|
|
26,586 |
|
|
|
80,293 |
|
|
|
95,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,008 |
) |
|
|
20,001 |
|
|
|
4,873 |
|
|
|
19,537 |
|
|
|
|
(278 |
) |
|
|
(113 |
) |
|
|
(888 |
) |
|
|
(1,239 |
) |
Foreign currency loss, net |
|
|
(12,809 |
) |
|
|
(7,579 |
) |
|
|
(20,511 |
) |
|
|
(12,000 |
) |
|
|
|
1,958 |
|
|
|
1,608 |
|
|
|
4,163 |
|
|
|
2,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax expense |
|
|
(21,137 |
) |
|
|
13,917 |
|
|
|
(12,363 |
) |
|
|
9,137 |
|
Income tax expense (benefit) |
|
|
(3,942 |
) |
|
|
3,149 |
|
|
|
(1,356 |
) |
|
|
6,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(17,195 |
) |
|
$ |
10,768 |
|
|
$ |
(11,007 |
) |
|
$ |
3,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per common share— |
|
$ |
(0.38 |
) |
|
$ |
0.23 |
|
|
$ |
(0.24 |
) |
|
$ |
0.07 |
|
Diluted earnings (loss) per common share— |
|
$ |
(0.38 |
) |
|
$ |
0.23 |
|
|
$ |
(0.24 |
) |
|
$ |
0.07 |
|
Weighted average number of shares— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,865,266 |
|
|
|
46,449,234 |
|
|
|
45,119,214 |
|
|
|
44,377,250 |
|
|
|
|
44,865,266 |
|
|
|
47,808,457 |
|
|
|
45,119,214 |
|
|
|
45,811,792 |
|
The accompanying notes are an integral part of these consolidated financial statements.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of U.S. dollars) |
|
|
|
$ |
(17,195 |
) |
|
$ |
10,768 |
|
|
$ |
(11,007 |
) |
|
$ |
3,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(5,974 |
) |
|
|
(860 |
) |
|
|
(15,881 |
) |
|
|
(2,809 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair valuation of derivatives |
|
|
(11,757 |
) |
|
|
(3,271 |
) |
|
|
(19,498 |
) |
|
|
(4,964 |
) |
Reclassification adjustment for loss (gain) on derivatives included in net income (loss) |
|
|
2,820 |
|
|
|
653 |
|
|
|
5,378 |
|
|
|
(333 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive loss |
|
|
(14,911 |
) |
|
|
(3,478 |
) |
|
|
(30,001 |
) |
|
|
(8,106 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) |
|
$ |
(32,106 |
) |
|
$ |
7,290 |
|
|
$ |
(41,008 |
) |
|
$ |
(5,009 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Loss |
|
|
|
|
(In thousands of U.S. dollars, except share data) |
|
|
|
|
|
|
Three Months Ended September 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,903,718 |
|
|
$ |
562 |
|
|
$ |
263,698 |
|
|
$ |
349,730 |
|
|
$ |
(148,523 |
) |
|
$ |
(17,320 |
) |
|
$ |
448,147 |
|
|
|
|
— |
|
|
|
— |
|
|
|
861 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
861 |
|
Settlement of restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
(49 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(49 |
) |
Acquisition of treasury stock |
|
|
(324,643 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,638 |
) |
|
|
— |
|
|
|
(3,638 |
) |
Other comprehensive loss, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,911 |
) |
|
|
(14,911 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,195 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17,195 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2022 |
|
|
44,579,075 |
|
|
$ |
562 |
|
|
$ |
264,510 |
|
|
$ |
332,535 |
|
|
$ |
(152,161 |
) |
|
$ |
(32,231 |
) |
|
$ |
413,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,350,945 |
|
|
$ |
556 |
|
|
$ |
253,244 |
|
|
$ |
279,163 |
|
|
$ |
(109,407 |
) |
|
$ |
(925 |
) |
|
$ |
422,631 |
|
|
|
|
— |
|
|
|
— |
|
|
|
2,005 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,005 |
|
Exercise of stock options |
|
|
112,944 |
|
|
|
1 |
|
|
|
1,370 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,371 |
|
Settlement of restricted stock units |
|
|
1,000 |
|
|
|
0 |
|
|
|
(0 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other comprehensive loss, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,478 |
) |
|
|
(3,478 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,768 |
|
|
|
— |
|
|
|
— |
|
|
|
10,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2021 |
|
|
46,464,889 |
|
|
$ |
557 |
|
|
$ |
256,619 |
|
|
$ |
289,931 |
|
|
$ |
(109,407 |
) |
|
$ |
(4,403 |
) |
|
$ |
433,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of U.S. dollars, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
|
|
45,659,304 |
|
|
$ |
559 |
|
|
$ |
241,197 |
|
|
$ |
343,542 |
|
|
$ |
(130,306 |
) |
|
$ |
(2,230 |
) |
|
$ |
452,762 |
|
|
|
|
— |
|
|
|
— |
|
|
|
4,487 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,487 |
|
Exercise of stock options |
|
|
152,326 |
|
|
|
1 |
|
|
|
1,785 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,786 |
|
Settlement of restricted stock units |
|
|
177,128 |
|
|
|
2 |
|
|
|
(176 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(174 |
) |
Acquisition of treasury stock |
|
|
(378,107 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,638 |
) |
|
|
— |
|
|
|
(4,638 |
) |
Accelerated stock repurchase |
|
|
(1,031,576 |
) |
|
|
— |
|
|
|
17,217 |
|
|
|
— |
|
|
|
(17,217 |
) |
|
|
— |
|
|
|
— |
|
Other comprehensive loss, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(30,001 |
) |
|
|
(30,001 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,007 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,007 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2022 |
|
|
44,579,075 |
|
|
$ |
562 |
|
|
$ |
264,510 |
|
|
$ |
332,535 |
|
|
$ |
(152,161 |
) |
|
$ |
(32,231 |
) |
|
$ |
413,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2020 |
|
|
35,783,347 |
|
|
$ |
450 |
|
|
$ |
163,010 |
|
|
$ |
286,834 |
|
|
$ |
(108,397 |
) |
|
$ |
3,703 |
|
|
$ |
345,600 |
|
|
|
|
— |
|
|
|
— |
|
|
|
6,056 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,056 |
|
Exchange of exchangeable senior note |
|
|
10,144,131 |
|
|
|
101 |
|
|
|
83,639 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83,740 |
|
Exercise of stock options |
|
|
289,704 |
|
|
|
3 |
|
|
|
3,917 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,920 |
|
Settlement of restricted stock units |
|
|
299,162 |
|
|
|
3 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition of treasury stock |
|
|
(51,455 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,010 |
) |
|
|
— |
|
|
|
(1,010 |
) |
Other comprehensive loss, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,106 |
) |
|
|
(8,106 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,097 |
|
|
|
— |
|
|
|
— |
|
|
|
3,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2021 |
|
|
46,464,889 |
|
|
$ |
557 |
|
|
$ |
256,619 |
|
|
$ |
289,931 |
|
|
$ |
(109,407 |
) |
|
$ |
(4,403 |
) |
|
$ |
433,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of U.S. dollars) |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
$ |
(11,007 |
) |
|
$ |
3,097 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
11,225 |
|
|
|
10,576 |
|
Provision for severance benefits |
|
|
5,163 |
|
|
|
5,514 |
|
Amortization of debt issuance costs and original issue discount |
|
|
— |
|
|
|
261 |
|
Loss on foreign currency, net |
|
|
66,335 |
|
|
|
32,607 |
|
Provision for inventory reserves |
|
|
7,730 |
|
|
|
1,484 |
|
|
|
|
4,487 |
|
|
|
6,056 |
|
|
|
|
631 |
|
|
|
442 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
7,805 |
|
|
|
6,696 |
|
|
|
|
(13,208 |
) |
|
|
(4,561 |
) |
|
|
|
17,115 |
|
|
|
(5,287 |
) |
|
|
|
(14,117 |
) |
|
|
7,933 |
|
|
|
|
(14,792 |
) |
|
|
(16,192 |
) |
|
|
|
(6,215 |
) |
|
|
(3,729 |
) |
|
|
|
5,866 |
|
|
|
(1,641 |
) |
|
|
|
(11,483 |
) |
|
|
(8,308 |
) |
Other current liabilities |
|
|
(1,583 |
) |
|
|
555 |
|
Other non-current liabilities |
|
|
523 |
|
|
|
(666 |
) |
Payment of severance benefits |
|
|
(4,181 |
) |
|
|
(4,772 |
) |
|
|
|
(50 |
) |
|
|
(49 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
50,244 |
|
|
|
30,016 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Proceeds from settlement of hedge collateral |
|
|
2,805 |
|
|
|
3,995 |
|
Payment of hedge collateral |
|
|
(15,282 |
) |
|
|
(2,744 |
) |
Purchase of property, plant and equipment |
|
|
(11,812 |
) |
|
|
(13,368 |
) |
Payment for intellectual property registration |
|
|
(301 |
) |
|
|
(455 |
) |
Collection of guarantee deposits |
|
|
— |
|
|
|
3,192 |
|
Payment of guarantee deposits |
|
|
(2,075 |
) |
|
|
(4,960 |
) |
|
|
|
792 |
|
|
|
(103 |
) |
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(25,873 |
) |
|
|
(14,443 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
|
|
1,786 |
|
|
|
3,920 |
|
Acquisition of treasury stock |
|
|
(5,065 |
) |
|
|
(1,653 |
) |
Repayment of financing related to water treatment facility arrangement |
|
|
(381 |
) |
|
|
(427 |
) |
Repayment of principal portion of finance lease liabilities |
|
|
(50 |
) |
|
|
(49 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
(3,710 |
) |
|
|
1,791 |
|
Effect of exchange rates on cash and cash equivalents |
|
|
(49,377 |
) |
|
|
(21,003 |
) |
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
|
(28,716 |
) |
|
|
(3,639 |
) |
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
279,547 |
|
|
|
279,940 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
250,831 |
|
|
$ |
276,301 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information |
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
2,094 |
|
Cash paid for income taxes |
|
$ |
17,856 |
|
|
$ |
12,609 |
|
Non-cash investing activities |
|
|
|
|
|
|
|
|
Property, plant and equipment additions in other accounts payable |
|
$ |
3,957 |
|
|
$ |
11,513 |
|
Non-cash financing activities |
|
|
|
|
|
|
|
|
Exchange of exchangeable senior notes into common stock |
|
$ |
— |
|
|
$ |
83,740 |
|
Unsettled common stock repurchases |
|
$ |
(399 |
) |
|
$ |
— |
|
The accompanying notes are an integral part of these consolidated financial statements.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(TABULAR DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)
1. Business, Basis of Presentation and Significant Accounting Policies
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.
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.
On September 1, 2020, 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”. Following the consummation of the sale, and for up to three years, the Company is expected to provide transitional foundry services associated with its fabrication facility located in Gumi, Korea, known as “Fab 3”, at an agreed upon cost plus
mark-up
(the “Transitional Fab 3 Foundry Services”).
The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for a full year or for any other periods.
The December 31, 2021 balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form
10-K
for the fiscal year ended December 31, 2021.
There have been no material changes to the Company’s significant accounting policies as of and for the nine months ended September 30, 2022 as compared to the significant accounting policies described in the Company’s Annual Report on Form
10-K
for the fiscal year ended December 31, 2021.
Recently Adopted Accounting Pronouncements
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 adopted ASU
2020-06
as of January 1, 2022, and the adoption of ASU
2020-06
did not have an impact 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. The Company adopted ASU
2021-04
as of January 1, 2022, and the adoption of ASU
2021-04
did not have an impact on the Company’s consolidated financial statements.
Inventories as of September 30, 2022 and December 31, 2021 consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,828 |
|
|
$ |
9,594 |
|
|
|
|
32,431 |
|
|
|
25,968 |
|
|
|
|
9,282 |
|
|
|
9,443 |
|
|
|
|
295 |
|
|
|
95 |
|
|
|
|
(11,538 |
) |
|
|
(5,730 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
37,298 |
|
|
$ |
39,370 |
|
|
|
|
|
|
|
|
|
|
Changes in inventory reserve for the three and nine months ended September 30, 2022 and 2021 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(10,206 |
) |
|
$ |
(5,730 |
) |
|
$ |
(8,101 |
) |
|
$ |
(5,901 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory reserve charged to costs of sales |
|
|
(3,199 |
) |
|
|
(10,899 |
) |
|
|
(242 |
) |
|
|
(5,592 |
) |
Sale of previously reserved inventory |
|
|
672 |
|
|
|
2,996 |
|
|
|
2,099 |
|
|
|
4,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,527 |
) |
|
|
(7,903 |
) |
|
|
1,857 |
|
|
|
(1,516 |
) |
|
|
|
16 |
|
|
|
311 |
|
|
|
180 |
|
|
|
1,110 |
|
|
|
|
1,179 |
|
|
|
1,784 |
|
|
|
328 |
|
|
|
571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(11,538 |
) |
|
$ |
(11,538 |
) |
|
$ |
(5,736 |
) |
|
$ |
(5,736 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
and raw materials. Write off of this reserve is recognized only when the related inventory has been disposed or scrapped.
3. Property, Plant and Equipment
Property, plant and equipment as of September 30, 2022 and December 31, 2021 are comprised of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buildings and related structures |
|
$ |
21,484 |
|
|
$ |
24,273 |
|
|
|
|
94,152 |
|
|
|
105,300 |
|
|
|
|
340 |
|
|
|
316 |
|
|
|
|
29,233 |
|
|
|
32,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
145,209 |
|
|
|
162,285 |
|
Less: accumulated depreciation |
|
|
(86,281 |
) |
|
|
(94,119 |
) |
|
|
|
11,513 |
|
|
|
13,898 |
|
|
|
|
23,970 |
|
|
|
25,818 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
$ |
94,411 |
|
|
$ |
107,882 |
|
|
|
|
|
|
|
|
|
|
Aggregate depreciation expenses totaled $10,699 thousand and $10,018 thousand for the nine months ended September 30, 2022 and 2021, respectively.
Intangible assets as of September 30, 2022 and December 31, 2021 are comprised of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intellectual property assets |
|
$ |
8,040 |
|
|
$ |
(6,270 |
) |
|
$ |
1,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,040 |
|
|
$ |
(6,270 |
) |
|
$ |
1,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intellectual property assets |
|
$ |
9,312 |
|
|
$ |
(6,935 |
) |
|
$ |
2,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,312 |
|
|
$ |
(6,935 |
) |
|
$ |
2,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate amortization expenses for intangible assets totaled $526 thousand and $558 thousand for the nine months ended September 30, 2022 and 2021, respectively.
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 1 year to 5 years.
The tables below present financial information related to the Company’s leases.
Supplemental balance sheets information related to leases as of September 30, 2022 and December 31, 2021 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
$ |
4,928 |
|
|
$ |
4,275 |
|
|
|
|
Property, plant and equipment, net |
|
|
|
141 |
|
|
|
126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,069 |
|
|
$ |
4,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities |
|
|
$ |
1,324 |
|
|
$ |
2,323 |
|
|
|
|
Other current liabilities |
|
|
|
78 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current operating lease liabilities |
|
|
|
3,811 |
|
|
|
1,952 |
|
|
|
|
Other non-current liabilities |
|
|
|
73 |
|
|
|
73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,286 |
|
|
$ |
4,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the weighted average remaining lease term and discount rate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term |
|
|
|
|
|
|
|
|
|
|
|
3.9 years |
|
|
|
2.4 years |
|
|
|
|
2.5 years |
|
|
|
2.0 years |
|
Weighted average discount rate |
|
|
|
|
|
|
|
|
|
|
|
6.58 |
% |
|
|
4.20 |
% |
|
|
|
7.63 |
% |
|
|
7.75 |
% |
The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
557 |
|
|
$ |
691 |
|
|
$ |
1,738 |
|
|
$ |
2,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
|
|
|
17 |
|
|
|
48 |
|
|
|
50 |
|
Interest on lease liabilities |
|
|
2 |
|
|
|
4 |
|
|
|
7 |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
577 |
|
|
$ |
712 |
|
|
$ |
1,793 |
|
|
$ |
2,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above table does not include an immaterial cost of short-term leases for the nine months ended September 30, 2022 and 2021.
Other lease information is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
561 |
|
|
$ |
691 |
|
|
$ |
1,742 |
|
|
$ |
2,098 |
|
Operating cash flows from finance leases |
|
|
2 |
|
|
|
4 |
|
|
|
7 |
|
|
|
11 |
|
Financing cash flows from finance leases |
|
|
18 |
|
|
|
16 |
|
|
|
50 |
|
|
|
49 |
|
The aggregate future lease payments for operating and finance leases as of September 30, 2022 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
508 |
|
|
$ |
22 |
|
|
|
|
1,449 |
|
|
|
86 |
|
|
|
|
1,330 |
|
|
|
24 |
|
|
|
|
1,218 |
|
|
|
23 |
|
|
|
|
846 |
|
|
|
11 |
|
|
|
|
585 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total future lease payments |
|
|
5,936 |
|
|
|
166 |
|
|
|
|
(801 |
) |
|
|
(15 |
) |
|
|
|
|
|
|
|
|
|
Present value of future payments |
|
$ |
5,135 |
|
|
$ |
151 |
|
|
|
|
|
|
|
|
|
|
Accrued expenses as of September 30, 2022 and December 31, 2021 are comprised of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll, benefits and related taxes, excluding severance benefits |
|
$ |
10,552 |
|
|
$ |
9,548 |
|
Withholding tax attributable to intercompany interest income |
|
|
3,345 |
|
|
|
1,950 |
|
|
|
|
1,608 |
|
|
|
1,088 |
|
|
|
|
— |
|
|
|
7,035 |
|
|
|
|
295 |
|
|
|
450 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,800 |
|
|
$ |
20,071 |
|
|
|
|
|
|
|
|
|
|
7. 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 the zero cost collar contracts as of September 30, 2022 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,000 |
|
|
October 202 2 to December 2022 |
|
|
$ |
39,000 |
|
|
October 2022 to June 2023 |
|
|
$ |
24,000 |
|
|
July 2023 to December 2023 |
|
|
$ |
51,000 |
|
|
October 2022 to December 2023 |
Details of the zero cost collar contracts as of December 31, 2021 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
39,000 |
|
|
January 2022 to September 2022 |
|
|
$ |
48,000 |
|
|
January 2022 to December 2022 |
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 liabilities as of September 30, 2022 and December 31, 2021 are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current liabilities |
|
|
$ |
12,744 |
|
|
$ |
2,020 |
|
|
|
|
Other non-current liabilities |
|
|
$ |
2,318 |
|
|
$ |
— |
|
Offsetting of derivative liabilities as of September 30, 2022 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,062 |
|
|
$ |
— |
|
|
$ |
15,062 |
|
|
$ |
— |
|
|
$ |
(14,370 |
) |
|
$ |
692 |
|
Offsetting of derivative liabilities as of December 31, 2021 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,020 |
|
|
$ |
— |
|
|
$ |
2,020 |
|
|
$ |
— |
|
|
$ |
(2,060 |
) |
|
$ |
(40 |
) |
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 three months ended September 30, 2022 and 2021 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of Loss Recognized in AOCI on Derivatives |
|
|
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations |
|
|
Location/Amount of Gain Recognized in Statement of Operations on Derivatives |
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(11,757 |
) |
|
$ |
(3,271 |
) |
|
|
Net sales |
|
|
$ |
(2,820) |
|
|
$ |
|
(653) |
|
|
Other income, net |
|
|
$ |
146 |
|
|
$ |
237 |
|
The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the nine months ended September 30, 2022 and 2021 (in thousands).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of 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 |
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|