0001193125-24-063674 | 10-K | XBRL Viewer | Magnachip Semiconductor Corp

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of derivative contracts as of December 31, 2023 are as follows (in thousands):


Date of transaction	Type of derivative		Total notional amount		Month of settlement
April 03, 2023		Zero cost collar	$	18,000	January 2024 to June 2024
August 09, 2023		Zero cost collar	$	27,000	January 2024 to September 2024

Details of derivative contracts as of December 31, 2022 are as follows (in thousands):


Date of transaction	Type of derivative		Total notional amount		Month of settlement
January 04, 2022		Zero cost collar	$	30,000	January 2023 to June 2023
March 07, 2022		Zero cost collar	$	24,000	July 2023 to December 2023
April 27, 2022		Zero cost collar	$	42,000	January 2023 to December 2023

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 liabilities as of December 31, 2023 and 2022 are as follows (in thousands):


Derivatives designated as hedging instruments:		December 31,
Derivatives designated as hedging instruments:		2023		2022
Asset Derivatives:
Zero cost collars	Other current assets	$	152	$	—
Liability Derivatives:
Zero cost collars	Other current liabilities	$	1	$	2,015

Offsetting of Derivative Assets and Liabilities

Offsetting of derivative assets and liabilities as of December 31, 2023 are as follows (in thousands):


As of December 31, 2023	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, 2023	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	$	152	$	—	$	152	$	—	$	—	$	152
Liability Derivatives:
Zero cost collars	$	1	$	—	$	1	$	—	$	—	$	1

Offsetting of derivative liabilities as of December 31, 2022 is as follows (in thousands):


As of December 31, 2022	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, 2022	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	$	2,015	$	—	$	2,015	$	—	$	(1,940	)	$	75

Impact of Derivative Instruments on Consolidated Statement of Operations

The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the years ended December 31, 2023 and 2022 (in thousands):


Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Loss Recognized in AOCI on Derivatives						Location/Amount of Loss Reclassified from AOCI Into Statement of Operations								Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives
	2023			2022					2023			2022					2023			2022
Zero cost collars	$	(1,085	)	$	(8,273	)		Net sales	$	(3,452	)	$	(8,514	)		Other income, net	$	(299	)	$	135

Summary Of Cash Deposits

This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of December 31, 2023 and 2022 are as follows (in thousands):


	December 31,
Counterparty	2023		2022
SC	$	1,000	$	1,000

Total	$	1,000	$	1,000

- 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.

+ References + Details

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Beginning balance	$ 84,563	$ 94,212	$ 115,636
Reductions	(428)	(4,582)	(13,803)
Translation adjustments	3,066	(5,067)	(7,621)
Ending balance	$ 87,201	$ 84,563	$ 94,212

Borrowings - Additional Information (Detail) - Exchangeable Senior Notes [Member] - USD ($)			12 Months Ended
	Mar. 01, 2021	Jan. 17, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Interest rate			5.00%	5.00%	5.00%
5.0% Exchangeable Senior Notes due March 2021 [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
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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (36,622)	$ (8,036)	$ 56,708
Other comprehensive income (loss)
Foreign currency translation adjustments	(4,020)	(10,558)	(2,839)
Derivative adjustments
Fair valuation of derivatives	(1,536)	(8,279)	(3,913)
Reclassification adjustment for loss (gain) on derivatives included in net income (loss)	3,452	8,514	819
Total other comprehensive loss	(2,104)	(10,323)	(5,933)
Total comprehensive income (loss)	$ (38,726)	$ (18,359)	$ 50,775

- Definition

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

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+ Details

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

5. Property, Plant and Equipment

Property, plant and equipment as of December 31, 2023 and 2022 are comprised of the following (in thousands):


	December 31,
	2023			2022
Buildings and related structures	$	24,532		$	24,780
Machinery and equipment		139,710			137,666
Finance lease right-of-use assets		902			389
Others		35,471			33,890

		200,615			196,725
Less: accumulated depreciation		(115,889	)		(101,502	)
Land		12,811			13,034
Construction in progress		2,585			2,490

Property, plant and equipment, net	$	100,122		$	110,747

Aggregate depreciation expenses totaled $16,068 thousand, $14,317 thousand and $13,495 thousand for the years ended December 31, 2023, 2022 and 2021, respectively.

Income Taxes - Summary of Composition of Net Deferred Income Tax Assets (Liabilities) Of Continuing Operations and Discontinued Operations (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Inventory reserves	$ 2,519	$ 3,108
Accrued expenses	1,593	1,668
Property, plant and equipment	2,679	2,685
Accumulated severance benefits	9,927	10,269
Operating lease right-of-use liabilities	997	1,098
Foreign currency translation loss	19,049	22,272
NOL carry-forwards	96,361	78,698
Tax credit carry-forwards	14,372	13,337
Other long-term payable	2,242	4,005
Interest expense deduction limitation	3,610	91
Derivative liabilities	0	427
Others	1,191	1,394
Total deferred tax assets	154,540	139,052
Less: Valuation allowance	(87,201)	(84,563)	$ (94,212)	$ (115,636)
Deferred tax assets, net	67,339	54,489
Deferred tax liabilities
Prepaid expense	1,787	3,065
Severance benefit deposits	6,456	5,364
Operating lease right-of-use assets	960	1,051
Foreign currency translation gain	6,411	5,621
Others	892	1,064
Total deferred tax liabilities	16,506	16,165
Net deferred tax assets	$ 50,833	$ 38,324

Geographic and Other Information - Net Sales by Region, Based on Location of Products are Billed (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 230,051	$ 337,658	$ 474,230
Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	195,690	301,896	433,099
Standard products business [Member] \| Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	66,817	105,285	113,776
Standard products business [Member] \| Asia Pacific (Other Than Korea) [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	119,244	179,555	306,333
Standard products business [Member] \| United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	2,830	10,369	6,052
Standard products business [Member] \| Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	6,799	6,687	5,698
Standard products business [Member] \| Others [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 0	$ 0	$ 1,240

- 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

+ Details

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	$ 428,153	$ 452,762	$ 345,600
Total other comprehensive loss	(2,104)	(10,323)	(5,933)
Balance ending	344,598	428,153	452,762
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	(11,328)	(770)	2,069
Other comprehensive loss before reclassifications	(4,020)	(10,558)	(2,839)
Amounts reclassified from accumulated other comprehensive loss	0	0	0
Total other comprehensive loss	(4,020)	(10,558)	(2,839)
Balance ending	(15,348)	(11,328)	(770)
Derivative Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	(1,225)	(1,460)	1,634
Other comprehensive loss before reclassifications	(1,536)	(8,279)	(3,913)
Amounts reclassified from accumulated other comprehensive loss	3,452	8,514	819
Total other comprehensive loss	1,916	235	(3,094)
Balance ending	691	(1,225)	(1,460)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	(12,553)	(2,230)	3,703
Other comprehensive loss before reclassifications	(5,556)	(18,837)	(6,752)
Amounts reclassified from accumulated other comprehensive loss	3,452	8,514	819
Total other comprehensive loss	(2,104)	(10,323)	(5,933)
Balance ending	$ (14,657)	$ (12,553)	$ (2,230)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
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+ Details

Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) before income tax expenses
Domestic	$ 2,691	$ (1,955)	$ 41,566
Foreign	(50,250)	(924)	32,403
Income (loss) before income tax expense (benefit)	(47,559)	(2,879)	73,969
Current income tax expense (benefit)
Domestic	13	639	6,876
Foreign	3,020	4,297	9,415
Uncertain tax position liability (foreign)	(41)	(33)	(35)
Current income tax expense (benefit)	2,992	4,903	16,256
Deferred income tax expense (benefit)
Domestic	(1,053)	(1,264)	1,314
Foreign	(12,876)	1,518	(309)
Deferred income tax expense (benefit)	(13,929)	254	1,005
Total Income tax expense (benefit)	(10,937)	5,157	17,261
Foreign [Member]
Current income tax expense (benefit)
Uncertain tax position liability (foreign)	$ (41)	$ (33)	$ (35)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

As of December 31, 2023, 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, 2023		Fair Value Measurement December 31, 2023		Quoted Prices in Active Markets for Identical Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Derivative assets (other current assets)	$	152	$	152		—	$	152		—
Liabilities:
Derivative liabilitie s (other current liabilities)	$	1	$	1		—	$	1		—

As of December 31, 2022, 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, 2022		Fair Value Measurement December 31, 2022		Quoted Prices in Active Markets for Identical Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative liabilitie s (other current liabilities)	$	2,015	$	2,015		—	$	2,015		—

Merger Agreement - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Dec. 20, 2021	Dec. 31, 2023	Dec. 31, 2021	Apr. 06, 2023	Mar. 31, 2023	Oct. 31, 2022	Aug. 05, 2022	Apr. 04, 2022
Business Acquisition [Line Items]
Merger Related Costs Income Net			$ 34,673
Merger Termination Fee		$ 70,200
Proceed from termination cost	$ 51,000
Secures Deferred Merger Termination Fee	$ 19,200
Termination Agreement [Member]
Business Acquisition [Line Items]
Termination agreement outstanding amount						$ 1,800		$ 4,800
Termination agreement amount Paid				$ 1,800			$ 3,000	$ 14,400
Letter Agreement [Member] \| Due on or Before March 31, 2023 [Member]
Business Acquisition [Line Items]
Letter agreement outstanding amount					$ 1,800
Other Receivable [Member]
Business Acquisition [Line Items]
Deferred Merger Termination Fee As Other Receivable			$ 19,200

Leases - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non cash transaction amount of lease liabilities arisinf from obtaining right of use assets	$ 1,909	$ 4,601	$ 2,768
Maximum [Member]
Lease Agreements Remaining Term of Lease	4 years
Minimum [Member]
Lease Agreements Remaining Term of Lease	1 year

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings (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, 2023, 2022 and 2021:


	Year Ended December 31,
	2023			2022			2021
	(In thousands of U.S. dollars, except share data)
Basic earnings (loss) per share
Net income (loss)	$	(36,622	)	$	(8,036	)	$	56,708

Basic weighted average common stock outstanding		41,013,069			44,850,791			44,879,412
Basic earnings (loss) per common share	$	(0.89	)	$	(0.18	)	$	1.26
Diluted earnings (loss) per share
Net income (loss)	$	(36,622	)	$	(8,036	)	$	56,708
Add back: Interest expense on 5.0% Exchangeable Notes		—			—			959

Net income (loss) allocated to common stockholders	$	(36,622	)	$	(8,036	)	$	57,667

Basic weighted average common stock outstanding		41,013,069			44,850,791			44,879,412
Net effect of dilutive equity awards		—			—			1,403,789
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock		—			—			1,426,172

Diluted weighted average common stock outstanding		41,013,069			44,850,791			47,709,373
Diluted earnings (loss) per common share	$	(0.89	)	$	(0.18	)	$	1.21

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

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


	Year Ended December 31,
	2023		2022		2021
Options		802,858		1,137,558		50,000
Restricted Stock Units		1,006,367		815,407		—

Accounts Receivable - Schedule of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Beginning balance	$ (79)	$ (466)	$ (188)
Provision			(302)
Write off		378
Translation adjustments	1	9	24
Ending balance	$ (78)	$ (79)	$ (466)

Geographic and Other Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	69.00%	69.00%	80.00%
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	16.70%	19.00%	42.50%
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	13.40%	13.80%	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	34.90%	25.10%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Top Customer Two [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	14.40%	15.20%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Top Customer Three [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	13.90%
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	67.00%
Geographic Concentration Risk [Member] \| Net Sales [Member] \| China And Hong Kong [Member] \| Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage		68.50%	65.80%
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	12.10%	13.60%	26.40%
Geographic Concentration Risk [Member] \| Property, Plant and Equipment [Member] \| Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	99.00%

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 200,615	$ 196,725
Less: accumulated depreciation	(115,889)	(101,502)
Land	12,811	13,034
Construction in progress	2,585	2,490
Property, plant and equipment, net	100,122	110,747
Buildings and Related Structures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	24,532	24,780
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	139,710	137,666
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	902	389
Others [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 35,471	$ 33,890

Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Income tax related to accumulated other comprehensive income (loss)	$ 452	$ 6	$ 752

Accrued Severance Benefits - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023
Percentage of employees eligible for severance benefits	96.00%
Retirement age of employees	60 years
Korea [Member] \| Minimum [Member]
Korea's mandatory retirement age	60 years

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic earnings (loss) per share
Net income (loss)	$ (36,622)	$ (8,036)	$ 56,708
Basic weighted average common stock outstanding (in shares)	41,013,069	44,850,791	44,879,412
Basic earnings (loss) per common share	$ (0.89)	$ (0.18)	$ 1.26
Diluted earnings (loss) per share
Net income (loss)	$ (36,622)	$ (8,036)	$ 56,708
Add back: Interest expense on 5.0% Exchangeable Notes	0	0	959
Net income (loss) allocated to common stockholders	$ (36,622)	$ (8,036)	$ 57,667
Basic weighted average common stock outstanding	41,013,069	44,850,791	44,879,412
Net effect of dilutive equity awards	0	0	1,403,789
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock	0	0	1,426,172
Diluted weighted average common stock outstanding	41,013,069	44,850,791	47,709,373
Diluted earnings (loss) per common share	$ (0.89)	$ (0.18)	$ 1.21

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Supplemental Balance Sheet Information Related To Leases

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

Supplemental balance sheets information related to leases as of December 31, 2023 and 2022 are as follows (in thousands):


		December 31,
Leases	Classification	2023		2022
Assets
Operating lease	Operating lease right-of-use assets	$	4,639	$	5,265
Finance lease	Property, plant and equipment, net		511		143

Total lease assets		$	5,150	$	5,408

Liabilities
Current
Operating	Operating lease liabilities	$	1,914	$	1,397
Finance	Other current liabilities		146		90
Non-current
Operating	Non-current operating lease liabilities		2,897		4,091
Finance	Other non-current liabilities		432		63

Total lease liabilities		$	5,389	$	5,641

Lease, Cost

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


	December 31,
	2023			2022
Weighted average remaining lease term
Operating leases		2.8 years			3.7 years
Finance leases		3.7 years			2.4 years
Weighted average discount rate
Operating leases		6.6	%		6.6	%
Finance leases		7.4	%		7.6	%

Other Lease Information

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


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	2,071	$	2,261	$	2,777
Finance lease cost
Amortization of right-of-use assets		147		68		65
Interest on lease liabilities		31		10		14

Total lease cost	$	2,249	$	2,339	$	2,856

The above table does not include an immaterial cost of short-term leases for the years ended December 31, 2023, 2022 and 2021.

Other lease information is as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,118	$	2,276	$	2,777
Operating cash flows from finance leases		31		10		14
Financing cash flows from finance leases		91		70		65

Schedule Of Future Lease Payments

The aggregate future lease payments for operating and finance leases as of December 31, 2023 are as follows (in thousands):


	Operating Leases			Finance Leases
2024	$	2,169		$	183
2025		1,544			182
2026		966			168
2027		651			128

Total future lease payments		5,330			661
Less: Imputed interest		(519	)		(83	)

Present value of future payments	$	4,811		$	578

Leases - Components of lease cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 2,071	$ 2,261	$ 2,777
Finance lease cost [Abstract]
Amortization of right-of-use assets	147	68	65
Interest on lease liabilities	31	10	14
Total lease cost	$ 2,249	$ 2,339	$ 2,856

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible asset, Gross amount	$ 9,150	$ 9,111
Accumulated amortization	(7,613)	(7,181)
Intangible asset, Net amount	1,537	1,930
Intellectual Property Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset, Gross amount	9,150	9,111
Accumulated amortization	(7,613)	(7,181)
Intangible asset, Net amount	$ 1,537	$ 1,930

Inventories - Changes in Inventory Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes In Inventory Reserve [Abstract]
Beginning balance	$ (14,677)	$ (5,730)	$ (5,901)
Change in reserve [Abstract]
Inventory reserve charged to costs of sales	(9,360)	(13,310)	(7,626)
Sale of previously reserved inventory	5,528	3,631	5,349
Change in reserve	(3,832)	(9,679)	(2,277)
Write off	7,552	582	1,875
Translation adjustments	358	150	573
Ending balance	$ (10,599)	$ (14,677)	$ (5,730)

Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

6. Intangible Assets

Intangible assets as of December 31, 2023 and 2022 are comprised of the following (in thousands):


	December 31, 2023
	Gross amount		Accumulated amortization			Net amount
Intellectual property assets	$	9,150	$	(7,613	)	$	1,537

Intangible assets	$	9,150	$	(7,613	)	$	1,537


	December 31, 2022
	Gross amount		Accumulated amortization			Net amount
Intellectual property assets	$	9,111	$	(7,181	)	$	1,930

Intangible assets	$	9,111	$	(7,181	)	$	1,930

Aggregate amortization expense for intangible assets totaled $616 thousand, $683 thousand and $744 thousand for the years ended December 31, 2023, 2022 and 2021, respectively.

The aggregate amortization expense of intangible assets for the next five years are estimated to be $490 thousand, $375 thousand, $272 thousand, $186 thousand and $120 thousand for the years ended December 31, 2024, 2025, 2026, 2027 and 2028, respectively.

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following at December 31, 2023 and 2022, respectively (in thousands):


	Year Ended December 31,
	2023			2022
Foreign currency translation adjustments	$	(15,348	)	$	(11,328	)
Derivative adjustments		691			(1,225	)

Total	$	(14,657	)	$	(12,553	)

Changes in Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


Year Ended December 31, 2023	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(11,328	)	$	(1,225	)	$	(12,553	)

Other comprehensive loss before reclassifications		(4,020	)		(1,536	)		(5,556	)
Amounts reclassified from accumulated other comprehensive loss		—			3,452			3,452

Net current-period other comprehensive income (loss)		(4,020	)		1,916			(2,104	)

Ending balance	$	(15,348	)	$	691		$	(14,657	)


Year Ended December 31, 2022	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(770	)	$	(1,460	)	$	(2,230	)

Other comprehensive loss before reclassifications		(10,558	)		(8,279	)		(18,837	)
Amounts reclassified from accumulated other comprehensive loss		—			8,514			8,514

Net current-period other comprehensive income (loss)		(10,558	)		235			(10,323	)

Ending balance	$	(11,328	)	$	(1,225	)	$	(12,553	)


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	)

Equity Incentive Plans

12 Months Ended

Dec. 31, 2023

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

Equity Incentive Plans

13. 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 Compensation Recovery 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. At the 2023 Annual Meeting of Stockholders held on May 18, 2023, the Company’s stockholders approved an increase of an

additional 1,990,000 shares of the Company’s common stock available for issuance under the 2020 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, 2023 an aggregate maximum of 13,342,919 shares were authorized and 2,810,778 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, 2023, 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, 2023.


	Number of Restricted Stock Units			Weighted Average Grant-Date Fair Value of Restricted Stock Units
Outstanding at January 1, 2023		815,407		$	14.36
Granted		1,228,484			9.76
Vested		(534,945	)		12.40
Forfeited		(502,579	)		10.22

Outstanding at December 31, 2023		1,006,367		$	11.85

Total compensation expenses recorded for the restricted stock units were $7,223 thousand, $6,037 thousand and $7,704 thousand for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $4,316 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 1.0 year. Total fair value of restricted stock units vested were $6,634 thousand, $6,369 thousand and $5,788 thousand for the years ended December 31, 2023, 2022 and 2021, respectively.

The following summarizes stock option activities for the year ended December 31, 2023. 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, 2023		1,137,558		$	10.64	$	1,702		2.3 years
Expired		(330,700	)		17.37		—		—
Exercised		(4,000	)		6.92	$	13		—

Outstanding at December 31, 2023		802,858		$	7.89	$	459		2.0 years

Vested and Exercisable at December 31, 2023		802,858		$	7.89	$	459		2.0 years

There were no compensation expenses recorded for the stock options for the years ended December 31, 2023, 2022 and 2021.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (36,622)	$ (8,036)	$ 56,708

- Definition

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

+ References

+ Details

Accounts Receivable - Schedule of Changes in Sales Return Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Beginning balance	$ (183)	$ (185)	$ (173)
Reversal (provision)	(162)	(11)	(27)
Translation adjustments	(3)	13	15
Ending balance	$ (348)	$ (183)	$ (185)

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories as of December 31, 2023 and 2022 consist of the following (in thousands):


	December 31,
	2023			2022
Finished goods	$	8,432		$	6,799
Semi-finished goods and work-in-process		29,339			40,265
Raw materials		5,543			7,460
Materials in-transit		18			36
Less: inventory reserve		(10,599	)		(14,677	)

Inventories, net	$	32,733		$	39,883

Changes in Inventory Reserve

Changes in inventory reserve for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	(14,677	)	$	(5,730	)	$	(5,901	)
Change in reserve
Inventory reserve charged to costs of sales		(9,360	)		(13,310	)		(7,626	)
Sale of previously reserved inventory		5,528			3,631			5,349

		(3,832	)		(9,679	)		(2,277	)
Write off		7,552			582			1,875
Translation adjustments		358			150			573

Ending balance	$	(10,599	)	$	(14,677	)	$	(5,730	)

Accrued Severance Benefits - Changes in Accrued Severance Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Postemployment Benefits [Abstract]
Beginning balance	$ 48,496	$ 51,567
Provisions	5,333	6,289
Severance payments	(6,982)	(6,012)
Translation adjustments	(915)	(3,348)
Ending balance	45,932	48,496
Less: Cumulative contributions to severance insurance deposit accounts	(29,882)	(25,149)
The National Pension Fund	(30)	(41)
Group severance insurance plan	0	(185)
Accrued severance benefits, net	$ 16,020	$ 23,121

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding units and warrants excluded from computation of diluted earnings (loss) per share/unit (in shares)	802,858	1,137,558	50,000
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding units and warrants excluded from computation of diluted earnings (loss) per share/unit (in shares)	1,006,367	815,407	0

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

2. 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, 2023, 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, 2023		Fair Value Measurement December 31, 2023		Quoted Prices in Active Markets for Identical Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Derivative assets (other current assets)	$	152	$	152		—	$	152		—
Liabilities:
Derivative liabilitie s (other current liabilities)	$	1	$	1		—	$	1		—

As of December 31, 2022, 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, 2022		Fair Value Measurement December 31, 2022		Quoted Prices in Active Markets for Identical Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative liabilitie s (other current liabilities)	$	2,015	$	2,015		—	$	2,015		—

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 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, 2023 and 2022, the Company did not 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

Geographic and Other Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Geographic and Other Information

17. Geographic and Other Information

The following sets forth information relating to the operating segment as well as the Transitional Fab 3 Foundry Services (in thousands):


	Year Ended December 31,
	2023		2022		2021
Revenues
Standard products business
Display Solutions	$	32,134	$	71,432	$	205,322
Power Solutions		163,556		230,464		227,777

Total standard products business		195,690		301,896		433,099
Transitional Fab 3 foundry services		34,361		35,762		41,131

Total revenues	$	230,051	$	337,658	$	474,230


	Year Ended December 31,
	2023			2022		2021
Gross Profit
Standard products business	$	51,928		$	99,549	$	149,596
Transitional Fab 3 foundry services		(288	)		1,715		3,947

Total gross profit	$	51,640		$	101,264	$	153,543

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,
	2023		2022		2021
Korea	$	66,817	$	105,285	$	113,776
Asia Pacific (other than Korea)		119,244		179,555		306,333
United States		2,830		10,369		6,052
Europe		6,799		6,687		5,698
Others		—		—		1,240

Total	$	195,690	$	301,896	$	433,099

For the years ended December 31, 2023, 2022 and 2021, 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 67.0%, 68.5% and 65.8%, respectively, and net sales—standard products business in Vietnam represented 12.1%, 13.6% and 26.4%, respectively.

Net sales from the Company’s top ten largest customers in the standard products business (which does not include the Transitional Fab 3 Foundry Services) accounted for 69%, 69% and 80% for the years ended December 31, 2023, 2022 and 2021, respectively.

For the year ended December 31, 2023, the Company had two customers that represented 16.7% and 13.4% of its net sales—standard products business, and for the year ended December 31, 2022, the Company had two customers that represented 19.0% and 13.8% of its net sales—standard products business, and for the year ended December 31, 2021, the Company had two customers that represented 42.5% and 10.4% of its net sales—standard products business.

As of December 31, 2023, three customers of the Company’s standard products business accounted for 34.9%, 14.4% and 13.9% of its accounts receivable – standard products business (which does not include the Transitional Fab 3 Foundry Services), respectively. As of December 31, 2022, two customers of the Company’s standard products business accounted for 25.1% and 15.2% of its accounts receivable – standard products business (which does not include the Transitional Fab 3 Foundry Services), respectively.

99% of the Company’s property, plant and equipment are located in Korea as of December 31, 2023.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Accounts Receivable

Accounts receivable as of December 31, 2023 and 2022 consisted of the following (in thousands):


	December 31,
	2023			2022
Accounts receivable	$	33,024		$	35,610
Notes receivable		43			32
Less:
Allowance for credit losses		(78	)		(79	)
Sales return reserves		(348	)		(183	)

Accounts receivable, net	$	32,641		$	35,380

Allowance for Doubtful Accounts [Member]

Schedule of Changes in Receivables and Reserves

Changes in allowance for credit losses for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	(79	)	$	(466	)	$	(188	)
Provision		—			—			(302	)
Write off		—			378			—
Translation adjustments		1			9			24

Ending balance	$	(78	)	$	(79	)	$	(466	)

Sales Return Reserve [Member]

Schedule Of Changes in Volume

Changes in sales return reserves for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	(183	)	$	(185	)	$	(173	)
Reversal (provision)		(162	)		(11	)		(27	)
Usage		—			—			—
Translation adjustments		(3	)		13			15

Ending balance	$	(348	)	$	(183	)	$	(185	)

Equity Incentive Plans - Summary of Restricted Stock Unit Activities (Detail) - Restricted Stock Units [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Stock Units, Outstanding Beginning Balance \| shares	815,407
Number of Restricted Stock Units, Granted \| shares	1,228,484
Number of Restricted Stock Units, Vested \| shares	(534,945)
Number of Restricted Stock Units, Forfeited \| shares	(502,579)
Number of Restricted Stock Units, Outstanding Ending Balance \| shares	1,006,367
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Outstanding Beginning Balance \| $ / shares	$ 14.36
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Granted \| $ / shares	9.76
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Vested \| $ / shares	12.4
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Forfeited \| $ / shares	10.22
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Outstanding Ending Balance \| $ / shares	$ 11.85

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Foreign currency translation adjustments	$ (15,348)	$ (11,328)
Derivative adjustments	691	(1,225)
Total	$ (14,657)	$ (12,553)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Geographic and Other Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Operating Segments

The following sets forth information relating to the operating segment as well as the Transitional Fab 3 Foundry Services (in thousands):


	Year Ended December 31,
	2023		2022		2021
Revenues
Standard products business
Display Solutions	$	32,134	$	71,432	$	205,322
Power Solutions		163,556		230,464		227,777

Total standard products business		195,690		301,896		433,099
Transitional Fab 3 foundry services		34,361		35,762		41,131

Total revenues	$	230,051	$	337,658	$	474,230


	Year Ended December 31,
	2023			2022		2021
Gross Profit
Standard products business	$	51,928		$	99,549	$	149,596
Transitional Fab 3 foundry services		(288	)		1,715		3,947

Total gross profit	$	51,640		$	101,264	$	153,543

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


	Year Ended December 31,
	2023		2022		2021
Korea	$	66,817	$	105,285	$	113,776
Asia Pacific (other than Korea)		119,244		179,555		306,333
United States		2,830		10,369		6,052
Europe		6,799		6,687		5,698
Others		—		—		1,240

Total	$	195,690	$	301,896	$	433,099

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

8. Accrued Expenses

Accrued expenses as of December 31, 2023 and 2022 are comprised of the following (in thousands):


	December 31,
	2023		2022
Payroll, benefits and related taxes, excluding severance benefits	$	5,947	$	7,620
Withholding tax attributable to intercompany interest income		1,671		43
Outside service fees		1,953		1,642
Others		886		383

Accrued expenses	$	10,457	$	9,688

Income taxes - Summary of Valuation Allowance primarily Attributable to its Subsidiary (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
NOL carry-forwards	$ 403,989	$ 324,134	$ 502,511

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021
Income (loss) before income tax expense (benefit)
Domestic	$	2,691		$	(1,955	)	$	41,566
Foreign		(50,250	)		(924	)		32,403

		(47,559	)		(2,879	)		73,969

Current income tax expense (benefit)
Domestic		13			639			6,876
Foreign		3,020			4,297			9,415
Uncertain tax position liability (foreign)		(41	)		(33	)		(35	)

		2,992			4,903			16,256

Deferred income tax expense (benefit)
Domestic		(1,053	)		(1,264	)		1,314
Foreign		(12,876	)		1,518			(309	)

		(13,929	)		254			1,005

Total income tax expense (benefit)	$	(10,937	)	$	5,157		$	17,261

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

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


	Year Ended December 31,
	2023			2022			2021
Provision computed at statutory rates	$	(9,988	)	$	(605	)	$	15,533
Change in statutory tax rates		269			2,006			(259	)
Difference in foreign tax rates		1,401			302			2,820
Permanent differences
Derivative assets adjustment		(17	)		(62	)		(23	)
TPECs, hybrid and other interest		(2,003	)		(2,096	)		(3,400	)
Equity-based compensation		(388	)		(241	)		(802	)
Permanent foreign currency gain (loss)		(910	)		1,676			1,888
Penalty		78			75			427
GILTI		—			8,187			6,156
Intercompany debt restructuring		—			8,061			971
Other permanent differences		25			72			(767	)
Withholding tax		1,594			(2,031	)		2,060
State net operating loss write off		—			—			9,844
Change in valuation allowance		(429	)		(4,582	)		(13,803	)
Tax credits claimed		(636	)		(5,658	)		(5,508	)
Uncertain tax positions liability		(41	)		(33	)		(35	)
Change in net operating loss carry-forwards		17			(145	)		621
Foreign local taxes		45			919			723
Others		46			(688	)		815

Income tax expense (benefit)	$	(10,937	)	$	5,157		$	17,261

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, 2023 and 2022 are as follows (in thousands):


	Year Ended December 31,
	2023			2022
Deferred tax assets
Inventory reserves	$	2,519		$	3,108
Accrued expenses		1,593			1,668
Property, plant and equipment		2,679			2,685
Accumulated severance benefits		9,927			10,269
Operating lease right-of-use liabilities		997			1,098
Foreign currency translation loss		19,049			22,272
NOL carry-forwards		96,361			78,698
Tax credit carry-forwards		14,372			13,337
Other long-term payable		2,242			4,005
Interest expense deduction limitation		3,610			91
Derivative liabilities		—			427
Others		1,191			1,394

Total deferred tax assets		154,540			139,052
Less: Valuation allowance		(87,201	)		(84,563	)

		67,339			54,489

Deferred tax liabilities
Prepaid expense		1,787			3,065
Severance benefit deposits		6,456			5,364
Operating lease right-of-use assets		960			1,051
Foreign currency translation gain		6,411			5,621
Others		892			1,064

Total deferred tax liabilities		16,506			16,165

Net deferred tax assets	$	50,833		$	38,324

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

Changes in valuation allowance for deferred tax assets for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	84,563		$	94,212		$	115,636
Reductions		(428	)		(4,582	)		(13,803	)
Translation adjustments		3,066			(5,067	)		(7,621	)

Ending balance	$	87,201		$	84,563		$	94,212

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,
	2023			2022			2021
Unrecognized tax benefits, balance at the beginning	$	316		$	386		$	414
Additions based on tax positions related to the current year		25			40			44
Lapse of statute of limitations		(66	)		(73	)		(79	)
Translation adjustments		(1	)		(37	)		7

Unrecognized tax benefits, balance at the ending	$	274		$	316		$	386

Summary Of Valuation Allowance Primarily Attributable To Its Subsidiary

The valuation allowances at December 31, 2023, 2022, and 2021 were primarily attributable to its Luxembourg subsidiary.

The net operating loss carry-forwards balance as of December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023		2022		20210
NOL carry-forwards	$	403,989	$	324,134	$	502,511

Leases - Supplemental Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease	$ 4,639	$ 5,265
Total lease assets	5,150	5,408
Current
Operating	1,914	1,397
Non-current
Operating	2,897	4,091
Total lease liabilities	5,389	5,641
Operating Lease Right Of Use Assets [Member]
Assets
Operating lease	4,639	5,265
Property, Plant and Equipment, Net [Member]
Assets
Finance lease	$ 511	$ 143
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current Operating Lease Liabilities [Member]
Current
Operating	$ 1,914	$ 1,397
Other Current Liabilities [Member]
Current
Finance	$ 146	$ 90
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Non Current Operating Lease Liabilities [Member]
Non-current
Operating	$ 2,897	$ 4,091
Other Noncurrent Liabilities [Member]
Non-current
Finance	$ 432	$ 63
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Accrued Severance Benefits - Future Benefits Payments to Employees (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Postemployment Benefits [Abstract]
2024	$ 315
2025	590
2026	658
2027	369
2028	3,402
2029 – 2033	$ 17,941

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 158,092	$ 225,477
Accounts receivable, net	32,641	35,380
Inventories, net	32,733	39,883
Other receivables	4,295	7,847
Prepaid expenses	7,390	10,560
Hedge collateral (Note 9)	1,000	2,940
Other current assets (Note 1)	9,283	15,766
Total current assets	245,434	337,853
Property, plant and equipment, net	100,122	110,747
Operating lease right-of-use assets	4,639	5,265
Intangible assets, net	1,537	1,930
Long-term prepaid expenses	5,736	10,939
Deferred income taxes (Note 16)	50,836	38,324
Other non-current assets	12,187	11,587
Total assets	420,491	516,645
Current liabilities
Accounts payable	24,443	17,998
Other accounts payable	5,292	9,702
Accrued expenses	10,457	9,688
Accrued income taxes	1,496	3,154
Operating lease liabilities	1,914	1,397
Other current liabilities (Note 1)	3,286	5,306
Total current liabilities	46,888	47,245
Accrued severance benefits, net	16,020	23,121
Non-current operating lease liabilities	2,897	4,091
Other non-current liabilities	10,088	14,035
Total liabilities	75,893	88,492
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023 and 56,432,449 shares issued and 43,824,575 outstanding at December 31, 2022	569	564
Additional paid-in capital	273,256	266,058
Retained earnings	298,884	335,506
Treasury stock, 18,118,652 shares at December 31, 2023 and 12,607,874 shares at December 31, 2022, respectively	(213,454)	(161,422)
Accumulated other comprehensive loss	(14,657)	(12,553)
Total stockholders' equity	344,598	428,153
Total liabilities and stockholders' equity	$ 420,491	$ 516,645

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

9. 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, 2023 are as follows (in thousands):


Date of transaction	Type of derivative		Total notional amount		Month of settlement
April 03, 2023		Zero cost collar	$	18,000	January 2024 to June 2024
August 09, 2023		Zero cost collar	$	27,000	January 2024 to September 2024

Details of derivative contracts as of December 31, 2022 are as follows (in thousands):


Date of transaction	Type of derivative		Total notional amount		Month of settlement
January 04, 2022		Zero cost collar	$	30,000	January 2023 to June 2023
March 07, 2022		Zero cost collar	$	24,000	July 2023 to December 2023
April 27, 2022		Zero cost collar	$	42,000	January 2023 to December 2023

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 December 31, 2023 and 2022 are as follows (in thousands):


Derivatives designated as hedging instruments:		December 31,
Derivatives designated as hedging instruments:		2023		2022
Asset Derivatives:
Zero cost collars	Other current assets	$	152	$	—
Liability Derivatives:
Zero cost collars	Other current liabilities	$	1	$	2,015

Offsetting of derivative assets and liabilities as of December 31, 2023 are as follows (in thousands):


As of December 31, 2023	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, 2023	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	$	152	$	—	$	152	$	—	$	—	$	152
Liability Derivatives:
Zero cost collars	$	1	$	—	$	1	$	—	$	—	$	1

Offsetting of derivative liabilities as of December 31, 2022 is as follows (in thousands):


As of December 31, 2022	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, 2022	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	$	2,015	$	—	$	2,015	$	—	$	(1,940	)	$	75

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 or loss (“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, 2023 and 2022 (in thousands):


Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Loss Recognized in AOCI on Derivatives						Location/Amount of Loss Reclassified from AOCI Into Statement of Operations								Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives
	2023			2022					2023			2022					2023			2022
Zero cost collars	$	(1,085	)	$	(8,273	)		Net sales	$	(3,452	)	$	(8,514	)		Other income, net	$	(299	)	$	135

As of December 31, 2023, the amount expected to be reclassified from accumulated other comprehensive income into earnings within the next twelve months is

$691 thousand.

The Company set aside cash deposits to the counterparty, Standard Chartered Bank Korea Limited (“SC”), as required for the zero cost collar contracts. This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of December 31, 2023 and 2022 are as follows (in thousands):


	December 31,
Counterparty	2023		2022
SC	$	1,000	$	1,000

Total	$	1,000	$	1,000

The Company is required to deposit additional cash collateral with NFIK and SC for any exposure in excess of $500 thousand, but no such excess exposure existed as of December 31, 2023. As of December 31, 2022, $1,840 thousand and $100 thousand of additional cash collateral were required by NFIK and SC, respectively, and recorded as hedge collateral on the consolidated balance sheet.

These zero cost collar contracts may be terminated by the counterparties 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.

Early termination and other charges, net - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Regulatory requests non recurring professional fees and expenses				$ 3,430
Gain loss on disposition of property plant equipment			$ 537	$ 1,419
Early Termination Charges		$ 8,449
Professional fees			1,014
One time employee incentives and professional service fees and expenses	$ 802		$ 2,821

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Derivative Financial Instruments - Details of Derivative Contracts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Zero Cost Collar One [Member]
Derivative [Line Items]
Date of transaction	Apr. 03, 2023	Jan. 04, 2022
Type of derivative	Zero cost collar	Zero cost collar
Total notional amount	$ 18,000	$ 30,000
Month of settlement, start	2024-01	2023-01
Month of settlement, end	2024-06	2023-06
Zero Cost Collar Two [Member]
Derivative [Line Items]
Date of transaction	Aug. 09, 2023	Mar. 07, 2022
Type of derivative	Zero cost collar	Zero cost collar
Total notional amount	$ 27,000	$ 24,000
Month of settlement, start	2024-01	2023-07
Month of settlement, end	2024-09	2023-12
Zero Cost Collar Three [Member]
Derivative [Line Items]
Date of transaction		Apr. 27, 2022
Type of derivative		Zero cost collar
Total notional amount		$ 42,000
Month of settlement, start		2023-01
Month of settlement, end		2023-12

Income Taxes - Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, balance at the beginning	$ 316	$ 386	$ 414
Additions based on tax positions related to the current year	25	40	44
Lapse of statute of limitations	(66)	(73)	(79)
Translation adjustments	(1)	(37)	7
Unrecognized tax benefits, balance at the ending	$ 274	$ 316	$ 386

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

16. 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) before income tax expense (benefit) is generated or incurred in the United States, where the parent company resides.

The components of income tax expense (benefit) are as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021
Income (loss) before income tax expense (benefit)
Domestic	$	2,691		$	(1,955	)	$	41,566
Foreign		(50,250	)		(924	)		32,403

		(47,559	)		(2,879	)		73,969

Current income tax expense (benefit)
Domestic		13			639			6,876
Foreign		3,020			4,297			9,415
Uncertain tax position liability (foreign)		(41	)		(33	)		(35	)

		2,992			4,903			16,256

Deferred income tax expense (benefit)
Domestic		(1,053	)		(1,264	)		1,314
Foreign		(12,876	)		1,518			(309	)

		(13,929	)		254			1,005

Total income tax expense (benefit)	$	(10,937	)	$	5,157		$	17,261


	Year Ended December 31,
	2023			2022			2021
Provision computed at statutory rates	$	(9,988	)	$	(605	)	$	15,533
Change in statutory tax rates		269			2,006			(259	)
Difference in foreign tax rates		1,401			302			2,820
Permanent differences
Derivative assets adjustment		(17	)		(62	)		(23	)
TPECs, hybrid and other interest		(2,003	)		(2,096	)		(3,400	)
Equity-based compensation		(388	)		(241	)		(802	)
Permanent foreign currency gain (loss)		(910	)		1,676			1,888
Penalty		78			75			427
GILTI		—			8,187			6,156
Intercompany debt restructuring		—			8,061			971
Other permanent differences		25			72			(767	)
Withholding tax		1,594			(2,031	)		2,060
State net operating loss write off		—			—			9,844
Change in valuation allowance		(429	)		(4,582	)		(13,803	)
Tax credits claimed		(636	)		(5,658	)		(5,508	)
Uncertain tax positions liability		(41	)		(33	)		(35	)
Change in net operating loss carry-forwards		17			(145	)		621
Foreign local taxes		45			919			723
Others		46			(688	)		815

Income tax expense (benefit)	$	(10,937	)	$	5,157		$	17,261

For the year ended December 31, 2023, the withholding tax expense of $1,594 thousand and the permanent tax benefit of $2,003 thousand recorded were related to the intercompany loans granted to the Korean subsidiary by the Dutch subsidiary. The permanent tax benefit of $910 thousand related to foreign currency gain was mainly derived from the unrealized foreign translation gain associated with the intercompany loan granted to the Luxembourg subsidiary by the U.S. parent company. The Company did not have a permanent difference related to Global intangible

low-taxed

income (“GILTI”) in the U.S., mainly due to the Korean subsidiary’s current year loss.

For the year ended December 31, 2022, a permanent difference of $8,187 thousand was included as GILTI in the U.S., which was primarily attributable to the income earned by certain foreign subsidiaries of the Company, including its Korean subsidiary. The permanent tax expense of $8,061 thousand related to intercompany debt restructuring recorded for the year ended December 31, 2022 was derived from the waiver and release of unpaid interests of the intercompany loans granted to the Korean subsidiary by the Dutch subsidiary. In connection with the waiver of unpaid interests, the related withholding tax was reversed, resulting in the recognition of income tax benefit of $2,031 thousand.

The income tax benefit of $4,582 thousand was due to the changes in valuation allowances during the year ended December 31, 2022, of which $2,670 thousand related to the release of valuation allowances related to the U.S. parent company’s current year earnings, which was mainly driven by GILTI inclusion. The remaining

$1,912 thousand represented the release of valuation allowances based on the realizability of the related deferred tax assets in future years.

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 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. is no longer 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.

A summary of the composition of net deferred income tax assets (liabilities) as of December 31, 2023 and 2022 are as follows (in thousands):


	Year Ended December 31,
	2023			2022
Deferred tax assets
Inventory reserves	$	2,519		$	3,108
Accrued expenses		1,593			1,668
Property, plant and equipment		2,679			2,685
Accumulated severance benefits		9,927			10,269
Operating lease right-of-use liabilities		997			1,098
Foreign currency translation loss		19,049			22,272
NOL carry-forwards		96,361			78,698
Tax credit carry-forwards		14,372			13,337
Other long-term payable		2,242			4,005
Interest expense deduction limitation		3,610			91
Derivative liabilities		—			427
Others		1,191			1,394

Total deferred tax assets		154,540			139,052
Less: Valuation allowance		(87,201	)		(84,563	)

		67,339			54,489

Deferred tax liabilities
Prepaid expense		1,787			3,065
Severance benefit deposits		6,456			5,364
Operating lease right-of-use assets		960			1,051
Foreign currency translation gain		6,411			5,621
Others		892			1,064

Total deferred tax liabilities		16,506			16,165

Net deferred tax assets	$	50,833		$	38,324

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 for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	84,563		$	94,212		$	115,636
Reductions		(428	)		(4,582	)		(13,803	)
Translation adjustments		3,066			(5,067	)		(7,621	)

Ending balance	$	87,201		$	84,563		$	94,212

As of December 31, 2023, 2022 and 2021, respectively, the Company recorded a valuation allowance of $87,201 thousand, $84,563 thousand, and $94,212 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, 2023, 2022, and 2021 were primarily attributable to its Luxembourg subsidiary.

The net operating loss carry-forwards balance as of December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023		2022		20210
NOL carry-forwards	$	403,989	$	324,134	$	502,511

As of December 31, 2023, the Company had $403,989 thousand of net operating loss carry-forwards available to offset future taxable income, of which $282,153 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 $282,153 thousand net operating loss carry-forwards, $273,447 thousand is carried forward indefinitely and the remaining $8,706 thousand expires from 2034 through 2040. The net operating loss carry-forwards retained by the Company’s U.S. parent amounts to $54,757 thousand, of which $4,316 thousand is carried forward indefinitely and the remaining $50,441 thousand expires at various dates through 2037. The net operating loss carry-forwards retained by the Company’s Korea subsidiary amounts to $67,076 thousand, which expires in 2038.

The Company utilized net operating loss of $1,886 thousand, $19,900 thousand, and $70,672 thousand for the years ended December 31, 2023, 2022 and 2021, respectively. The Company also has Dutch tax credit carry-forwards of $13,840 thousand and Korea R&D tax credit $532 thousand as of December 31, 2023. 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 US 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, 2023, 2022 and 2021, the Company recorded $274 thousand, $316 thousand, and $386 thousand of unrecognized tax benefits, 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,
	2023			2022			2021
Unrecognized tax benefits, balance at the beginning	$	316		$	386		$	414
Additions based on tax positions related to the current year		25			40			44
Lapse of statute of limitations		(66	)		(73	)		(79	)
Translation adjustments		(1	)		(37	)		7

Unrecognized tax benefits, balance at the ending	$	274		$	316		$	386

No interest and penalties related to unrecognized tax benefits were recognized as of December 31, 2023, 2022, and 2021.

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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance beginning at Dec. 31, 2020	$ 345,600	$ 450	$ 163,010	$ 286,834	$ (108,397)	$ 3,703
Balance, Shares beginning at Dec. 31, 2020		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		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 loss, 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
Stock-based compensation	6,037		6,037
Exercise of stock options	1,786	$ 1	1,785
Exercise of stock options, Shares		152,326
Settlement of restricted stock units	(174)	$ 4	(178)
Settlement of restricted stock units, Shares		374,803
Accelerated stock repurchase			17,217		(17,217)
Accelerated stock repurchase, Shares		(1,031,576)
Acquisition of treasury stock	(13,899)				(13,899)
Acquisition of treasury stock, Shares		(1,330,282)
Other comprehensive loss, net	(10,323)					(10,323)
Net income (loss)	(8,036)			(8,036)
Balance ending at Dec. 31, 2022	$ 428,153	$ 564	266,058	335,506	(161,422)	(12,553)
Balance, Shares ending at Dec. 31, 2022	43,824,575	43,824,575
Stock-based compensation	$ 7,223		7,223
Exercise of stock options	$ 27	$ 0	27
Exercise of stock options, Shares	4,000	4,000
Settlement of restricted stock units	$ (47)	$ 5	(52)
Settlement of restricted stock units, Shares		534,945
Acquisition of treasury stock	(52,032)				(52,032)
Acquisition of treasury stock, Shares		(5,510,778)
Other comprehensive loss, net	(2,104)					(2,104)
Net income (loss)	(36,622)			(36,622)
Balance ending at Dec. 31, 2023	$ 344,598	$ 569	$ 273,256	$ 298,884	$ (213,454)	$ (14,657)
Balance, Shares ending at Dec. 31, 2023	38,852,742	38,852,742

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, 2023	Dec. 31, 2022
Asset Derivatives:
Other current assets	$ 152	$ 0
Liability Derivatives:
Other current liabilities	$ 1	$ 2,015

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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- Definition

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Net sales	$ 230,051	$ 337,658	$ 474,230
Cost of sales:
Cost of sales	178,411	236,394	320,687
Gross profit	51,640	101,264	153,543
Operating expenses:
Selling, general and administrative expenses	48,470	50,872	52,440
Research and development expenses	51,563	52,338	51,212
Merger-related income, net	0	0	(35,527)
Early termination and other charges, net	9,251	3,298	2,011
Total operating expenses	109,284	106,508	70,136
Operating income (loss):	(57,644)	(5,244)	83,407
Interest income	10,435	5,980	2,609
Interest expense	(828)	(1,157)	(1,371)
Foreign currency gain (loss), net	465	(3,019)	(11,853)
Other income, net	13	561	1,177
Income (loss) before income tax expense (benefit)	(47,559)	(2,879)	73,969
Income tax expense (benefit)	(10,937)	5,157	17,261
Net income (loss)	$ (36,622)	$ (8,036)	$ 56,708
Basic earnings (loss) per common share—
Basic	$ (0.89)	$ (0.18)	$ 1.26
Diluted earnings (loss) per common share—
Diluted	$ (0.89)	$ (0.18)	$ 1.21
Weighted average number of shares—
Basic	41,013,069	44,850,791	44,879,412
Diluted	41,013,069	44,850,791	47,709,373
Standard products business [Member]
Revenues:
Net sales	$ 195,690	$ 301,896	$ 433,099
Cost of sales:
Cost of sales	143,762	202,347	283,503
Gross profit	51,928	99,549	149,596
Fab 3 Foundry Services [Member]
Revenues:
Net sales	34,361	35,762	41,131
Cost of sales:
Cost of sales	34,649	34,047	37,184
Gross profit	$ (288)	$ 1,715	$ 3,947

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment as of December 31, 2023 and 2022 are comprised of the following (in thousands):


	December 31,
	2023			2022
Buildings and related structures	$	24,532		$	24,780
Machinery and equipment		139,710			137,666
Finance lease right-of-use assets		902			389
Others		35,471			33,890

		200,615			196,725
Less: accumulated depreciation		(115,889	)		(101,502	)
Land		12,811			13,034
Construction in progress		2,585			2,490

Property, plant and equipment, net	$	100,122		$	110,747

Stock Repurchases	12 Months Ended
Stock Repurchases	Dec. 31, 2023
Equity [Abstract]
Stock Repurchases	12. Stock Repurchases Accelerated Stock Repurchase Program On December 21, 2021, the Board of Directors authorized the Company to repurchase up to $75 million of its outstanding common stock and the Company entered into an accelerated stock repurchase agreement dated December 21, 2021 (the “ASR Agreement”) with JPMorgan Chase Bank, National Association (“JPM”) to repurchase an aggregate of $37.5 million of its common stock. Pursuant to the terms of the ASR Agreement, the Company paid to JPM $37.5 million 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 $20.1 million and a price per share of $20.18 on 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 $17.4 million in additional paid-in capital in stockholders’ equity in its consolidated balance sheets. In March 2022, the previously announced repurchase of $37.5 million of the Company’s common stock was completed pursuant to the ASR Agreement, and as a result, the Company additionally received 1,031,576 shares of its common stock for an aggregate purchase price of $17.2 million at a price per share of $16.69, which was reclassified as treasury stock from additional paid-in capital in stockholder’s equity in its consolidated balance sheets. Expanded Stock Repurchase Program On August 31, 2022, the Board of Directors authorized an expansion of the Company’s previously announced stock repurchase program from $75 million to $87.5 million of its common stock. The remaining $50 million of the expanded $87.5 million program was expected to be repurchased in the open market or through privately negotiated transactions. From September 2022 to December 2022, the Company repurchased 1,235,650 shares of its common stock in the open market for an aggregate purchase price of $12.5 million and a weighted average price per share of $10.13 under the expanded stock repurchase program. During the first half of 2023, the Company repurchased 3,705,443 shares of its common stock in the open market for an aggregate purchase price of $37.4 million and a weighted average price per share of $10.10 under the expanded stock repurchase program. As of the end of June 2023, the Company had completed the repurchase of its common stock under its expanded stock repurchase program. New Stock Repurchase Program On July 19, 2023, the Board of Directors authorized a new $50 million stock buyback program. Purchases have been and will be made in the open market or through privately negotiated transactions, depending upon market conditions and other factors. From August 2023 to December 2023, the Company repurchased 1,730,173 shares of its common stock in the open market for an aggregate purchase price of $13.6 million and a weighted average price per share of $7.84 under the new stock repurchase program.

Derivative Financial Instruments - Offsetting of Derivative Assets and Liabilities (Detail) - Zero Cost Collars [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Asset Derivatives:
Gross amounts of recognized assets	$ 152
Gross amounts offset in the balance sheets	0
Net amounts of liabilities presented in the balance sheets	152	$ 0
Gross amounts not offset in the balance sheets, Financial instruments	0
Gross amounts not offset in the balance sheets, Cash collateral pledged	0
Net amount	152
Liability Derivatives:
Gross amounts of recognized liabilities	1	2,015
Gross amounts offset in the balance sheets	0	0
Net amounts of liabilities presented in the balance sheets	1	2,015
Gross amounts not offset in the balance sheets, Financial instruments	0	0
Gross amounts not offset in the balance sheets, Cash collateral pledged	0	(1,940)
Net amount	$ 1	$ 75

Business, Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Business, Basis of Presentation and Significant Accounting Policies

1. Business, Basis of Presentation and Significant Accounting Policies

Business

Magnachip Semiconductor Corporation (together with its subsidiaries, the “Company”) is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communication, Internet of Things (“IoT”), 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 a wide range of applications including smartphones, TVs, automotive and IT applications such as monitors, notebook PCs, tablet PCs as well as AR/VRs. The Company’s Power Solutions products include discrete and integrated circuit solutions for power management in communication, 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”, to SK keyfoundry Inc., a Korean corporation (“SK keyfoundry”). Following the consummation of the sale, the Company provided SK keyfoundry with 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 contractual obligation to provide the Transitional Fab 3 Foundry Services ended August 31, 2023, and the Company is planning to wind down these foundry services and convert portions of the idle capacity to Power Solutions standard products beginning around the second half of 2024. Because these foundry services during the wind-down period are still provided to SK keyfoundry by the Company using its Fab 3 based on mutually agreed terms and conditions, the Company will continue to report its revenue from providing these foundry services and related cost of sales within the Transitional Fab 3 Foundry Services line in its consolidated statement of operations until such wind down is completed.

Basis of Presentation

The consolidated financial statements are presented in accordance with 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

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, and contingent 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,

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.

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, Magnachip Semiconductor, Ltd, 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 gain (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, including external foundries, to meet its planned production. The Company recorded advances of $3,883 thousand and $6,605 thousand as other current assets as of December 31, 2023 and 2022, 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

Routin

e 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.

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 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, 2023, 96% 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 pursuant to Employee Retirement Benefit Security Act of Korea. 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.

In accordance with the National Pension Act of the Republic of Korea, a certain portion of accrued severance benefits was 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 $768 thousand, $1,060 thousand and $1,271 thousand for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company recorded deferred revenue of $1,036 thousand and $2,383 thousand as other current liabilities as of December 31, 2022 and 2021, respectively. Of the recorded deferred revenue, $1,011 thousand and $2,383 thousand were recognized as revenue during the years ended December 31, 2023 and 2022, respectively.

Advertising

The Company expenses advertising costs as incurred. Advertising expenses were $68 thousand, $46 thousand and $71 thousand for the years ended December 31, 2023, 2022 and 2021, 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 or 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 or 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 (Loss) Pe

r Share

In accordance with ASC 260, “Earnings Per Share”, the Company computes basic earnings per share by dividing net income or 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 (benefit) is the tax payable (receivable) 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 November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No. 2023-07,

“Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which will require an entity to provide more detailed information about its reportable segment expenses that are included within management’s measurement of profit and loss and will require certain annual disclosures to be provided on an interim basis. The amendments in this ASU are effective for the Company in 2024 for annual reporting and in 2025 for interim reporting, with early adoption permitted beginning in 2024, and is required to be applied using the full retrospective method of transition. The Company is currently evaluating the impact of this accounting standard update on the Company’s segment disclosures.

In December 2023, the FASB issued ASU

No. 2023-09,

“Income Taxes (Topic 740): Improvements to Income Tax Disclosures”

(“ASU 2023-09”),

which intends to enhance the transparency and decision usefulness of income tax disclosures. It requires public business entities to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold. ASU

2023-09

is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

Foreign Currency Loss, Net - Additional Information (Detail) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Foreign Currency Transaction [Abstract]
Exchange rates using first base rate	1,289.4	1,267.3	1,185.5
Intercompany loan balances	$ 285,136	$ 310,988	$ 344,411

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Payroll, benefits and related taxes, excluding severance benefits	$ 5,947	$ 7,620
Withholding tax attributable to intercompany interest income	1,671	43
Outside service fees	1,953	1,642
Others	886	383
Accrued expenses	$ 10,457	$ 9,688

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-term Borrowings	10. Borrowings 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. 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.

Foreign Currency Loss, Net	12 Months Ended
Foreign Currency Loss, Net	Dec. 31, 2023
Foreign Currency [Abstract]
Foreign Currency Loss, Net	15. Foreign Currency Gain (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, 2023, 2022 and 2021, the outstanding intercompany loan balances including accrued interest between the Korean subsidiary and the Dutch subsidiary were $285,136 thousand, $310,988 thousand and $344,411 thousand, respectively. The Korean won to U.S. dollar exchange rates were 1,289.4:1, 1,267.3:1 and 1,185.5:1 using the first base rate as of December 31, 2023, 2022 and 2021, respectively, as quoted by the KEB Hana Bank.

- Definition

The entire disclosure for foreign currency transactions and translation. This may include description of foreign currency transactions, foreign currency gains and losses, explanation of change in cumulative translation adjustment, description of effect of subsequent foreign currency exchange rate change, cumulative translation adjustment movement, foreign currency translation adjustment by component movement, translation adjustment for net investment hedge movement, adjustment for long-term intercompany transactions, schedule of long-term intercompany balances and any other foreign currency transactions and translation related items.

+ References + Details

Business, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	96.00%
Shipping and handling cost	$ 48,470	$ 50,872	$ 52,440
Advertising expenses	$ 68	46	71
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 recognized	$ 1,011	2,383
Other Current Assets [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Prepayments to suppliers	$ 3,883	6,605
Other Current Liabilities [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Deferred revenue		1,036	2,383
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	$ 768	$ 1,060	$ 1,271

Leases - Other lease information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 2,118	$ 2,276	$ 2,777
Operating cash flows from finance leases	31	10	14
Financing cash flows from finance leases	$ 91	$ 70	$ 65
Weighted average remaining lease term
Operating leases	2 years 9 months 18 days	3 years 8 months 12 days
Finance leases	3 years 8 months 12 days	2 years 4 months 24 days
Weighted average discount rate
Operating leases	6.60%	6.60%
Finance leases	7.40%	7.60%

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

7. 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 1 year to 4 years.

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

Supplemental balance sheets information related to leases as of December 31, 2023 and 2022 are as follows (in thousands):


		December 31,
Leases	Classification	2023		2022
Assets
Operating lease	Operating lease right-of-use assets	$	4,639	$	5,265
Finance lease	Property, plant and equipment, net		511		143

Total lease assets		$	5,150	$	5,408

Liabilities
Current
Operating	Operating lease liabilities	$	1,914	$	1,397
Finance	Other current liabilities		146		90
Non-current
Operating	Non-current operating lease liabilities		2,897		4,091
Finance	Other non-current liabilities		432		63

Total lease liabilities		$	5,389	$	5,641

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


	December 31,
	2023			2022
Weighted average remaining lease term
Operating leases		2.8 years			3.7 years
Finance leases		3.7 years			2.4 years
Weighted average discount rate
Operating leases		6.6	%		6.6	%
Finance leases		7.4	%		7.6	%

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


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	2,071	$	2,261	$	2,777
Finance lease cost
Amortization of right-of-use assets		147		68		65
Interest on lease liabilities		31		10		14

Total lease cost	$	2,249	$	2,339	$	2,856

The above table does not include an immaterial cost of short-term leases for the years ended December 31, 2023, 2022 and 2021.

Other lease information is as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,118	$	2,276	$	2,777
Operating cash flows from finance leases		31		10		14
Financing cash flows from finance leases		91		70		65

Non-cash

transaction amounts of lease liabilities arising from obtaining

right-of-use

assets were $1,909 thousand, $4,601 thousand and $2,768 thousand for the years ended December 31, 2023, 2022 and 2021, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2023 are as follows (in thousands):


	Operating Leases			Finance Leases
2024	$	2,169		$	183
2025		1,544			182
2026		966			168
2027		651			128

Total future lease payments		5,330			661
Less: Imputed interest		(519	)		(83	)

Present value of future payments	$	4,811		$	578

Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	13,342,919
Number of shares reserved for future issuance	2,810,778
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of addtional shares authorized	1,990,000
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense	$ 7,223	$ 6,037	$ 7,704
Unrecognized compensation cost related to unvested restricted stock units	$ 4,316
Unrecognized compensation cost, period for recognition	1 year
Fair value of restricted stock units vested	$ 6,634	$ 6,369	$ 5,788

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 616	$ 683	$ 744
Estimated aggregate amortization expense of intangible assets in 2024	490
Estimated aggregate amortization expense of intangible assets in 2025	375
Estimated aggregate amortization expense of intangible assets in 2026	272
Estimated aggregate amortization expense of intangible assets in 2027	186
Estimated aggregate amortization expense of intangible assets in 2028	$ 120

Derivative Financial Instruments - Impact of Derivative Instruments on Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	$ 3,452	$ 8,514	$ 819
Zero Cost Collars [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion)	(1,085)	(8,273)
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	(3,452)	(8,514)
Zero Cost Collars [Member] \| Cash Flow Hedging [Member] \| Other income, net [Member]
Derivative [Line Items]
Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives (Effective Portion)	$ (299)	$ 135

Equity Incentive Plans - Summary of Stock Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding Beginning Balance, Number of Options	1,137,558
Expired, Number of Options	(330,700)
Exercised, Number of Options	(4,000)
Outstanding Ending Balance, Number of Options	802,858	1,137,558
Vested and expected to vest, Number of Options	802,858
Outstanding Beginning Balance, Weighted Average Exercise Price of Stock Options	$ 10.64
Expired, Weighted Average Exercise Price of Stock Options	17.37
Exercised, Weighted Average Exercise Price of Stock Options	6.92
Outstanding Ending Balance, Weighted Average Exercise Price of Stock Options	7.89	$ 10.64
Vested and Exercisable, Weighted Average Exercise Price of Stock Options	$ 7.89
Outstanding Beginning Balance, Aggregate Intrinsic Value of Stock Options	$ 1,702
Exercised, Aggregate Intrinsic Value of Stock Options	13
Outstanding Ending Balance, Aggregate Intrinsic Value of Stock Options	459	$ 1,702
Vested and expected to vest, Aggregate Intrinsic Value of Stock Options	$ 459
Outstanding, Weighted Average Remaining Contractual Life of Stock Options	2 years	2 years 3 months 18 days
Vested and expected to vest, Weighted Average Remaining Contractual Life of Stock Options	2 years

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets as of December 31, 2023 and 2022 are comprised of the following (in thousands):


	December 31, 2023
	Gross amount		Accumulated amortization			Net amount
Intellectual property assets	$	9,150	$	(7,613	)	$	1,537

Intangible assets	$	9,150	$	(7,613	)	$	1,537


	December 31, 2022
	Gross amount		Accumulated amortization			Net amount
Intellectual property assets	$	9,111	$	(7,181	)	$	1,930

Intangible assets	$	9,111	$	(7,181	)	$	1,930

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 16,068	$ 14,317	$ 13,495

Early termination and other charges, net	12 Months Ended
Early termination and other charges, net	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Early termination and other charges, net	14. Early Termination and Other Charges, Net For the year ended December 31, 2023, the Company recorded in its consolidated statement of operations $8,449 thousand of termination related charges as “early termination and other charges” in connection with the 2023 Voluntary Resignation Program, which was available for the employees with more than 20 years of service. During the same period, the Company also recorded $802 thousand of one-time employee incentives, which were paid during the third quarter of 2023. For the year ended December 31, 2022, the Company recorded in its consolidated statement of operations $2,821 thousand of one-time employee incentives, and professional service fees and expenses of $1,014 thousand incurred in connection with certain strategic evaluations. During the same period, the Company also recorded $537 thousand gain on sale of certain legacy equipment of the closed back-end line in the Company’s fabrication facility in Gumi. 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.

Geographic and Other Information - Schedule of Operating Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 230,051	$ 337,658	$ 474,230
Total gross profit	51,640	101,264	153,543
Standard products business [Member]
Segment Reporting Information [Line Items]
Total revenues	195,690	301,896	433,099
Total gross profit	51,928	99,549	149,596
Fab 3 Foundry Services [Member]
Segment Reporting Information [Line Items]
Total revenues	34,361	35,762	41,131
Total gross profit	(288)	1,715	3,947
Operating Segments [Member] \| Standard products business [Member]
Segment Reporting Information [Line Items]
Total revenues	195,690	301,896	433,099
Operating Segments [Member] \| Standard products business [Member] \| Display Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	32,134	71,432	205,322
Operating Segments [Member] \| Standard products business [Member] \| Power Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 163,556	$ 230,464	$ 227,777

- Definition

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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	56,971,394	56,432,449
Common stock, shares outstanding	38,852,742	43,824,575
Treasury stock, shares	18,118,652	12,607,874

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-34791
Entity Registrant Name	Magnachip Semiconductor Corporation
Entity Central Index Key	0001325702
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-0406195
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Address, Address Line One	c/o Magnachip Semiconductor, Ltd.
Entity Address, Address Line Two	15F, 76 Jikji-daero 436beon-gil
Entity Address, City or Town	Heungdeok-gu
Entity Address, Country	KR
Entity Address, Postal Zip Code	28581
City Area Code	82
Local Phone Number	(2) 6903-3000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,260,814
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 439,134,938
ICFR Auditor Attestation Flag	true
Auditor Name	Samil PricewaterhouseCoopers
Auditor Firm ID	1103
Auditor Location	Seoul, Korea

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses as of December 31, 2023 and 2022 are comprised of the following (in thousands):


	December 31,
	2023		2022
Payroll, benefits and related taxes, excluding severance benefits	$	5,947	$	7,620
Withholding tax attributable to intercompany interest income		1,671		43
Outside service fees		1,953		1,642
Others		886		383

Accrued expenses	$	10,457	$	9,688

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Provision computed at statutory rates	$ (9,988)	$ (605)	$ 15,533
Change in statutory tax rates	269	2,006	(259)
Difference in foreign tax rates	1,401	302	2,820
Permanent differences
Derivative assets adjustment	(17)	(62)	(23)
TPECs, hybrid and other interest	(2,003)	(2,096)	(3,400)
Equity-based compensation	(388)	(241)	(802)
Permanent foreign currency gain (loss)	(910)	1,676	1,888
Penalty	78	75	427
GILTI		8,187	6,156
Intercompany debt restructuring		8,061	971
Other permanent differences	25	72	(767)
Withholding tax	1,594	(2,031)	2,060
State net operating loss write off			9,844
Change in valuation allowance	(429)	(4,582)	(13,803)
Tax credits claimed	(636)	(5,658)	(5,508)
Uncertain tax positions liability	(41)	(33)	(35)
Change in net operating loss carry-forwards	17	(145)	621
Foreign local taxes	45	919	723
Others	46	(688)	815
Total Income tax expense (benefit)	$ (10,937)	$ 5,157	$ 17,261

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

4. Inventories

Inventories as of December 31, 2023 and 2022 consist of the following (in thousands):


	December 31,
	2023			2022
Finished goods	$	8,432		$	6,799
Semi-finished goods and work-in-process		29,339			40,265
Raw materials		5,543			7,460
Materials in-transit		18			36
Less: inventory reserve		(10,599	)		(14,677	)

Inventories, net	$	32,733		$	39,883

Changes in inventory reserve for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	(14,677	)	$	(5,730	)	$	(5,901	)
Change in reserve
Inventory reserve charged to costs of sales		(9,360	)		(13,310	)		(7,626	)
Sale of previously reserved inventory		5,528			3,631			5,349

		(3,832	)		(9,679	)		(2,277	)
Write off		7,552			582			1,875
Translation adjustments		358			150			573

Ending balance	$	(10,599	)	$	(14,677	)	$	(5,730	)

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.

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 8,432	$ 6,799
Semi-finished goods and work-in-process	29,339	40,265
Raw materials	5,543	7,460
Materials in-transit	18	36
Less: inventory reserve	(10,599)	(14,677)	$ (5,730)	$ (5,901)
Inventories, net	$ 32,733	$ 39,883

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

19. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following at December 31, 2023 and 2022, respectively (in thousands):


	Year Ended December 31,
	2023			2022
Foreign currency translation adjustments	$	(15,348	)	$	(11,328	)
Derivative adjustments		691			(1,225	)

Total	$	(14,657	)	$	(12,553	)

Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


Year Ended December 31, 2023	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(11,328	)	$	(1,225	)	$	(12,553	)

Other comprehensive loss before reclassifications		(4,020	)		(1,536	)		(5,556	)
Amounts reclassified from accumulated other comprehensive loss		—			3,452			3,452

Net current-period other comprehensive income (loss)		(4,020	)		1,916			(2,104	)

Ending balance	$	(15,348	)	$	691		$	(14,657	)


Year Ended December 31, 2022	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(770	)	$	(1,460	)	$	(2,230	)

Other comprehensive loss before reclassifications		(10,558	)		(8,279	)		(18,837	)
Amounts reclassified from accumulated other comprehensive loss		—			8,514			8,514

Net current-period other comprehensive income (loss)		(10,558	)		235			(10,323	)

Ending balance	$	(11,328	)	$	(1,225	)	$	(12,553	)


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	)

There was an income tax expense of $452 thousand related to changes in accumulated other comprehensive loss for the year ended December 31, 2023. There was an income tax expense of $6 thousand related to changes in accumulated other comprehensive loss for the year ended December 31, 2022. There was an income tax benefit of $752 thousand related to changes in accumulated other comprehensive loss for the year ended December 31, 2021.

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Deferred tax assets, valuation allowance amount	$ 87,201	$ 84,563	$ 94,212	$ 115,636
Net operating loss carry-forwards	$ 403,989	324,134	502,511
Net operating loss carry-forwards, expiration period	indefinite period of time
Net operating loss utilized	$ 1,886	19,900	70,672
Income tax expenses (benefits)	(10,937)	5,157	17,261
Accrued Interest and Penalities	0	0	0
Income tax penalties	0	0	0
Change in valuation allowance	429	4,582	13,803
Income tax benefit attributable to change in valuation allowances			13,803
UnrecognizedTaxBenefits	274	316	386	$ 414
Release of valuation allowances based on the realizability		1,912	3,959
State net operating loss write off			9,844
Release of valuation allowances related earnings		2,670
Income Tax Reconciliation, Permanent Foreign Currency Gain (Loss), Amount	(910)	1,676	1,888
Effective income tax reconciliation global intangible low taxed income		8,187	$ 6,156
Tax Period Two Thousand Thirty Seven [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards retained by Us parent and its domestic subsidiary	54,757
Luxembourg Subsidiary [Member]
Income Tax Contingency [Line Items]
Net operating loss utilized	282,153
Korean Statutory Tax Rate [Member]
Income Tax Contingency [Line Items]
Tax credit carry-forwards	532
Dutch [Member]
Income Tax Contingency [Line Items]
Tax credit carry-forwards	$ 13,840
Korean Subsidiary [Member]
Income Tax Contingency [Line Items]
Net operating loss expiration date	2040
Income tax expenses (benefits)	$ 1,594	8,061
Reversal of tax with holding		$ 2,031
Income Tax Reconciliation, Permanent Foreign Currency Gain (Loss), Amount	910
Permanent income tax benefit	2,003
Korean Subsidiary [Member] \| Tax Period Two Thousand Thirty Eight [Member]
Income Tax Contingency [Line Items]
Net operating loss carry-forwards	67,076
Korean Subsidiary [Member] \| Tax Period Two Thousand And Thirty Four Through Two Thousand And Fourty [Member]
Income Tax Contingency [Line Items]
Net operating loss carry-forwards	282,153
Korean Subsidiary [Member] \| Operating Loss Carry Forwards Expires [Member] \| Tax Period Two Thousand And Thirty Four Through Two Thousand And Fourty [Member]
Income Tax Contingency [Line Items]
Net operating loss carry-forwards	8,706
Korean Subsidiary [Member] \| Operating Loss Carried Forward Indefinitely [Member] \| Tax Period Two Thousand And Thirty Four Through Two Thousand And Fourty [Member]
Income Tax Contingency [Line Items]
Net operating loss carry-forwards	273,447
Parent [Member] \| Operating Loss Carry Forwards Expires [Member] \| Tax Period Two Thousand Thirty Seven [Member]
Income Tax Contingency [Line Items]
Net operating loss carry-forwards	50,441
Parent [Member] \| Operating Loss Carried Forward Indefinitely [Member] \| Tax Period Two Thousand Thirty Seven [Member]
Income Tax Contingency [Line Items]
Net operating loss carry-forwards	$ 4,316

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)	$ (36,622)	$ (8,036)	$ 56,708
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	16,684	15,000	14,239
Provision for severance benefits	5,333	6,289	8,282
Amortization of debt issuance costs and original issue discount			261
Loss on foreign currency, net	3,373	19,729
Provision for inventory reserves	3,885	9,574	2,244
Stock-based compensation	7,223	6,037	7,704
Loss on early extinguishment of borrowings			32,432
Deferred income taxes	(13,405)	278	918
Other, net	757	664	(613)
Changes in operating assets and liabilities
Accounts receivable, net	1,909	10,276	7,505
Inventories	2,370	(12,626)	(5,939)
Other receivables	3,847	18,146	(21,538)
Prepaid expenses	8,808	8,923	8,004
Other current assets	8,048	(13,073)	4,393
Accounts payable	7,152	(16,325)	(11,437)
Other accounts payable	(8,934)	(9,410)	(7,798)
Accrued expenses	493	(7,228)	4,637
Accrued income taxes	(1,569)	(8,400)	(1)
Deferred revenue	85	(1,261)	(131)
Other current liabilities	(109)	(645)	1,445
Other non-current liabilities	(238)	749	(1,398)
Contributions to severance insurance deposit accounts	(5,101)	(7,899)	(5,688)
Payment of severance benefits	(6,982)	(6,012)	(6,679)
Other, net	(21)	415	193
Net cash provided by (used in) operating activities	(3,014)	5,165	87,743
Cash flows from investing activities
Proceeds from settlement of hedge collateral	5,669	15,232	5,214
Payment of hedge collateral	(3,754)	(15,282)	(3,349)
Proceeds from disposal of property, plant and equipment	0	550	1,446
Purchase of property, plant and equipment	(6,955)	(23,394)	(32,212)
Payment for intellectual property registration	(263)	(390)	(614)
Collection of guarantee deposits	4,984	737	3,192
Payment of guarantee deposits	(7,338)	(2,381)	(5,001)
Other, net			(114)
Net cash used in investing activities	(7,657)	(24,928)	(31,438)
Cash flows from financing activities
Proceeds from exercise of stock options	27	1,786	4,279
Acquisition of treasury stock	(51,782)	(13,960)	(1,653)
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	(493)	(500)	(563)
Others	(91)	(70)	(107)
Net cash used in financing activities	(52,339)	(12,744)	(35,544)
Effect of exchange rates on cash and cash equivalents	(4,375)	(21,563)	(21,154)
Net decrease in cash and cash equivalents	(67,385)	(54,070)	(393)
Cash and cash equivalents at beginning of period	225,477	279,547	279,940
Cash and cash equivalents at end of period	158,092	225,477	279,547
Supplemental cash flow information
Cash paid for interest			2,094
Cash paid for income taxes, net	1,442	18,988	12,672
Non-cash investing and financing activities
Property, plant and equipment additions in other accounts payable	42	190	747
Acquisition of treasury stock to satisfy the tax withholding obligations in connection with equity-based compensation	$ 544	387	826
Unsettled common stock repurchases		$ 378
Exchange of exchangeable senior notes into common stock			$ 83,740

Accounts Receivable

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Accounts Receivable

3. Accounts Receivable

Accounts receivable as of December 31, 2023 and 2022 consisted of the following (in thousands):


	December 31,
	2023			2022
Accounts receivable	$	33,024		$	35,610
Notes receivable		43			32
Less:
Allowance for credit losses		(78	)		(79	)
Sales return reserves		(348	)		(183	)

Accounts receivable, net	$	32,641		$	35,380

Changes in allowance for credit losses for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	(79	)	$	(466	)	$	(188	)
Provision		—			—			(302	)
Write off		—			378			—
Translation adjustments		1			9			24

Ending balance	$	(78	)	$	(79	)	$	(466	)

Changes in sales return reserves for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	(183	)	$	(185	)	$	(173	)
Reversal (provision)		(162	)		(11	)		(27	)
Usage		—			—			—
Translation adjustments		(3	)		13			15

Ending balance	$	(348	)	$	(183	)	$	(185	)

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, 2023, 2022 and 2021. 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.

Merger Agreement	12 Months Ended
Merger Agreement	Dec. 31, 2023
Business Combinations [Abstract]
Merger Agreement	18. Merger Agreement On March 25, 2021, the Company, South Dearborn Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Holdco”), formed by an affiliate of Wise Road Capital LTD (“Wise Road”), and Michigan Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Holdco (“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 Holdco. 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 Holdco 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 Holdco entered into a Termination and Settlement Agreement, dated December 13, 2021 (the “Termination Agreement”), pursuant to which Holdco agreed to pay $70,200 thousand (the “Termination Fee”) to the Company on the terms specified in the Termination Agreement in satisfaction of Holdco’s obligation to pay a termination fee in connection with the termination of the Merger 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 Holdco and a standby letter of credit, which secures a deferred fee of $19,200 thousand from Holdco due on or before March 31, 2022. As of December 31, 2021, of the Termination Fee, $19,200 thousand deferred fee was recorded as other receivables. In connection therewith, the Company, Holdco and Wise Road entered into a First Amendment to the Termination Agreement, dated April 4, 2022, pursuant to which Holdco paid $14,400 thousand on April 4, 2022, with $4,800 thousand remaining outstanding. The Company, Holdco and Wise Road entered into a Second Amendment to the Termination Agreement, dated August 5, 2022 pursuant to which Holdco paid $3,000 thousand on August 5, 2022, of the deferred fee and payment of the remaining $1,800 thousand was due on or before October 31, 2022. The Company, Holdco and Wise Road entered into a series of letter agreements pursuant to which the parties ultimately agreed to defer the remaining $1,800 thousand due on or before March 31, 2023. On April 6, 2023, Holdco paid the remaining $1,800 thousand. For the years ended December 31, 2021, the Company incurred $34,673 thousand of professional fees and certain transaction related-expenses incurred in connection with the Merger, which were recognized in merger-related costs, net in the consolidated statements of operations.

Derivative Financial Instruments - Cash deposits (Detail) - Zero Cost Collar And Forward Contracts [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposit Assets [Line Items]
Deposit with counterparty	$ 1,000	$ 1,000
SC [Member]
Deposit Assets [Line Items]
Deposit with counterparty	$ 1,000	$ 1,000

Leases - Aggregate future lease payment (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
Operating Leases, 2024	$ 2,169
Operating Leases, 2025	1,544
Operating Leases, 2026	966
Operating Leases, 2027	651
Operating Leases, Total future lease payments	5,330
Less: Present value adjustment	(519)
Present value of future payments	4,811
Finance Leases [Abstract]
Finance Leases, 2024	183
Finance Leases, 2025	182
Finance Leases, 2026	168
Finance Leases, 2027	128
Finance Leases, Total future lease payments	661
Less: Present value adjustment	$ (83)
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current
Present value of future payments	$ 578

Business, Basis of Presentation and Significant Accounting Policies - Estimated Useful Lives of Assets (Detail)	Dec. 31, 2023
Minimum [Member] \| Buildings [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	30 years
Minimum [Member] \| Buildings and Related Structures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	10 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	10 years
Minimum [Member] \| Others [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	3 years
Maximum [Member] \| Buildings [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	40 years
Maximum [Member] \| Buildings and Related Structures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	20 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	12 years
Maximum [Member] \| Others [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful lives	10 years

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

20. 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, 2023, 2022 and 2021:


	Year Ended December 31,
	2023			2022			2021
	(In thousands of U.S. dollars, except share data)
Basic earnings (loss) per share
Net income (loss)	$	(36,622	)	$	(8,036	)	$	56,708

Basic weighted average common stock outstanding		41,013,069			44,850,791			44,879,412
Basic earnings (loss) per common share	$	(0.89	)	$	(0.18	)	$	1.26
Diluted earnings (loss) per share
Net income (loss)	$	(36,622	)	$	(8,036	)	$	56,708
Add back: Interest expense on 5.0% Exchangeable Notes		—			—			959

Net income (loss) allocated to common stockholders	$	(36,622	)	$	(8,036	)	$	57,667

Basic weighted average common stock outstanding		41,013,069			44,850,791			44,879,412
Net effect of dilutive equity awards		—			—			1,403,789
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock		—			—			1,426,172

Diluted weighted average common stock outstanding		41,013,069			44,850,791			47,709,373
Diluted earnings (loss) per common share	$	(0.89	)	$	(0.18	)	$	1.21

Diluted earnings (loss) per share adjusts basic earnings (loss) per share for the potentially dilutive impact of stock options and restricted stock units. As the Company has reported loss for the year ended December 31, 2023 and 2022, all potentially dilutive securities are antidilutive and accordingly not considered, therefore basic net loss per share equals diluted net loss per share.

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


	Year Ended December 31,
	2023		2022		2021
Options		802,858		1,137,558		50,000
Restricted Stock Units		1,006,367		815,407		—

Accrued Severance Benefits

12 Months Ended

Dec. 31, 2023

Postemployment Benefits [Abstract]

Accrued Severance Benefits

11. Accrued Severance Benefits

The majority of accrued severance benefits are for employees in the Company’s Korean subsidiary. Pursuant to 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, 2023, 96% 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,
	2023			2022
Beginning balance	$	48,496		$	51,567
Provisions		5,333			6,289
Severance payments		(6,982	)		(6,012	)
Translation adjustments		(915	)		(3,348	)

		45,932			48,496
Less: Cumulative contributions to severance insurance deposit accounts		(29,882	)		(25,149	)
The National Pension Fund		(30	)		(41	)
Group severance insurance plan		—			(185	)

Accrued severance benefits, net	$	16,020		$	23,121

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 pursuant to Employee Retirement Benefit Security Act of Korea. 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
2024	$	315
2025		590
2026		658
2027		369
2028		3,402
2029 – 2033		17,941

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 years of age or older under the Employment Promotion for the Aged Act. The Company sets the retirement age of employees at 60.

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, 2023	Dec. 31, 2022
Carrying Value [Member]
Assets:
Derivative assets	$ 152
Liabilities:
Derivative liabilities	1	$ 2,015
Estimate of Fair Value Measurement [Member]
Assets:
Derivative assets	$ 152
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current
Liabilities:
Derivative liabilities	$ 1	$ 2,015
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Derivative assets	$ 152
Liabilities:
Derivative liabilities	$ 1	$ 2,015

Accounts Receivable - Schedule of Accounts Receivable (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable	$ 33,024	$ 35,610
Notes receivable	43	32
Allowance for credit losses	(78)	(79)	$ (466)	$ (188)
Sales return reserves	(348)	(183)	$ (185)	$ (173)
Accounts receivable, net	$ 32,641	$ 35,380

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

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Business

mark-up

Basis of Presentation

The consolidated financial statements are presented in accordance with 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

Foreign Currency Translation

The Company has assessed in accordance with ASC 830, “Foreign Currency Matters” (“ASC 830”), the

functional

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

Routin

e 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.

The Company does not recognize operating lease

right-of-use

Intangible Assets

Fair Value Disclosures of Financial Instruments

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.

Accrued Severance Benefits

Revenue Recognition

Advertising

The Company expenses advertising costs as incurred. Advertising expenses were $68 thousand, $46 thousand and $71 thousand for the years ended December 31, 2023, 2022 and 2021, 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 (Loss) per Share

Earnings (Loss) Pe

r 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

Concentration of Credit Risk

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No. 2023-07,

In December 2023, the FASB issued ASU

No. 2023-09,

“Income Taxes (Topic 740): Improvements to Income Tax Disclosures”

(“ASU 2023-09”),

2023-09

Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2023

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

Summary of Restricted Stock Unit Activities

The following summarizes restricted stock unit activities for the year ended December 31, 2023.


	Number of Restricted Stock Units			Weighted Average Grant-Date Fair Value of Restricted Stock Units
Outstanding at January 1, 2023		815,407		$	14.36
Granted		1,228,484			9.76
Vested		(534,945	)		12.40
Forfeited		(502,579	)		10.22

Outstanding at December 31, 2023		1,006,367		$	11.85

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, 2023		1,137,558		$	10.64	$	1,702		2.3 years
Expired		(330,700	)		17.37		—		—
Exercised		(4,000	)		6.92	$	13		—

Outstanding at December 31, 2023		802,858		$	7.89	$	459		2.0 years

Vested and Exercisable at December 31, 2023		802,858		$	7.89	$	459		2.0 years

There were no compensation expenses recorded for the stock options for the years ended December 31, 2023, 2022 and 2021.

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

12 Months Ended

Dec. 31, 2023

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

Accounts Receivable - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Sale	$ 0	$ 0	$ 0

Accrued Severance Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Postemployment Benefits [Abstract]

Changes in Accrued Severance Benefits

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


	Year Ended December 31,
	2023			2022
Beginning balance	$	48,496		$	51,567
Provisions		5,333			6,289
Severance payments		(6,982	)		(6,012	)
Translation adjustments		(915	)		(3,348	)

		45,932			48,496
Less: Cumulative contributions to severance insurance deposit accounts		(29,882	)		(25,149	)
The National Pension Fund		(30	)		(41	)
Group severance insurance plan		—			(185	)

Accrued severance benefits, net	$	16,020		$	23,121

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
2024	$	315
2025		590
2026		658
2027		369
2028		3,402
2029 – 2033		17,941

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Loss Per Common Share (Parenthetical) (Detail) - Exchangeable Senior Notes [Member]	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 17, 2017
Earnings Per Share [Line Items]
Interest rate on exchangeable notes	5.00%	5.00%	5.00%
5.0% Exchangeable Senior Notes due March 2021 [Member]
Earnings Per Share [Line Items]
Interest rate on exchangeable notes	5.00%	5.00%	5.00%	5.00%

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Estimated amount reclassified from accumulated other comprehensive income into income	$ 691
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		$ 1,840
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		$ 100

Stock Repurchases - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			4 Months Ended	5 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 21, 2021	Dec. 31, 2022	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 19, 2023	Aug. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock repurchase								$ (37,500)
Accelerated Share Repurchases, Settlement (Payment) or Receipt		$ 37,500
Accelerated share repurchase program adjustment (in shares)		994,695
Aggregate purchase price of shares		$ 20,100
Sale of stock issue price (in dollars per share)		$ 20.18
Additional Paid-In Capital [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock repurchase							$ 17,217	(17,427)
Treasury Stock, Common [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock repurchase							$ (17,217)	$ (20,073)
Accelerated Stock Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated stock repurchase		$ 37,500
Accelerated Share Repurchases, Settlement (Payment) or Receipt	$ 37,500
Accelerated Stock Repurchase Program [Member] \| Treasury Stock, Common [Member] \| Reclassified As A Treasury Stock From Additional Paid In Capital [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated share repurchase program adjustment (in shares)						1,031,576
Aggregate purchase price of shares	$ 17,200
Sale of stock issue price (in dollars per share)	$ 16.69
New Stock Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate purchase price				$ 13,600
Sale of aggregate purchase price (in dollars per share)				$ 7.84
Stock repurchased (in shares)				1,730,173
Stock Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount		$ 75,000							$ 50,000	$ 87,500
Aggregate purchase price			$ 12,500		$ 37,400
Sale of aggregate purchase price (in dollars per share)			$ 10.13		$ 10.1
Stock repurchased (in shares)			1,235,650		3,705,443
Stock repurchase program, remaining authorized repurchase amount										$ 50,000