0001193125-24-136202 | 10-Q | XBRL Viewer | Magnachip Semiconductor Corp

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Inventories - Changes in Inventory Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes In Inventory Reserve [Abstract]
Beginning balance	$ (10,599)	$ (14,677)
Change in reserve [Abstract]
Inventory reserve charged to costs of sales	(1,550)	(2,584)
Sale of previously reserved inventory	2,661	1,476
Change in reserve	1,111	(1,108)
Write off	266	415
Translation adjustments	275	429
Ending balance	$ (8,947)	$ (14,941)

Accrued Severance Benefits - Changes in Accrued Severance Benefits (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Postemployment Benefits [Abstract]
Beginning balance	$ 45,932	$ 48,496
Provisions	1,405	2,330
Severance payments	(884)	(871)
Translation adjustments	(1,969)	(1,381)
Ending balance	44,484	48,574
Less: Cumulative contributions to severance insurance deposit accounts	(28,954)	(24,747)
The National Pension Fund	(27)	(40)
Group severance insurance plan	0	(179)
Accrued severance benefits, net	$ 15,503	$ 23,608	$ 16,020

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses as of March 31, 2024 and December 31, 2023 are comprised of the following (in thousands):


	March 31, 2024		December 31, 2023
Payroll, benefits and related taxes, excluding severance benefits	$	5,259	$	5,947
Withholding tax attributable to intercompany interest income		355		1,671
Outside service fees		1,451		1,953
Others		886		886

Accrued expenses	$	7,951	$	10,457

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value [Member]
Assets:
Derivative assets		$ 152
Liabilities:
Derivative liabilities	$ 397	1
Estimate of Fair Value Measurement [Member]
Assets:
Derivative assets		$ 152
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets, Current
Liabilities:
Derivative liabilities	$ 397	$ 1
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	$ 397	$ 1

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment as of March 31, 2024 and December 31, 2023 are comprised of the following (in thousands):


	March 31, 2024			December 31, 2023
Buildings and related structures	$	23,487		$	24,532
Machinery and equipment		133,844			139,710
Finance lease right-of-use assets		585			902
Others		34,373			35,471

		192,289			200,615
Less: accumulated depreciation		(113,829	)		(115,889	)
Land		12,265			12,811
Construction in progress		2,143			2,585

Property, plant and equipment, net	$	92,868		$	100,122

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (15,417)	$ (21,470)

- Definition

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

+ References

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+ Details

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 192,289	$ 200,615
Less: accumulated depreciation	(113,829)	(115,889)
Land	12,265	12,811
Construction in progress	2,143	2,585
Property, plant and equipment, net	92,868	100,122
Buildings and Related Structures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	23,487	24,532
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	133,844	139,710
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	585	902
Others [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 34,373	$ 35,471

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Foreign currency translation adjustments	$ (18,845)	$ (15,348)
Derivative adjustments	145	691
Total	$ (18,700)	$ (14,657)

- Definition

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

+ References + Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Derivative contracts In April 2024, the Company and NFIK entered into derivative contracts of zero cost collars for the period from October 2024 to March 2025. The total notional amounts are $18,000 thousand.

Derivative Financial Instruments - Cash deposits (Detail) - Zero Cost Collar And Forward Contracts [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deposit Assets [Line Items]
Deposit with counterparty	$ 1,000	$ 1,000
SC [Member]
Deposit Assets [Line Items]
Deposit with counterparty	$ 1,000	$ 1,000

Derivative Financial Instruments - Impact of Derivative Instruments on Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	$ 59	$ 603
Cash Flow Hedging [Member]
Derivative [Line Items]
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion)	(605)	(1,135)
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	(59)	(603)
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)	25	(54)
Zero Cost Collars [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion)	(605)	(1,135)
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	(59)	(603)
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)	$ 25	$ (54)

Stock Repurchases - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	4 Months Ended	5 Months Ended
	Mar. 31, 2024	Dec. 31, 2022	Dec. 31, 2023	Jul. 19, 2023	Aug. 31, 2022	Dec. 21, 2021
Stock Already Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount						$ 37.5
New Stock Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate purchase price	$ 4.1		$ 13.6
Sale of aggregate purchase price (in dollars per share)			$ 7.84
Accelerated Share Repurchases, Final Price Paid Per Share	$ 6.57
Stock repurchased (in shares)	626,279		1,730,173
Stock Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount				$ 50.0	$ 87.5	$ 75.0
Aggregate purchase price	$ 37.4	$ 12.5
Sale of aggregate purchase price (in dollars per share)	$ 10.1	$ 10.13
Stock repurchased (in shares)	3,705,443	1,235,650
Stock repurchase program, remaining authorized repurchase amount					$ 50.0

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Prepayments to suppliers	$ 3,030	$ 3,883

Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

4. Intangible Assets

Intangible assets as of March 31, 2024 and December 31, 2023 are comprised of the following (in thousands):


	March 31, 2024
	Gross amount		Accumulated amortization			Net amount
Intellectual property assets	$	8,817	$	(7,426	)	$	1,391

Intangible assets	$	8,817	$	(7,426	)	$	1,391


	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

Aggregate amortization expenses for intangible assets totaled $142 thousand and $164 thousand for the three months ended March 31, 2024 and 2023, respectively.

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible asset, Gross amount	$ 8,817	$ 9,150
Accumulated amortization	(7,426)	(7,613)
Intangible asset, Net amount	1,391	1,537
Intellectual Property Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset, Gross amount	8,817	9,150
Accumulated amortization	(7,426)	(7,613)
Intangible asset, Net amount	$ 1,391	$ 1,537

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Contingency [Line Items]
Income tax expenses (benefits)	$ 1,024	$ 1,227

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Geographic and Other Information - Schedule of Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 49,067	$ 57,005
Total gross profit	8,968	12,094
Standard products business [Member]
Segment Reporting Information [Line Items]
Total revenues	45,541	51,514
Total gross profit	9,653	14,202
Standard products business [Member] \| Mixed-Signal Solutions [Member]
Segment Reporting Information [Line Items]
Total gross profit	4,019	3,868
Standard products business [Member] \| Power Analog Solutions [Member]
Segment Reporting Information [Line Items]
Total gross profit	5,634	10,334
Fab 3 Foundry Services [Member]
Segment Reporting Information [Line Items]
Total revenues	3,526	5,491
Total gross profit	(685)	(2,108)
Operating Segments [Member] \| Standard products business [Member]
Segment Reporting Information [Line Items]
Total revenues	45,541	51,514
Operating Segments [Member] \| Standard products business [Member] \| Mixed-Signal Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	9,006	12,807
Operating Segments [Member] \| Standard products business [Member] \| Power Analog Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 36,535	$ 38,707

- Definition

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

+ References

+ Details

- 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

Geographic and Other Information - Schedule of Product Categories (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues	$ 49,067	$ 57,005
Standard products business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues	$ 45,541	51,514
Standard products business [Member] \| Display Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		10,841
Standard products business [Member] \| Power Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		40,673
Standard products business [Member] \| Power Analog Solutions Business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		51,514
Standard products business [Member] \| Power Analog Solutions Business [Member] \| Display Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		10,841
Standard products business [Member] \| Power Analog Solutions Business [Member] \| Power Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		40,673
Standard products business [Member] \| Mixed Signal Solutions Business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		12,807
Standard products business [Member] \| Mixed Signal Solutions Business [Member] \| Display Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		10,841
Standard products business [Member] \| Mixed Signal Solutions Business [Member] \| Power Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		1,966
Standard products business [Member] \| Other Solutions Business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		38,707
Standard products business [Member] \| Other Solutions Business [Member] \| Display Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		0
Standard products business [Member] \| Other Solutions Business [Member] \| Power Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		$ 38,707

- Definition

+ References

+ Details

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Estimated amount reclassified from accumulated other comprehensive income into income	$ 145
Zero Cost Collar and Forward Contracts [Member] \| Nomura Financial Investment (Korea) Co., Ltd. [Member]
Derivative [Line Items]
Threshold amount of cash collateral	500	$ 500
Termination provisions for cash and cash equivalents	$ 30,000

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of Derivative Contracts

Details of the zero cost collar contracts as of March 31, 2024 are as follows (in thousands):


Date of transaction	Total notional amount		Month of settlement
April 03, 2023	$	9,000	April 2024 to June 2024
August 09, 2023	$	18,000	April 2024 to September 2024

Details of the zero cost collar contracts as of December 31, 2023 are as follows (in thousands):


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

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

The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of March 31, 2024 and December 31, 2023 are as follows (in thousands):


Derivatives designated as hedging instruments:		March 31, 2024		December 31, 2023
Asset Derivatives:
Zero cost collars	Other current assets	$	—	$	152
Liability Derivatives:
Zero cost collars	Other current liabilities	$	397	$	1

Offsetting of Derivative Assets and Liabilities

Offsetting of derivative liabilities as of March 31, 2024 is as follows (in thousands):


As of March 31, 2024	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 March 31, 2024	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	$	397	$	—	$	397	$	—	$	—	$	397

Offsetting of derivative assets and liabilities as of December 31, 2023 is 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

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 three months ended March 31, 2024 and 2023 (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
	Three Months Ended March 31,							Three Months Ended March 31,							Three Months Ended March 31,
	2024			2023				2024			2023				2024		2023
Zero cost collars	$	(605	)	$	(1,135	)	Net sales	$	(59	)	$	(603	)	Other income, net	$	25	$	(54	)

	$	(605	)	$	(1,135	)		$	(59	)	$	(603	)		$	25	$	(54	)

Summary Of Cash Deposits

This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of March 31, 2024 and December 31, 2023 are as follows (in thousands):


Counterparty	March 31, 2024		December 31, 2023
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

Accrued Expenses

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

5. Accrued Expenses

Accrued expenses as of March 31, 2024 and December 31, 2023 are comprised of the following (in thousands):


	March 31, 2024		December 31, 2023
Payroll, benefits and related taxes, excluding severance benefits	$	5,259	$	5,947
Withholding tax attributable to intercompany interest income		355		1,671
Outside service fees		1,451		1,953
Others		886		886

Accrued expenses	$	7,951	$	10,457

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 Loss [Member]
Balance beginning at Dec. 31, 2022	$ 428,153	$ 564	$ 266,058	$ 335,506	$ (161,422)	$ (12,553)
Balance, Shares beginning at Dec. 31, 2022		43,824,575
Stock-based compensation	1,120		1,120
Exercise of stock options	9	$ 0	9
Exercise of stock options, Shares		1,400
Settlement of restricted stock units		$ 0	0
Settlement of restricted stock units, Shares		3,333
Acquisition of treasury stock	(12,019)				(12,019)
Acquisition of treasury stock, Shares		(1,239,993)
Other comprehensive loss, net	(2,440)					(2,440)
Net loss	(21,470)			(21,470)
Balance ending at Mar. 31, 2023	393,353	$ 564	267,187	314,036	(173,441)	(14,993)
Balance, Shares ending at Mar. 31, 2023		42,589,315
Balance beginning at Dec. 31, 2023	$ 344,598	$ 569	273,256	298,884	(213,454)	(14,657)
Balance, Shares beginning at Dec. 31, 2023	38,852,742	38,852,742
Stock-based compensation	$ 900		900
Settlement of restricted stock units		$ 0	0
Settlement of restricted stock units, Shares		37,179
Acquisition of treasury stock	(4,153)				(4,153)
Acquisition of treasury stock, Shares		(626,279)
Other comprehensive loss, net	(4,043)					(4,043)
Net loss	(15,417)			(15,417)
Balance ending at Mar. 31, 2024	$ 321,885	$ 569	$ 274,156	$ 283,467	$ (217,607)	$ (18,700)
Balance, Shares ending at Mar. 31, 2024	38,263,642	38,263,642

Geographic and Other Information - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
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	74.00%	71.00%
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	24.70%	16.40%
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		13.70%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Top Customer One [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	42.10%		34.90%
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%
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	73.00%
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		57.90%
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	5.80%	17.80%

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

6. Derivative Financial Instruments

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

Details of the zero cost collar contracts as of March 31, 2024 are as follows (in thousands):


Date of transaction	Total notional amount		Month of settlement
April 03, 2023	$	9,000	April 2024 to June 2024
August 09, 2023	$	18,000	April 2024 to September 2024

Details of the zero cost collar contracts as of December 31, 2023 are as follows (in thousands):


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

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

The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of March 31, 2024 and December 31, 2023 are as follows (in thousands):


Derivatives designated as hedging instruments:		March 31, 2024		December 31, 2023
Asset Derivatives:
Zero cost collars	Other current assets	$	—	$	152
Liability Derivatives:
Zero cost collars	Other current liabilities	$	397	$	1

Offsetting of derivative liabilities as of March 31, 2024 is as follows (in thousands):


As of March 31, 2024	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 March 31, 2024	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	$	397	$	—	$	397	$	—	$	—	$	397

Offsetting of derivative assets and liabilities as of December 31, 2023 is 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

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 three months ended March 31, 2024 and 2023 (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
	Three Months Ended March 31,							Three Months Ended March 31,							Three Months Ended March 31,
	2024			2023				2024			2023				2024		2023
Zero cost collars	$	(605	)	$	(1,135	)	Net sales	$	(59	)	$	(603	)	Other income, net	$	25	$	(54	)

	$	(605	)	$	(1,135	)		$	(59	)	$	(603	)		$	25	$	(54	)

As of March 31, 2024, the amount expected to be reclassified from accumulated other comprehensive income into earnings within the next 12 months is $145 thousand.

The Company has set aside a cash deposit 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 March 31, 2024 and December 31, 2023 are as follows (in thousands):


Counterparty	March 31, 2024		December 31, 2023
SC	$	1,000	$	1,000

Total	$	1,000	$	1,000

The Company is required to deposit additional cash collateral with Nomura Financial Investment (Korea) Co., Ltd. (“NFIK”) and SC for any exposure in excess of $500 thousand, respectively, but no such excess exposure existed as of March 31, 2024 and December 31, 2023.

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.

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	$ 344,598	$ 428,153
Total other comprehensive loss	(4,043)	(2,440)
Balance ending	321,885	393,353
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	(15,348)	(11,328)
Other comprehensive loss before reclassifications	(3,497)	(1,908)
Amounts reclassified from accumulated other comprehensive loss	0	0
Total other comprehensive loss	(3,497)	(1,908)
Balance ending	(18,845)	(13,236)
Derivative Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	691	(1,225)
Other comprehensive loss before reclassifications	(605)	(1,135)
Amounts reclassified from accumulated other comprehensive loss	59	603
Total other comprehensive loss	(546)	(532)
Balance ending	145	(1,757)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	(14,657)	(12,553)
Other comprehensive loss before reclassifications	(4,102)	(3,043)
Amounts reclassified from accumulated other comprehensive loss	59	603
Total other comprehensive loss	(4,043)	(2,440)
Balance ending	$ (18,700)	$ (14,993)

- 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.

+ References

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+ Details

Geographic and Other Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Product Categories

Revenues for the three months ended March 31, 2023 from its

product categories have been reclassified in order to conform to the current period presentation as follows (in thousands):


			MSS		PAS		Total
Display Solutions	$	10,841	$	10,841	$	—	$	10,841
Power Solutions		40,673		1,966		38,707		40,673

	$	51,514	$	12,807	$	38,707	$	51,514

Schedule of Operating Segments

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


	Three Months Ended
	March 31, 2024		March 31, 2023
Revenues
Standard products business
Mixed-Signal Solutions	$	9,006	$	12,807
Power Analog Solutions		36,535		38,707

Total standard products business	$	45,541	$	51,514
Transitional Fab 3 foundry services		3,526		5,491

Total revenues	$	49,067	$	57,005


	Three Months Ended
	March 31, 2024			March 31, 2023
Gross Profit
Standard products business
Mixed-Signal Solutions	$	4,019		$	3,868
Power Analog Solutions		5,634			10,334

Total standard products business	$	9,653		$	14,202
Transitional Fab 3 foundry services		(685	)		(2,108	)

Total gross profit	$	8,968		$	12,094

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

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


	Three Months Ended
	March 31, 2024		March 31, 2023
Korea	$	18,144	$	16,496
Asia Pacific (other than Korea)		25,665		31,901
United States		338		1,045
Europe		1,394		2,072

Total	$	45,541	$	51,514

Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 consists of two business lines: one is the Mixed-Signal Solutions (“MSS”) business line, which comprises the display integrated circuit (“IC”) and power IC businesses that are fabless, and the other is the Power Analog Solutions (“PAS”) business line, which comprises the power discrete business which is an integrated device manufacturing (“IDM”) business. Display IC 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, televisions, automotive and IT applications, such as monitors, notebook PCs and tablet PCs, as well as AR/VRs. Power IC products provide power IC solutions to major television suppliers and large panel display suppliers. The PAS business line produces power management semiconductor products, including power discrete 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 company (“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 on August 31, 2023, and the Company is winding down these foundry services and planning to convert portions of the idle capacity to PAS standard products beginning around the second half of 2024. Because these foundry services during the wind-down period are still being provided to SK keyfoundry by the Company using Fab 3 based on mutually agreed terms and conditions, the Company will continue to report its revenue from 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. On May 30, 2023, the Company announced a plan to regroup the business lines in its standard products business, originally grouped as Display Solutions and Power Solutions business lines, into MSS and PAS business lines to better align its product strategies (the “Reorganization”). On January 10, 2024, the Company transferred the MSS business line into a newly formed Korean limited liability company named “Magnachip Mixed-Signal, Ltd.” Currently, the MSS business line is primarily operated by Magnachip Mixed-Signal, Ltd., and the PAS business line is primarily operated by Magnachip Semiconductor, Ltd., Magnachip’s already existing Korean operating company. Both companies are indirect wholly owned subsidiaries of the Company. Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for a full year or for any other periods. The December 31, 2023 balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. There have been no material changes to the Company’s significant accounting policies as of and for the three months ended March 31, 2024 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 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.

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 3,957	$ 4,193

Derivative Financial Instruments - Details of Derivative Contracts (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Zero Cost Collar One [Member]
Derivative [Line Items]
Date of transaction	Apr. 03, 2023	Apr. 03, 2023
Total notional amount	$ 9,000	$ 18,000
Month of settlement, start	2024-04	2024-01
Month of settlement, end	2024-06	2024-06
Zero Cost Collar Two [Member]
Derivative [Line Items]
Date of transaction	Aug. 09, 2023	Aug. 09, 2023
Total notional amount	$ 18,000	$ 27,000
Month of settlement, start	2024-04	2024-01
Month of settlement, end	2024-09	2024-09

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies 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 $3,030 thousand and $3,883 thousand as other current assets as of March 31, 2024 and December 31, 2023, respectively.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

13. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following as of March 31, 2024 and December 31, 2023, respectively (in thousands):


	March 31, 2024			December 31, 2023
Foreign currency translation adjustments	$	(18,845	)	$	(15,348	)
Derivative adjustments		145			691

Total	$	(18,700	)	$	(14,657	)

Changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023 are as follows (in thousands):


Three Months Ended March 31, 2024	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(15,348	)	$	691		$	(14,657	)

Other comprehensive loss before reclassifications		(3,497	)		(605	)		(4,102	)
Amounts reclassified from accumulated other comprehensive loss		—			59			59

Net current-period other comprehensive loss		(3,497	)		(546	)		(4,043	)

Ending balance	$	(18,845	)	$	145		$	(18,700	)


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

Other comprehensive loss before reclassifications		(1,908	)		(1,135	)		(3,043	)
Amounts reclassified from accumulated other comprehensive loss		—			603			603

Net current-period other comprehensive loss		(1,908	)		(532	)		(2,440	)

Ending balance	$	(13,236	)	$	(1,757	)	$	(14,993	)

Accrued Severance Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Postemployment Benefits [Abstract]

Changes in Accrued Severance Benefits

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


	Three Months Ended
	March 31, 2024			March 31, 2023
Beginning balance	$	45,932		$	48,496
Provisions		1,405			2,330
Severance payments		(884	)		(871	)
Translation adjustments		(1,969	)		(1,381	)

		44,484			48,574
Less: Cumulative contributions to severance insurance deposit accounts		(28,954	)		(24,747	)
The National Pension Fund		(27	)		(40	)
Group severance insurance plan		—			(179	)

Accrued severance benefits, net	$	15,503		$	23,608

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
Remainder of 2024	$	306
2025	$	324
2026	$	543
2027	$	386
2028	$	3,125
2029	$	3,509
2030 — 2034	$	16,631

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

3. Property, Plant and Equipment

Property, plant and equipment as of March 31, 2024 and December 31, 2023 are comprised of the following (in thousands):


	March 31, 2024			December 31, 2023
Buildings and related structures	$	23,487		$	24,532
Machinery and equipment		133,844			139,710
Finance lease right-of-use assets		585			902
Others		34,373			35,471

		192,289			200,615
Less: accumulated depreciation		(113,829	)		(115,889	)
Land		12,265			12,811
Construction in progress		2,143			2,585

Property, plant and equipment, net	$	92,868		$	100,122

Aggregate depreciation expenses totaled $3,957 thousand and $4,193 thousand for the three months ended March 31, 2024 and 2023, respectively.

On March 26, 2024, Magnachip Semiconductor, Ltd., a Korean limited liability company (“MSK”) and indirect wholly owned subsidiary of the Company, executed a Standard Credit Agreement (together with its General Terms and Conditions, the “Loan Agreement”) with Korea Development Bank (“KDB”). In connection with the Loan Agreement, on March 26, 2024, MSK entered into a

Kun-Pledge

(Mortgage) Agreement (the “Pledge Agreement”) with KDB pursuant to which MSK pledged its real property and buildings located in Gumi, Korea in favor of KDB. See “Note 9. Long-Term Borrowing” to these consolidated financial statements below for more information regarding the Loan Agreement.

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Payroll, benefits and related taxes, excluding severance benefits	$ 5,259	$ 5,947
Withholding tax attributable to intercompany interest income	355	1,671
Outside service fees	1,451	1,953
Others	886	886
Accrued expenses	$ 7,951	$ 10,457

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Net sales	$ 49,067	$ 57,005
Cost of sales:
Cost of sales	40,099	44,911
Gross profit	8,968	12,094
Operating expenses:
Selling, general and administrative expenses	11,264	12,165
Research and development expenses	11,163	13,298
Early termination charges	0	8,449
Total operating expenses	22,427	33,912
Operating loss	(13,459)	(21,818)
Interest income	2,213	2,842
Interest expense	(238)	(256)
Foreign currency loss, net	(5,001)	(3,430)
Other income (expense), net	44	(35)
Loss before income tax expense	(16,441)	(22,697)
Income tax benefit	(1,024)	(1,227)
Net loss	$ (15,417)	$ (21,470)
Basic loss per common share—	$ (0.4)	$ (0.49)
Diluted loss per common share—	$ (0.4)	$ (0.49)
Weighted average number of shares—
Basic	38,544,781	43,390,832
Diluted	38,544,781	43,390,832
Standard products business [Member]
Revenues:
Net sales	$ 45,541	$ 51,514
Cost of sales:
Cost of sales	35,888	37,312
Gross profit	9,653	14,202
Fab 3 Foundry Services [Member]
Revenues:
Net sales	3,526	5,491
Cost of sales:
Cost of sales	4,211	7,599
Gross profit	$ (685)	$ (2,108)

Geographic and Other Information - Net Sales by Region, Based on Location of Products are Billed (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 49,067	$ 57,005
Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	45,541	51,514
Standard products business [Member] \| Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	18,144	16,496
Standard products business [Member] \| Asia Pacific (Other Than Korea) [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	25,665	31,901
Standard products business [Member] \| United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	338	1,045
Standard products business [Member] \| Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 1,394	$ 2,072

- Definition

+ References

+ Details

Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Loss Per Share

15. Loss Per Share

The following table illustrates the computation of basic and diluted loss per common share for the three months ended March 31, 2024 and 2023:


	Three Months Ended
	March 31, 2024			March 31, 2023
	(In thousands of U.S. dollars, except share data)
Basic Loss per Share
Net loss	$	(15,417	)	$	(21,470	)

Basic weighted average common stock outstanding		38,544,781			43,390,832
Basic loss per share	$	(0.40	)	$	(0.49	)
Diluted Loss per Share
Net loss	$	(15,417	)	$	(21,470	)

Basic weighted average common stock outstanding		38,544,781			43,390,832
Net effect of dilutive equity awards		—			—

Diluted weighted average common stock outstanding		38,544,781			43,390,832
Diluted loss per share	$	(0.40	)	$	(0.49	)

Diluted loss per share adjusts basic loss per share for the potentially dilutive impact of stock options and restricted stock units. As the Company has reported loss for the three months ended March 31, 2024 and 2023, 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 loss per share, as they have an anti-dilutive effect on the calculation:


	Three Months Ended
	March 31, 2024		March 31, 2023
Options		757,858		1,116,158
Restricted Stock Units		922,307		1,434,827

Geographic and Other Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Geographic and Other Information

12. Geographic and Other Information

The Company operates within the operating segment, standard products business, and also reports Transitional Fab 3 Foundry Services revenue.

In previous reporting periods, the Company categorized revenues from two business lines in its standard products business: the Display Solutions business line and the Power Solutions business line. As part of the Reorganization, the Company regrouped its standard products business into the Mixed-Signal Solutions business line and the Power Analog Solutions business line. Accordingly, effective as of the first quarter of fiscal 2024, the Company categorizes its standard product business revenue by those two regrouped business lines. See “Note 1. Business, Basis of Presentation and Significant Accounting Policies — Business” for additional information regarding the Reorganization.

Revenues for the three months ended March 31, 2023 from its

product categories have been reclassified in order to conform to the current period presentation as follows (in thousands):


			MSS		PAS		Total
Display Solutions	$	10,841	$	10,841	$	—	$	10,841
Power Solutions		40,673		1,966		38,707		40,673

	$	51,514	$	12,807	$	38,707	$	51,514

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


	Three Months Ended
	March 31, 2024		March 31, 2023
Revenues
Standard products business
Mixed-Signal Solutions	$	9,006	$	12,807
Power Analog Solutions		36,535		38,707

Total standard products business	$	45,541	$	51,514
Transitional Fab 3 foundry services		3,526		5,491

Total revenues	$	49,067	$	57,005


	Three Months Ended
	March 31, 2024			March 31, 2023
Gross Profit
Standard products business
Mixed-Signal Solutions	$	4,019		$	3,868
Power Analog Solutions		5,634			10,334

Total standard products business	$	9,653		$	14,202
Transitional Fab 3 foundry services		(685	)		(2,108	)

Total gross profit	$	8,968		$	12,094


	Three Months Ended
	March 31, 2024		March 31, 2023
Korea	$	18,144	$	16,496
Asia Pacific (other than Korea)		25,665		31,901
United States		338		1,045
Europe		1,394		2,072

Total	$	45,541	$	51,514

For the three months ended March 31, 2024 and 2023, of the Company’s net sales — standard products business in Asia Pacific (other than Korea), net sales — standard products business in China and Hong Kong together represented 73.0% and 57.9%, respectively, and net sales — standard products business in Vietnam represented 5.8% and 17.8%, 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 74% and 71% for the three months ended March 31, 2024 and 2023, respectively.

For the three months ended March 31, 2024, the Company had one customer that represented 24.7% of its net sales — standard products business. For the three months ended March 31, 2023, the Company had two customers that represented 16.4% and 13.7% of its net sales — standard products business, respectively.

As of March 31, 2024, one customer of the Company’s standard products business accounted for 42.1% of its accounts receivable — standard products business (which does not include the Transitional Fab 3 Foundry Services). 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.

- 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

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 142	$ 164

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Loss Per Common Share

The following table illustrates the computation of basic and diluted loss per common share for the three months ended March 31, 2024 and 2023:


	Three Months Ended
	March 31, 2024			March 31, 2023
	(In thousands of U.S. dollars, except share data)
Basic Loss per Share
Net loss	$	(15,417	)	$	(21,470	)

Basic weighted average common stock outstanding		38,544,781			43,390,832
Basic loss per share	$	(0.40	)	$	(0.49	)
Diluted Loss per Share
Net loss	$	(15,417	)	$	(21,470	)

Basic weighted average common stock outstanding		38,544,781			43,390,832
Net effect of dilutive equity awards		—			—

Diluted weighted average common stock outstanding		38,544,781			43,390,832
Diluted loss per share	$	(0.40	)	$	(0.49	)

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

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


	Three Months Ended
	March 31, 2024		March 31, 2023
Options		757,858		1,116,158
Restricted Stock Units		922,307		1,434,827

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

2. Inventories

Inventories as of March 31, 2024 and December 31, 2023 consist of the following (in thousands):


	March 31, 2024			December 31, 2023
Finished goods	$	7,268		$	8,432
Semi-finished goods and work-in-process		28,379			29,339
Raw materials		4,579			5,543
Materials in-transit		200			18
Less: inventory reserve		(8,947	)		(10,599	)

Inventories, net	$	31,479		$	32,733

Changes in inventory reserve for the three months ended March 31, 2024 and 2023 are as follows (in thousands):


	Three Months Ended
	March 31, 2024			March 31, 2023
Beginning balance	$	(10,599	)	$	(14,677	)
Change in reserve
Inventory reserve charged to costs of sales		(1,550	)		(2,584	)
Sale of previously reserved inventory		2,661			1,476

		1,111			(1,108	)
Write off		266			415
Translation adjustments		275			429

Ending balance	$	(8,947	)	$	(14,941	)

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.

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets as of March 31, 2024 and December 31, 2023 are comprised of the following (in thousands):


	March 31, 2024
	Gross amount		Accumulated amortization			Net amount
Intellectual property assets	$	8,817	$	(7,426	)	$	1,391

Intangible assets	$	8,817	$	(7,426	)	$	1,391


	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

Foreign Currency Loss, Net	3 Months Ended
Foreign Currency Loss, Net	Mar. 31, 2024
Foreign Currency [Abstract]
Foreign Currency Loss, Net	10. Foreign Currency Loss, Net Net foreign currency gain or loss includes non-cash translation gain or loss associated with intercompany balances. A substantial portion of the Company’s net foreign currency gain or loss is non-cash translation gain or loss associated with intercompany long-term loans to MSK, one of the Company’s Korean subsidiaries. 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 March 31, 2024 and December 31, 2023, the outstanding intercompany loan balances including accrued interest between MSK and the Dutch subsidiary were $258,291 thousand and $285,136 thousand, respectively. The Korean won to U.S. dollar exchange rates were 1,346.8:1 and 1,289.4:1 using the first base rate as of March 31, 2024 and December 31, 2023, 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 171,602	$ 158,092
Accounts receivable, net	30,288	32,641
Inventories, net	31,479	32,733
Other receivables	5,041	4,295
Prepaid expenses	10,255	7,390
Hedge collateral (Note 6)	1,000	1,000
Other current assets (Note 16)	8,550	9,283
Total current assets	258,215	245,434
Property, plant and equipment, net	92,868	100,122
Operating lease right-of-use assets	4,538	4,639
Intangible assets, net	1,391	1,537
Long-term prepaid expenses	9,297	5,736
Deferred income taxes	47,669	50,836
Other non-current assets	12,186	12,187
Total assets	426,164	420,491
Current liabilities
Accounts payable	24,619	24,443
Other accounts payable	5,650	5,292
Accrued expenses (Note 5)	7,951	10,457
Accrued income taxes	1,622	1,496
Operating lease liabilities	1,884	1,914
Other current liabilities	3,158	3,286
Total current liabilities	44,884	46,888
Long-term borrowing	29,700	0
Accrued severance benefits, net	15,503	16,020
Non-current operating lease liabilities	2,808	2,897
Other non-current liabilities	11,384	10,088
Total liabilities	104,279	75,893
Commitments and contingencies (Note 16)
Stockholders' equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 57,008,573 shares issued and 38,263,642 outstanding at March 31, 2024 and 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023	569	569
Additional paid-in capital	274,156	273,256
Retained earnings	283,467	298,884
Treasury stock, 18,744,931 shares at March 31, 2024 and 18,118,652 shares at December 31, 2023, respectively	(217,607)	(213,454)
Accumulated other comprehensive loss	(18,700)	(14,657)
Total stockholders' equity	321,885	344,598
Total liabilities and stockholders' equity	$ 426,164	$ 420,491

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company and its subsidiaries file income tax returns in Korea, Japan, Taiwan, the U.S. and in various other jurisdictions. The Company is subject to income or non-income tax examinations by tax authorities of these jurisdictions for all open tax years. For the three months ended March 31, 2024, the Company recorded an income tax benefit of $1,024 thousand, primarily related to one of its operating entities in Korea based on the estimated taxable loss for the respective period. For the three months ended March 31, 2023, the Company recorded an income tax benefit of $1,227 thousand, primarily related to its then primary operating entity in Korea based on the estimated taxable loss for the respective period.

- 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.

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+ Details

Subsequent Events - Additional Information (Detail) $ in Thousands	Apr. 30, 2024 USD ($)
Subsequent Event [Member] \| Commodity Contract [Member]
Derivative, Notional Amount	$ 18,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (15,417)	$ (21,470)
Other comprehensive loss
Foreign currency translation adjustments	(3,497)	(1,908)
Derivative adjustments
Fair valuation of derivatives	(605)	(1,135)
Reclassification adjustment for loss on derivatives included in net loss	59	603
Total other comprehensive loss	(4,043)	(2,440)
Total comprehensive loss	$ (19,460)	$ (23,910)

- Definition

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

+ References

+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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 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		38,267,810

Foreign Currency Loss, Net - Additional Information (Detail) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Foreign Currency Transaction [Abstract]
Exchange rates using first base rate	1,346.8	1,289.4
Intercompany loan balances	$ 258,291	$ 285,136

Derivative Financial Instruments - Offsetting of Derivative Assets and Liabilities (Detail) - Zero Cost Collars [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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	$ 0	152
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	397	1
Gross amounts offset in the balance sheets	0	0
Net amounts of liabilities presented in the balance sheets	397	1
Gross amounts not offset in the balance sheets, Financial instruments	0	0
Gross amounts not offset in the balance sheets, Cash collateral pledged	0	0
Net amount	$ 397	$ 1

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories as of March 31, 2024 and December 31, 2023 consist of the following (in thousands):


	March 31, 2024			December 31, 2023
Finished goods	$	7,268		$	8,432
Semi-finished goods and work-in-process		28,379			29,339
Raw materials		4,579			5,543
Materials in-transit		200			18
Less: inventory reserve		(8,947	)		(10,599	)

Inventories, net	$	31,479		$	32,733

Changes in Inventory Reserve

Changes in inventory reserve for the three months ended March 31, 2024 and 2023 are as follows (in thousands):


	Three Months Ended
	March 31, 2024			March 31, 2023
Beginning balance	$	(10,599	)	$	(14,677	)
Change in reserve
Inventory reserve charged to costs of sales		(1,550	)		(2,584	)
Sale of previously reserved inventory		2,661			1,476

		1,111			(1,108	)
Write off		266			415
Translation adjustments		275			429

Ending balance	$	(8,947	)	$	(14,941	)

Accrued Severance Benefits - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024
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

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	Mar. 31, 2024	Dec. 31, 2023
Asset Derivatives:
Other current assets	$ 0	$ 152
Liability Derivatives:
Other current liabilities	$ 397	$ 1

- 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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+ Details

Long-Term Borrowing	3 Months Ended
Long-Term Borrowing	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-term Borrowings	9. Long-Term Borrowing On March 26, 2024, Magnachip Semiconductor, Ltd., a Korean limited liability company (“MSK”) and indirect wholly owned subsidiary of the Company, executed a Standard Credit Agreement (together with its General Terms and Conditions, the “Loan Agreement”) with Korea Development Bank (“KDB”). In connection with the Loan Agreement, on March 26, 2024, MSK entered into a Kun-Pledge (Mortgage) Agreement (the “Pledge Agreement”) with KDB pursuant to which MSK pledged its real property and buildings located in Gumi, Korea (“Fab 3 properties”) in favor of KDB. The Loan Agreement provides for a working capital term loan (the “Term Loan”) of KRW 40,000,000,000 (approximately $29,835 thousand based on the KRW/USD exchange rate of 1,340.7:1 as of March 26, 2024 as quoted by KEB Hana Bank), which was funded in full to MSK on March 26, 2024. The Term Loan bears interest at a variable rate equal to the 3-month CD rate quoted by KDB, plus 1.21%, which rate is adjusted quarterly. The initial interest rate on the Term Loan was 4.86% per annum. The Term Loan requires monthly interest-only payments and matures on March 26, 2027, at which time the full principal balance will be due and payable. All obligations of MSK under the Loan Agreement and the Term Loan are secured by the Fab 3 properties pursuant to the Pledge Agreement. As of March 31, 2024, approximately $29,700 thousand aggregate principal amount of the Term Loan was outstanding.

Stock Repurchases	3 Months Ended
Stock Repurchases	Mar. 31, 2024
Equity [Abstract]
Stock Repurchases	14. Stock Repurchases 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 Company has already repurchased shares worth $37.5 million under the program through an accelerated stock repurchase agreement on December 21, 2021 with JPMorgan Chase Bank, National Association. The remaining $50 million of the expanded $87.5 million program was planned 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 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 in 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. During the first quarter of 2024, the Company repurchased 626,279 shares of its common stock in the open market for an aggregate purchase price of $4.1 million and a weighted average price per share of $6.57 under the new stock repurchase program.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

As of March 31, 2024, 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 March 31, 2024		Fair Value Measurement March 31, 2024		Quoted Prices in Active Markets for Identical Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative liabilities (other current liabilities)	$	397	$	397		—	$	397		—

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 liabilities (other current liabilities)	$	1	$	1		—	$	1		—

Accrued Severance Benefits - Future Benefits Payments to Employees (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Postemployment Benefits [Abstract]
Remainder of 2024	$ 306
2025	324
2026	543
2027	386
2028	3,125
2029	3,509
2030 — 2034	$ 16,631

Business, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Business	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 consists of two business lines: one is the Mixed-Signal Solutions (“MSS”) business line, which comprises the display integrated circuit (“IC”) and power IC businesses that are fabless, and the other is the Power Analog Solutions (“PAS”) business line, which comprises the power discrete business which is an integrated device manufacturing (“IDM”) business. Display IC 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, televisions, automotive and IT applications, such as monitors, notebook PCs and tablet PCs, as well as AR/VRs. Power IC products provide power IC solutions to major television suppliers and large panel display suppliers. The PAS business line produces power management semiconductor products, including power discrete 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 company (“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 on August 31, 2023, and the Company is winding down these foundry services and planning to convert portions of the idle capacity to PAS standard products beginning around the second half of 2024. Because these foundry services during the wind-down period are still being provided to SK keyfoundry by the Company using Fab 3 based on mutually agreed terms and conditions, the Company will continue to report its revenue from 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. On May 30, 2023, the Company announced a plan to regroup the business lines in its standard products business, originally grouped as Display Solutions and Power Solutions business lines, into MSS and PAS business lines to better align its product strategies (the “Reorganization”). On January 10, 2024, the Company transferred the MSS business line into a newly formed Korean limited liability company named “Magnachip Mixed-Signal, Ltd.” Currently, the MSS business line is primarily operated by Magnachip Mixed-Signal, Ltd., and the PAS business line is primarily operated by Magnachip Semiconductor, Ltd., Magnachip’s already existing Korean operating company. Both companies are indirect wholly owned subsidiaries of the Company.
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for a full year or for any other periods. The December 31, 2023 balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. There have been no material changes to the Company’s significant accounting policies as of and for the three months ended March 31, 2024 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Recent Accounting Pronouncements Not Yet Adopted	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.

Long-Term Borrowing - Additional Information (Detail) $ in Thousands	Mar. 26, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 26, 2024 KRW (₩)	Dec. 31, 2023
Schedule of Capitalization, Long-Term Debt [Line Items]
Loan, held-in-portfolio, principal outstanding, total		$ 29,700
Foreign currency exchange rate, translation		1,346.8		1,289.4
Working Capital Term Loan [Member]
Schedule of Capitalization, Long-Term Debt [Line Items]
Debt instrument, maturity date	Mar. 26, 2027
Debt instrument, interest rate, effective percentage	4.86%		4.86%
Foreign currency exchange rate, translation	1,340.7		1,340.7
Debt instrument, face amount	$ 29,835
Working Capital Term Loan [Member] \| Korea (South), Won
Schedule of Capitalization, Long-Term Debt [Line Items]
Debt instrument, basis spread on variable rate	1.21%
Debt instrument, face amount \| ₩			₩ 40,000,000,000

Loss Per Share - Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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)	757,858	1,116,158
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)	922,307	1,434,827

Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic earnings (loss) per share
Net loss	$ (15,417)	$ (21,470)
Basic weighted average common stock outstanding	38,544,781	43,390,832
Basic loss per share	$ (0.4)	$ (0.49)
Diluted Loss per Share
Net loss	$ (15,417)	$ (21,470)
Basic weighted average common stock outstanding	38,544,781	43,390,832
Net effect of dilutive equity awards	0	0
Diluted weighted average common stock outstanding	38,544,781	43,390,832
Diluted loss per share	$ (0.4)	$ (0.49)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

- Definition

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

+ References

+ Details

Accrued Severance Benefits

3 Months Ended

Mar. 31, 2024

Postemployment Benefits [Abstract]

Accrued Severance Benefits

8. Accrued Severance Benefits

The majority of accrued severance benefits are for employees in the Company’s Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees and executive officers with one or more years of service are entitled to severance benefits upon the termination of their employment based on their length of service and rate of pay. As of March 31, 2024, 96% of all employees of the Company were eligible for severance benefits.

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


	Three Months Ended
	March 31, 2024			March 31, 2023
Beginning balance	$	45,932		$	48,496
Provisions		1,405			2,330
Severance payments		(884	)		(871	)
Translation adjustments		(1,969	)		(1,381	)

		44,484			48,574
Less: Cumulative contributions to severance insurance deposit accounts		(28,954	)		(24,747	)
The National Pension Fund		(27	)		(40	)
Group severance insurance plan		—			(179	)

Accrued severance benefits, net	$	15,503		$	23,608

The severance benefits funded through the Company’s National Pension Fund and group severance insurance plan have been and 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
Remainder of 2024	$	306
2025	$	324
2026	$	543
2027	$	386
2028	$	3,125
2029	$	3,509
2030 — 2034	$	16,631

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.

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following as of March 31, 2024 and December 31, 2023, respectively (in thousands):


	March 31, 2024			December 31, 2023
Foreign currency translation adjustments	$	(18,845	)	$	(15,348	)
Derivative adjustments		145			691

Total	$	(18,700	)	$	(14,657	)

Changes in Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023 are as follows (in thousands):


Three Months Ended March 31, 2024	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(15,348	)	$	691		$	(14,657	)

Other comprehensive loss before reclassifications		(3,497	)		(605	)		(4,102	)
Amounts reclassified from accumulated other comprehensive loss		—			59			59

Net current-period other comprehensive loss		(3,497	)		(546	)		(4,043	)

Ending balance	$	(18,845	)	$	145		$	(18,700	)


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

Other comprehensive loss before reclassifications		(1,908	)		(1,135	)		(3,043	)
Amounts reclassified from accumulated other comprehensive loss		—			603			603

Net current-period other comprehensive loss		(1,908	)		(532	)		(2,440	)

Ending balance	$	(13,236	)	$	(1,757	)	$	(14,993	)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	57,008,573	56,971,394
Common stock, shares outstanding	38,263,642	38,852,742
Treasury stock, shares	18,744,931	18,118,652

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (15,417)	$ (21,470)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	4,099	4,357
Provision for severance benefits	1,405	2,330
Loss on foreign currency, net	10,226	9,082
Provision for inventory reserves	(947)	1,138
Stock-based compensation	900	1,120
Deferred income taxes	1,313	(4)
Other, net	263	241
Changes in operating assets and liabilities
Accounts receivable, net	1,401	2,973
Inventories	801	1,062
Other receivables	(385)	2,376
Prepaid expenses	905	860
Other current assets	331	596
Accounts payable	563	1,904
Other accounts payable	(5,256)	(1,424)
Accrued expenses	(2,045)	7,600
Accrued income taxes	167	(2,923)
Other current liabilities	(387)	(596)
Other non-current liabilities	(624)	(169)
Payment of severance benefits	(884)	(871)
Other, net	(401)	(306)
Net cash provided by (used in) operating activities	(3,972)	7,876
Cash flows from investing activities
Proceeds from settlement of hedge collateral	0	1,155
Payment of hedge collateral	0	(1,093)
Purchase of property, plant and equipment	(668)	(135)
Payment for intellectual property registration	(60)	(74)
Collection guarantee deposits	1,133	19
Payment of guarantee deposits	(1,874)	(3,482)
Other, net	1	0
Net cash used in investing activities	(1,468)	(3,610)
Cash flows from financing activities
Proceeds from long-term borrowing	30,059	0
Proceeds from exercise of stock options	0	9
Acquisition of treasury stock	(4,659)	(12,264)
Repayment of financing related to water treatment facility arrangement	(121)	(126)
Repayment of principal portion of finance lease liabilities	(35)	(24)
Net cash provided by (used in) financing activities	25,244	(12,405)
Effect of exchange rates on cash and cash equivalents	(6,294)	(5,253)
Net increase (decrease) in cash and cash equivalents	13,510	(13,392)
Cash and cash equivalents at beginning of period	158,092	225,477
Cash and cash equivalents at end of period	171,602	212,085
Supplemental cash flow information
Cash paid for income taxes	270	2,644
Non-cash investing activities
Property, plant and equipment additions in other accounts payable	$ 285	629
Non-cash financing activities
Unsettled common stock repurchases		$ 401

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. Fair Value Measurements

Fair Value of Financial Instruments

As of March 31, 2024, 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 March 31, 2024		Fair Value Measurement March 31, 2024		Quoted Prices in Active Markets for Identical Liability (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Derivative liabilities (other current liabilities)	$	397	$	397		—	$	397		—

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 liabilities (other current liabilities)	$	1	$	1		—	$	1		—

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.

- 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

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 7,268	$ 8,432
Semi-finished goods and work-in-process	28,379	29,339
Raw materials	4,579	5,543
Materials in-transit	200	18
Less: inventory reserve	(8,947)	(10,599)	$ (14,941)	$ (14,677)
Inventories, net	$ 31,479	$ 32,733