0001193125-24-253153 | 10-Q | XBRL Viewer | Magnachip Semiconductor Corp

Accrued Expenses

9 Months Ended

Sep. 30, 2024

6. Accrued Expenses

Accrued expenses as of September 30, 2024 and December 31, 2023 are comprised of the following (in thousands):


	September 30, 2024		December 31, 2023
Payroll, benefits and related taxes, excluding severance benefits	$	5,881	$	5,947
Withholding tax attributable to intercompany interest income		1,068		1,671
Outside service fees		1,129		1,953
Others		1,055		886

Accrued expenses	$	9,133	$	10,457

Stock Repurchases	9 Months Ended
Stock Repurchases	Sep. 30, 2024
Equity [Abstract]
Stock Repurchases	15. 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. From January 2024 to September 2024, the Company repurchased 1,615,884 shares of its common stock in the open market for an aggregate purchase price of $8.9 million and a weighted average price per share of $5.53 under the new stock repurchase program. In October 2024, the Company repurchased 89,261 shares of its common stock in the open market for an aggregate purchase price of $0.4 million and a weighted average price per share of $4.54 under the new stock repurchase program.

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	Sep. 30, 2024	Dec. 31, 2023
Asset Derivatives:
Other current assets	$ 367	$ 152
Liability Derivatives:
Other current liabilities	$ 0	$ 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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- Definition

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+ Details

Accrued Severance Benefits - Changes in Accrued Severance Benefits (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Postemployment Benefits [Abstract]
Beginning balance	$ 44,198	$ 45,121	$ 45,932	$ 48,496
Provisions	1,582	1,267	4,552	5,358
Severance payments	(527)	(455)	(1,889)	(6,183)
Translation adjustments	2,368	(1,092)	(974)	(2,830)
Ending balance	47,621	44,841	47,621	44,841
Less: Cumulative contributions to severance insurance deposit accounts	(30,246)	(24,503)	(30,246)	(24,503)
The National Pension Fund	(28)	(29)	(28)	(29)
Group severance insurance plan	0	(149)	0	(149)
Accrued severance benefits, net	$ 17,347	$ 20,160	$ 17,347	$ 20,160	$ 16,020

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	5,383		5,383
Exercise of stock options	27	$ 0	27
Exercise of stock options, Shares		4,000
Settlement of restricted stock units	(47)	$ 2	(49)
Settlement of restricted stock units, Shares		218,928
Acquisition of treasury stock	(43,223)				(43,223)
Acquisition of treasury stock, Shares		(4,379,508)
Other comprehensive income (loss), net	(6,019)					(6,019)
Net loss	(30,582)			(30,582)
Balance ending at Sep. 30, 2023	353,692	$ 566	271,419	304,924	(204,645)	(18,572)
Balance, Shares ending at Sep. 30, 2023		39,667,995
Balance beginning at Jun. 30, 2023	364,292	$ 564	269,297	310,089	(199,248)	(16,410)
Balance, Shares beginning at Jun. 30, 2023		40,133,898
Stock-based compensation	2,171		2,171
Settlement of restricted stock units	(47)	$ 2	(49)
Settlement of restricted stock units, Shares		205,595
Acquisition of treasury stock	(5,397)				(5,397)
Acquisition of treasury stock, Shares		(671,498)
Other comprehensive income (loss), net	(2,162)					(2,162)
Net loss	(5,165)			(5,165)
Balance ending at Sep. 30, 2023	353,692	$ 566	271,419	304,924	(204,645)	(18,572)
Balance, Shares ending at Sep. 30, 2023		39,667,995
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	$ 4,093		4,093
Settlement of restricted stock units	(43)	$ 0	(43)
Settlement of restricted stock units, Shares		60,812
Acquisition of treasury stock	(9,049)				(9,049)
Acquisition of treasury stock, Shares		(1,621,510)
Other comprehensive income (loss), net	(1,995)					(1,995)
Net loss	(38,031)			(38,031)
Balance ending at Sep. 30, 2024	$ 299,573	$ 569	277,306	260,853	(222,503)	(16,652)
Balance, Shares ending at Sep. 30, 2024	37,292,044	37,292,044
Balance beginning at Jun. 30, 2024	$ 305,848	$ 569	275,329	270,470	(219,949)	(20,571)
Balance, Shares beginning at Jun. 30, 2024		37,799,482
Stock-based compensation	1,977		1,977
Settlement of restricted stock units		$ 0	0
Settlement of restricted stock units, Shares		16,637
Acquisition of treasury stock	(2,554)				(2,554)
Acquisition of treasury stock, Shares		(524,075)
Other comprehensive income (loss), net	3,919					3,919
Net loss	(9,617)			(9,617)
Balance ending at Sep. 30, 2024	$ 299,573	$ 569	$ 277,306	$ 260,853	$ (222,503)	$ (16,652)
Balance, Shares ending at Sep. 30, 2024	37,292,044	37,292,044

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. 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 and nine months ended September 30, 2024, the Company recorded an income tax expense of $ 5,126 thousand and $ 2,500 thousand, respectively, primarily related to a decrease in tax benefits from pre-tax loss of one of its operating entities in Korea and a valuation allowance established against the deferred tax assets of the other operating entity in Korea, as a result of its assessment of realizability of the deferred tax assets in the future. For the three and nine months ended September 30, 2023, the Company recorded an income tax benefit of $4,373 thousand and $8,577 thousand, respectively, 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 tax.

+ References

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-Section 50
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+ Details

Derivative Financial Instruments - Offsetting of Derivative Assets and Liabilities (Detail) - Zero Cost Collars [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Asset Derivatives:
Gross amounts of recognized assets	$ 367	$ 152
Gross amounts offset in the balance sheets	0	0
Net amounts of liabilities presented in the balance sheets	367	152
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	367	152
Liability Derivatives:
Gross amounts of recognized liabilities		1
Gross amounts offset in the balance sheets		0
Net amounts of liabilities presented in the balance sheets	$ 0	1
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		$ 1

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of Derivative Contracts

Details of the zero cost collar contracts as of September 30, 2024 are as follows (in thousands):


Date of transaction	Total notional amount		Month of settlement
April 05, 2024	$	18,000	October 2024 to March 2025
July 09, 2024	$	18,000	April 2025 to September 2025

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 September 30, 2024 and December 31, 2023 are as follows (in thousands):


Derivatives designated as hedging instruments:		September 30, 2024		December 31, 2023
Asset Derivatives:
Zero cost collars	Other current assets	$	367	$	152
Liability Derivatives:
Zero cost collars	Other current liabilities	$	—	$	1

Offsetting of Derivative Assets and Liabilities

Offsetting of derivative assets as of September 30, 2024 is as follows (in thousands):


As of September 30, 2024	Gross amounts of recognized Assets		Gross amounts offset in the balance sheets		Net amounts of assets presented in the balance sheets		Gross amounts not offset in the balance sheets				Net amount
As of September 30, 2024	Gross amounts of recognized Assets		Gross amounts offset in the balance sheets		Net amounts of assets presented in the balance sheets		Financial instruments		Cash collateral pledged		Net amount
Asset Derivatives:
Zero cost collars	$	367	$	—	$	367	$	—	$	—	$	367

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 September 30, 2024 and 2023 (in thousands):


Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives					Location/Amount of Loss Reclassified from AOCI Into Statement of Operations								Location/Amount of Loss Recognized in Statement of Operations on Derivatives
	Three Months Ended September 30,							Three Months Ended September 30,								Three Months Ended September 30,
	2024		2023					2024			2023					2024			2023
Zero cost collars	$	935	$	(1,013	)		Net sales	$	(118	)	$	(698	)		Other income, net	$	(52	)	$	(161	)

	$	935	$	(1,013	)			$	(118	)	$	(698	)			$	(52	)	$	(161	)

The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the nine months ended September 30, 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
	Nine Months Ended September 30,								Nine Months Ended September 30,								Nine Months Ended September 30,
	2024			2023					2024			2023					2024		2023
Zero cost collars	$	(477	)	$	(2,523	)		Net sales	$	(704	)	$	(2,544	)		Other income, net	$	58	$	(235	)

	$	(477	)	$	(2,523	)			$	(704	)	$	(2,544	)			$	58	$	(235	)

Summary Of Cash Deposits

Cash deposits as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


Counterparty	September 30, 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

Geographic and Other Information - Net Sales by Region, Based on Location of Products are Billed (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 66,460	$ 61,245	$ 168,698	$ 179,229
Standard products business [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	64,020	51,619	160,396	154,508
Standard products business [Member] \| Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	25,062	19,249	63,239	50,139
Standard products business [Member] \| Asia Pacific (Other Than Korea) [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	37,046	29,859	91,933	96,784
Standard products business [Member] \| United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	667	1,214	1,313	2,495
Standard products business [Member] \| Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 1,245	$ 1,297	$ 3,911	$ 5,090

- 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).

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+ Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 5,126	$ (4,373)	$ 2,500	$ (8,577)

- Definition

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

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-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Accrued Severance Benefits

9 Months Ended

Sep. 30, 2024

Postemployment Benefits [Abstract]

Accrued Severance Benefits

9. 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 September 30, 2024, 95% of all employees of the Company were eligible for severance benefits.

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


	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
	September 30, 2024						September 30, 2023
Beginning balance	$	44,198		$	45,932		$	45,121		$	48,496
Provisions		1,582			4,552			1,267			5,358
Severance payments		(527	)		(1,889	)		(455	)		(6,183	)
Translation adjustments		2,368			(974	)		(1,092	)		(2,830	)

		47,621			47,621			44,841			44,841
Less: Cumulative contributions to severance insurance deposit accounts		(30,246	)		(30,246	)		(24,503	)		(24,503	)
The National Pension Fund		(28	)		(28	)		(29	)		(29	)
Group severance insurance plan		—			—			(149	)		(149	)

Accrued severance benefits, net	$	17,347		$	17,347		$	20,160		$	20,160

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	$	311
2025	$	332
2026	$	564
2027	$	395
2028	$	3,214
2029	$	3,620
2030 – 2034	$	17,335

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.

Inventories - Changes in Inventory Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes In Inventory Reserve [Abstract]
Beginning balance	$ (8,541)	$ (14,745)	$ (10,599)	$ (14,677)
Change in reserve [Abstract]
Inventory reserve charged to costs of sales	(1,273)	(2,759)	(4,234)	(7,366)
Sale of previously reserved inventory	1,835	845	5,962	4,368
Change in reserve	562	(1,914)	1,728	(2,998)
Write off	63	187	390	669
Translation adjustments	(441)	393	124	927
Ending balance	$ (8,357)	$ (16,079)	$ (8,357)	$ (16,079)

Geographic and Other Information - Additional Information (Detail)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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	73.00%	74.00%	72.00%	70.00%
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	20.10%	18.80%	21.80%	15.90%
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	14.60%		12.60%	13.30%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Top Customer One [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage			29.70%		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	76.50%
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		73.30%	74.50%	66.10%

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

5. Leases

The Company has operating and finance leases for buildings and other assets such as vehicles and office equipment. The Company’s leases have remaining lease terms ranging from 1 year to 5 years.

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

Supplemental balance sheets information related to leases as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


Leases	Classification		September 30, 2024		December 31, 2023
Assets
Operating lease		Operating lease right-of-use assets	$	3,810	$	4,639
Finance lease		Property, plant and equipment, net		395		511

Total lease assets			$	4,205	$	5,150

Liabilities
Current
Operating		Operating lease liabilities	$	1,754	$	1,914
Finance		Other current liabilities		150		146
Non-current
Operating		Non-current operating lease liabilities		2,191		2,897
Finance		Other non-current liabilities		308		432

Total lease liabilities			$	4,403	$	5,389

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


	September 30, 2024			December 31, 2023
Weighted average remaining lease term
Operating leases		2.7 years			2.8 years
Finance leases		3.0 years			3.7 years
Weighted average discount rate
Operating leases		7.1	%		6.6	%
Finance leases		7.4	%		7.4	%

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Operating lease cost	$	515	$	492	$	1,550	$	1,548
Finance lease cost
Amortization of right-of-use assets		33		36		102		106
Interest on lease liabilities		8		8		27		23

Total lease cost	$	556	$	536	$	1,679	$	1,677

The above table does not include an immaterial cost of short-term leases for the three and nine months ended September 30, 2024 and 2023.

Other lease information is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	526	$	504	$	1,584	$	1,583
Operating cash flows from finance leases		8		8		27		23
Financing cash flows from finance leases		35		23		104		69

Non-cash

transaction amounts of lease liabilities arising from obtaining

right-of-use

assets were $733 thousand and $1,535 thousand for the nine months ended September 30, 2024 and 2023, respectively.

The aggregate future lease payments for operating and finance leases as of September 30, 2024 are as follows (in thousands):


	Operating Leases			Finance Leases
Remainder of 2024	$	574		$	45
2025		1,698			178
2026		1,161			164
2027		772			125
2028		111			—
2029		28			—

Total future lease payments		4,344			512
Less: Imputed interest		(399	)		(54	)

Present value of future payments	$	3,945		$	458

Derivative Financial Instruments - Details of Derivative Contracts (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Zero Cost Collar One [Member]
Derivative [Line Items]
Date of transaction	Apr. 05, 2024	Apr. 03, 2023
Total notional amount	$ 18,000	$ 18,000
Month of settlement, start	2024-10	2024-01
Month of settlement, end	2025-03	2024-06
Zero Cost Collar Two [Member]
Derivative [Line Items]
Date of transaction	Jul. 09, 2024	Aug. 09, 2023
Total notional amount	$ 18,000	$ 27,000
Month of settlement, start	2025-04	2024-01
Month of settlement, end	2025-09	2024-09

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment as of September 30, 2024 and December 31, 2023 are comprised of the following (in thousands):


	September 30, 2024			December 31, 2023
Buildings and related structures	$	24,314		$	24,532
Machinery and equipment		138,105			139,710
Finance lease right-of-use assets		597			902
Others		38,287			35,471

		201,303			200,615
Less: accumulated depreciation		(124,247	)		(115,889	)
Land		12,518			12,811
Construction in progress		2,809			2,585

Property, plant and equipment, net	$	92,383		$	100,122

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events Derivative contracts In October 2024, the Company and NFIK entered into derivative contracts of zero cost collars for the period from October 2025 to December 2025. The total notional amounts are $9,000 thousand.

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 409	$ 472

Accrued Severance Benefits - Future Benefits Payments to Employees (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Postemployment Benefits [Abstract]
Remainder of 2024	$ 311
2025	332
2026	564
2027	395
2028	3,214
2029	3,620
2030 – 2034	$ 17,335

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

As of September 30, 2024, the following table represents the Company’s assets measured at fair value on a recurring basis and the basis for that measurement (in thousands):


	Carrying Value September 30, 2024		Fair Value Measurement September 30, 2024		Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Derivative assets (other current assets)	$	367	$	367		—	$	367		—

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 Asset/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		—

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 11,762	$ 12,111

Business, Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 have begun to convert portions of the idle capacity to PAS standard products during 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 and nine months ended September 30, 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 nine months ended September 30, 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.

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

3. Property, Plant and Equipment

Property, plant and equipment as of September 30, 2024 and December 31, 2023 are comprised of the following (in thousands):


	September 30, 2024			December 31, 2023
Buildings and related structures	$	24,314		$	24,532
Machinery and equipment		138,105			139,710
Finance lease right-of-use assets		597			902
Others		38,287			35,471

		201,303			200,615
Less: accumulated depreciation		(124,247	)		(115,889	)
Land		12,518			12,811
Construction in progress		2,809			2,585

Property, plant and equipment, net	$	92,383		$	100,122

Aggregate depreciation expenses totaled $11,762 thousand and $12,111 thousand for the nine months ended September 30, 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 10. Long-Term Borrowing” to these consolidated financial statements below for more information regarding the Loan Agreement.

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets as of September 30, 2024 and December 31, 2023 are comprised of the following (in thousands):


	September 30, 2024
	Gross amount		Accumulated amortization			Net amount
Intellectual property assets	$	9,114	$	(7,761	)	$	1,353

Intangible assets	$	9,114	$	(7,761	)	$	1,353


	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

Leases - Components of lease cost (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 515	$ 492	$ 1,550	$ 1,548
Finance lease cost [Abstract]
Amortization of right-of-use assets	33	36	102	106
Interest on lease liabilities	8	8	27	23
Total lease cost	$ 556	$ 536	$ 1,679	$ 1,677

Accrued Severance Benefits - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024
Percentage of employees eligible for severance benefits	95.00%
Retirement age of employees	60 years
Korea [Member] \| Minimum [Member]
Korea's mandatory retirement age	60 years

Geographic and Other Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Geographic and Other Information

13. 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 September 30, 2023 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands):


			MSS		PAS		Total
Display Solutions	$	6,404	$	6,404	$	—	$	6,404
Power Solutions		45,215		4,240		40,975		45,215

	$	51,619	$	10,644	$	40,975	$	51,619

Revenues for the nine months ended September 30, 2023 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands):


			MSS		PAS		Total
Display Solutions	$	26,902	$	26,902	$	—	$	26,902
Power Solutions		127,606		8,906		118,700		127,606

	$	154,508	$	35,808	$	118,700	$	154,508

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				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenues
Standard products business
Mixed-Signal Solutions	$	16,446	$	10,644	$	37,047	$	35,808
Power Analog Solutions		47,574		40,975		123,349		118,700

Total standard products business		64,020		51,619		160,396		154,508
Transitional Fab 3 foundry services		2,440		9,626		8,302		24,721

Total revenues	$	66,460	$	61,245	$	168,698	$	179,229


	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Gross Profit
Standard products business
Mixed-Signal Solutions	$	6,371		$	3,069		$	14,397		$	11,431
Power Analog Solutions		9,249			11,721			22,598			31,069

Total standard products business		15,620		$	14,790			36,995		$	42,500
Transitional Fab 3 foundry services		(159	)		(309	)		(965	)		(2,387	)

Total gross profit	$	15,461		$	14,481		$	36,030		$	40,113

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				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Korea	$	25,062	$	19,249	$	63,239	$	50,139
Asia Pacific (other than Korea)		37,046		29,859		91,933		96,784
United States		667		1,214		1,313		2,495
Europe		1,245		1,297		3,911		5,090

Total	$	64,020	$	51,619	$	160,396	$	154,508

For the three months ended September 30, 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 76.5% and 73.3%, respectively. For the nine months ended September 30, 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 represented 74.5% and 66.1%, 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 73% and 74% for the three months ended September 30, 2024 and 2023, respectively, and 72% and 70% for the nine months ended September 30, 2024 and 2023, respectively.

For the three months ended September 30, 2024, the Company had two customers that represented 20.1% and 14.6% of its net sales—standard products business, respectively. For the nine months ended September 30, 2024, the Company had two customers that represented 21.8% and 12.6% of its net sales—standard products business, respectively. For the three months ended September 30, 2023, the Company had one customer that represented 18.8% of its net sales—standard products business. For the nine months ended September 30, 2023, the Company had two customers that represented 15.9% and 13.3% of its net sales—standard products business, respectively.

As of September 30, 2024, one customer of the Company’s standard products business accounted for 29.7% 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

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	57,032,206	56,971,394
Common stock, shares outstanding	37,292,044	38,852,742
Treasury stock, shares	19,740,162	18,118,652

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Payroll, benefits and related taxes, excluding severance benefits	$ 5,881	$ 5,947
Withholding tax attributable to intercompany interest income	1,068	1,671
Outside service fees	1,129	1,953
Others	1,055	886
Accrued expenses	$ 9,133	$ 10,457

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Net sales	$ 66,460	$ 61,245	$ 168,698	$ 179,229
Cost of sales:
Cost of sales	50,999	46,764	132,668	139,116
Gross profit	15,461	14,481	36,030	40,113
Operating expenses:
Selling, general and administrative expenses	12,091	12,089	35,089	36,391
Research and development expenses	14,373	11,627	38,227	36,180
Early termination and other charges	0	0	0	9,251
Total operating expenses	26,464	23,716	73,316	81,822
Operating loss	(11,003)	(9,235)	(37,286)	(41,709)
Interest income	2,051	2,382	6,492	7,916
Interest expense	(574)	(189)	(1,366)	(645)
Foreign currency gain (loss), net	5,066	(2,583)	(3,492)	(4,776)
Other income (loss), net	(31)	87	121	55
Loss before income tax expense (benefit)	(4,491)	(9,538)	(35,531)	(39,159)
Income tax expense (benefit)	5,126	(4,373)	2,500	(8,577)
Net loss	$ (9,617)	$ (5,165)	$ (38,031)	$ (30,582)
Basic loss per common share—	$ (0.26)	$ (0.13)	$ (1)	$ (0.73)
Diluted loss per common share—	$ (0.26)	$ (0.13)	$ (1)	$ (0.73)
Weighted average number of shares—
Basic	37,468,849	40,145,290	38,060,682	41,747,255
Diluted	37,468,849	40,145,290	38,060,682	41,747,255
Standard products business [Member]
Revenues:
Net sales	$ 64,020	$ 51,619	$ 160,396	$ 154,508
Cost of sales:
Cost of sales	48,400	36,829	123,401	112,008
Gross profit	15,620	14,790	36,995	42,500
Fab 3 Foundry Services [Member]
Revenues:
Net sales	2,440	9,626	8,302	24,721
Cost of sales:
Cost of sales	2,599	9,935	9,267	27,108
Gross profit	$ (159)	$ (309)	$ (965)	$ (2,387)

Leases - Supplemental Balance Sheet (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Operating lease	$ 3,810	$ 4,639
Total lease assets	4,205	5,150
Current
Operating	1,754	1,914
Non-current
Operating	2,191	2,897
Total lease liabilities	4,403	5,389
Operating Lease Right Of Use Assets [Member]
Assets
Operating lease	3,810	4,639
Property, Plant and Equipment, Net [Member]
Assets
Finance lease	$ 395	$ 511
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current Operating Lease Liabilities [Member]
Current
Operating	$ 1,754	$ 1,914
Other Current Liabilities [Member]
Current
Finance	$ 150	$ 146
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Non Current Operating Lease Liabilities [Member]
Non-current
Operating	$ 2,191	$ 2,897
Other Noncurrent Liabilities [Member]
Non-current
Finance	$ 308	$ 432
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Supplemental Balance Sheet Information Related To Leases

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

Supplemental balance sheets information related to leases as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


Leases	Classification		September 30, 2024		December 31, 2023
Assets
Operating lease		Operating lease right-of-use assets	$	3,810	$	4,639
Finance lease		Property, plant and equipment, net		395		511

Total lease assets			$	4,205	$	5,150

Liabilities
Current
Operating		Operating lease liabilities	$	1,754	$	1,914
Finance		Other current liabilities		150		146
Non-current
Operating		Non-current operating lease liabilities		2,191		2,897
Finance		Other non-current liabilities		308		432

Total lease liabilities			$	4,403	$	5,389

Lease, Cost

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


	September 30, 2024			December 31, 2023
Weighted average remaining lease term
Operating leases		2.7 years			2.8 years
Finance leases		3.0 years			3.7 years
Weighted average discount rate
Operating leases		7.1	%		6.6	%
Finance leases		7.4	%		7.4	%

Other Lease Information

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Operating lease cost	$	515	$	492	$	1,550	$	1,548
Finance lease cost
Amortization of right-of-use assets		33		36		102		106
Interest on lease liabilities		8		8		27		23

Total lease cost	$	556	$	536	$	1,679	$	1,677

The above table does not include an immaterial cost of short-term leases for the three and nine months ended September 30, 2024 and 2023.

Other lease information is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	526	$	504	$	1,584	$	1,583
Operating cash flows from finance leases		8		8		27		23
Financing cash flows from finance leases		35		23		104		69

Schedule Of Future Lease Payments

The aggregate future lease payments for operating and finance leases as of September 30, 2024 are as follows (in thousands):


	Operating Leases			Finance Leases
Remainder of 2024	$	574		$	45
2025		1,698			178
2026		1,161			164
2027		772			125
2028		111			—
2029		28			—

Total future lease payments		4,344			512
Less: Imputed interest		(399	)		(54	)

Present value of future payments	$	3,945		$	458

Foreign Currency Gain (Loss), Net - Additional Information (Detail) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Foreign Currency Transaction [Abstract]
Exchange rates using first base rate	1,319.6	1,289.4
Intercompany loan balances	$ 259,716	$ 285,136

Geographic and Other Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Product Categories

Revenues for the three months ended September 30, 2023 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands):


			MSS		PAS		Total
Display Solutions	$	6,404	$	6,404	$	—	$	6,404
Power Solutions		45,215		4,240		40,975		45,215

	$	51,619	$	10,644	$	40,975	$	51,619

Revenues for the nine months ended September 30, 2023 from its previous product categories have been reclassified in order to conform to the current period presentation as follows (in thousands):


			MSS		PAS		Total
Display Solutions	$	26,902	$	26,902	$	—	$	26,902
Power Solutions		127,606		8,906		118,700		127,606

	$	154,508	$	35,808	$	118,700	$	154,508

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				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenues
Standard products business
Mixed-Signal Solutions	$	16,446	$	10,644	$	37,047	$	35,808
Power Analog Solutions		47,574		40,975		123,349		118,700

Total standard products business		64,020		51,619		160,396		154,508
Transitional Fab 3 foundry services		2,440		9,626		8,302		24,721

Total revenues	$	66,460	$	61,245	$	168,698	$	179,229


	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Gross Profit
Standard products business
Mixed-Signal Solutions	$	6,371		$	3,069		$	14,397		$	11,431
Power Analog Solutions		9,249			11,721			22,598			31,069

Total standard products business		15,620		$	14,790			36,995		$	42,500
Transitional Fab 3 foundry services		(159	)		(309	)		(965	)		(2,387	)

Total gross profit	$	15,461		$	14,481		$	36,030		$	40,113

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Korea	$	25,062	$	19,249	$	63,239	$	50,139
Asia Pacific (other than Korea)		37,046		29,859		91,933		96,784
United States		667		1,214		1,313		2,495
Europe		1,245		1,297		3,911		5,090

Total	$	64,020	$	51,619	$	160,396	$	154,508

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	$ 305,848	$ 364,292	$ 344,598	$ 428,153
Total other comprehensive income (loss)	3,919	(2,162)	(1,995)	(6,019)
Balance ending	299,573	353,692	299,573	353,692
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	(20,436)	(15,521)	(15,348)	(11,328)
Other comprehensive loss before reclassifications	2,866	(1,847)	(2,222)	(6,040)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Total other comprehensive income (loss)	2,866	(1,847)	(2,222)	(6,040)
Balance ending	(17,570)	(17,368)	(17,570)	(17,368)
Derivative Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	(135)	(889)	691	(1,225)
Other comprehensive loss before reclassifications	935	(1,013)	(477)	(2,523)
Amounts reclassified from accumulated other comprehensive loss	118	698	704	2,544
Total other comprehensive income (loss)	1,053	(315)	227	21
Balance ending	918	(1,204)	918	(1,204)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance beginning	(20,571)	(16,410)	(14,657)	(12,553)
Other comprehensive loss before reclassifications	3,801	(2,860)	(2,699)	(8,563)
Amounts reclassified from accumulated other comprehensive loss	118	698	704	2,544
Total other comprehensive income (loss)	3,919	(2,162)	(1,995)	(6,019)
Balance ending	$ (16,652)	$ (18,572)	$ (16,652)	$ (18,572)

- 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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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Prepayments to suppliers	$ 2,628	$ 3,883

- 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

Leases - Aggregate future lease payment (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Operating Leases, 2024	$ 574
Operating Leases, 2025	1,698
Operating Leases, 2026	1,161
Operating Leases, 2027	772
Operating Leases, 2028	111
Operating Leases, 2029	28
Operating Leases, Total future lease payments	4,344
Less: Present value adjustment	(399)
Present value of future payments	3,945
Finance Leases [Abstract]
Finance Leases, 2024	45
Finance Leases, 2025	178
Finance Leases, 2026	164
Finance Leases, 2027	125
Finance Leases, 2028	0
Finance Leases, 2029	0
Finance Leases, Total future lease payments	512
Less: Present value adjustment	$ (54)
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current
Present value of future payments	$ 458

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		37,202,783

Foreign Currency Gain (Loss), Net	9 Months Ended
Foreign Currency Gain (Loss), Net	Sep. 30, 2024
Foreign Currency [Abstract]
Foreign Currency Gain (Loss), Net	11. Foreign Currency Gain (Loss), Net Net foreign currency gain or loss includes non-cash translation gain or loss associated with intercompany balances. A substantial portion of the Company’s net foreign currency gain or loss is non-cash translation gain or loss associated with intercompany long-term loans to 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 September 30, 2024 and December 31, 2023, the outstanding intercompany loan balances including accrued interest between MSK and the Dutch subsidiary were $259,716 thousand and $285,136 thousand, respectively. The Korean won to U.S. dollar exchange rates were 1,319.6:1 and 1,289.4:1 using the first base rate as of September 30, 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

Stock Repurchases - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	4 Months Ended	5 Months Ended	6 Months Ended	9 Months Ended
	Oct. 31, 2024	Dec. 31, 2022	Dec. 31, 2023	Jun. 30, 2024	Sep. 30, 2024	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			$ 13.6		$ 8.9
Sale of aggregate purchase price (in dollars per share)			$ 7.84
Accelerated Share Repurchases, Final Price Paid Per Share					$ 5.53
Stock repurchased (in shares)			1,730,173		1,615,884
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	$ 0.4	$ 12.5		$ 37.4
Sale of aggregate purchase price (in dollars per share)		$ 10.13		$ 10.1
Accelerated Share Repurchases, Final Price Paid Per Share	$ 4.54
Stock repurchased (in shares)	89,261	1,235,650		3,705,443
Stock repurchase program, remaining authorized repurchase amount							$ 50.0

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

7. 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 September 30, 2024 are as follows (in thousands):


Date of transaction	Total notional amount		Month of settlement
April 05, 2024	$	18,000	October 2024 to March 2025
July 09, 2024	$	18,000	April 2025 to September 2025

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 September 30, 2024 and December 31, 2023 are as follows (in thousands):


Derivatives designated as hedging instruments:		September 30, 2024		December 31, 2023
Asset Derivatives:
Zero cost collars	Other current assets	$	367	$	152
Liability Derivatives:
Zero cost collars	Other current liabilities	$	—	$	1

Offsetting of derivative assets as of September 30, 2024 is as follows (in thousands):


As of September 30, 2024	Gross amounts of recognized Assets		Gross amounts offset in the balance sheets		Net amounts of assets presented in the balance sheets		Gross amounts not offset in the balance sheets				Net amount
As of September 30, 2024	Gross amounts of recognized Assets		Gross amounts offset in the balance sheets		Net amounts of assets presented in the balance sheets		Financial instruments		Cash collateral pledged		Net amount
Asset Derivatives:
Zero cost collars	$	367	$	—	$	367	$	—	$	—	$	367

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 September 30, 2024 and 2023 (in thousands):


Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives					Location/Amount of Loss Reclassified from AOCI Into Statement of Operations								Location/Amount of Loss Recognized in Statement of Operations on Derivatives
	Three Months Ended September 30,							Three Months Ended September 30,								Three Months Ended September 30,
	2024		2023					2024			2023					2024			2023
Zero cost collars	$	935	$	(1,013	)		Net sales	$	(118	)	$	(698	)		Other income, net	$	(52	)	$	(161	)

	$	935	$	(1,013	)			$	(118	)	$	(698	)			$	(52	)	$	(161	)

The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the nine months ended September 30, 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
	Nine Months Ended September 30,								Nine Months Ended September 30,								Nine Months Ended September 30,
	2024			2023					2024			2023					2024		2023
Zero cost collars	$	(477	)	$	(2,523	)		Net sales	$	(704	)	$	(2,544	)		Other income, net	$	58	$	(235	)

	$	(477	)	$	(2,523	)			$	(704	)	$	(2,544	)			$	58	$	(235	)

As of September 30, 2024, the amount expected to be reclassified from accumulated other comprehensive income into earnings within the next 12 months is $918 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 September 30, 2024 and December 31, 2023 are as follows (in thousands):


Counterparty	September 30, 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 September 30, 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

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

14. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following as of September 30, 2024 and December 31, 2023, respectively (in thousands):


	September 30, 2024			December 31, 2023
Foreign currency translation adjustments	$	(17,570	)	$	(15,348	)
Derivative adjustments		918			691

Total	$	(16,652	)	$	(14,657	)

Changes in accumulated other comprehensive loss for the three months ended September 30, 2024 and 2023 are as follows (in thousands):


Three Months Ended September 30, 2024	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(20,436	)	$	(135	)	$	(20,571	)

Other comprehensive income before reclassifications		2,866			935			3,801
Amounts reclassified from accumulated other comprehensive loss		—			118			118

Net current-period other comprehensive income		2,866			1,053			3,919

Ending balance	$	(17,570	)	$	918		$	(16,652	)


Three Months Ended September 30, 2023	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(15,521	)	$	(889	)	$	(16,410	)

Other comprehensive loss before reclassifications		(1,847	)		(1,013	)		(2,860	)
Amounts reclassified from accumulated other comprehensive loss		—			698			698

Net current-period other comprehensive loss		(1,847	)		(315	)		(2,162	)

Ending balance	$	(17,368	)	$	(1,204	)	$	(18,572	)

Changes in accumulated other comprehensive loss for the nine months ended September 30, 2024 and 2023 are as follows (in thousands):


Nine Months Ended September 30, 2024	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(15,348	)	$	691		$	(14,657	)

Other comprehensive loss before reclassifications		(2,222	)		(477	)		(2,699	)
Amounts reclassified from accumulated other comprehensive loss		—			704			704

Net current-period other comprehensive income (loss)		(2,222	)		227			(1,995	)

Ending balance	$	(17,570	)	$	918		$	(16,652	)


Nine Months Ended September 30, 2023	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(11,328	)	$	(1,225	)	$	(12,553	)

Other comprehensive loss before reclassifications		(6,040	)		(2,523	)		(8,563	)
Amounts reclassified from accumulated other comprehensive loss		—			2,544			2,544

Net current-period other comprehensive income (loss)		(6,040	)		21			(6,019	)

Ending balance	$	(17,368	)	$	(1,204	)	$	(18,572	)

Derivative Financial Instruments - Impact of Derivative Instruments on Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	$ 118	$ 698	$ 704	$ 2,544
Cash Flow Hedging [Member]
Derivative [Line Items]
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion)	935	(1,013)	(477)	(2,523)
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	(118)	(698)	(704)	(2,544)
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)	(52)	(161)	58	(235)
Zero Cost Collars [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion)	935	(1,013)	(477)	(2,523)
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations (Effective Portion)	(118)	(698)	(704)	(2,544)
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)	$ (52)	$ (161)	$ 58	$ (235)

Geographic and Other Information - Schedule of Product Categories (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues	$ 66,460	$ 61,245	$ 168,698	$ 179,229
Standard products business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues	$ 64,020	51,619	$ 160,396	154,508
Standard products business [Member] \| Display Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		6,404		26,902
Standard products business [Member] \| Power Solutions [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		45,215		127,606
Standard products business [Member] \| Power Analog Solutions Business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		51,619		154,508
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		6,404		26,902
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		45,215		127,606
Standard products business [Member] \| Mixed Signal Solutions Business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		10,644		35,808
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		6,404		26,902
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		4,240		8,906
Standard products business [Member] \| Other Solutions Business [Member]
Segment Reporting Information by Segment for Current Period Presentation [Line Items]
Total revenues		40,975		118,700
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		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		$ 40,975		$ 118,700

- Definition

+ References

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (38,031)	$ (30,582)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	12,171	12,583
Provision for severance benefits	4,552	5,358
Loss on foreign currency, net	6,140	14,532
Provision for inventory reserves	(1,615)	3,035
Stock-based compensation	4,093	5,383
Deferred income taxes	3,111	88
Others, net	552	592
Changes in operating assets and liabilities
Accounts receivable, net	3,560	(6,409)
Inventories	(2,365)	3,635
Other receivables	(1,030)	4,993
Prepaid expenses	5,645	5,653
Other current assets	1,155	(7,944)
Accounts payable	619	6,066
Other accounts payable	(10,197)	(6,738)
Accrued expenses	(1,339)	619
Accrued income taxes	(1,459)	(3,014)
Other current liabilities	(240)	(741)
Other non-current liabilities	(345)	(279)
Payment of severance benefits	(1,889)	(6,183)
Others, net	(1,077)	(841)
Net cash used in operating activities	(17,989)	(194)
Cash flows from investing activities
Proceeds from settlement of hedge collateral	627	3,335
Payment of hedge collateral	(612)	(3,154)
Purchase of property, plant and equipment	(4,175)	(2,280)
Payment for intellectual property registration	(263)	(230)
Collection of guarantee deposits	1,153	4,984
Payment of guarantee deposits	(2,090)	(7,276)
Increase in short-term financial instruments	(30,000)	0
Others, net	(37)
Net cash used in investing activities	(35,397)	(4,621)
Cash flows from financing activities
Proceeds from long-term borrowing	30,059	0
Proceeds from exercise of stock options	0	27
Acquisition of treasury stock	(9,507)	(43,087)
Repayment of financing related to water treatment facility arrangement	(357)	(371)
Repayment of principal portion of finance lease liabilities	(104)	(69)
Net cash provided by (used in) financing activities	20,091	(43,500)
Effect of exchange rates on cash and cash equivalents	(3,702)	(10,518)
Net decrease in cash and cash equivalents	(36,997)	(58,833)
Cash and cash equivalents at beginning of period	158,092	225,477
Cash and cash equivalents at end of period	121,095	166,644
Supplemental cash flow information
Cash paid for income taxes	788	4,000
Non-cash investing activities
Property, plant and equipment additions in other accounts payable	2,324	1,029
Non-cash financing activities
Unsettled common stock repurchases	$ 0	$ 494

Leases - Other lease information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 526	$ 504	$ 1,584	$ 1,583
Operating cash flows from finance leases	8	8	27	23
Financing cash flows from finance leases	$ 35	$ 23	$ 104	$ 69
Weighted average remaining lease term
Operating leases	2 years 8 months 12 days		2 years 8 months 12 days		2 years 9 months 18 days
Finance leases	3 years		3 years		3 years 8 months 12 days
Weighted average discount rate
Operating leases	7.10%		7.10%		6.60%
Finance leases	7.40%		7.40%		7.40%

Derivative Financial Instruments - Cash deposits (Detail) - Zero Cost Collar And Forward Contracts [Member] - USD ($) $ in Thousands	Sep. 30, 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

Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible asset, Gross amount	$ 9,114	$ 9,150
Accumulated amortization	(7,761)	(7,613)
Intangible asset, Net amount	1,353	1,537
Intellectual Property Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible asset, Gross amount	9,114	9,150
Accumulated amortization	(7,761)	(7,613)
Intangible asset, Net amount	$ 1,353	$ 1,537

- 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

Accrued Severance Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Postemployment Benefits [Abstract]

Changes in Accrued Severance Benefits

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


	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
	September 30, 2024						September 30, 2023
Beginning balance	$	44,198		$	45,932		$	45,121		$	48,496
Provisions		1,582			4,552			1,267			5,358
Severance payments		(527	)		(1,889	)		(455	)		(6,183	)
Translation adjustments		2,368			(974	)		(1,092	)		(2,830	)

		47,621			47,621			44,841			44,841
Less: Cumulative contributions to severance insurance deposit accounts		(30,246	)		(30,246	)		(24,503	)		(24,503	)
The National Pension Fund		(28	)		(28	)		(29	)		(29	)
Group severance insurance plan		—			—			(149	)		(149	)

Accrued severance benefits, net	$	17,347		$	17,347		$	20,160		$	20,160

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	$	311
2025	$	332
2026	$	564
2027	$	395
2028	$	3,214
2029	$	3,620
2030 – 2034	$	17,335

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses as of September 30, 2024 and December 31, 2023 are comprised of the following (in thousands):


	September 30, 2024		December 31, 2023
Payroll, benefits and related taxes, excluding severance benefits	$	5,881	$	5,947
Withholding tax attributable to intercompany interest income		1,068		1,671
Outside service fees		1,129		1,953
Others		1,055		886

Accrued expenses	$	9,133	$	10,457

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 121,095	$ 158,092
Short-term financial instruments	30,000	0
Accounts receivable, net	28,693	32,641
Inventories, net	36,127	32,733
Other receivables	5,301	4,295
Prepaid expenses	11,614	7,390
Hedge collateral (Note 7)	1,000	1,000
Other current assets (Note 17)	8,208	9,283
Total current assets	242,038	245,434
Property, plant and equipment, net	92,383	100,122
Operating lease right-of-use assets	3,810	4,639
Intangible assets, net	1,353	1,537
Long-term prepaid expenses	615	5,736
Deferred income taxes	46,643	50,836
Other non-current assets	24,513	12,187
Total assets	411,355	420,491
Current liabilities
Accounts payable	24,644	24,443
Other accounts payable	11,768	5,292
Accrued expenses	9,133	10,457
Accrued income taxes	32	1,496
Operating lease liabilities	1,754	1,914
Other current liabilities	3,005	3,286
Total current liabilities	50,336	46,888
Long-term borrowing	30,312	0
Accrued severance benefits, net	17,347	16,020
Non-current operating lease liabilities	2,191	2,897
Other non-current liabilities	11,596	10,088
Total liabilities	111,782	75,893
Commitments and contingencies (Note 17)
Stockholders' equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 57,032,206 shares issued and 37,292,044 outstanding at September 30, 2024 and 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023	569	569
Additional paid-in capital	277,306	273,256
Retained earnings	260,853	298,884
Treasury stock, 19,740,162 shares at September 30, 2024 and 18,118,652 shares at December 31, 2023, respectively	(222,503)	(213,454)
Accumulated other comprehensive loss	(16,652)	(14,657)
Total stockholders' equity	299,573	344,598
Total liabilities and stockholders' equity	$ 411,355	$ 420,491

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 201,303	$ 200,615
Less: accumulated depreciation	(124,247)	(115,889)
Land	12,518	12,811
Construction in progress	2,809	2,585
Property, plant and equipment, net	92,383	100,122
Buildings and Related Structures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	24,314	24,532
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	138,105	139,710
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	597	902
Others [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 38,287	$ 35,471

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following as of September 30, 2024 and December 31, 2023, respectively (in thousands):


	September 30, 2024			December 31, 2023
Foreign currency translation adjustments	$	(17,570	)	$	(15,348	)
Derivative adjustments		918			691

Total	$	(16,652	)	$	(14,657	)

Changes in Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss for the three months ended September 30, 2024 and 2023 are as follows (in thousands):


Three Months Ended September 30, 2024	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(20,436	)	$	(135	)	$	(20,571	)

Other comprehensive income before reclassifications		2,866			935			3,801
Amounts reclassified from accumulated other comprehensive loss		—			118			118

Net current-period other comprehensive income		2,866			1,053			3,919

Ending balance	$	(17,570	)	$	918		$	(16,652	)


Three Months Ended September 30, 2023	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(15,521	)	$	(889	)	$	(16,410	)

Other comprehensive loss before reclassifications		(1,847	)		(1,013	)		(2,860	)
Amounts reclassified from accumulated other comprehensive loss		—			698			698

Net current-period other comprehensive loss		(1,847	)		(315	)		(2,162	)

Ending balance	$	(17,368	)	$	(1,204	)	$	(18,572	)

Changes in accumulated other comprehensive loss for the nine months ended September 30, 2024 and 2023 are as follows (in thousands):


Nine Months Ended September 30, 2024	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(15,348	)	$	691		$	(14,657	)

Other comprehensive loss before reclassifications		(2,222	)		(477	)		(2,699	)
Amounts reclassified from accumulated other comprehensive loss		—			704			704

Net current-period other comprehensive income (loss)		(2,222	)		227			(1,995	)

Ending balance	$	(17,570	)	$	918		$	(16,652	)


Nine Months Ended September 30, 2023	Foreign currency translation adjustments			Derivative adjustments			Total
Beginning balance	$	(11,328	)	$	(1,225	)	$	(12,553	)

Other comprehensive loss before reclassifications		(6,040	)		(2,523	)		(8,563	)
Amounts reclassified from accumulated other comprehensive loss		—			2,544			2,544

Net current-period other comprehensive income (loss)		(6,040	)		21			(6,019	)

Ending balance	$	(17,368	)	$	(1,204	)	$	(18,572	)

Geographic and Other Information - Schedule of Operating Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 66,460	$ 61,245	$ 168,698	$ 179,229
Total gross profit	15,461	14,481	36,030	40,113
Standard products business [Member]
Segment Reporting Information [Line Items]
Total revenues	64,020	51,619	160,396	154,508
Total gross profit	15,620	14,790	36,995	42,500
Standard products business [Member] \| Mixed-Signal Solutions [Member]
Segment Reporting Information [Line Items]
Total gross profit	6,371	3,069	14,397	11,431
Standard products business [Member] \| Power Analog Solutions [Member]
Segment Reporting Information [Line Items]
Total gross profit	9,249	11,721	22,598	31,069
Fab 3 Foundry Services [Member]
Segment Reporting Information [Line Items]
Total revenues	2,440	9,626	8,302	24,721
Total gross profit	(159)	(309)	(965)	(2,387)
Operating Segments [Member] \| Standard products business [Member]
Segment Reporting Information [Line Items]
Total revenues	64,020	51,619	160,396	154,508
Operating Segments [Member] \| Standard products business [Member] \| Mixed-Signal Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	16,446	10,644	37,047	35,808
Operating Segments [Member] \| Standard products business [Member] \| Power Analog Solutions [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 47,574	$ 40,975	$ 123,349	$ 118,700

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Leases - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Non cash transaction amount of lease liabilities arisinf from obtaining right of use assets	$ 733	$ 1,535
Maximum [Member]
Lease Agreements Remaining Term of Lease	5 years
Minimum [Member]
Lease Agreements Remaining Term of Lease	1 year

Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

4. Intangible Assets

Intangible assets as of September 30, 2024 and December 31, 2023 are comprised of the following (in thousands):


	September 30, 2024
	Gross amount		Accumulated amortization			Net amount
Intellectual property assets	$	9,114	$	(7,761	)	$	1,353

Intangible assets	$	9,114	$	(7,761	)	$	1,353


	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 $409 thousand and $472 thousand for the nine months ended September 30, 2024 and 2023, respectively.

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Estimated amount reclassified from accumulated other comprehensive income into income	$ 918
Zero Cost Collar and Forward Contracts [Member] \| Nomura Financial Investment (Korea) Co., Ltd. [Member]
Derivative [Line Items]
Threshold amount of cash collateral		$ 500
Termination provisions for cash and cash equivalents	$ 30,000

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Carrying Value [Member]
Assets:
Derivative assets	$ 367		$ 152
Liabilities:
Derivative liabilities			1
Estimate of Fair Value Measurement [Member]
Assets:
Derivative assets	$ 367		$ 152
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current		Other Assets, Current
Liabilities:
Derivative liabilities			$ 1
Derivative Liability, Statement of Financial Position [Extensible Enumeration]			Other Liabilities, Current
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Derivative assets		$ 367	$ 152
Liabilities:
Derivative liabilities			$ 1

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. 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 $2,628 thousand and $3,883 thousand as other current assets as of September 30, 2024 and December 31, 2023, respectively.

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and 2023:


	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	(In thousands of U.S. dollars, except share data)
Basic loss per share
Net loss	$	(9,617	)	$	(5,165	)	$	(38,031	)	$	(30,582	)
Basic weighted average common stock outstanding		37,468,849			40,145,290			38,060,682			41,747,255
Basic loss per common share	$	(0.26	)	$	(0.13	)	$	(1.00	)	$	(0.73	)
Diluted loss per share
Net loss	$	(9,617	)	$	(5,165	)	$	(38,031	)	$	(30,582	)
Basic weighted average common stock outstanding		37,468,849			40,145,290			38,060,682			41,747,255
Net effect of dilutive equity awards		—			—			—			—

Diluted weighted average common stock outstanding		37,468,849			40,145,290			38,060,682			41,747,255
Diluted loss per share	$	(0.26	)	$	(0.13	)	$	(1.00	)	$	(0.73	)

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				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Options		757,158		902,858		757,158		902,858
Restricted Stock Units		2,383,189		1,321,794		2,383,189		1,321,794

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 8,444		$ 8,432
Semi-finished goods and work-in-process	31,562		29,339
Raw materials	4,404		5,543
Materials in-transit	74		18
Less: inventory reserve	(8,357)	$ (8,541)	(10,599)	$ (16,079)	$ (14,745)	$ (14,677)
Inventories, net	$ 36,127		$ 32,733

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,617)	$ (5,165)	$ (38,031)	$ (30,582)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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+ Details

Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic loss per share
Net loss	$ (9,617)	$ (5,165)	$ (38,031)	$ (30,582)
Basic weighted average common stock outstanding	37,468,849	40,145,290	38,060,682	41,747,255
Basic loss per common share	$ (0.26)	$ (0.13)	$ (1)	$ (0.73)
Diluted loss per share
Net loss	$ (9,617)	$ (5,165)	$ (38,031)	$ (30,582)
Basic weighted average common stock outstanding	37,468,849	40,145,290	38,060,682	41,747,255
Net effect of dilutive equity awards	0	0	0	0
Diluted weighted average common stock outstanding	37,468,849	40,145,290	38,060,682	41,747,255
Diluted loss per share	$ (0.26)	$ (0.13)	$ (1)	$ (0.73)

- Definition

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

+ References

+ Details

- 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.

+ References

+ 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

Long-Term Borrowing - Additional Information (Detail) $ in Thousands	Mar. 26, 2024 USD ($)	Sep. 30, 2024 USD ($)	Mar. 26, 2024 KRW (₩)	Dec. 31, 2023
Schedule of Capitalization, Long-Term Debt [Line Items]
Loan, held-in-portfolio, principal outstanding, total		$ 30,312
Foreign currency exchange rate, translation		1,319.6		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

Subsequent Events - Additional Information (Detail) $ in Thousands	Oct. 01, 2024 USD ($)
Subsequent Event [Member] \| Commodity Contract [Member]
Derivative, Notional Amount	$ 9,000

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Foreign currency translation adjustments	$ (17,570)	$ (15,348)
Derivative adjustments	918	691
Total	$ (16,652)	$ (14,657)

- Definition

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

+ References + Details

Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Loss Per Share

16. Loss Per Share

The following table illustrates the computation of basic and diluted loss per common share for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	(In thousands of U.S. dollars, except share data)
Basic loss per share
Net loss	$	(9,617	)	$	(5,165	)	$	(38,031	)	$	(30,582	)
Basic weighted average common stock outstanding		37,468,849			40,145,290			38,060,682			41,747,255
Basic loss per common share	$	(0.26	)	$	(0.13	)	$	(1.00	)	$	(0.73	)
Diluted loss per share
Net loss	$	(9,617	)	$	(5,165	)	$	(38,031	)	$	(30,582	)
Basic weighted average common stock outstanding		37,468,849			40,145,290			38,060,682			41,747,255
Net effect of dilutive equity awards		—			—			—			—

Diluted weighted average common stock outstanding		37,468,849			40,145,290			38,060,682			41,747,255
Diluted loss per share	$	(0.26	)	$	(0.13	)	$	(1.00	)	$	(0.73	)

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 and nine months ended September 30, 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				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Options		757,158		902,858		757,158		902,858
Restricted Stock Units		2,383,189		1,321,794		2,383,189		1,321,794

Loss Per Share - Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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)	757,158	902,858	757,158	902,858
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)	2,383,189	1,321,794	2,383,189	1,321,794

Long-Term Borrowing	9 Months Ended
Long-Term Borrowing	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-term Borrowings	10. 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 September 30, 2024, approximately $30,312 thousand aggregate principal amount of the Term Loan was outstanding.

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories as of September 30, 2024 and December 31, 2023 consist of the following (in thousands):


	September 30, 2024			December 31, 2023
Finished goods	$	8,444		$	8,432
Semi-finished goods and work-in-process		31,562			29,339
Raw materials		4,404			5,543
Materials in-transit		74			18
Less: inventory reserve		(8,357	)		(10,599	)

Inventories, net	$	36,127		$	32,733

Changes in Inventory Reserve

Changes in inventory reserve for the three and nine months ended September 30, 2024 and 2023 are as follows (in thousands):


	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
	September 30, 2024						September 30, 2023
Beginning balance	$	(8,541	)	$	(10,599	)	$	(14,745	)	$	(14,677	)
Change in reserve
Inventory reserve charged to costs of sales		(1,273	)		(4,234	)		(2,759	)		(7,366	)
Sale of previously reserved inventory		1,835			5,962			845			4,368

		562			1,728			(1,914	)		(2,998	)
Write off		63			390			187			669
Translation adjustments		(441	)		124			393			927

Ending balance	$	(8,357	)	$	(8,357	)	$	(16,079	)	$	(16,079	)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,617)	$ (5,165)	$ (38,031)	$ (30,582)
Other comprehensive income (loss)
Foreign currency translation adjustments	2,866	(1,847)	(2,222)	(6,040)
Derivative adjustments
Fair valuation of derivatives	935	(1,013)	(477)	(2,523)
Reclassification adjustment for loss on derivatives included in net loss	118	698	704	2,544
Total other comprehensive income (loss)	3,919	(2,162)	(1,995)	(6,019)
Total comprehensive loss	$ (5,698)	$ (7,327)	$ (40,026)	$ (36,601)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Business, Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 have begun to convert portions of the idle capacity to PAS standard products during 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 and nine months ended September 30, 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 nine months ended September 30, 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.

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. Fair Value Measurements

Fair Value of Financial Instruments

As of September 30, 2024, the following table represents the Company’s assets measured at fair value on a recurring basis and the basis for that measurement (in thousands):


	Carrying Value September 30, 2024		Fair Value Measurement September 30, 2024		Quoted Prices in Active Markets for Identical Asset (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Derivative assets (other current assets)	$	367	$	367		—	$	367		—

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 Asset/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

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-Section 55
-Paragraph 107
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

2. Inventories

Inventories as of September 30, 2024 and December 31, 2023 consist of the following (in thousands):


	September 30, 2024			December 31, 2023
Finished goods	$	8,444		$	8,432
Semi-finished goods and work-in-process		31,562			29,339
Raw materials		4,404			5,543
Materials in-transit		74			18
Less: inventory reserve		(8,357	)		(10,599	)

Inventories, net	$	36,127		$	32,733

Changes in inventory reserve for the three and nine months ended September 30, 2024 and 2023 are as follows (in thousands):


	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
	September 30, 2024						September 30, 2023
Beginning balance	$	(8,541	)	$	(10,599	)	$	(14,745	)	$	(14,677	)
Change in reserve
Inventory reserve charged to costs of sales		(1,273	)		(4,234	)		(2,759	)		(7,366	)
Sale of previously reserved inventory		1,835			5,962			845			4,368

		562			1,728			(1,914	)		(2,998	)
Write off		63			390			187			669
Translation adjustments		(441	)		124			393			927

Ending balance	$	(8,357	)	$	(8,357	)	$	(16,079	)	$	(16,079	)

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.