Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MAGNACHIP SEMICONDUCTOR Corp | ||
Entity Central Index Key | 0001325702 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 314,540,019 | ||
Trading Symbol | MX | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Country | LU | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock | ||
Entity Common Stock, Shares Outstanding | 34,801,312 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 151,657 | $ 132,438 |
Accounts receivable, net | 95,641 | 80,003 |
Unbilled accounts receivable, net | 17,094 | 38,181 |
Inventories, net | 73,267 | 71,611 |
Other receivables | 10,254 | 3,702 |
Prepaid expenses | 12,250 | 11,133 |
Hedge collateral (Note 9) | 9,820 | 5,810 |
Other current assets (Notes 1 and 2) | 9,382 | 9,867 |
Total current assets | 379,365 | 352,745 |
Property, plant and equipment, net (Notes 5 and 7) | 182,574 | 202,171 |
Operating lease right-of-use assets | 11,482 | |
Intangible assets, net | 4,014 | 3,953 |
Long-term prepaid expenses | 8,834 | 15,598 |
Other non-current assets | 9,059 | 8,729 |
Total assets | 595,328 | 583,196 |
Current liabilities | ||
Accounts payable | 60,879 | 55,631 |
Other accounts payable | 10,293 | 15,168 |
Accrued expenses | 55,076 | 46,250 |
Deferred revenue (Note 1) | 1,422 | 6,477 |
Operating lease liabilities | 2,036 | |
Other current liabilities (Note 1) | 4,127 | 9,133 |
Total current liabilities | 133,833 | 132,659 |
Long-term borrowings, net | 304,743 | 303,577 |
Non-current operating lease liabilities | 9,446 | |
Accrued severance benefits, net | 146,728 | 146,031 |
Other non-current liabilities (Note 6) | 15,559 | 18,239 |
Total liabilities | 610,309 | 600,506 |
Commitments and contingencies (Note 19) | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 150,000,000 shares authorized, 43,851,991 shares issued and 34,800,312 outstanding at December 31, 2019 and 43,054,458 shares issued and 34,441,232 outstanding at December 31, 2018 | 439 | 431 |
Additional paid-in capital | 152,404 | 142,600 |
Accumulated deficit | (58,131) | (36,305) |
Treasury stock, 9,051,679 shares at December 31, 2019 and 8,613,226 shares at December 31, 2018, respectively | (107,033) | (103,926) |
Accumulated other comprehensive loss | (2,660) | (20,110) |
Total stockholders' deficit | (14,981) | (17,310) |
Total liabilities and stockholders' equity | $ 595,328 | $ 583,196 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 43,851,991 | 43,054,458 |
Common stock, shares outstanding | 34,800,312 | 34,441,232 |
Treasury stock, shares | 9,051,679 | 8,613,226 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 792,195 | $ 750,898 | $ 679,672 |
Cost of sales | 611,584 | 552,802 | 491,779 |
Gross profit | 180,611 | 198,096 | 187,893 |
Operating expenses | |||
Selling, general and administrative expenses | 71,637 | 72,639 | 81,775 |
Research and development expenses | 75,356 | 78,039 | 70,523 |
Restructuring and other charges (gains) | 9,195 | (17,010) | |
Early termination charges | 13,369 | ||
Total operating expenses | 156,188 | 150,678 | 148,657 |
Operating income | 24,423 | 47,418 | 39,236 |
Interest expense | (22,627) | (22,282) | (21,559) |
Foreign currency gain (loss), net | (21,813) | (24,445) | 65,516 |
Loss on early extinguishment of long-term borrowings, net | (42) | (206) | |
Other income, net | 2,980 | 264 | 2,898 |
Income (loss) before income tax expense | (17,079) | 749 | 86,091 |
Income tax expense | 4,747 | 4,649 | 1,155 |
Net income (loss) | $ (21,826) | $ (3,900) | $ 84,936 |
Earnings (loss) per common share— | |||
Basic | $ (0.64) | $ (0.11) | $ 2.50 |
Diluted | $ (0.64) | $ (0.11) | $ 2.02 |
Weighted average number of shares— | |||
Basic | 34,321,888 | 34,469,921 | 33,943,264 |
Diluted | 34,321,888 | 34,469,921 | 44,755,137 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (21,826) | $ (3,900) | $ 84,936 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | 15,856 | 18,352 | (52,873) |
Derivative adjustments | |||
Fair valuation of derivatives | (2,894) | (1,589) | 7,736 |
Reclassification adjustment for loss (gain) on derivatives included in net income (loss) | 4,488 | (3,759) | (2,001) |
Total other comprehensive income (loss) | 17,450 | 13,004 | (47,138) |
Total comprehensive income (loss) | $ (4,376) | $ 9,104 | $ 37,798 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Deficit) [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance beginning at Dec. 31, 2016 | $ (72,114) | $ 416 | $ 130,189 | $ (125,825) | $ (90,918) | $ 14,024 | |
Balance, Shares beginning at Dec. 31, 2016 | 35,048,338 | ||||||
Stock-based compensation | 2,336 | 2,336 | |||||
Exercise of stock options | $ 3,744 | 6 | 3,738 | ||||
Exercise of stock options, Shares | 539,183 | 539,183 | |||||
Settlement of restricted stock units | 4 | (4) | |||||
Settlement of restricted stock units, Shares | 397,522 | ||||||
Acquisition of treasury stock | $ (11,401) | (11,401) | |||||
Acquisition of treasury stock, Shares | (1,795,444) | (1,795,444) | |||||
Other comprehensive income (loss) net | $ (47,138) | (47,138) | |||||
Net income (loss) | 84,936 | 84,936 | |||||
Balance ending at Dec. 31, 2017 | (39,637) | 426 | 136,259 | (40,889) | (102,319) | (33,114) | |
Balance, Shares ending at Dec. 31, 2017 | 34,189,599 | ||||||
Balance as adjusted, beginning at Dec. 31, 2017 | (31,153) | 426 | 136,259 | (32,405) | (102,319) | (33,114) | |
Stock-based compensation | 5,213 | 5,213 | |||||
Exercise of stock options | $ 1,133 | 2 | 1,131 | ||||
Exercise of stock options, Shares | 162,341 | 162,341 | |||||
Settlement of restricted stock units | 3 | (3) | |||||
Settlement of restricted stock units, Shares | 328,309 | ||||||
Acquisition of treasury stock | $ (1,607) | (1,607) | |||||
Acquisition of treasury stock, Shares | (239,017) | ||||||
Other comprehensive income (loss) net | 13,004 | 13,004 | |||||
Net income (loss) | (3,900) | (3,900) | |||||
Balance ending at Dec. 31, 2018 | $ (17,310) | 431 | 142,600 | (36,305) | (103,926) | (20,110) | |
Balance, Shares ending at Dec. 31, 2018 | 34,441,232 | 34,441,232 | |||||
Impact of adopting the new revenue standard at Dec. 31, 2018 | $ 8,484 | 8,484 | |||||
Stock-based compensation | 6,952 | 6,952 | |||||
Exercise of stock options | $ 2,860 | 4 | 2,856 | ||||
Exercise of stock options, Shares | 452,819 | 452,819 | |||||
Settlement of restricted stock units | 4 | (4) | |||||
Settlement of restricted stock units, Shares | 344,714 | ||||||
Acquisition of treasury stock | $ (3,107) | (3,107) | |||||
Acquisition of treasury stock, Shares | (438,453) | ||||||
Other comprehensive income (loss) net | 17,450 | 17,450 | |||||
Net income (loss) | (21,826) | (21,826) | |||||
Balance ending at Dec. 31, 2019 | $ (14,981) | $ 439 | $ 152,404 | $ (58,131) | $ (107,033) | $ (2,660) | |
Balance, Shares ending at Dec. 31, 2019 | 34,800,312 | 34,800,312 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income (loss) | $ (21,826) | $ (3,900) | $ 84,936 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 32,729 | 32,048 | 28,146 |
Provision for severance benefits | 17,139 | 17,644 | 24,373 |
Amortization of debt issuance costs and original issue discount | 2,299 | 2,183 | 1,987 |
Loss (gain) on foreign currency, net | 24,692 | 30,215 | (77,600) |
Restructuring and other charges (gains) | 3,598 | (17,010) | |
Stock-based compensation | 6,952 | 4,409 | 2,336 |
Loss on early extinguishment of long-term borrowings, net | 42 | 206 | |
Other | 247 | (1,235) | 49 |
Changes in operating assets and liabilities | |||
Accounts receivable, net | (19,824) | 8,294 | (22,210) |
Unbilled accounts receivable, net | 19,274 | (1,284) | |
Inventories, net | (4,210) | (30,675) | (8,077) |
Other receivables | (6,200) | 1,260 | 2,218 |
Other current assets | 11,984 | 9,942 | 2,318 |
Accounts payable | 7,375 | (8,389) | 10,320 |
Other accounts payable | (8,518) | (11,183) | (12,141) |
Accrued expenses | 5,279 | (3,926) | (12,020) |
Deferred revenue | (4,768) | 2,891 | (3,949) |
Other current liabilities | (4,460) | 2,123 | (1,281) |
Other non-current liabilities | (306) | 2,346 | (760) |
Payment of severance benefits | (9,288) | (11,688) | (21,506) |
Other | (1,713) | (2,045) | (382) |
Net cash provided by (used in) operating activities | 50,497 | 39,236 | (20,253) |
Cash flows from investing activities | |||
Proceeds from settlement of hedge collateral | 13,583 | 14,342 | 10,615 |
Payment of hedge collateral | (17,833) | (12,907) | (14,839) |
Proceeds from disposal of property, plant and equipment | 202 | 1,685 | 1,209 |
Purchase of property, plant and equipment | (22,955) | (28,948) | (32,661) |
Payment for property related to water treatment facility arrangement (Note 4) | (4,283) | ||
Payment for intellectual property registration | (1,103) | (961) | (1,207) |
Collection of guarantee deposits | 549 | 801 | 1,462 |
Payment of guarantee deposits | (1,349) | (3,016) | (41) |
Other | 9 | (19) | 94 |
Net cash used in investing activities | (28,897) | (33,306) | (35,368) |
Cash flows from financing activities | |||
Proceeds from issuance of senior notes | 86,250 | ||
Payment of debt issuance costs | (5,902) | ||
Repurchase of long-term borrowings | (1,175) | (2,228) | |
Proceeds from exercise of stock options | 2,860 | 1,132 | 3,744 |
Acquisition of treasury stock | (2,702) | (1,607) | (11,401) |
Proceeds from property related to water treatment facility arrangement (Note 5) | 4,283 | ||
Repayment of financing related to water treatment facility arrangement (Note 5) | (552) | (286) | |
Repayment of principal portion of finance lease liabilities | (233) | ||
Net cash provided by (used in) financing activities | (1,802) | 1,294 | 72,691 |
Effect of exchange rates on cash, cash equivalents and restricted cash | (579) | (3,361) | 9,899 |
Net increase in cash, cash equivalents and restricted cash | 19,219 | 3,863 | 26,969 |
Cash, cash equivalents and restricted cash | |||
Beginning of the period | 132,438 | 128,575 | 101,606 |
End of the period | 151,657 | 132,438 | 128,575 |
Supplemental cash flow information | |||
Cash paid for interest | 19,071 | 19,255 | 17,590 |
Cash paid for income taxes | 2,081 | 920 | 1,027 |
Non-cash investing and financing activities | |||
Property, plant and equipment additions in other accounts payable | 2,542 | $ 5,249 | $ 2,520 |
Acquisition of treasury stock to satisfy the tax withholding obligations in connection with equity-based compensation | $ (405) |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Summary of Significant Accounting Policies | 1. Business, Basis of Presentation and Summary of 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 communications, Internet of Things (“IoT”) applications, consumer, industrial and automotive applications. The Company provides technology platforms for analog, mixed signal, power, high voltage, non-volatile two two Basis of Presentation The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below. Principles of Consolidation The consolidated financial statements include the accounts of the Company including its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, unbilled accounts receivable, inventories, stock based compensation, property plant and equipment, intangible assets, leases, other long-lived assets, long-term employee benefits, contingencies liabilities, estimated future cash flows and other assumptions used in long-lived asset impairment tests and calculation of income taxes and deferred tax valuation allowances, and assumptions used in the calculation of sales incentives, among others. Although these estimates and assumptions are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be significantly different from the estimates. Foreign Currency Translation The Company has assessed in accordance with Accounting Standards Codification (ASC) 830, “Foreign Currency Matters” (“ASC 830”), the functional currency of each of its subsidiaries in Luxembourg and the Netherlands and has designated the US dollar to be their respective functional currencies. The Korean Won is the functional currency for the Company’s Korean subsidiary, which is the primary operating subsidiary of the Company. The Company and its other subsidiaries are utilizing their local currencies as their functional currencies. The financial statements of the subsidiaries in functional currencies other than the US dollar are translated into the US dollar in accordance with ASC 830. All the assets and liabilities are translated to the US dollar at the end-of-period Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity date of three months or less Accounts Receivable Reserves An allowance for doubtful accounts is provided based on the aggregate estimated uncollectability of the Company’s accounts receivable. The Company also records an estimate for sales returns, included within accounts receivable, net, based on the historical experience of the amount of goods that will be returned and refunded or replaced. In addition, the Company also includes in accounts receivable, net, an allowance for volume discounts offered to certain customers and distributors for meeting agreed upon levels of sales volume. Sales of Accounts Receivable The Company accounts for transfers of financial assets under ASC 860, “Transfers and Servicing,” as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from the Company’s accounts with any realized gain or loss reflected in earning during the period of sale. Inventories Inventories are stated at the lower of cost or net realizable value, using the first in, first out method (“FIFO”). If net realizable value is less than cost at the balance sheet date, the carrying amount is reduced to the realizable value, and the difference is recognized as a loss on valuation of inventories within cost of sales. Inventory reserves are established when conditions indicate that the net realizable value is less than costs due to physical deterioration, obsolescence, changes in price levels, or other causes based on individual facts and circumstances. The Company evaluates the sufficiency of inventory reserves and takes into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product age and other factors. Reserves are also established for excess inventory based on the Company’s current inventory levels and projected demand and its ability to sell those specific products. Situations that could cause these inventory reserves include a decline in business and economic conditions, decline in consumer confidence caused by changes in market conditions, sudden and significant decline in demand for our products, inventory obsolescence because of rapidly changing technology and consumer requirements, or failure to estimate end customer demand properly. A reduction of these inventory reserves may be recorded if previously reserved items are subsequently sold as a result of unexpected changes to certain aforementioned situations. In addition, as prescribed in ASC 330, “Inventory,” once a reserve is established for a particular item based on the Company’s assessment as described above, it is maintained until the related item is sold or scrapped as a new cost basis has been established that cannot subsequently be marked up. In addition, the cost of inventories is determined based on the normal capacity of each fabrication facility. In case the capacity utilization is lower than a certain level that management believes to be normal, the fixed overhead costs per production unit which exceeds those under normal capacity are charged to cost of sales rather than capitalized as inventories. Advances to Suppliers The Company, from time to time, may make advances in form of prepayments or deposits to suppliers to procure materials to meet its planned production. The Company recorded advances of $ 6,593 8,132 Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as set forth below. Buildings 30 - 40 years Building related structures 10 - 20 years Machinery and equipment 10 - 12 years Others 3 - 10 years Routine maintenance and repairs are charged to expense as incurred. Expenditures that enhance the value or significantly extend the useful lives of the related assets are capitalized. Impairment of Long-Lived Assets The Company reviews property, plant and equipment and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360, “Property, Plant and Equipment.” Recoverability is measured by comparing its carrying amount with the future net undiscounted cash flows the assets are expected to generate. If such assets are considered to be impaired, the impairment is measured as the difference between the carrying amount of the assets and the fair value of assets using the present value of the future net cash flows generated by the respective long-lived assets. Restructuring Charges The Company recognizes restructuring charges in accordance with ASC 420, “Exit or Disposal Cost Obligations.” Certain costs and expenses related to exit or disposal activities are recorded as restructuring charges when liabilities for those costs and expenses are incurred. Leases The Company determines if an arrangement is a lease at inception of a contract considering whether the arrangement conveys the right to control the use of an identified asset over the period of use. Control of an underlying asset is conveyed if the Company has the right to direct the use of, and to obtain substantially all of the economic benefits from the use of, the identified asset. The Company accounts for lease transactions as either an operating or a finance lease, depending on the terms of the underlying lease arrangement. Assets related to operating leases are recorded on the balance sheet as operating lease right-of-use non-current non-current right-of-use non-current Right-of-use Right-of-use right-of-use right-of-use An extension or contraction of a lease term is considered if the related option to extend or early terminate the lease is reasonably certain to be exercised by the Company. Operating lease right-of-use non-lease non-lease Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates are not included in the right-of-use The Company does not recognize operating lease right-of-use Intangible Assets Intangible assets other than intellectual property include technology and customer relationships that are amortized on a straight-line basis over periods ranging from one five ten Fair Value Disclosures of Financial Instruments The Company follows ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”) for measurement and disclosures about fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in US GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by ASC 820 are: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date. The carrying amounts of the Company’s financial assets and liabilities, such as cash equivalents, accounts receivable, other receivables, accounts payable and other accounts payable approximate their fair values because of the short maturity of these instruments. Accrued Severance Benefits The majority of accrued severance benefits are Accrued severance benefits are funded through a group severance insurance plan. The amounts funded under this insurance plan are classified as a reduction of the accrued severance benefits. Subsequent accruals are to be funded at the discretion of the Company. In accordance with the National Pension Act of the Republic of Korea, a certain portion of accrued severance benefits is deposited with the National Pension Fund and deducted from the accrued severance benefits. The contributed amount is paid to employees from the National Pension Fund upon their retirement. Beginning in July 2018, the Company began contributing a percentage of severance benefits, which may be adjusted from time to time, accrued for eligible employees for their services beginning January 1, 2018, to certain severance insurance deposit accounts. These accounts consist of time deposits and other guaranteed principal and interest accounts, and are maintained at insurance companies, banks or security companies for the benefit of the Company’s employees. Revenue Recognition The Company recognizes revenue when it satisfies the performance obligation of transferring control over a product or service to a customer. Revenue is measured based on the consideration specified in a contract with a customer, which consideration is paid in exchange for a product or service. The Foundry Services Group of the Company manufactures products, which the Company refers to as foundry products, based on customers’ specific product designs. The Company recognizes revenue over time for foundry products that do not have an alternative use when the Company has an enforceable right to payment. Revenue recognized over time is in proportion of wafer manufacturing costs incurred relative to total estimated costs for completion. However, in certain circumstances, pursuant to a customer contract or an individual purchase order, the Company may not have an enforceable right to payment for services performed at a given time. In this situation, the Company recognizes revenue at the time when a customer obtains control of the product, which is generally upon product shipment, delivery at the customer’s location or upon customer acceptance, depending on the terms of the arrangement. The Standards Products Group of the Company sells products manufactured based on the Company’s design. The Standard Products Group’s products are either standardized with an alternative use or the Company does not have an enforceable right to payment for the related manufacturing services completed to date. Therefore, revenue for the Standards Products Group’s products is recognized when a customer obtains control of the product, which is generally upon product shipment, delivery at the customer’s location or upon customer acceptance, depending on the terms of the arrangement. A portion of the Company’s sales are made through distributors for which the Company applies the same revenue recognition guidance described above. The Company defers the recognition of revenue when it receives consideration from the customers prior to the fulfillment of performance obligations. These amounts are classified as deferred revenue on the consolidated balance sheets. Of the recorded deferred revenue of $6,477 thousand as of December 31, 2018, $1,885 thousand w as 4,428 In accordance with revenue recognition guidance, any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction, and that is collected by the Company from a customer, is excluded from revenue and related revenue is presented in the statements of operations on a net basis. The Company provides warranties under which customers can return defective products. The Company also provides allowances for additional products that may have to be provided free of charge to compensate customers for not meeting previously agreed upon yield criteria, which the Company refers to as the low yield compensation reserve. The Company estimates the costs related to warranty claims, repair or replacements and low yield compensation reserves, and records them as components of cost of sales. In addition, the Company offers sales returns (other than those that relate to defective products under warranty), cash discounts for early payments, sales incentives including discounts and volume rebates, and certain allowances to the Company’s customers, including the Company’s distributors. The Company records reserves for those returns, discounts, incentives and allowances as a deduction from sales, based on historical experience and other quantitative and qualitative factors. Substantially all of the Company’s contracts are one thirty sixty Unbilled accounts receivable represents the Company’s contractual right to consideration for manufacturing work performed on a customer contract or an individual purchase order that 38,181 All amounts billed to a customer related to shipping and handling are classified as sales while all costs incurred by the Company for shipping and handling are classified as selling, general and administrative expenses. The amounts charged to selling, general and administrative expenses were $ 1,769 1,861 1,652 Derivative Financial Instruments The Company applies the provisions of ASC 815, “Derivatives and Hedging” (“ASC 815”). This Statement requires the recognition of all derivative instruments as either assets or liabilities measured at fair value. Under the provisions of ASC 815, the Company may designate a derivative instrument as hedging the exposure to variability in expected future cash flows that are attributable to a particular risk (a “cash flow hedge”) or hedging the exposure to changes in the fair value of an asset or a liability (a “fair value hedge”). Special accounting for qualifying hedges allows the effective portion of a derivative instrument’s gains and losses to offset related results on the hedged item in the consolidated statements of operations and requires that a company formally document, designate and assess the effectiveness of the transactions that receive hedge accounting treatment. Both at the inception of a hedge and on an ongoing basis, a hedge must be expected to be highly effective in achieving offsetting changes in cash flows or fair value attributable to the underlying risk being hedged. If the Company determines that a derivative instrument is no longer highly effective as a hedge, it discontinues hedge accounting prospectively and future changes in the fair value of the derivative are recognized in current earnings. The Company assesses hedge effectiveness at the end of each quarter. In accordance with ASC 815, changes in the fair value of derivative instruments that are cash flow hedges are recognized in accumulated other comprehensive income (loss) and reclassified into earnings in the period in which the hedged item affects earnings. Derivative instruments that do not qualify, or cease to qualify, as hedges must be adjusted to fair value and the adjustments are recorded through net income (loss). The cash flows from derivative instruments receiving hedge accounting treatment are classified in the same categories as the hedged items in the consolidated statements of cash flows. Advertising The Company expenses advertising costs as incurred. Advertising expense was approximately $134 thousand, $121 thousand and $95 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. Product Warranties The Company records, in other current liabilities, warranty liabilities for the estimated costs that may be incurred under its basic limited warranty. The standard limited warranty period is one to two years for the majority of products. This warranty covers defective products, and related liabilities are accrued when product revenues are recognized. Factors that affect the Company’s warranty liabilities include historical and anticipated rates of warranty claims and repair or replacement costs per claim to satisfy the Company’s warranty obligation. The Company also records, in other current liabilities, low yield compensation reserves for its estimated costs for products that may have to be provided free of charge to compensate customers for not meeting previously agreed upon yield criteria. Factors that affect the Company’s low yield compensation reserves include historical and anticipated rates of claims for not meeting previously agreed upon yield criteria. The Company periodically assesses the adequacy of those recorded warranty liabilities and low yield compensation reserves, and adjusts its estimates when necessary. Research and Development Research and development expenses are expensed as incurred and include wafers, masks, employee expenses, contractor fees, building costs, utilities and administrative expenses. Licensed Patents and Technologies The Company has entered into a number of royalty agreements to license patents and technology used in the design of its products. The Company carries two types of royalties: lump-sum Lump-sum non-refundable Running royalties are paid based on the revenue of related products sold by the Company. Stock-Based Compensation The Company follows the provisions of ASC 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense, net of the estimated forfeiture rate, over the requisite service period. As permitted under ASC 718, the Company elected to recognize compensation expense for all options with graded vesting based on the graded attribution method. The Company uses the Black-Scholes option-pricing model to measure the grant-date-fair-value of options. The Black-Scholes model requires certain assumptions to determine an option’s fair value, including expected term, risk free interest rate and expected volatility. The expected term of each option grant was based on employees’ expected exercises and post-vesting employment termination behavior and the risk free interest rate was based on the US Treasury yield curve for the period corresponding with the expected term at the time of grant. No dividends were assumed for this calculation of option value. Earnings Per Share In accordance with ASC 260, “Earnings Per Share”, the Company computes basic earnings per share by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution of potential common stock outstanding during the period including stock options and restricted stock units, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options and restricted stock units), and convertibles, using the if-converted Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in a company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established when it is necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. The Company recognizes and measures uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step more-likely-than-not more-likely-than-not Concentration of Credit Risk The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral for customers on accounts receivable. The Company maintains reserves for potential credit losses, which are periodically reviewed. Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued Accounting Standards Update No. ASU 2019-12, 2019-12”). 2019-12 for In June 2016, the FASB issued Accounting Standards Update No. 2016-13, 2016-13”). 2016-13 No. 2019-04, 2019-04”) , i 2016-13. 2016-13, 2019-04 2019-11 2016-13, 2019-04 2019-11 In August 2018, the FASB issued Accounting Standards Update No. 2018-13 2018-13”). 2018-13 2018-13 Recently Adopted Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Reform 2018-02 In August 2017, the FASB issued Accounting Standards Update No. 2017-12, 2017-12”). 2017-12 2017-12 2017-12 In July 2017, the FASB issued Accounting Standards Update No. 2017-11, 2017-11”), 2017-11 In February 2016, the FASB issued Accounting Standards Update No. 2016-02, 2016-02”) 2016-02 right-of-use 2018-01, 2018-01”). 2018-01 2016-02 2018-10, 2018-10”). 2018-10 2018-11, 2018-11”). 2018-11 2016-02 2018-20, 2018-20”). 2018-20 2016-02. 2019-01 2019-01”). 2016-02, 2018-01, 2018-10, 2018-11, 2018-20 2019-01 right-of-use The Company used hindsight for determining a remaining lease term and assessing the likelihood of whether a renewal option is reasonably certain to be exercised by the Company. . For further information regarding these impacts, see Note 7, “Leases.” In May 2014, the FASB issued ASU 2014-09. 2014-09 2014-09 2016-08, ASU 2016-10, 2016-12, 2016-20, 2016-08, 2016-10, 2016-12 2016-20 2014-09 Prior to the adoption of the new revenue standard effective on January 1, 2018, the Company had historically recognized revenue when risk and reward of ownership passed to the customer either upon shipment, upon product delivery at the customer’s location or upon customer acceptance, depending on the terms of the related arrangement. After the adoption of the new revenue standard effective on January 1, 2018, the Company recognizes revenue over time for foundry products that do not have an alternative use when the Company has an enforceable right to payment. As the Company adopted the new revenue standard using the modified retrospective method, it recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the Company’s equity as of January 1, 2018, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for such periods. The cumulative effect of the adjustments increased unbilled accounts receivable by $38,307 thousand and decreased inventories, net by $29,823 thousand, resulting in a net increase of $8,484 thousand in the Company’s beginning equity as of January 1, 2018. There was no net income tax impact from those cumulative effect adjustments due to full allowance on deferred tax assets. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. Fair Value Measurements ASC 820 defines fair value, establishes a consistent framework for measuring fair value and expands disclosure requirements about fair value measurements. ASC 820 requires, among other things, the Company’s valuation techniques used to measure fair value to maximize the use of observable inputs and minimize the use of unobservable inputs. Fair Value of Financial Instruments As of December 31, 2019, 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 Fair Value Quoted Prices in Significant Significant Assets: Derivative assets (other current assets) $ 1,456 $ 1,456 — $ 1,456 — As of December 31, 2018, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value Fair Value Quoted Prices in Significant Significant Liabilities: Derivative liabilities (other current liabilities) $ 724 $ 724 — $ 724 — Items not reflected in the table above include cash equivalents, accounts receivable, other receivables, accounts payable, and other accounts payable, fair value of which approximate carrying values due to the short-term nature of these instruments. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs. Fair Value of Long-Term Borrowings December 31, 2019 December 31, 2018 Carrying Fair Carrying Fair (In thousands of US dollars) Long-Term Borrowings: 5.0 $ 81,959 $ 116,078 $ 81,418 $ 86,835 6.625 S N $ 222,784 $ 224,250 $ 222,159 $ 202,046 On January 17, 2017, the Company’s wholly-owned subsidiary, MagnaChip Semiconductor S.A., closed an offering (the “Exchangeable Notes Offering”) of 5.0% Exchangeable Senior Notes due March 1, 2021 920 On July 18, 2013, the Company issued 6.625% S N July 15, 2021 250 Fair Values Measured on a Non-recurring The Company’s non-financial |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable | 3. Accounts Receivable Accounts receivable as of December 31, 2019 and 2018 consisted of the following (in thousands): December 31, 2019 2018 Accounts receivable $ 92,685 $ 80,155 Notes receivable 3,706 856 Less: Allowances for doubtful accounts (87 ) (90 ) Sales return reserves (387 ) (439 ) Volume discounts (276 ) (479 ) Accounts receivable, net $ 95,641 $ 80,003 Changes in allowance for doubtful accounts for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ (90 ) $ (94 ) $ (83 ) Translation adjustments 3 4 (11 ) Ending balance $ (87 ) $ (90 ) $ (94 ) Changes in sales return reserves for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ (439 ) $ (628 ) $ (1,107 ) Provision (136 ) (245 ) (40 ) Usage 170 414 626 Translation adjustments 18 20 (107 ) Ending balance $ (387 ) $ (439 ) $ (628 ) Changes in low yield compensation reserve for the year ended December 31, 2017 are as follows (in thousands): Year Ended 2017 Beginning balance $ (432 ) Provision (362 ) Usage 22 Translation adjustments (72 ) Ending balance $ (844 ) Beginning in the first quarter of 2018, the Company recognized the low yield compensation reserves as a component of cost of sales, which were previously recorded as a deduction of sales. Changes in volume discounts for the years ended December 31, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2019 2018 Beginning balance $ (479 ) $ — Provision (1,852 ) (1,378 ) Usage 2,040 892 Translation adjustments 15 7 Ending balance $ (276 ) $ (479 ) The Company has entered into an agreement to sell selected trade accounts receivable to a financial institution from time to time since March 2012. After the sale, the Company does not retain any interest in the receivables and the applicable financial institution collects these accounts receivable directly from the customer. The proceeds from the sales of these accounts receivable totaled $14,474 thousand, $25,266 thousand and $18,973 for the years ended December 31, 2019, 2018 and 2017, respectively, and these sales resulted in pre-tax The Company uses receivable discount programs with certain customers. These discount arrangements allow the Company to accelerate collection of customers’ receivables. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories as of December 31, 2019 and 2018 consist of the following (in thousands): Year Ended December 31, 2019 2018 Finished goods 17,489 14,334 Semi-finished goods and work-in-process 44,040 39,135 Raw materials 17,702 21,150 Materials in-transit — 1,890 Less: inventory reserve (5,964 ) (4,898 ) Inventories, net $ 73,267 $ 71,611 Changes in inventory reserve for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ (4,898 ) $ (6,391 ) $ (7,177 ) Change in reserve Inventory reserve charged to costs of sales (13,855 ) (8,269 ) (7,017 ) Sale of previously reserved inventory 3,067 4,098 6,003 (10,788 ) (4,171 ) (1,014 ) Write off 9,189 5,479 2,641 Translation adjustments 533 185 (841 ) Ending balance $ (5,964 ) $ (4,898 ) $ (6,391 ) 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 During the first half of 2019, the Company recorded inventory reserves of $5,475 thousand related to certain legacy display products. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 5. Property, Plant and Equipment Property, plant and equipment as of December 31, 2019 and 2018 are comprised of the following (in thousands): December 31, 2019 2018 Buildings and related structures $ 68,828 $ 70,665 Machinery and equipment 327,677 323,325 Finance lease right-of-use 2,457 — Others 42,681 44,724 441,643 438,714 Less: accumulated depreciation (273,959 ) (251,962 ) Land 14,890 15,419 Property, plant and equipment, net $ 182,574 $ 202,171 Aggregate depreciation expenses totaled $31,820, thousand $31,229 thousand and $27,498 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. As of June 29, 2018, the Company’s Korean subsidiary entered into an arrangement whereby it (i) acquired a water treatment facility from SK hynix for $4,172 thousand to support its fab in Gumi, Korea, and (ii) subsequently sold the water treatment facility for $4,172 thousand to a third party management company that the Company engaged to run the facility for a 10-year non-current 10-year |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets Intangible assets as of December 31, 2019 and 2018 are comprised of the following (in thousands): December 31, 2019 Gross Accumulated Net Technology $ 18,688 $ (18,688 ) $ — Customer relationships 26,838 (26,838 ) — Intellectual property assets 12,278 (8,264 ) 4,014 Intangible assets, net $ 57,804 $ (53,790 ) $ 4,014 December 31, 2018 Gross Accumulated Net Technology $ 19,350 $ (19,350 ) $ — Customer relationships 27,791 (27,791 ) — Intellectual property assets 11,571 (7,618 ) 3,953 Intangible assets, net $ 58,712 $ (54,759 ) $ 3,953 Aggregate amortization expense for intangible assets totaled $909 thousand, $819 thousand and $648 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. The aggregate amortization expense of intangible assets for the next five years are estimated to be $ 943 908 809 622 394 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 7. Leases The Company has operating and finance leases for land, buildings and other assets such as vehicles and office equipment. The Company’s leases have remaining lease terms ranging from 1 year to 15 years. For certain leases, the Company has options to extend the lease term for additional periods ranging from 1 year to 10 years. The Company’s land lease payment is subject to a biennial adjustment (based on change of the Consumer Price Index), the impact of which is treated as a variable lease payment. The Company adopted the new lease accounting standard as of January 1, 2019, using the modified retrospective transition method. The tables below present financial information related to the Company’s leases. Supplemental balance sheet information related to leases is as follows (in thousands): Leases Classification As of Assets Operating lease Operating lease right-of-use $ 11,482 Finance lease Property, plant and equipment, net 2,151 Total leased assets $ 13,633 Liabilities Current Operating Operating lease liabilities $ 2,036 Finance Other current liabilities 252 Non-current Operating Non-current 9,446 Finance Other non-current 1,971 Total lease liabilities $ 13,705 The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands): Year Ended 2019 Operating lease cost $ 3,154 Finance lease cost Amortization of right-of-use 303 Interest on lease liabilities 178 Total lease cost $ 3,635 The above table does not include an immaterial cost of short-term leases and a variable lease payment during the year ended December 31, 2019. Other lease information is as follows (in thousands): Year Ended 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,154 Operating cash flows from finance leases 178 Financing cash flows from finance leases 233 As of 2019 Weighted average remaining lease term Operating leases 12.5 years Finance leases 10.4 years Weighted average remaining lease rate Operating leases 7.95 % Finance leases 7.95 % The aggregate future lease payments for operating and finance leases as of December 31, 2019 are as follows (in thousands): Operating Finance 2020 $ 2,843 $ 413 2021 1,355 413 2022 1,096 413 2023 1,088 413 2024 1,088 150 Thereafter 10,618 1,463 Total future lease payments 18,088 3,265 Less: Imputed interest (6,606 ) (1,042 ) Present value of future payments $ 11,482 $ 2,223 As of December 31, 2018, the minimum aggregate rental payments due under non-cancelable 2019 $ 4,319 2020 3,569 2021 1,570 2022 1,319 2023 1,309 2024 and thereafter 13,978 $ 26,064 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 8. Accrued Expenses Accrued expenses as of December 31, 2019 and 2018 are comprised of the following (in thousands): December 31, 2019 2018 Payroll, benefits and related taxes, excluding severance benefits $ 16,505 $ 14,548 Withholding tax attributable to intercompany interest income 23,371 20,879 Interest on senior notes 8,205 8,226 Outside service fees 898 935 Restructuring and others 3,549 — Others 2,548 1,662 Accrued expenses $ 55,076 $ 46,250 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 9. Derivative Financial Instruments The Company’s Korean subsidiary from time to time has entered into zero cost collar and forward contracts to hedge the risk of changes in the functional-currency-equivalent cash flows attributable to currency rate changes on US dollar denominated revenues. Details of derivative contracts as of December 31, 2019 are as follows (in thousands): Date of transaction Type of derivative Total notional amount Month of settlement August 13, 2019 Zero cost collar $ 60,000 January 2020 to June 2020 September 27, 2019 Zero cost collar $ 42,000 January 2020 to June 2020 December 4, 2019 Zero cost collar $ 30,000 July 2020 to December 2020 Details of derivative contracts as of December 31, 2018 are as follows (in thousands): Date of transaction Type of derivative Total notional amount Month of settlement June 27, 2018 Zero cost collar $ 18,000 January 2019 to June 2019 June 27, 2018 Forward $ 36,000 January 2019 to June 2019 The zero cost collar and forward 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 and forward contracts recorded as assets and liabilities as of December 31, 2019 and 2018 are as follows (in thousands): Derivatives designated as hedging instruments: December 31, 2019 2018 Asset Derivatives: Zero cost collars Other current assets $ 1,456 $ — Liability Derivatives: Zero cost collars Other current liabilities $ — $ 117 Forward Other current liabilities $ — $ 607 Offsetting of derivative assets as of December 31, 2019 is as follows (in thousands): As of December 31, 2019 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Asset Derivatives: Zero cost collars $ 1,456 $ — $ 1,456 $ — $ 1,070 $ 2,526 Offsetting of derivative liabilities as of December 31, 2018 is as follows (in thousands): As of December 31, 2018 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Liability Derivatives: Zero cost collars $ 117 $ — $ 117 $ — $ (360 ) $ (243 ) Forward $ 607 $ — $ 607 $ — $ (1,450 ) $ (843 ) For derivative instruments that are designated and qualify as cash flow hedges, gains or losses on the derivative aside from components excluded from the assessment of effectiveness are reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative, representing hedge components excluded from the assessment of effectiveness, are recognized in current earnings. The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the years ended December 31, 2019 and 2018 (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Location/Amount of Gain (Loss) Location/Amount of Loss 2019 2018 2019 2018 2019 2018 Zero cost collars $ (1,096 ) $ (747 ) Net sales $ (2,738 ) $ 2,103 Other income, net $ (193 ) $ (276 ) Forwards $ (1,798 ) $ (842 ) Net sales $ (1,750 ) $ 1,656 Other income, net $ (125 ) $ (190 ) Forwards—excluded time value(1) Other income, net $ — $ (1,904 ) $ (2,894 ) $ (1,589 ) $ (4,488 ) $ 3,759 $ (318 ) $ (2,370 ) (1) The FASB issued the new guidance about hedging activities (ASU 2017-12), As of December 31, 2019, the amount expected to be reclassified from accumulated other comprehensive loss into income within the next twelve months is $1,545 thousand. The Company set aside $8,750 thousand and $4,000 thousand of cash deposits to the counterparties, Nomura Financial Investment (Korea) Co., Ltd. (“NFIK”) and Deutsche Bank AG, Seoul Branch (“DB”), as required for the zero cost collar and forward contracts outstanding as of December 31, 2019 and 2018, respectively. These cash deposits are recorded as hedge collateral on the consolidated balance sheets. The Company is required to deposit additional cash collateral with NFIK and DB for any exposure in excess of $500 thousand, and $1,070 thousand and $1,810 thousand of additional cash collateral were required and recorded as hedge collateral on the consolidated balance sheets as of December 31, 2019 and December 31, 2018, respectively. These forward and zero cost collar contracts may be terminated by the counterparty in a number of circumstances, including if the Company’s long-term debt rating falls below B-/B3 |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | 10. Product Warranties Changes in accrued warranty liabilities for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ 610 $ 1,060 $ 466 Change in provision (reversal) 2,357 222 (224 ) Usage (1,315 ) (636 ) (65 ) Translation adjustments (6 ) (36 ) 39 Ending balance $ 1,646 $ 610 $ 216 Beginning in the first quarter of 2018, the Company recognized low yield compensation reserves as a component of cost of sales. Low yield compensation reserves were previously recorded as a deduction of sales. The Company accounted for this change prospectively as a change in accounting estimate, which resulted in an increase of $844 thousand in current liabilities, as of January 1, 2018. |
Long-term Borrowings
Long-term Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Borrowings | 11. Long-Term Borrowings Long-term borrowings as of December 31, 2019 and 2018 are as follows (in thousands): December 31, 2019 2018 5.0% Exchangeable Senior Notes due March 2021 $ 83,740 $ 84,660 6.625% S N $ 224,250 $ 224,500 Less: unamortized discount and debt issuance costs (3,247 ) (5,583 ) Long-term borrowings, net of unamortized discount and debt issuance costs $ 304,743 $ 303,577 5.0% Exchangeable Senior Notes On January 17, 2017, MagnaChip Semiconductor S.A. closed the Exchangeable Notes Offering of $86,250 thousand aggregate principal amount of 5.0% Exchangeable Notes. Interest on the Exchangeable Notes accrues at a rate of 5.0% per annum, payable semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. The Exchangeable Notes will mature on March 1, 2021, unless earlier repurchased or converted. Holders may convert their notes at their option at any time prior to the close of business on the business day immediately preceding the stated maturity date. The Company used a portion of the net proceeds from the issuance to repurchase 1,795,444 shares of common stock under its stock repurchase program at an aggregate cost of $11,401 thousand. Upon conversion, the Company will deliver for each $1,000 principal amount of converted notes a number of shares equally to the exchange rate, which will initially be 121.1387 shares of common stock per $1,000 principal amount of Exchangeable Notes, equivalent to an initial exchange price of approximately $8.26 per share of common stock. The exchange rate will be subject to adjustment in some circumstances, but will not be adjusted for any accrued and unpaid interest. In addition, if a “make-whole fundamental change” (as defined in the Exchangeable Notes indenture (the “Exchangeable Notes Indenture”)) occurs prior to the stated maturity date, the Company will increase the exchange rate for a holder who elects to convert its notes in connection with such make-whole fundamental change in certain circumstances. MagnaChip Semiconductor S.A. may also, under certain circumstances, be required to pay additional amounts to holders of Exchangeable Notes if withholding or deduction is required in a relevant tax jurisdiction. If the Company undergoes a fundamental change, subject to certain conditions, holders may require the Company to repurchase for cash all or part of their notes at a purchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change purchase date. In addition, upon certain events of default described in the Exchangeable Notes Indenture, the trustee or holders of at least 25% principal amount of the Exchangeable Notes may declare 100% of the then outstanding Exchangeable Notes due and payable in full, together with all accrued and unpaid interest thereon. Payment of principal on the Exchangeable Notes may also accelerate and become automatically due and payable upon certain events of default involving bankruptcy or insolvency proceedings involving the Company, MagnaChip Semiconductor S.A. and their significant subsidiaries. The Exchangeable Notes are not redeemable at the option of MagnaChip Semiconductor S.A. prior to the maturity date. The Exchangeable Notes Indenture contains covenants that limit the ability of the Company, MagnaChip Semiconductor S.A. and the Company’s other restricted subsidiaries to: (i) declare or pay any dividend or make any payment or distribution on account of or purchase or redeem the Company’s capital stock or equity interests of the restricted subsidiaries; (ii) make any principal payment on, or redeem or repurchase, prior to any scheduled repayment or maturity, any subordinated indebtedness; (iii) make certain investments; (iv) incur additional indebtedness and issue certain types of capital stock; (v) create or incur any lien (except for permitted liens) that secures obligations under any indebtedness; (vi) merge with or into or sell all or substantially all of the Company’s assets to other companies; (vii) enter into certain types of transactions with affiliates; (viii) guarantee the payment of any indebtedness; and (ix) designate unrestricted subsidiaries. These covenants are subject to a number of exceptions and qualifications. Certain of these restrictive covenants will terminate if the Exchangeable Notes are rated investment grade at any time. The Company incurred debt issuance costs of $5,902 thousand related to the issuance of the Exchangeable Notes. The debt issuance costs are recorded as a direct deduction from the long-term borrowings in the consolidated balance sheets and amortized to interest expense using the effective interest method over the term of the Exchangeable Notes. Interest expense related to the Exchangeable Notes for year ended December 31, 2019 and 2018 was $5,618 thousand and $5,678 thousand, respectively. In December 2018, the Company repurchased a principal amount equal to $1,590 thousand of the Exchangeable Notes in the open market, resulting in a loss of $234 thousand, which was recorded as loss on early extinguishment of long-term borrowings, net in the consolidated statements of operations for the year ended December 31, 2018. In February 2019, the Company repurchased a principal amount equal to $920 thousand of the Exchangeable Notes in the open market, resulting in a loss of $63 thousand, which was recorded as loss on early extinguishment of long-term borrowings, net in the consolidated statements of operations for the year ended December 31, 2019. 6.625% Senior Notes On July 18, 2013, the Company issued a $225,000,000 aggregate principal amount of the 2021 Notes at a price of 99.5%. Interest on the 2021 Notes accrues at a rate of 6.625% per annum, payable semi-annually on January 15 and July 15 of each year, beginning on January 15, 2014. On or after July 15, 2019, the Company can optionally redeem all or a part of the 2021 Notes at a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest and special interest, if any, on the notes redeemed, to the applicable date of redemption. The Indenture relating to the 2021 Notes contains covenants that limit the ability of the Company and its restricted subsidiaries to: (i) declare or pay any dividend or make any payment or distribution on account of or purchase or redeem the Company’s capital stock or equity interests of the restricted subsidiaries; (ii) make any principal payment on, or redeem or repurchase, prior to any scheduled repayment or maturity, any subordinated indebtedness; (iii) make certain investments; (iv) incur additional indebtedness and issue certain types of capital stock; (v) create or incur any lien (except for permitted liens) that secures obligations under any indebtedness; (vi) merge with or into or sell all or substantially all of the Company’s assets to other companies; (vii) enter into certain types of transactions with affiliates; (viii) guarantee the payment of any indebtedness; (ix) enter into sale-leaseback transactions; (x) enter into agreements that would restrict the ability of the restricted subsidiaries to make distributions with respect to their equity to the Company or other restricted subsidiaries, to make loans to the Company or other restricted subsidiaries or to transfer assets to the Company or other restricted subsidiaries; and (xi) designate unrestricted subsidiaries. These covenants are subject to a number of exceptions and qualifications. Certain of these restrictive covenants will terminate if the 2021 Notes are rated investment grade at any time. The Company incurred original issue discount of $1,125 thousand and debt issuance costs of $5,039 thousand related to the issuance of the 2021 Notes. The original issue discount and the debt issuance costs are recorded as a direct deduction from the long-term borrowings in the consolidated balance sheets and amortized to interest expense using the effective interest method over the term of the 2021 Notes. Interest expense related to the 2021 Notes for the year ended December 31, 2019 and 2018 were $15,730 thousand and $15,719 thousand, respectively. In December 2018, the Company repurchased a principal amount equal to $500 thousand of the 2021 Notes in the open market, resulting in a net gain of $28 thousand, which was recorded as loss on early extinguishment of long-term borrowings, net in the consolidated statements of operations for the year ended December 31, 2018. In January 2019, the Company repurchased a principal amount equal to $250 thousand of the 2021 Notes in the open market, resulting in a net gain of $21 thousand, which was recorded as loss on early extinguishment of long-term borrowings, net in the consolidated statements of operations for the year ended December 31, 2019. |
Accrued Severance Benefits
Accrued Severance Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Accrued Severance Benefits | 12. Accrued Severance Benefits The majority of accrued severance benefits are for employees in the Company’s Korean subsidiary. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees and executive officers with one or more years of service are entitled to severance benefits upon the termination of their employment based on their length of service and rate of pay. As of December 31, 2019, 98% of all employees of the Company were eligible for severance benefits. Changes in accrued severance benefits are as follows (in thousands): Year Ended December 31, 2019 2018 Beginning balance $ 149,408 $ 149,796 Provisions 17,139 17,644 Severance payments (9,288 ) (11,688 ) Translation adjustments (4,967 ) (6,344 ) 152,292 149,408 Less: Cumulative contributions to severance insurance deposit accounts (4,781 ) (2,549 ) The National Pension Fund (215 ) (230 ) Group severance insurance plan (568 ) (598 ) Accrued severance benefits, net $ 146,728 $ 146,031 The severance benefits funded through the Company’s National Pension Fund and group severance insurance plan will be used exclusively for payment of severance benefits to eligible employees. These amounts have been deducted from the accrued severance benefit balance. Beginning in July 2018, the Company contribute s to certain severance insurance deposit accounts that are The Company is liable to pay the following future benefits to its non-executive Severance 2020 $ 1,066 2021 1,546 2022 1,349 2023 1,776 2024 2,630 2025 – 2029 35,442 The above amounts were determined based on the non-executive non-executive Korea’s mandatory retirement age is 60 under the Employment Promotion for the Aged Act. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plans | 13. Equity Incentive Plans The Company adopted its 2009 Common Unit Plan, or the 2009 Plan, effective December 8, 2009, which is administered by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”). The 2009 Plan terminated in connection with the Company’s initial public offering in March 2011, and no additional options or other equity awards may be granted under the 2009 Plan. However, options granted under the 2009 Plan prior to its termination will remain outstanding until they are either exercised or expired. The Company adopted its 2011 Equity Incentive Plan, or the 2011 Plan, in March 2010. The Company amended and restated the 2011 Plan in February 2011, and the Company’s stockholders approved the amendment in March 2011 to reflect that it became effective in 2011 in connection with the Company’s initial public offering in March 2011. The 2011 Plan was amended on October 23, 2017, to revise the clawback policy of the 2011 Plan. The 2011 Plan was amended on April 26, 2018 to amend the tax withholding provisions as they relate to directed sales of shares. Awards may be granted under the 2011 Plan to the Company’s employees, officers, directors, or consultants or those of any present or future parent or subsidiary corporation or other affiliated entity. While the Company may grant incentive stock options only to employees, the Company may grant nonstatutory stock options, stock appreciation rights, restricted stock purchase rights or bonuses, restricted stock units, performance shares, performance units and cash-based awards or other stock-based awards to any eligible participant, subject to terms and conditions determined by the Compensation Committee. The term of options shall not exceed ten years from the date of grant. Restricted stock purchase rights shall be exercisable within a period established by the Compensation Committee, which shall in no event exceed thirty days from the effective date of the grant. As of December 31, 2019 an aggregate maximum of 9,347 thousand shares were authorized and 987 thousand shares were reserved for all future grants. Stock options and stock appreciation rights must have exercise prices at least equal to the fair market value of the stock at the time of their grant pursuant to the 2011 Plan. The requisite service period, or the period during which a grantee is required to provide service in exchange for option grants, coincides with the vesting period. Stock options typically vest over one to three years following grant. Restricted stock units granted under the 2011 Plan represent a right to receive shares of the Company’s common stock when the restricted stock unit vests. No monetary payment (other than applicable tax withholding) shall be required as a condition of receiving shares pursuant to a restricted stock unit, the consideration for which shall be services actually rendered to a participating company or for its benefit. Stock issued pursuant to any restricted stock unit may (but need not) be made subject to vesting conditions based upon the satisfaction of such service requirements, conditions, restrictions or performance criteria as shall be established by the Compensation Committee and set forth in the award agreement evidencing such award. Restricted stock units typically vest over one to three years following grant. The purchase price for shares issuable under each restricted stock purchase right shall be established by the Compensation Committee in its discretion. No monetary payment (other than applicable tax withholding) shall be required as a condition of receiving shares pursuant to a restricted stock bonus, the consideration for which shall be services actually rendered to a participating company or for its benefit. Stock issued pursuant to any restricted stock award may (but need not) be made subject to vesting conditions based upon the satisfaction of such service requirements, conditions, restrictions or performance criteria as shall be established by the Compensation Committee and set forth in the award agreement evidencing such award. During any period in which stock acquired pursuant to a restricted stock award remain subject to vesting conditions, such stock may not be sold, exchanged, transferred, pledged, assigned or otherwise disposed of other than pursuant to an ownership change event or transfer by will or the laws of descent and distribution. The grantee shall have all of the rights of a stockholder of the Company holding stock, including the right to vote such stock and to receive all dividends and other distributions paid with respect to such stock; provided, however, that if so determined by the Compensation Committee and provided by the award agreement, such dividends and distributions shall be subject to the same vesting conditions as the stock subject to the restricted stock award with respect to which such dividends or distributions were paid. If a grantee’s service terminates for any reason, whether voluntary or involuntary (including the grantee’s death or disability), then (a) the Company (or its assignee) has the option to repurchase for the purchase price paid by the grantee any stock acquired by the grantee pursuant to a restricted stock purchase right which remains subject to vesting conditions as of the date of the grantee’s termination of service and (b) the grantee shall forfeit to the Company any stock acquired by the grantee pursuant to a restricted stock bonus which remains subject to vesting conditions as of the date of the grantee’s termination of service. The Company has the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the Company. The following summarizes restricted stock unit activities for the years ended December 31, 2019, 2018 and 2017. Number of Weighted Outstanding at January 1, 2017 566,389 $ 6.03 Granted 172,716 11.15 Vested (368,555 ) 5.72 Settled of previous year vesting (28,967 ) 8.00 Forfeited (830 ) 8.33 Outstanding at December 31, 2017 340,753 $ 8.80 Granted 739,231 9.64 Vested (373,620 ) 9.24 Unsettled 45,311 9.22 Forfeited (33,462 ) 10.31 Outstanding at December 31, 2018 718,213 $ 9.39 Granted 711,719 11.85 Vested (528,740 ) 11.00 Unsettled 226,215 12.16 Settled of previous year vesting (42,189 ) 9.22 Forfeited (41,915 ) 10.00 Outstanding at December 31, 2019 1,043,303 $ 10.83 Total compensation expenses recorded for the restricted stock units were $6,939 thousand, $4,096 thousand and $1,601 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, there was $4,289 thousand of total unrecognized compensation cost related to unvested restricted stock units, which is expected to be recognized over a weighted average future period of 0.5 year. Total fair value of restricted stock units vested were $5,817 thousand, $2,647 thousand and $2,107 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. The following summarizes stock option activities for the years ended December 31, 2019, 2018 and 2017. At the date of grant, all options had an exercise price not less than the fair value of common stock (aggregate intrinsic value in thousands): Number of Weighted Aggregate Weighted Outstanding at January 1, 2017 3,428,665 $ 9.23 $ 525 6.7 years Granted 70,865 10.43 — — Forfeited (88,443 ) 12.77 — — Exercised (539,183 ) 6.94 1,540 — Outstanding at December 31, 2017 2,871,904 $ 9.59 $ 6,073 6.2 years Vested and expected to vest at December 31, 2017 2,865,475 9.59 6,050 6.2 years Exercisable at December 31, 2017 2,395,979 10.11 4,603 5.7 years Outstanding at January 1, 2018 2,871,904 $ 9.59 $ 6,073 6.2 years Forfeited (34,807 ) 10.97 — — Exercised (162,341 ) 6.97 737 — Outstanding at December 31, 2018 2,674,756 $ 9.73 $ 395 5.2 years Vested and expected to vest at December 31, 2018 2,674,266 9.73 394 5.2 years Exercisable at December 31, 2018 2,544,565 9.94 306 5.1 years Outstanding at January 1, 2019 2,674,756 $ 9.73 $ 395 5.2 years Forfeited (44,892 ) 10.29 — — Exercised (452,819 ) 6.31 2,404 — Outstanding at December 31, 2019 2,177,045 $ 10.42 $ 6,259 4.7 years Vested and Exercisable at December 31, 2019 2,177,045 $ 10.42 $ 6,259 4.7 years Total compensation expenses recorded for the stock options were $13 thousand, $313 thousand and $734 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. There was no unrecognized compensation cost related to stock options expected to vest as of December 31, 2019. Total weighted average grant-date fair value of vested options was $165 thousand, $786 thousand and $794 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. The Company utilizes the Black-Scholes option-pricing model to measure the fair value of each option grant. There were no grants of stock options during the years ended December 31, 2019 and 2018. The following summarizes the grant-date fair value of options granted for the year ended December 31, 2017 and assumptions used in the Black-Scholes option-pricing model on a weighted average basis. For the year ended December 31, 2017, the expected volatility was estimated using historical volatility of the Company’s share prices. Year Ended December 31, 2019 2018 2017 Grant-date fair value of option — — $ 5.02 Expected term — — 2.5 Years Risk-free interest rate — — 1.2 % Expected volatility — — 81.7 % Expected dividends — — — The number and weighted average grant-date fair value of the unvested stock options are as follows: Year Ended December 31, 2019 2018 2017 Number Weighted Number Weighted Number Weighted Unvested options at the beginning of the period 130,191 $ 1.54 475,925 $ 2.19 897,421 $ 1.72 Granted options during the period — — — — 70,865 5.02 Vested options during the period (107,100 ) 1.54 (313,160 ) 2.51 (455,301 ) 1.74 Forfeited options during the period (345 ) 1.54 (14,738 ) 1.73 (19,031 ) 1.77 Exercised options during the period (22,746 ) 1.54 (17,836 ) 1.66 (18,029 ) 1.59 Unvested options at the end of the period 0 — 130,191 $ 1.54 475,925 $ 2.19 |
Restructuring and Other Charges
Restructuring and Other Charges (Gains) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges (Gains) | 14. Restructuring and Other Charges (Gains) On February 14, 2019, the Company announced that the Company has undertaken a strategic evaluation of the Company’s Foundry Services Group business and the fabrication facility located in Cheongju (“Fab 4”), the larger of the Company two 8-inch As of December 21, 2016, the Company entered into a purchase and sale agreement to sell a building located in Cheongju, South Korea. The building has historically been used to house the Company’s six-inch “6-inch In March 2017, the Company sold its sensor product business, which was included in and reported as part of Display Solutions line of its Standard Products Group, to a third party for proceeds of $1,295 thousand, in an effort to improve our overall profitability. The Company recorded $375 thousand net gain from this sale after deducting the book values of certain assets transferred to the buyer. |
Early Termination Charges
Early Termination Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Early Termination Charges | 15. Early Termination Charges As of February 22, 2017, the Company’s Board of Directors approved the implementation of a new headcount reduction plan (the “Headcount Reduction Plan”). As of June 30, 2017, 352 employees elected to resign from the Company during the period in which the Headcount Reduction Plan was offered. The total cash cost of approximately $31 million has been fully paid. The Company recorded in its consolidated statement of operations $13,369 thousand in termination related charges as early termination charges for the year ended December 31, 2017. The remaining total estimated cost relates to statutory severance benefits, which are required by law and ha ve |
Foreign Currency Gain (Loss), N
Foreign Currency Gain (Loss), Net | 12 Months Ended |
Dec. 31, 2019 | |
Foreign Currency [Abstract] | |
Foreign Currency Loss, | 16. Foreign Currency Gain (Loss), Net Net foreign currency gain or loss includes non-cash non-cash |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes The Company’s income tax expense is composed of domestic and foreign income taxes depending on the relevant tax jurisdictions. Domestic income (loss) before taxes and income tax expense is generated or incurred in the United States, where the parent company resides. The components of income tax expense are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Income (loss) before income tax expense Domestic $ (27,758 ) $ 3,492 $ 27,461 Foreign 10,679 (2,743 ) 58,630 $ (17,079 ) $ 749 $ 86,091 Current income tax expense (benefit) Domestic $ 20 $ (383 ) $ (359 ) Foreign 4,679 5,010 3,680 Uncertain tax position liability (domestic) (1 ) (2 ) (476 ) Uncertain tax position liability (foreign) 13 (46 ) (1,635 ) 4,711 4,579 1,210 Deferred income taxes expense (benefit) Foreign 36 70 (55 ) Total income tax expense $ 4,747 $ 4,649 $ 1,155 Effective tax rate — 620.6 % 1.3 % The Company’s effective tax rates were negative for the year ended December 31, 2019, as compared to 620.6% and 1.3% for the years ended December 31, 2018 and 2017, respectively. and late to non-income non-taxable , The provision for domestic and foreign income taxes incurred is different from the amount calculated by applying the statutory tax rate to the net income before income taxes. The significant items causing this difference are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Provision computed at statutory rate $ (3,587 ) $ 157 $ 30,223 State income taxes, net of federal effect (1,068 ) 46 5,445 Change in statutory tax rates 2,329 1 13,438 Difference in foreign tax rates 3,302 377 (17,789 ) Permanent differences Derivative assets adjustment 315 (1,111 ) 1,937 TPECs, hybrid and other interest 7,812 (5,555 ) (7,526 ) Thin capitalization 988 1,262 1,888 Permanent foreign currency gain (loss) (1,734 ) (2,490 ) 15,237 Penalty 151 436 4,001 Global intangible low-t a xed income (GILTI ) 5,112 328 — Other permanent differences 411 117 633 Withholding tax 3,043 3,270 3,339 Change in valuation allowance 4,382 6,260 (56,744 ) Tax credits claimed (419 ) (416 ) (659 ) Tax credits expired 168 817 2,638 Uncertain tax positions liability 12 (48 ) (2,111 ) Change in net operating loss carry-forwards from tax au dit — — 6,878 NOL expired 3,780 — — Intercompany debt restr uct uring (18,435 ) — — Others (1,815 ) 1,198 327 Income tax expense $ 4,747 $ 4,649 $ 1,155 The permanent differences included in Tracking Preferred Equity Certificates (TPECs), hybrid and other interest primarily relate to non-taxable in connec tion with primar ily attri butable income s earned by ce rtain of the C During 2019, the Company completed a restructuring of its intercompany borrowings between the Company and the other entities within the group of the Company (the “Intercompany Debt Restructuring”). The main purpose of the Intercompany Debt Restructuring is to simplify the intercompany debt structure of the group in order to align with the anti-hybrid mismatch provision mandated by the Organization for Economic Co-operation A summary of the composition of net deferred income tax assets (liabilities) as of December 31, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2019 2018 Deferred tax assets Inventory reserves $ 4,869 $ 8,274 Derivative liabilities — 175 Accrued expenses 3,384 3,210 Product warranties 190 67 Other reserves 303 187 Property, plant and equipment 7,979 8,797 Intangible assets 5 12 Accumulated severance benefits 36,841 36,166 Foreign currency translation loss 20,544 28,718 NOL carry-forwards 150,954 164,824 Tax credit 17,054 18,352 Other long-term payable 3,023 3,634 Interest expense deduction limitation 5,244 4,026 Others 4,240 3,455 Total deferred tax assets 254,630 279,897 Less: Valuation allowance (246,224 ) (248,633 ) 8,406 31,264 Deferred tax liabilities Derivative assets 352 — Foreign currency translation gain — 17,777 Prepaid expense 3,090 3,612 Others 4,810 9,660 Total deferred tax liabilities 8,252 31,049 Net deferred tax assets $ 154 $ 215 Net deferred tax assets reported in Other non-current $ 154 $ 215 The valuation allowances at December 31, 2019 and 2018 are primarily attributable to deferred tax assets for the uncertainty in taxable income at certain of the Company’s foreign subsidiaries, including its Korean operating subsidiary. Changes in valuation allowance for deferred tax assets for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ 248,633 $ 251,132 $ 281,473 Charged to expense 7,912 7,653 (54,816 ) NOL/tax credit claimed/expired (3,529 ) (1,393 ) (1,928 ) Translation adjustments (6,792 ) (8,759 ) 26,403 Ending balance $ 246,224 $ 248,633 $ 251,132 The evaluation of the recoverability of the deferred tax asset and the need for a valuation allowance requires the Company to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed. Realization of the future tax benefits related to the deferred tax assets is dependent on many factors, including the Company’s ability to generate future taxable income within the period during which the temporary differences reverse, the outlook for the economic environment in which the Company operates and the overall future industry outlook. As of December 31, 2019 and 2018, the Company had net deferred tax assets of $154 thousand and $215 thousand, respectively, mainly related to the Company’s Japanese subsidiary. As of December 31, 2019, 2018 and 2017, the Company recorded a valuation allowance of $246,224 thousand, $248,633 thousand and $251,132 thousand on its deferred tax assets related to temporary differences, net operating loss carry-forwards and tax credits of domestic and foreign subsidiaries. The Company recorded these valuation allowances on deferred tax assets based on its assessment that the negative evidence of expected losses in early future years outweighs the positive evidence of historical income. As of December 31, 2019, the Company had approximately $708,885 thousand of net operating loss carry-forwards available to offset future taxable income, of which $204,248 thousand is associated with the Company’s Korean subsidiary, which expires from 2024 through 2026. The net operating loss of $295,171 thousand associated with the Company’s Luxembourg subsidiary is mainly attributable to certain expenses incurred in connection with its shareholding in the Company’s Dutch subsidiary. Although this net operating loss amount is carried forward indefinitely, it will be recaptured on future capital gain. The remaining net operating loss mainly relates to the US parent company and its domestic subsidiary and substantially most of the net operating loss expires at various dates through 2039. The Company utilized net operating loss of $30,945 thousand, $24,123 thousand and $3,217 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. The Company also has Korean, Dutch and U.S. tax credit carry-forwards of approximately $3,028 thousand, $14,018 thousand and $9 thousand, respectively, as of December 31, 2019. The Korean tax credits expire at various dates starting from 2020 to 2024 and the Dutch tax credits are carried forward to be used for an indefinite period of time. United States Tax Reform On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act in the US was enacted (the “Tax Reform”). The Tax Reform reduce d The Company reviewed the tax impact of the Tax Reform, including guidance and proposed regulations issued in 2019, resulting in an inclusion of GILTI of $24,344 thousand for US income tax purposes. The Company elected to account for the tax on GILTI as a period cost and not record the deferred tax. Therefore, the inclusion of GILTI did not impact the Company’s consolidated financial statements for the year ended December 31, 2019 due to the net operating loss carry-forwards available for the Company. Uncertainty in Income Taxes The Company and its subsidiaries file income tax returns in Korea, Japan, Taiwan, the US and in various other jurisdictions. The Company is subject to income- or non-income As of December 31, 2019, 2018 and 2017, the Company recorded $445 thousand, $426 thousand and $475 thousand of unrecognized tax benefits, respectively. A tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of each period is as follows (in thousands): Year Ended December 31, 2019 2018 2017 Unrecognized tax benefits, balance at the beginning $ 426 $ 475 $ 1,768 Additions based on tax positions related to the current year 13 10 10 Reductions for tax positions of prior years (1 ) — (676 ) Lapse of statute of limitations — (51 ) (735 ) Translation adjustments 7 (8 ) 108 Unrecognized tax benefits, balance at the ending $ 445 $ 426 $ 475 The accrued interest and penalties totaled $0, $0 and $8 thousand as of December 31, 2019, 2018 and 2017, respectively. The Company is currently unaware of any uncertain tax positions that could result in significant additional payments, accruals, or other material deviation s from Other Matter In September 2017, the Company’s Korean subsidiary was notified that the Korean National Tax Service (the “KNTS”) would be examining its income- and non-income-based non-income-based As a result, the aggregate tax and penalty assessment by the KNTS was $6,030 thousand, of which $3,336 thousand had already been accrued by the Company in its 2015 consolidat e the During the fourth quarter of 2017, the Company recorded the $4,179 thousand related to this additional tax assessment and associated penalties and administrative fine as selling, general and administrative expenses in its consolidated statements of operations for the year ended December 31, 2017 and recorded the $548 thousand related to employee withholding amounts as other receivables in the |
Geographic and Segment Informat
Geographic and Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | 18. Geographic and Segment Information The Company has two operating segments: its Foundry Services Group and Standard Products Group. The Company’s chief operating decision maker is its Chief Executive Officer, who allocates resources and assesses performance of the business and other activities based on gross profit. In January 2018, as part of the Company’s ongoing portfolio optimization effort to realign business processes and streamline the Company’s organizational structure, the Company transferred a portion of its non-OLED non-OLED non-OLED The following sets forth information relating to the operating segments (in thousands): Year Ended December 31, 2019 2018 2017 As Adjusted Net Sales Foundry Services Group $ 307,144 $ 325,312 $ 350,395 Standard Products Group Display Solutions 308,531 256,113 179,233 Power Solutions 176,245 169,284 149,836 Total Standard Products Group 484,776 425,397 329,069 All other 275 189 208 Total net sales $ 792,195 $ 750,898 $ 679,672 Year Ended December 31, 2019 2018 2017 As Adjusted Gross Profit Foundry Services Group $ 64,010 $ 82,578 $ 101,780 Standard Products Group 116,327 115,478 85,905 All other 274 40 208 Total gross profit $ 180,611 $ 198,096 $ 187,893 Upon the adoption of the new revenue standard, the Company’s revenue for Foundry Services Group is disaggregated depending on the timing of revenue recognition (in thousands): Year Ended December 31, 2019 Revenue recognized Revenue Total Net Sales Foundry Services Group $ 157,272 $ 149,872 $ 307,144 Year Ended December 31, 2018 Revenue recognized Revenue Total Net Sales Foundry Services Group $ 80,578 $ 244,734 $ 325,312 The following is a summary of net sales by geographic region, based on the location to which the products are billed (in thousands): Year Ended December 31, 2019 2018 2017 Korea $ 249,385 $ 282,516 $ 279,883 Asia Pacific (other than Korea) 466,380 380,598 322,595 United States 28,109 37,483 35,089 Europe 46,421 47,831 41,109 Others 1,900 2,470 996 Total $ 792,195 $ 750,898 $ 679,672 For the years ended December 31, 2019, 2018 and 2017, the Company’s net sales in Greater China (China, Hong Kong and Macau) represented 75.4%, 66.6% and 49.7%, respectively, and net sales in Taiwan represented 20.9%, 26.2% and 36.4%, respectively, of the Company’s net sales in the Asia Pacific (other than Korea). Net sales from the Company’s top ten largest customers accounted for 67%, 61% and 57% for the years ended December 31, 2019, 2018 and 2017, respectively. For the year ended December 31, 2019, the Company had one customer that represented 32.9% of its net sales. For the year ended December 31, 2018, the Company had two customers that represented 19.3% and 13.3% of its net sales. For the year ended December 31, 2017, the Company had one customer that represented 15.6% of its net sales. 98% of the Company’s property, plant and equipment are located in Korea as of December 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies Operating Agreements with SK h In connection with the acquisition of the non-memory h h non-exclusive h non-memory h Upon the closing of the Original Acquisition, the Company’s Korean subsidiary and SK h h h Long-term Purchase Agreements The Company purchases raw materials from a variety of vendors. During the normal course of business, in order to manage manufacturing lead times and help assure adequate supply, the Company from time to time may enter into multi-year purchase agreements, which specify future quantities and pricing of materials to be supplied by the vendors. The Company reviews the terms of the long-term supply agreements and assesses the need for any accrual for estimated losses, such as lower of cost or net realizable value that will not be recovered by future sales prices. No such accrual was required as of December 31, 2019 or 2018. SEC Enforcement Staff Review In March 2014, the Company voluntarily reported to the Securities and Exchange Commission, or the SEC, that the Company’s Audit Committee had determined that the Company incorrectly recognized revenue on certain transactions and as a result would restate its financial statements, and that the Audit Committee had commenced an independent investigation. Over the course of 2014 and the first two quarters of 2015, the Company voluntarily produced documents to the SEC regarding the various accounting issues identified during the independent investigation, and whether the Company’s hiring of an accountant from the Company’s independent registered public accounting firm impacted that accounting firm’s independence. On July 22, 2014, the Staff of the SEC’s Division of Enforcement obtained a Formal Order of Investigation. On March 12, 2015, the SEC issued a subpoena for documents to the Company in connection with its investigation. On May 1, 2017, the SEC announced that it had reached a final settlement with the Company, resolving the SEC’s investigation. In that connection, the Company has consented, without admitting or denying the SEC’s findings, to the entry of an administrative order by the SEC directing that the Company cease and desist from committing or causing any violations of certain provisions of the federal securities laws and related SEC regulations. The SEC’s administrative order was entered on May 1, 2017. The SEC imposed a monetary penalty of $3,000 thousand on the Company. In the first quarter ended March 31, 2017, the Company established a reserve in that amount for the potential settlement of this matter. The reserved monetary penalty of $3,000 thousand was paid to the SEC during the second quarter of 2017. The Company also agreed to an undertaking to cooperate fully with the SEC in any and all investigations, litigations or other proceedings relating to or arising from the matters described in the SEC’s order. In connection with the settlement, the SEC considered remedial acts promptly undertaken by the Company and its cooperation with the SEC staff during the course of the investigation. Among other things, as previously disclosed in the Company’s filings with the SEC, the Audit Committee of the Company self-investigated and self-reported the accounting errors, selected new management and implemented various additional controls designed to prevent similar errors going forward. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 20. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the following at December 31, 2019 and 2018, respectively (in thousands): Year Ended 2019 2018 Foreign currency translation adjustments $ (4,205 ) $ (20,061 ) Derivative adjustments 1,545 (49 ) Total $ (2,660 ) $ (20,110 ) Changes in accumulated other comprehensive loss for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 Foreign Derivative Total Beginning balance $ (20,061 ) $ (49 ) $ (20,110 ) Other comprehensive income (loss) before reclassifications 15,856 (2,894 ) 12,962 Amounts reclassified from accumulated other comprehensive loss — 4,488 4,488 Net current-period other comprehensive income 15,856 1,594 17,450 Ending balance $ (4,205 ) $ 1,545 $ (2,660 ) Year Ended December 31, 2018 Foreign Derivative Total Beginning balance $ (38,413 ) $ 5,299 $ (33,114 ) Other comprehensive income (loss) before reclassifications 18,352 (1,589 ) 16,763 Amounts reclassified from accumulated other comprehensive income — (3,759 ) (3,759 ) Net current-period other comprehensive income (loss) 18,352 (5,348 ) 13,004 Ending balance $ (20,061 ) $ (49 ) $ (20,110 ) Year Ended December 31, 2017 Foreign Derivative Total Beginning balance $ 14,460 $ (436 ) $ 14,024 Other comprehensive income (loss) before reclassifications (52,873 ) 7,736 (45,137 ) Amounts reclassified from accumulated other comprehensive income — (2,001 ) (2,001 ) Net current-period other comprehensive income (loss) (52,873 ) 5,735 (47,138 ) Ending balance $ (38,413 ) $ 5,299 $ (33,114 ) |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | 21. Earnings (Loss) Per Share The following table illustrates the computation of basic and diluted earnings (loss) per common share: Year Ended December 31, 2019 2018 2017 (In thousands of US dollars, except share data) Basic earnings (loss) per share Net income (loss) $ (21,826 ) $ (3,900 ) $ 84,936 Basic weighted average common stock outstanding 34,321,888 34,469,921 33,943,264 Basic earnings (loss) per share $ (0.64 ) $ (0.11 ) $ 2.50 Diluted earnings (loss) per share Net income (loss) $ (21,826 ) $ (3,900 ) $ 84,936 Add back: Interest expense on Exchangeable Notes — — 5,349 Net income (loss) allocated to common stockholders $ (21,826 ) $ (3,900 ) $ 90,285 Basic weighted average common stock outstanding 34,321,888 34,469,921 33,943,264 Net effect of dilutive equity awards — — 821,664 Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock — — 9,990,209 Diluted weighted average common stock outstanding 34,321,888 34,469,921 44,755,137 Diluted earnings (loss) per share $ (0.64 ) $ (0.11 ) $ 2.02 The following outstanding instruments were excluded from the computation of diluted loss per share, as they would have an anti-dilutive effect on the calculation: Year Ended December 31, 2019 2018 2017 Options 2,177,045 2,674,756 835,572 Restricted Stock Units 1,043,303 718,213 — For the years ended December 31, 2019 and 2018, respectively, 10,153,620 shares and 10,438,187 shares of potential common stock from the assumed conversion of Exchangeable Notes were excluded from the computation of diluted loss per share as the effect were anti-dilutive for the period. |
Unaudited Quarterly Financial R
Unaudited Quarterly Financial Results | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Results | 22. Unaudited Quarterly Financial Results The following tables present selected unaudited Consolidated Statements of Operations for each quarter of the years ended December 31, 2019 and 2018. Fiscal Year 2019 First Second Third Fourth (In thousands of US dollars, except share data) Net sales $ 157,380 $ 205,145 $ 229,677 $ 199,993 Gross profit 22,701 43,840 60,866 53,204 Operating income (loss) $ (18,281 ) 6,746 25,923 10,035 Net income (loss) $ (34,125 ) $ (9,520 ) $ (1,607 ) $ 23,426 Earnings (loss) per share: Basic $ (1.00 ) $ (0.28 ) $ (0.05 ) $ 0.68 Diluted $ (1.00 ) $ (0.28 ) $ (0.05 ) $ 0.54 Weighted average common stock outstanding: Basic 34,194,878 34,245,127 34,357,745 34,542,415 Diluted 34,194,878 34,245,127 34,357,745 46,078,768 Fiscal Year 2018 First Second Third Fourth (In thousands of US dollars, except share data) Net sales $ 165,819 $ 199,685 $ 206,000 $ 179,394 Gross profit 44,581 53,854 55,749 43,912 Operating income 7,379 13,914 18,265 7,860 Net income (loss) $ 2,763 $ (21,505 ) $ 17,222 $ (2,380 ) Earnings (loss) per share: Basic $ 0.08 $ (0.62 ) $ 0.50 $ (0.07 ) Diluted $ 0.08 $ (0.62 ) $ 0.41 $ (0.07 ) Weighted average common stock outstanding: Basic 34,253,111 34,420,654 34,573,377 34,627,292 Diluted 35,154,693 34,420,654 46,021,610 34,627,292 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. Subsequent Events Derivative contract s In January 2020, the Company and DB entered into a derivative contract of zero cost collars for the period from July 2020 to December 2020. The total notional amounts are $30,000 thousand. In connection with this contract, the Company paid $1,800 thousand in in Februa ry 2020. In February 2020, the Company and NFIK entered into derivative contracts of zero cost collars for the period from July 2020 to December 2020. The total notional amounts are $48,000 thousand. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 communications, Internet of Things (“IoT”) applications, consumer, industrial and automotive applications. The Company provides technology platforms for analog, mixed signal, power, high voltage, non-volatile two two |
Basis of Presentation | Basis of Presentation The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company including its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, unbilled accounts receivable, inventories, stock based compensation, property plant and equipment, intangible assets, leases, other long-lived assets, long-term employee benefits, contingencies liabilities, estimated future cash flows and other assumptions used in long-lived asset impairment tests and calculation of income taxes and deferred tax valuation allowances, and assumptions used in the calculation of sales incentives, among others. Although these estimates and assumptions are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be significantly different from the estimates. |
Foreign Currency Translation | Foreign Currency Translation The Company has assessed in accordance with Accounting Standards Codification (ASC) 830, “Foreign Currency Matters” (“ASC 830”), the functional currency of each of its subsidiaries in Luxembourg and the Netherlands and has designated the US dollar to be their respective functional currencies. The Korean Won is the functional currency for the Company’s Korean subsidiary, which is the primary operating subsidiary of the Company. The Company and its other subsidiaries are utilizing their local currencies as their functional currencies. The financial statements of the subsidiaries in functional currencies other than the US dollar are translated into the US dollar in accordance with ASC 830. All the assets and liabilities are translated to the US dollar at the end-of-period |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity date of three months or less |
Accounts Receivable Reserves | Accounts Receivable Reserves An allowance for doubtful accounts is provided based on the aggregate estimated uncollectability of the Company’s accounts receivable. The Company also records an estimate for sales returns, included within accounts receivable, net, based on the historical experience of the amount of goods that will be returned and refunded or replaced. In addition, the Company also includes in accounts receivable, net, an allowance for volume discounts offered to certain customers and distributors for meeting agreed upon levels of sales volume. |
Sales of Accounts Receivable | Sales of Accounts Receivable The Company accounts for transfers of financial assets under ASC 860, “Transfers and Servicing,” as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from the Company’s accounts with any realized gain or loss reflected in earning during the period of sale. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, using the first in, first out method (“FIFO”). If net realizable value is less than cost at the balance sheet date, the carrying amount is reduced to the realizable value, and the difference is recognized as a loss on valuation of inventories within cost of sales. Inventory reserves are established when conditions indicate that the net realizable value is less than costs due to physical deterioration, obsolescence, changes in price levels, or other causes based on individual facts and circumstances. The Company evaluates the sufficiency of inventory reserves and takes into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product age and other factors. Reserves are also established for excess inventory based on the Company’s current inventory levels and projected demand and its ability to sell those specific products. Situations that could cause these inventory reserves include a decline in business and economic conditions, decline in consumer confidence caused by changes in market conditions, sudden and significant decline in demand for our products, inventory obsolescence because of rapidly changing technology and consumer requirements, or failure to estimate end customer demand properly. A reduction of these inventory reserves may be recorded if previously reserved items are subsequently sold as a result of unexpected changes to certain aforementioned situations. In addition, as prescribed in ASC 330, “Inventory,” once a reserve is established for a particular item based on the Company’s assessment as described above, it is maintained until the related item is sold or scrapped as a new cost basis has been established that cannot subsequently be marked up. In addition, the cost of inventories is determined based on the normal capacity of each fabrication facility. In case the capacity utilization is lower than a certain level that management believes to be normal, the fixed overhead costs per production unit which exceeds those under normal capacity are charged to cost of sales rather than capitalized as inventories. |
Advances to Suppliers | Advances to Suppliers The Company, from time to time, may make advances in form of prepayments or deposits to suppliers to procure materials to meet its planned production. The Company recorded advances of $ 6,593 8,132 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as set forth below. Buildings 30 - 40 years Building related structures 10 - 20 years Machinery and equipment 10 - 12 years Others 3 - 10 years Routine maintenance and repairs are charged to expense as incurred. Expenditures that enhance the value or significantly extend the useful lives of the related assets are capitalized. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews property, plant and equipment and other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360, “Property, Plant and Equipment.” Recoverability is measured by comparing its carrying amount with the future net undiscounted cash flows the assets are expected to generate. If such assets are considered to be impaired, the impairment is measured as the difference between the carrying amount of the assets and the fair value of assets using the present value of the future net cash flows generated by the respective long-lived assets. |
Restructuring Charges | Restructuring Charges The Company recognizes restructuring charges in accordance with ASC 420, “Exit or Disposal Cost Obligations.” Certain costs and expenses related to exit or disposal activities are recorded as restructuring charges when liabilities for those costs and expenses are incurred. |
Leases | Leases The Company determines if an arrangement is a lease at inception of a contract considering whether the arrangement conveys the right to control the use of an identified asset over the period of use. Control of an underlying asset is conveyed if the Company has the right to direct the use of, and to obtain substantially all of the economic benefits from the use of, the identified asset. The Company accounts for lease transactions as either an operating or a finance lease, depending on the terms of the underlying lease arrangement. Assets related to operating leases are recorded on the balance sheet as operating lease right-of-use non-current non-current right-of-use non-current Right-of-use Right-of-use right-of-use right-of-use An extension or contraction of a lease term is considered if the related option to extend or early terminate the lease is reasonably certain to be exercised by the Company. Operating lease right-of-use non-lease non-lease Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates are not included in the right-of-use The Company does not recognize operating lease right-of-use |
Intangible Assets | Intangible Assets Intangible assets other than intellectual property include technology and customer relationships that are amortized on a straight-line basis over periods ranging from one five ten |
Fair Value Disclosures of Financial Instruments | Fair Value Disclosures of Financial Instruments The Company follows ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”) for measurement and disclosures about fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in US GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by ASC 820 are: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date. The carrying amounts of the Company’s financial assets and liabilities, such as cash equivalents, accounts receivable, other receivables, accounts payable and other accounts payable approximate their fair values because of the short maturity of these instruments. |
Accrued Severance Benefits | Accrued Severance Benefits The majority of accrued severance benefits are Accrued severance benefits are funded through a group severance insurance plan. The amounts funded under this insurance plan are classified as a reduction of the accrued severance benefits. Subsequent accruals are to be funded at the discretion of the Company. In accordance with the National Pension Act of the Republic of Korea, a certain portion of accrued severance benefits is deposited with the National Pension Fund and deducted from the accrued severance benefits. The contributed amount is paid to employees from the National Pension Fund upon their retirement. Beginning in July 2018, the Company began contributing a percentage of severance benefits, which may be adjusted from time to time, accrued for eligible employees for their services beginning January 1, 2018, to certain severance insurance deposit accounts. These accounts consist of time deposits and other guaranteed principal and interest accounts, and are maintained at insurance companies, banks or security companies for the benefit of the Company’s employees. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when it satisfies the performance obligation of transferring control over a product or service to a customer. Revenue is measured based on the consideration specified in a contract with a customer, which consideration is paid in exchange for a product or service. The Foundry Services Group of the Company manufactures products, which the Company refers to as foundry products, based on customers’ specific product designs. The Company recognizes revenue over time for foundry products that do not have an alternative use when the Company has an enforceable right to payment. Revenue recognized over time is in proportion of wafer manufacturing costs incurred relative to total estimated costs for completion. However, in certain circumstances, pursuant to a customer contract or an individual purchase order, the Company may not have an enforceable right to payment for services performed at a given time. In this situation, the Company recognizes revenue at the time when a customer obtains control of the product, which is generally upon product shipment, delivery at the customer’s location or upon customer acceptance, depending on the terms of the arrangement. The Standards Products Group of the Company sells products manufactured based on the Company’s design. The Standard Products Group’s products are either standardized with an alternative use or the Company does not have an enforceable right to payment for the related manufacturing services completed to date. Therefore, revenue for the Standards Products Group’s products is recognized when a customer obtains control of the product, which is generally upon product shipment, delivery at the customer’s location or upon customer acceptance, depending on the terms of the arrangement. A portion of the Company’s sales are made through distributors for which the Company applies the same revenue recognition guidance described above. The Company defers the recognition of revenue when it receives consideration from the customers prior to the fulfillment of performance obligations. These amounts are classified as deferred revenue on the consolidated balance sheets. Of the recorded deferred revenue of $6,477 thousand as of December 31, 2018, $1,885 thousand w as 4,428 In accordance with revenue recognition guidance, any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction, and that is collected by the Company from a customer, is excluded from revenue and related revenue is presented in the statements of operations on a net basis. The Company provides warranties under which customers can return defective products. The Company also provides allowances for additional products that may have to be provided free of charge to compensate customers for not meeting previously agreed upon yield criteria, which the Company refers to as the low yield compensation reserve. The Company estimates the costs related to warranty claims, repair or replacements and low yield compensation reserves, and records them as components of cost of sales. In addition, the Company offers sales returns (other than those that relate to defective products under warranty), cash discounts for early payments, sales incentives including discounts and volume rebates, and certain allowances to the Company’s customers, including the Company’s distributors. The Company records reserves for those returns, discounts, incentives and allowances as a deduction from sales, based on historical experience and other quantitative and qualitative factors. Substantially all of the Company’s contracts are one thirty sixty Unbilled accounts receivable represents the Company’s contractual right to consideration for manufacturing work performed on a customer contract or an individual purchase order that 38,181 All amounts billed to a customer related to shipping and handling are classified as sales while all costs incurred by the Company for shipping and handling are classified as selling, general and administrative expenses. The amounts charged to selling, general and administrative expenses were $ 1,769 1,861 1,652 |
Derivative Financial Instruments | Derivative Financial Instruments The Company applies the provisions of ASC 815, “Derivatives and Hedging” (“ASC 815”). This Statement requires the recognition of all derivative instruments as either assets or liabilities measured at fair value. Under the provisions of ASC 815, the Company may designate a derivative instrument as hedging the exposure to variability in expected future cash flows that are attributable to a particular risk (a “cash flow hedge”) or hedging the exposure to changes in the fair value of an asset or a liability (a “fair value hedge”). Special accounting for qualifying hedges allows the effective portion of a derivative instrument’s gains and losses to offset related results on the hedged item in the consolidated statements of operations and requires that a company formally document, designate and assess the effectiveness of the transactions that receive hedge accounting treatment. Both at the inception of a hedge and on an ongoing basis, a hedge must be expected to be highly effective in achieving offsetting changes in cash flows or fair value attributable to the underlying risk being hedged. If the Company determines that a derivative instrument is no longer highly effective as a hedge, it discontinues hedge accounting prospectively and future changes in the fair value of the derivative are recognized in current earnings. The Company assesses hedge effectiveness at the end of each quarter. In accordance with ASC 815, changes in the fair value of derivative instruments that are cash flow hedges are recognized in accumulated other comprehensive income (loss) and reclassified into earnings in the period in which the hedged item affects earnings. Derivative instruments that do not qualify, or cease to qualify, as hedges must be adjusted to fair value and the adjustments are recorded through net income (loss). The cash flows from derivative instruments receiving hedge accounting treatment are classified in the same categories as the hedged items in the consolidated statements of cash flows. |
Advertising | Advertising The Company expenses advertising costs as incurred. Advertising expense was approximately $134 thousand, $121 thousand and $95 thousand for the years ended December 31, 2019, 2018 and 2017, respectively. |
Product Warranties | Product Warranties The Company records, in other current liabilities, warranty liabilities for the estimated costs that may be incurred under its basic limited warranty. The standard limited warranty period is one to two years for the majority of products. This warranty covers defective products, and related liabilities are accrued when product revenues are recognized. Factors that affect the Company’s warranty liabilities include historical and anticipated rates of warranty claims and repair or replacement costs per claim to satisfy the Company’s warranty obligation. The Company also records, in other current liabilities, low yield compensation reserves for its estimated costs for products that may have to be provided free of charge to compensate customers for not meeting previously agreed upon yield criteria. Factors that affect the Company’s low yield compensation reserves include historical and anticipated rates of claims for not meeting previously agreed upon yield criteria. The Company periodically assesses the adequacy of those recorded warranty liabilities and low yield compensation reserves, and adjusts its estimates when necessary. |
Research and Development | Research and Development Research and development expenses are expensed as incurred and include wafers, masks, employee expenses, contractor fees, building costs, utilities and administrative expenses. |
Licensed Patents and Technologies | Licensed Patents and Technologies The Company has entered into a number of royalty agreements to license patents and technology used in the design of its products. The Company carries two types of royalties: lump-sum Lump-sum non-refundable Running royalties are paid based on the revenue of related products sold by the Company. |
Stock-Based Compensation | Stock-Based Compensation The Company follows the provisions of ASC 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense, net of the estimated forfeiture rate, over the requisite service period. As permitted under ASC 718, the Company elected to recognize compensation expense for all options with graded vesting based on the graded attribution method. The Company uses the Black-Scholes option-pricing model to measure the grant-date-fair-value of options. The Black-Scholes model requires certain assumptions to determine an option’s fair value, including expected term, risk free interest rate and expected volatility. The expected term of each option grant was based on employees’ expected exercises and post-vesting employment termination behavior and the risk free interest rate was based on the US Treasury yield curve for the period corresponding with the expected term at the time of grant. No dividends were assumed for this calculation of option value. |
Earnings per Share | Earnings Per Share In accordance with ASC 260, “Earnings Per Share”, the Company computes basic earnings per share by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution of potential common stock outstanding during the period including stock options and restricted stock units, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options and restricted stock units), and convertibles, using the if-converted |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in a company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established when it is necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. The Company recognizes and measures uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step more-likely-than-not more-likely-than-not |
Concentration of Credit Risk | Concentration of Credit Risk The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral for customers on accounts receivable. The Company maintains reserves for potential credit losses, which are periodically reviewed. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued Accounting Standards Update No. ASU 2019-12, 2019-12”). 2019-12 for In June 2016, the FASB issued Accounting Standards Update No. 2016-13, 2016-13”). 2016-13 No. 2019-04, 2019-04”) , i 2016-13. 2016-13, 2019-04 2019-11 2016-13, 2019-04 2019-11 In August 2018, the FASB issued Accounting Standards Update No. 2018-13 2018-13”). 2018-13 2018-13 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Reform 2018-02 In August 2017, the FASB issued Accounting Standards Update No. 2017-12, 2017-12”). 2017-12 2017-12 2017-12 In July 2017, the FASB issued Accounting Standards Update No. 2017-11, 2017-11”), 2017-11 In February 2016, the FASB issued Accounting Standards Update No. 2016-02, 2016-02”) 2016-02 right-of-use 2018-01, 2018-01”). 2018-01 2016-02 2018-10, 2018-10”). 2018-10 2018-11, 2018-11”). 2018-11 2016-02 2018-20, 2018-20”). 2018-20 2016-02. 2019-01 2019-01”). 2016-02, 2018-01, 2018-10, 2018-11, 2018-20 2019-01 right-of-use The Company used hindsight for determining a remaining lease term and assessing the likelihood of whether a renewal option is reasonably certain to be exercised by the Company. . For further information regarding these impacts, see Note 7, “Leases.” In May 2014, the FASB issued ASU 2014-09. 2014-09 2014-09 2016-08, ASU 2016-10, 2016-12, 2016-20, 2016-08, 2016-10, 2016-12 2016-20 2014-09 Prior to the adoption of the new revenue standard effective on January 1, 2018, the Company had historically recognized revenue when risk and reward of ownership passed to the customer either upon shipment, upon product delivery at the customer’s location or upon customer acceptance, depending on the terms of the related arrangement. After the adoption of the new revenue standard effective on January 1, 2018, the Company recognizes revenue over time for foundry products that do not have an alternative use when the Company has an enforceable right to payment. As the Company adopted the new revenue standard using the modified retrospective method, it recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the Company’s equity as of January 1, 2018, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for such periods. The cumulative effect of the adjustments increased unbilled accounts receivable by $38,307 thousand and decreased inventories, net by $29,823 thousand, resulting in a net increase of $8,484 thousand in the Company’s beginning equity as of January 1, 2018. There was no net income tax impact from those cumulative effect adjustments due to full allowance on deferred tax assets. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | As of December 31, 2019, 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 Fair Value Quoted Prices in Significant Significant Assets: Derivative assets (other current assets) $ 1,456 $ 1,456 — $ 1,456 — As of December 31, 2018, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value Fair Value Quoted Prices in Significant Significant Liabilities: Derivative liabilities (other current liabilities) $ 724 $ 724 — $ 724 — |
Schedule of Fair Value of Long-term Borrowings | Fair Value of Long-Term Borrowings December 31, 2019 December 31, 2018 Carrying Fair Carrying Fair (In thousands of US dollars) Long-Term Borrowings: 5.0 $ 81,959 $ 116,078 $ 81,418 $ 86,835 6.625 S N $ 222,784 $ 224,250 $ 222,159 $ 202,046 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Accounts Receivable | Accounts receivable as of December 31, 2019 and 2018 consisted of the following (in thousands): December 31, 2019 2018 Accounts receivable $ 92,685 $ 80,155 Notes receivable 3,706 856 Less: Allowances for doubtful accounts (87 ) (90 ) Sales return reserves (387 ) (439 ) Volume discounts (276 ) (479 ) Accounts receivable, net $ 95,641 $ 80,003 |
Allowance for Doubtful Accounts [Member] | |
Schedule of Changes in Receivables and Reserves | Changes in allowance for doubtful accounts for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ (90 ) $ (94 ) $ (83 ) Translation adjustments 3 4 (11 ) Ending balance $ (87 ) $ (90 ) $ (94 ) |
Sales Return Reserve [Member] | |
Schedule of Changes in Receivables and Reserves | Changes in sales return reserves for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ (439 ) $ (628 ) $ (1,107 ) Provision (136 ) (245 ) (40 ) Usage 170 414 626 Translation adjustments 18 20 (107 ) Ending balance $ (387 ) $ (439 ) $ (628 ) |
Low Yield Compensation Reserve [Member] | |
Schedule of Changes in Receivables and Reserves | Changes in low yield compensation reserve for the year ended December 31, 2017 are as follows (in thousands): Year Ended 2017 Beginning balance $ (432 ) Provision (362 ) Usage 22 Translation adjustments (72 ) Ending balance $ (844 ) |
Discounts On Accounts and Notes Receivables [Member] | |
Schedule of Changes in Receivables and Reserves | Changes in volume discounts for the years ended December 31, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2019 2018 Beginning balance $ (479 ) $ — Provision (1,852 ) (1,378 ) Usage 2,040 892 Translation adjustments 15 7 Ending balance $ (276 ) $ (479 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories as of December 31, 2019 and 2018 consist of the following (in thousands): Year Ended December 31, 2019 2018 Finished goods 17,489 14,334 Semi-finished goods and work-in-process 44,040 39,135 Raw materials 17,702 21,150 Materials in-transit — 1,890 Less: inventory reserve (5,964 ) (4,898 ) Inventories, net $ 73,267 $ 71,611 |
Changes in Inventory Reserve | Changes in inventory reserve for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ (4,898 ) $ (6,391 ) $ (7,177 ) Change in reserve Inventory reserve charged to costs of sales (13,855 ) (8,269 ) (7,017 ) Sale of previously reserved inventory 3,067 4,098 6,003 (10,788 ) (4,171 ) (1,014 ) Write off 9,189 5,479 2,641 Translation adjustments 533 185 (841 ) Ending balance $ (5,964 ) $ (4,898 ) $ (6,391 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment as of December 31, 2019 and 2018 are comprised of the following (in thousands): December 31, 2019 2018 Buildings and related structures $ 68,828 $ 70,665 Machinery and equipment 327,677 323,325 Finance lease right-of-use 2,457 — Others 42,681 44,724 441,643 438,714 Less: accumulated depreciation (273,959 ) (251,962 ) Land 14,890 15,419 Property, plant and equipment, net $ 182,574 $ 202,171 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets as of December 31, 2019 and 2018 are comprised of the following (in thousands): December 31, 2019 Gross Accumulated Net Technology $ 18,688 $ (18,688 ) $ — Customer relationships 26,838 (26,838 ) — Intellectual property assets 12,278 (8,264 ) 4,014 Intangible assets, net $ 57,804 $ (53,790 ) $ 4,014 December 31, 2018 Gross Accumulated Net Technology $ 19,350 $ (19,350 ) $ — Customer relationships 27,791 (27,791 ) — Intellectual property assets 11,571 (7,618 ) 3,953 Intangible assets, net $ 58,712 $ (54,759 ) $ 3,953 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related To Leases [Table Text Block] | Supplemental balance sheet information related to leases is as follows (in thousands): Leases Classification As of Assets Operating lease Operating lease right-of-use $ 11,482 Finance lease Property, plant and equipment, net 2,151 Total leased assets $ 13,633 Liabilities Current Operating Operating lease liabilities $ 2,036 Finance Other current liabilities 252 Non-current Operating Non-current 9,446 Finance Other non-current 1,971 Total lease liabilities $ 13,705 |
Lease, Cost [Table Text Block] | The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands): Year Ended 2019 Operating lease cost $ 3,154 Finance lease cost Amortization of right-of-use 303 Interest on lease liabilities 178 Total lease cost $ 3,635 |
Other Lease Information [Table Text Block] | The above table does not include an immaterial cost of short-term leases and a variable lease payment during the year ended December 31, 2019. Other lease information is as follows (in thousands): Year Ended 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 3,154 Operating cash flows from finance leases 178 Financing cash flows from finance leases 233 As of 2019 Weighted average remaining lease term Operating leases 12.5 years Finance leases 10.4 years Weighted average remaining lease rate Operating leases 7.95 % Finance leases 7.95 % |
Schedule Of Future Minimum Lease Payments [Table Text Block] | The aggregate future lease payments for operating and finance leases as of December 31, 2019 are as follows (in thousands): Operating Finance 2020 $ 2,843 $ 413 2021 1,355 413 2022 1,096 413 2023 1,088 413 2024 1,088 150 Thereafter 10,618 1,463 Total future lease payments 18,088 3,265 Less: Imputed interest (6,606 ) (1,042 ) Present value of future payments $ 11,482 $ 2,223 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2018, the minimum aggregate rental payments due under non-cancelable 2019 $ 4,319 2020 3,569 2021 1,570 2022 1,319 2023 1,309 2024 and thereafter 13,978 $ 26,064 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses as of December 31, 2019 and 2018 are comprised of the following (in thousands): December 31, 2019 2018 Payroll, benefits and related taxes, excluding severance benefits $ 16,505 $ 14,548 Withholding tax attributable to intercompany interest income 23,371 20,879 Interest on senior notes 8,205 8,226 Outside service fees 898 935 Restructuring and others 3,549 — Others 2,548 1,662 Accrued expenses $ 55,076 $ 46,250 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Details of Derivative Contracts | Details of derivative contracts as of December 31, 2019 are as follows (in thousands): Date of transaction Type of derivative Total notional amount Month of settlement August 13, 2019 Zero cost collar $ 60,000 January 2020 to June 2020 September 27, 2019 Zero cost collar $ 42,000 January 2020 to June 2020 December 4, 2019 Zero cost collar $ 30,000 July 2020 to December 2020 Details of derivative contracts as of December 31, 2018 are as follows (in thousands): Date of transaction Type of derivative Total notional amount Month of settlement June 27, 2018 Zero cost collar $ 18,000 January 2019 to June 2019 June 27, 2018 Forward $ 36,000 January 2019 to June 2019 |
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 and forward contracts recorded as assets and liabilities as of December 31, 2019 and 2018 are as follows (in thousands): Derivatives designated as hedging instruments: December 31, 2019 2018 Asset Derivatives: Zero cost collars Other current assets $ 1,456 $ — Liability Derivatives: Zero cost collars Other current liabilities $ — $ 117 Forward Other current liabilities $ — $ 607 |
Offsetting of Derivative Assets and Liabilities | Offsetting of derivative assets as of December 31, 2019 is as follows (in thousands): As of December 31, 2019 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Asset Derivatives: Zero cost collars $ 1,456 $ — $ 1,456 $ — $ 1,070 $ 2,526 |
Offsetting of Derivative Liabilities | Offsetting of derivative liabilities as of December 31, 2018 is as follows (in thousands): As of December 31, 2018 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Liability Derivatives: Zero cost collars $ 117 $ — $ 117 $ — $ (360 ) $ (243 ) Forward $ 607 $ — $ 607 $ — $ (1,450 ) $ (843 ) |
Impact of Derivative Instruments on Consolidated Statement of Operations | The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the years ended December 31, 2019 and 2018 (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Location/Amount of Gain (Loss) Location/Amount of Loss 2019 2018 2019 2018 2019 2018 Zero cost collars $ (1,096 ) $ (747 ) Net sales $ (2,738 ) $ 2,103 Other income, net $ (193 ) $ (276 ) Forwards $ (1,798 ) $ (842 ) Net sales $ (1,750 ) $ 1,656 Other income, net $ (125 ) $ (190 ) Forwards—excluded time value(1) Other income, net $ — $ (1,904 ) $ (2,894 ) $ (1,589 ) $ (4,488 ) $ 3,759 $ (318 ) $ (2,370 ) (1) The FASB issued the new guidance about hedging activities (ASU 2017-12), |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Changes in Accrued Warranty Liabilities | Changes in accrued warranty liabilities for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ 610 $ 1,060 $ 466 Change in provision (reversal) 2,357 222 (224 ) Usage (1,315 ) (636 ) (65 ) Translation adjustments (6 ) (36 ) 39 Ending balance $ 1,646 $ 610 $ 216 |
Long-term Borrowings (Tables)
Long-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Components of Long-term Borrowings | Long-term borrowings as of December 31, 2019 and 2018 are as follows (in thousands): December 31, 2019 2018 5.0% Exchangeable Senior Notes due March 2021 $ 83,740 $ 84,660 6.625% S N $ 224,250 $ 224,500 Less: unamortized discount and debt issuance costs (3,247 ) (5,583 ) Long-term borrowings, net of unamortized discount and debt issuance costs $ 304,743 $ 303,577 |
Accrued Severance Benefits (Tab
Accrued Severance Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Changes in Accrued Severance Benefits | Changes in accrued severance benefits are as follows (in thousands): Year Ended December 31, 2019 2018 Beginning balance $ 149,408 $ 149,796 Provisions 17,139 17,644 Severance payments (9,288 ) (11,688 ) Translation adjustments (4,967 ) (6,344 ) 152,292 149,408 Less: Cumulative contributions to severance insurance deposit accounts (4,781 ) (2,549 ) The National Pension Fund (215 ) (230 ) Group severance insurance plan (568 ) (598 ) Accrued severance benefits, net $ 146,728 $ 146,031 |
Future Benefits Payments to Employees | The Company is liable to pay the following future benefits to its non-executive Severance 2020 $ 1,066 2021 1,546 2022 1,349 2023 1,776 2024 2,630 2025 – 2029 35,442 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Restricted Stock Unit Activities | The following summarizes restricted stock unit activities for the years ended December 31, 2019, 2018 and 2017. Number of Weighted Outstanding at January 1, 2017 566,389 $ 6.03 Granted 172,716 11.15 Vested (368,555 ) 5.72 Settled of previous year vesting (28,967 ) 8.00 Forfeited (830 ) 8.33 Outstanding at December 31, 2017 340,753 $ 8.80 Granted 739,231 9.64 Vested (373,620 ) 9.24 Unsettled 45,311 9.22 Forfeited (33,462 ) 10.31 Outstanding at December 31, 2018 718,213 $ 9.39 Granted 711,719 11.85 Vested (528,740 ) 11.00 Unsettled 226,215 12.16 Settled of previous year vesting (42,189 ) 9.22 Forfeited (41,915 ) 10.00 Outstanding at December 31, 2019 1,043,303 $ 10.83 |
Summary of Stock Option Activities | The following summarizes stock option activities for the years ended December 31, 2019, 2018 and 2017. At the date of grant, all options had an exercise price not less than the fair value of common stock (aggregate intrinsic value in thousands): Number of Weighted Aggregate Weighted Outstanding at January 1, 2017 3,428,665 $ 9.23 $ 525 6.7 years Granted 70,865 10.43 — — Forfeited (88,443 ) 12.77 — — Exercised (539,183 ) 6.94 1,540 — Outstanding at December 31, 2017 2,871,904 $ 9.59 $ 6,073 6.2 years Vested and expected to vest at December 31, 2017 2,865,475 9.59 6,050 6.2 years Exercisable at December 31, 2017 2,395,979 10.11 4,603 5.7 years Outstanding at January 1, 2018 2,871,904 $ 9.59 $ 6,073 6.2 years Forfeited (34,807 ) 10.97 — — Exercised (162,341 ) 6.97 737 — Outstanding at December 31, 2018 2,674,756 $ 9.73 $ 395 5.2 years Vested and expected to vest at December 31, 2018 2,674,266 9.73 394 5.2 years Exercisable at December 31, 2018 2,544,565 9.94 306 5.1 years Outstanding at January 1, 2019 2,674,756 $ 9.73 $ 395 5.2 years Forfeited (44,892 ) 10.29 — — Exercised (452,819 ) 6.31 2,404 — Outstanding at December 31, 2019 2,177,045 $ 10.42 $ 6,259 4.7 years Vested and Exercisable at December 31, 2019 2,177,045 $ 10.42 $ 6,259 4.7 years |
Assumptions used in Black-Scholes Option-Pricing Model on Weighted Average Basis | The following summarizes the grant-date fair value of options granted for the year ended December 31, 2017 and assumptions used in the Black-Scholes option-pricing model on a weighted average basis. For the year ended December 31, 2017, the expected volatility was estimated using historical volatility of the Company’s share prices. Year Ended December 31, 2019 2018 2017 Grant-date fair value of option — — $ 5.02 Expected term — — 2.5 Years Risk-free interest rate — — 1.2 % Expected volatility — — 81.7 % Expected dividends — — — |
Number and Weighted Average Grant-Date Fair Value of Unvested Stock Options | The number and weighted average grant-date fair value of the unvested stock options are as follows: Year Ended December 31, 2019 2018 2017 Number Weighted Number Weighted Number Weighted Unvested options at the beginning of the period 130,191 $ 1.54 475,925 $ 2.19 897,421 $ 1.72 Granted options during the period — — — — 70,865 5.02 Vested options during the period (107,100 ) 1.54 (313,160 ) 2.51 (455,301 ) 1.74 Forfeited options during the period (345 ) 1.54 (14,738 ) 1.73 (19,031 ) 1.77 Exercised options during the period (22,746 ) 1.54 (17,836 ) 1.66 (18,029 ) 1.59 Unvested options at the end of the period 0 — 130,191 $ 1.54 475,925 $ 2.19 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Income (loss) before income tax expense Domestic $ (27,758 ) $ 3,492 $ 27,461 Foreign 10,679 (2,743 ) 58,630 $ (17,079 ) $ 749 $ 86,091 Current income tax expense (benefit) Domestic $ 20 $ (383 ) $ (359 ) Foreign 4,679 5,010 3,680 Uncertain tax position liability (domestic) (1 ) (2 ) (476 ) Uncertain tax position liability (foreign) 13 (46 ) (1,635 ) 4,711 4,579 1,210 Deferred income taxes expense (benefit) Foreign 36 70 (55 ) Total income tax expense $ 4,747 $ 4,649 $ 1,155 Effective tax rate — 620.6 % 1.3 % |
Difference Between Provision for Domestic and Foreign Income Taxes and Amount Calculated by Statutory Tax Rate to Net Income Before Income Taxes | The provision for domestic and foreign income taxes incurred is different from the amount calculated by applying the statutory tax rate to the net income before income taxes. The significant items causing this difference are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Provision computed at statutory rate $ (3,587 ) $ 157 $ 30,223 State income taxes, net of federal effect (1,068 ) 46 5,445 Change in statutory tax rates 2,329 1 13,438 Difference in foreign tax rates 3,302 377 (17,789 ) Permanent differences Derivative assets adjustment 315 (1,111 ) 1,937 TPECs, hybrid and other interest 7,812 (5,555 ) (7,526 ) Thin capitalization 988 1,262 1,888 Permanent foreign currency gain (loss) (1,734 ) (2,490 ) 15,237 Penalty 151 436 4,001 Global intangible low-t a xed income (GILTI ) 5,112 328 — Other permanent differences 411 117 633 Withholding tax 3,043 3,270 3,339 Change in valuation allowance 4,382 6,260 (56,744 ) Tax credits claimed (419 ) (416 ) (659 ) Tax credits expired 168 817 2,638 Uncertain tax positions liability 12 (48 ) (2,111 ) Change in net operating loss carry-forwards from tax au dit — — 6,878 NOL expired 3,780 — — Intercompany debt restr uct uring (18,435 ) — — Others (1,815 ) 1,198 327 Income tax expense $ 4,747 $ 4,649 $ 1,155 |
Summary of Composition of Net Deferred Income Tax Assets (Liabilities) | A summary of the composition of net deferred income tax assets (liabilities) as of December 31, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2019 2018 Deferred tax assets Inventory reserves $ 4,869 $ 8,274 Derivative liabilities — 175 Accrued expenses 3,384 3,210 Product warranties 190 67 Other reserves 303 187 Property, plant and equipment 7,979 8,797 Intangible assets 5 12 Accumulated severance benefits 36,841 36,166 Foreign currency translation loss 20,544 28,718 NOL carry-forwards 150,954 164,824 Tax credit 17,054 18,352 Other long-term payable 3,023 3,634 Interest expense deduction limitation 5,244 4,026 Others 4,240 3,455 Total deferred tax assets 254,630 279,897 Less: Valuation allowance (246,224 ) (248,633 ) 8,406 31,264 Deferred tax liabilities Derivative assets 352 — Foreign currency translation gain — 17,777 Prepaid expense 3,090 3,612 Others 4,810 9,660 Total deferred tax liabilities 8,252 31,049 Net deferred tax assets $ 154 $ 215 Net deferred tax assets reported in Other non-current $ 154 $ 215 |
Changes in Valuation Allowance for Deferred Tax Assets | Changes in valuation allowance for deferred tax assets for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ 248,633 $ 251,132 $ 281,473 Charged to expense 7,912 7,653 (54,816 ) NOL/tax credit claimed/expired (3,529 ) (1,393 ) (1,928 ) Translation adjustments (6,792 ) (8,759 ) 26,403 Ending balance $ 246,224 $ 248,633 $ 251,132 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits | As of December 31, 2019, 2018 and 2017, the Company recorded $445 thousand, $426 thousand and $475 thousand of unrecognized tax benefits, respectively. A tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of each period is as follows (in thousands): Year Ended December 31, 2019 2018 2017 Unrecognized tax benefits, balance at the beginning $ 426 $ 475 $ 1,768 Additions based on tax positions related to the current year 13 10 10 Reductions for tax positions of prior years (1 ) — (676 ) Lapse of statute of limitations — (51 ) (735 ) Translation adjustments 7 (8 ) 108 Unrecognized tax benefits, balance at the ending $ 445 $ 426 $ 475 |
Geographic and Segment Inform_2
Geographic and Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments | The following sets forth information relating to the operating segments (in thousands): Year Ended December 31, 2019 2018 2017 As Adjusted Net Sales Foundry Services Group $ 307,144 $ 325,312 $ 350,395 Standard Products Group Display Solutions 308,531 256,113 179,233 Power Solutions 176,245 169,284 149,836 Total Standard Products Group 484,776 425,397 329,069 All other 275 189 208 Total net sales $ 792,195 $ 750,898 $ 679,672 Year Ended December 31, 2019 2018 2017 As Adjusted Gross Profit Foundry Services Group $ 64,010 $ 82,578 $ 101,780 Standard Products Group 116,327 115,478 85,905 All other 274 40 208 Total gross profit $ 180,611 $ 198,096 $ 187,893 |
Disaggregation Of Revenue Recognition | Upon the adoption of the new revenue standard, the Company’s revenue for Foundry Services Group is disaggregated depending on the timing of revenue recognition (in thousands): Year Ended December 31, 2019 Revenue recognized Revenue Total Net Sales Foundry Services Group $ 157,272 $ 149,872 $ 307,144 Year Ended December 31, 2018 Revenue recognized Revenue Total Net Sales Foundry Services Group $ 80,578 $ 244,734 $ 325,312 |
Net Sales by Region, Based on Location of Products are Billed | The following is a summary of net sales by geographic region, based on the location to which the products are billed (in thousands): Year Ended December 31, 2019 2018 2017 Korea $ 249,385 $ 282,516 $ 279,883 Asia Pacific (other than Korea) 466,380 380,598 322,595 United States 28,109 37,483 35,089 Europe 46,421 47,831 41,109 Others 1,900 2,470 996 Total $ 792,195 $ 750,898 $ 679,672 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consists of the following at December 31, 2019 and 2018, respectively (in thousands): Year Ended 2019 2018 Foreign currency translation adjustments $ (4,205 ) $ (20,061 ) Derivative adjustments 1,545 (49 ) Total $ (2,660 ) $ (20,110 ) |
Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands): Year Ended December 31, 2019 Foreign Derivative Total Beginning balance $ (20,061 ) $ (49 ) $ (20,110 ) Other comprehensive income (loss) before reclassifications 15,856 (2,894 ) 12,962 Amounts reclassified from accumulated other comprehensive loss — 4,488 4,488 Net current-period other comprehensive income 15,856 1,594 17,450 Ending balance $ (4,205 ) $ 1,545 $ (2,660 ) Year Ended December 31, 2018 Foreign Derivative Total Beginning balance $ (38,413 ) $ 5,299 $ (33,114 ) Other comprehensive income (loss) before reclassifications 18,352 (1,589 ) 16,763 Amounts reclassified from accumulated other comprehensive income — (3,759 ) (3,759 ) Net current-period other comprehensive income (loss) 18,352 (5,348 ) 13,004 Ending balance $ (20,061 ) $ (49 ) $ (20,110 ) Year Ended December 31, 2017 Foreign Derivative Total Beginning balance $ 14,460 $ (436 ) $ 14,024 Other comprehensive income (loss) before reclassifications (52,873 ) 7,736 (45,137 ) Amounts reclassified from accumulated other comprehensive income — (2,001 ) (2,001 ) Net current-period other comprehensive income (loss) (52,873 ) 5,735 (47,138 ) Ending balance $ (38,413 ) $ 5,299 $ (33,114 ) |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Common Share | The following table illustrates the computation of basic and diluted earnings (loss) per common share: Year Ended December 31, 2019 2018 2017 (In thousands of US dollars, except share data) Basic earnings (loss) per share Net income (loss) $ (21,826 ) $ (3,900 ) $ 84,936 Basic weighted average common stock outstanding 34,321,888 34,469,921 33,943,264 Basic earnings (loss) per share $ (0.64 ) $ (0.11 ) $ 2.50 Diluted earnings (loss) per share Net income (loss) $ (21,826 ) $ (3,900 ) $ 84,936 Add back: Interest expense on Exchangeable Notes — — 5,349 Net income (loss) allocated to common stockholders $ (21,826 ) $ (3,900 ) $ 90,285 Basic weighted average common stock outstanding 34,321,888 34,469,921 33,943,264 Net effect of dilutive equity awards — — 821,664 Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock — — 9,990,209 Diluted weighted average common stock outstanding 34,321,888 34,469,921 44,755,137 Diluted earnings (loss) per share $ (0.64 ) $ (0.11 ) $ 2.02 |
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 would have an anti-dilutive effect on the calculation: Year Ended December 31, 2019 2018 2017 Options 2,177,045 2,674,756 835,572 Restricted Stock Units 1,043,303 718,213 — |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Consolidated Statements of Operations | The following tables present selected unaudited Consolidated Statements of Operations for each quarter of the years ended December 31, 2019 and 2018. Fiscal Year 2019 First Second Third Fourth (In thousands of US dollars, except share data) Net sales $ 157,380 $ 205,145 $ 229,677 $ 199,993 Gross profit 22,701 43,840 60,866 53,204 Operating income (loss) $ (18,281 ) 6,746 25,923 10,035 Net income (loss) $ (34,125 ) $ (9,520 ) $ (1,607 ) $ 23,426 Earnings (loss) per share: Basic $ (1.00 ) $ (0.28 ) $ (0.05 ) $ 0.68 Diluted $ (1.00 ) $ (0.28 ) $ (0.05 ) $ 0.54 Weighted average common stock outstanding: Basic 34,194,878 34,245,127 34,357,745 34,542,415 Diluted 34,194,878 34,245,127 34,357,745 46,078,768 Fiscal Year 2018 First Second Third Fourth (In thousands of US dollars, except share data) Net sales $ 165,819 $ 199,685 $ 206,000 $ 179,394 Gross profit 44,581 53,854 55,749 43,912 Operating income 7,379 13,914 18,265 7,860 Net income (loss) $ 2,763 $ (21,505 ) $ 17,222 $ (2,380 ) Earnings (loss) per share: Basic $ 0.08 $ (0.62 ) $ 0.50 $ (0.07 ) Diluted $ 0.08 $ (0.62 ) $ 0.41 $ (0.07 ) Weighted average common stock outstanding: Basic 34,253,111 34,420,654 34,573,377 34,627,292 Diluted 35,154,693 34,420,654 46,021,610 34,627,292 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019USD ($)SegmentsBusinessLines | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2016USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of operating segments | Segments | 2 | |||||
Cash equivalents, highly liquid investments original maturity date | three months or less | |||||
Percentage of employees eligible for severance benefits | 98.00% | |||||
Shipping and handling cost | $ 611,584 | $ 552,802 | $ 491,779 | |||
Advertising expense | $ 134 | 121 | 95 | |||
Percentage of tax benefit realized upon settlement | 50.00% | |||||
'Adjustment to increase the assets and liabilities | 8,484 | |||||
Unbilled accounts receivable | $ 17,094 | 38,181 | $ 38,307 | |||
Inventory, Net | 73,267 | 71,611 | 29,823 | |||
Total stockholders' equity (deficit) | $ (14,981) | (17,310) | (39,637) | 8,484 | $ (72,114) | |
Payment terms, description | The standard payment terms with customers are generally thirty to sixty days from the time of shipment, product delivery to the customer’s location or customer acceptance, depending on the terms of the related arrangement. | |||||
Contract duration, description | Substantially all of the Company’s contracts are one year or less in duration. | |||||
Amounts billed to customers | $ 34,910 | |||||
Deferred revenue | 1,422 | 6,477 | $ 8,335 | |||
Deferred revenue recognized | 1,885 | 3,496 | ||||
Contract with customer amount refunded | 4,428 | |||||
Allowance on unbilled accounts receivable | 627 | |||||
Other Current Assets [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Prepayments to suppliers | $ 6,593 | 8,132 | ||||
Other Current Liabilities [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Other current liabilities (Notes 1) | 4,671 | |||||
Adjustments for New Accounting Pronouncement [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
'Adjustment to increase the assets and liabilities | $ 16,387 | |||||
Minimum [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life of Intangible assets | 1 year | |||||
Payment terms | 30 days | |||||
Maximum [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life of Intangible assets | 5 years | |||||
Payment terms | 60 days | |||||
Maximum [Member] | Intellectual Property Assets [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Estimated useful life of Intangible assets | 10 years | |||||
Shipping and Handling [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Shipping and handling cost | $ 1,769 | $ 1,861 | $ 1,652 | |||
Standard Products Group [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of business lines | BusinessLines | 2 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful lives | 30 years |
Minimum [Member] | Buildings and Related Structures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful lives | 10 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful lives | 10 years |
Minimum [Member] | Others [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful lives | 3 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful lives | 40 years |
Maximum [Member] | Buildings and Related Structures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful lives | 20 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful lives | 12 years |
Maximum [Member] | Others [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment, estimated useful lives | 10 years |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jan. 17, 2017 | Jul. 18, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2019 | Jan. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt issuance costs paid | $ 5,902,000 | ||||||
Exchangeable Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Due date | Mar. 1, 2021 | ||||||
6.625% Senior Notes Due 2021 [Member] | Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest rate | 6.625% | 6.625% | 6.625% | ||||
Due date | Jul. 15, 2021 | Jul. 15, 2021 | Jul. 15, 2021 | ||||
Aggregate principal amount | $ 225,000,000 | ||||||
Debt issuance costs paid | 5,039,000 | ||||||
Original debt issue discount | $ 1,125,000 | ||||||
Principal Repurchase Amount Of Exchangeable Notes | $ 500,000 | $ 250,000 | |||||
5.0% Exchangeable Senior Notes due March 2021 [Member] | Exchangeable Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | |||
Due date | Mar. 1, 2021 | Mar. 1, 2021 | Mar. 1, 2021 | ||||
Aggregate principal amount | $ 86,250,000 | ||||||
Debt issuance costs paid | $ 5,902,000 | ||||||
Principal Repurchase Amount Of Exchangeable Notes | $ 1,590,000 | $ 920,000 | |||||
Other Asset Class [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets fair value on non-recurring basis | $ 0 | ||||||
Liabilities fair value on non-recurring basis | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying Value [Member] | Other Current Assets [Member] | ||
Assets: | ||
Derivative assets | $ 1,456 | |
Carrying Value [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | $ 724 | |
Estimate of Fair Value Measurement [Member] | Other Current Assets [Member] | ||
Assets: | ||
Derivative assets | 1,456 | |
Estimate of Fair Value Measurement [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 724 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Current Assets [Member] | ||
Assets: | ||
Derivative assets | $ 1,456 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | $ 724 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Long-term Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term Borrowings: | ||
Carrying amount of senior notes | $ 304,743 | $ 303,577 |
5.0% Exchangeable Senior Notes due March 2021 [Member] | Exchangeable Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Long-term Borrowings: | ||
Carrying amount of senior notes | 81,959 | 81,418 |
Estimated fair value of senior notes | 116,078 | 86,835 |
6.625% Senior Notes Due 2021 [Member] | Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Long-term Borrowings: | ||
Carrying amount of senior notes | 222,784 | 222,159 |
Estimated fair value of senior notes | $ 224,250 | $ 202,046 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value of Long-term Borrowings (Parenthetical) (Detail) | Jan. 17, 2017 | Jul. 18, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Exchangeable Senior Notes [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Due date | Mar. 1, 2021 | ||||
5.0% Exchangeable Senior Notes due March 2021 [Member] | Exchangeable Senior Notes [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | |
Due date | Mar. 1, 2021 | Mar. 1, 2021 | Mar. 1, 2021 | ||
6.625% Senior Notes Due 2021 [Member] | Senior Notes [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Interest rate | 6.625% | 6.625% | 6.625% | ||
Due date | Jul. 15, 2021 | Jul. 15, 2021 | Jul. 15, 2021 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - Trade Accounts Receivable [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds from sale of accounts receivable | $ 14,474 | $ 25,266 | $ 18,973 |
Selling, General and Administrative Expenses [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pre-tax losses on accounts receivable | $ 45 | $ 63 | $ 55 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||||
Accounts receivable | $ 92,685 | $ 80,155 | ||
Notes receivable | 3,706 | 856 | ||
Allowances for doubtful accounts | (87) | (90) | $ (94) | $ (83) |
Sales return reserves | (387) | (439) | $ (628) | $ (1,107) |
Volume discounts | (276) | (479) | ||
Accounts receivable, net | $ 95,641 | $ 80,003 |
Accounts Receivable - Schedul_2
Accounts Receivable - Schedule of Changes in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Beginning balance | $ (90) | $ (94) | $ (83) |
Translation adjustments | 3 | 4 | (11) |
Ending balance | $ (87) | $ (90) | $ (94) |
Accounts Receivable - Schedul_3
Accounts Receivable - Schedule of Changes in Sales Return Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Beginning balance | $ (439) | $ (628) | $ (1,107) |
Provision | (136) | (245) | (40) |
Usage | 170 | 414 | 626 |
Translation adjustments | 18 | 20 | (107) |
Ending balance | $ (387) | $ (439) | $ (628) |
Accounts Receivable - Schedul_4
Accounts Receivable - Schedule of Changes in Low Yield Compensation Reserve (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Receivables [Abstract] | |
Beginning balance | $ (432) |
Provision | (362) |
Usage | 22 |
Translation adjustments | (72) |
Ending balance | $ (844) |
Accounts Receivable - Schedul_5
Accounts Receivable - Schedule Of Changes in Volume Discounts Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | ||
Beginning balance | $ (479) | |
Provision | (1,852) | $ (1,378) |
Usage | 2,040 | 892 |
Translation adjustments | 15 | 7 |
Ending balance | $ (276) | $ (479) |
Inventories - Additional Inform
Inventories - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Legacy Display Products [Member] | |
Inventory reserves | $ 5,475 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | |||||
Finished goods | $ 17,489 | $ 14,334 | |||
Semi-finished goods and work-in-process | 44,040 | 39,135 | |||
Raw materials | 17,702 | 21,150 | |||
Materials in-transit | 1,890 | ||||
Less: inventory reserve | (5,964) | (4,898) | $ (6,391) | $ (7,177) | |
Inventories, net | $ 73,267 | $ 71,611 | $ 29,823 |
Inventories - Changes in Invent
Inventories - Changes in Inventory Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |||
Beginning balance | $ (4,898) | $ (6,391) | $ (7,177) |
Change in reserve | |||
Inventory reserve charged to costs of sales | (13,855) | (8,269) | (7,017) |
Sale of previously reserved inventory | 3,067 | 4,098 | 6,003 |
Change in reserve | (10,788) | (4,171) | (1,014) |
Write off | 9,189 | 5,479 | 2,641 |
Translation adjustments | 533 | 185 | (841) |
Ending balance | $ (5,964) | $ (4,898) | $ (6,391) |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 29, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expenses | $ 31,820 | $ 31,229 | $ 27,498 | |
Business Combination Amortized Contractual Term | 10 years | |||
Water Treatment Facilities [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Business acquisition, assets acquired and liabilities assumed, net | $ 4,172 | |||
Net proceeds from sale leaseback facility, financing activities | $ 4,172 | |||
Sale leaseback facility, financing activities, term | 10 years | |||
Business acquisition, other current liabilities | $ 553 | |||
Business acquisition, other non-current liabilities | $ 3,619 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 441,643 | $ 438,714 |
Less: accumulated depreciation | (273,959) | (251,962) |
Property, plant and equipment, net | 182,574 | 202,171 |
Buildings and Related Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 68,828 | 70,665 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 327,677 | 323,325 |
Finance Lease Right Of Use Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,457 | |
Others [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 42,681 | 44,724 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 14,890 | $ 15,419 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for intangible assets | $ 909 | $ 819 | $ 648 |
Estimated aggregate amortization expense of intangible assets in 2020 | 943 | ||
Estimated aggregate amortization expense of intangible assets in 2021 | 908 | ||
Estimated aggregate amortization expense of intangible assets in 2022 | 809 | ||
Estimated aggregate amortization expense of intangible assets in 2023 | 622 | ||
Estimated aggregate amortization expense of intangible assets in 2024 | $ 394 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | $ 57,804 | $ 58,712 |
Accumulated amortization | (53,790) | (54,759) |
Intangible asset, Net amount | 4,014 | 3,953 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | 18,688 | 19,350 |
Accumulated amortization | (18,688) | (19,350) |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | 26,838 | 27,791 |
Accumulated amortization | (26,838) | (27,791) |
Intellectual Property Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | 12,278 | 11,571 |
Accumulated amortization | (8,264) | (7,618) |
Intangible asset, Net amount | $ 4,014 | $ 3,953 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Maximum [Member] | |
Lease Agreements Remaining Term of Lease | 15 years |
Lessee Lease Option To Extend | 10 years |
Minimum [Member] | |
Lease Agreements Remaining Term of Lease | 1 year |
Lessee Lease Option To Extend | 1 year |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Assets | |
Operating lease | $ 11,482 |
Total leased assets | 13,633 |
Current | |
Operating | 2,036 |
Non-current | |
Operating | 9,446 |
Total lease liabilities | 13,705 |
Operating Lease Right Of Use Assets [Member] | |
Assets | |
Operating lease | 11,482 |
Property, Plant and Equipment, Net [Member] | |
Assets | |
Finance lease | 2,151 |
Current Operating Lease Liabilities [Member] | |
Current | |
Operating | 2,036 |
Other Current Liabilities [Member] | |
Current | |
Finance | 252 |
Non Current Operating Lease Liabilities [Member] | |
Non-current | |
Operating | 9,446 |
Other Noncurrent Liabilities [Member] | |
Non-current | |
Finance | $ 1,971 |
Leases - Components of lease co
Leases - Components of lease cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 3,154 |
Finance lease cost [Abstract] | |
Amortization of right-of-use assets | 303 |
Interest on lease liabilities | 178 |
Total lease cost | $ 3,635 |
Leases - Other lease informatio
Leases - Other lease information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Operating cash flows from operating leases | $ 3,154 |
Operating cash flows from finance leases | 178 |
Financing cash flows from finance leases | $ 233 |
Weighted average remaining lease term | |
Operating leases | 12 years 6 months |
Finance leases | 10 years 4 months 24 days |
Weighted average discount rate | |
Operating leases | 7.95% |
Finance leases | 7.95% |
Leases - Aggregate future lease
Leases - Aggregate future lease payment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating Leases, 2020 | $ 2,843 | $ 4,319 |
Operating Leases, 2021 | 1,355 | 3,569 |
Operating Leases, 2022 | 1,096 | 1,570 |
Operating Leases, 2023 | 1,088 | 1,319 |
Operating Leases, 2024 | 1,088 | 1,309 |
Operating Leases, Thereafter | 10,618 | 13,978 |
Operating Leases, Total future lease payments | 18,088 | $ 26,064 |
Less: Present value adjustment | (6,606) | |
Present value of future payments | 11,482 | |
Finance Leases [Abstract] | ||
Finance Leases, 2020 | 413 | |
Finance Leases, 2021 | 413 | |
Finance Leases, 2022 | 413 | |
Finance Leases, 2023 | 413 | |
Finance Leases, 2024 | 150 | |
Finance Leases, Thereafter | 1,463 | |
Finance Leases, Total future lease payments | 3,265 | |
Less: Present value adjustment | (1,042) | |
Present value of future payments | $ 2,223 |
Leases - Minimum aggregate rent
Leases - Minimum aggregate rental payments due (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 | $ 2,843 | $ 4,319 |
2020 | 1,355 | 3,569 |
2021 | 1,096 | 1,570 |
2022 | 1,088 | 1,319 |
2023 | 1,088 | 1,309 |
2024 and thereafter | 10,618 | 13,978 |
Operating Leases, Total future lease payments | $ 18,088 | $ 26,064 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Payroll, benefits and related taxes, excluding severance benefits | $ 16,505 | $ 14,548 |
Withholding tax attributable to intercompany interest income | 23,371 | 20,879 |
Interest on senior notes | 8,205 | 8,226 |
Outside service fees | 898 | 935 |
Restructuring and others | 3,549 | |
Others | 2,548 | 1,662 |
Accrued expenses | $ 55,076 | $ 46,250 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||||||||||
Estimated amount reclassified from accumulated other comprehensive income into income, period | 12 months | ||||||||||
Estimated amount reclassified from accumulated other comprehensive income into income | $ 1,545 | ||||||||||
Revenues | $ 199,993 | $ 229,677 | $ 205,145 | $ 157,380 | $ 179,394 | $ 206,000 | $ 199,685 | $ 165,819 | 792,195 | $ 750,898 | $ 679,672 |
Accounting Standards Update 2014-09 [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Revenues | 98 | ||||||||||
Zero Cost Collar and Forward Contracts [Member] | Nomura Financial Investment (Korea) Co., Ltd. [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Deposit with counterparty | 8,750 | 4,000 | 8,750 | 4,000 | |||||||
Threshold amount of cash collateral | 500 | 500 | |||||||||
Cash collateral for credit exposure in derivatives | 1,070 | $ 1,810 | 1,070 | $ 1,810 | |||||||
Termination provisions for cash and cash equivalents | $ 30,000 | $ 30,000 | |||||||||
Debt Instrument, Credit Rating | B-/B3 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Details of Derivative Contracts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Zero Cost Collar One [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Aug. 13, 2019 | Jun. 27, 2018 |
Type of derivative | Zero cost collar | Zero cost collar |
Total notional amount | $ 60,000 | $ 18,000 |
Month of settlement, start | 2020-01 | 2019-01 |
Month of settlement, end | 2020-06 | 2019-06 |
Zero Cost Collar Two [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Sep. 27, 2019 | |
Type of derivative | Zero cost collar | |
Total notional amount | $ 42,000 | |
Month of settlement, start | 2020-01 | |
Month of settlement, end | 2020-06 | |
Zero Cost Collar Three [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Dec. 4, 2019 | |
Type of derivative | Zero cost collar | |
Total notional amount | $ 30,000 | |
Month of settlement, start | 2020-07 | |
Month of settlement, end | 2020-12 | |
Forward [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Jun. 27, 2018 | |
Type of derivative | Forward | |
Total notional amount | $ 36,000 | |
Month of settlement, start | 2019-01 | |
Month of settlement, end | 2019-06 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Zero Cost Collars [Member] | ||
Asset Derivatives: | ||
Other current assets | $ 1,456 | |
Liability Derivatives: | ||
Other current liabilities | $ 117 | |
Forward [Member] | ||
Liability Derivatives: | ||
Other current liabilities | 607 | |
Other Current Assets [Member] | Zero Cost Collars [Member] | ||
Asset Derivatives: | ||
Other current assets | $ 1,456 | |
Other Current Liabilities [Member] | Zero Cost Collars [Member] | ||
Liability Derivatives: | ||
Other current liabilities | 117 | |
Other Current Liabilities [Member] | Forward [Member] | ||
Liability Derivatives: | ||
Other current liabilities | $ 607 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Offsetting of Derivative Assets and Liabilities (Details) - Zero Cost Collars [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Asset Derivatives: | |
Asset Derivatives, Gross amounts of recognized assets/liabilities | $ 1,456 |
Asset Derivatives, Net amounts of assets/liabilities presented in the balance sheets | 1,456 |
Asset Derivatives, Gross amounts not offset in the balance sheets, Cash collateral pledged | 1,070 |
Asset Derivatives, Net amount | $ 2,526 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Offsetting of Derivative Liabilities (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Zero Cost Collars [Member] | |
Derivative [Line Items] | |
Liability Derivatives, Gross amounts of recognized liabilities | $ 117 |
Liability Derivatives, Net amounts of liabilities presented in the balance sheets | 117 |
Liability Derivatives, Gross amounts not offset in the balance sheets, Cash collateral pledged | (360) |
Liability Derivatives, Net amount after master netting | (243) |
Foreign Exchange Forward [Member] | |
Derivative [Line Items] | |
Liability Derivatives, Gross amounts of recognized liabilities | 607 |
Liability Derivatives, Net amounts of liabilities presented in the balance sheets | 607 |
Liability Derivatives, Gross amounts not offset in the balance sheets, Cash collateral pledged | (1,450) |
Liability Derivatives, Net amount after master netting | $ (843) |
Derivative Financial Instrume_8
Derivative Financial Instruments - Impact of Derivative Instruments on Consolidated Statement of Operations (Detail) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion) | $ (2,894) | $ (1,589) |
Other income, net [Member] | ||
Derivative [Line Items] | ||
Amount of Loss Recognized in Statement of Operations on Derivatives (Ineffective Portion) | (318) | (2,370) |
Net Sales [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion) | (4,488) | 3,759 |
Zero Cost Collars [Member] | ||
Derivative [Line Items] | ||
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion) | (1,096) | (747) |
Zero Cost Collars [Member] | Other income, net [Member] | ||
Derivative [Line Items] | ||
Amount of Loss Recognized in Statement of Operations on Derivatives (Ineffective Portion) | (193) | (276) |
Zero Cost Collars [Member] | Net Sales [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion) | (2,738) | 2,103 |
Forward [Member] | ||
Derivative [Line Items] | ||
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion) | (1,798) | (842) |
Forward [Member] | Other income, net [Member] | ||
Derivative [Line Items] | ||
Amount of Loss Recognized in Statement of Operations on Derivatives (Ineffective Portion) | (125) | (190) |
Forward [Member] | Net Sales [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion) | $ (1,750) | 1,656 |
Forwards - excluded time value [Member] | Other income, net [Member] | ||
Derivative [Line Items] | ||
Amount of Loss Recognized in Statement of Operations on Derivatives (Ineffective Portion) | $ (1,904) |
Product Warranties - Additional
Product Warranties - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Warranty Obligations [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 844 |
Product Warranties - Schedule o
Product Warranties - Schedule of Changes in Accrued Warranty Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Adjusted Beginning balance | $ 1,060 | ||
Beginning balance | $ 610 | 216 | $ 466 |
Change in provision (reversal) | 2,357 | 222 | (224) |
Usage | (1,315) | (636) | (65) |
Translation adjustments | (6) | (36) | 39 |
Ending balance | $ 1,646 | $ 610 | $ 216 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) - USD ($) | Jan. 17, 2017 | Jul. 18, 2013 | Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2019 |
Debt Instrument [Line Items] | |||||||
Repurchase of common stock, shares | 1,795,444 | ||||||
Repurchase of common stock | $ 3,107,000 | $ 1,607,000 | $ 11,401,000 | ||||
Debt issuance costs paid | 5,902,000 | ||||||
Interest expense related to the Exchangeable Notes | $ 5,349,000 | ||||||
Loss on early extinguishment of long-term borrowings, net | $ (42,000) | $ (206,000) | |||||
Exchangeable Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Due date | Mar. 1, 2021 | ||||||
6.625% Senior Notes Due 2021 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 225,000,000 | ||||||
Interest rate | 6.625% | 6.625% | 6.625% | ||||
Due date | Jul. 15, 2021 | Jul. 15, 2021 | Jul. 15, 2021 | ||||
Aggregate principal amount of senior notes pricing | 99.50% | ||||||
Debt issuance costs paid | $ 5,039,000 | ||||||
Interest expense related to the Exchangeable Notes | $ 15,730,000 | $ 15,719,000 | |||||
Original debt issue discount | $ 1,125,000 | ||||||
Debt Instrument, Repurchased Face Amount | 500,000 | $ 250,000 | |||||
Loss on early extinguishment of long-term borrowings, net | $ 21,000 | $ 28,000 | |||||
6.625% Senior Notes Due 2021 [Member] | Senior Notes [Member] | 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price plus accrued, unpaid interest and special interest to the date of redemption | 100.00% | ||||||
5.0% Exchangeable Senior Notes due March 2021 [Member] | Exchangeable Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 86,250,000 | ||||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | |||
Due date | Mar. 1, 2021 | Mar. 1, 2021 | Mar. 1, 2021 | ||||
Aggregate principal amount of senior notes pricing | 5.00% | ||||||
Convertible notes principal amount denomination value | $ 1,000,000 | ||||||
Conversion of converted notes, shares issued | 121.1387 | ||||||
Exchange price | $ 8.26 | ||||||
Redemption price plus accrued, unpaid interest and special interest to the date of redemption | 100.00% | ||||||
Minimum required percentage of holders to declare repurchase of notes | 25.00% | ||||||
Percentage of notes to repurchased on declaration by minimum required holders | 100.00% | ||||||
Debt issuance costs paid | $ 5,902,000 | ||||||
Interest expense related to the Exchangeable Notes | $ 5,618,000 | $ 5,678,000 | |||||
Debt Instrument, Repurchased Face Amount | $ 920,000 | 1,590,000 | |||||
Loss on early extinguishment of long-term borrowings, net | $ 63,000 | $ 234,000 |
Long-term Borrowings - Componen
Long-term Borrowings - Components of Long-term Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Less: unamortized discount and debt issuance costs | $ (3,247) | $ (5,583) |
Long-term borrowings, net of unamortized discount and debt issuance costs | 304,743 | 303,577 |
Exchangeable Senior Notes [Member] | 5.0% Exchangeable Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 83,740 | 84,660 |
Senior Notes [Member] | 6.625% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 224,250 | $ 224,500 |
Long-term Borrowings - Compon_2
Long-term Borrowings - Components of Long-term Borrowings (Parenthetical) (Detail) | Jan. 17, 2017 | Jul. 18, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Exchangeable Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Due date | Mar. 1, 2021 | ||||
5.0% Exchangeable Senior Notes due March 2021 [Member] | Exchangeable Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | |
Due date | Mar. 1, 2021 | Mar. 1, 2021 | Mar. 1, 2021 | ||
6.625% Senior Notes Due July 2021 [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.625% | 6.625% | 6.625% | ||
Due date | Jul. 15, 2021 | Jul. 15, 2021 | Jul. 15, 2021 |
Accrued Severance Benefits - Ad
Accrued Severance Benefits - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Percentage of employees eligible for severance benefits | 98.00% |
Korea [Member] | Maximum [Member] | |
Retirement age of employees | 60 years |
Accrued Severance Benefits - Ch
Accrued Severance Benefits - Changes in Accrued Severance Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |||
Beginning balance | $ 149,408 | $ 149,796 | |
Provisions | 17,139 | 17,644 | $ 24,373 |
Severance payments | (9,288) | (11,688) | (21,506) |
Translation adjustments | (4,967) | (6,344) | |
Ending balance | 152,292 | 149,408 | $ 149,796 |
Less: Cumulative contributions to severance insurance deposit accounts | (4,781) | (2,549) | |
The National Pension Fund | (215) | (230) | |
Group severance insurance plan | (568) | (598) | |
Accrued severance benefits, net | $ 146,728 | $ 146,031 |
Accrued Severance Benefits - Fu
Accrued Severance Benefits - Future Benefits Payments to Employees (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 1,066 |
2021 | 1,546 |
2022 | 1,349 |
2023 | 1,776 |
2024 | 2,630 |
2025 - 2029 | $ 35,442 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 9,347,000 | ||
Number of shares reserved for future issuance | 987,000 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share based compensation expense | $ 6,939 | $ 4,096 | $ 1,601 |
Unrecognized compensation cost related to unvested restricted stock units | $ 4,289 | ||
Unrecognized compensation cost, period for recognition | 6 months | ||
Fair value of restricted stock units vested | $ 5,817 | 2,647 | 2,107 |
Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share based compensation expense | 13 | 313 | 734 |
Unrecognized compensation cost related to stock options | 0 | ||
Weighted average grant-date fair value of vested options | $ 165 | $ 786 | $ 794 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Restricted Stock Unit Activities (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units, Outstanding Beginning Balance | 718,213 | 340,753 | 566,389 |
Number of Restricted Stock Units, Granted | 711,719 | 739,231 | 172,716 |
Number of Restricted Stock Units, Vested | (528,740) | (373,620) | (368,555) |
Number of Restricted Stock Units, Settled of previous year vesting | $ (42,189) | $ (28,967) | |
Number of Restricted Stock Units, Unsettled | $ 226,215 | $ 45,311 | |
Number of Restricted Stock Units, Forfeited | (41,915) | (33,462) | (830) |
Number of Restricted Stock Units, Outstanding Ending Balance | 1,043,303 | 718,213 | 340,753 |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Outstanding Beginning Balance | $ 9.39 | $ 8.80 | $ 6.03 |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Granted | 11.85 | 9.64 | 11.15 |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Vested | 11 | 9.24 | 5.72 |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Settled of previous year vesting | 9.22 | 8 | |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Unsettled | 12.16 | 9.22 | |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Forfeited | 10 | 10.31 | 8.33 |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Outstanding Ending Balance | $ 10.83 | $ 9.39 | $ 8.80 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Option Activities (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Outstanding Beginning Balance, Number of Options | 2,674,756 | 2,871,904 | 3,428,665 | |
Granted, Number of Options | 70,865 | |||
Forfeited, Number of Options | (44,892) | (34,807) | (88,443) | |
Exercised, Number of Options | (452,819) | (162,341) | (539,183) | |
Outstanding Ending Balance, Number of Options | 2,177,045 | 2,674,756 | 2,871,904 | 3,428,665 |
Vested and expected to vest, Number of Options | 2,177,045 | 2,674,266 | 2,865,475 | |
Exercisable, Number of Options | 2,544,565 | 2,395,979 | ||
Outstanding Beginning Balance, Weighted Average Exercise Price of Stock Options | $ 9.73 | $ 9.59 | $ 9.23 | |
Granted, Weighted Average Exercise Price of Stock Options | 10.43 | |||
Forfeited, Weighted Average Exercise Price of Stock Options | 10.29 | 10.97 | 12.77 | |
Exercised, Weighted Average Exercise Price of Stock Options | 6.31 | 6.97 | 6.94 | |
Outstanding Ending Balance, Weighted Average Exercise Price of Stock Options | 10.42 | 9.73 | 9.59 | $ 9.23 |
Vested and expected to vest, Weighted Average Exercise Price of Stock Options | $ 10.42 | 9.73 | 9.59 | |
Exercisable, Weighted Average Exercise Price of Stock Options | $ 9.94 | $ 10.11 | ||
Outstanding Beginning Balance, Aggregate Intrinsic Value of Stock Options | $ 395 | $ 6,073 | $ 525 | |
Exercised, Aggregate Intrinsic Value of Stock Options | 2,404 | 737 | 1,540 | |
Outstanding Ending Balance, Aggregate Intrinsic Value of Stock Options | 6,259 | 395 | 6,073 | $ 525 |
Vested and expected to vest, Aggregate Intrinsic Value of Stock Options | $ 6,259 | 394 | 6,050 | |
Exercisable, Aggregate Intrinsic Value of Stock Options | $ 306 | $ 4,603 | ||
Outstanding, Weighted Average Remaining Contractual Life of Stock Options | 4 years 8 months 12 days | 5 years 2 months 12 days | 6 years 2 months 12 days | 6 years 8 months 12 days |
Vested and expected to vest, Weighted Average Remaining Contractual Life of Stock Options | 4 years 8 months 12 days | 5 years 2 months 12 days | 6 years 2 months 12 days | |
Exercisable, Weighted Average Remaining Contractual Life of Stock Options | 5 years 1 month 6 days | 5 years 8 months 12 days |
Equity Incentive Plans - Assump
Equity Incentive Plans - Assumptions used in Black-Scholes Option-Pricing Model on Weighted Average Basis (Detail) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Grant-date fair value of option | $ 5.02 |
Expected term | 2 years 6 months |
Risk-free interest rate | 1.20% |
Expected volatility | 81.70% |
Equity Incentive Plans - Number
Equity Incentive Plans - Number and Weighted Average Grant-Date Fair Value of Unvested Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding Beginning Balance, Number of Options | 130,191 | 475,925 | 897,421 |
Granted options during the period, Number | 70,865 | ||
Vested options during the period, Number | (107,100) | (313,160) | (455,301) |
Forfeited options during the period, Number | (345) | (14,738) | (19,031) |
Exercised options during the period, Number | (22,746) | (17,836) | (18,029) |
Outstanding Ending Balance, Number of Options | 0 | 130,191 | 475,925 |
Unvested options at the beginning of the period, Weighted Average Grant-Date Fair Value | $ 1.54 | $ 2.19 | $ 1.72 |
Granted options during the period, Weighted Average Grant-Date Fair Value | 5.02 | ||
Vested options during the period, Weighted Average Grant-Date Fair Value | 1.54 | 2.51 | 1.74 |
Forfeited options during the period, Weighted Average Grant-Date Fair Value | 1.54 | 1.73 | 1.77 |
Exercised options during the period, Weighted Average Grant-Date Fair Value | $ 1.54 | 1.66 | 1.59 |
Unvested options at the end of the period, Weighted Average Grant-Date Fair Value | $ 1.54 | $ 2.19 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Gains) - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring-related charges | $ 53 | $ 2,151 | $ 9,195 | $ (17,010) | |||
Restructuring Charges [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Professional fees and other related charges | $ 6,991 | ||||||
Sensor Business [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Proceeds from sale of business | $ 1,295 | ||||||
Net gain on sale of business | $ 375 | ||||||
Korea [Member] | Buildings [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Gross proceeds from sale of building | $ 18,204 | ||||||
Value-added tax, for sale of the building | 1,655 | ||||||
Restricted cash | 18,204 | ||||||
Deposits received | $ 16,549 | ||||||
Decrease in restricted cash due to release | $ 18,204 | ||||||
Korea [Member] | Buildings [Member] | Restructuring Gain [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Gain on sale of machinery and building as part of restructuring | $ 16,635 |
Early Termination Charges - Add
Early Termination Charges - Additional Information (Detail) - Headcount Reduction Plan [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017Employee-Position | |
Restructuring Cost and Reserve [Line Items] | |||
Cash payments | $ | $ 31,000 | $ 13,369 | |
Number of employees elected to resign | Employee-Position | 352 |
Foreign Currency Gain (Loss),_2
Foreign Currency Gain (Loss), Net - Additional Information (Detail) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Foreign Currency Transaction [Abstract] | |||
Exchange rates using first base rate | 1,157.8 | 1,118.1 | 1,071.4 |
Intercompany loan balances | $ 686,485 | $ 666,597 | $ 677,267 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Contingency [Line Items] | |||||||
Net deferred tax assets | $ 154 | $ 215 | |||||
Deferred tax assets, valuation allowance amount | $ 251,132 | 246,224 | 248,633 | $ 251,132 | $ 281,473 | ||
Net operating loss carry-forwards | $ 708,885 | ||||||
Net operating loss carry-forwards, expiration period | indefinite period of time | ||||||
Net operating loss utilized | $ 30,945 | $ 24,123 | $ 3,217 | ||||
Statutory income tax rate | 21.00% | 21.00% | 35.00% | ||||
Accrued Interest and Penalities | 8 | $ 0 | $ 0 | $ 8 | |||
Income tax penalties | $ 6,030 | ||||||
Accrued tax penalties | 3,336 | ||||||
Employee withholding amounts | 548 | 548 | |||||
Administrative fine related to tax audit | $ 2,034 | ||||||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | 13,438 | ||||||
Portion of Employee Withholding Tax Amount Collected | $ 118 | ||||||
UnrecognizedTaxBenefits | 475 | 445 | $ 426 | $ 475 | $ 1,768 | ||
Net deferred tax assets | 18,435 | ||||||
Selling, General and Administrative Expenses [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax penalties | $ 4,179 | ||||||
Allowance For Employee Withholding Tax | $ 430 | ||||||
Luxembourg Subsidiary [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating loss carry-forwards | 295,171 | ||||||
Effective income tax rate reconciliation permanent adjustments amount | 24,344 | ||||||
Korean Statutory Tax Rate [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Tax credit carry-forwards | $ 3,028 | ||||||
Net operating loss carry-forwards, expiration period | The Korean tax credits expire at various dates starting from 2020 to 2024 | ||||||
Dutch [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Tax credit carry-forwards | $ 14,018 | ||||||
U.S [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Tax credit carry-forwards | 9 | ||||||
Korean Subsidiary [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Net operating loss carry-forwards | $ 204,248 | ||||||
Net operating loss expiration date | 2026 | ||||||
Statutory income tax rate | 24.20% | ||||||
Effective income tax rate reconciliation permanent adjustments amount | $ 5,112 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (loss) before income tax expenses | |||
Domestic | $ (27,758) | $ 3,492 | $ 27,461 |
Foreign | 10,679 | (2,743) | 58,630 |
Income (loss) before income tax expense | (17,079) | 749 | 86,091 |
Current income tax expense (benefit) | |||
Domestic | 20 | (383) | (359) |
Foreign | 4,679 | 5,010 | 3,680 |
Current income taxes expense | 12 | (48) | (2,111) |
Uncertain tax position liability (foreign) | 4,711 | 4,579 | 1,210 |
Deferred income taxes expense (benefit) | |||
Foreign | 36 | 70 | (55) |
Total income tax expenses | 4,747 | $ 4,649 | $ 1,155 |
Effective tax rate | 620.60% | 1.30% | |
Domestic [Member] | |||
Current income tax expense (benefit) | |||
Current income taxes expense | (1) | $ (2) | $ (476) |
Foreign [Member] | |||
Current income tax expense (benefit) | |||
Current income taxes expense | $ 13 | $ (46) | $ (1,635) |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Provision for Domestic and Foreign Income Taxes and Amount Calculated by Statutory Tax Rate to Net Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Provision computed at statutory rate | $ (3,587) | $ 157 | $ 30,223 |
State tax | (1,068) | 46 | 5,445 |
Change in statutory tax rates | 2,329 | 1 | 13,438 |
Difference in foreign tax rates | 3,302 | 377 | (17,789) |
Permanent differences | |||
Derivative assets adjustment | 315 | (1,111) | 1,937 |
TPECs, hybrid and other interest | 7,812 | (5,555) | (7,526) |
Thin capitalization | 988 | 1,262 | 1,888 |
Permanent foreign currency gain (loss) | (1,734) | (2,490) | 15,237 |
Penalty | 151 | 436 | 4,001 |
Global intangible low-taxed income (GILTI) | 5,112 | 328 | |
Other permanent differences | 411 | 117 | 633 |
Withholding tax | 3,043 | 3,270 | 3,339 |
Change in valuation allowance | 4,382 | 6,260 | (56,744) |
Tax credits claimed | (419) | (416) | (659) |
Tax credits expired | 168 | 817 | 2,638 |
Uncertain tax positions liability | 12 | (48) | (2,111) |
Change in net operating loss carry-forwards from tax audit | 6,878 | ||
NOL expired | 3,780 | ||
Intercompany debt restructuring | (18,435) | ||
Others | (1,815) | 1,198 | 327 |
Total income tax expenses | $ 4,747 | $ 4,649 | $ 1,155 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Composition of Net Deferred Income Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||||
Inventory reserves | $ 4,869 | $ 8,274 | ||
Derivative liabilities | 175 | |||
Accrued expenses | 3,384 | 3,210 | ||
Product warranties | 190 | 67 | ||
Other reserves | 303 | 187 | ||
Property, plant and equipment | 7,979 | 8,797 | ||
Intangible assets | 5 | 12 | ||
Accumulated severance benefits | 36,841 | 36,166 | ||
Foreign currency translation loss | 20,544 | 28,718 | ||
NOL carry-forwards | 150,954 | 164,824 | ||
Tax credit | 17,054 | 18,352 | ||
Other long-term payable | 3,023 | 3,634 | ||
Interest expense deduction limitation | 5,244 | 4,026 | ||
Others | 4,240 | 3,455 | ||
Total deferred tax assets | 254,630 | 279,897 | ||
Less: Valuation allowance | (246,224) | (248,633) | $ (251,132) | $ (281,473) |
Deferred tax assets, net | 8,406 | 31,264 | ||
Deferred tax liabilities | ||||
Derivative assets | 352 | |||
Foreign currency translation gain (loss) | 17,777 | |||
Prepaid expense | 3,090 | 3,612 | ||
Others | 4,810 | 9,660 | ||
Total deferred tax liabilities | 8,252 | 31,049 | ||
Net deferred tax assets | 154 | 215 | ||
Net deferred tax assets reported in | ||||
Other non-current assets | $ 154 | $ 215 |
Income Taxes - Changes in Valua
Income Taxes - Changes in Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 248,633 | $ 251,132 | $ 281,473 |
Charged to expense | 7,912 | 7,653 | (54,816) |
NOL/tax credit claimed/expired | (3,529) | (1,393) | (1,928) |
Translation adjustments | (6,792) | (8,759) | 26,403 |
Ending balance | $ 246,224 | $ 248,633 | $ 251,132 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, balance at the beginning | $ 426 | $ 475 | $ 1,768 |
Additions based on tax positions related to the current year | 13 | 10 | 10 |
Reductions for tax positions of prior years | (1) | (676) | |
Lapse of statute of limitations | (51) | (735) | |
Translation adjustments | 7 | (8) | 108 |
Unrecognized tax benefits, balance at the ending | $ 445 | $ 426 | $ 475 |
Geographic and Segment Inform_3
Geographic and Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)SegmentsCustomerCustomerSegments | Dec. 31, 2018USD ($)CustomerCustomerSegments | Dec. 31, 2017USD ($)CustomerCustomerSegments | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Number of operating segments | Segments | 2 | ||||||||||
Number of customers | Customer | 10 | 10 | 10 | ||||||||
Number of customers greater than ten percent threshold | CustomerSegments | 1 | 2 | 1 | ||||||||
Net sales | $ 199,993 | $ 229,677 | $ 205,145 | $ 157,380 | $ 179,394 | $ 206,000 | $ 199,685 | $ 165,819 | $ 792,195 | $ 750,898 | $ 679,672 |
Gross profit | $ 53,204 | $ 60,866 | $ 43,840 | $ 22,701 | $ 43,912 | $ 55,749 | $ 53,854 | $ 44,581 | 180,611 | 198,096 | 187,893 |
Operating Segments [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 30,306 | ||||||||||
Corporate, Non-Segment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross profit | 6,322 | ||||||||||
Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 249,385 | $ 282,516 | $ 279,883 | ||||||||
Customer Concentration Risk [Member] | Net Sales [Member] | Top Ten Customers [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Concentration risk, percentage | 67.00% | 61.00% | 57.00% | ||||||||
Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer One [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Concentration risk, percentage | 32.90% | 19.30% | 15.60% | ||||||||
Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer Two [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Concentration risk, percentage | 13.30% | ||||||||||
Geographic Concentration Risk [Member] | Net Sales [Member] | Taiwan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Concentration risk, percentage | 20.90% | 26.20% | 36.40% | ||||||||
Geographic Concentration Risk [Member] | Net Sales [Member] | CHINA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Concentration risk, percentage | 75.40% | 66.60% | 49.70% | ||||||||
Geographic Concentration Risk [Member] | Property, Plant and Equipment [Member] | Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Concentration risk, percentage | 98.00% |
Geographic and Segment Inform_4
Geographic and Segment Information - Schedule of Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 199,993 | $ 229,677 | $ 205,145 | $ 157,380 | $ 179,394 | $ 206,000 | $ 199,685 | $ 165,819 | $ 792,195 | $ 750,898 | $ 679,672 |
Total gross profit | $ 53,204 | $ 60,866 | $ 43,840 | $ 22,701 | $ 43,912 | $ 55,749 | $ 53,854 | $ 44,581 | 180,611 | 198,096 | 187,893 |
Foundry Services Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 307,144 | 325,312 | |||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 30,306 | ||||||||||
Operating Segments [Member] | Foundry Services Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 307,144 | 325,312 | 350,395 | ||||||||
Total gross profit | 64,010 | 82,578 | 101,780 | ||||||||
Operating Segments [Member] | Standard Products Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 484,776 | 425,397 | 329,069 | ||||||||
Total gross profit | 116,327 | 115,478 | 85,905 | ||||||||
Operating Segments [Member] | Standard Products Group [Member] | Display Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 308,531 | 256,113 | 179,233 | ||||||||
Operating Segments [Member] | Standard Products Group [Member] | Power Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 176,245 | 169,284 | 149,836 | ||||||||
All Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 275 | 189 | 208 | ||||||||
Total gross profit | $ 274 | $ 40 | $ 208 |
Geographic and Segment Inform_5
Geographic and Segment Information - Summary of Revenue Disaggregated Depending on Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Foundry Services Group | $ 199,993 | $ 229,677 | $ 205,145 | $ 157,380 | $ 179,394 | $ 206,000 | $ 199,685 | $ 165,819 | $ 792,195 | $ 750,898 | $ 679,672 |
Foundry Services Group [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Foundry Services Group | 307,144 | 325,312 | |||||||||
Revenue Recognized At The Time Of Shipment Or Delivery [Member] | Foundry Services Group [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Foundry Services Group | 157,272 | 80,578 | |||||||||
Revenue Recognized Over Time [Member] | Foundry Services Group [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Foundry Services Group | $ 149,872 | $ 244,734 |
Geographic and Segment Inform_6
Geographic and Segment Information - Net Sales by Region, Based on Location of Products are Billed (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales | $ 199,993 | $ 229,677 | $ 205,145 | $ 157,380 | $ 179,394 | $ 206,000 | $ 199,685 | $ 165,819 | $ 792,195 | $ 750,898 | $ 679,672 |
Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales | 249,385 | 282,516 | 279,883 | ||||||||
Asia Pacific (Other Than Korea) [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales | 466,380 | 380,598 | 322,595 | ||||||||
U.S.A. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales | 28,109 | 37,483 | 35,089 | ||||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales | 46,421 | 47,831 | 41,109 | ||||||||
Others [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales | $ 1,900 | $ 2,470 | $ 996 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | |||
Initial term of leases | 20 years | ||
Renewal terms of leases | 10 years | ||
Notice period upon cancellation of leases | 90 days | ||
Shareholder Derivative Actions [Member] | |||
Loss Contingencies [Line Items] | |||
Proceeds from insurance settlement | $ 3,000 | ||
Securities and Exchange Commission Actions [Member] | |||
Loss Contingencies [Line Items] | |||
Attorneys' fee and litigation expenses | $ 3,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Foreign currency translation adjustments | $ (4,205) | $ (20,061) |
Derivative adjustments | 1,545 | (49) |
Total | $ (2,660) | $ (20,110) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning | $ (17,310) | $ (39,637) | $ (72,114) |
Total other comprehensive income (loss) | 17,450 | 13,004 | (47,138) |
Balance ending | (14,981) | (17,310) | (39,637) |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning | (20,061) | (38,413) | 14,460 |
Other comprehensive income (loss) before reclassifications | 15,856 | 18,352 | (52,873) |
Total other comprehensive income (loss) | 15,856 | 18,352 | (52,873) |
Balance ending | (4,205) | (20,061) | (38,413) |
Derivative Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning | (49) | 5,299 | (436) |
Other comprehensive income (loss) before reclassifications | (2,894) | (1,589) | 7,736 |
Amounts reclassified from accumulated other comprehensive loss | 4,488 | (3,759) | (2,001) |
Total other comprehensive income (loss) | 1,594 | (5,348) | 5,735 |
Balance ending | 1,545 | (49) | 5,299 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning | (20,110) | (33,114) | 14,024 |
Other comprehensive income (loss) before reclassifications | 12,962 | 16,763 | (45,137) |
Amounts reclassified from accumulated other comprehensive loss | 4,488 | (3,759) | (2,001) |
Total other comprehensive income (loss) | 17,450 | 13,004 | (47,138) |
Balance ending | $ (2,660) | $ (20,110) | $ (33,114) |
Earnings (Loss) per Share - Add
Earnings (Loss) per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Conversion Of Exchangeable Notes | 10,153,620 | 10,438,187 |
Earnings (Loss) per Share - Sch
Earnings (Loss) per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic Earnings (Loss) per Share | |||||||||||
Net income (loss) | $ 23,426 | $ (1,607) | $ (9,520) | $ (34,125) | $ (2,380) | $ 17,222 | $ (21,505) | $ 2,763 | $ (21,826) | $ (3,900) | $ 84,936 |
Basic weighted average common stock outstanding | 34,542,415 | 34,357,745 | 34,245,127 | 34,194,878 | 34,627,292 | 34,573,377 | 34,420,654 | 34,253,111 | 34,321,888 | 34,469,921 | 33,943,264 |
Basic earnings (loss) per share | $ 0.68 | $ (0.05) | $ (0.28) | $ (1) | $ (0.07) | $ 0.50 | $ (0.62) | $ 0.08 | $ (0.64) | $ (0.11) | $ 2.50 |
Diluted Earnings (Loss) per Share | |||||||||||
Net income (loss) | $ 23,426 | $ (1,607) | $ (9,520) | $ (34,125) | $ (2,380) | $ 17,222 | $ (21,505) | $ 2,763 | $ (21,826) | $ (3,900) | $ 84,936 |
Add back: Interest expense on Exchangeable Notes | 5,349 | ||||||||||
Net income (loss) allocated to common stockholders | $ (21,826) | $ (3,900) | $ 90,285 | ||||||||
Basic weighted average common stock outstanding | 34,542,415 | 34,357,745 | 34,245,127 | 34,194,878 | 34,627,292 | 34,573,377 | 34,420,654 | 34,253,111 | 34,321,888 | 34,469,921 | 33,943,264 |
Net effect of dilutive equity awards | 821,664 | ||||||||||
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock | 9,990,209 | ||||||||||
Diluted weighted average common stock outstanding | 46,078,768 | 34,357,745 | 34,245,127 | 34,194,878 | 34,627,292 | 46,021,610 | 34,420,654 | 35,154,693 | 34,321,888 | 34,469,921 | 44,755,137 |
Diluted earnings (loss) per share | $ 0.54 | $ (0.05) | $ (0.28) | $ (1) | $ (0.07) | $ 0.41 | $ (0.62) | $ 0.08 | $ (0.64) | $ (0.11) | $ 2.02 |
Earnings (Loss) per Share - S_2
Earnings (Loss) per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Common Share (Parenthetical) (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 17, 2017 |
5.0% Exchangeable Senior Notes due March 2021 [Member] | Exchangeable Senior Notes [Member] | ||||
Earnings Per Share [Line Items] | ||||
Conversion of exchangeable notes to common stock rate | 5.00% | 5.00% | 5.00% | 5.00% |
Earnings (Loss) per Share - S_3
Earnings (Loss) per Share - Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding units and warrants excluded from computation of diluted loss per share/unit | 10,153,620 | 10,438,187 | |
Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding units and warrants excluded from computation of diluted loss per share/unit | 2,177,045 | 2,674,756 | 835,572 |
Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding units and warrants excluded from computation of diluted loss per share/unit | 1,043,303 | 718,213 |
Unaudited Quarterly Financial_3
Unaudited Quarterly Financial Result - Schedule of Selected Consolidated Statements of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 199,993 | $ 229,677 | $ 205,145 | $ 157,380 | $ 179,394 | $ 206,000 | $ 199,685 | $ 165,819 | $ 792,195 | $ 750,898 | $ 679,672 |
Gross profit | 53,204 | 60,866 | 43,840 | 22,701 | 43,912 | 55,749 | 53,854 | 44,581 | 180,611 | 198,096 | 187,893 |
Operating income | 10,035 | 25,923 | 6,746 | (18,281) | 7,860 | 18,265 | 13,914 | 7,379 | 24,423 | 47,418 | 39,236 |
Net loss | $ 23,426 | $ (1,607) | $ (9,520) | $ (34,125) | $ (2,380) | $ 17,222 | $ (21,505) | $ 2,763 | $ (21,826) | $ (3,900) | $ 84,936 |
Earnings (loss) per share: | |||||||||||
Basic | $ 0.68 | $ (0.05) | $ (0.28) | $ (1) | $ (0.07) | $ 0.50 | $ (0.62) | $ 0.08 | $ (0.64) | $ (0.11) | $ 2.50 |
Diluted | $ 0.54 | $ (0.05) | $ (0.28) | $ (1) | $ (0.07) | $ 0.41 | $ (0.62) | $ 0.08 | $ (0.64) | $ (0.11) | $ 2.02 |
Weighted average common stock outstanding: | |||||||||||
Basic | 34,542,415 | 34,357,745 | 34,245,127 | 34,194,878 | 34,627,292 | 34,573,377 | 34,420,654 | 34,253,111 | 34,321,888 | 34,469,921 | 33,943,264 |
Diluted | 46,078,768 | 34,357,745 | 34,245,127 | 34,194,878 | 34,627,292 | 46,021,610 | 34,420,654 | 35,154,693 | 34,321,888 | 34,469,921 | 44,755,137 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ in Thousands | Feb. 01, 2020 | Jan. 31, 2020 |
Nomura Financial Investment (Korea) Co., Ltd. [Member] | ||
Derivative, Notional Amount | $ 48,000 | |
Deutsche Bank AG, Seoul Branch [Member] | ||
Derivative, Notional Amount | $ 30,000 | |
Margin Deposit Assets | $ 1,800 |