Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Magnachip Semiconductor Corporation | ||
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 | $ 332,177,863.40 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Incorporation, State or Country Code | DE | ||
Title of 12(b) Security | Common Stock, | ||
Trading Symbol | MX | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 46,130,726 | ||
Entity File Number | 001-34791 | ||
Entity Tax Identification Number | 83-0406195 | ||
Entity Address, Address Line One | c/o MagnaChip Semiconductor S.A. 1 | ||
Entity Address, City or Town | Allée Scheffer | ||
Entity Address, Postal Zip Code | L-2520 | ||
City Area Code | 352 | ||
Local Phone Number | 45-62-62 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Address, Country | LU | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 279,940 | $ 151,657 |
Accounts receivable, net | 64,390 | 47,447 |
Inventories, net | 39,039 | 41,404 |
Other receivables | 4,338 | 10,200 |
Prepaid expenses | 7,332 | 9,003 |
Hedge collateral (Note 10) | 5,250 | 9,820 |
Other current assets | 9,321 | 10,013 |
Current assets held for sale (Note 2) | 99,821 | |
Total current assets | 409,610 | 379,365 |
Property, plant and equipment, net | 96,383 | 73,068 |
Operating lease right-of-use assets | 4,632 | 1,876 |
Intangible assets, net | 2,727 | 2,769 |
Long-term prepaid expenses | 4,058 | 5,757 |
Deferred income taxes (Note 17) | 44,541 | 154 |
Other non-current assets | 9,739 | 8,905 |
Non-current assets held for sale (Note 2) | 123,434 | |
Total assets | 571,690 | 595,328 |
Current liabilities | ||
Accounts payable | 52,164 | 40,376 |
Other accounts payable | 2,531 | 6,410 |
Accrued expenses (Note 9) | 16,241 | 44,799 |
Accrued income taxes | 12,398 | 1,569 |
Operating lease liabilities | 2,210 | 1,625 |
Current portion of long-term borrowings, net | 83,479 | |
Other current liabilities | 4,595 | 2,014 |
Current liabilities held for sale (Note 2) | 37,040 | |
Total current liabilities | 173,618 | 133,833 |
Long-term borrowings, net | 304,743 | |
Accrued severance benefits, net | 40,462 | 51,181 |
Non-current operating lease liabilities | 2,422 | 251 |
Other non-current liabilities | 9,588 | 9,420 |
Non-current liabilities held for sale (Note 2) | 110,881 | |
Total liabilities | 226,090 | 610,309 |
Commitments and contingencies (Note 19) | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 150,000,000 shares authorized, 44,943,854 shares issued and 35,783,347 outstanding at December 31, 2020 and 43,851,991 shares issued and 34,800,312 outstanding at December 31, 2019 | 450 | 439 |
Additional paid-in capital | 163,010 | 152,404 |
Retained earnings (deficit) | 286,834 | (58,131) |
Treasury stock, 9,160,507 shares at December 31, 2020 and 9,051,679 shares at December 31, 2019, respectively | (108,397) | (107,033) |
Accumulated other comprehensive income (loss) | 3,703 | (2,660) |
Total stockholders' equity (deficit) | 345,600 | (14,981) |
Total liabilities and stockholders' equity | $ 571,690 | $ 595,328 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 44,943,854 | 43,851,991 |
Common stock, shares outstanding | 35,783,347 | 34,800,312 |
Treasury stock, shares | 9,160,507 | 9,051,679 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 507,059 | $ 520,671 | $ 465,425 |
Cost of sales | 378,742 | 404,274 | 349,777 |
Gross profit | 128,317 | 116,397 | 115,648 |
Operating expenses: | |||
Selling, general and administrative expenses | 49,974 | 47,595 | 47,712 |
Research and development expenses | 45,698 | 45,024 | 46,044 |
Early termination and other charges | 5,629 | 53 | |
Total operating expenses | 101,301 | 92,672 | 93,756 |
Operating income: | 27,016 | 23,725 | 21,892 |
Interest expense | (18,147) | (22,157) | (22,006) |
Foreign currency loss, net | (382) | (22,316) | (26,307) |
Loss on early extinguishment of borrowings, net | (766) | (42) | (206) |
Other income (expense), net | 3,110 | 2,577 | (229) |
Income (loss) from continuing operations before income tax expense | 10,831 | (18,213) | (26,856) |
Income tax expense (benefit) | (46,228) | 2,200 | (1,079) |
Income (loss) from continuing operations | 57,059 | (20,413) | (25,777) |
Income (loss) from discontinued operations, net of tax | 287,906 | (1,413) | 21,877 |
Net income (loss) | $ 344,965 | $ (21,826) | $ (3,900) |
Basic earnings (loss) per common share— | |||
Continuing operations | $ 1.62 | $ (0.59) | $ (0.75) |
Discontinued operations | 8.18 | (0.05) | 0.64 |
Total | 9.80 | (0.64) | (0.11) |
Diluted earnings (loss) per common share— | |||
Continuing operations | 1.35 | (0.59) | (0.75) |
Discontinued operations | 6.19 | (0.05) | 0.64 |
Total | $ 7.54 | $ (0.64) | $ (0.11) |
Weighted average number of shares— | |||
Basic | 35,213,525 | 34,321,888 | 34,469,921 |
Diluted | 46,503,586 | 34,321,888 | 34,469,921 |
Standard Products Group [Member] | |||
Net sales | $ 465,519 | $ 484,847 | $ 425,490 |
Cost of sales | 338,420 | 368,450 | 309,842 |
Gross profit | 127,099 | 116,397 | 115,648 |
Fab Three Foundry Services [Member] | |||
Net sales | 41,540 | 35,824 | 39,935 |
Cost of sales | 40,322 | $ 35,824 | $ 39,935 |
Gross profit | $ 1,218 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 344,965 | $ (21,826) | $ (3,900) |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | 6,274 | 15,856 | 18,352 |
Derivative adjustments | |||
Fair valuation of derivatives | 1,452 | (2,894) | (1,589) |
Reclassification adjustment for loss (gain) on derivatives included in net income (loss) | (1,363) | 4,488 | (3,759) |
Total other comprehensive income | 6,363 | 17,450 | 13,004 |
Total comprehensive income (loss) | $ 351,328 | $ (4,376) | $ 9,104 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Common Stock Outstanding [Member] | Common Stock [Member] | Common Stock [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Retained Earnings (Deficit) [Member] | Retained Earnings (Deficit) [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Treasury Stock [Member] | Treasury Stock [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] |
Balance beginning at Dec. 31, 2017 | $ (39,637) | $ (31,153) | $ 426 | $ 426 | $ 136,259 | $ 136,259 | $ (40,889) | $ (32,405) | $ (102,319) | $ (102,319) | $ (33,114) | $ (33,114) | |
Balance, Shares beginning at Dec. 31, 2017 | 34,189,599 | 34,189,599 | |||||||||||
Impact of adopting the new revenue standard at Dec. 31, 2018 | 8,484 | 8,484 | |||||||||||
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, 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 | ||||||||||||
Impact of adopting the new revenue standard at Dec. 31, 2019 | (58,131) | ||||||||||||
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, 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 | |||||||||||
Impact of adopting the new revenue standard at Dec. 31, 2020 | $ 286,834 | ||||||||||||
Stock-based compensation | 6,699 | 6,699 | |||||||||||
Exercise of stock options | $ 3,918 | 5 | 3,913 | ||||||||||
Exercise of stock options, Shares | 510,648 | 510,648 | |||||||||||
Settlement of restricted stock units | 6 | (6) | |||||||||||
Settlement of restricted stock units, Shares | 581,215 | ||||||||||||
Acquisition of treasury stock | $ (1,364) | (1,364) | |||||||||||
Acquisition of treasury stock, Shares | (108,828) | ||||||||||||
Other comprehensive income, net | 6,363 | 6,363 | |||||||||||
Net income (loss) | 344,965 | 344,965 | |||||||||||
Balance ending at Dec. 31, 2020 | $ 345,600 | $ 450 | $ 163,010 | $ 286,834 | $ (108,397) | $ 3,703 | |||||||
Balance, Shares ending at Dec. 31, 2020 | 35,783,347 | 35,783,347 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income (loss) | $ 344,965 | $ (21,826) | $ (3,900) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||
Depreciation and amortization | 16,481 | 32,729 | 32,048 |
Provision for severance benefits | 16,743 | 17,139 | 17,644 |
Amortization of debt issuance costs and original issue discount | 2,220 | 2,299 | 2,183 |
Loss (gain) on foreign currency, net | (23,233) | 24,692 | 30,215 |
Restructuring and other charges | 3,502 | 3,598 | |
Provision for inventory reserves | 3,695 | 10,468 | 4,290 |
Stock-based compensation | 6,699 | 6,952 | 4,409 |
Loss on early extinguishment of borrowings, net | 766 | 42 | 206 |
Gain on sale of discontinued operations | (287,117) | ||
Deferred income tax assets | (44,441) | 35 | 54 |
Others, net | 217 | 247 | (1,235) |
Changes in operating assets and liabilities | |||
Accounts receivable, net | (19,268) | (19,824) | 8,294 |
Unbilled accounts receivable, net | 14,260 | 19,274 | (1,284) |
Inventories | (816) | (14,678) | (34,965) |
Other receivables | 6,954 | (6,200) | 1,260 |
Other current assets | 13,561 | 11,984 | 9,942 |
Accounts payable | 3,960 | 7,375 | (8,389) |
Other accounts payable | (12,000) | (8,518) | (11,183) |
Accrued expenses | (28,756) | 5,279 | (3,926) |
Accrued income taxes | 10,825 | 267 | 1,103 |
Deferred revenue | 2,174 | (4,768) | 2,891 |
Other current liabilities | 279 | (4,727) | 1,020 |
Other non-current liabilities | 3,521 | (306) | 2,346 |
Contributions to severance insurance deposit accounts | (11,921) | (2,262) | (2,532) |
Payment of severance benefits | (12,076) | (9,288) | (11,688) |
Others, net | (3,724) | 514 | 433 |
Net cash provided by operating activities | 7,470 | 50,497 | 39,236 |
Cash flows from investing activities | |||
Proceeds from settlement of hedge collateral | 13,762 | 13,583 | 14,342 |
Payment of hedge collateral | (8,839) | (17,833) | (12,907) |
Proceeds from disposal of plant, property and equipment | 65 | 202 | 1,685 |
Purchase of property, plant and equipment | (36,100) | (22,955) | (28,948) |
Payment for property related to water treatment facility arrangement | (4,283) | ||
Payment for intellectual property registration | (741) | (1,103) | (961) |
Collection of guarantee deposits | 1,024 | 549 | 801 |
Payment of guarantee deposits | (1,236) | (1,349) | (3,016) |
Proceeds from sale of discontinued operations | 350,553 | ||
Others, net | (6) | 9 | (19) |
Net cash provided by (used in) investing activities | 318,482 | (28,897) | (33,306) |
Cash flows from financing activities | |||
Repayment of borrowings | (224,250) | (1,175) | (2,228) |
Proceeds from exercise of stock options | 3,918 | 2,860 | 1,132 |
Acquisition of treasury stock | (1,125) | (2,702) | (1,607) |
Proceeds from property related to water treatment facility arrangement | 4,283 | ||
Repayment of financing related to water treatment facility arrangement | (546) | (552) | (286) |
Others | (278) | (233) | |
Net cash provided by (used in) financing activities | (222,281) | (1,802) | 1,294 |
Effect of exchange rates on cash and cash equivalents | 24,612 | (579) | (3,361) |
Net increase in cash and cash equivalents | 128,283 | 19,219 | 3,863 |
Cash and cash equivalents | |||
Beginning of the period | 151,657 | 132,438 | 128,575 |
End of the period | 279,940 | 151,657 | 132,438 |
Supplemental cash flow information | |||
Cash paid for interest | 22,221 | 19,071 | 19,255 |
Cash paid for income taxes | 23,056 | 2,081 | 920 |
Non-cash investing and financing activities | |||
Property, plant and equipment additions in other accounts payable | 2,542 | $ 5,249 | |
Acquisition of treasury stock to satisfy the tax withholding obligations in connection with equity-based compensation | $ (643) | $ (405) |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | 1. Business, Basis of Presentation and Significant Accounting Policies Business Magnachip Semiconductor Corporation (together with its subsidiaries, the “Company”) is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for 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 On September 1, 2020 (the “Closing Date”), the Company completed the sale of the Company’s Foundry Services Group business and its Fab 4 to Key Foundry Co., Ltd. (the “Buyer”), a Korean limited liability company, in exchange for a purchase price equal to approximately $ million in cash. The purchase price was paid in a combination of U.S. Dollars in the amount of $ million and Korean Won in the amount of approximately KRW 360.6 billion. In addition to the purchase price, the Buyer assumed all severance liabilities relating to the transferred employees, which had a value of approximately $ million. The Buyer is a wholly owned subsidiary of Magnus, which was established by Alchemist Capital Partners Korea Co., Ltd. and Credian Partners, Inc. On April 20, 2020, Magnus assigned, and the Buyer assumed, all rights and obligations of Magnus under the business transfer agreement (the “Business Transfer Agreement”). This divestiture of the Foundry Services Group business and Fab 4 was made in connection with the Company’s strategic shift of its operational focus to its standard products business. The Foundry Services Group was historically a reportable segment. The Foundry Services Group business was classified as discontinued operations in the Company’s consolidated statements of operations and excluded from both continuing operations and segment results for all periods presented. Accordingly, the Company has one reportable segment, its standard products business, together with transitional foundry services associated with its fabrication facility located in Gumi, Korea, known as “Fab 3,” that it expects to perform for the Buyer for a period of up to three years from the Closing Date (the “Transitional Fab 3 Foundry Services”). The Company’s standard products business includes its Display Solutions and Power Solutions business lines. The Company’s Display Solutions products provide panel display solutions to major suppliers of large and small rigid and flexible panel displays, and mobile, automotive applications and home appliances. The Company’s Power Solutions products include discrete and integrated circuit solutions for power management in communications, consumer and industrial applications. Basis of Presentation The consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below. The Company has reclassified certain prior years’ amounts to conform to the current year’s presentation for discontinued operations to reflect the divestiture of its Foundry Services Group business and Fab 4. The assets and liabilities transferred to the Buyer as of the Closing Date have been classified as assets and liabilities held for sale in the Company’s consolidated balance sheet as of December 31, 2019. See Note 2 “Discontinued Operations and Assets Held for Sale” for additional information. The consolidated statements of cash flows have not been adjusted to separately disclose cash flows related to discontinued operations, but the material items in the operating and investing activities of cash flows relating to discontinued operations are disclosed in Note 2. Unless otherwise stated, information in these notes to consolidated financial statements relates to the Company’s continuing operations and excludes the discontinued operations. Principles of Consolidation The consolidated financial statements include the accounts of the Company including its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, stock based compensation, property plant and equipment, leases, other long-lived assets, long-term employee benefits, contingencies liabilities, estimated future cash flows and other assumptions used in long-lived asset impairment tests and calculation of current and deferred income taxes and deferred tax valuation allowances, 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. The Company assessed the impact of COVID-19 COVID-19 COVID-19 Discontinued Operations and Assets Held for Sale The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results when the business is sold and classified as held for sale, in accordance with the criteria of Accounting Standards Codification (“ASC”) 205, “Presentation of Financial Statements” (“ASC 205”) and ASC 360, “Property, Plant and Equipment” (“ASC 360”). Assets and liabilities of a business classified as held for sale are recorded at the lower of its carrying amount or estimated fair value less costs to sell, and depreciation and amortization ceases on the date that the held for sale criteria are met. If the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized. Assets and liabilities related to discontinued operations classified as held for sale are segregated in the prior balance sheet in the period in which the business is classified as held for sale. The results of discontinued operations are reported in “Income from discontinued operations, net of tax” in the accompanying consolidated statements of operations for the current and prior periods commencing in the period in which the business meets the criteria. Foreign Currency Translation The Company has assessed in accordance with ASC 830, “Foreign Currency Matters” (“ASC 830”), the functional currency of each of its subsidiaries in Luxembourg and the Netherlands and has designated the U.S. dollar to be their respective functional currencies. The Korean Won is the functional currency for the Company’s Korean subsidiary, which is the primary operating subsidiary of the Company. The Company and its other subsidiaries are utilizing their local currencies as their functional currencies. The financial statements of the subsidiaries in functional currencies other than the U.S. dollar are translated into the U.S. dollar in accordance with ASC 830. All the assets and liabilities are translated to the U.S. dollar at the end-of-period Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with an original maturity date of three months or less when purchased. Accounts Receivable Reserves The Company makes estimates of expected credit losses for the allowance for credit losses based upon its assessment of various factors, including historical collection experience, the age of the accounts receivable balances, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The Company also records an estimate for sales returns, included within accounts receivable, net, based on the historical experience of the amount of goods that will be returned and refunded or replaced. Sales of Accounts Receivable The Company accounts for transfers of financial assets under ASC 860, “Transfers and Servicing,” as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from the Company’s accounts with any realized gain or loss reflected in earning during the period of sale. Inventories Inventories are stated at the lower of cost or net realizable value, using the first in, first out method (“FIFO”). If net realizable value is less than cost at the balance sheet date, the carrying amount is reduced to the realizable value, and the difference is recognized as a loss on valuation of inventories within cost of sales. Inventory reserves are established when conditions indicate that the net realizable value is less than costs due to physical deterioration, obsolescence, changes in price levels, or other causes based on individual facts and circumstances. The Company evaluates the sufficiency of inventory reserves and takes into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product age and other factors. Reserves are also established for excess inventory based on the Company’s current inventory levels and projected demand and its ability to sell those specific products. Situations that could cause these inventory reserves include a decline in business and economic conditions, decline in consumer confidence caused by changes in market conditions, sudden and significant decline in demand for 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 $5,500 thousand and $6,593 thousand as other current assets as of December 31, 2020 and 2019, respectively. Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as set forth below. Buildings 30 - 40 years Building related structures 10 - 20 years Machinery and equipment 10 - 12 years Others 3 - 10 years 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 assets; the related liabilities are recorded as operating lease liabilities for the current portion and non-current operating lease liabilities for the non-current portion. Finance lease right-of-use assets are included in property, plant and equipment, net and the related lease liabilities are included in other current liabilities and other non-current liabilities on the consolidated balance sheets. Right-of-use 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 which are amortized on a straight-line basis over periods ranging from one to . Intellectual property assets acquired represent rights under patents, trademarks and property use rights and are amortized over their respective periods of benefit, ranging up to , on a straight-line basis. Fair Value Disclosures of Financial Instruments The Company follows ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”) for measurement and disclosures about fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by ASC 820 are: Level Level Level As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date. The carrying amounts of the Company’s financial assets and liabilities, such as cash equivalents, accounts receivable, other receivables, accounts payable and other accounts payable approximate their fair values because of the short maturity of these instruments. Accrued Severance Benefits The majority of accrued severance benefits are for employees in the Company’s Korean subsidiary, Magnachip Semiconductor , As of December , , % of all employees of the Company were eligible for severance benefits. Beginning in July 2018, the Company began contributing to certain severance insurance deposit accounts a percentage of severance benefits, which may be adjusted from time to time, accrued for eligible employees for their services beginning January 1, 2018. 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. Accrued severance benefits are partly 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. Revenue Recognition The Company recognizes revenue when it satisfies the performance obligation of transferring control over a product or service to a customer. Revenue is measured based on the consideration specified in a contract with a customer, which consideration is paid in exchange for a product or service. The Company sells products manufactured based on the Company’s design. The Company’s products are either standardized with an alternative use or the Company does not have an enforceable right to payment for the related manufacturing services completed to date. Therefore, revenue for the products is recognized when a customer obtains control of the product, which is generally upon product shipment, delivery at the customer’s location or upon customer acceptance, depending on the terms of the arrangement. In accordance with revenue recognition guidance, any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction, and that is collected by the Company from a customer, is excluded from revenue and related revenue is presented in the statements of operations on a net basis. The Company provides warranties under which customers can return defective products. The Company estimates the costs related to warranty claims and repair or replacements, and records them as components of cost of sales. In addition, the Company offers sales returns (other than those that relate to defective products under warranty), cash discounts for early payments and sales incentives, and certain allowances to the Company’s customers, including the Company’s distributors. The Company records reserves for those returns, discounts, incentives and allowances as a deduction from sales, based on historical experience and other quantitative and qualitative factors. Substantially all of the Company’s contracts are one year or less in duration. The standard payment terms with customers are generally thirty sixty The Company adopted the new revenue standard effective on January 1, 2018 using modified retrospective transition 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. 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 $ thousand, $ thousand, and $ thousand for the years ended December , , and , respectively. Of the recorded deferred revenue of $559 thousand as of December 31, 2019 and $548 thousand as of December 31, 2018, $559 thousand and $548 thousand were recognized as revenue during the years ended December 31, 2020 and 2019, respectively. Derivative Financial Instruments The Company applies the provisions of ASC 815, “Derivatives and Hedging” (“ASC 815”). This Statement requires the recognition of all derivative instruments as either assets or liabilities measured at fair value. Under the provisions of ASC 815, the Company may designate a derivative instrument as hedging the exposure to variability in expected future cash flows that are attributable to a particular risk (a “cash flow hedge”) or hedging the exposure to changes in the fair value of an asset or a liability (a “fair value hedge”). Special accounting for qualifying hedges allows the effective portion of a derivative instrument’s gains and losses to offset related results on the hedged item in the consolidated statements of operations and requires that a company formally document, designate and assess the effectiveness of the transactions that receive hedge accounting treatment. Both at the inception of a hedge and on an ongoing basis, a hedge must be expected to be highly effective in achieving offsetting changes in cash flows or fair value attributable to the underlying risk being hedged. If the Company determines that a derivative instrument is no longer highly effective as a hedge, it discontinues hedge accounting prospectively and future changes in the fair value of the derivative are recognized in current earnings. The Company assesses hedge effectiveness at the end of each quarter. The Company does not offset derivative assets and liabilities within the consolidated balance sheets. In accordance with ASC 815, changes in the fair value of derivative instruments that are cash flow hedges are recognized in accumulated other comprehensive income (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 expenses were $ thousand, $ thousand and $ thousand for the years ended December , , and , respectively. Product Warranties The Company records, in other current liabilities, warranty liabilities for the estimated costs that may be incurred under its basic limited warranty. The standard limited warranty period is one to two years for the majority of products. This warranty covers defective products, and related liabilities are accrued when product revenues are recognized. Factors that affect the Company’s warranty liabilities include historical and anticipated rates of warranty claims and repair or replacement costs per claim to satisfy the Company’s warranty obligation. The Company periodically assesses the adequacy of those recorded warranty liabilities and adjusts its estimates when necessary. 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 of the agreements and the costs are amortized over the contract period using the straight-line method and charged to research and development expenses in the consolidated statements of operations. Running royalties are paid based on the revenue of related products sold by the Company. Stock-Based Compensation The Company follows the provisions of ASC 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense, net of the estimated forfeiture rate, over the requisite service period. As permitted under ASC 718, the Company elected to recognize compensation expense for all options with graded vesting based on the graded attribution method. The Company uses the Black-Scholes option-pricing model to measure the grant-date-fair-value of options. The Black-Scholes model requires certain assumptions to determine an option’s fair value, including expected term, risk free interest rate and expected volatility. The expected term of each option grant was based on employees’ expected exercises and post-vesting employment termination behavior and the risk free interest rate was based on the U.S. Treasury yield curve for the period corresponding with the expected term at the time of grant. No dividends were assumed for this calculation of option value. Earnings 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 basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. Valuation allowances are established when it is necessary to reduce deferred tax assets to the amount expected to be realized. The evaluation of the recoverability of the deferred tax asset and the need for a valuation allowance requires management to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. Realization of the future tax benefits related to the deferred tax assets is dependent on many factors, including historical operating results, expected timing of the reversals of existing temporary differences, the Company’s ability to generate future taxable income, and tax planning strategies. The Company recognizes and measures uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step 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 Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, 2019-12”). 2019-12 2019-12 2019-12 Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, 2016-13”). 2016-13 No. 2019-04, (“ASU 2019-04”), No. 2019-11, 2019-11”) 2016-13. No. 2020-02, (“ASU 2020-02”), 2016-13, 2019-04, ASU 2019-11 2020-02 In August 2018, the FASB issued Accounting Standards Update No. 2018-13 2018-13”). 2018-13 2018-13 2018-13 |
Discontinued Operations and Ass
Discontinued Operations and Assets Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Assets Held for Sale [Abstract] | |
Discontinued Operations and Assets Held for Sale | 2. Discontinued Operations and Assets Held for Sale On September 1, 2020, the Company completed the sale of the Company’s Foundry Services Group business and Fab 4. As a result of the sale of the Foundry Services Group business and Fab 4, the Company recorded a gain of $287,117 thousand and all operations from the Foundry Services Group business and Fab 4 were classified as discontinued operations for all periods presented. Following the consummation of the sale, and for up to three years, the Company is expected to provide the Transitional Fab 3 Foundry Services at an agreed upon cost plus mark-up. The following table summarizes the results from discontinued operations, net of tax, for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 2019 2018 (In thousands of U.S. dollars, except share data) Revenues: Net sales—Foundry Services Group $ 254,732 $ 307,348 $ 325,408 Net sales—transitional Fab 3 foundry services (25,887 ) (35,824 ) (39,935 ) Total revenues 228,845 271,524 285,473 Cost of sales: Cost of sales—Foundry Services Group 182,872 243,134 242,960 Cost of sales—transitional Fab 3 foundry services (25,887 ) (35,824 ) (39,935 ) Total cost of sales 156,985 207,310 203,025 Gross profit 71,860 64,214 82,448 Operating expenses: Selling, general and administrative expenses 14,797 24,042 24,927 Research and development expenses 19,484 30,332 31,995 Restructuring and other charges 15,873 9,142 — Total operating expenses 50,154 63,516 56,922 Operating income from discontinued operations 21,706 698 25,526 Foreign currency gain, net 1,277 503 1,862 Others, net 72 (67 ) 217 Income from discontinued operations before income tax expense 23,055 1,134 27,605 Income tax expense 11,452 2,547 5,728 Gain on sale of discontinued operations 287,117 — — Transaction costs (10,814 ) — — Income (loss) from discontinued operations, net of tax 287,906 (1,413 ) 21,877 For the years ended December 31, 2020, 2019 and 2018, the Company recorded $ thousand , thousand and nil, respectively, in professional fees and transaction related expenses incurred in connection with the sale of the Foundry Services Group business and Fab 4, and recorded such costs as restructuring and other charges. For the year ended December 31, 2019, the Company also recorded in restructuring and other charges a $ thousand restructuring-related charge to its fab employees. The following table provides a reconciliation of the aggregate carrying amounts of major classes of assets and liabilities relating to the Foundry Services Group business and Fab 4, which are included in assets and liabilities held for sale as of December 31, 2019 in the accompanying consolidated balance sheet: December 31, 2019 (In thousands of U.S. dollars) Assets Current assets Accounts receivable, net $ 48,194 Unbilled accounts receivable 16,463 Inventories, net 31,863 Other current assets 3,301 Total current assets held for sale $ 99,821 Property, plant and equipment, net 109,506 Intangible assets, net 1,245 Other non-current 12,683 Total assets held for sale $ 223,255 Liabilities Current liabilities Accounts payable $ 20,503 Other current liabilities 16,537 Total current liabilities held for sale $ 37,040 Accrued severance benefits, net 95,547 Other non-current 15,334 Total liabilities held for sale $ 147,921 The following table provides supplemental cash flows information related to discontinued operations: Year Ended December 31, 2020 2019 2018 (In thousands of U.S. dollars) Significant non-cash Depreciation and amortization $ 5,365 $ 22,411 $ 23,220 Provision for severance benefits 8,209 10,879 10,230 Stock-based compensation 388 899 627 Investing activities: Capital expenditures $ (5,838 ) $ (11,653 ) $ (14,170 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. 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, 2020, the following table represents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value Fair Value Quoted Prices in Significant Significant Assets: Derivative assets (other current assets) $ 2,036 $ 2,036 — $ 2,036 — Liabilities: Derivative liabilities (other current liabilities) $ 195 $ 195 — $ 195 — 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 — Items Fair Value of Borrowings December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair (In thousands of U.S. dollars) Borrowings: 5.0% Exchangeable Senior Notes due March 2021 $ 83,479 $ 145,466 $ 81,959 $ 116,078 6.625% Senior Notes due July 2021 $ — $ — $ 222,784 $ 224,250 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 (the “Exchangeable Notes”), of $86,250 thousand, which represents the principal amount, excluding $5,902 thousand of debt issuance costs. In December 2018 and February 2019, MagnaChip Semiconductor S.A. repurchased a principal amount equal to $1,590 thousand and $920 thousand, respectively, of the Exchangeable Notes in the open market. The Company estimates the fair value of the Exchangeable Notes using the market approach, which utilizes quoted market prices that fall under Level 2. For further description of the Exchangeable Notes, see Note 12, “Borrowings.” On July 18, 2013, the Company issued 6.625% Senior Notes due July 15, 2021 (the “2021 Notes”) of $225,000 thousand, which represents the principal amount, excluding $1,125 thousand of original issue discount and $5,039 thousand of debt issuance costs. In December 2018 and January 2019, the Company repurchased a principal amount equal to $500 thousand and $250 thousand, respectively, of the 2021 Notes in the open market. The Company completed the full redemption of the remaining outstanding 2021 Notes on October 2, 2020 (the “Redemption Date”). The Company estimates the fair value of the 2021 Notes using the market approach, which utilizes quoted market prices that fall under Level 2. For further description of the 2021 Notes, see Note 12, “Borrowings.” Fair Values Measured on a Non-recurring The Company’s non-financial no non-recurring |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable | 4. Accounts Receivable Accounts receivable as of December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 2019 Accounts receivable $ 63,145 $ 44,176 Notes receivable 1,606 3,707 Less: Allowance for credit losses (188 ) (49 ) Sales return reserves (173 ) (387 ) Accounts receivable, net $ 64,390 $ 47,447 Changes in allowance for credit losses for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Beginning balance $ (49 ) $ (51 ) $ (53 ) Provision (131 ) — — Translation adjustments (8 ) 2 2 Ending balance $ (188 ) $ (49 ) $ (51 ) Changes in sales return reserves for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Beginning balance $ (387 ) $ (439 ) $ (628 ) Reversal (provision) 22 (136 ) (245 ) Usage 196 170 414 Translation adjustments (4 ) 18 20 Ending balance $ (173 ) $ (387 ) $ (439 ) Commencing in March 2012, the Company has been a party to an agreement to sell selected trade accounts receivable to a financial institution from time to time. After a sale, the Company does not retain any interest in the receivables and the applicable financial institution collects these accounts receivable directly from the customer. There was no sale of accounts receivable for the year ended December 31, 2020. The proceeds from the sales of these accounts receivable totaled $ thousand and $ thousand for the years ended December , and , respectively, and these sales resulted in pre-tax losses of $ thousand and $ thousand for the years ended December , and , respectively, which are included in selling, general and administrative expenses in the consolidated statements of operations. Net proceeds of this accounts receivable sale program are recognized in the consolidated statements of cash flows as part of operating cash flows. The Company uses receivable discount programs with certain customers. These discount arrangements allow the Company to accelerate collection of customers’ receivables. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories as of December 31, 2020 and December 31, 2019 consist of the following (in thousands): December 31, 2020 2019 Finished goods $ 6,425 $ 10,087 Semi-finished goods and work-in-process 30,968 28,815 Raw materials 6,526 8,449 Materials in-transit 1,021 — Less: inventory reserve (5,901 ) (5,947 ) Inventories, net $ 39,039 $ 41,404 Changes in inventory reserve for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year 2020 2019 2018 Beginning balance $ (5,947 ) $ (4,845 ) $ (6,094 ) Change in reserve Inventory reserve charged to costs of sales (7,268 ) (12,941 ) (6,721 ) Sale of previously reserved inventory 4,349 2,938 3,709 (2,919 ) (10,003 ) (3,012 ) Write off 2,679 8,451 4,065 Translation adjustments (408 ) 450 196 Reclassified to assets held for sale 694 — — Ending balance $ (5,901 ) $ (5,947 ) $ (4,845 ) 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 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6. Property, Plant and Equipment Property, plant and equipment as of December 31, 2020 and December 31, 2019 are comprised of the following (in thousands): December 31, 2020 2019 Buildings and related structures $ 24,882 $ 22,502 Machinery and equipment 106,244 89,453 Finance lease right-of-use 344 323 Others 40,116 22,242 171,586 134,520 Less: accumulated depreciation (90,370 ) (75,704 ) Land 15,167 14,252 Property, plant and equipment, net $ 96,383 $ 73,068 Aggregate depreciation expenses totaled $10,448, thousand $9,720 thousand and $8,310 thousand for the years ended December 31, 2020, 2019 and 2018, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. Intangible Assets Intangible assets as of December 31, 2020 and December 31, 2019 are comprised of the following (in thousands): December 31, 2020 Gross Accumulated Net Intellectual property assets $ 9,486 $ (6,759 ) $ 2,727 Intangible assets, net $ 9,486 $ (6,759 ) $ 2,727 December 31, 2019 Gross Accumulated Net Technology $ 6,575 $ (6,575 ) $ — Customer relationships 10,180 (10,180 ) — Intellectual property assets 8,637 (5,868 ) 2,769 Intangible assets, net $ 25,392 $ (22,623 ) $ 2,769 Aggregate amortization expense for intangible assets totaled $668 thousand, $598 thousand and $518 thousand for the years ended December 31, 2020, 2019 and 2018, respectively. The aggregate amortization expense of intangible assets for the next five years are estimated to be $672 thousand, $619 thousand, $504 thousand, $351 thousand and $223 thousand, for the years ended December 31, 2021, 2022, 2023, 2024 and 2025, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 8. Leases The Company has operating and finance leases for buildings and other assets such as vehicles and office equipment. The Company’s leases have remaining lease terms ranging from 1 year to 5 years. The 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 sheets information related to leases as of December 31, 2020 and December 31, 2019 are as follows (in thousands): December 31, Leases Classification 2020 2019 Assets Operating lease Operating lease right-of-use assets $ 4,632 $ 1,876 Finance lease Property, plant and equipment, net 206 258 Total lease assets $ 4,838 $ 2,134 Liabilities Current Operating Operating lease liabilities $ 2,210 $ 1,625 Finance Other current liabilities 68 60 Non-current Operating Non-current 2,422 251 Finance Other non-current 153 208 Total lease liabilities $ 4,853 $ 2,144 The following table presents the weighted average remaining lease term and discount rate: December 31, 2020 2019 Weighted average remaining lease term Operating leases 3.0 years 1.1 years Finance leases 3.0 years 4.0 years Weighted average discount rate Operating leases 5.55 % 7.19 % Finance leases 7.75 % 7.75 % The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands): Year Ended 2020 2019 Operating lease cost $ 1,885 $ 1,990 Finance lease cost Amortization of right-of-use 63 64 Interest on lease liabilities 18 22 Total lease cost $ 1,966 $ 2,076 The above table does not include an immaterial cost of short-term leases for the years ended December 31, 2020 and 2019. Other lease information is as follows (in thousands): Year Ended 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,885 $ 1,990 Operating cash flows from finance leases 18 22 Financing cash flows from finance leases 76 55 The aggregate future lease payments for operating and finance leases as of December 31, 2020 are as follows (in thousands): Operating Finance 2021 $ 2,424 $ 83 2022 999 83 2023 623 83 2024 561 — 2025 423 — Total future lease payments 5,030 249 Less: Imputed interest (398 ) (28 ) Present value of future payments $ 4,632 $ 221 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 9. Accrued Expenses Accrued expenses as of December 31, 2020 and 2019 are comprised of the following (in thousands): December 31, 2020 2019 Payroll, benefits and related taxes, excluding severance benefits $ 10,296 $ 8,493 Withholding tax attributable to intercompany interest income 28 23,371 Interest on senior notes 1,396 8,205 Outside service fees 755 898 Restructuring and others 2,658 2,018 Others 1,108 1,814 Accrued expenses $ 16,241 $ 44,799 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 10. 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 U.S. dollar denominated revenues. Details of derivative contracts as of December 31, 2020 are as follows (in thousands): Date of transaction Type of derivative Total notional amount Month of settlement July 13, 2020 Zero cost collar $ 30,000 January 2021 to June 2021 December 15, 2020 Zero cost collar $ 30,000 July 2021 to December 2021 December 18, 2020 Zero cost collar $ 18,000 March 2021 to June 2021 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 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 contracts recorded as assets and liabilities as of December 31, 2020 and 2019 are as follows (in thousands): Derivatives designated as hedging instruments: December 31, 2020 2019 Asset Derivatives: Zero cost collars Other current assets $ 2,036 $ 1,456 Liability Derivatives: Zero cost collars Other current liabilities $ 195 $ — Offsetting of derivative assets and liabilities as of December 31, 2020 is as follows (in thousands): As of December 31, 2020 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Asset Derivatives: Zero cost collars $ 2,036 $ — $ 2,036 $ — $ — $ 2,036 Liability Derivatives: Zero cost collars $ 195 $ — $ 195 $ — $ — $ 195 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 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, 2020 and 2019 and net sales of discontinued operation s are included in the below table (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Gain (Loss) Location/Amount of Gain (Loss) Location/Amount of Gain (Loss) 2020 2019 2020 2019 2020 2019 Zero cost collars $ 1,769 $ (1,096 ) Net sales $ 1,363 $ (2,738 ) Other income (expense), net $ 148 $ (193 ) Forwards $ — $ (1,798 ) Net sales $ — $ (1,750 ) Other income (expense), net $ — $ (125 ) $ 1,769 $ (2,894 ) $ 1,363 $ (4,488 ) $ 148 $ (318 ) As of December 31, 2020, the amount expected to be reclassified from accumulated other comprehensive income into income within the next twelve months is $1,634 thousand. The Company set aside cash deposits to the counterparties, Nomura Financial Investment (Korea) Co., Ltd. (“NFIK”), Deutsche Bank AG, Seoul Branch (“DB”) and Standard Chartered Bank Korea Limited (“SC”), as required for the zero cost collar contracts. These cash deposits are recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of December 31, 2020 and 2019 are as follows (in thousands): December 31, Counterparties 2020 2019 NFIK $ 3,250 $ 7,750 DB 1,000 1,000 SC 1,000 — Total $ 5,250 $ 8,750 The Company is required to deposit additional cash collateral with NFIK and DB for any exposure in excess of $500 thousand, and no such cash collateral was required as of December 31, 2020. As of December 31, 2019, $1,070 thousand of additional cash collateral were required to NFIK and recorded as hedge collateral on the consolidated balance sheet. These zero cost collar contracts may be terminated by the counterparties in a number of circumstances, including if the Company’s borrowing rating falls below B-/B3 equivalents is less than $ thousand at the end of a fiscal quarter, unless a waiver is obtained. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | 11. Product Warranties Changes in accrued warranty liabilities for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Beginning balance $ 735 $ 115 $ 51 Provision (reversal) (606 ) 932 220 Usage (61 ) (314 ) (154 ) Translation adjustments (20 ) 2 (2 ) Ending balance $ 48 $ 735 $ 115 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Borrowings | 12. Borrowings Borrowings as of December 31, 2020 and 2019 are as follows (in thousands): December 31, 2020 2019 5.0% Exchangeable Senior Notes due March 2021 $ 83,740 $ 83,740 6.625% Senior Notes due July 2021 — 224,250 Less: unamortized discount and debt issuance costs (261 ) (3,247 ) Total borrowings, net 83,479 304,743 Less: current portion of long-term borrowings, net 83,479 — Long-term borrowings, net $ — $ 304,743 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 matured on , unless they were earlier repurchased or converted. Holders had the right to convert their notes at their option at any time prior to the close of business on the business day immediately preceding the stated maturity date. 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. The Company incurred debt issuance costs of $ 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 the years ended December 31, 2020 and 2019 was $ thousand and $ thousand, respectively. 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 borrowings , net in the consolidated statements of operations for the year ended December 31, 2019. December 31, 2018. Upon conversion, the Company will deliver for each $1,000 principal amount of converted notes a number of shares equal 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 The exchange rate will be subject to adjustment in some circumstances, including fractional shares to be paid in cash, but will not be adjusted for any accrued and unpaid interest. Prior to the March 1, 2021 maturity of the Exchangeable Notes, holders elected to exchange for an aggregate of 10,144,131 shares of the Company’s common stock in satisfaction in full of the outstanding obligations under the Exchangeable Notes. Following March 1, 2021, the Company does not have any Exchangeable Notes outstanding. 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 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 were recorded as a direct deduction from the 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 years ended December 31, 2020 and 2019 was $11,926 thousand and $15,730 thousand, respectively. 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 borrowings, net in the consolidated statements of operations for the year ended December 31, 2019. 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 borrowings, net in the consolidated statements of operations for the year ended December 31, 2018. The Company completed the full redemption of the remaining outstanding 2021 Notes on October 2, 2020. The Company paid approximately $227,428 thousand to fully redeem all of the outstanding $224,250 thousand aggregate principal amount of the 2021 Notes at a redemption price equal to the sum of 100% of the principal amount of the 2021 Notes, plus accrued and unpaid interest thereon through, but excluding , the Redemption Date. In connection with the redemption of the 2021 Notes, the Company recorded a $766 thousand as loss on early extinguishment of borrowings, net related to the remaining unamortized debt discount and debt issuance costs. The redemption of the 2021 Notes was funded by the Company’s Korean subsidiary’s repayment of intercompany loans. On October 12, 2020, the Company paid a withholding tax of approximately $20,562 thousand, attributable to the repaid accrued interests on the related intercompany loans. See Note 9, “Accrued Expenses” for the withholding tax payment. |
Accrued Severance Benefits
Accrued Severance Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Accrued Severance Benefits | 13. 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, 2020, 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, 2020 2019 Beginning balance $ 53,344 $ 55,691 Provisions 8,534 6,260 Severance payments (10,937 ) (6,733 ) Translation adjustments 3,511 (1,874 ) 54,452 53,344 Less: Cumulative contributions to severance insurance deposit accounts (13,704 ) (1,856 ) The National Pension Fund (66 ) (80 ) Group severance insurance plan (220 ) (227 ) Accrued severance benefits, net $ 40,462 $ 51,181 The severance benefits funded through the Company’s National Pension Fund and group severance insurance plan will be used exclusively for payment of severance benefits to eligible employees. These amounts have been deducted from the accrued severance benefit balance. Beginning in July 2018, the Company contributes to certain severance insurance deposit accounts a certain percentage of severance benefits that are accrued for eligible employees for their services from January 1, 2018. These accounts consist of time deposits and other guaranteed principal and interest, and are maintained at insurance companies, banks or security companies for the benefit of employees. The Company deducts the contributions made to these severance insurance deposit accounts from its accrued severance benefits. The Company is liable to pay the following future benefits to its non-executive Severance 2021 $ 218 2022 271 2023 663 2024 947 2025 2,245 2026 – 2030 19,292 The above amounts were determined based on the non-executive amounts that might be paid to 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, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plans | 14. 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. At the 2020 Annual Meeting of Stockholders, the Company’s stockholders approved its 2020 Equity and Incentive Compensation Plan, or the 2020 Plan, which is administered by the Compensation Committee. Following the adoption of the 2020 Plan, no further awards may be issued under the 2011 Plan. Awards may be granted under the 2020 Plan to the Company’s employees, officers, directors, or certain consultants or those of any subsidiary of the Company. While the Company may grant incentive stock options only to employees, the Company may grant non-statutory stock options, stock appreciation rights, restricted st shares were authorized and shares were reserved for all future grants. Stock options and stock appreciation rights must have exercise prices at least equal to the fair market value of the stock at the time of their grant pursuant to the 2011 Plan and 2020 Plan. Stock options typically vest over one to three years following grant, subject to the participant’s continued service through the applicable vesting dates. As of December 31, 2020, no stock options or stock appreciation rights had been granted under 2020 Plan. Restricted stock units granted under the 2011 Plan and 2020 Plan represent a right to receive shares of the Company’s common stock when the restricted stock unit vests. No monetary payment (other than applicable tax withholding) shall be required as a condition of receiving shares pursuant to a restricted stock unit, the consideration for which shall be services actually rendered to a participating company or for its benefit. Stock issued pursuant to any restricted stock unit may (but need not) be made subject to vesting conditions based upon the satisfaction of such service requirements, conditions, restrictions or performance criteria as shall be established by the Compensation Committee and set forth in the award agreement evidencing such award. Restricted stock units typically vest over one to three years following grant, subject to the participant’s continued service through the applicable vesting dates. Restricted stock constitutes an immediate transfer of the ownership of shares of the Company’s common stock to the participant in consideration of the performance of services, entitling such participant to voting, dividend and other ownership rights, subject to the substantial risk of forfeiture and restrictions on transfer determined by the Compensation Committee for a period of time determined by the Compensation Committee or until certain management objectives specified by the Compensation Committee are achieved. Each grant of restricted stock may be made without additional consideration or in consideration of a payment by the participant that is less than the fair market value per share of common stock on the grant date. Stock issued pursuant to any restricted stock award may (but need not) be made subject to vesting conditions based upon the satisfaction of such service requirements, conditions, restrictions or performance criteria as shall be established by the Compensation Committee and set forth in the award agreement evidencing such award. A grant of restricted stock may require that any and all dividends and distributions paid on restricted stock that remains subject to a substantial risk of forfeiture be automatically deferred and/or reinvested in additional restricted stock, which will be subject to the same restrictions as the underlying restricted stock, but any such dividends or other distributions on restricted stock must be deferred until, and paid contingent upon, the vesting of such restricted stock. The following summarizes restricted stock unit activities for the years ended December 31, 2020, 2019 and 2018. Number of Restricted Stock Units Weighted Average Grant-Date Fair Value of Restricted Stock Units Outstanding at January 1, 2018 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 Granted 642,372 11.11 Vested (354,657 ) 10.82 Settled of previous year vesting (226,558 ) 12.16 Forfeited (104,704 ) 11.16 Outstanding at December 31, 2020 999,756 $ 10.68 Total compensation expenses recorded for the restricted stock units were $6,311 thousand, $6,042 thousand and $3,511 thousand for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $3,662 thousand of total unrecognized compensation costs related to unvested restricted stock units, which is expected to be recognized over a weighted average future period of 0.6 year. Total fair value of restricted stock units vested of continuing operations and discontinued operations were $3,839 thousand, $5,817 thousand and $2,647 thousand for the years ended December 31, 2020, 2019 and 2018, respectively. The following summarizes stock option activities for the years ended December 31, 2020, 2019 and 2018. 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, 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 Outstanding at January 1, 2020 2,177,045 $ 10.42 $ 6,259 4.7 years Forfeited (19,216 ) 13.57 — — Exercised (510,648 ) 7.67 2,689 — Outstanding at December 31, 2020 1,647,181 $ 11.24 $ 6,112 3.8 years Vested and Exercisable at December 31, 2020 1,647,181 $ 11.24 $ 6,112 3.8 years Total compensation expenses recorded for the stock options were nil, $11 thousand and $271 thousand for the years ended December 31, 2020, 2019 and 2018, respectively. There was no unrecognized compensation costs related to stock options expected to vest as of December 31, 2020. Total weighted average grant-date fair value of vested options of continuing operations and discontinued operations were , $ thousand and $ thousand for the years ended December 31, 2020, 2019 and 2018, 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, 2020, 2019 and 2018. The number and weighted average grant-date fair value of the unvested stock options are as follows: Year Ended December 31, 2020 2019 2018 Number Weighted Fair Value Number Weighted Fair Value Number Weighted Fair Value Unvested options at the beginning of the period — $ — 130,191 $ 1.54 475,925 $ 2.19 Vested options during the period — — (107,100 ) 1.54 (313,160 ) 2.51 Forfeited options during the period — — (345 ) 1.54 (14,738 ) 1.73 Exercised options during the period — — (22,746 ) 1.54 (17,836 ) 1.66 Unvested options at the end of the period — — 0 $ — 130,191 $ 1.54 |
Early termination and other cha
Early termination and other charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Early Termination Charges | 15. Early termination and other charges For the year ended December 31, 2020, the Company recorded in its consolidated statement of operations $ thousand of early termination charges in connection with the headcount reduction program offered and paid to the employees during the fourth quarter of 2020. During the same period, the Company also recorded non-recurring professional service fees and expenses incurred in connection with certain treasury and finance initiatives. |
Foreign Currency Loss, Net
Foreign Currency Loss, Net | 12 Months Ended |
Dec. 31, 2020 | |
Foreign Currency [Abstract] | |
Foreign Currency Loss, Net | 16. Foreign Currency Loss, Net Net foreign currency gain or loss includes non-cash non-cash U.S. dollars and are affected by changes in the exchange rate between the Korean won and the U.S. dollar. As of December 31, 2020, 2019 and 2018, the outstanding intercompany loan balances including accrued interest between the Korean subsidiary and the Dutch subsidiary were $ thousand, $ thousand and $ thousand, respectively. The Korean won to U.S. dollar exchange rates were :1, :1 and :1 using the first base rate as of December 31, 2020, 2019 and 2018, respectively, as quoted by the KEB Hana Bank. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes The Company’s income tax expense (benefit) is composed of domestic and foreign income taxes depending on the relevant tax jurisdictions. Domestic income (loss) from continuing operations before income tax expense and income tax expense (benefit) are generated or incurred in the United States, where the parent company resides. Year Ended December 31, 2020 2019 2018 Income (loss) from continuing operations before income tax expense Domestic $ (12,305 ) $ (24,752 ) $ 3,006 Foreign 23,136 6,539 (29,862 ) $ 10,831 $ (18,213 ) $ (26,856 ) Current income tax expense (benefit) Domestic $ 1 $ 20 $ (383 ) Foreign (2,264 ) 3,771 3,959 Uncertain tax position liability (domestic) — (1 ) (2 ) Uncertain tax position liability (foreign) (20 ) 2 (54 ) (2,283 ) 3,792 3,520 Deferred income tax benefit Domestic (4,461 ) — — Foreign (39,484 ) 63 32 (43,945 ) 63 32 Benefits from intra-period allocation — (1,655 ) (4,631 ) Total income tax expense (benefit) $ (46,228 ) $ 2,200 $ (1,079 ) Effective tax rate — — 4.0 % The Company’s effective tax rates were negative for the years ended December 31, 2020 and 2019 and 4.0% for the year ended December 31, 2018. The negative effective tax rate in 2020 as compared to the U.S. federal statutory rate of 21.0%, was primarily attributable to the reversal of of % in 2019 and in 2018 primarily related to the non-income non-taxable The Company’s Korean subsidiary recorded $1,655 thousand and $4,631 thousand income tax benefits for the years ended December 31, 2019 and 2018, respectively, primarily attributable to the application of the exception rule under ASC 740, in connection with the intra-period allocation, which resulted in tax benefits in its continuing operations and tax expenses in the discontinued operations for an equal and offsetting amount for the presentation purposes only. The provision for domestic and foreign income taxes incurred is different from the amount calculated by applying the statutory tax rates to the income (loss) from continuing operations before income tax expense. The significant items causing this difference are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Provision computed at statutory rates $ 2,274 $ (3,825 ) $ (5,640 ) State income taxes, net of federal effect 730 (1,139 ) (1,651 ) Change in statutory tax rates 5,735 2,329 1 Difference in foreign tax rates 1,077 3,002 737 Permanent differences Derivative assets adjustment 56 315 (1,111 ) TPECs, hybrid and other interest (2,722 ) 7,812 (5,555 ) Thin capitalization 339 988 1,262 Permanent foreign currency loss (1,813 ) (1,734 ) (2,490 ) Penalty 176 151 434 GILTI 24,224 5,112 — Intercompany debt restructuring 11,137 (18,435 ) — Other permanent differences 1,262 394 417 Withholding tax 2,291 3,043 3,270 Change in valuation allowance (75,452 ) 7,817 14,647 Benefits from intra-period allocation — (1,655 ) (4,631 ) Tax credits claimed (12,397 ) (651 ) (421 ) Tax credits expired — 170 267 Uncertain tax positions liability (20 ) 1 (56 ) Change in net operating loss carry-forwards (3,314 ) — — Others 189 (1,495 ) (559 ) Income tax expense (benefit) $ (46,228 ) $ 2,200 $ (1,079 ) For the year ended December 31, 2020, a permanent difference of thousand was included as Global intangible low-taxed The income tax benefit of $75,452 thousand was due to the changes in valuation allowances during the year ended December 31, 2020, of which $31,578 thousand related to the release of valuation allowances related to the Company’s current year earnings, which were mainly driven by GILTI inclusion at the U.S. parent company. The remaining $43,874 thousand represented the release of valuation allowances based on the realizability of the related deferred tax assets in future years. The Company’s operating subsidiary in Korea had generated three years of cumulative profits adjusted for permanent differences and is anticipated to generate taxable basis for the subsequent years. As a result, $ Of the permanent tax expense of $ 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 main purpose of this restructuring was 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) of continuing operations and discontinued operations as of December 31, 2020 and 2019 are as follows (in thousands): Year Ended December 31, 2020 2019 Deferred tax assets Inventory reserves $ 1,338 $ 4,869 Accrued expenses 2,493 3,388 Property, plant and equipment 3,391 7,979 Accumulated severance benefits 12,343 36,841 Operating lease right-of-use liabilities 1,025 2,741 Foreign currency translation loss 9,129 20,544 NOL carry-forwards 121,389 150,954 Tax credit carry-forwards 15,395 17,054 Other long-term payable 944 3,023 Interest expense deduction limitation — 5,244 Others 1,629 4,734 Total deferred tax assets 169,076 257,371 Less: Valuation allowance (115,636 ) (246,224 ) 53,440 11,147 Deferred tax liabilities Derivative assets 417 352 Prepaid expense 1,071 3,090 Severance benefit deposits 3,156 1,294 Operating lease right-of-use assets 1,025 2,741 Foreign currency translation gain 2,431 — Others 799 3,516 Total deferred tax liabilities 8,899 10,993 Net deferred tax assets $ 44,541 $ 154 Changes in valuation allowance for deferred tax assets of continuing operations and discontinued operations for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Beginning balance $ 246,224 $ 248,633 $ 251,132 Additions — 7,912 7,653 Reductions (75,452 ) — — Changes relating to the discontinued operations (67,484 ) — — NOL/tax credit claimed/expired 3,686 (3,529 ) (1,393 ) Translation adjustments 8,662 (6,792 ) (8,759 ) Ending balance $ 115,636 $ 246,224 $ 248,633 As of December 31, 2020, 2019 and 2018, the Company recorded a valuation allowance of $115,636 thousand, $ thousand and $ thousand on its deferred tax assets related to temporary differences, net operating loss carry-forwards and tax credits of domestic and foreign subsidiaries. decrease in valuation allowance for the year ended December 31, 2020 was primarily due to the utilization of net operating losses and certain temporary differences in connection with the sale of the Foundry Services Group business and Fab 4 in the Korean subsidiary. The Company has recorded a full valuation allowance against certain foreign subsidiaries’ deferred tax assets pertaining to its related tax loss carry-forwards that are not anticipated to generate a tax benefit. The valuation allowances at December 31, 2020, 2019 and 2018 were primarily attributable to its Luxembourg subsidiary. Year Ended December 31, 2020 2019 2018 NOL carry-forwards $ 604,977 $ 708,885 $ 730,472 As of December 31, 2020 2025 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 U.S. parent company and its domestic subsidiary and substantially most of the net operating loss expires at various dates through 2040. The Company utilized net operating loss of $169,600 thousand, $30,945 thousand and $24,123 thousand for the years ended December 31, 2020, 2019 and 2018, respectively. The Company also has Dutch and U.S. tax credit carry-forwards of approximately $15,386 thousand and $9 thousand, respectively, as of December 31, 2020. The Dutch tax credits are carried forward to be used for an indefinite period of time. Uncertainty in Income Taxes The Company and its subsidiaries file income tax returns in Korea, Japan, Taiwan, and the U.S. and in various other jurisdictions. The Company is subject to income- or non-income As of December 31, 2020, 2019 and 2018, the Company recorded $414 thousand, $445 thousand and $426 thousand of unrecognized tax benefits of continuing operations and discontinued operations, 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, 2020 2019 2018 Unrecognized tax benefits, balance at the beginning $ 445 $ 426 $ 475 Additions based on tax positions related to the current year 48 13 10 Reductions for tax positions of prior years (34 ) (1 ) — Lapse of statute of limitations (76 ) — (51 ) Translation adjustments 31 7 (8 ) Unrecognized tax benefits, balance at the ending $ 414 $ 445 $ 426 No interest and penalties related to unrecognized tax benefits were The Company is currently unaware of any uncertain tax positions that could result in significant additional payments, accruals, or other material deviations from this estimate over the next 12 months. |
Geographic and Other Informatio
Geographic and Other Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Geographic and Segment Information | 18. Geographic and Other Information The following sets forth information relating to the single continuing operating segment (in thousands): Year Ended December 31, 2020 2019 2018 Revenues Standard products business Display Solutions $ 299,057 $ 308,531 $ 256,113 Power Solutions 166,462 176,316 169,377 Total standard products business 465,519 484,847 425,490 Transitional Fab 3 foundry services 41,540 35,824 39,935 Total revenues $ 507,059 $ 520,671 $ 465,425 Year Ended December 31, 2020 2019 2018 Gross Profit Standard products business $ 127,099 $ 116,397 $ 115,648 Transitional Fab 3 foundry services 1,218 — — Total gross profit $ 128,317 $ 116,397 $ 115,648 The following is a summary of net sales—standard product s Foundry Services) by geographic region, based on the location to which the products are billed (in thousands): Year Ended December 31, 2020 2019 2018 Korea $ 106,415 $ 132,622 $ 176,097 Asia Pacific (other than Korea) 347,597 343,652 241,461 United States 5,147 2,399 1,983 Europe 4,317 4,801 4,360 Others 2,043 1,373 1,589 Total $ 465,519 $ 484,847 $ 425,490 For the years ended December 31, 2020, 2019 and 2018, of the Company’s net sales—standard products business in Asia Pacific (other than Korea), net sales—standard products business in Greater China (China, Hong Kong and Macau) represented , respectively, and net sales—standard products business in Vietnam represented 14.4%, 0.7% and 0.4%, respectively. Net sales from the Company’s top ten largest customers in the standard products business (which does not include the Transitional Fab 3 Foundry Services) accounted for 88%, 90% and 85% for the years ended December 31, 2020, 2019 and 2018, respectively. For the year ended December 31, 2020, the Company had one customer that represented 56.2% of its net sales—standard products business, and for the year ended December 31, 2019, the Company had one customer that represented 53.8% of its net sales—standard products business, and for the year ended December 31, 2018, the Company had two customers that represented 34.1% and 23.4% of its net sales—standard products business. As of December 31, 2020 and 2019, one customer accounted for of accounts receivable, respectively. 97% of the Company’s property, plant and equipment from continuing operations are located in Korea as of December 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies 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, 2020 or 201 9 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 20. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) consists of the following at December 31, 2020 and 2019, respectively (in thousands): Year Ended 2020 2019 Foreign currency translation adjustments $ 2,069 $ (4,205 ) Derivative adjustments 1,634 1,545 Total $ 3,703 $ (2,660 ) Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 Foreign Derivative Total Beginning balance $ (4,205 ) $ 1,545 $ (2,660 ) Other comprehensive income before reclassifications 6,274 1,452 7,726 Amounts reclassified from accumulated other comprehensive income — (1,363 ) (1,363 ) Net current-period other comprehensive income 6,274 89 6,363 Ending balance $ 2,069 $ 1,634 $ 3,703 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 ) There was an income tax benefit of $316 thousand related to changes in accumulated other comprehensive income for the year ended December 31, 2020. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2020 | |
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 for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 (In thousands of U.S. dollars, except share data) Basic earnings (loss) per share Income (loss) from continuing operations $ 57,059 $ (20,413 ) $ (25,777 ) Income (loss) from discontinued operations, net of tax 287,906 (1,413 ) 21,877 Net income (loss) $ 344,965 $ (21,826 ) $ (3,900 ) Basic weighted average common stock outstanding 35,213,525 34,321,888 34,469,921 Basic earnings (loss) per common share Continuing operations $ 1.62 $ (0.59 ) $ (0.75 ) Discontinued operations 8.18 (0.05 ) 0.64 Total $ 9.80 $ (0.64 ) $ (0.11 ) Diluted earnings (loss) per share Income (loss) from continuing operations $ 57,059 $ (20,413 ) $ (25,777 ) Add back: Interest expense on Exchangeable Notes 5,708 — — Income (loss) from continuing operations allocated to common stockholders $ 62,767 $ (20,413 ) $ (25,777 ) Income (loss) from discontinued operations, net of tax 287,906 (1,413 ) 21,877 Net income (loss) allocated to common stockholders $ 350,673 $ (21,826 ) $ (3,900 ) Basic weighted average common stock outstanding 35,213,525 34,321,888 34,469,921 Net effect of dilutive equity awards 1,145,906 — — Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock 10,144,155 — — Diluted weighted average common stock outstanding 46,503,586 34,321,888 34,469,921 Diluted earnings (loss) per common share Continuing operations $ 1.35 $ (0.59 ) $ (0.75 ) Discontinued operations 6.19 (0.05 ) 0.64 Total $ 7.54 $ (0.64 ) $ (0.11 ) The following outstanding instruments were excluded from the computation of diluted loss per share, as they have an anti-dilutive effect on the calculation: Year Ended December 31, 2020 2019 2018 Options 651,417 2,177,045 2,674,756 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, 2020 | |
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, 2020 and 2019. Fiscal Year 2020 First Second Third Fourth (In thousands of U.S. dollars, except share data) Revenues $ 120,473 $ 118,828 $ 124,813 $ 142,945 Gross profit 29,130 32,138 28,588 38,461 Operating income 5,965 8,622 3,223 9,206 Income (loss) from continuing operations (31,078 ) 11,774 8,461 67,902 Income (loss) from discontinued operations, net of tax 7,329 17,397 264,501 (1,321 ) Net income (loss) $ (23,749 ) $ 29,171 $ 272,962 $ 66,581 Basic earnings (loss) per common share— Continuing operations $ (0.89 ) $ 0.34 $ 0.24 $ 1.91 Discontinued operations 0.21 0.50 7.50 (0.04 ) Total $ (0.68 ) $ 0.84 $ 7.74 $ 1.87 Diluted earnings (loss) per common share— Continuing operations $ (0.89 ) $ 0.28 $ 0.21 $ 1.47 Discontinued operations 0.21 0.37 5.68 (0.02 ) Total $ (0.68 ) $ 0.65 $ 5.89 $ 1.45 Weighted average number of shares— Basic 34,893,157 35,092,312 35,280,864 35,582,966 Diluted 34,893,157 46,474,237 46,581,788 47,062,903 Fiscal Year 2019 First Second Third Fourth (In thousands of U.S. dollars, except share data) Revenues $ 107,267 $ 140,885 $ 149,167 $ 123,352 Gross profit 19,023 31,622 35,255 30,497 Operating income (loss) (5,057 ) 8,755 14,336 5,691 Income (loss) from continuing operations (21,555 ) (8,490 ) (14,244 ) 23,876 Income (loss) from discontinued operations, net of tax (12,570 ) (1,030 ) 12,637 (450 ) Net income (loss) $ (34,125 ) $ (9,520 ) $ (1,607 ) $ 23,426 Basic earnings (loss) per common share— Continuing operations $ (0.63 ) $ (0.25 ) $ (0.41 ) $ 0.69 Discontinued operations (0.37 ) (0.03 ) 0.36 (0.01 ) Total $ (1.00 ) $ (0.28 ) $ (0.05 ) $ 0.68 Diluted earnings (loss) per common share— Continuing operations $ (0.63 ) $ (0.25 ) $ (0.41 ) $ 0.55 Discontinued operations (0.37 ) (0.03 ) 0.36 (0.01 ) Total $ (1.00 ) $ (0.28 ) $ (0.05 ) $ 0.54 Weighted average number of shares— 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. Subsequent Events Derivative contracts In February 2021, the Company and NFIK entered into derivative contracts of zero cost collars for the period from July 2021 to December 2021. The total notional amounts are $18,000 thousand. Exchangeable Notes Prior to the March 1, 2021 maturity of the Exchangeable Notes, holders elected to exchange for an aggregate of 10,144,131 shares of the Company’s common stock in satisfaction in full of the outstanding principal amount of the Exchangeable Notes. On March 1, 2021, the Company paid the final interest payment on the Exchangeable Notes of $2,094 thousand and no longer have any Exchangeable Notes obligations outstanding as of such date. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 On September 1, 2020 (the “Closing Date”), the Company completed the sale of the Company’s Foundry Services Group business and its Fab 4 to Key Foundry Co., Ltd. (the “Buyer”), a Korean limited liability company, in exchange for a purchase price equal to approximately $ million in cash. The purchase price was paid in a combination of U.S. Dollars in the amount of $ million and Korean Won in the amount of approximately KRW 360.6 billion. In addition to the purchase price, the Buyer assumed all severance liabilities relating to the transferred employees, which had a value of approximately $ million. The Buyer is a wholly owned subsidiary of Magnus, which was established by Alchemist Capital Partners Korea Co., Ltd. and Credian Partners, Inc. On April 20, 2020, Magnus assigned, and the Buyer assumed, all rights and obligations of Magnus under the business transfer agreement (the “Business Transfer Agreement”). This divestiture of the Foundry Services Group business and Fab 4 was made in connection with the Company’s strategic shift of its operational focus to its standard products business. The Foundry Services Group was historically a reportable segment. The Foundry Services Group business was classified as discontinued operations in the Company’s consolidated statements of operations and excluded from both continuing operations and segment results for all periods presented. Accordingly, the Company has one reportable segment, its standard products business, together with transitional foundry services associated with its fabrication facility located in Gumi, Korea, known as “Fab 3,” that it expects to perform for the Buyer for a period of up to three years from the Closing Date (the “Transitional Fab 3 Foundry Services”). The Company’s standard products business includes its Display Solutions and Power Solutions business lines. The Company’s Display Solutions products provide panel display solutions to major suppliers of large and small rigid and flexible panel displays, and mobile, automotive applications and home appliances. The Company’s Power Solutions products include discrete and integrated circuit solutions for power management in communications, consumer and industrial applications. |
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 (“U.S. GAAP”). Significant accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below. The Company has reclassified certain prior years’ amounts to conform to the current year’s presentation for discontinued operations to reflect the divestiture of its Foundry Services Group business and Fab 4. The assets and liabilities transferred to the Buyer as of the Closing Date have been classified as assets and liabilities held for sale in the Company’s consolidated balance sheet as of December 31, 2019. See Note 2 “Discontinued Operations and Assets Held for Sale” for additional information. The consolidated statements of cash flows have not been adjusted to separately disclose cash flows related to discontinued operations, but the material items in the operating and investing activities of cash flows relating to discontinued operations are disclosed in Note 2. Unless otherwise stated, information in these notes to consolidated financial statements relates to the Company’s continuing operations and excludes the discontinued operations. |
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 U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, stock based compensation, property plant and equipment, leases, other long-lived assets, long-term employee benefits, contingencies liabilities, estimated future cash flows and other assumptions used in long-lived asset impairment tests and calculation of current and deferred income taxes and deferred tax valuation allowances, 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. The Company assessed the impact of COVID-19 COVID-19 COVID-19 |
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results when the business is sold and classified as held for sale, in accordance with the criteria of Accounting Standards Codification (“ASC”) 205, “Presentation of Financial Statements” (“ASC 205”) and ASC 360, “Property, Plant and Equipment” (“ASC 360”). Assets and liabilities of a business classified as held for sale are recorded at the lower of its carrying amount or estimated fair value less costs to sell, and depreciation and amortization ceases on the date that the held for sale criteria are met. If the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized. Assets and liabilities related to discontinued operations classified as held for sale are segregated in the prior balance sheet in the period in which the business is classified as held for sale. The results of discontinued operations are reported in “Income from discontinued operations, net of tax” in the accompanying consolidated statements of operations for the current and prior periods commencing in the period in which the business meets the criteria. |
Foreign Currency Translation | Foreign Currency Translation The Company has assessed in accordance with ASC 830, “Foreign Currency Matters” (“ASC 830”), the functional currency of each of its subsidiaries in Luxembourg and the Netherlands and has designated the U.S. dollar to be their respective functional currencies. The Korean Won is the functional currency for the Company’s Korean subsidiary, which is the primary operating subsidiary of the Company. The Company and its other subsidiaries are utilizing their local currencies as their functional currencies. The financial statements of the subsidiaries in functional currencies other than the U.S. dollar are translated into the U.S. dollar in accordance with ASC 830. All the assets and liabilities are translated to the U.S. dollar at the end-of-period |
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 when purchased. |
Accounts Receivable Reserves | Accounts Receivable Reserves The Company makes estimates of expected credit losses for the allowance for credit losses based upon its assessment of various factors, including historical collection experience, the age of the accounts receivable balances, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The Company also records an estimate for sales returns, included within accounts receivable, net, based on the historical experience of the amount of goods that will be returned and refunded or replaced. |
Sales of Accounts Receivable | 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 $5,500 thousand and $6,593 thousand as other current assets as of December 31, 2020 and 2019, respectively. |
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 assets; the related liabilities are recorded as operating lease liabilities for the current portion and non-current operating lease liabilities for the non-current portion. Finance lease right-of-use assets are included in property, plant and equipment, net and the related lease liabilities are included in other current liabilities and other non-current liabilities on the consolidated balance sheets. Right-of-use 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 which are amortized on a straight-line basis over periods ranging from one to . Intellectual property assets acquired represent rights under patents, trademarks and property use rights and are amortized over their respective periods of benefit, ranging up to , on a straight-line basis. |
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 U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by ASC 820 are: Level Level Level 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 for employees in the Company’s Korean subsidiary, Magnachip Semiconductor , As of December , , % of all employees of the Company were eligible for severance benefits. Beginning in July 2018, the Company began contributing to certain severance insurance deposit accounts a percentage of severance benefits, which may be adjusted from time to time, accrued for eligible employees for their services beginning January 1, 2018. 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. Accrued severance benefits are partly 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. |
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 Company sells products manufactured based on the Company’s design. The Company’s products are either standardized with an alternative use or the Company does not have an enforceable right to payment for the related manufacturing services completed to date. Therefore, revenue for the products is recognized when a customer obtains control of the product, which is generally upon product shipment, delivery at the customer’s location or upon customer acceptance, depending on the terms of the arrangement. In accordance with revenue recognition guidance, any tax assessed by a governmental authority that is both imposed on and concurrent with a specific revenue-producing transaction, and that is collected by the Company from a customer, is excluded from revenue and related revenue is presented in the statements of operations on a net basis. The Company provides warranties under which customers can return defective products. The Company estimates the costs related to warranty claims and repair or replacements, and records them as components of cost of sales. In addition, the Company offers sales returns (other than those that relate to defective products under warranty), cash discounts for early payments and sales incentives, and certain allowances to the Company’s customers, including the Company’s distributors. The Company records reserves for those returns, discounts, incentives and allowances as a deduction from sales, based on historical experience and other quantitative and qualitative factors. Substantially all of the Company’s contracts are one year or less in duration. The standard payment terms with customers are generally thirty sixty The Company adopted the new revenue standard effective on January 1, 2018 using modified retrospective transition 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. 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 $ thousand, $ thousand, and $ thousand for the years ended December , , and , respectively. Of the recorded deferred revenue of $559 thousand as of December 31, 2019 and $548 thousand as of December 31, 2018, $559 thousand and $548 thousand were recognized as revenue during the years ended December 31, 2020 and 2019, respectively. |
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. The Company does not offset derivative assets and liabilities within the consolidated balance sheets. In accordance with ASC 815, changes in the fair value of derivative instruments that are cash flow hedges are recognized in accumulated other comprehensive income (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 expenses were $ thousand, $ thousand and $ thousand for the years ended December , , and , 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 periodically assesses the adequacy of those recorded warranty liabilities 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 of the agreements and the costs are amortized over the contract period using the straight-line method and charged to research and development expenses in the consolidated statements of operations. Running royalties are paid based on the revenue of related products sold by the Company. |
Stock-Based Compensation | Stock-Based Compensation The Company follows the provisions of ASC 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense, net of the estimated forfeiture rate, over the requisite service period. As permitted under ASC 718, the Company elected to recognize compensation expense for all options with graded vesting based on the graded attribution method. The Company uses the Black-Scholes option-pricing model to measure the grant-date-fair-value of options. The Black-Scholes model requires certain assumptions to determine an option’s fair value, including expected term, risk free interest rate and expected volatility. The expected term of each option grant was based on employees’ expected exercises and post-vesting employment termination behavior and the risk free interest rate was based on the U.S. Treasury yield curve for the period corresponding with the expected term at the time of grant. No dividends were assumed for this calculation of option value. |
Earnings 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 basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. Valuation allowances are established when it is necessary to reduce deferred tax assets to the amount expected to be realized. The evaluation of the recoverability of the deferred tax asset and the need for a valuation allowance requires management to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. Realization of the future tax benefits related to the deferred tax assets is dependent on many factors, including historical operating results, expected timing of the reversals of existing temporary differences, the Company’s ability to generate future taxable income, and tax planning strategies. The Company recognizes and measures uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step 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 Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, 2019-12”). 2019-12 2019-12 2019-12 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, 2016-13”). 2016-13 No. 2019-04, (“ASU 2019-04”), No. 2019-11, 2019-11”) 2016-13. No. 2020-02, (“ASU 2020-02”), 2016-13, 2019-04, ASU 2019-11 2020-02 In August 2018, the FASB issued Accounting Standards Update No. 2018-13 2018-13”). 2018-13 2018-13 2018-13 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Estimated Useful Lives of Assets | 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 |
Discontinued Operations and A_2
Discontinued Operations and Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Assets Held for Sale [Abstract] | |
Schedule Of Results From Discontinued Operations | The following table summarizes the results from discontinued operations, net of tax, for the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 2019 2018 (In thousands of U.S. dollars, except share data) Revenues: Net sales—Foundry Services Group $ 254,732 $ 307,348 $ 325,408 Net sales—transitional Fab 3 foundry services (25,887 ) (35,824 ) (39,935 ) Total revenues 228,845 271,524 285,473 Cost of sales: Cost of sales—Foundry Services Group 182,872 243,134 242,960 Cost of sales—transitional Fab 3 foundry services (25,887 ) (35,824 ) (39,935 ) Total cost of sales 156,985 207,310 203,025 Gross profit 71,860 64,214 82,448 Operating expenses: Selling, general and administrative expenses 14,797 24,042 24,927 Research and development expenses 19,484 30,332 31,995 Restructuring and other charges 15,873 9,142 — Total operating expenses 50,154 63,516 56,922 Operating income from discontinued operations 21,706 698 25,526 Foreign currency gain, net 1,277 503 1,862 Others, net 72 (67 ) 217 Income from discontinued operations before income tax expense 23,055 1,134 27,605 Income tax expense 11,452 2,547 5,728 Gain on sale of discontinued operations 287,117 — — Transaction costs (10,814 ) — — Income (loss) from discontinued operations, net of tax 287,906 (1,413 ) 21,877 |
Schedule Of Results From Discontinued Operations Balance Sheet | The following table provides a reconciliation of the aggregate carrying amounts of major classes of assets and liabilities relating to the Foundry Services Group business and Fab 4, which are included in assets and liabilities held for sale as of December 31, 2019 in the accompanying consolidated balance sheet: December 31, 2019 (In thousands of U.S. dollars) Assets Current assets Accounts receivable, net $ 48,194 Unbilled accounts receivable 16,463 Inventories, net 31,863 Other current assets 3,301 Total current assets held for sale $ 99,821 Property, plant and equipment, net 109,506 Intangible assets, net 1,245 Other non-current 12,683 Total assets held for sale $ 223,255 Liabilities Current liabilities Accounts payable $ 20,503 Other current liabilities 16,537 Total current liabilities held for sale $ 37,040 Accrued severance benefits, net 95,547 Other non-current 15,334 Total liabilities held for sale $ 147,921 |
Schedule Of Results From Discontinued Operations Alternative Cash Flow Information | The following table provides supplemental cash flows information related to discontinued operations: Year Ended December 31, 2020 2019 2018 (In thousands of U.S. dollars) Significant non-cash Depreciation and amortization $ 5,365 $ 22,411 $ 23,220 Provision for severance benefits 8,209 10,879 10,230 Stock-based compensation 388 899 627 Investing activities: Capital expenditures $ (5,838 ) $ (11,653 ) $ (14,170 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | As of December 31, 2020, the following table represents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value Fair Value Quoted Prices in Significant Significant Assets: Derivative assets (other current assets) $ 2,036 $ 2,036 — $ 2,036 — Liabilities: Derivative liabilities (other current liabilities) $ 195 $ 195 — $ 195 — 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 — |
Schedule of Fair Value of Borrowings | Fair Value of Borrowings December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair (In thousands of U.S. dollars) Borrowings: 5.0% Exchangeable Senior Notes due March 2021 $ 83,479 $ 145,466 $ 81,959 $ 116,078 6.625% Senior Notes due July 2021 $ — $ — $ 222,784 $ 224,250 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Accounts Receivable | Accounts receivable as of December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 2019 Accounts receivable $ 63,145 $ 44,176 Notes receivable 1,606 3,707 Less: Allowance for credit losses (188 ) (49 ) Sales return reserves (173 ) (387 ) Accounts receivable, net $ 64,390 $ 47,447 |
Allowance for Doubtful Accounts [Member] | |
Schedule of Changes in Receivables and Reserves | Changes in allowance for credit losses for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Beginning balance $ (49 ) $ (51 ) $ (53 ) Provision (131 ) — — Translation adjustments (8 ) 2 2 Ending balance $ (188 ) $ (49 ) $ (51 ) |
Sales Return Reserve [Member] | |
Schedule of Changes in Receivables and Reserves | Changes in sales return reserves for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Beginning balance $ (387 ) $ (439 ) $ (628 ) Reversal (provision) 22 (136 ) (245 ) Usage 196 170 414 Translation adjustments (4 ) 18 20 Ending balance $ (173 ) $ (387 ) $ (439 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories as of December 31, 2020 and December 31, 2019 consist of the following (in thousands): December 31, 2020 2019 Finished goods $ 6,425 $ 10,087 Semi-finished goods and work-in-process 30,968 28,815 Raw materials 6,526 8,449 Materials in-transit 1,021 — Less: inventory reserve (5,901 ) (5,947 ) Inventories, net $ 39,039 $ 41,404 |
Changes in Inventory Reserve | Changes in inventory reserve for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year 2020 2019 2018 Beginning balance $ (5,947 ) $ (4,845 ) $ (6,094 ) Change in reserve Inventory reserve charged to costs of sales (7,268 ) (12,941 ) (6,721 ) Sale of previously reserved inventory 4,349 2,938 3,709 (2,919 ) (10,003 ) (3,012 ) Write off 2,679 8,451 4,065 Translation adjustments (408 ) 450 196 Reclassified to assets held for sale 694 — — Ending balance $ (5,901 ) $ (5,947 ) $ (4,845 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment as of December 31, 2020 and December 31, 2019 are comprised of the following (in thousands): December 31, 2020 2019 Buildings and related structures $ 24,882 $ 22,502 Machinery and equipment 106,244 89,453 Finance lease right-of-use 344 323 Others 40,116 22,242 171,586 134,520 Less: accumulated depreciation (90,370 ) (75,704 ) Land 15,167 14,252 Property, plant and equipment, net $ 96,383 $ 73,068 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets as of December 31, 2020 and December 31, 2019 are comprised of the following (in thousands): December 31, 2020 Gross Accumulated Net Intellectual property assets $ 9,486 $ (6,759 ) $ 2,727 Intangible assets, net $ 9,486 $ (6,759 ) $ 2,727 December 31, 2019 Gross Accumulated Net Technology $ 6,575 $ (6,575 ) $ — Customer relationships 10,180 (10,180 ) — Intellectual property assets 8,637 (5,868 ) 2,769 Intangible assets, net $ 25,392 $ (22,623 ) $ 2,769 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related To Leases [Table Text Block] | Supplemental balance sheets information related to leases as of December 31, 2020 and December 31, 2019 are as follows (in thousands): December 31, Leases Classification 2020 2019 Assets Operating lease Operating lease right-of-use assets $ 4,632 $ 1,876 Finance lease Property, plant and equipment, net 206 258 Total lease assets $ 4,838 $ 2,134 Liabilities Current Operating Operating lease liabilities $ 2,210 $ 1,625 Finance Other current liabilities 68 60 Non-current Operating Non-current 2,422 251 Finance Other non-current 153 208 Total lease liabilities $ 4,853 $ 2,144 |
Lease, Cost [Table Text Block] | The following table presents the weighted average remaining lease term and discount rate: December 31, 2020 2019 Weighted average remaining lease term Operating leases 3.0 years 1.1 years Finance leases 3.0 years 4.0 years Weighted average discount rate Operating leases 5.55 % 7.19 % Finance leases 7.75 % 7.75 % |
Other Lease Information [Table Text Block] | The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands): Year Ended 2020 2019 Operating lease cost $ 1,885 $ 1,990 Finance lease cost Amortization of right-of-use 63 64 Interest on lease liabilities 18 22 Total lease cost $ 1,966 $ 2,076 Other lease information is as follows (in thousands): Year Ended 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,885 $ 1,990 Operating cash flows from finance leases 18 22 Financing cash flows from finance leases 76 55 |
Schedule Of Future Lease Payments [Table Text Block] | The aggregate future lease payments for operating and finance leases as of December 31, 2020 are as follows (in thousands): Operating Finance 2021 $ 2,424 $ 83 2022 999 83 2023 623 83 2024 561 — 2025 423 — Total future lease payments 5,030 249 Less: Imputed interest (398 ) (28 ) Present value of future payments $ 4,632 $ 221 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses as of December 31, 2020 and 2019 are comprised of the following (in thousands): December 31, 2020 2019 Payroll, benefits and related taxes, excluding severance benefits $ 10,296 $ 8,493 Withholding tax attributable to intercompany interest income 28 23,371 Interest on senior notes 1,396 8,205 Outside service fees 755 898 Restructuring and others 2,658 2,018 Others 1,108 1,814 Accrued expenses $ 16,241 $ 44,799 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Details of Derivative Contracts | Details of derivative contracts as of December 31, 2020 are as follows (in thousands): Date of transaction Type of derivative Total notional amount Month of settlement July 13, 2020 Zero cost collar $ 30,000 January 2021 to June 2021 December 15, 2020 Zero cost collar $ 30,000 July 2021 to December 2021 December 18, 2020 Zero cost collar $ 18,000 March 2021 to June 2021 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 |
Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities | The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of December 31, 2020 and 2019 are as follows (in thousands): Derivatives designated as hedging instruments: December 31, 2020 2019 Asset Derivatives: Zero cost collars Other current assets $ 2,036 $ 1,456 Liability Derivatives: Zero cost collars Other current liabilities $ 195 $ — |
Offsetting of Derivative Assets and Liabilities | Offsetting of derivative assets and liabilities as of December 31, 2020 is as follows (in thousands): As of December 31, 2020 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Asset Derivatives: Zero cost collars $ 2,036 $ — $ 2,036 $ — $ — $ 2,036 Liability Derivatives: Zero cost collars $ 195 $ — $ 195 $ — $ — $ 195 |
Offsetting of Derivative Assets | 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 |
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, 2020 and 2019 and net sales of discontinued operation s are included in the below table (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Gain (Loss) Location/Amount of Gain (Loss) Location/Amount of Gain (Loss) 2020 2019 2020 2019 2020 2019 Zero cost collars $ 1,769 $ (1,096 ) Net sales $ 1,363 $ (2,738 ) Other income (expense), net $ 148 $ (193 ) Forwards $ — $ (1,798 ) Net sales $ — $ (1,750 ) Other income (expense), net $ — $ (125 ) $ 1,769 $ (2,894 ) $ 1,363 $ (4,488 ) $ 148 $ (318 ) |
Summary Of Cash Deposits | These cash deposits are recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of December 31, 2020 and 2019 are as follows (in thousands): December 31, Counterparties 2020 2019 NFIK $ 3,250 $ 7,750 DB 1,000 1,000 SC 1,000 — Total $ 5,250 $ 8,750 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Changes in Accrued Warranty Liabilities | Changes in accrued warranty liabilities for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Beginning balance $ 735 $ 115 $ 51 Provision (reversal) (606 ) 932 220 Usage (61 ) (314 ) (154 ) Translation adjustments (20 ) 2 (2 ) Ending balance $ 48 $ 735 $ 115 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Components of Long-term Borrowings | Borrowings as of December 31, 2020 and 2019 are as follows (in thousands): December 31, 2020 2019 5.0% Exchangeable Senior Notes due March 2021 $ 83,740 $ 83,740 6.625% Senior Notes due July 2021 — 224,250 Less: unamortized discount and debt issuance costs (261 ) (3,247 ) Total borrowings, net 83,479 304,743 Less: current portion of long-term borrowings, net 83,479 — Long-term borrowings, net $ — $ 304,743 |
Accrued Severance Benefits (Tab
Accrued Severance Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Changes in Accrued Severance Benefits | Changes in accrued severance benefits are as follows (in thousands): Year Ended December 31, 2020 2019 Beginning balance $ 53,344 $ 55,691 Provisions 8,534 6,260 Severance payments (10,937 ) (6,733 ) Translation adjustments 3,511 (1,874 ) 54,452 53,344 Less: Cumulative contributions to severance insurance deposit accounts (13,704 ) (1,856 ) The National Pension Fund (66 ) (80 ) Group severance insurance plan (220 ) (227 ) Accrued severance benefits, net $ 40,462 $ 51,181 |
Future Benefits Payments to Employees | The Company is liable to pay the following future benefits to its non-executive Severance 2021 $ 218 2022 271 2023 663 2024 947 2025 2,245 2026 – 2030 19,292 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018. Number of Restricted Stock Units Weighted Average Grant-Date Fair Value of Restricted Stock Units Outstanding at January 1, 2018 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 Granted 642,372 11.11 Vested (354,657 ) 10.82 Settled of previous year vesting (226,558 ) 12.16 Forfeited (104,704 ) 11.16 Outstanding at December 31, 2020 999,756 $ 10.68 |
Summary of Stock Option Activities | The following summarizes stock option activities for the years ended December 31, 2020, 2019 and 2018. 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, 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 Outstanding at January 1, 2020 2,177,045 $ 10.42 $ 6,259 4.7 years Forfeited (19,216 ) 13.57 — — Exercised (510,648 ) 7.67 2,689 — Outstanding at December 31, 2020 1,647,181 $ 11.24 $ 6,112 3.8 years Vested and Exercisable at December 31, 2020 1,647,181 $ 11.24 $ 6,112 3.8 years |
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, 2020 2019 2018 Number Weighted Fair Value Number Weighted Fair Value Number Weighted Fair Value Unvested options at the beginning of the period — $ — 130,191 $ 1.54 475,925 $ 2.19 Vested options during the period — — (107,100 ) 1.54 (313,160 ) 2.51 Forfeited options during the period — — (345 ) 1.54 (14,738 ) 1.73 Exercised options during the period — — (22,746 ) 1.54 (17,836 ) 1.66 Unvested options at the end of the period — — 0 $ — 130,191 $ 1.54 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense Components of Income Tax Expense (Benefit) Attributable To Income (Loss) From Continuing Operations | Year Ended December 31, 2020 2019 2018 Income (loss) from continuing operations before income tax expense Domestic $ (12,305 ) $ (24,752 ) $ 3,006 Foreign 23,136 6,539 (29,862 ) $ 10,831 $ (18,213 ) $ (26,856 ) Current income tax expense (benefit) Domestic $ 1 $ 20 $ (383 ) Foreign (2,264 ) 3,771 3,959 Uncertain tax position liability (domestic) — (1 ) (2 ) Uncertain tax position liability (foreign) (20 ) 2 (54 ) (2,283 ) 3,792 3,520 Deferred income tax benefit Domestic (4,461 ) — — Foreign (39,484 ) 63 32 (43,945 ) 63 32 Benefits from intra-period allocation — (1,655 ) (4,631 ) Total income tax expense (benefit) $ (46,228 ) $ 2,200 $ (1,079 ) Effective tax rate — — 4.0 % |
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 rates to the income (loss) from continuing operations before income tax expense. The significant items causing this difference are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Provision computed at statutory rates $ 2,274 $ (3,825 ) $ (5,640 ) State income taxes, net of federal effect 730 (1,139 ) (1,651 ) Change in statutory tax rates 5,735 2,329 1 Difference in foreign tax rates 1,077 3,002 737 Permanent differences Derivative assets adjustment 56 315 (1,111 ) TPECs, hybrid and other interest (2,722 ) 7,812 (5,555 ) Thin capitalization 339 988 1,262 Permanent foreign currency loss (1,813 ) (1,734 ) (2,490 ) Penalty 176 151 434 GILTI 24,224 5,112 — Intercompany debt restructuring 11,137 (18,435 ) — Other permanent differences 1,262 394 417 Withholding tax 2,291 3,043 3,270 Change in valuation allowance (75,452 ) 7,817 14,647 Benefits from intra-period allocation — (1,655 ) (4,631 ) Tax credits claimed (12,397 ) (651 ) (421 ) Tax credits expired — 170 267 Uncertain tax positions liability (20 ) 1 (56 ) Change in net operating loss carry-forwards (3,314 ) — — Others 189 (1,495 ) (559 ) Income tax expense (benefit) $ (46,228 ) $ 2,200 $ (1,079 ) |
Summary of Composition of Net Deferred Income Tax Assets (Liabilities) of Continuing Operations and Discontinued Operations | A summary of the composition of net deferred income tax assets (liabilities) of continuing operations and discontinued operations as of December 31, 2020 and 2019 are as follows (in thousands): Year Ended December 31, 2020 2019 Deferred tax assets Inventory reserves $ 1,338 $ 4,869 Accrued expenses 2,493 3,388 Property, plant and equipment 3,391 7,979 Accumulated severance benefits 12,343 36,841 Operating lease right-of-use liabilities 1,025 2,741 Foreign currency translation loss 9,129 20,544 NOL carry-forwards 121,389 150,954 Tax credit carry-forwards 15,395 17,054 Other long-term payable 944 3,023 Interest expense deduction limitation — 5,244 Others 1,629 4,734 Total deferred tax assets 169,076 257,371 Less: Valuation allowance (115,636 ) (246,224 ) 53,440 11,147 Deferred tax liabilities Derivative assets 417 352 Prepaid expense 1,071 3,090 Severance benefit deposits 3,156 1,294 Operating lease right-of-use assets 1,025 2,741 Foreign currency translation gain 2,431 — Others 799 3,516 Total deferred tax liabilities 8,899 10,993 Net deferred tax assets $ 44,541 $ 154 |
Changes in Valuation Allowance for Deferred Tax Assets of Continuing Operations and Discontinued Operations | Changes in valuation allowance for deferred tax assets of continuing operations and discontinued operations for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Beginning balance $ 246,224 $ 248,633 $ 251,132 Additions — 7,912 7,653 Reductions (75,452 ) — — Changes relating to the discontinued operations (67,484 ) — — NOL/tax credit claimed/expired 3,686 (3,529 ) (1,393 ) Translation adjustments 8,662 (6,792 ) (8,759 ) Ending balance $ 115,636 $ 246,224 $ 248,633 |
Reconciliation of Total Amounts of Unrecognized Tax Benefits | A tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of each period is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Unrecognized tax benefits, balance at the beginning $ 445 $ 426 $ 475 Additions based on tax positions related to the current year 48 13 10 Reductions for tax positions of prior years (34 ) (1 ) — Lapse of statute of limitations (76 ) — (51 ) Translation adjustments 31 7 (8 ) Unrecognized tax benefits, balance at the ending $ 414 $ 445 $ 426 |
Summary Of Valuation Allowance Primarily Attributable To Its Subsidiary | The valuation allowances at December 31, 2020, 2019 and 2018 were primarily attributable to its Luxembourg subsidiary. Year Ended December 31, 2020 2019 2018 NOL carry-forwards $ 604,977 $ 708,885 $ 730,472 |
Geographic and Other Informat_2
Geographic and Other Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments | The following sets forth information relating to the single continuing operating segment (in thousands): Year Ended December 31, 2020 2019 2018 Revenues Standard products business Display Solutions $ 299,057 $ 308,531 $ 256,113 Power Solutions 166,462 176,316 169,377 Total standard products business 465,519 484,847 425,490 Transitional Fab 3 foundry services 41,540 35,824 39,935 Total revenues $ 507,059 $ 520,671 $ 465,425 Year Ended December 31, 2020 2019 2018 Gross Profit Standard products business $ 127,099 $ 116,397 $ 115,648 Transitional Fab 3 foundry services 1,218 — — Total gross profit $ 128,317 $ 116,397 $ 115,648 |
Net Sales by Region, Based on Location of Products are Billed | The following is a summary of net sales—standard product s Foundry Services) by geographic region, based on the location to which the products are billed (in thousands): Year Ended December 31, 2020 2019 2018 Korea $ 106,415 $ 132,622 $ 176,097 Asia Pacific (other than Korea) 347,597 343,652 241,461 United States 5,147 2,399 1,983 Europe 4,317 4,801 4,360 Others 2,043 1,373 1,589 Total $ 465,519 $ 484,847 $ 425,490 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive income (loss) consists of the following at December 31, 2020 and 2019, respectively (in thousands): Year Ended 2020 2019 Foreign currency translation adjustments $ 2,069 $ (4,205 ) Derivative adjustments 1,634 1,545 Total $ 3,703 $ (2,660 ) |
Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 Foreign Derivative Total Beginning balance $ (4,205 ) $ 1,545 $ (2,660 ) Other comprehensive income before reclassifications 6,274 1,452 7,726 Amounts reclassified from accumulated other comprehensive income — (1,363 ) (1,363 ) Net current-period other comprehensive income 6,274 89 6,363 Ending balance $ 2,069 $ 1,634 $ 3,703 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 ) |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Loss Per Common Share | The following table illustrates the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 (In thousands of U.S. dollars, except share data) Basic earnings (loss) per share Income (loss) from continuing operations $ 57,059 $ (20,413 ) $ (25,777 ) Income (loss) from discontinued operations, net of tax 287,906 (1,413 ) 21,877 Net income (loss) $ 344,965 $ (21,826 ) $ (3,900 ) Basic weighted average common stock outstanding 35,213,525 34,321,888 34,469,921 Basic earnings (loss) per common share Continuing operations $ 1.62 $ (0.59 ) $ (0.75 ) Discontinued operations 8.18 (0.05 ) 0.64 Total $ 9.80 $ (0.64 ) $ (0.11 ) Diluted earnings (loss) per share Income (loss) from continuing operations $ 57,059 $ (20,413 ) $ (25,777 ) Add back: Interest expense on Exchangeable Notes 5,708 — — Income (loss) from continuing operations allocated to common stockholders $ 62,767 $ (20,413 ) $ (25,777 ) Income (loss) from discontinued operations, net of tax 287,906 (1,413 ) 21,877 Net income (loss) allocated to common stockholders $ 350,673 $ (21,826 ) $ (3,900 ) Basic weighted average common stock outstanding 35,213,525 34,321,888 34,469,921 Net effect of dilutive equity awards 1,145,906 — — Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock 10,144,155 — — Diluted weighted average common stock outstanding 46,503,586 34,321,888 34,469,921 Diluted earnings (loss) per common share Continuing operations $ 1.35 $ (0.59 ) $ (0.75 ) Discontinued operations 6.19 (0.05 ) 0.64 Total $ 7.54 $ (0.64 ) $ (0.11 ) |
Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share | The following outstanding instruments were excluded from the computation of diluted loss per share, as they have an anti-dilutive effect on the calculation: Year Ended December 31, 2020 2019 2018 Options 651,417 2,177,045 2,674,756 Restricted Stock Units — 1,043,303 718,213 |
Unaudited Quarterly Financial_2
Unaudited Quarterly Financial Results (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. Fiscal Year 2020 First Second Third Fourth (In thousands of U.S. dollars, except share data) Revenues $ 120,473 $ 118,828 $ 124,813 $ 142,945 Gross profit 29,130 32,138 28,588 38,461 Operating income 5,965 8,622 3,223 9,206 Income (loss) from continuing operations (31,078 ) 11,774 8,461 67,902 Income (loss) from discontinued operations, net of tax 7,329 17,397 264,501 (1,321 ) Net income (loss) $ (23,749 ) $ 29,171 $ 272,962 $ 66,581 Basic earnings (loss) per common share— Continuing operations $ (0.89 ) $ 0.34 $ 0.24 $ 1.91 Discontinued operations 0.21 0.50 7.50 (0.04 ) Total $ (0.68 ) $ 0.84 $ 7.74 $ 1.87 Diluted earnings (loss) per common share— Continuing operations $ (0.89 ) $ 0.28 $ 0.21 $ 1.47 Discontinued operations 0.21 0.37 5.68 (0.02 ) Total $ (0.68 ) $ 0.65 $ 5.89 $ 1.45 Weighted average number of shares— Basic 34,893,157 35,092,312 35,280,864 35,582,966 Diluted 34,893,157 46,474,237 46,581,788 47,062,903 Fiscal Year 2019 First Second Third Fourth (In thousands of U.S. dollars, except share data) Revenues $ 107,267 $ 140,885 $ 149,167 $ 123,352 Gross profit 19,023 31,622 35,255 30,497 Operating income (loss) (5,057 ) 8,755 14,336 5,691 Income (loss) from continuing operations (21,555 ) (8,490 ) (14,244 ) 23,876 Income (loss) from discontinued operations, net of tax (12,570 ) (1,030 ) 12,637 (450 ) Net income (loss) $ (34,125 ) $ (9,520 ) $ (1,607 ) $ 23,426 Basic earnings (loss) per common share— Continuing operations $ (0.63 ) $ (0.25 ) $ (0.41 ) $ 0.69 Discontinued operations (0.37 ) (0.03 ) 0.36 (0.01 ) Total $ (1.00 ) $ (0.28 ) $ (0.05 ) $ 0.68 Diluted earnings (loss) per common share— Continuing operations $ (0.63 ) $ (0.25 ) $ (0.41 ) $ 0.55 Discontinued operations (0.37 ) (0.03 ) 0.36 (0.01 ) Total $ (1.00 ) $ (0.28 ) $ (0.05 ) $ 0.54 Weighted average number of shares— 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 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ in Thousands, ₩ in Billions | Sep. 01, 2020USD ($) | Sep. 01, 2020KRW (₩) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Cash equivalents, highly liquid investments original maturity date | three months or less | ||||
Percentage of employees eligible for severance benefits | 98.00% | ||||
Shipping and handling cost | $ 378,742 | $ 404,274 | $ 349,777 | ||
Advertising expenses | $ 87 | 62 | 43 | ||
Percentage of tax benefit realized upon settlement | 50.00% | ||||
Payment terms, description | The standard payment terms with customers are generally thirty to sixty days from the time of shipment, product delivery to the customer’s location or customer acceptance, depending on the terms of the related arrangement. | ||||
Contract duration, description | Substantially all of the Company’s contracts are one year or less in duration. | ||||
Deferred revenue | 559 | 548 | |||
Deferred revenue recognized | $ 559 | 548 | |||
Proceeds from Divestiture of Businesses | 350,553 | ||||
Other Current Assets [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Prepayments to suppliers | $ 5,500 | 6,593 | |||
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 | $ 993 | $ 990 | $ 1,072 | ||
Foundry Services Group [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Proceeds from Sale of Business | $ 350,600 | ||||
MX Foundry Services Group [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Proceeds from Divestiture of Businesses | 46,500 | ₩ 360.6 | |||
Liabilities Incurred | $ 100,000 |
Business, Basis of Presentati_5
Business, Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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 |
Discontinued Operations and A_3
Discontinued Operations and Assets Held for Sale - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 04, 2020 | Feb. 03, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Disposal Group Not Discontinued Operation Income Statement [Line Items] | |||||
Gain on sale of foundry services group business | $ 287,117 | ||||
MX Foundry Services Group [Member] | |||||
Schedule Of Disposal Group Not Discontinued Operation Income Statement [Line Items] | |||||
Gain on sale of foundry services group business | $ 287,117 | ||||
Foundry Services Group And Fab Four [Member] | |||||
Schedule Of Disposal Group Not Discontinued Operation Income Statement [Line Items] | |||||
Restructuring and other charges | $ 15,873 | $ 6,991 | $ 0 | ||
Restructuring related charge | $ 2,151 | ||||
Foundry Services Group And Fab Four [Member] | MX Foundry Services Group [Member] | |||||
Schedule Of Disposal Group Not Discontinued Operation Income Statement [Line Items] | |||||
Accounts receivable from transaction services agreement | $ 7,643 |
Discontinued Operations and A_4
Discontinued Operations and Assets Held for Sale - Schedule Of Results From Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Expenses [Abstract] | |||||||||||
Income (loss) from discontinued operations, net of tax | $ (1,321) | $ 264,501 | $ 17,397 | $ 7,329 | $ (450) | $ 12,637 | $ (1,030) | $ (12,570) | $ 287,906 | $ (1,413) | $ 21,877 |
Discontinued Operations [Member] | |||||||||||
Revenues: | |||||||||||
Total revenues | 228,845 | 271,524 | 285,473 | ||||||||
Cost of sales: | |||||||||||
Total cost of sales | 156,985 | 207,310 | 203,025 | ||||||||
Gross profit | 71,860 | 64,214 | 82,448 | ||||||||
Operating Expenses [Abstract] | |||||||||||
Selling, general and administrative expenses | 14,797 | 24,042 | 24,927 | ||||||||
Research and development expenses | 19,484 | 30,332 | 31,995 | ||||||||
Restructuring and other charges | 15,873 | 9,142 | |||||||||
Total operating expenses | 50,154 | 63,516 | 56,922 | ||||||||
Operating income from discontinued operations | 21,706 | 698 | 25,526 | ||||||||
Foreign currency gain, net | 1,277 | 503 | 1,862 | ||||||||
Others, net | 72 | (67) | 217 | ||||||||
Income from discontinued operations before income tax expense | 23,055 | 1,134 | 27,605 | ||||||||
Income tax expense | 11,452 | 2,547 | 5,728 | ||||||||
Gain on sale of discontinued operations | 287,117 | ||||||||||
Transaction costs | (10,814) | ||||||||||
Income (loss) from discontinued operations, net of tax | 287,906 | (1,413) | 21,877 | ||||||||
Foundry Services Group [Member] | Discontinued Operations [Member] | |||||||||||
Revenues: | |||||||||||
Total revenues | 254,732 | 307,348 | 325,408 | ||||||||
Cost of sales: | |||||||||||
Total cost of sales | 182,872 | 243,134 | 242,960 | ||||||||
Fab Three Foundry Services [Member] | Discontinued Operations [Member] | |||||||||||
Revenues: | |||||||||||
Total revenues | (25,887) | (35,824) | (39,935) | ||||||||
Cost of sales: | |||||||||||
Total cost of sales | $ (25,887) | $ (35,824) | $ (39,935) |
Discontinued Operations and A_5
Discontinued Operations and Assets Held for Sale - Schedule Of Results From Discontinued Operations Balance Sheet (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Current assets | |
Total current assets held for sale | $ 99,821 |
Current liabilities | |
Total current liabilities held for sale | 37,040 |
Foundry Services Group And Fab Three Foundry Services [Member] | |
Current assets | |
Accounts receivable, net | 48,194 |
Unbilled accounts receivable | 16,463 |
Inventories, net | 31,863 |
Other current assets | 3,301 |
Total current assets held for sale | 99,821 |
Property, plant and equipment, net | 109,506 |
Intangible assets, net | 1,245 |
Other non-current assets | 12,683 |
Total assets held for sale | 223,255 |
Current liabilities | |
Accounts payable | 20,503 |
Other current liabilities | 16,537 |
Total current liabilities held for sale | 37,040 |
Accrued severance benefits, net | 95,547 |
Other non-current liabilities | 15,334 |
Total liabilities held for sale | $ 147,921 |
Discontinued Operations and A_6
Discontinued Operations and Assets Held for Sale - Schedule Of Results From Discontinued Operations Alternative Cash Flow Information (Detail) - Foundry Services Group And Fab Three Foundry Services [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Significant non-cash operating activities: | |||
Depreciation and amortization | $ 5,365 | $ 22,411 | $ 23,220 |
Provision for severance benefits | 8,209 | 10,879 | 10,230 |
Stock-based compensation | 388 | 899 | 627 |
Investing activities: | |||
Capital expenditures | $ (5,838) | $ (11,653) | $ (14,170) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jan. 17, 2017 | Jul. 18, 2013 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 02, 2020 | Feb. 28, 2019 | Jan. 31, 2019 | Dec. 31, 2018 |
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 2021 Notes | $ 224,250,000 | $ 250,000 | $ 500,000 | |||||
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 | $ 5,902,000 | ||||||
Principal Repurchase Amount Of 2021 Notes | $ 920,000 | $ 1,590,000 | ||||||
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 | $ 0 | ||||||
Liabilities fair value on non-recurring basis | $ 0 | $ 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, 2020 | Dec. 31, 2019 |
Carrying Value [Member] | Other Current Assets [Member] | ||
Assets: | ||
Derivative assets | $ 2,036 | $ 1,456 |
Carrying Value [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 195 | |
Estimate of Fair Value Measurement [Member] | Other Current Assets [Member] | ||
Assets: | ||
Derivative assets | 2,036 | 1,456 |
Estimate of Fair Value Measurement [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 195 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Current Assets [Member] | ||
Assets: | ||
Derivative assets | 2,036 | $ 1,456 |
Significant Other Observable Inputs (Level 2) [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | $ 195 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Borrowings: | ||
Carrying amount of senior notes | $ 304,743 | |
5.0% Exchangeable Senior Notes due March 2021 [Member] | Exchangeable Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Borrowings: | ||
Carrying amount of senior notes | 83,479 | 81,959 |
Estimated fair value of senior notes | $ 145,466 | 116,078 |
6.625% Senior Notes Due 2021 [Member] | Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Borrowings: | ||
Carrying amount of senior notes | 222,784 | |
Estimated fair value of senior notes | $ 224,250 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
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 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from sale of accounts receivable | $ 14,474 | $ 25,266 |
Selling, General and Administrative Expenses [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pre-tax losses on accounts receivable | $ 45 | $ 63 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||||
Accounts receivable | $ 63,145 | $ 44,176 | ||
Notes receivable | 1,606 | 3,707 | ||
Allowance for credit losses | (188) | (49) | $ (51) | $ (53) |
Sales return reserves | (173) | (387) | $ (439) | $ (628) |
Accounts receivable, net | $ 64,390 | $ 47,447 |
Accounts Receivable - Schedul_2
Accounts Receivable - Schedule of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Beginning balance | $ (49) | $ (51) | $ (53) |
Provision | (131) | ||
Translation adjustments | (8) | 2 | 2 |
Ending balance | $ (188) | $ (49) | $ (51) |
Accounts Receivable - Schedul_3
Accounts Receivable - Schedule of Changes in Sales Return Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Beginning balance | $ (387) | $ (439) | $ (628) |
Reversal (provision) | 22 | (136) | (245) |
Usage | 196 | 170 | 414 |
Translation adjustments | (4) | 18 | 20 |
Ending balance | $ (173) | $ (387) | $ (439) |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||||
Finished goods | $ 6,425 | $ 10,087 | ||
Semi-finished goods and work-in-process | 30,968 | 28,815 | ||
Raw materials | 6,526 | 8,449 | ||
Materials in-transit | 1,021 | |||
Less: inventory reserve | (5,901) | (5,947) | $ (4,845) | $ (6,094) |
Inventories, net | $ 39,039 | $ 41,404 |
Inventories - Changes in Invent
Inventories - Changes in Inventory Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |||
Beginning balance | $ (5,947) | $ (4,845) | $ (6,094) |
Change in reserve | |||
Inventory reserve charged to costs of sales | (7,268) | (12,941) | (6,721) |
Sale of previously reserved inventory | 4,349 | 2,938 | 3,709 |
Change in reserve | (2,919) | (10,003) | (3,012) |
Write off | 2,679 | 8,451 | 4,065 |
Translation adjustments | (408) | 450 | 196 |
Reclassified to assets held for sale | 694 | ||
Ending balance | $ (5,901) | $ (5,947) | $ (4,845) |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expenses | $ 10,448 | $ 8,310 | $ 9,720 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 171,586 | $ 134,520 |
Less: accumulated depreciation | (90,370) | (75,704) |
Property, plant and equipment, net | 96,383 | 73,068 |
Buildings and Related Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 24,882 | 22,502 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 106,244 | 89,453 |
Finance Lease Right Of Use Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 344 | 323 |
Others [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 40,116 | 22,242 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 15,167 | $ 14,252 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for intangible assets | $ 668 | $ 598 | $ 518 |
Estimated aggregate amortization expense of intangible assets in 2021 | 672 | ||
Estimated aggregate amortization expense of intangible assets in 2022 | 619 | ||
Estimated aggregate amortization expense of intangible assets in 2023 | 504 | ||
Estimated aggregate amortization expense of intangible assets in 2024 | 351 | ||
Estimated aggregate amortization expense of intangible assets in 2025 | $ 223 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | $ 9,486 | $ 25,392 |
Accumulated amortization | (6,759) | (22,623) |
Intangible asset, Net amount | 2,727 | 2,769 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | 6,575 | |
Accumulated amortization | (6,575) | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | 10,180 | |
Accumulated amortization | (10,180) | |
Intellectual Property Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | 9,486 | 8,637 |
Accumulated amortization | (6,759) | (5,868) |
Intangible asset, Net amount | $ 2,727 | $ 2,769 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Maximum [Member] | |
Lease Agreements Remaining Term of Lease | 5 years |
Minimum [Member] | |
Lease Agreements Remaining Term of Lease | 1 year |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Operating lease | $ 4,632 | $ 1,876 |
Total lease assets | 4,838 | 2,134 |
Current | ||
Operating | 2,210 | 1,625 |
Non-current | ||
Operating | 2,422 | 251 |
Total lease liabilities | 4,853 | 2,144 |
Operating Lease Right Of Use Assets [Member] | ||
Assets | ||
Operating lease | 4,632 | 1,876 |
Property, Plant and Equipment, Net [Member] | ||
Assets | ||
Finance lease | 206 | 258 |
Current Operating Lease Liabilities [Member] | ||
Current | ||
Operating | 2,210 | 1,625 |
Other Current Liabilities [Member] | ||
Current | ||
Finance | 68 | 60 |
Non Current Operating Lease Liabilities [Member] | ||
Non-current | ||
Operating | 2,422 | 251 |
Other Noncurrent Liabilities [Member] | ||
Non-current | ||
Finance | $ 153 | $ 208 |
Leases - Components of lease co
Leases - Components of lease cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,885 | $ 1,990 |
Finance lease cost [Abstract] | ||
Amortization of right-of-use assets | 63 | 64 |
Interest on lease liabilities | 18 | 22 |
Total lease cost | $ 1,966 | $ 2,076 |
Leases - Other lease informatio
Leases - Other lease information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 1,885 | $ 1,990 |
Operating cash flows from finance leases | 18 | 22 |
Financing cash flows from finance leases | $ 76 | $ 55 |
Weighted average remaining lease term | ||
Operating leases | 3 years | 1 year 1 month 6 days |
Finance leases | 3 years | 4 years |
Weighted average discount rate | ||
Operating leases | 5.55% | 7.19% |
Finance leases | 7.75% | 7.75% |
Leases - Aggregate future lease
Leases - Aggregate future lease payment (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Operating Leases, 2021 | $ 2,424 |
Operating Leases, 2022 | 999 |
Operating Leases, 2023 | 623 |
Operating Leases, 2024 | 561 |
Operating Leases, 2025 | 423 |
Operating Leases, Total future lease payments | 5,030 |
Less: Present value adjustment | (398) |
Present value of future payments | 4,632 |
Finance Leases [Abstract] | |
Finance Leases, 2021 | 83 |
Finance Leases, 2022 | 83 |
Finance Leases, 2023 | 83 |
Finance Leases, 2024 | 0 |
Finance Leases, 2025 | 0 |
Finance Leases, Total future lease payments | 249 |
Less: Present value adjustment | (28) |
Present value of future payments | $ 221 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Payroll, benefits and related taxes, excluding severance benefits | $ 10,296 | $ 8,493 |
Withholding tax attributable to intercompany interest income | 28 | 23,371 |
Interest on senior notes | 1,396 | 8,205 |
Outside service fees | 755 | 898 |
Restructuring and others | 2,658 | 2,018 |
Others | 1,108 | 1,814 |
Accrued expenses | $ 16,241 | $ 44,799 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Estimated amount reclassified from accumulated other comprehensive income into income | $ 1,634 | |
Zero Cost Collar and Forward Contracts [Member] | Nomura Financial Investment (Korea) Co., Ltd. [Member] | ||
Derivative [Line Items] | ||
Threshold amount of cash collateral | 500 | |
Cash collateral for credit exposure in derivatives | $ 1,070 | |
Termination provisions for cash and cash equivalents | $ 30,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Details of Derivative Contracts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Zero Cost Collar One [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Jul. 13, 2020 | Aug. 13, 2019 |
Type of derivative | Zero cost collar | Zero cost collar |
Total notional amount | $ 30,000 | $ 60,000 |
Month of settlement, start | 2021-01 | 2020-01 |
Month of settlement, end | 2021-06 | 2020-06 |
Zero Cost Collar Two [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Dec. 15, 2020 | Sep. 27, 2019 |
Type of derivative | Zero cost collar | Zero cost collar |
Total notional amount | $ 30,000 | $ 42,000 |
Month of settlement, start | 2021-07 | 2020-01 |
Month of settlement, end | 2021-12 | 2020-06 |
Zero Cost Collar Three [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Dec. 18, 2020 | Dec. 4, 2019 |
Type of derivative | Zero cost collar | Zero cost collar |
Total notional amount | $ 18,000 | $ 30,000 |
Month of settlement, start | 2021-03 | 2020-07 |
Month of settlement, end | 2021-06 | 2020-12 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities (Detail) - Zero Cost Collars [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Asset Derivatives: | ||
Other current assets | $ 2,036 | $ 1,456 |
Liability Derivatives: | ||
Other current liabilities | 195 | |
Other Current Assets [Member] | ||
Asset Derivatives: | ||
Other current assets | 2,036 | $ 1,456 |
Other Current Liabilities [Member] | ||
Liability Derivatives: | ||
Other current liabilities | $ 195 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Offsetting of Derivative Assets and Liabilities (Details) - Zero Cost Collars [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Asset Derivatives: | ||
Asset Derivatives, Gross amounts of recognized assets/liabilities | $ 2,036 | $ 1,456 |
Asset Derivatives, Net amounts of assets/liabilities presented in the balance sheets | 2,036 | 1,456 |
Asset Derivatives, Net amount | 2,036 | $ 2,526 |
Liability Derivatives: | ||
Liability Derivatives, Gross amounts of recognized liabilities | 195 | |
Liability Derivatives, Net amounts of liabilities presented in the balance sheets | 195 | |
Liability Derivatives, Net amount after master netting | $ 195 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Offsetting of Derivative Assets (Detail) - Zero Cost Collars [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Asset Derivatives, Gross amounts of recognized assets | $ 2,036 | $ 1,456 |
Asset Derivatives, Net amounts of assets presented in the balance sheets | 2,036 | 1,456 |
Asset Derivatives, Gross amounts not offset in the balance sheets, Cash collateral pledged | 1,070 | |
Asset Derivatives, Net amount | $ 2,036 | $ 2,526 |
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, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | $ 1,769 | $ (2,894) |
Other income, net [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives (Ineffective Portion) | 148 | (318) |
Net Sales [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion) | 1,363 | (4,488) |
Zero Cost Collars [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 1,769 | (1,096) |
Zero Cost Collars [Member] | Other income, net [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives (Ineffective Portion) | 148 | (193) |
Zero Cost Collars [Member] | Net Sales [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion) | $ 1,363 | (2,738) |
Forward [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | (1,798) | |
Forward [Member] | Other income, net [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives (Ineffective Portion) | (125) | |
Forward [Member] | Net Sales [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion) | $ (1,750) |
Derivative Financial Instrume_9
Derivative Financial Instruments - Cash deposits (Details) - Zero Cost Collar and Forward Contracts [Member] - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deposit Assets [Line Items] | ||
Deposit with counterparty | $ 5,250 | $ 8,750 |
DB [Member] | ||
Deposit Assets [Line Items] | ||
Deposit with counterparty | 1,000 | 1,000 |
NFIK [Member] | ||
Deposit Assets [Line Items] | ||
Deposit with counterparty | 3,250 | $ 7,750 |
SC [Member] | ||
Deposit Assets [Line Items] | ||
Deposit with counterparty | $ 1,000 |
Product Warranties - Schedule o
Product Warranties - Schedule of Changes in Accrued Warranty Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Beginning balance | $ 735 | $ 115 | $ 51 |
Provision (reversal) | (606) | 932 | 220 |
Usage | (61) | (314) | (154) |
Translation adjustments | (20) | 2 | (2) |
Ending balance | $ 48 | $ 735 | $ 115 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Mar. 01, 2021 | Oct. 12, 2020 | Oct. 02, 2020 | Jan. 17, 2017 | Jul. 18, 2013 | Feb. 28, 2019 | Dec. 31, 2020 | 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 | $ 1,364,000 | $ 3,107,000 | $ 1,607,000 | $ 11,401,000 | |||||||
Loss on early extinguishment of borrowings, net | $ (766,000) | $ (42,000) | (206,000) | ||||||||
Exchangeable Senior Notes [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion of converted notes, shares issued | 10,144,131 | ||||||||||
Interest expense related to the Exchangeable Notes | $ 2,094,000 | ||||||||||
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 debt | $ 11,926,000 | $ 15,730,000 | |||||||||
Original debt issue discount | $ 1,125,000 | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 224,250,000 | 500,000 | $ 250,000 | ||||||||
Loss on early extinguishment of borrowings, net | (766,000) | $ 21,000 | 28,000 | ||||||||
Repayments of Debt | 227,428,000 | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 224,250,000 | $ 500,000 | $ 250,000 | ||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Withholding Tax Attributable To Repaid Accrued Interests | $ 20,562,000 | ||||||||||
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 | ||||||||||
Conversion of converted notes, shares issued | 121.1387 | ||||||||||
Exchange price | $ 8.26 | ||||||||||
Debt issuance costs paid | $ 5,902,000 | $ 5,902,000 | |||||||||
Interest expense related to the Exchangeable Notes | $ 5,708,000 | $ 5,618,000 | |||||||||
Debt Instrument, Repurchased Face Amount | $ 920,000 | $ 1,590,000 | |||||||||
Loss on early extinguishment of borrowings, net | (63,000) | (234,000) | |||||||||
Debt Instrument, Repurchased Face Amount | $ 920,000 | $ 1,590,000 | |||||||||
5.0% Exchangeable Senior Notes due March 2021 [Member] | Exchangeable Senior Notes [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Conversion of converted notes, shares issued | 10,144,131 |
Borrowings - Components of Long
Borrowings - Components of Long-term Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Less: unamortized discount and debt issuance costs | $ (261) | $ (3,247) |
Total borrowings, net | 83,479 | 304,743 |
Less: current portion of long-term borrowings, net | 83,479 | |
Long-term borrowings, net | 304,743 | |
Exchangeable Senior Notes [Member] | 5.0% Exchangeable Senior Notes due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 83,740 | 83,740 |
Senior Notes [Member] | 6.625% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 224,250 |
Borrowings - Components of Lo_2
Borrowings - Components of Long-term Borrowings (Parenthetical) (Detail) | Jan. 17, 2017 | Jul. 18, 2013 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
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, 2020 | |
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, 2020 | Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | ||
Beginning balance | $ 53,344 | $ 55,691 |
Provisions | 8,534 | 6,260 |
Severance payments | (10,937) | (6,733) |
Translation adjustments | 3,511 | (1,874) |
Ending balance | 54,452 | 53,344 |
Less: Cumulative contributions to severance insurance deposit accounts | (13,704) | (1,856) |
The National Pension Fund | (66) | (80) |
Group severance insurance plan | (220) | (227) |
Accrued severance benefits, net | $ 40,462 | $ 51,181 |
Accrued Severance Benefits - Fu
Accrued Severance Benefits - Future Benefits Payments to Employees (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Retirement Benefits [Abstract] | |
2021 | $ 218 |
2022 | 271 |
2023 | 663 |
2024 | 947 |
2025 | 2,245 |
2026 – 2030 | $ 19,292 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 11,352,919 | ||
Number of shares reserved for future issuance | 2,441,666 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share based compensation expense | $ 6,311 | $ 6,042 | $ 3,511 |
Unrecognized compensation cost related to unvested restricted stock units | $ 3,662 | ||
Unrecognized compensation cost, period for recognition | 7 months 6 days | ||
Fair value of restricted stock units vested | $ 3,839 | 5,817 | 2,647 |
Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share based compensation expense | 0 | 11 | 271 |
Unrecognized compensation cost related to stock options | 0 | ||
Weighted average grant-date fair value of vested options | $ 0 | $ 165 | $ 786 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Restricted Stock Unit Activities (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Stock Units, Outstanding Beginning Balance | 1,043,303 | 718,213 | 340,753 |
Number of Restricted Stock Units, Granted | 642,372 | 711,719 | 739,231 |
Number of Restricted Stock Units, Vested | (354,657) | (528,740) | (373,620) |
Number of Restricted Stock Units, Settled of previous year vesting | (226,558) | (42,189) | |
Number of Restricted Stock Units, Unsettled | 226,215 | 45,311 | |
Number of Restricted Stock Units, Forfeited | (104,704) | (41,915) | (33,462) |
Number of Restricted Stock Units, Outstanding Ending Balance | 999,756 | 1,043,303 | 718,213 |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Outstanding Beginning Balance | $ 10.83 | $ 9.39 | $ 8.80 |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Granted | 11.11 | 11.85 | 9.64 |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Vested | 10.82 | 11 | 9.24 |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Settled of previous year vesting | 12.16 | 9.22 | |
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 | 11.16 | 10 | 10.31 |
Weighted Average Grant-Date Fair Value of Restricted Stock Units, Outstanding Ending Balance | $ 10.68 | $ 10.83 | $ 9.39 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Outstanding Beginning Balance, Number of Options | 2,177,045 | 2,674,756 | 2,871,904 | |
Forfeited, Number of Options | (19,216) | (44,892) | (34,807) | |
Exercised, Number of Options | (510,648) | (452,819) | (162,341) | |
Outstanding Ending Balance, Number of Options | 1,647,181 | 2,177,045 | 2,674,756 | 2,871,904 |
Vested and expected to vest, Number of Options | 1,647,181 | 2,177,045 | 2,674,266 | |
Exercisable, Number of Options | 1,647,181 | 2,177,045 | 2,544,565 | |
Outstanding Beginning Balance, Weighted Average Exercise Price of Stock Options | $ 10.42 | $ 9.73 | $ 9.59 | |
Forfeited, Weighted Average Exercise Price of Stock Options | 13.57 | 10.29 | 10.97 | |
Exercised, Weighted Average Exercise Price of Stock Options | 7.67 | 6.31 | 6.97 | |
Outstanding Ending Balance, Weighted Average Exercise Price of Stock Options | 11.24 | 10.42 | 9.73 | $ 9.59 |
Vested and expected to vest, Weighted Average Exercise Price of Stock Options | 11.24 | 10.42 | 9.73 | |
Exercisable, Weighted Average Exercise Price of Stock Options | $ 11.24 | $ 10.42 | $ 9.94 | |
Outstanding Beginning Balance, Aggregate Intrinsic Value of Stock Options | $ 6,259 | $ 395 | $ 6,073 | |
Exercised, Aggregate Intrinsic Value of Stock Options | 2,689 | 2,404 | 737 | |
Outstanding Ending Balance, Aggregate Intrinsic Value of Stock Options | 6,112 | 6,259 | 395 | $ 6,073 |
Vested and expected to vest, Aggregate Intrinsic Value of Stock Options | 6,112 | 6,259 | 394 | |
Exercisable, Aggregate Intrinsic Value of Stock Options | $ 6,112 | $ 6,259 | $ 306 | |
Outstanding, Weighted Average Remaining Contractual Life of Stock Options | 3 years 9 months 18 days | 4 years 8 months 12 days | 5 years 2 months 12 days | 6 years 2 months 12 days |
Vested and expected to vest, Weighted Average Remaining Contractual Life of Stock Options | 3 years 9 months 18 days | 4 years 8 months 12 days | 5 years 2 months 12 days | |
Exercisable, Weighted Average Remaining Contractual Life of Stock Options | 3 years 9 months 18 days | 4 years 8 months 12 days | 5 years 1 month 6 days |
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 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding Beginning Balance, Number of Options | 130,191 | 475,925 |
Vested options during the period, Number | (107,100) | (313,160) |
Forfeited options during the period, Number | (345) | (14,738) |
Exercised options during the period, Number | (22,746) | (17,836) |
Outstanding Ending Balance, Number of Options | 0 | 130,191 |
Unvested options at the beginning of the period, Weighted Average Grant-Date Fair Value | $ 1.54 | $ 2.19 |
Vested options during the period, Weighted Average Grant-Date Fair Value | 1.54 | 2.51 |
Forfeited options during the period, Weighted Average Grant-Date Fair Value | 1.54 | 1.73 |
Exercised options during the period, Weighted Average Grant-Date Fair Value | $ 1.54 | 1.66 |
Unvested options at the end of the period, Weighted Average Grant-Date Fair Value | $ 1.54 |
Early termination and other c_2
Early termination and other charges - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
One-time Termination Benefits [Member] | |
Early termination charges [Line Items] | |
Early termination charges | $ 4,422 |
Foreign Currency Loss, Net - Ad
Foreign Currency Loss, Net - Additional Information (Detail) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Foreign Currency Transaction [Abstract] | |||
Exchange rates using first base rate | 1,088 | 1,157.8 | 1,118.1 |
Intercompany loan balances | $ 378,852 | $ 686,485 | $ 666,597 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | ||||
Effective Income tax rate | 4.00% | |||
Deferred tax assets, valuation allowance amount | $ 115,636 | $ 246,224 | $ 248,633 | $ 251,132 |
Net operating loss carry-forwards | $ 604,977 | 708,885 | 730,472 | |
Net operating loss carry-forwards, expiration period | indefinite period of time | |||
Net operating loss utilized | $ 169,600 | 30,945 | 24,123 | |
Income tax expenses (benefits) | (46,228) | $ 2,200 | $ (1,079) | |
Statutory income tax rate | 21.00% | 21.00% | ||
Accrued Interest and Penalities | 0 | $ 0 | $ 0 | |
UnrecognizedTaxBenefits | 414 | 445 | 426 | $ 475 |
Net deferred tax assets | 18,435 | |||
Deferred Tax Assets ,Valuation Allowance Earnings Amount | 31,578 | |||
Release of valuation allowances based on the realizability | 43,874 | |||
Luxembourg Subsidiary [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carry-forwards | 324,733 | |||
Dutch [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax credit carry-forwards | 15,386 | |||
U.S [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax credit carry-forwards | 9 | |||
Korean Subsidiary [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, valuation allowance amount | $ 115,636 | |||
Net operating loss expiration date | 2026 | |||
Net operating loss utilized | $ 69,856 | |||
Income tax expenses (benefits) | $ 11,137 | $ 1,655 | $ 4,631 | |
Statutory income tax rate | 21.00% | |||
Effective income tax rate reconciliation permanent adjustments amount | $ 24,224 | |||
Income Tax Expense Waiver Amount | 11,890 | |||
Income Tax benefit due to chnages in Valuation Allowance rlated to Deferred Tax Assets | 39,413 | |||
Incremental tax Savings | 4,461 | |||
Korean Subsidiary [Member] | Foundry Services Group [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Valuation Allowance Deferred Tax Asset Change in Amount | $ 67,484 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) Attributable To Income (Loss) From Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (loss) before income tax expenses | |||
Domestic | $ (12,305) | $ (24,752) | $ 3,006 |
Foreign | 23,136 | 6,539 | (29,862) |
Income (loss) from continuing operations before income tax expense | 10,831 | (18,213) | (26,856) |
Current income tax expense (benefit) | |||
Domestic | 1 | 20 | (383) |
Foreign | (2,264) | 3,771 | 3,959 |
Uncertain tax position liability (domestic) | (20) | 1 | (56) |
Uncertain tax position liability (foreign) | (2,283) | 3,792 | 3,520 |
Deferred income tax benefit | |||
Domestic | (4,461) | ||
Foreign | (39,484) | 63 | 32 |
Deferred income tax benefit | (43,945) | 63 | 32 |
Benefits from intraperiod allocation | (1,655) | (4,631) | |
Total income tax expenses (benefit) | (46,228) | 2,200 | $ (1,079) |
Effective tax rate | 4.00% | ||
Domestic [Member] | |||
Current income tax expense (benefit) | |||
Uncertain tax position liability (domestic) | (1) | $ (2) | |
Foreign [Member] | |||
Current income tax expense (benefit) | |||
Uncertain tax position liability (domestic) | $ (20) | $ 2 | $ (54) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Provision computed at statutory rates | $ 2,274 | $ (3,825) | $ (5,640) |
State income taxes, net of federal effect | 730 | (1,139) | (1,651) |
Change in statutory tax rates | 5,735 | 2,329 | 1 |
Difference in foreign tax rates | 1,077 | 3,002 | 737 |
Permanent differences | |||
Derivative assets adjustment | 56 | 315 | (1,111) |
TPECs, hybrid and other interest | (2,722) | 7,812 | (5,555) |
Thin capitalization | 339 | 988 | 1,262 |
Permanent foreign currency loss | (1,813) | (1,734) | (2,490) |
Penalty | 176 | 151 | 434 |
GILTI | 24,224 | 5,112 | |
Intercompany debt restructuring | 11,137 | (18,435) | |
Other permanent differences | 1,262 | 394 | 417 |
Withholding tax | 2,291 | 3,043 | 3,270 |
Change in valuation allowance | (75,452) | 7,817 | 14,647 |
Benefits from intra-period allocation | (1,655) | (4,631) | |
Tax credits claimed | (12,397) | (651) | (421) |
Tax credits expired | 170 | 267 | |
Uncertain tax positions liability | (20) | 1 | (56) |
Change in net operating loss carry-forwards | (3,314) | ||
Others | 189 | (1,495) | (559) |
Total income tax expenses (benefit) | $ (46,228) | $ 2,200 | $ (1,079) |
Income Taxes - Summary of Compo
Income Taxes - Summary of Composition of Net Deferred Income Tax Assets (Liabilities) Of Continuing Operations and Discontinued Operations (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets | ||||
Inventory reserves | $ 1,338 | $ 4,869 | ||
Accrued expenses | 2,493 | 3,388 | ||
Property, plant and equipment | 3,391 | 7,979 | ||
Accumulated severance benefits | 12,343 | 36,841 | ||
Operating lease right-of-use liabilities | 1,025 | 2,741 | ||
Foreign currency translation loss | 9,129 | 20,544 | ||
NOL carry-forwards | 121,389 | 150,954 | ||
Tax credit carry-forwards | 15,395 | 17,054 | ||
Other long-term payable | 944 | 3,023 | ||
Interest expense deduction limitation | 5,244 | |||
Others | 1,629 | 4,734 | ||
Total deferred tax assets | 169,076 | 257,371 | ||
Less: Valuation allowance | (115,636) | (246,224) | $ (248,633) | $ (251,132) |
Deferred tax assets, net | 53,440 | 11,147 | ||
Deferred tax liabilities | ||||
Derivative assets | 417 | 352 | ||
Prepaid expense | 1,071 | 3,090 | ||
Severance benefit deposits | 3,156 | 1,294 | ||
Operating lease right-of-use assets | 1,025 | 2,741 | ||
Foreign currency translation gain | 2,431 | |||
Others | 799 | 3,516 | ||
Total deferred tax liabilities | 8,899 | 10,993 | ||
Net deferred tax assets | $ 44,541 | $ 154 |
Income Taxes - Changes in Valua
Income Taxes - Changes in Valuation Allowance for Deferred Tax Assets of Continuing Operations and Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 246,224 | $ 248,633 | $ 251,132 |
Additions | 0 | 7,912 | 7,653 |
Reductions | (75,452) | ||
Changes relating to the discontinued operations | (67,484) | ||
NOL/tax credit claimed/expired | 3,686 | (3,529) | (1,393) |
Translation adjustments | 8,662 | (6,792) | (8,759) |
Ending balance | $ 115,636 | $ 246,224 | $ 248,633 |
Income taxes - Summary of Valua
Income taxes - Summary of Valuation Allowance primarily Attributable to its Subsidiary (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | |||
NOL carry-forwards | $ 604,977 | $ 708,885 | $ 730,472 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, balance at the beginning | $ 445 | $ 426 | $ 475 |
Additions based on tax positions related to the current year | 48 | 13 | 10 |
Reductions for tax positions of prior years | (34) | (1) | |
Lapse of statute of limitations | (76) | (51) | |
Translation adjustments | 31 | 7 | (8) |
Unrecognized tax benefits, balance at the ending | $ 414 | $ 445 | $ 426 |
Geographic and Other Informat_3
Geographic and Other Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Customer Concentration Risk [Member] | Net Sales [Member] | Top Ten Customers [Member] | Standard Products Group [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 88.00% | 90.00% | 85.00% |
Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer One [Member] | Standard Products Group [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 56.20% | 53.80% | 34.10% |
Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer Two [Member] | Standard Products Group [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 23.40% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Top Customer One [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 45.10% | 42.70% | |
Geographic Concentration Risk [Member] | Net Sales [Member] | Asia Pacific Other Than Korea [Member] | Standard Products Group [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 82.00% | ||
Geographic Concentration Risk [Member] | Net Sales [Member] | CHINA | Standard Products Group [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 95.80% | 89.80% | |
Geographic Concentration Risk [Member] | Net Sales [Member] | Vietnam [Member] | Standard Products Group [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 14.40% | 0.70% | 0.40% |
Geographic Concentration Risk [Member] | Property, Plant and Equipment [Member] | Korea [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 97.00% |
Geographic and Other Informat_4
Geographic and Other Information - Schedule of Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 142,945 | $ 124,813 | $ 118,828 | $ 120,473 | $ 123,352 | $ 149,167 | $ 140,885 | $ 107,267 | $ 507,059 | $ 520,671 | $ 465,425 |
Total gross profit | $ 38,461 | $ 28,588 | $ 32,138 | $ 29,130 | $ 30,497 | $ 35,255 | $ 31,622 | $ 19,023 | 128,317 | 116,397 | 115,648 |
Standard Products Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 465,519 | 484,847 | 425,490 | ||||||||
Total gross profit | 127,099 | 116,397 | 115,648 | ||||||||
Fab Three Foundry Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 41,540 | 35,824 | 39,935 | ||||||||
Total gross profit | 1,218 | ||||||||||
Operating Segments [Member] | Standard Products Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 465,519 | 484,847 | 425,490 | ||||||||
Operating Segments [Member] | Standard Products Group [Member] | Display Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 299,057 | 308,531 | 256,113 | ||||||||
Operating Segments [Member] | Standard Products Group [Member] | Power Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 166,462 | $ 176,316 | $ 169,377 |
Geographic and Other Informat_5
Geographic and Other Information - Net Sales by Region, Based on Location of Products are Billed (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 142,945 | $ 124,813 | $ 118,828 | $ 120,473 | $ 123,352 | $ 149,167 | $ 140,885 | $ 107,267 | $ 507,059 | $ 520,671 | $ 465,425 |
Standard products business [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 465,519 | 484,847 | 425,490 | ||||||||
Standard products business [Member] | Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 106,415 | 132,622 | 176,097 | ||||||||
Standard products business [Member] | Asia Pacific (Other Than Korea) [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 347,597 | 343,652 | 241,461 | ||||||||
Standard products business [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 5,147 | 2,399 | 1,983 | ||||||||
Standard products business [Member] | Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 4,317 | 4,801 | 4,360 | ||||||||
Standard products business [Member] | Others [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 2,043 | $ 1,373 | $ 1,589 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Equity [Abstract] | |
Income tax related to accumulated other comprehensive loss | $ 316 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Foreign currency translation adjustments | $ 2,069 | $ (4,205) |
Derivative adjustments | 1,634 | 1,545 |
Total | $ 3,703 | $ (2,660) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning | $ (14,981) | $ (17,310) | $ (39,637) |
Total other comprehensive income | 6,363 | 17,450 | 13,004 |
Balance ending | 345,600 | (14,981) | (17,310) |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning | (4,205) | (20,061) | (38,413) |
Other comprehensive income before reclassifications | 6,274 | 15,856 | 18,352 |
Total other comprehensive income | 6,274 | 15,856 | 18,352 |
Balance ending | 2,069 | (4,205) | (20,061) |
Derivative Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning | 1,545 | (49) | 5,299 |
Other comprehensive income before reclassifications | 1,452 | (2,894) | (1,589) |
Amounts reclassified from accumulated other comprehensive income | (1,363) | 4,488 | (3,759) |
Total other comprehensive income | 89 | 1,594 | (5,348) |
Balance ending | 1,634 | 1,545 | (49) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning | (2,660) | (20,110) | (33,114) |
Other comprehensive income before reclassifications | 7,726 | 12,962 | 16,763 |
Amounts reclassified from accumulated other comprehensive income | (1,363) | 4,488 | (3,759) |
Total other comprehensive income | 6,363 | 17,450 | 13,004 |
Balance ending | $ 3,703 | $ (2,660) | $ (20,110) |
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 Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic earnings (loss) per share | |||||||||||
Income (loss) from continuing operations | $ 57,059 | $ (20,413) | $ (25,777) | ||||||||
Income (Loss) from discontinued operations, net of tax | 287,906 | (1,413) | 21,877 | ||||||||
Net income (loss) | $ 66,581 | $ 272,962 | $ 29,171 | $ (23,749) | $ 23,426 | $ (1,607) | $ (9,520) | $ (34,125) | $ 344,965 | $ (21,826) | $ (3,900) |
Basic weighted average common stock outstanding | 35,582,966 | 35,280,864 | 35,092,312 | 34,893,157 | 34,542,415 | 34,357,745 | 34,245,127 | 34,194,878 | 35,213,525 | 34,321,888 | 34,469,921 |
Basic earnings (loss) per common share | |||||||||||
Continuing operations | $ 1.91 | $ 0.24 | $ 0.34 | $ (0.89) | $ 0.69 | $ (0.41) | $ (0.25) | $ (0.63) | $ 1.62 | $ (0.59) | $ (0.75) |
Discontinued operations | (0.04) | 7.50 | 0.50 | 0.21 | (0.01) | 0.36 | (0.03) | (0.37) | 8.18 | (0.05) | 0.64 |
Total | $ 1.87 | $ 7.74 | $ 0.84 | $ (0.68) | $ 0.68 | $ (0.05) | $ (0.28) | $ (1) | $ 9.80 | $ (0.64) | $ (0.11) |
Diluted earnings (loss) per common share— | |||||||||||
Income (loss) from continuing operations | $ 57,059 | $ (20,413) | $ (25,777) | ||||||||
Add back: Interest expense on Exchangeable Notes | 5,708 | ||||||||||
Income (loss) from continuing operations allocated to common stockholders | 62,767 | (20,413) | (25,777) | ||||||||
Income (loss) from discontinued operations, net of tax | 287,906 | (1,413) | 21,877 | ||||||||
Net income (loss) allocated to common stockholders | $ 350,673 | $ (21,826) | $ (3,900) | ||||||||
Basic weighted average common stock outstanding | 35,582,966 | 35,280,864 | 35,092,312 | 34,893,157 | 34,542,415 | 34,357,745 | 34,245,127 | 34,194,878 | 35,213,525 | 34,321,888 | 34,469,921 |
Net effect of dilutive equity awards | 1,145,906 | ||||||||||
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock | 10,144,155 | ||||||||||
Diluted weighted average common stock outstanding | 47,062,903 | 46,581,788 | 46,474,237 | 34,893,157 | 46,078,768 | 34,357,745 | 34,245,127 | 34,194,878 | 46,503,586 | 34,321,888 | 34,469,921 |
Continuing operations | $ 1.47 | $ 0.21 | $ 0.28 | $ (0.89) | $ 0.55 | $ (0.41) | $ (0.25) | $ (0.63) | $ 1.35 | $ (0.59) | $ (0.75) |
Discontinued operations | (0.02) | 5.68 | 0.37 | 0.21 | (0.01) | 0.36 | (0.03) | (0.37) | 6.19 | (0.05) | 0.64 |
Total | $ 1.45 | $ 5.89 | $ 0.65 | $ (0.68) | $ 0.54 | $ (0.05) | $ (0.28) | $ (1) | $ 7.54 | $ (0.64) | $ (0.11) |
Earnings (Loss) Per Share - S_2
Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Loss Per Common Share (Parenthetical) (Detail) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 651,417 | 2,177,045 | 2,674,756 |
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 |
Quarterly Financial Result - Sc
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 142,945 | $ 124,813 | $ 118,828 | $ 120,473 | $ 123,352 | $ 149,167 | $ 140,885 | $ 107,267 | $ 507,059 | $ 520,671 | $ 465,425 |
Gross profit | 38,461 | 28,588 | 32,138 | 29,130 | 30,497 | 35,255 | 31,622 | 19,023 | 128,317 | 116,397 | 115,648 |
Operating income | 9,206 | 3,223 | 8,622 | 5,965 | 5,691 | 14,336 | 8,755 | (5,057) | 27,016 | 23,725 | 21,892 |
Income (loss) from continuing operations | 67,902 | 8,461 | 11,774 | (31,078) | 23,876 | (14,244) | (8,490) | (21,555) | 57,059 | (20,413) | (25,777) |
Income (loss) from discontinued operations, net of tax | (1,321) | 264,501 | 17,397 | 7,329 | (450) | 12,637 | (1,030) | (12,570) | 287,906 | (1,413) | 21,877 |
Net income (loss) | $ 66,581 | $ 272,962 | $ 29,171 | $ (23,749) | $ 23,426 | $ (1,607) | $ (9,520) | $ (34,125) | $ 344,965 | $ (21,826) | $ (3,900) |
Basic earnings (loss) per common share— | |||||||||||
Continuing operations | $ 1.91 | $ 0.24 | $ 0.34 | $ (0.89) | $ 0.69 | $ (0.41) | $ (0.25) | $ (0.63) | $ 1.62 | $ (0.59) | $ (0.75) |
Discontinued operations | (0.04) | 7.50 | 0.50 | 0.21 | (0.01) | 0.36 | (0.03) | (0.37) | 8.18 | (0.05) | 0.64 |
Total | 1.87 | 7.74 | 0.84 | (0.68) | 0.68 | (0.05) | (0.28) | (1) | 9.80 | (0.64) | (0.11) |
Diluted earnings (loss) per common share— | |||||||||||
Continuing operations | 1.47 | 0.21 | 0.28 | (0.89) | 0.55 | (0.41) | (0.25) | (0.63) | 1.35 | (0.59) | (0.75) |
Discontinued operations | (0.02) | 5.68 | 0.37 | 0.21 | (0.01) | 0.36 | (0.03) | (0.37) | 6.19 | (0.05) | 0.64 |
Total | $ 1.45 | $ 5.89 | $ 0.65 | $ (0.68) | $ 0.54 | $ (0.05) | $ (0.28) | $ (1) | $ 7.54 | $ (0.64) | $ (0.11) |
Weighted average number of shares— | |||||||||||
Basic | 35,582,966 | 35,280,864 | 35,092,312 | 34,893,157 | 34,542,415 | 34,357,745 | 34,245,127 | 34,194,878 | 35,213,525 | 34,321,888 | 34,469,921 |
Diluted | 47,062,903 | 46,581,788 | 46,474,237 | 34,893,157 | 46,078,768 | 34,357,745 | 34,245,127 | 34,194,878 | 46,503,586 | 34,321,888 | 34,469,921 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 01, 2021 | Feb. 01, 2021 |
Nomura Financial Investment Co Ltd [Member] | ||
Derivative, Notional Amount | $ 18,000 | |
Subsequent Event [Member] | Exchangeable Senior Notes [Member] | ||
Conversion of converted notes, shares issued | 10,144,131 | |
Interest expense related to the Exchangeable Notes | $ 2,094 | |
Long-term borrowings | $ 0 |