Magnachip Semiconductor (MX) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	001-34791
Entity Registrant Name	Magnachip Semiconductor Corporation
Entity Central Index Key	0001325702
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-0406195
Entity Address, Address Line One	c/o Magnachip Semiconductor, Ltd.
Entity Address, Address Line Two	15F, 76 Jikji-daero 436beon-gil
Entity Address, City or Town	Heungdeok-gu
Entity Address, Country	KR
Entity Address, Postal Zip Code	28581
City Area Code	82
Local Phone Number	(2) 6903-3000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,265,480

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 212,085	$ 225,477
Accounts receivable, net	32,143	35,380
Inventories, net	36,360	39,883
Other receivables	5,342	7,847
Prepaid expenses	11,238	10,560
Hedge collateral (Note 7)	2,820	2,940
Other current assets (Note 18)	14,927	15,766
Total current assets	314,915	337,853
Property, plant and equipment, net	104,568	110,747
Operating lease right-of-use assets	5,413	5,265
Intangible assets, net	1,784	1,930
Long-term prepaid expenses	9,101	10,939
Deferred income taxes	37,380	38,324
Other non-current assets	14,683	11,587
Total assets	487,844	516,645
Current liabilities
Accounts payable	19,921	17,998
Other accounts payable	9,216	9,702
Accrued expenses (Note 6)	17,125	9,688
Accrued income taxes	146	3,154
Operating lease liabilities	1,622	1,397
Other current liabilities	5,261	5,306
Total current liabilities	53,291	47,245
Accrued severance benefits, net	23,608	23,121
Non-current operating lease liabilities	3,996	4,091
Other non-current liabilities	13,596	14,035
Total liabilities	94,491	88,492
Commitments and contingencies (Note 18)
Stockholders' equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,437,182 shares issued and 42,589,315 outstanding at March 31, 2023 and 56,432,449 shares issued and 43,824,575 outstanding at December 31, 2022	564	564
Additional paid-in capital	267,187	266,058
Retained earnings	314,036	335,506
Treasury stock, 13,847,867 shares at March 31, 2023 and 12,607,874 shares at December 31, 2022, respectively	(173,441)	(161,422)
Accumulated other comprehensive loss	(14,993)	(12,553)
Total stockholders' equity	393,353	428,153
Total liabilities and stockholders' equity	$ 487,844	$ 516,645

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	56,437,182	56,432,449
Common stock, shares outstanding (in shares)	42,589,315	43,824,575
Treasury stock, shares (in shares)	13,847,867	12,607,874

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Net sales	$ 57,005	$ 104,093
Cost of sales:
Cost of sales	44,911	65,097
Gross profit	12,094	38,996
Operating expenses:
Selling, general and administrative expenses	12,165	14,163
Research and development expenses	13,298	11,954
Early termination charges	8,449	0
Total operating expenses	33,912	26,117
Operating income (loss)	(21,818)	12,879
Interest income	2,842	715
Interest expense	(256)	(111)
Foreign currency loss, net	(3,430)	(690)
Other income (expense), net	(35)	218
Income (loss) before income tax expense	(22,697)	13,011
Income tax expense (benefit)	(1,227)	3,483
Net income (loss)	$ (21,470)	$ 9,528
Basic earnings (loss) per common share (in dollars per share)	$ (0.49)	$ 0.21
Diluted earnings (loss) per common share (in dollars per share)	$ (0.49)	$ 0.2
Weighted average number of shares-
Basic (in shares)	43,390,832	45,603,208
Diluted (in shares)	43,390,832	46,693,294
Standard Products Business [Member]
Revenues:
Net sales	$ 51,514	$ 94,010
Cost of sales:
Cost of sales	37,312	56,080
Gross profit	14,202	37,930
Fab 3 Foundry Services [Member]
Revenues:
Net sales	5,491	10,083
Cost of sales:
Cost of sales	7,599	9,017
Gross profit	$ (2,108)	$ 1,066

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ (21,470)	$ 9,528
Other comprehensive loss
Foreign currency translation adjustments	(1,908)	(3,045)
Derivative adjustments
Fair valuation of derivatives	(1,135)	(1,264)
Reclassification adjustment for loss on derivatives included in net income (loss)	603	762
Total other comprehensive loss	(2,440)	(3,547)
Total comprehensive income (loss)	$ (23,910)	$ 5,981

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Beginning balance at Dec. 31, 2021	$ 559	$ 241,197	$ 343,542	$ (130,306)	$ (2,230)	$ 452,762
Beginning balance (in shares) at Dec. 31, 2021	45,659,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	1,638	0	0	0	1,638
Exercise of stock options	$ 1	1,780	0	0	0	1,781
Exercise of stock options (in shares)	151,326
Settlement of restricted stock units	$ 2	(2)	0	0	0	0
Settlement of restricted stock units (in shares)	168,795
Acquisition of treasury stock	$ 0	0	0	$ (1,000)	0	(1,000)
Acquisition of treasury stock (in shares)				(53,464)
Accelerated stock repurchase	$ 0	17,217	0	$ (17,217)	0	0
Accelerated stock repurchase (in shares)	(1,031,576)
Other comprehensive loss, net	$ 0	0	0	0	(3,547)	(3,547)
Net income (loss)	0	0	9,528	0	0	9,528
Ending balance at Mar. 31, 2022	$ 562	261,830	353,070	(148,523)	(5,777)	461,162
Ending balance (in shares) at Mar. 31, 2022	44,894,385
Beginning balance at Dec. 31, 2022	$ 564	266,058	335,506	(161,422)	(12,553)	$ 428,153
Beginning balance (in shares) at Dec. 31, 2022	43,824,575					43,824,575
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 0	1,120	0	0	0	$ 1,120
Exercise of stock options	$ 0	9	0	0	0	9
Exercise of stock options (in shares)	1,400
Settlement of restricted stock units	$ 0	0	0	0	0	0
Settlement of restricted stock units (in shares)	3,333
Acquisition of treasury stock	$ 0	0	0	$ (12,019)	0	(12,019)
Acquisition of treasury stock (in shares)				(1,239,993)
Other comprehensive loss, net	0	0	0	$ 0	(2,440)	(2,440)
Net income (loss)	0	0	(21,470)	0	0	(21,470)
Ending balance at Mar. 31, 2023	$ 564	$ 267,187	$ 314,036	$ (173,441)	$ (14,993)	$ 393,353
Ending balance (in shares) at Mar. 31, 2023	42,589,315					42,589,315

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income (loss)	$ (21,470)	$ 9,528
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	4,357	3,891
Provision for severance benefits	2,330	1,670
Loss on foreign currency, net	9,082	6,380
Provision for inventory reserves	1,138	145
Stock-based compensation	1,120	1,638
Other, net	237	161
Changes in operating assets and liabilities
Accounts receivable, net	2,973	(1,213)
Inventories	1,062	1,456
Other receivables	2,376	667
Other current assets	1,456	(6,829)
Accounts payable	1,904	538
Other accounts payable	(1,424)	(702)
Accrued expenses	7,600	187
Accrued income taxes	(2,923)	(2,346)
Other current liabilities	(596)	(711)
Other non-current liabilities	(169)	(73)
Payment of severance benefits	(871)	(1,389)
Other, net	(306)	(178)
Net cash provided by operating activities	7,876	12,820
Cash flows from investing activities
Proceeds from settlement of hedge collateral	1,155	1,829
Payment of hedge collateral	(1,093)	(2,891)
Purchase of property, plant and equipment	(135)	(944)
Payment for intellectual property registration	(74)	(59)
Payment of guarantee deposits	(3,482)	(79)
Other, net	19	2
Net cash used in investing activities	(3,610)	(2,142)
Cash flows from financing activities
Proceeds from exercise of stock options	9	1,781
Acquisition of treasury stock	(12,264)	(830)
Repayment of financing related to water treatment facility arrangement	(126)	(134)
Repayment of principal portion of finance lease liabilities	(24)	(16)
Net cash provided by (used in) financing activities	(12,405)	801
Effect of exchange rates on cash and cash equivalents	(5,253)	(6,105)
Net increase (decrease) in cash and cash equivalents	(13,392)	5,374
Cash and cash equivalents at beginning of period	225,477	279,547
Cash and cash equivalents at end of period	212,085	284,921
Supplemental cash flow information
Cash paid for income taxes	2,644	5,421
Non-cash investing and financing activities
Property, plant and equipment additions in other accounts payable	629	524
Acquisition of treasury stock to satisfy the tax withholding obligations in connection with equity-based compensation	0	996
Unsettled common stock repurchases	$ 401	$ 0

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Business, Basis of Presentation and Significant 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, computing, industrial and automotive applications. The Company’s standard products business includes its Display Solutions and Power Solutions business lines. The Company’s Display Solutions products provide panel display solutions to major suppliers of large and small rigid and flexible panel displays, and a wide range of applications including smartphones, TVs, automotive and IT applications such as monitors, notebook PCs, tablet PCs as well as AR/VRs. The Company’s Power Solutions products include discrete and integrated circuit solutions for power management in communications, consumer, computing, servers, automotive, and industrial applications. On September 1, 2020, the Company completed the sale of the Company’s Foundry Services Group business and its fabrication facility located in Cheongju, Korea, known as “Fab 4”. Following the consummation of the sale, and for up to three years, the Company is expected to provide transitional foundry services associated with its fabrication facility located in Gumi, Korea, known as “Fab 3”, at an agreed upon cost plus mark-up (the “Transitional Fab 3 Foundry Services”). Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for a full year or for any other periods. The December 31, 2022 balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. There have been no material changes to the Company’s significant accounting policies as of and for the three months ended March 31, 2023 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventories [Abstract]
Inventories	2. Inventories Inventories as of March 31, 2023 and December 31, 2022 consist of the following (in thousands): March 31, 2023 December 31, 2022 Finished goods $ 5,523 $ 6,799 Semi-finished goods and work-in-process 39,427 40,265 Raw materials 6,351 7,460 Materials in-transit — 36 Less: inventory reserve (14,941 ) (14,677 ) Inventories, net $ 36,360 $ 39,883 Changes in inventory reserve for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Beginning balance $ (14,677 ) $ (5,730 ) Change in reserve Inventory reserve charged to costs of sales (2,584 ) (1,607 ) Sale of previously reserved inventory 1,476 1,452 (1,108 ) (155 ) Write off 415 211 Translation adjustments 429 119 Ending balance $ (14,941 ) $ (5,555 ) Inventory reserve represents the Company’s best estimate in value lost due to excessive inventory level, physical deterioration, obsolescence, changes in price levels, or other causes based on individual facts and circumstances. Inventory reserve relates to inventory items including finished goods, semi-finished goods, work-in-process and raw materials. Write off of this reserve is recognized only when the related inventory has been disposed or scrapped.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	3. Property, Plant and Equipment Property, plant and equipment as of March 31, 2023 and December 31, 2022 are comprised of the following (in thousands): March 31, 2023 December 31, 2022 Buildings and related structures $ 24,214 $ 24,780 Machinery and equipment 134,843 137,666 Finance lease right-of-use assets 707 389 Others 33,529 33,890 193,293 196,725 Less: accumulated depreciation (102,768 ) (101,502 ) Land 12,670 13,034 Construction in progress 1,373 2,490 Property, plant and equipment, net $ 104,568 $ 110,747 Aggregate depreciation expenses totaled $4,193 thousand and $3,706 thousand for the three months ended March 31, 2023 and 2022, respectively.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Intangible Assets [Abstract]
Intangible Assets	4. Intangible Assets Intangible assets as of March 31, 2023 and December 31, 2022 are comprised of the following (in thousands): March 31, 2023 Gross amount Accumulated amortization Net amount Intellectual property assets $ 8,916 $ (7,132 ) $ 1,784 Intangible assets $ 8,916 $ (7,132 ) $ 1,784 December 31, 2022 Gross amount Accumulated amortization Net amount Intellectual property assets $ 9,111 $ (7,181 ) $ 1,930 Intangible assets $ 9,111 $ (7,181 ) $ 1,930 Aggregate amortization expenses for intangible assets totaled $164 thousand and $185 thousand for the three months ended March 31, 2023 and 2022, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	5. Leases The Company has operating and finance leases for buildings and other assets such as vehicles and office equipment. The Company’s leases have remaining lease terms ranging from 1 year to 5 years. The tables below present financial information related to the Company’s leases. Supplemental balance sheets information related to leases as of March 31, 2023 and December 31, 2022 are as follows (in thousands): Leases Classification March 31, 2023 December 31, 2022 Assets Operating lease Operating lease right-of-use assets $ 5,413 $ 5,265 Finance lease Property, plant and equipment, net 436 143 Total lease assets $ 5,849 $ 5,408 Liabilities Current Operating Operating lease liabilities $ 1,622 $ 1,397 Finance Other current liabilities 90 90 Non-current Operating Non-current operating lease liabilities 3,996 4,091 Finance Other non-current liabilities 364 63 Total lease liabilities $ 6,072 $ 5,641 The following table presents the weighted average remaining lease term and discount rate: March 31, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 3.4 years 3.7 years Finance leases 4.1 years 2.4 years Weighted average discount rate Operating leases 6.6 % 6.6 % Finance leases 7.7 % 7.6 % The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Operating lease cost $ 555 $ 569 Finance lease cost Amortization of right-of-use assets 32 16 Interest on lease liabilities 7 2 Total lease cost $ 594 $ 587 The above table does not include an immaterial cost of short-term leases for the three months ended March 31, 2023 and 2022. Other lease information is as follows (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 567 $ 569 Operating cash flows from finance leases 7 2 Financing cash flows from finance leases 24 16 The aggregate future lease payments for operating and finance leases as of March 31, 2023 are as follows (in thousands): Operating Leases Finance Leases Remainder of 2023 $ 1,448 $ 91 2024 1,925 122 2025 1,419 121 2026 937 108 2027 644 95 Total future lease payments 6,373 537 Less: Imputed interest (755 ) (83 ) Present value of future payments $ 5,618 $ 454

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2023
Accrued Expenses [Abstract]
Accrued Expenses	6. Accrued Expenses Accrued expenses as of March 31, 2023 and December 31, 2022 are comprised of the following (in thousands): March 31, 2023 December 31, 2022 Payroll, benefits and related taxes, excluding severance benefits $ 14,475 $ 7,620 Withholding tax attributable to intercompany interest income 473 43 Outside service fees 1,625 1,642 Others 552 383 Accrued expenses $ 17,125 $ 9,688 Payroll, benefits and related taxes payable as of March 31, 2023 in the table above includes termination related charges under the voluntary resignation program (the “Program”) of $8,449 thousand, which are expected to be paid in the second quarter of 2023. See “Note 10. Early Termination Charges” for more information regarding the Program.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	7. Derivative Financial Instruments The Company’s Korean subsidiary from time to time has entered into zero cost collar contracts to hedge the risk of changes in the functional-currency-equivalent cash flows attributable to currency rate changes on U.S. dollar denominated revenues. Details of the zero cost collar contracts as of March 31, 2023 are as follows (in thousands): Date of transaction Total notional amount Month of settlement January 04, 2022 $ 15,000 April 2023 June 2023 March 07, 2022 $ 24,000 July 2023 December 2023 April 27, 2022 $ 33,000 April 2023 December 2023 March 08, 2023 $ 18,000 July 2023 December 2023 Details of the zero cost collar contracts as of December 31, 2022 are as follows (in thousands): Date of transaction Total notional amount Month of settlement January 04, 2022 $ 30,000 January 2023 June 2023 March 07, 2022 $ 24,000 July 2023 December 2023 April 27, 2022 $ 42,000 January 2023 December 2023 The zero cost collar contracts qualify as cash flow hedges under ASC 815, “Derivatives and Hedging,” since at both the inception of the contracts and on an ongoing basis, the hedging relationship was and is expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk during the term of the contracts. The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of March 31, 2023 and December 31, 2022 are as follows (in thousands): Derivatives designated as hedging instruments: March 31, 2023 December 31, 2022 Asset Derivatives: Zero cost collars Other current assets $ 2 $ — Liability Derivatives: Zero cost collars Other current liabilities $ 2,641 $ 2,015 Offsetting of derivative assets and liabilities as of March 31, 2023 is as follows (in thousands): Gross amounts of recognized Assets/liabilities Gross amounts offset in the balance sheets Net amounts of Assets/liabilities presented in the balance sheets Gross amounts not offset in the balance sheets Net amount As of March 31, 2023 Financial instruments Cash collateral pledged Asset Derivatives: Zero cost collars $ 2 $ — $ 2 $ — $ — $ 2 Liability Derivatives: Zero cost collars $ 2,641 $ — $ 2,641 $ — $ (1,820 ) $ 821 Offsetting of derivative liabilities as of December 31, 2022 is as follows (in thousands): Gross amounts of recognized liabilities Gross amounts offset in the balance sheets Net amounts of liabilities presented in the balance sheets Gross amounts not offset in the balance sheets Net amount As of December 31, 2022 Financial instruments Cash collateral pledged Liability Derivatives: Zero cost collars $ 2,015 $ — $ 2,015 $ — $ (1,940 ) $ 75 For derivative instruments that are designated and qualify as cash flow hedges, gains or losses on the derivative aside from components excluded from the assessment of effectiveness are reported as a component of accumulated other comprehensive income or loss (“AOCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative, representing hedge components excluded from the assessment of effectiveness, are recognized in current earnings. The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the three months ended March 31, 2023 and 2022 (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Recognized in AOCI on Derivatives Location/Amount of Loss Reclassified from AOCI Into Statement of Operations Location/Amount of Loss Recognized in Statement of Operations on Derivatives Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2023 2022 2023 2022 2023 2022 Zero cost collars $ (1,135 ) $ (1,264 ) Net sales $ (603 ) $ (762 ) Other income, net $ (54 ) $ (129 ) $ (1,135 ) $ (1,264 ) $ (603 ) $ (762 ) $ (54 ) $ (129 ) As of March 31, 2023, the amount expected to be reclassified from accumulated other comprehensive loss into loss within the next 12 months is $1,757 thousand. The Company set aside cash deposit to the counterparty, Standard Chartered Bank Korea Limited (“SC”), as required for the zero cost collar contracts. This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of March 31, 2023 and December 31, 2022 are as follows (in thousands): Counterparty March 31, 2023 December 31, 2022 SC $ 1,000 $ 1,000 Total $ 1,000 $ 1,000 The Company is required to deposit additional cash collateral with Nomura Financial Investment (Korea) Co., Ltd. (“NFIK”) and SC for any exposure in excess of $500 thousand. As of March 31, 2023, $1,820 thousand of additional cash collateral was required by NFIK, and recorded as hedge collateral on the consolidated balance sheet. As of December 31, 2022, $1,840 thousand and $100 thousand of additional cash collateral were required by NFIK and SC, respectively, and recorded as hedge collateral on the consolidated balance sheet. These zero cost collar contracts may be terminated by the counterparties if the Company’s total cash and cash equivalents is less than $30,000 thousand at the end of a fiscal quarter, unless a waiver is obtained.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	8. Fair Value Measurements Fair Value of Financial Instruments As of March 31, 2023, the following table represents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value March 31, 2023 Fair Value Measurement March 31, 2023 Quoted Prices in Active Markets for Identical Liability (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Derivative assets (other current assets) $ 2 $ 2 — $ 2 — Liabilities: Derivative liabilities (other current liabilities) $ 2,641 $ 2,641 — $ 2,641 — As of December 31, 2022, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value December 31, 2022 Fair Value Measurement December 31, 2022 Quoted Prices in Active Markets for Identical Liability (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Derivative liabilities (other current liabilities) $ 2,015 $ 2,015 — $ 2,015 — Items not reflected in the table above include cash equivalents, accounts receivable, other receivables, accounts payable, and other accounts payable, fair value of which approximate carrying values due to the short-term nature of these instruments. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs.

Accrued Severance Benefits

Accrued Severance Benefits	3 Months Ended
	Mar. 31, 2023
Accrued Severance Benefits [Abstract]
Accrued Severance Benefits	9. 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 March 31, 2023, 97% of all employees of the Company were eligible for severance benefits. Changes in accrued severance benefits are as follows (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Beginning balance $ 48,496 $ 51,567 Provisions 2,330 1,670 Severance payments (871 ) (1,389 ) Translation adjustments (1,381 ) (1,077 ) 48,574 50,771 Less: Cumulative contributions to severance insurance deposit accounts (24,747 ) (17,954 ) The National Pension Fund (40 ) (50 ) Group severance insurance plan (179 ) (195 ) Accrued severance benefits, net $ 23,608 $ 32,572 The severance benefits funded through the Company’s National Pension Fund and group severance insurance plan will be used exclusively for payment of severance benefits to eligible employees. These amounts have been deducted from the accrued severance benefit balance. Beginning in July 2018, the Company contributes to certain severance insurance deposit accounts a certain percentage of severance benefits that are accrued for eligible employees for their services from January 1, 2018 pursuant to Employee Retirement Benefit Security Act of Korea. These accounts consist of time deposits and other guaranteed principal and interest, and are maintained at insurance companies, banks or security companies for the benefit of employees. The Company deducts the contributions made to these severance insurance deposit accounts from its accrued severance benefits. The Company is liable to pay the following future benefits to its non-executive employees upon their normal retirement age (in thousands): Severance benefit Remainder of 2023 $ 634 2024 906 2025 1,502 2026 1,829 2027 1,718 2028 3,699 2029 – 2033 21,043 The above amounts were determined based on the non-executive employees’ current salary rates and the number of service years that will be accumulated upon their retirement dates. These amounts do not include amounts that might be paid to non-executive employees that will cease working with the Company before their normal retirement ages. Korea’s mandatory retirement age is 60 years of age or older under the Employment Promotion for the Aged Act. The Company sets the retirement age of employees at 60.

Early Termination Charges

Early Termination Charges	3 Months Ended
	Mar. 31, 2023
Early Termination Charges [Abstract]
Early Termination Charges	10. Early Termination Charges During the first quarter of 2023, the Company commenced the Program, which was available for the employees with more than 20 years of service. For the three months ended March 31, 2023, the Company recorded in its consolidated statement of operations $8,449 thousand of termination related charges as “early termination charges”, which are expected to be paid during the second quarter of 2023.

Foreign Currency Loss, Net

Foreign Currency Loss, Net	3 Months Ended
	Mar. 31, 2023
Foreign Currency Loss, Net [Abstract]
Foreign Currency Loss, Net	11. Foreign Currency Loss, Net Net foreign currency gain or loss includes non-cash translation gain or loss associated with intercompany balances. A substantial portion of the Company’s net foreign currency gain or loss is non-cash translation gain or loss associated with intercompany long-term loans to the Company’s Korean subsidiary. The loans are denominated in U.S. dollars and are affected by changes in the exchange rate between the Korean won and the U.S. dollar. As of March 31, 2023 and December 31, 2022, the outstanding intercompany loan balances including accrued interest between the Korean subsidiary and the Dutch subsidiary were $301,860 thousand and $310,988 thousand, respectively. The Korean won to U.S. dollar exchange rates were 1,303.8:1 and 1,267.3:1 using the first base rate as of March 31, 2023 and December 31, 2022, respectively, as quoted by the KEB Hana Bank.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Taxes [Abstract]
Income Taxes	12. Income Taxes The Company and its subsidiaries file income tax returns in Korea, Japan, Taiwan, the U.S. and in various other jurisdictions. The Company is subject to income or non-income tax examinations by tax authorities of these jurisdictions for all open tax years. For the three months ended March 31, 2023, the Company recorded an income tax benefit of $1,227 thousand, primarily related to its primary operating entity in Korea based on the estimated taxable loss for the respective period. For the three months ended March 31, 2022, the Company recorded an income tax expense of $3,483 thousand, primarily related to its primary operating entity in Korea based on the estimated taxable income for the respective period.

Geographic and Other Informatio

Geographic and Other Information	3 Months Ended
	Mar. 31, 2023
Geographic and Other Information [Abstract]
Geographic and Other Information	13. Geographic and Other Information The following sets forth information relating to the single operating segment (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Revenues Standard products business Display Solutions $ 10,841 $ 29,185 Power Solutions 40,673 64,825 Total standard products business $ 51,514 $ 94,010 Transitional Fab 3 foundry services 5,491 10,083 Total revenues $ 57,005 $ 104,093 Three Months Ended March 31, 2023 March 31, 2022 Gross Profit Standard products business $ 14,202 $ 37,930 Transitional Fab 3 foundry services (2,108 ) 1,066 Total gross profit $ 12,094 $ 38,996 The following is a summary of net sales—standard products business (which does not include the Transitional Fab 3 Foundry Services) by geographic region, based on the location to which the products are billed (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Korea $ 16,496 $ 31,030 Asia Pacific (other than Korea) 31,901 58,260 United States 1,045 2,864 Europe 2,072 1,856 Total $ 51,514 $ 94,010 For the three months ended March 31, 2023 and 2022, of the Company’s net sales – standard products business in Asia Pacific (other than Korea), net sales – standard products business in China and Hong Kong together represented 57.9% and 71.1%, respectively, and net sales—standard products business in Vietnam represented 17.8% and 14.4%, 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 71% and 72% for the three months ended March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023, the Company had two customers that represented 16.4% and 13.7% of its net sales—standard products business, respectively. For the three months ended March 31, 2022, the Company had two customers that represented 25.5% and 12.9% of its net sales—standard products business, respectively. As of March 31, 2023, two customers of the Company’s standard products business accounted for 22.3% and 14.3% of its accounts receivable – standard products business (which does not include the Transitional Fab 3 Foundry Services), respectively. As of December 31, 2022, two customers of the Company’s standard products business accounted for 25.1% and 15.2% of its accounts receivable – standard products business (which does not include the Transitional Fab 3 Foundry Services), respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	14. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the following as of March 31, 2023 and December 31, 2022, respectively (in thousands): March 31, 2023 December 31, 2022 Foreign currency translation adjustments $ (13,236 ) $ (11,328 ) Derivative adjustments (1,757 ) (1,225 ) Total $ (14,993 ) $ (12,553 ) Changes in accumulated other comprehensive loss for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three Months Ended March 31 2023 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (11,328 ) $ (1,225 ) $ (12,553 ) Other comprehensive loss before reclassifications (1,908 ) (1,135 ) (3,043 ) Amounts reclassified from accumulated other comprehensive loss — 603 603 Net current-period other comprehensive loss (1,908 ) (532 ) (2,440 ) Ending balance $ (13,236 ) $ (1,757 ) $ (14,993 ) Three Months Ended March 31 2022 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (770 ) $ (1,460 ) $ (2,230 ) Other comprehensive loss before reclassifications (3,045 ) (1,264 ) (4,309 ) Amounts reclassified from accumulated other comprehensive loss — 762 762 Net current-period other comprehensive loss (3,045 ) (502 ) (3,547 ) Ending balance $ (3,815 ) $ (1,962 ) $ (5,777 )

Stock Repurchases

Stock Repurchases	3 Months Ended
	Mar. 31, 2023
Stock Repurchases [Abstract]
Stock Repurchases	15. Stock Repurchases Accelerated Stock Repurchase Program On December 21, 2021, the Board of Directors authorized the Company to repurchase up to $75,000 thousand of its outstanding common stock and the Company entered into an accelerated stock repurchase agreement (the “ASR Agreement”) with JPMorgan Chase Bank, National Association (“JPM”) to repurchase an aggregate of $37,500 thousand of its common stock. Pursuant to the terms of the ASR Agreement dated December 21, 2021, the Company paid to JPM $37,500 thousand in cash and received an initial delivery of 994,695 shares of its common stock in the open market for an aggregate purchase price of $20,073 thousand and a price per share of $20.18 on December 22, 2021. As of December 31, 2021, the Company accounted for the remaining portion of the ASR Agreement as a forward contract indexed to its own common stock and recorded $17,427 thousand in additional paid-in capital in stockholders’ equity in its consolidated balance sheets. In March 2022, the previously announced repurchase of $37,500 thousand of the Company’s common stock was completed pursuant to the ASR Agreement, and as a result, the Company additionally received 1,031,576 shares of its common stock for an aggregate purchase price of $17,217 thousand at a price per share of $16.69, which was reclassified as treasury stock from additional paid-in capital in stockholder’s equity in its consolidated balance sheets. Expanded Stock Repurchase Program On August 31, 2022, the Board of Directors has authorized an expansion of the Company’s previously announced stock repurchase program from $75,000 thousand to $87,500 thousand of its common stock. The remaining $50,000 thousand of the expanded $87,500 thousand program was planned to be repurchased in the open market or through privately negotiated transactions. In connection with the repurchase program, the Company established a stock trading plan with Oppenheimer & Co. Inc. in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. From September 2022 to December 2022, the Company repurchased 1,235,650 shares of its common stock in the open market for an aggregate purchase price of $12,511 thousand and a price per share of $10.13 under the stock repurchase program. During the first quarter of 2023, the Company repurchased 1,238,472 shares of its common stock in the open market for an aggregate purchase price of $11,887 thousand and a price per share of $9.60 under the stock repurchase program.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	16. Earnings (Loss) Per Share The following table illustrates the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 March 31, 2022 (In thousands of U.S. dollars, except share data) Basic Earnings (Loss) per Share Net income (loss) $ (21,470 ) $ 9,528 Basic weighted average common stock outstanding 43,390,832 45,603,208 Basic earnings (loss) per share $ (0.49 ) $ 0.21 Diluted Earnings (Loss) per Share Net income (loss) $ (21,470 ) $ 9,528 Basic weighted average common stock outstanding 43,390,832 45,603,208 Net effect of dilutive equity awards — 1,090,086 Diluted weighted average common stock outstanding 43,390,832 46,693,294 Diluted earnings (loss) per share $ (0.49 ) $ 0.20 Diluted earnings (loss) per share adjusts basic earnings (loss) per share for the potentially dilutive impact of stock options. As the Company has reported loss for the three months ended March 31, 2023, all potentially dilutive securities, including stock options, are antidilutive and accordingly not considered, therefore basic net loss per share equals diluted net loss per share. The following outstanding instruments were excluded from the computation of diluted earnings (loss) per share, as they have an anti-dilutive effect on the calculation: Three Months Ended March 31, 2023 March 31, 2022 Options 1,116,158 130,000 Restricted Stock Units 1,434,827 —

Merger Agreement

Merger Agreement	3 Months Ended
	Mar. 31, 2023
Merger Agreement [Abstract]
Merger Agreement	17. Merger Agreement On March 25, 2021, the Company, South Dearborn Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Holdco”), formed by an affiliate of Wise Road Capital LTD (“Wise Road”), and Michigan Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Holdco (“Merger Sub”), entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”), providing for, among other things and subject to the terms and conditions thereof, the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Holdco. The closing of the Merger was subject to certain conditions, including clearance by the Committee on Foreign Investment in the United States (“CFIUS”) under the Defense Production Act of 1950, as amended. The Company and Holdco were advised that CFIUS clearance of the Merger would not be forthcoming and received permission from CFIUS to withdraw their joint filing. In connection therewith, the Company and Holdco entered into a Termination and Settlement Agreement, dated December 13, 2021 (the “Termination Agreement”), pursuant to which Holdco agreed to pay $70,200 thousand (the “Termination Fee”) to the Company on the terms specified in the Termination Agreement in satisfaction of Holdco’s obligation to pay a termination fee in connection with the termination of the Merger Agreement. On December 20, 2021, the Merger Agreement was terminated pursuant to the Termination Agreement after the Company’s receipt of a fee of $51,000 thousand from Holdco and a standby letter of credit, which secures a deferred fee of $19,200 thousand from Holdco due on or before March 31, 2022. As of December 31, 2021, of the Termination Fee, $19,200 thousand deferred fee was recorded as other receivables. In connection therewith, the Company, Holdco and Wise Road entered into a First Amendment to the Termination Agreement, dated April 4, 2022, pursuant to which Holdco paid $14,400 thousand on April 4, 2022, with $4,800 thousand remaining outstanding. The Company, Holdco and Wise Road entered into a Second Amendment to the Termination Agreement, dated August 5, 2022 pursuant to which Holdco paid $3,000 thousand on August 5, 2022, of the deferred fee and payment of the remaining $1,800 thousand was due on or before October 31, 2022. The Company, Holdco and Wise Road entered into a series of letter agreements pursuant to which the parties ultimately agreed to defer the remaining $1,800 thousand due on or before March 31, 2023. As of March 31, 2023, the remaining fee of $1,800 thousand was recorded as other receivables. On April 6, 2023, Holdco paid the remaining $1,800 thousand.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Advances to Suppliers The Company, from time to time, may make advances in form of prepayments or deposits to suppliers, including external foundries, to meet its planned production. The Company recorded advances of $4,372 thousand and $6,605 thousand as other current assets as of March 31, 2023 and December 31, 2022, respectively. COVID-19 Pandemic In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, and governmental authorities throughout the world implemented numerous restrictions and containment measures that resulted in rapidly changing market and economic conditions. Many of these restrictions and containment measures have since been lifted or scaled back. The Company will continue to monitor and evaluate the nature and scope of the impact of the COVID-19 pandemic to its business, consolidated results of operations, and financial condition, and may take actions it deems necessary or appropriate to respond in the event of a reemergence of the pandemic.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events Derivative contracts In April 2023, the Company and SC entered into derivative contract of zero cost collar for December 2023. The total notional amounts are $5,000 thousand. In April 2023, the Company and NFIK entered into derivative contracts of zero cost collars for the period from January 2024 to June 2024. The total notional amounts are $18,000 thousand.

Business, Basis of Presentati_2

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Business, Basis of Presentation and Significant 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, computing, industrial and automotive applications. The Company’s standard products business includes its Display Solutions and Power Solutions business lines. The Company’s Display Solutions products provide panel display solutions to major suppliers of large and small rigid and flexible panel displays, and a wide range of applications including smartphones, TVs, automotive and IT applications such as monitors, notebook PCs, tablet PCs as well as AR/VRs. The Company’s Power Solutions products include discrete and integrated circuit solutions for power management in communications, consumer, computing, servers, automotive, and industrial applications. On September 1, 2020, the Company completed the sale of the Company’s Foundry Services Group business and its fabrication facility located in Cheongju, Korea, known as “Fab 4”. Following the consummation of the sale, and for up to three years, the Company is expected to provide transitional foundry services associated with its fabrication facility located in Gumi, Korea, known as “Fab 3”, at an agreed upon cost plus mark-up (the “Transitional Fab 3 Foundry Services”).
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for a full year or for any other periods. The December 31, 2022 balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. There have been no material changes to the Company’s significant accounting policies as of and for the three months ended March 31, 2023 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventories [Abstract]
Summary of Inventories	Inventories as of March 31, 2023 and December 31, 2022 consist of the following (in thousands): March 31, 2023 December 31, 2022 Finished goods $ 5,523 $ 6,799 Semi-finished goods and work-in-process 39,427 40,265 Raw materials 6,351 7,460 Materials in-transit — 36 Less: inventory reserve (14,941 ) (14,677 ) Inventories, net $ 36,360 $ 39,883
Changes in Inventory Reserve	Changes in inventory reserve for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Beginning balance $ (14,677 ) $ (5,730 ) Change in reserve Inventory reserve charged to costs of sales (2,584 ) (1,607 ) Sale of previously reserved inventory 1,476 1,452 (1,108 ) (155 ) Write off 415 211 Translation adjustments 429 119 Ending balance $ (14,941 ) $ (5,555 )

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment as of March 31, 2023 and December 31, 2022 are comprised of the following (in thousands): March 31, 2023 December 31, 2022 Buildings and related structures $ 24,214 $ 24,780 Machinery and equipment 134,843 137,666 Finance lease right-of-use assets 707 389 Others 33,529 33,890 193,293 196,725 Less: accumulated depreciation (102,768 ) (101,502 ) Land 12,670 13,034 Construction in progress 1,373 2,490 Property, plant and equipment, net $ 104,568 $ 110,747

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible Assets [Abstract]
Summary of Intangible Assets	Intangible assets as of March 31, 2023 and December 31, 2022 are comprised of the following (in thousands): March 31, 2023 Gross amount Accumulated amortization Net amount Intellectual property assets $ 8,916 $ (7,132 ) $ 1,784 Intangible assets $ 8,916 $ (7,132 ) $ 1,784 December 31, 2022 Gross amount Accumulated amortization Net amount Intellectual property assets $ 9,111 $ (7,181 ) $ 1,930 Intangible assets $ 9,111 $ (7,181 ) $ 1,930

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Supplemental Balance Sheet Information	Supplemental balance sheets information related to leases as of March 31, 2023 and December 31, 2022 are as follows (in thousands): Leases Classification March 31, 2023 December 31, 2022 Assets Operating lease Operating lease right-of-use assets $ 5,413 $ 5,265 Finance lease Property, plant and equipment, net 436 143 Total lease assets $ 5,849 $ 5,408 Liabilities Current Operating Operating lease liabilities $ 1,622 $ 1,397 Finance Other current liabilities 90 90 Non-current Operating Non-current operating lease liabilities 3,996 4,091 Finance Other non-current liabilities 364 63 Total lease liabilities $ 6,072 $ 5,641
Lease, Cost	The following table presents the weighted average remaining lease term and discount rate: March 31, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 3.4 years 3.7 years Finance leases 4.1 years 2.4 years Weighted average discount rate Operating leases 6.6 % 6.6 % Finance leases 7.7 % 7.6 %
Other Lease Information	The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Operating lease cost $ 555 $ 569 Finance lease cost Amortization of right-of-use assets 32 16 Interest on lease liabilities 7 2 Total lease cost $ 594 $ 587 The above table does not include an immaterial cost of short-term leases for the three months ended March 31, 2023 and 2022. Other lease information is as follows (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 567 $ 569 Operating cash flows from finance leases 7 2 Financing cash flows from finance leases 24 16
Schedule of Future Lease Payments	The aggregate future lease payments for operating and finance leases as of March 31, 2023 are as follows (in thousands): Operating Leases Finance Leases Remainder of 2023 $ 1,448 $ 91 2024 1,925 122 2025 1,419 121 2026 937 108 2027 644 95 Total future lease payments 6,373 537 Less: Imputed interest (755 ) (83 ) Present value of future payments $ 5,618 $ 454

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Expenses [Abstract]
Summary of Accrued Expenses	Accrued expenses as of March 31, 2023 and December 31, 2022 are comprised of the following (in thousands): March 31, 2023 December 31, 2022 Payroll, benefits and related taxes, excluding severance benefits $ 14,475 $ 7,620 Withholding tax attributable to intercompany interest income 473 43 Outside service fees 1,625 1,642 Others 552 383 Accrued expenses $ 17,125 $ 9,688

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Financial Instruments [Abstract]
Details of Derivative Contracts	Details of the zero cost collar contracts as of March 31, 2023 are as follows (in thousands): Date of transaction Total notional amount Month of settlement January 04, 2022 $ 15,000 April 2023 June 2023 March 07, 2022 $ 24,000 July 2023 December 2023 April 27, 2022 $ 33,000 April 2023 December 2023 March 08, 2023 $ 18,000 July 2023 December 2023 Details of the zero cost collar contracts as of December 31, 2022 are as follows (in thousands): Date of transaction Total notional amount Month of settlement January 04, 2022 $ 30,000 January 2023 June 2023 March 07, 2022 $ 24,000 July 2023 December 2023 April 27, 2022 $ 42,000 January 2023 December 2023
Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities	The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of March 31, 2023 and December 31, 2022 are as follows (in thousands): Derivatives designated as hedging instruments: March 31, 2023 December 31, 2022 Asset Derivatives: Zero cost collars Other current assets $ 2 $ — Liability Derivatives: Zero cost collars Other current liabilities $ 2,641 $ 2,015
Offsetting of Derivative Assets and Liabilities	Offsetting of derivative assets and liabilities as of March 31, 2023 is as follows (in thousands): Gross amounts of recognized Assets/liabilities Gross amounts offset in the balance sheets Net amounts of Assets/liabilities presented in the balance sheets Gross amounts not offset in the balance sheets Net amount As of March 31, 2023 Financial instruments Cash collateral pledged Asset Derivatives: Zero cost collars $ 2 $ — $ 2 $ — $ — $ 2 Liability Derivatives: Zero cost collars $ 2,641 $ — $ 2,641 $ — $ (1,820 ) $ 821 Offsetting of derivative liabilities as of December 31, 2022 is as follows (in thousands): Gross amounts of recognized liabilities Gross amounts offset in the balance sheets Net amounts of liabilities presented in the balance sheets Gross amounts not offset in the balance sheets Net amount As of December 31, 2022 Financial instruments Cash collateral pledged Liability Derivatives: Zero cost collars $ 2,015 $ — $ 2,015 $ — $ (1,940 ) $ 75
Impact of Derivative Instruments on Consolidated Statement of Operations	The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the three months ended March 31, 2023 and 2022 (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Recognized in AOCI on Derivatives Location/Amount of Loss Reclassified from AOCI Into Statement of Operations Location/Amount of Loss Recognized in Statement of Operations on Derivatives Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2023 2022 2023 2022 2023 2022 Zero cost collars $ (1,135 ) $ (1,264 ) Net sales $ (603 ) $ (762 ) Other income, net $ (54 ) $ (129 ) $ (1,135 ) $ (1,264 ) $ (603 ) $ (762 ) $ (54 ) $ (129 )
Summary Of Cash Deposits	This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of March 31, 2023 and December 31, 2022 are as follows (in thousands): Counterparty March 31, 2023 December 31, 2022 SC $ 1,000 $ 1,000 Total $ 1,000 $ 1,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements [Abstract]
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	As of March 31, 2023, the following table represents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value March 31, 2023 Fair Value Measurement March 31, 2023 Quoted Prices in Active Markets for Identical Liability (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Derivative assets (other current assets) $ 2 $ 2 — $ 2 — Liabilities: Derivative liabilities (other current liabilities) $ 2,641 $ 2,641 — $ 2,641 — As of December 31, 2022, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value December 31, 2022 Fair Value Measurement December 31, 2022 Quoted Prices in Active Markets for Identical Liability (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Derivative liabilities (other current liabilities) $ 2,015 $ 2,015 — $ 2,015 —

Accrued Severance Benefits (Tab

Accrued Severance Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Severance Benefits [Abstract]
Changes in Accrued Severance Benefits	Changes in accrued severance benefits are as follows (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Beginning balance $ 48,496 $ 51,567 Provisions 2,330 1,670 Severance payments (871 ) (1,389 ) Translation adjustments (1,381 ) (1,077 ) 48,574 50,771 Less: Cumulative contributions to severance insurance deposit accounts (24,747 ) (17,954 ) The National Pension Fund (40 ) (50 ) Group severance insurance plan (179 ) (195 ) Accrued severance benefits, net $ 23,608 $ 32,572
Future Benefits Payments to Employees	The Company is liable to pay the following future benefits to its non-executive employees upon their normal retirement age (in thousands): Severance benefit Remainder of 2023 $ 634 2024 906 2025 1,502 2026 1,829 2027 1,718 2028 3,699 2029 – 2033 21,043

Geographic and Other Informat_2

Geographic and Other Information (Tables)	3 Months Ended
	Mar. 31, 2023
Geographic and Other Information [Abstract]
Schedule of Operating Segments	The following sets forth information relating to the single operating segment (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Revenues Standard products business Display Solutions $ 10,841 $ 29,185 Power Solutions 40,673 64,825 Total standard products business $ 51,514 $ 94,010 Transitional Fab 3 foundry services 5,491 10,083 Total revenues $ 57,005 $ 104,093 Three Months Ended March 31, 2023 March 31, 2022 Gross Profit Standard products business $ 14,202 $ 37,930 Transitional Fab 3 foundry services (2,108 ) 1,066 Total gross profit $ 12,094 $ 38,996
Net Sales by Region, Based on Location of Products are Billed	The following is a summary of net sales—standard products business (which does not include the Transitional Fab 3 Foundry Services) by geographic region, based on the location to which the products are billed (in thousands): Three Months Ended March 31, 2023 March 31, 2022 Korea $ 16,496 $ 31,030 Asia Pacific (other than Korea) 31,901 58,260 United States 1,045 2,864 Europe 2,072 1,856 Total $ 51,514 $ 94,010

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2023
Accumulated Other Comprehensive Loss [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated other comprehensive loss consists of the following as of March 31, 2023 and December 31, 2022, respectively (in thousands): March 31, 2023 December 31, 2022 Foreign currency translation adjustments $ (13,236 ) $ (11,328 ) Derivative adjustments (1,757 ) (1,225 ) Total $ (14,993 ) $ (12,553 )
Changes in Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three Months Ended March 31 2023 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (11,328 ) $ (1,225 ) $ (12,553 ) Other comprehensive loss before reclassifications (1,908 ) (1,135 ) (3,043 ) Amounts reclassified from accumulated other comprehensive loss — 603 603 Net current-period other comprehensive loss (1,908 ) (532 ) (2,440 ) Ending balance $ (13,236 ) $ (1,757 ) $ (14,993 ) Three Months Ended March 31 2022 Foreign currency translation adjustments Derivative adjustments Total Beginning balance $ (770 ) $ (1,460 ) $ (2,230 ) Other comprehensive loss before reclassifications (3,045 ) (1,264 ) (4,309 ) Amounts reclassified from accumulated other comprehensive loss — 762 762 Net current-period other comprehensive loss (3,045 ) (502 ) (3,547 ) Ending balance $ (3,815 ) $ (1,962 ) $ (5,777 )

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Common Share	The following table illustrates the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 March 31, 2022 (In thousands of U.S. dollars, except share data) Basic Earnings (Loss) per Share Net income (loss) $ (21,470 ) $ 9,528 Basic weighted average common stock outstanding 43,390,832 45,603,208 Basic earnings (loss) per share $ (0.49 ) $ 0.21 Diluted Earnings (Loss) per Share Net income (loss) $ (21,470 ) $ 9,528 Basic weighted average common stock outstanding 43,390,832 45,603,208 Net effect of dilutive equity awards — 1,090,086 Diluted weighted average common stock outstanding 43,390,832 46,693,294 Diluted earnings (loss) per share $ (0.49 ) $ 0.20
Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Common Share	The following outstanding instruments were excluded from the computation of diluted earnings (loss) per share, as they have an anti-dilutive effect on the calculation: Three Months Ended March 31, 2023 March 31, 2022 Options 1,116,158 130,000 Restricted Stock Units 1,434,827 —

Inventories, Summary of Invento

Inventories, Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Finished goods	$ 5,523	$ 6,799
Semi-finished goods and work-in-process	39,427	40,265
Raw materials	6,351	7,460
Materials in-transit	0	36
Less: inventory reserve	(14,941)	(14,677)	$ (5,555)	$ (5,730)
Inventories, net	$ 36,360	$ 39,883

Inventories, Changes in Invento

Inventories, Changes in Inventory Reserve (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in Inventory Reserve [Abstract]
Beginning balance	$ (14,677)	$ (5,730)
Change in reserve [Abstract]
Inventory reserve charged to costs of sales	(2,584)	(1,607)
Sale of previously reserved inventory	1,476	1,452
Change in reserve	(1,108)	(155)
Write off	415	211
Translation adjustments	429	119
Ending balance	$ (14,941)	$ (5,555)

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 193,293		$ 196,725
Less: accumulated depreciation	(102,768)		(101,502)
Land	12,670		13,034
Construction in progress	1,373		2,490
Property, plant and equipment, net	104,568		110,747
Depreciation expenses	4,193	$ 3,706
Buildings and Related Structures [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	24,214		24,780
Machinery and Equipment [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	134,843		137,666
Finance Lease Right-of-Use Assets [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	707		389
Others [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, gross	$ 33,529		$ 33,890

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Intangible Assets [Abstract]
Gross amount	$ 8,916		$ 9,111
Accumulated amortization	(7,132)		(7,181)
Net amount	1,784		1,930
Amortization expense for intangible assets	164	$ 185
Intellectual Property Assets [Member]
Intangible Assets [Abstract]
Gross amount	8,916		9,111
Accumulated amortization	(7,132)		(7,181)
Net amount	$ 1,784		$ 1,930

Leases, Summary (Details)

Leases, Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Operating lease	$ 5,413	$ 5,265
Total lease assets	5,849	5,408
Current [Abstract]
Operating	1,622	1,397
Non-current [Abstract]
Operating	3,996	4,091
Total lease liabilities	$ 6,072	5,641
Maximum [Member]
Operating and Finance Leases [Abstract]
Remaining lease term	5 years
Minimum [Member]
Operating and Finance Leases [Abstract]
Remaining lease term	1 year
Operating Lease Right Of Use Assets [Member]
Assets [Abstract]
Operating lease	$ 5,413	5,265
Property, Plant and Equipment, Net [Member]
Assets [Abstract]
Finance lease	436	143
Current Operating Lease Liabilities [Member]
Current [Abstract]
Operating	1,622	1,397
Other Current Liabilities [Member]
Current [Abstract]
Finance	$ 90	$ 90
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Non Current Operating Lease Liabilities [Member]
Non-current [Abstract]
Operating	$ 3,996	$ 4,091
Other Noncurrent Liabilities [Member]
Non-current [Abstract]
Finance	$ 364	$ 63
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Leases, Weighted Average Remain

Leases, Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2023	Dec. 31, 2022
Weighted average remaining lease term [Abstract]
Operating leases	3 years 4 months 24 days	3 years 8 months 12 days
Finance leases	4 years 1 month 6 days	2 years 4 months 24 days
Weighted average discount rate [Abstract]
Operating leases	6.60%	6.60%
Finance leases	7.70%	7.60%

Leases, Components of Lease Cos

Leases, Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 555	$ 569
Finance lease cost [Abstract]
Amortization of right-of-use assets	32	16
Interest on lease liabilities	7	2
Total lease cost	$ 594	$ 587

Leases, Other Lease Information

Leases, Other Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities [Abstract]
Operating cash flows from operating leases	$ 567	$ 569
Operating cash flows from finance leases	7	2
Financing cash flows from finance leases	$ 24	$ 16

Leases, Aggregate Future Lease

Leases, Aggregate Future Lease Payment (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Operating Leases [Abstract]
Remainder of 2023	$ 1,448
2024	1,925
2025	1,419
2026	937
2027	644
Total future lease payments	6,373
Less: Imputed interest	(755)
Present value of future payments	5,618
Finance Leases [Abstract]
Remainder of 2023	91
2024	122
2025	121
2026	108
2027	95
Total future lease payments	537
Less: Imputed interest	(83)
Present value of future payments	$ 454

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accrued Expenses [Abstract]
Payroll, benefits and related taxes, excluding severance benefits	$ 14,475		$ 7,620
Withholding tax attributable to intercompany interest income	473		43
Outside service fees	1,625		1,642
Others	552		383
Accrued expenses	17,125		$ 9,688
Early termination charges	$ 8,449	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments, Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Zero Cost Collar One [Member]
Zero Cost Collar Contracts [Abstract]
Date of transaction	Jan. 04, 2022	Jan. 04, 2022
Total notional amount	$ 15,000	$ 30,000
Month of settlement, start	2023-04	2023-01
Month of settlement, end	2023-06	2023-06
Zero Cost Collar Two [Member]
Zero Cost Collar Contracts [Abstract]
Date of transaction	Mar. 07, 2022	Mar. 07, 2022
Total notional amount	$ 24,000	$ 24,000
Month of settlement, start	2023-07	2023-07
Month of settlement, end	2023-12	2023-12
Zero Cost Collar Three [Member]
Zero Cost Collar Contracts [Abstract]
Date of transaction	Apr. 27, 2022	Apr. 27, 2022
Total notional amount	$ 33,000	$ 42,000
Month of settlement, start	2023-04	2023-01
Month of settlement, end	2023-12	2023-12
Zero Cost Collar Four [Member]
Zero Cost Collar Contracts [Abstract]
Date of transaction	Mar. 08, 2023
Total notional amount	$ 18,000
Month of settlement, start	2023-07
Month of settlement, end	2023-12

Derivative Financial Instrume_4

Derivative Financial Instruments, Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities (Details) - Zero Cost Collars [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Asset Derivatives [Abstract]
Derivative asset	$ 2	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Liability Derivatives [Abstract]
Derivative liabilities	$ 2,641	$ 2,015
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current

Derivative Financial Instrume_5

Derivative Financial Instruments, Offsetting of Derivative Assets and Liabilities (Details) - Zero Cost Collars [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Asset Derivatives [Abstract]
Gross amounts of recognized assets	$ 2
Gross amounts offset in the balance sheets	0
Net amounts of assets presented in the balance sheets	2	$ 0
Gross amounts not offset in the balance sheets Financial instruments	0
Gross amounts not offset in the balance sheets Cash collateral pledged	0
Net amount	2
Liability Derivatives [Abstract]
Gross amounts of recognized liabilities	2,641	2,015
Gross amounts offset in the balance sheets	0	0
Net amounts of liabilities presented in the balance sheets	2,641	2,015
Gross amounts not offset in the balance sheets, Financial instruments	0	0
Gross amounts not offset in the balance sheets, Cash collateral pledged	(1,820)	(1,940)
Net amount	$ 821	$ 75

Derivative Financial Instrume_6

Derivative Financial Instruments, Impact of Derivative Instruments on Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivatives in ASC 815 Cash Flow Hedging Relationships [Abstract]
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations	$ 603	$ 762
Estimated amount reclassified from accumulated other comprehensive loss into loss	1,757
Cash Flow Hedging [Member]
Derivatives in ASC 815 Cash Flow Hedging Relationships [Abstract]
Amount of Loss Recognized in AOCI on Derivatives	(1,135)	(1,264)
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations	(603)	(762)
Cash Flow Hedging [Member] | Other Income, Net [Member]
Derivatives in ASC 815 Cash Flow Hedging Relationships [Abstract]
Location/Amount of Loss Recognized in Statement of Operations on Derivatives	(54)	(129)
Zero Cost Collars [Member] | Cash Flow Hedging [Member]
Derivatives in ASC 815 Cash Flow Hedging Relationships [Abstract]
Amount of Loss Recognized in AOCI on Derivatives	(1,135)	(1,264)
Location/Amount of Loss Reclassified from AOCI Into Statement of Operations	$ (603)	$ (762)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues
Zero Cost Collars [Member] | Cash Flow Hedging [Member] | Other Income, Net [Member]
Derivatives in ASC 815 Cash Flow Hedging Relationships [Abstract]
Location/Amount of Loss Recognized in Statement of Operations on Derivatives	$ (54)	$ (129)

Derivative Financial Instrume_7

Derivative Financial Instruments, Cash Deposits (Details) - Zero Cost Collar and Forward Contracts [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash Deposits [Abstract]
Cash deposits	$ 1,000	$ 1,000
NFIK [Member]
Additional Cash Collateral [Abstract]
Threshold amount of cash collateral	500
Threshold additional amount of cash collateral	1,820	1,840
Termination provisions for cash and cash equivalents	30,000
SC [Member]
Cash Deposits [Abstract]
Cash deposits	1,000	1,000
Additional Cash Collateral [Abstract]
Threshold amount of cash collateral	$ 500
Threshold additional amount of cash collateral		$ 100

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Value [Member]
Assets [Abstract]
Derivative asset	$ 2
Liabilities [Abstract]
Derivative liabilities	2,641	$ 2,015
Estimate of Fair Value Measurement [Member]
Assets [Abstract]
Derivative asset	2
Liabilities [Abstract]
Derivative liabilities	2,641	2,015
Quoted Prices in Active Markets for Identical Liability (Level 1) [Member]
Assets [Abstract]
Derivative asset	0
Liabilities [Abstract]
Derivative liabilities	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Derivative asset	2
Liabilities [Abstract]
Derivative liabilities	2,641	2,015
Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Derivative asset	0
Liabilities [Abstract]
Derivative liabilities	$ 0	$ 0

Accrued Severance Benefits, Cha

Accrued Severance Benefits, Changes in Accrued Severance Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accrued Severance Benefits [Abstract]
Percentage of employees eligible for severance benefits	97%
Beginning balance	$ 48,496	$ 51,567
Provisions	2,330	1,670
Severance payments	(871)	(1,389)
Translation adjustments	(1,381)	(1,077)
Ending balance	48,574	50,771
Less: Cumulative contributions to severance insurance deposit accounts	(24,747)	(17,954)
The National Pension Fund	(40)	(50)
Group severance insurance plan	(179)	(195)
Accrued severance benefits, net	$ 23,608	$ 32,572	$ 23,121

Accrued Severance Benefits, Fut

Accrued Severance Benefits, Future Benefits Payments to Employees (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Future Benefits to Non-Executive Employees [Abstract]
Remainder of 2023	$ 634
2024	906
2025	1,502
2026	1,829
2027	1,718
2028	3,699
2029 - 2033	$ 21,043
Retirement age of employees	60 years
Korea [Member] | Minimum [Member]
Future Benefits to Non-Executive Employees [Abstract]
Korea's mandatory retirement age	60 years

Early Termination Charges (Deta

Early Termination Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Early Termination Charges [Abstract]
Minimum requisite period of service for voluntary resignation program	20 years
Early termination charges	$ 8,449	$ 0

Foreign Currency Loss, Net (Det

Foreign Currency Loss, Net (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Foreign Currency Loss, Net [Abstract]
Intercompany loan balances	$ 301,860	$ 310,988
Exchange rates using first base rate	1,303.8	1,267.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes [Abstract]
Income tax expense (benefit)	$ (1,227)	$ 3,483

Geographic and Other Informat_3

Geographic and Other Information, Schedule of Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Geographic and Other Information [Abstract]
Total revenues	$ 57,005	$ 104,093
Total gross profit	12,094	38,996
Standard Products Business [Member]
Geographic and Other Information [Abstract]
Total revenues	51,514	94,010
Total gross profit	14,202	37,930
Fab 3 Foundry Services [Member]
Geographic and Other Information [Abstract]
Total revenues	5,491	10,083
Total gross profit	(2,108)	1,066
Operating Segments [Member] | Standard Products Business [Member]
Geographic and Other Information [Abstract]
Total revenues	51,514	94,010
Operating Segments [Member] | Standard Products Business [Member] | Display Solutions [Member]
Geographic and Other Information [Abstract]
Total revenues	10,841	29,185
Operating Segments [Member] | Standard Products Business [Member] | Power Solutions [Member]
Geographic and Other Information [Abstract]
Total revenues	$ 40,673	$ 64,825

Geographic and Other Informat_4

Geographic and Other Information, Net Sales by Region, Based on Location of Products are Billed (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Net Sales Based on Location of Products Business [Abstract]
Total revenues	$ 57,005	$ 104,093
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Top Customer One [Member]
Net Sales Based on Location of Products Business [Abstract]
Concentration risk, percentage	22.30%		25.10%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Top Customer Two [Member]
Net Sales Based on Location of Products Business [Abstract]
Concentration risk, percentage	14.30%		15.20%
Standard Products Business [Member]
Net Sales Based on Location of Products Business [Abstract]
Total revenues	$ 51,514	94,010
Standard Products Business [Member] | Korea [Member]
Net Sales Based on Location of Products Business [Abstract]
Total revenues	16,496	31,030
Standard Products Business [Member] | Asia Pacific (Other Than Korea) [Member]
Net Sales Based on Location of Products Business [Abstract]
Total revenues	31,901	58,260
Standard Products Business [Member] | United States [Member]
Net Sales Based on Location of Products Business [Abstract]
Total revenues	1,045	2,864
Standard Products Business [Member] | Europe [Member]
Net Sales Based on Location of Products Business [Abstract]
Total revenues	$ 2,072	$ 1,856
Standard Products Business [Member] | Customer Concentration Risk [Member] | Net Sales [Member] | Top Ten Customers [Member]
Net Sales Based on Location of Products Business [Abstract]
Concentration risk, percentage	71%	72%
Standard Products Business [Member] | Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer One [Member]
Net Sales Based on Location of Products Business [Abstract]
Concentration risk, percentage	16.40%	25.50%
Standard Products Business [Member] | Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer Two [Member]
Net Sales Based on Location of Products Business [Abstract]
Concentration risk, percentage	13.70%	12.90%
Standard Products Business [Member] | Geographic Concentration Risk [Member] | Net Sales [Member] | CHINA, HONG KONG [Member]
Net Sales Based on Location of Products Business [Abstract]
Concentration risk, percentage	57.90%	71.10%
Standard Products Business [Member] | Geographic Concentration Risk [Member] | Net Sales [Member] | VIET NAM [Member]
Net Sales Based on Location of Products Business [Abstract]
Concentration risk, percentage	17.80%	14.40%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss, Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Loss [Abstract]
Foreign currency translation adjustments	$ (13,236)	$ (11,328)
Derivative adjustments	(1,757)	(1,225)
Total	$ (14,993)	$ (12,553)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss, Changes in Accumulated Other Comprehensive Income Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 428,153	$ 452,762
Total other comprehensive loss	(2,440)	(3,547)
Ending balance	393,353	461,162
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(11,328)	(770)
Other comprehensive loss before reclassifications	(1,908)	(3,045)
Amounts reclassified from accumulated other comprehensive loss (income)	0	0
Total other comprehensive loss	(1,908)	(3,045)
Ending balance	(13,236)	(3,815)
Derivative Adjustments [Member]
Changes in Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(1,225)	(1,460)
Other comprehensive loss before reclassifications	(1,135)	(1,264)
Amounts reclassified from accumulated other comprehensive loss (income)	603	762
Total other comprehensive loss	(532)	(502)
Ending balance	(1,757)	(1,962)
Accumulated Other Comprehensive Income (Loss) [Member]
Changes in Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(12,553)	(2,230)
Other comprehensive loss before reclassifications	(3,043)	(4,309)
Amounts reclassified from accumulated other comprehensive loss (income)	603	762
Total other comprehensive loss	(2,440)	(3,547)
Ending balance	$ (14,993)	$ (5,777)

Stock Repurchases, Accelerated

Stock Repurchases, Accelerated Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 22, 2021	Dec. 21, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Aug. 31, 2022
Stock Repurchases Program [Abstract]
Accelerated stock repurchase				$ 0
Accelerated share repurchases, settlement (payment) or receipt						$ 37,500
Accelerated share repurchase program adjustment (in shares)		994,695
Aggregate purchase price of shares		$ 20,073
Sale of stock issue price (in dollars per share)		$ 20.18
Additional Paid-In Capital [Member]
Stock Repurchases Program [Abstract]
Accelerated stock repurchase				17,217	$ 17,427
Treasury Stock [Member]
Stock Repurchases Program [Abstract]
Accelerated stock repurchase				(17,217)
Accelerated Stock Repurchase Program [Member]
Stock Repurchases Program [Abstract]
Accelerated stock repurchase			$ 37,500
Accelerated share repurchases, settlement (payment) or receipt	$ 37,500			$ 37,500
Accelerated Stock Repurchase Program [Member] | Treasury Stock [Member] | Reclassified as Treasury Stock from Additional Paid-In-Capital [Member]
Stock Repurchases Program [Abstract]
Accelerated share repurchase program adjustment (in shares)				1,031,576
Aggregate purchase price of shares	$ 17,217			$ 17,217
Sale of stock issue price (in dollars per share)	$ 16.69
Stock Repurchase Program [Member]
Stock Repurchases Program [Abstract]
Stock repurchase program, authorized amount			$ 75,000				$ 87,500

Stock Repurchases, Expanded Sto

Stock Repurchases, Expanded Stock Repurchase Program (Details) - Stock Repurchase Program [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Aug. 31, 2022	Dec. 21, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock repurchase program, authorized amount			$ 87,500	$ 75,000
Stock repurchase program, remaining authorized repurchase amount			$ 50,000
Stock repurchased (in shares)	1,238,472	1,235,650
Aggregate purchase price	$ 11,887	$ 12,511
Sale of aggregate purchase price (in dollars per share)	$ 9.6	$ 10.13

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic Earnings (Loss) per Share [Abstract]
Net income (loss)	$ (21,470)	$ 9,528
Basic weighted average common stock outstanding (in shares)	43,390,832	45,603,208
Basic earnings (loss) per share (in dollars per share)	$ (0.49)	$ 0.21
Diluted Earnings (Loss) per Share [Abstract]
Basic weighted average common stock outstanding (in shares)	43,390,832	45,603,208
Net effect of dilutive equity awards (in shares)	0	1,090,086
Diluted weighted average common stock outstanding (in shares)	43,390,832	46,693,294
Diluted earnings (loss) per share (in dollars per share)	$ (0.49)	$ 0.2

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Options [Member]
Computation of Diluted Earnings (Loss) Per Share [Abstract]
Outstanding units and warrants excluded from computation of diluted earnings (loss) per share/unit (in shares)	1,116,158	130,000
Restricted Stock Units [Member]
Computation of Diluted Earnings (Loss) Per Share [Abstract]
Outstanding units and warrants excluded from computation of diluted earnings (loss) per share/unit (in shares)	1,434,827	0

Merger Agreement (Details)

Merger Agreement (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 20, 2021	Dec. 31, 2021	Apr. 06, 2023	Mar. 31, 2023	Aug. 05, 2022	Apr. 04, 2022
Business combination, description [Abstract]
Merger termination fee		$ 70,200
Proceed from termination cost	$ 51,000
Secures deferred merger termination fee	$ 19,200
Subsequent Event [Member]
Business combination, description [Abstract]
Termination agreement amount received			$ 1,800
Termination Agreement [Member]
Business combination, description [Abstract]
Termination agreement amount received					$ 3,000	$ 14,400
Termination agreement outstanding amount					$ 1,800	$ 4,800
Letter Agreement [Member] | Due on or Before March 31, 2023 [Member]
Business combination, description [Abstract]
Letter agreement outstanding amount				$ 1,800
Other Receivable [Member]
Business combination, description [Abstract]
Secures deferred merger termination fee		$ 19,200
Other Receivable [Member] | Letter Agreement [Member]
Business combination, description [Abstract]
Secures deferred merger termination fee				$ 1,800

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Payments to Suppliers and Employees [Abstract]
Prepayments to suppliers	$ 4,372	$ 6,605

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - Zero Cost Collar and Forward Contracts [Member] $ in Thousands	Apr. 30, 2023 USD ($)
SC [Member]
Derivative Contracts [Abstract]
Derivative notional amount	$ 5,000
NFIK [Member]
Derivative Contracts [Abstract]
Derivative notional amount	$ 18,000