Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Magnachip Semiconductor Corporation | |
Entity Central Index Key | 0001325702 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity 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 | 46,451,323 | |
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 Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Country | LU |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 271,880 | $ 279,940 |
Accounts receivable, net | 56,730 | 64,390 |
Inventories, net | 41,369 | 39,039 |
Other receivables | 9,173 | 4,338 |
Prepaid expenses | 6,836 | 7,332 |
Hedge collateral (Note 9) | 4,830 | 5,250 |
Other current assets (Notes 10 and 19) | 5,117 | 9,321 |
Total current assets | 395,935 | 409,610 |
Property, plant and equipment, net | 94,721 | 96,383 |
Operating lease right-of-use assets | 4,520 | 4,632 |
Intangible assets, net | 2,541 | 2,727 |
Long-term prepaid expenses | 5,626 | 4,058 |
Deferred income taxes | 43,069 | 44,541 |
Other non-current assets | 11,141 | 9,739 |
Total assets | 557,553 | 571,690 |
Current liabilities | ||
Accounts payable | 52,040 | 52,164 |
Other accounts payable | 9,119 | 2,531 |
Accrued expenses (Note 8) | 13,020 | 16,241 |
Accrued income taxes | 1,679 | 12,398 |
Operating lease liabilities | 2,181 | 2,210 |
Current portion of long-term borrowings, net | 83,479 | |
Other current liabilities (Note 10) | 5,001 | 4,595 |
Total current liabilities | 83,040 | 173,618 |
Accrued severance benefits, net | 39,520 | 40,462 |
Non-current operating lease liabilities | 2,338 | 2,422 |
Other non-current liabilities | 10,024 | 9,588 |
Total liabilities | 134,922 | 226,090 |
Commitments and contingencies (Note 19) | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 150,000,000 shares authorized, 55,562,907 shares issued and 46,350,945 outstanding at June 30, 2021 and 44,943,854 shares issued and 35,783,347 outstanding at December 31, 2020 | 556 | 450 |
Additional paid-in capital | 253,244 | 163,010 |
Retained earnings | 279,163 | 286,834 |
Treasury stock, 9,211,962 shares at June 30, 2021 and 9,160,507 shares at December 31, 2020, respectively | (109,407) | (108,397) |
Accumulated other comprehensive income (loss) | (925) | 3,703 |
Total stockholders' equity | 422,631 | 345,600 |
Total liabilities and stockholders' equity | $ 557,553 | $ 571,690 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 55,562,907 | 44,943,854 |
Common stock, shares outstanding | 46,350,945 | 35,783,347 |
Treasury stock, shares | 9,211,962 | 9,160,507 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net sales | $ 113,876 | $ 118,828 | $ 236,895 | $ 239,301 |
Cost of sales | 79,906 | 86,690 | 168,543 | 178,033 |
Gross profit | 33,970 | 32,138 | 68,352 | 61,268 |
Operating expenses: | ||||
Selling, general and administrative expenses | 14,001 | 12,408 | 26,635 | 24,510 |
Research and development expenses | 13,322 | 11,108 | 26,745 | 21,617 |
Other charges | 5,020 | 15,436 | 554 | |
Total operating expenses | 32,343 | 23,516 | 68,816 | 46,681 |
Operating income (loss) | 1,627 | 8,622 | (464) | 14,587 |
Interest expense | (85) | (5,430) | (1,126) | (11,037) |
Foreign currency gain (loss), net | 250 | 8,469 | (4,421) | (22,502) |
Other income, net | 611 | 791 | 1,231 | 1,629 |
Income (loss) from continuing operations before income tax expense | 2,403 | 12,452 | (4,780) | (17,323) |
Income tax expense | 2,601 | 678 | 2,891 | 1,981 |
Income (loss) from continuing operations | (198) | 11,774 | (7,671) | (19,304) |
Income from discontinued operations, net of tax | 17,397 | 24,726 | ||
Net income (loss) | $ (198) | $ 29,171 | $ (7,671) | $ 5,422 |
Basic earnings (loss) per common share— | ||||
Continuing operations | $ 0 | $ 0.34 | $ (0.18) | $ (0.55) |
Discontinued operations | 0 | 0.50 | 0 | 0.71 |
Total | 0 | 0.84 | (0.18) | 0.16 |
Diluted earnings (loss) per common share— | ||||
Continuing operations | 0 | 0.28 | (0.18) | (0.55) |
Discontinued operations | 0 | 0.37 | 0 | 0.71 |
Total | $ 0 | $ 0.65 | $ (0.18) | $ 0.16 |
Weighted average number of shares— | ||||
Basic | 46,322,027 | 35,092,312 | 43,324,088 | 34,992,734 |
Diluted | 46,322,027 | 46,474,237 | 43,324,088 | 34,992,734 |
Fab Three Foundry Services [Member] | ||||
Net sales | $ 10,608 | $ 9,873 | $ 20,721 | $ 19,610 |
Cost of sales | 9,497 | 9,873 | 18,887 | 19,610 |
Gross profit | 1,111 | 1,834 | ||
Standard products business [Member] | ||||
Net sales | 103,268 | 108,955 | 216,174 | 219,691 |
Cost of sales | 70,409 | 76,817 | 149,656 | 158,423 |
Gross profit | $ 32,859 | $ 32,138 | $ 66,518 | $ 61,268 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (198) | $ 29,171 | $ (7,671) | $ 5,422 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 109 | (6,543) | (1,949) | 15,708 |
Derivative adjustments | ||||
Fair valuation of derivatives | 432 | 2,204 | (1,693) | (2,800) |
Reclassification adjustment for loss (gain) on derivatives included in net income (loss) | (475) | 193 | (986) | 251 |
Total other comprehensive income (loss) | 66 | (4,146) | (4,628) | 13,159 |
Total comprehensive income (loss) | $ (132) | $ 25,025 | $ (12,299) | $ 18,581 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Deficit) [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance beginning at Dec. 31, 2019 | $ (14,981) | $ 439 | $ 152,404 | $ (58,131) | $ (107,033) | $ (2,660) | |
Balance, Shares beginning at Dec. 31, 2019 | 34,800,312 | ||||||
Stock-based compensation | 2,528 | 2,528 | |||||
Exercise of stock options | 663 | 1 | 662 | ||||
Exercise of stock options, Shares | 88,351 | ||||||
Settlement of restricted stock units | 3 | (3) | |||||
Settlement of restricted stock units, Shares | 308,364 | ||||||
Acquisition of treasury stock | (616) | (616) | |||||
Acquisition of treasury stock, Shares | (53,994) | ||||||
Other comprehensive income (loss), net | 13,159 | 13,159 | |||||
Net income (loss) | 5,422 | 5,422 | |||||
Balance ending at Jun. 30, 2020 | 6,175 | 443 | 155,591 | (52,709) | (107,649) | 10,499 | |
Balance, Shares ending at Jun. 30, 2020 | 35,143,033 | ||||||
Balance beginning at Mar. 31, 2020 | (21,156) | 442 | 153,286 | (81,880) | (107,649) | 14,645 | |
Balance, Shares beginning at Mar. 31, 2020 | 35,054,682 | ||||||
Stock-based compensation | 1,643 | 1,643 | |||||
Exercise of stock options | 663 | 1 | 662 | ||||
Exercise of stock options, Shares | 88,351 | ||||||
Other comprehensive income (loss), net | (4,146) | (4,146) | |||||
Net income (loss) | 29,171 | 29,171 | |||||
Balance ending at Jun. 30, 2020 | 6,175 | 443 | 155,591 | (52,709) | (107,649) | 10,499 | |
Balance, Shares ending at Jun. 30, 2020 | 35,143,033 | ||||||
Balance beginning at Dec. 31, 2020 | $ 345,600 | 450 | 163,010 | 286,834 | (108,397) | 3,703 | |
Balance, Shares beginning at Dec. 31, 2020 | 35,783,347 | 35,783,347 | |||||
Stock-based compensation | $ 4,051 | 4,051 | |||||
Exchange of exchangeable senior notes into common stock | 83,740,000 | 10,144,131 | |||||
Exchange of exchangeable senior notes | $ 83,740 | 101 | 83,639 | ||||
Exercise of stock options | 2,549 | 2 | 2,547 | ||||
Exercise of stock options, Shares | 176,760 | ||||||
Settlement of restricted stock units | 3 | (3) | |||||
Settlement of restricted stock units, Shares | 298,162 | ||||||
Acquisition of treasury stock | (1,010) | (1,010) | |||||
Acquisition of treasury stock, Shares | (51,455) | ||||||
Other comprehensive income (loss), net | (4,628) | (4,628) | |||||
Net income (loss) | (7,671) | (7,671) | |||||
Balance ending at Jun. 30, 2021 | $ 422,631 | 556 | 253,244 | 279,163 | (109,407) | (925) | |
Balance, Shares ending at Jun. 30, 2021 | 46,350,945 | 46,350,945 | |||||
Balance beginning at Mar. 31, 2021 | $ 420,347 | 555 | 250,829 | 279,361 | (109,407) | (991) | |
Balance, Shares beginning at Mar. 31, 2021 | 46,257,413 | ||||||
Stock-based compensation | 2,405 | 2,405 | |||||
Exercise of stock options | 11 | 0 | 11 | ||||
Exercise of stock options, Shares | 1,000 | ||||||
Settlement of restricted stock units | 1 | (1) | |||||
Settlement of restricted stock units, Shares | 92,532 | ||||||
Other comprehensive income (loss), net | 66 | 66 | |||||
Net income (loss) | (198) | (198) | |||||
Balance ending at Jun. 30, 2021 | $ 422,631 | $ 556 | $ 253,244 | $ 279,163 | $ (109,407) | $ (925) | |
Balance, Shares ending at Jun. 30, 2021 | 46,350,945 | 46,350,945 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income (loss) | $ (7,671) | $ 5,422 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation and amortization | 6,998 | 10,479 |
Provision for severance benefits | 3,507 | 10,179 |
Amortization of debt issuance costs and original issue discount | 261 | 1,205 |
Loss on foreign currency, net | 13,353 | 26,397 |
Restructuring and other charges | 3,295 | 141 |
Provision for inventory reserves | 3,346 | 2,033 |
Stock-based compensation | 4,051 | 2,528 |
Other, net | 266 | (111) |
Changes in operating assets and liabilities | ||
Accounts receivable, net | 5,098 | (438) |
Unbilled accounts receivable, net | 10,933 | |
Inventories | (7,170) | (14,060) |
Other receivables | (4,841) | 67 |
Other current assets | 8,623 | 4,747 |
Accounts payable | 1,040 | 4,947 |
Other accounts payable | (2,287) | (5,898) |
Accrued expenses | (3,980) | 161 |
Accrued income taxes | (10,249) | 349 |
Other current liabilities | (102) | 871 |
Other non-current liabilities | (274) | 1,238 |
Payment of severance benefits | (2,836) | (4,272) |
Other, net | (62) | 147 |
Net cash provided by operating activities | 10,366 | 57,065 |
Cash flows from investing activities | ||
Proceeds from settlement of hedge collateral | 972 | 5,855 |
Payment of hedge collateral | (585) | (7,841) |
Purchase of property, plant and equipment | (4,866) | (8,842) |
Payment for intellectual property registration | (288) | (473) |
Collection of guarantee deposits | 307 | 47 |
Payment of guarantee deposits | (4,960) | (571) |
Other, net | (130) | 21 |
Net cash used in investing activities | (9,550) | (11,804) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 2,549 | 663 |
Acquisition of treasury stock | (1,653) | (1,021) |
Repayment of financing related to water treatment facility arrangement | (288) | (267) |
Repayment of principal portion of finance lease liabilities | (33) | (119) |
Net cash provided by (used in) financing activities | 575 | (744) |
Effect of exchange rates on cash and cash equivalents | (9,451) | (3,350) |
Net increase (decrease) in cash and cash equivalents | (8,060) | 41,167 |
Cash and cash equivalents | ||
Beginning of the period | 279,940 | 151,657 |
End of the period | 271,880 | 192,824 |
Supplemental cash flow information | ||
Cash paid for interest | 2,094 | 9,522 |
Cash paid for income taxes | 11,227 | 1,889 |
Non-cash investing activities | ||
Property, plant and equipment additions in other accounts payable | $ 3,632 | $ 602 |
Exchange of exchangeable senior notes into common stock | 83,740 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 fabrication facility located in Cheongju, Korea, known as “Fab 4” to Key Foundry Co., Ltd. (the “Buyer”), a Korean corporation, in exchange for a purchase price equal to approximately $350.6 million in cash, pursuant to the terms of a business transfer agreement (the “Business Transfer Agreement”) dated March 31, 2020 by and among the Company and Magnus Semiconductor, LLC, a Korean limited liability company (“Magnus”). The purchase price was paid in a combination of U.S. Dollars in the amount of $46.5 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 $100 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. 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 the three months ended March 31, 2020. 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 accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for a full year or for any other periods. The consolidated statement of cash flow for the six months ended June 30, 2020 has not been adjusted to separately disclose the cash flow related to discontinued operations, but the material items in the operating and investing activities of the cash flow relating to discontinued operations for the same period is disclosed in Note 3. Unless otherwise stated, information in these notes to consolidated financial statements relates to the Company’s continuing operations and excludes the discontinued operations. The December 31, 2020 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 Recently Adopted Accounting Pronouncements 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 |
Merger Agreement
Merger Agreement | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Merger Agreement | 2. Merger Agreement On March 25, 2021, the Company, South Dearborn Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Parent”), formed by an affiliate of Wise Road Capital LTD, and Michigan Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, among other things, and subject to the terms and conditions thereof, Merger Sub will be merged with and into the Company (the “Merger”), with the Company continuing its corporate existence under the General Corporation Law of the State of Delaware (the “DGCL”) as the surviving corporation in the Merger and becoming a wholly owned subsidiary of Parent. Pursuant to the Merger Agreement, each share of the Company’s common stock, par value $0.01 per share (the “Common Stock”), issued and outstanding immediately before the effective time of the Merger (the “Effective Time”) (other than (a) shares of Common Stock owned by the Company or any of its wholly owned subsidiaries or by Parent or any of its subsidiaries immediately before the Effective Time (collectively, the Consummation of the Merger is subject to certain customary closing conditions, including (i) approval of the Merger Agreement by our stockholders, (ii) the receipt of certain required or requested governmental approvals or authorizations (including from the Committee on Foreign Investment in the United States (“CFIUS”) and the Korean Ministry of Trade, Industry and Energy (“MOTIE”)), (iii) the absence of any order or law issued, enacted or deemed applicable by certain governmental authorities specified in the Merger Agreement that makes consummation of the Merger illegal and that remains in effect (a “Prohibitive Order”), (iv) the absence of a Company Material Adverse Effect (as defined in the Merger Agreement) and (v) other customary closing conditions, including the accuracy of each party’s representations and warranties, and each party’s compliance with its obligations under the Merger Agreement (subject in the case of this clause (v) to certain materiality qualifiers). The Merger Agreement contains termination rights for each of the Company and Parent, including if (i) the consummation of the Merger does not occur by 11:59 p.m. (New York time) on September 25, 2021 (subject to extension to December 25, 2021 and again to March 25, 2022 at the option of either party if certain regulatory approvals or authorizations have not been obtained by such date or certain governmental authorities specified in the Merger Agreement have issued, enacted or deemed applicable a Prohibitive Order), (ii) the Requisite Company Vote is not obtained, (iii) any of certain governmental authorities specified in the Merger Agreement issues, enacts or deems applicable after the date of the Merger Agreement a Prohibitive Order that has become final and non-appealable, non-breaching For the three and six months ended June 30, 2021, the Company incurred $2,459 thousand and $12,290 thousand, respectively, of professional fees and certain transaction related-expenses incurred in connection with the Merger, which were recognized in other charges in the consolidated statements of operations. The foregoing description of the Merger Agreement is not complete and is qualified in its entirety by reference to the Merger Agreement, which is filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations 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 the three and six months ended June 30, 2020. 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 three and six months ended June 30, 2020. Three Months Ended Six Months Ended June 30, June 30, (In thousands of U.S. dollars) Revenues: Net sales – Foundry Services Group $ 95,779 $ 182,058 Net sales – transitional Fab 3 foundry services (9,873 ) (19,610 ) Total revenues 85,906 162,448 Cost of sales: Cost of sales – Foundry Services Group 64,869 130,452 Cost of sales – transitional Fab 3 foundry services (9,873 ) (19,610 ) Total cost of sales 54,996 110,842 Gross profit 30,910 51,606 Operating expenses: Selling, general and administrative expenses 4,992 10,636 Research and development expenses 6,915 14,318 Restructuring and other charges 589 2,704 Total operating expenses 12,496 27,658 Operating income from discontinued operations 18,414 23,948 Foreign currency gain (loss), net (23 ) 2,074 Others, net (59 ) 48 Income from discontinued operations before income tax expense 18,332 26,070 Income tax expense 935 1,344 Income from discontinued operations, net of tax $ 17,397 $ 24,726 For the three and six months ended June 30, 2020, the Company recorded $589 thousand and $2,704 thousand, respectively, in professional fees incurred in connection with the sale of the Foundry Services Group business and Fab 4, and recorded such costs as restructuring and other charges in the abov e The following table provides supplemental cash flows information related to discontinued operations: Six Months Ended June 30, (In thousands of U.S. dollars) Significant non-cash Depreciation and amortization $ 5,365 Provision for severance benefits 6,405 Stock-based compensation 263 Investing activities: Capital expenditures $ (4,415 ) |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories as of June 30, 2021 and December 31, 2020 consist of the following (in thousands): June 30, December 31, Finished goods $ 7,829 $ 6,425 Semi-finished goods and work-in-process 32,524 30,968 Raw materials 8,524 6,526 Materials in-transit 593 1,021 Less: inventory reserve (8,101 ) (5,901 ) Inventories, net $ 41,369 $ 39,039 Changes in inventory reserve for the three and six months ended June 30, 2021 and 2020 are as follows (in thousands): Three Months Six Months Three Months Six Months June 30, 2021 June 30, 2020 Beginning balance $ (6,281 ) $ (5,901 ) $ (4,807 ) $ (5,947 ) Change in reserve Inventory reserve charged to costs of sales (3,186 ) (5,350 ) (1,794 ) (3,069 ) Sale of previously reserved inventory 1,343 1,977 747 1,653 (1,843 ) (3,373 ) (1,047 ) (1,416 ) Write off 28 930 642 1,141 Translation adjustments (5 ) 243 (95 ) 221 Reclassified to assets held for sale — — — 694 Ending balance $ (8,101 ) $ (8,101 ) $ (5,307 ) $ (5,307 ) 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 scrapped. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 5. Property, Plant and Equipment Property, plant and equipment as of June 30, 2021 and December 31, 2020 are comprised of the following (in thousands): June 30, December 31, Buildings and related structures $ 24,184 $ 24,882 Machinery and equipment 104,875 106,244 Finance lease right-of-use 331 344 Others 44,277 40,116 173,667 171,586 Less: accumulated depreciation (93,549 ) (90,370 ) Land 14,603 15,167 Property, plant and equipment, net $ 94,721 $ 96,383 Aggregate depreciation expenses totaled $6,626 thousand and $4,794 thousand for the six months ended June 30, 2021 and 2020, respectively. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets Intangible assets as of June 30, 2021 and December 31, 2020 are comprised of the following (in thousands): June 30, 2021 Gross Accumulated Net Intellectual property assets $ 9,425 $ (6,884 ) $ 2,541 Intangible assets $ 9,425 $ (6,884 ) $ 2,541 December 31, 2020 Gross Accumulated Net Intellectual property assets $ 9,486 $ (6,759 ) $ 2,727 Intangible assets $ 9,486 $ (6,759 ) $ 2,727 Aggregate amortization expenses for intangible assets totaled $372 thousand and $320 thousand for the six months ended June 30, 2021 and 2020, respectively. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 7. 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 June 30, 2021 and December 31, 2020 are as follows (in thousands): Leases Classification June 30, December 31, Assets Operating lease Operating lease right-of-use assets $ 4,520 $ 4,632 Finance lease Property, plant and equipment, net 165 206 Total lease assets $ 4,685 $ 4,838 Liabilities Current Operating Operating lease liabilities $ 2,181 $ 2,210 Finance Other current liabilities 69 68 Non-current Operating Non-current 2,338 2,422 Finance Other non-current 112 153 Total lease liabilities $ 4,700 $ 4,853 The following table presents the weighted average remaining lease term and discount rate: June 30, December 31, Weighted average remaining lease term Operating leases 2.9 years 3.0 years Finance leases 2.5 years 3.0 years Weighted average discount rate Operating leases 4.71 % 5.55 % 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): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Operating lease cost $ 727 $ 461 $ 1,407 $ 929 Finance lease cost Amortization of right-of-use 16 15 33 31 Interest on lease liabilities 3 4 7 9 Total lease cost $ 746 $ 480 $ 1,447 $ 969 The above table does not include an immaterial cost of short-term leases for the three and six months ended June 30, 2021 and 2020. Other lease information is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 727 $ 461 $ 1,407 $ 929 Operating cash flows from finance leases 3 4 7 9 Financing cash flows from finance leases 17 14 33 28 The aggregate future lease payments for operating and finance leases as of June 30, 2021 are as follows (in thousands): Operating Finance Remainder of 2021 $ 1,409 $ 40 2022 1,574 79 2023 837 80 2024 601 — 2025 414 — Total future lease payments 4,835 199 Less: Imputed interest (316 ) (18 ) Present value of future payments $ 4,519 $ 181 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 8. Accrued Expenses Accrued expenses as of June 30, 2021 and December 31, 2020 are comprised of the following (in thousands): June 30, December 31, Payroll, benefits and related taxes, excluding severance benefits $ 8,259 $ 10,296 Withholding tax attributable to intercompany interest income 1,144 28 Interest on senior notes — 1,396 Outside service fees 1,179 755 Restructuring and others 1,611 2,658 Others 827 1,108 Accrued expenses $ 13,020 $ 16,241 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 9. Derivative Financial Instruments The Company’s Korean subsidiary from time to time has entered into zero cost collar 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 June 30, 2021 are as follows (in thousands): Date of transaction Total notional amount Month of settlement December 15, 2020 $ 30,000 July 2021 to December 2021 February 26, 2021 $ 18,000 July 2021 to December 2021 May 13, 2021 $ 39,000 January 2022 to September 2022 Details of the zero cost collar contracts as of December 31, 2020 are as follows (in thousands): Date of transaction Total notional amount Month of settlement July 13, 2020 $ 30,000 January 2021 to June 2021 December 15, 2020 $ 30,000 July 2021 to December 2021 December 18, 2020 $ 18,000 March 2021 to June 2021 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 contract s The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of June 30, 2021 and December 31, 2020 are as follows (in thousands): Derivatives designated as hedging instruments: June 30, December 31, Asset Derivatives: Zero cost collars Other current assets $ — $ 2,036 Liability Derivatives: Zero cost collars Other current liabilities $ 846 $ 195 Zero cost collars Other non-current $ 66 $ — Offsetting of derivative liabilities as of June 30, 2021 is as follows (in thousands): As of June 30, 2021 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Liability Derivatives: Zero cost collars $ 912 $ — $ 912 $ — $ (580) $ 332 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 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 three months ended June 30, 2021 and 2020. Net sales of discontinued operations for the three months ended June 30, 2020 are included in the below table (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Income Location/Amount of Gain (Loss) Location/Amount of Gain (Loss) Three Months Ended Three Months Ended Three Months Ended 2021 2020 2021 2020 2021 2020 Zero cost collars $ 432 $ 2,204 Net sales $ 475 $ (193 ) Other income, net $ (58 ) $ 55 $ 432 $ 2,204 $ 475 $ (193 ) $ (58 ) $ 55 The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2021 and 2020. Net sales of discontinued operations for the six months ended June 30, 2020 are included in the below table (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Location/Amount of Gain Location/Amount of Gain (Loss) Six Months Ended Six Months Ended Six Months Ended 2021 2020 2021 2020 2021 2020 Zero cost collars $ (1,693 ) $ (2,800 ) Net sales $ 986 $ (251 ) Other income, net $ (144 ) $ 172 $ (1,693 ) $ (2,800 ) $ 986 $ (251 ) $ (144 ) $ 172 As of June 30, 2021, the amount expected to be reclassified from accumulated other comprehensive loss into loss within the next 12 months is $1,045 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 June 30, 2021 and December 31, 2020 are as follows (in thousands): Counterparties June 30, December 31, NFIK $ 3,250 $ 3,250 DB — 1,000 SC 1,000 1,000 Total $ 4,250 $ 5,250 The Company is required to deposit additional cash collateral with NFIK and DB for any exposure in excess of $500 thousand, and $ These zero cost collar contracts may be terminated by the counterparties in a number of circumstances, including if the Company’s credit rating falls below B-/B3 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements Fair Value of Financial Instruments As of June 30, 2021, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value Fair Value Quoted Prices in Significant Significant Liabilities: Derivative liabilities (other current liabilities) $ 846 $ 846 — $ 846 — Derivative liabilities (other non-current $ 66 $ 66 — $ 66 — 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 — Items not reflected in the table above include cash equivalents, accounts receivable, other receivables, accounts payable, and other accounts payable, fair value of which approximate carrying values due to the short-term nature of these instruments. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs. Fair Value of Borrowings December 31, 2020 Carrying Fair (In thousands of U.S. dollars Borrowings: 5.0% Exchangeable Senior Notes due March 2021 $ 83,479 $ 145,466 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 Exchangeable Notes matured on March 1, 2021, unless they were earlier repurchased or converted. The Company estimated 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 11, “Borrowings.” Fair Values Measured on a Non-recurring The Company’s non-financial measured at fair value on a non-recurring |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Borrowings | 11. Borrowings There were no borrowings outstanding as of June 30, 2021. As of December 31, 2020, the following table represents the Company’s borrowings (in thousands): December 31, 2020 5.0% Exchangeable Senior Notes due March 2021 $ 83,740 Less: unamortized discount and debt issuance costs (261 ) Total borrowings, net 83,479 Less: current portion of long-term borrowings, net 83,479 Long-term borrowings, net $ — 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 accrue d The Company incurred debt issuance costs of $5,902 thousand related to the issuance of the Exchangeable Notes. The debt issuance costs are recorded as a direct deduction from the long-term borrowings in the consolidated balance sheets and amortized to interest expense using the effective interest method over the term of the Exchangeable Notes. Interest expense related to the Exchangeable Notes for the six months ended June 30, 2021 was $958 thousand. Interest expense related to the Exchangeable Notes for the three and six months ended June 30, 2020 were $1,425 thousand and $2,841 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. In December 2018, the Company repurchased a principal amount equal to $1,590 thousand of the Exchangeable Notes in the open market, resulting in a loss of $234 thousand, which was recorded as loss on early extinguishment of borrowings, net in the consolidated statements of operations for the year ended December 31, 2018. Prior to the March 1, 2021 maturity of the Exchangeable Notes, holders elected to exchange all outstanding Exchangeable Notes 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. Upon exchange, the Company delivered for each $1,000 principal amount of exchanged |
Accrued Severance Benefits
Accrued Severance Benefits | 6 Months Ended |
Jun. 30, 2021 | |
Postemployment Benefits [Abstract] | |
Accrued Severance Benefits | 12. Accrued Severance Benefits The majority of accrued severance benefits are for employees in the Company’s Korean subsidiary. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees and executive officers with one or more years of service are entitled to severance benefits upon the termination of their employment based on their length of service and rate of pay. As of June 30, 2021, 98% of all employees of the Company were eligible for severance benefits. Changes in accrued severance benefits are as follows (in thousands): Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 Beginning balance $ 52,553 $ 54,452 $ 50,610 $ 53,344 Provisions 1,736 3,507 1,755 3,774 Severance payments (1,343 ) (2,836 ) (1,502 ) (3,454 ) Translation adjustments 159 (2,018 ) 922 (1,879 ) 53,105 53,105 51,785 51,785 Less: Cumulative contributions to severance insurance deposit accounts (13,316 ) (13,316 ) (1,570 ) (1,570 ) The National Pension Fund (59 ) (59 ) (73 ) (73 ) Group severance insurance plan (210 ) (210 ) (215 ) (215 ) Accrued severance benefits, net $ 39,520 $ 39,520 $ 49,927 $ 49,927 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 benefit Remainder of 2021 $ 78 2022 258 2023 651 2024 932 2025 2,051 2026 2,356 2027 – 2031 19,643 The above amounts were determined based on the non-executive non-executive Korea’s mandatory retirement age is 60 under the Employment Promotion for the Aged Act. |
Foreign Currency Gain (Loss), N
Foreign Currency Gain (Loss), Net | 6 Months Ended |
Jun. 30, 2021 | |
Foreign Currency [Abstract] | |
Foreign Currency Gain (Loss), Net | 13. Foreign Currency Gain (Loss), Net Net foreign currency gain or loss includes non-cash non-cash |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14 . 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 For the three and six months ended June 30, 2021, the Company recorded an income tax expense from continuing operations of $ thousand and $ thousand, respectively, primarily attributable to interest on intercompany loan balances. During the second quarter of 2021, income tax expense of $ thousand was also recorded for certain income-based tax assessments as a result of a regular tax examination completed for the Company’s Korean subsidiary for multiple tax year s For the three and six months ended June 30, 2020, the Company recorded an income tax expense from thousand and $ thousand, respectively, primarily attributable to interest on intercompany loan balances. The income tax expense was recorded for the Company’s Korean subsidiary based on the estimated taxable income for the respective period, combined with its ability to utilize net operating loss carryforwards up to in 2020. |
Geographic and Other Informatio
Geographic and Other Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Geographic and Other Information | 15. Geographic and Other Information The following sets forth information relating to the single continuing operating segment (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues Standard products business Display Solutions $ 46,601 $ 69,176 $ 105,496 $ 146,769 Power Solutions 56,667 39,779 110,678 72,922 Total standard products business 103,268 108,955 216,174 219,691 Transitional Fab 3 foundry services 10,608 9,873 20,721 19,610 Total revenues $ 113,876 $ 118,828 $ 236,895 $ 239,301 Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Gross Profit Standard products business $ 32,859 $ 32,138 $ 66,518 $ 61,268 Transitional Fab 3 foundry services 1,111 — 1,834 — Total gross profit $ 33,970 $ 32,138 $ 68,352 $ 61,268 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 Six Months Ended June 30, June 30, June 30, June 30, Korea $ 30,868 $ 21,957 $ 57,302 $ 52,774 Asia Pacific (other than Korea) 69,352 84,210 153,092 161,752 United States 1,363 1,461 2,637 2,170 Europe 1,206 856 2,449 1,827 Others 479 471 694 1,168 Total $ 103,268 $ 108,955 $ 216,174 $ 219,691 For the three months ended June 30, 2021 and 2020, of the Company’s net sales – standard products business in Asia Pacific (other than Korea), net sales – standard products business in China and Hong Kong represented 60.6% and 82.8%, respectively, and net sales—standard products business in Vietnam represented 32.0% and 13.8%, respectively. For the six months ended June 30, 2021 and 2020, of the Company’s net sales – standard products business in Asia Pacific (other than Korea), net sales – standard products business in China and Hong Kong represented 58.6% and 88.8%, respectively, and net sales—standard products business in Vietnam represented 35.0% and 7.7%, 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 80% and 88% for the three months ended June 30, 2021 and 2020, respectively, and 81% and 89% for the six months ended June 30, 2021 and 2020, respectively. For the three months ended June 30, 2021, the Company had two customers that represented 40.0% and 11.7% of its net sales – standard products business. For the six months ended June 30, 2021, the Company had two customers that represented 44.6% and 10.8% of its net sales – standard products business. For the three months ended June 30, 2020, the Company had one customer that represented 56.5% of its net sales – standard products business, and for the six months ended June 30, 2020, the Company had two customers that represented 54.7% and 10.7% of its net sales – standard products business. As of June 30, 2021 and December 31, 2020, one customer accounted for 26.9% and 45.1% of accounts receivable, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 16. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) consists of the following as of June 30, 2021 and December 31, 2020, respectively (in thousands): June 30, December 31, Foreign currency translation adjustments $ 120 $ 2,069 Derivative adjustments (1,045 ) 1,634 Total $ (925 ) $ 3,703 Changes in accumulated other comprehensive income (loss) for the three months ended June 30, 2021 and 2020 are as follows (in thousands): Three Months Ended June 30, 2021 Foreign Derivative Total Beginning balance $ 11 $ (1,002 ) $ (991 ) Other comprehensive income before reclassifications 109 432 541 Amounts reclassified from accumulated other comprehensive income — (475 ) (475 ) Net current-period other comprehensive income (loss) 109 (43 ) 66 Ending balance $ 120 $ (1,045 ) $ (925 ) Three Months Ended June 30, 2020 Foreign Derivative Total Beginning balance $ 18,046 $ (3,401 ) $ 14,645 Other comprehensive income (loss) before reclassifications (6,543 ) 2,204 (4,339 ) Amounts reclassified from accumulated other comprehensive loss — 193 193 Net current-period other comprehensive income (loss) (6,543 ) 2,397 (4,146 ) Ending balance $ 11,503 $ (1,004 ) $ 10,499 Changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2021 and 2020 are as follows (in thousands): Six Months Ended June 30, 2021 Foreign Derivative Total Beginning balance $ 2,069 $ 1,634 $ 3,703 Other comprehensive loss before reclassifications (1,949 ) (1,693 ) (3,642 ) Amounts reclassified from accumulated other comprehensive income — (986 ) (986 ) Net current-period other comprehensive loss (1,949 ) (2,679 ) (4,628 ) Ending balance $ 120 $ (1,045 ) $ (925 ) Six Months Ended June 30, 2020 Foreign Derivative Total Beginning balance $ (4,205 ) $ 1,545 $ (2,660 ) Other comprehensive income (loss) before reclassifications 15,708 (2,800 ) 12,908 Amounts reclassified from accumulated other comprehensive loss — 251 251 Net current-period other comprehensive income (loss) 15,708 (2,549 ) 13,159 Ending balance $ 11,503 $ (1,004 ) $ 10,499 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 17. Earnings (Loss) Per Share The following table illustrates the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In thousands of U.S. dollars, except share data) Basic earnings (loss) per share Income (loss) from continuing operations $ (198 ) $ 11,774 $ (7,671 ) $ (19,304 ) Income from discontinued operations, net of tax — 17,397 — 24,726 Net income (loss) $ (198 ) $ 29,171 $ (7,671 ) $ 5,422 Basic weighted average common stock outstanding 46,322,027 35,092,312 43,324,088 34,992,734 Basic earnings (loss) per common share Continuing operations $ (0.00 ) $ 0.34 $ (0.18 ) $ (0.55 ) Discontinued operations — 0.50 — 0.71 Total $ (0.00 ) $ 0.84 $ (0.18 ) $ 0.16 Diluted earnings (loss) per share Income (loss) from continuing operations $ (198 ) $ 11,774 $ (7,671 ) $ (19,304 ) Add back: Interest expense on Exchangeable Notes — 1,425 — — Income (loss) from continuing operations allocated to common stockholders $ (198 ) $ 13,199 $ (7,671 ) $ (19,304 ) Income from discontinued operations, net of tax — 17,397 — 24,726 Net income (loss) allocated to common stockholders $ (198 ) $ 30,596 $ (7,671 ) $ 5,422 Basic weighted average common stock outstanding 46,322,027 35,092,312 43,324,088 34,992,734 Net effect of dilutive equity awards — 1,237,770 — — Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock — 10,144,155 — — Diluted weighted average common stock outstanding 46,322,027 46,474,237 43,324,088 34,992,734 Continuing operations $ (0.00 ) $ 0.28 $ (0.18 ) $ (0.55 ) Discontinued operations — 0.37 — 0.71 Total $ (0.00 ) $ 0.65 $ (0.18 ) $ 0.16 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 Six Months Ended June 30, June 30, June 30, June 30, Options 1,470,421 699,167 1,470,421 2,075,494 Restricted Stock Units 1,012,197 — 1,012,197 1,238,639 For the six months ended June 30, 2021 and 2020, 2,875,982 shares and 10,144,155 shares, respectively, of potential common stock from the assumed conversion of Exchangeable Notes were also excluded from the computation of diluted loss per share as the effect were anti-dilutive for the period. |
Other Charges
Other Charges | 6 Months Ended |
Jun. 30, 2021 | |
Other Expenses [Abstract] | |
Other Charges | 18. Other Charges For the three months ended June 30, 2021, other charges totaled $ thousand, of which $ thousand related to professional fees and certain transaction related expenses incurred in connection with the Merger and $2,561 thousand related to certain non-recurring For the six months ended June 30, 2021, other charges totaled thousand, of which thousand related to professional fees and certain transaction related expenses incurred in connection with the Merger and thousand related to certain non-recurring thousand, which pertained to non-recurring |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies 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 $1,150 thousand and $5,500 thousand as other current assets as of June 30, 2021 and December 31, 2020, respectively. COVID-19 In December 2019, a strain of coronavirus causing a disease known as COVID-19 COVID-19 shelter-in-place COVID-19 re-imposition re-implemented COVID-19. The Company experienced some minor disruption in its Power Solutions business from assembly and test subcontractors located in China in the first quarter of 2020 as a result of the COVID-19 sub-contractors COVID-19 COVID-19 The Company continues to closely monitor and evaluate the nature and scope of the impact of the COVID-19 Merger-related Complaints Since April 22, 2021, eleven complaints (each, a “Shareholder Complaint,” and together, the “Shareholder Complaints”) have been filed seeking to enjoin the Merger, or, if the Merger is consummated, rescind the Merger or recover damages, as well as an award of each plaintiff’s fees and litigation expenses. The Shareholder Complaints, each filed as an individual action by a purported stockholder of the Company, are captioned as Schulthess v. Magnachip Semiconductor Corporation, et al. 1:21-cv-03587 Pittman v. Magnachip Semiconductor Corporation, et al. 1:21-cv-02306 Flanagan v. Magnachip Semiconductor Corporation, et al. 1:21-cv-03743 Castelli v. Magnachip Semiconductor Corporation, et al. 1:21-cv-03769 Doolittle v. Magnachip Semiconductor Corporation, et al. 1:21-cv-03801 Thomas v. Magnachip Semiconductor Corporation, et al. 1:21-cv-03860 Finger v. Magnachip Semiconductor Corporation, et al. 1:21-cv-03927 Kent v. Magnachip Semiconductor Corporation, et al. 1:21-cv-00657 Kennedy v. Magnachip Semiconductor Corporation, et al. 2:21-cv-02110 Monroy v. Magnachip Semiconductor Corporation, et al. 1:21-cv-04921 Jones v. Magnachip Semiconductor Corporation, et al. 1:21-cv-04966 14a-9 Merger-related Events CFIUS On May 26, 2021, outside legal counsel of each of the Company and Parent received an e-mail e-mail, On June 15, 2021, outside legal counsel of each of the Company and Parent received a letter attaching an “Order Establishing Interim Mitigation Measures” (the “Interim Order”) from the U.S. Department of Treasury on behalf of CFIUS. The Interim Order imposes the following interim measures, effective as of June 15, 2021, on the Company and Parent: (i) neither of the Company or Parent shall take any action, directly or indirectly, to close, consummate, complete, or effectuate the purpose of the Merger, including: (a) the transfer, lease, license, or sale of any asset or subsidiary of the Company to Parent or any affiliate thereof, (b) the merger of Parent or any affiliate thereof with or into the Company or any affiliate thereof, or (c) the acquisition of any equity or other ownership interest in the Company or any affiliate thereof by Parent or any subsidiary thereof; (ii) Parent shall not take, and shall ensure that none of its subsidiaries take, any security interest in the Company or any affiliate thereof; and (iii) the Company shall not take any action to: (a) change its state of incorporation from Delaware to any other jurisdiction or (b) delist from, or modify the existing listing of the Company on, the New York Stock Exchange. The Interim Order is to remain in effect until (1) CFIUS concludes action under Section 721 of the Defense Production Act of 1950, as amended (the “DPA”) with respect to the Merger, (2) the President takes action or declines to take action under Section 721 of the DPA with respect to the Merger or (3) CFIUS or the President revokes or terminates the Interim Order. On June 17, 2021, in light of the Interim Order, the Company announced the postponement of its special meeting of stockholders, which was scheduled to be held at 8:00 p.m. Eastern time on June 17, 2021, pending further developments with respect to the Interim Order. On July 26, 2021, outside legal counsel of each of the Company and Parent received a letter from the Acting CFIUS Staff Chairperson notifying the parties that CFIUS will undertake an investigation of the Merger pursuant to Section 721(b)(2) of the DPA, which will be completed no later than September 13, 2021. MOTIE On June 16, 2021, the Company’s Korean subsidiary received a letter from the MOTIE requesting it to either apply for an approval or file a report, as may be applicable, under Article 11-2 of Under the terms of the Merger Agreement, the Company’s Korean subsidiary’s receipt of the request from MOTIE to apply for approval or file a report pursuant to the ITA concerning the Merger may be deemed to have resulted in the closing of the Merger now being conditioned on the receipt of MOTIE’s authorization without the imposition of a “Burdensome Condition” (as defined in the Merger Agreement), other than a Burdensome Condition to which Parent had previously agreed. The Company’s Korean subsidiary filed such report with MOTIE on July 20, 2021. SAMR On June 30, 2021, based on an application filed by the Company and Parent on May 7, 2021, the State Administration for Market Regulation (“SAMR”) announced that the Merger was cleared pursuant to the Anti-monopoly Law (China) on June 21, 2021. Under the terms of the Merger Agreement, the parties’ receipt of the clearance from SAMR satisfies one of the conditions to the closing of the Merger. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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 fabrication facility located in Cheongju, Korea, known as “Fab 4” to Key Foundry Co., Ltd. (the “Buyer”), a Korean corporation, in exchange for a purchase price equal to approximately $350.6 million in cash, pursuant to the terms of a business transfer agreement (the “Business Transfer Agreement”) dated March 31, 2020 by and among the Company and Magnus Semiconductor, LLC, a Korean limited liability company (“Magnus”). The purchase price was paid in a combination of U.S. Dollars in the amount of $46.5 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 $100 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. 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 the three months ended March 31, 2020. 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 accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for a full year or for any other periods. The consolidated statement of cash flow for the six months ended June 30, 2020 has not been adjusted to separately disclose the cash flow related to discontinued operations, but the material items in the operating and investing activities of the cash flow relating to discontinued operations for the same period is disclosed in Note 3. Unless otherwise stated, information in these notes to consolidated financial statements relates to the Company’s continuing operations and excludes the discontinued operations. The December 31, 2020 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 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements 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 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Results From Discontinued Operations | The following table summarizes the results from discontinued operations, net of tax, for the three and six months ended June 30, 2020. Three Months Ended Six Months Ended June 30, June 30, (In thousands of U.S. dollars) Revenues: Net sales – Foundry Services Group $ 95,779 $ 182,058 Net sales – transitional Fab 3 foundry services (9,873 ) (19,610 ) Total revenues 85,906 162,448 Cost of sales: Cost of sales – Foundry Services Group 64,869 130,452 Cost of sales – transitional Fab 3 foundry services (9,873 ) (19,610 ) Total cost of sales 54,996 110,842 Gross profit 30,910 51,606 Operating expenses: Selling, general and administrative expenses 4,992 10,636 Research and development expenses 6,915 14,318 Restructuring and other charges 589 2,704 Total operating expenses 12,496 27,658 Operating income from discontinued operations 18,414 23,948 Foreign currency gain (loss), net (23 ) 2,074 Others, net (59 ) 48 Income from discontinued operations before income tax expense 18,332 26,070 Income tax expense 935 1,344 Income from discontinued operations, net of tax $ 17,397 $ 24,726 |
Schedule Of Results From Discontinued Operations Alternative Cash Flow Information | The following table provides supplemental cash flows information related to discontinued operations: Six Months Ended June 30, (In thousands of U.S. dollars) Significant non-cash Depreciation and amortization $ 5,365 Provision for severance benefits 6,405 Stock-based compensation 263 Investing activities: Capital expenditures $ (4,415 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories as of June 30, 2021 and December 31, 2020 consist of the following (in thousands): June 30, December 31, Finished goods $ 7,829 $ 6,425 Semi-finished goods and work-in-process 32,524 30,968 Raw materials 8,524 6,526 Materials in-transit 593 1,021 Less: inventory reserve (8,101 ) (5,901 ) Inventories, net $ 41,369 $ 39,039 |
Changes in Inventory Reserve | Changes in inventory reserve for the three and six months ended June 30, 2021 and 2020 are as follows (in thousands): Three Months Six Months Three Months Six Months June 30, 2021 June 30, 2020 Beginning balance $ (6,281 ) $ (5,901 ) $ (4,807 ) $ (5,947 ) Change in reserve Inventory reserve charged to costs of sales (3,186 ) (5,350 ) (1,794 ) (3,069 ) Sale of previously reserved inventory 1,343 1,977 747 1,653 (1,843 ) (3,373 ) (1,047 ) (1,416 ) Write off 28 930 642 1,141 Translation adjustments (5 ) 243 (95 ) 221 Reclassified to assets held for sale — — — 694 Ending balance $ (8,101 ) $ (8,101 ) $ (5,307 ) $ (5,307 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment as of June 30, 2021 and December 31, 2020 are comprised of the following (in thousands): June 30, December 31, Buildings and related structures $ 24,184 $ 24,882 Machinery and equipment 104,875 106,244 Finance lease right-of-use 331 344 Others 44,277 40,116 173,667 171,586 Less: accumulated depreciation (93,549 ) (90,370 ) Land 14,603 15,167 Property, plant and equipment, net $ 94,721 $ 96,383 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets as of June 30, 2021 and December 31, 2020 are comprised of the following (in thousands): June 30, 2021 Gross Accumulated Net Intellectual property assets $ 9,425 $ (6,884 ) $ 2,541 Intangible assets $ 9,425 $ (6,884 ) $ 2,541 December 31, 2020 Gross Accumulated Net Intellectual property assets $ 9,486 $ (6,759 ) $ 2,727 Intangible assets $ 9,486 $ (6,759 ) $ 2,727 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related To Leases [Table Text Block] | Supplemental balance sheets information related to leases as of June 30, 2021 and December 31, 2020 are as follows (in thousands): Leases Classification June 30, December 31, Assets Operating lease Operating lease right-of-use assets $ 4,520 $ 4,632 Finance lease Property, plant and equipment, net 165 206 Total lease assets $ 4,685 $ 4,838 Liabilities Current Operating Operating lease liabilities $ 2,181 $ 2,210 Finance Other current liabilities 69 68 Non-current Operating Non-current 2,338 2,422 Finance Other non-current 112 153 Total lease liabilities $ 4,700 $ 4,853 |
Lease, Cost [Table Text Block] | The following table presents the weighted average remaining lease term and discount rate: June 30, December 31, Weighted average remaining lease term Operating leases 2.9 years 3.0 years Finance leases 2.5 years 3.0 years Weighted average discount rate Operating leases 4.71 % 5.55 % 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): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Operating lease cost $ 727 $ 461 $ 1,407 $ 929 Finance lease cost Amortization of right-of-use 16 15 33 31 Interest on lease liabilities 3 4 7 9 Total lease cost $ 746 $ 480 $ 1,447 $ 969 Other lease information is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 727 $ 461 $ 1,407 $ 929 Operating cash flows from finance leases 3 4 7 9 Financing cash flows from finance leases 17 14 33 28 |
Schedule Of Future Lease Payments [Table Text Block] | The aggregate future lease payments for operating and finance leases as of June 30, 2021 are as follows (in thousands): Operating Finance Remainder of 2021 $ 1,409 $ 40 2022 1,574 79 2023 837 80 2024 601 — 2025 414 — Total future lease payments 4,835 199 Less: Imputed interest (316 ) (18 ) Present value of future payments $ 4,519 $ 181 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses as of June 30, 2021 and December 31, 2020 are comprised of the following (in thousands): June 30, December 31, Payroll, benefits and related taxes, excluding severance benefits $ 8,259 $ 10,296 Withholding tax attributable to intercompany interest income 1,144 28 Interest on senior notes — 1,396 Outside service fees 1,179 755 Restructuring and others 1,611 2,658 Others 827 1,108 Accrued expenses $ 13,020 $ 16,241 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Details of Derivative Contracts | Details of the zero cost collar contracts as of June 30, 2021 are as follows (in thousands): Date of transaction Total notional amount Month of settlement December 15, 2020 $ 30,000 July 2021 to December 2021 February 26, 2021 $ 18,000 July 2021 to December 2021 May 13, 2021 $ 39,000 January 2022 to September 2022 Details of the zero cost collar contracts as of December 31, 2020 are as follows (in thousands): Date of transaction Total notional amount Month of settlement July 13, 2020 $ 30,000 January 2021 to June 2021 December 15, 2020 $ 30,000 July 2021 to December 2021 December 18, 2020 $ 18,000 March 2021 to June 2021 |
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 June 30, 2021 and December 31, 2020 are as follows (in thousands): Derivatives designated as hedging instruments: June 30, December 31, Asset Derivatives: Zero cost collars Other current assets $ — $ 2,036 Liability Derivatives: Zero cost collars Other current liabilities $ 846 $ 195 Zero cost collars Other non-current $ 66 $ — |
Offsetting of Derivative Assets and Liabilities | Offsetting of derivative liabilities as of June 30, 2021 is as follows (in thousands): As of June 30, 2021 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Liability Derivatives: Zero cost collars $ 912 $ — $ 912 $ — $ (580) $ 332 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 |
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 June 30, 2021 and 2020. Net sales of discontinued operations for the three months ended June 30, 2020 are included in the below table (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Income Location/Amount of Gain (Loss) Location/Amount of Gain (Loss) Three Months Ended Three Months Ended Three Months Ended 2021 2020 2021 2020 2021 2020 Zero cost collars $ 432 $ 2,204 Net sales $ 475 $ (193 ) Other income, net $ (58 ) $ 55 $ 432 $ 2,204 $ 475 $ (193 ) $ (58 ) $ 55 The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2021 and 2020. Net sales of discontinued operations for the six months ended June 30, 2020 are included in the below table (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Location/Amount of Gain Location/Amount of Gain (Loss) Six Months Ended Six Months Ended Six Months Ended 2021 2020 2021 2020 2021 2020 Zero cost collars $ (1,693 ) $ (2,800 ) Net sales $ 986 $ (251 ) Other income, net $ (144 ) $ 172 $ (1,693 ) $ (2,800 ) $ 986 $ (251 ) $ (144 ) $ 172 |
Schedule Of Deposit Assets [Table Text Block] | These cash deposits are recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of June 30, 2021 and December 31, 2020 are as follows (in thousands): Counterparties June 30, December 31, NFIK $ 3,250 $ 3,250 DB — 1,000 SC 1,000 1,000 Total $ 4,250 $ 5,250 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | As of June 30, 2021, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value Fair Value Quoted Prices in Significant Significant Liabilities: Derivative liabilities (other current liabilities) $ 846 $ 846 — $ 846 — Derivative liabilities (other non-current $ 66 $ 66 — $ 66 — 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 — |
Schedule of Fair Value of Long-term Borrowings | Fair Value of Borrowings December 31, 2020 Carrying Fair (In thousands of U.S. dollars Borrowings: 5.0% Exchangeable Senior Notes due March 2021 $ 83,479 $ 145,466 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Components of Long-term Borrowings | There were no borrowings outstanding as of June 30, 2021. As of December 31, 2020, the following table represents the Company’s borrowings (in thousands): December 31, 2020 5.0% Exchangeable Senior Notes due March 2021 $ 83,740 Less: unamortized discount and debt issuance costs (261 ) Total borrowings, net 83,479 Less: current portion of long-term borrowings, net 83,479 Long-term borrowings, net $ — |
Accrued Severance Benefits (Tab
Accrued Severance Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Postemployment Benefits [Abstract] | |
Changes in Accrued Severance Benefits | Changes in accrued severance benefits are as follows (in thousands): Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 Beginning balance $ 52,553 $ 54,452 $ 50,610 $ 53,344 Provisions 1,736 3,507 1,755 3,774 Severance payments (1,343 ) (2,836 ) (1,502 ) (3,454 ) Translation adjustments 159 (2,018 ) 922 (1,879 ) 53,105 53,105 51,785 51,785 Less: Cumulative contributions to severance insurance deposit accounts (13,316 ) (13,316 ) (1,570 ) (1,570 ) The National Pension Fund (59 ) (59 ) (73 ) (73 ) Group severance insurance plan (210 ) (210 ) (215 ) (215 ) Accrued severance benefits, net $ 39,520 $ 39,520 $ 49,927 $ 49,927 |
Future Benefits Payments to Employees | The Company is liable to pay the following future benefits to its non-executive Severance benefit Remainder of 2021 $ 78 2022 258 2023 651 2024 932 2025 2,051 2026 2,356 2027 – 2031 19,643 |
Geographic and Other Informat_2
Geographic and Other Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments | The following sets forth information relating to the single continuing operating segment (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Revenues Standard products business Display Solutions $ 46,601 $ 69,176 $ 105,496 $ 146,769 Power Solutions 56,667 39,779 110,678 72,922 Total standard products business 103,268 108,955 216,174 219,691 Transitional Fab 3 foundry services 10,608 9,873 20,721 19,610 Total revenues $ 113,876 $ 118,828 $ 236,895 $ 239,301 Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Gross Profit Standard products business $ 32,859 $ 32,138 $ 66,518 $ 61,268 Transitional Fab 3 foundry services 1,111 — 1,834 — Total gross profit $ 33,970 $ 32,138 $ 68,352 $ 61,268 |
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 Six Months Ended June 30, June 30, June 30, June 30, Korea $ 30,868 $ 21,957 $ 57,302 $ 52,774 Asia Pacific (other than Korea) 69,352 84,210 153,092 161,752 United States 1,363 1,461 2,637 2,170 Europe 1,206 856 2,449 1,827 Others 479 471 694 1,168 Total $ 103,268 $ 108,955 $ 216,174 $ 219,691 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive income (loss) consists of the following as of June 30, 2021 and December 31, 2020, respectively (in thousands): June 30, December 31, Foreign currency translation adjustments $ 120 $ 2,069 Derivative adjustments (1,045 ) 1,634 Total $ (925 ) $ 3,703 |
Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive income (loss) for the three months ended June 30, 2021 and 2020 are as follows (in thousands): Three Months Ended June 30, 2021 Foreign Derivative Total Beginning balance $ 11 $ (1,002 ) $ (991 ) Other comprehensive income before reclassifications 109 432 541 Amounts reclassified from accumulated other comprehensive income — (475 ) (475 ) Net current-period other comprehensive income (loss) 109 (43 ) 66 Ending balance $ 120 $ (1,045 ) $ (925 ) Three Months Ended June 30, 2020 Foreign Derivative Total Beginning balance $ 18,046 $ (3,401 ) $ 14,645 Other comprehensive income (loss) before reclassifications (6,543 ) 2,204 (4,339 ) Amounts reclassified from accumulated other comprehensive loss — 193 193 Net current-period other comprehensive income (loss) (6,543 ) 2,397 (4,146 ) Ending balance $ 11,503 $ (1,004 ) $ 10,499 Changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2021 and 2020 are as follows (in thousands): Six Months Ended June 30, 2021 Foreign Derivative Total Beginning balance $ 2,069 $ 1,634 $ 3,703 Other comprehensive loss before reclassifications (1,949 ) (1,693 ) (3,642 ) Amounts reclassified from accumulated other comprehensive income — (986 ) (986 ) Net current-period other comprehensive loss (1,949 ) (2,679 ) (4,628 ) Ending balance $ 120 $ (1,045 ) $ (925 ) Six Months Ended June 30, 2020 Foreign Derivative Total Beginning balance $ (4,205 ) $ 1,545 $ (2,660 ) Other comprehensive income (loss) before reclassifications 15,708 (2,800 ) 12,908 Amounts reclassified from accumulated other comprehensive loss — 251 251 Net current-period other comprehensive income (loss) 15,708 (2,549 ) 13,159 Ending balance $ 11,503 $ (1,004 ) $ 10,499 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In thousands of U.S. dollars, except share data) Basic earnings (loss) per share Income (loss) from continuing operations $ (198 ) $ 11,774 $ (7,671 ) $ (19,304 ) Income from discontinued operations, net of tax — 17,397 — 24,726 Net income (loss) $ (198 ) $ 29,171 $ (7,671 ) $ 5,422 Basic weighted average common stock outstanding 46,322,027 35,092,312 43,324,088 34,992,734 Basic earnings (loss) per common share Continuing operations $ (0.00 ) $ 0.34 $ (0.18 ) $ (0.55 ) Discontinued operations — 0.50 — 0.71 Total $ (0.00 ) $ 0.84 $ (0.18 ) $ 0.16 Diluted earnings (loss) per share Income (loss) from continuing operations $ (198 ) $ 11,774 $ (7,671 ) $ (19,304 ) Add back: Interest expense on Exchangeable Notes — 1,425 — — Income (loss) from continuing operations allocated to common stockholders $ (198 ) $ 13,199 $ (7,671 ) $ (19,304 ) Income from discontinued operations, net of tax — 17,397 — 24,726 Net income (loss) allocated to common stockholders $ (198 ) $ 30,596 $ (7,671 ) $ 5,422 Basic weighted average common stock outstanding 46,322,027 35,092,312 43,324,088 34,992,734 Net effect of dilutive equity awards — 1,237,770 — — Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock — 10,144,155 — — Diluted weighted average common stock outstanding 46,322,027 46,474,237 43,324,088 34,992,734 Continuing operations $ (0.00 ) $ 0.28 $ (0.18 ) $ (0.55 ) Discontinued operations — 0.37 — 0.71 Total $ (0.00 ) $ 0.65 $ (0.18 ) $ 0.16 |
Schedule of Antidilutive Securities Excluded from the Computation of 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 Six Months Ended June 30, June 30, June 30, June 30, Options 1,470,421 699,167 1,470,421 2,075,494 Restricted Stock Units 1,012,197 — 1,012,197 1,238,639 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - Sep. 01, 2020 $ in Millions, ₩ in Billions | USD ($) | KRW (₩) |
Foundry Services Group [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Proceeds from Sale of Business | $ 350.6 | |
MX Foundry Services Group [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Proceeds from Divestiture of Businesses | 46.5 | ₩ 360.6 |
Liabilities Incurred | $ 100 |
Merger Agreement - Additional I
Merger Agreement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Mar. 25, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Business acquisition, share price | $ 0.01 | $ 0.01 | $ 0.01 | |
Business acquisition, transaction costs | $ 2,459 | $ 12,290 | ||
South Dearborn Limited [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, share price | $ 0.01 | |||
Business acquisition, consideration in cash | $ 29 | $ 29 | ||
Business acquisition, transaction costs | $ 2,459 | $ 12,290 |
Discontinued Operations - Sched
Discontinued Operations - Schedule Of Results From Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Operating Expenses [Abstract] | ||
Income from discontinued operations, net of tax | $ 17,397 | $ 24,726 |
Discontinued Operations [Member] | ||
Revenues: | ||
Total revenues | 85,906 | 162,448 |
Cost of sales: | ||
Total cost of sales | 54,996 | 110,842 |
Gross profit | 30,910 | 51,606 |
Operating Expenses [Abstract] | ||
Selling, general and administrative expenses | 4,992 | 10,636 |
Research and development expenses | 6,915 | 14,318 |
Restructuring and other charges | 589 | 2,704 |
Total operating expenses | 12,496 | 27,658 |
Operating income from discontinued operations | 18,414 | 23,948 |
Foreign currency gain (loss), net | (23) | 2,074 |
Others, net | (59) | 48 |
Income from discontinued operations before income tax expense | 18,332 | 26,070 |
Income tax expense | 935 | 1,344 |
Income from discontinued operations, net of tax | 17,397 | 24,726 |
Foundry Services Group [Member] | Discontinued Operations [Member] | ||
Revenues: | ||
Total revenues | 95,779 | 182,058 |
Cost of sales: | ||
Total cost of sales | 64,869 | 130,452 |
Fab Three Foundry Services [Member] | Discontinued Operations [Member] | ||
Revenues: | ||
Total revenues | (9,873) | (19,610) |
Cost of sales: | ||
Total cost of sales | $ (9,873) | $ (19,610) |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
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 | $ 589 | $ 2,704 | |||
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 | $ 11,166 | $ 24,790 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule Of Results From Discontinued Operations Alternative Cash Flow Information (Detail) - Foundry Services Group And Fab Three Foundry Services [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Significant non-cash operating activities: | |
Depreciation and amortization | $ 5,365 |
Provision for severance benefits | 6,405 |
Stock-based compensation | 263 |
Investing activities: | |
Capital expenditures | $ (4,415) |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||||||
Finished goods | $ 7,829 | $ 6,425 | ||||
Semi-finished goods and work-in-process | 32,524 | 30,968 | ||||
Raw materials | 8,524 | 6,526 | ||||
Materials in-transit | 593 | 1,021 | ||||
Less: inventory reserve | (8,101) | $ (6,281) | (5,901) | $ (5,307) | $ (4,807) | $ (5,947) |
Inventories, net | $ 41,369 | $ 39,039 |
Inventories - Changes in Invent
Inventories - Changes in Inventory Reserve (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | ||||
Beginning balance | $ (6,281) | $ (4,807) | $ (5,901) | $ (5,947) |
Change in reserve | ||||
Inventory reserve charged to costs of sales | (3,186) | (1,794) | (5,350) | (3,069) |
Sale of previously reserved inventory | 1,343 | 747 | 1,977 | 1,653 |
Change in reserve | (1,843) | (1,047) | (3,373) | (1,416) |
Write off | 28 | 642 | 930 | 1,141 |
Translation adjustments | (5) | (95) | 243 | 221 |
Reclassified to assets held for sale | 694 | |||
Ending balance | $ (8,101) | $ (5,307) | $ (8,101) | $ (5,307) |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expenses | $ 6,626 | $ 4,794 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 173,667 | $ 171,586 |
Less: accumulated depreciation | (93,549) | (90,370) |
Property, plant and equipment, net | 94,721 | 96,383 |
Buildings and Related Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 24,184 | 24,882 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 104,875 | 106,244 |
Finance Lease Right Of Use Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 331 | 344 |
Others [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 44,277 | 40,116 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 14,603 | $ 15,167 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense for intangible assets | $ 372 | $ 320 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | $ 9,425 | $ 9,486 |
Accumulated amortization | (6,884) | (6,759) |
Intangible asset, Net amount | 2,541 | 2,727 |
Intellectual Property Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | 9,425 | 9,486 |
Accumulated amortization | (6,884) | (6,759) |
Intangible asset, Net amount | $ 2,541 | $ 2,727 |
Leases - Additional Information
Leases - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2021 | |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Operating lease | $ 4,520 | $ 4,632 |
Total lease assets | 4,685 | 4,838 |
Current | ||
Operating | 2,181 | 2,210 |
Non-current | ||
Operating | 2,338 | 2,422 |
Total lease liabilities | 4,700 | 4,853 |
Operating Lease Right Of Use Assets [Member] | ||
Assets | ||
Operating lease | 4,520 | 4,632 |
Property, Plant and Equipment, Net [Member] | ||
Assets | ||
Finance lease | 165 | 206 |
Current Operating Lease Liabilities [Member] | ||
Current | ||
Operating | 2,181 | 2,210 |
Other Current Liabilities [Member] | ||
Current | ||
Finance | 69 | 68 |
Non Current Operating Lease Liabilities [Member] | ||
Non-current | ||
Operating | 2,338 | 2,422 |
Other Noncurrent Liabilities [Member] | ||
Non-current | ||
Finance | $ 112 | $ 153 |
Leases - Components of lease co
Leases - Components of lease cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 727 | $ 461 | $ 1,407 | $ 929 |
Finance lease cost [Abstract] | ||||
Amortization of right-of-use assets | 16 | 15 | 33 | 31 |
Interest on lease liabilities | 3 | 4 | 7 | 9 |
Total lease cost | $ 746 | $ 480 | $ 1,447 | $ 969 |
Leases - Other lease informatio
Leases - Other lease information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | |||||
Operating cash flows from operating leases | $ 727 | $ 461 | $ 1,407 | $ 929 | |
Operating cash flows from finance leases | 3 | 4 | 7 | 9 | |
Financing cash flows from finance leases | $ 17 | $ 14 | $ 33 | $ 28 | |
Weighted average remaining lease term | |||||
Operating leases | 2 years 10 months 24 days | 2 years 10 months 24 days | 3 years | ||
Finance leases | 2 years 6 months | 2 years 6 months | 3 years | ||
Weighted average discount rate | |||||
Operating leases | 4.71% | 4.71% | 5.55% | ||
Finance leases | 7.75% | 7.75% | 7.75% |
Leases - Aggregate future lease
Leases - Aggregate future lease payment (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
Operating Leases, Remainder of 2021 | $ 1,409 |
Operating Leases, 2022 | 1,574 |
Operating Leases, 2023 | 837 |
Operating Leases, 2024 | 601 |
Operating Leases, 2025 | 414 |
Operating Leases, Total future lease payments | 4,835 |
Less: Present value adjustment | (316) |
Present value of future payments | 4,519 |
Finance Leases [Abstract] | |
Finance Leases, Remainder of 2021 | 40 |
Finance Leases, 2022 | 79 |
Finance Leases, 2023 | 80 |
Finance Leases, 2024 | 0 |
Finance Leases, 2025 | 0 |
Finance Leases, Total future lease payments | 199 |
Less: Present value adjustment | (18) |
Present value of future payments | $ 181 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Payroll, benefits and related taxes, excluding severance benefits | $ 8,259 | $ 10,296 |
Withholding tax attributable to intercompany interest income | 1,144 | 28 |
Interest on senior notes | 1,396 | |
Outside service fees | 1,179 | 755 |
Restructuring and others | 1,611 | 2,658 |
Others | 827 | 1,108 |
Accrued expenses | $ 13,020 | $ 16,241 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Estimated amount reclassified from accumulated other comprehensive income into income | $ 1,045 | |
Zero Cost Collar and Forward Contracts [Member] | DB | ||
Derivative [Line Items] | ||
Threshold amount of cash collateral | 580 | |
Zero Cost Collar and Forward Contracts [Member] | Nomura Financial Investment (Korea) Co., Ltd. [Member] | ||
Derivative [Line Items] | ||
Threshold amount of cash collateral | 500 | $ 0 |
Termination provisions for cash and cash equivalents | $ 30,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Details of Derivative Contracts (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Zero Cost Collar One [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Dec. 15, 2020 | Jul. 13, 2020 |
Total notional amount | $ 30,000 | $ 30,000 |
Month of settlement, start | 2021-07 | 2021-01 |
Month of settlement, end | 2021-12 | 2021-06 |
Zero Cost Collar Two [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Feb. 26, 2021 | Dec. 15, 2020 |
Total notional amount | $ 18,000 | $ 30,000 |
Month of settlement, start | 2021-07 | 2021-07 |
Month of settlement, end | 2021-12 | 2021-12 |
Zero Cost Collar Three [Member] | ||
Derivative [Line Items] | ||
Date of transaction | May 13, 2021 | Dec. 18, 2020 |
Total notional amount | $ 39,000 | $ 18,000 |
Month of settlement, start | 2022-01 | 2021-03 |
Month of settlement, end | 2022-09 | 2021-06 |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Asset Derivatives: | ||
Other current assets | $ 2,036 | |
Liability Derivatives: | ||
Other current liabilities | $ 912 | 195 |
Other Current Assets [Member] | ||
Asset Derivatives: | ||
Other current assets | 2,036 | |
Other Current Liabilities [Member] | ||
Liability Derivatives: | ||
Other current liabilities | 846 | $ 195 |
Other Noncurrent Liabilities [Member] | ||
Liability Derivatives: | ||
Other current liabilities | $ 66 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Offsetting of Derivative Assets and Liabilities (Details) - Zero Cost Collars [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Asset Derivatives: | ||
Asset Derivatives, Gross amounts of recognized assets/liabilities | $ 2,036 | |
Asset Derivatives, Gross amounts offset in the balance sheets | 0 | |
Asset Derivatives, Net amounts of assets/liabilities presented in the balance sheets | 2,036 | |
Asset Derivatives, Gross amounts not offset in the balance sheets, Financial instruments | 0 | |
Asset Derivatives, Gross amounts not offset in the balance sheets, Cash collateral pledged | 0 | |
Asset Derivatives, Net amount | 2,036 | |
Liability Derivatives: | ||
Liability Derivatives, Gross amounts of recognized liabilities | $ 912 | 195 |
Liability Derivatives, Gross amounts offset in the balance sheets | 0 | 0 |
Liability Derivatives, Net amounts of liabilities presented in the balance sheets | 912 | 195 |
Liability Derivatives, Gross amounts not offset in the balance sheets, Financial instruments | 0 | 0 |
Liability Derivatives, Gross amounts not offset in the balance sheets, Cash collateral pledged | (580) | 0 |
Liability Derivatives, Net amount after master netting | $ 332 | $ 195 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Impact of Derivative Instruments on Consolidated Statement of Operations (Detail) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative [Line Items] | ||||
Amount of Income (Loss) Recognized in AOCI on Derivatives (Effective Portion) | $ 432 | $ 2,204 | $ (1,693) | $ (2,800) |
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion) | 475 | (193) | 986 | (251) |
Amount of Loss Recognized in Statement of Operations on Derivatives (Ineffective Portion) | (58) | 55 | (144) | 172 |
Zero Cost Collars [Member] | ||||
Derivative [Line Items] | ||||
Amount of Income (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 432 | 2,204 | (1,693) | (2,800) |
Zero Cost Collars [Member] | Other income, net [Member] | ||||
Derivative [Line Items] | ||||
Amount of Loss Recognized in Statement of Operations on Derivatives (Ineffective Portion) | (58) | 55 | (144) | 172 |
Zero Cost Collars [Member] | Net Sales [Member] | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion) | $ 475 | $ (193) | $ 986 | $ (251) |
Derivative Financial Instrume_8
Derivative Financial Instruments - Cash deposits (Details) - Zero Cost Collar And Forward Contracts [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deposit Assets [Line Items] | ||
Margin Deposit Assets | $ 4,250 | $ 5,250 |
DB | ||
Deposit Assets [Line Items] | ||
Margin Deposit Assets | 0 | 1,000 |
NFIK | ||
Deposit Assets [Line Items] | ||
Margin Deposit Assets | 3,250 | 3,250 |
SC | ||
Deposit Assets [Line Items] | ||
Margin Deposit Assets | $ 1,000 | $ 1,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 17, 2017 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Feb. 28, 2019 | Dec. 31, 2018 |
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 | |||||
Debt issuance costs paid | $ 5,902 | $ 5,902 | ||||
Principal Repurchase Amount Of Exchangeable Notes | $ 920 | $ 1,590 | ||||
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying Value [Member] | Other Current Assets [Member] | ||
Assets: | ||
Derivative assets | $ 2,036 | |
Carrying Value [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | $ 846 | 195 |
Carrying Value [Member] | Other Noncurrent Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 66 | |
Estimate of Fair Value Measurement [Member] | Other Current Assets [Member] | ||
Assets: | ||
Derivative assets | 2,036 | |
Estimate of Fair Value Measurement [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 846 | 195 |
Estimate of Fair Value Measurement [Member] | Other Noncurrent Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 66 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Current Assets [Member] | ||
Assets: | ||
Derivative assets | 2,036 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 846 | $ 195 |
Significant Other Observable Inputs (Level 2) [Member] | Other Noncurrent Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | $ 66 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Long-term Borrowings (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Long-term Borrowings: | |
Carrying amount of senior notes | $ 0 |
5.0% Exchangeable Senior Notes due March 2021 [Member] | Exchangeable Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | |
Long-term Borrowings: | |
Carrying amount of senior notes | 83,479 |
Estimated fair value of senior notes | $ 145,466 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value of Long-term Borrowings (Parenthetical) (Detail) - 5.0% Exchangeable Senior Notes due March 2021 [Member] - Exchangeable Senior Notes [Member] | Jan. 17, 2017 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
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 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - 5.0% Exchangeable Senior Notes due March 2021 [Member] - Exchangeable Senior Notes [Member] - USD ($) $ in Thousands | Mar. 01, 2021 | Jan. 17, 2017 | Jan. 17, 2017 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Feb. 28, 2019 |
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 86,250 | $ 86,250 | ||||||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||
Aggregate principal amount of senior notes pricing | 5.00% | |||||||||
Conversion of converted notes, shares issued | 10,144,131 | |||||||||
Debt issuance costs paid | $ 5,902 | $ 5,902 | ||||||||
Interest expense related to the Exchangeable Notes | $ 1,425 | $ 958 | $ 2,841 | |||||||
Debt Instrument, Repurchased Face Amount | $ 1,590 | $ 920 | ||||||||
Loss on early extinguishment of long-term borrowings, net | $ 63 | $ 234 |
Borrowings - Components of Long
Borrowings - Components of Long-term Borrowings (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Less: unamortized discount and debt issuance costs | $ (261) |
Total borrowings, net | 83,479 |
Less: current portion of long-term borrowings, net | 83,479 |
Long-term borrowings, net | 0 |
Exchangeable Senior Notes [Member] | 5.0% Exchangeable Senior Notes due March 2021 [Member] | |
Debt Instrument [Line Items] | |
Long-term borrowings | $ 83,740 |
Accrued Severance Benefits - Ad
Accrued Severance Benefits - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2021 | |
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 | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |||||
Beginning balance | $ 52,553 | $ 50,610 | $ 54,452 | $ 53,344 | |
Provisions | 1,736 | 1,755 | 3,507 | 3,774 | |
Severance payments | (1,343) | (1,502) | (2,836) | (3,454) | |
Translation adjustments | 159 | 922 | (2,018) | (1,879) | |
Ending balance | 53,105 | 51,785 | 53,105 | 51,785 | |
Less: Cumulative contributions to severance insurance deposit accounts | (13,316) | (1,570) | (13,316) | (1,570) | |
The National Pension Fund | (59) | (73) | (59) | (73) | |
Group severance insurance plan | (210) | (215) | (210) | (215) | |
Accrued severance benefits, net | $ 39,520 | $ 49,927 | $ 39,520 | $ 49,927 | $ 40,462 |
Accrued Severance Benefits - Fu
Accrued Severance Benefits - Future Benefits Payments to Employees (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Retirement Benefits [Abstract] | |
Remainder of 2021 | $ 78 |
2022 | 258 |
2023 | 651 |
2024 | 932 |
2025 | 2,051 |
2026 | 2,356 |
2027 – 2031 | $ 19,643 |
Foreign Currency Gain (Loss),_2
Foreign Currency Gain (Loss), Net - Additional Information (Detail) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Foreign Currency Transaction [Abstract] | ||
Exchange rates using first base rate | 1,130 | 1,088 |
Intercompany loan balances | $ 387,486 | $ 378,852 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||||
Income tax expenses (benefits) | $ 2,601 | $ 678 | $ 2,891 | $ 1,981 | |
Korean Subsidiary [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax expenses (benefits) | $ 624 | ||||
The net operating income carry forwards of the taxable income | 60.00% |
Geographic and Other Informat_3
Geographic and Other Information - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Customer Concentration Risk [Member] | Net Sales [Member] | Top Ten Customers [Member] | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 80.00% | 88.00% | 81.00% | 89.00% | |
Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer One [Member] | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 40.00% | 56.50% | 44.60% | 54.70% | |
Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer Two [Member] | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 11.70% | 10.80% | 10.70% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Top Customer One [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 26.90% | 45.10% | |||
Geographic Concentration Risk [Member] | Net Sales [Member] | Asia Pacific Other Than Korea [Member] | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 60.60% | 58.60% | |||
Geographic Concentration Risk [Member] | Net Sales [Member] | CHINA, HONG KONG | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 82.80% | 88.80% | |||
Geographic Concentration Risk [Member] | Net Sales [Member] | VIET NAM | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 32.00% | 13.80% | 35.00% | 7.70% |
Geographic and Other Informat_4
Geographic and Other Information - Schedule of Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 113,876 | $ 118,828 | $ 236,895 | $ 239,301 |
Total gross profit | 33,970 | 32,138 | 68,352 | 61,268 |
Standard products business [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 103,268 | 108,955 | 216,174 | 219,691 |
Total gross profit | 32,859 | 32,138 | 66,518 | 61,268 |
Fab Three Foundry Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 10,608 | 9,873 | 20,721 | 19,610 |
Total gross profit | 1,111 | 1,834 | ||
Operating Segments [Member] | Standard products business [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 103,268 | 108,955 | 216,174 | 219,691 |
Operating Segments [Member] | Standard products business [Member] | Display Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 46,601 | 69,176 | 105,496 | 146,769 |
Operating Segments [Member] | Standard products business [Member] | Power Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 56,667 | $ 39,779 | $ 110,678 | $ 72,922 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | $ 113,876 | $ 118,828 | $ 236,895 | $ 239,301 |
Standard products business [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 103,268 | 108,955 | 216,174 | 219,691 |
Standard products business [Member] | Korea [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 30,868 | 21,957 | 57,302 | 52,774 |
Standard products business [Member] | Asia Pacific (Other Than Korea) [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 69,352 | 84,210 | 153,092 | 161,752 |
Standard products business [Member] | United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 1,363 | 1,461 | 2,637 | 2,170 |
Standard products business [Member] | Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 1,206 | 856 | 2,449 | 1,827 |
Standard products business [Member] | Others [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | $ 479 | $ 471 | $ 694 | $ 1,168 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Foreign currency translation adjustments | $ 120 | $ 2,069 |
Derivative adjustments | (1,045) | 1,634 |
Total | $ (925) | $ 3,703 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | $ 420,347 | $ (21,156) | $ 345,600 | $ (14,981) |
Total other comprehensive income (loss) | 66 | (4,146) | (4,628) | 13,159 |
Balance ending | 422,631 | 6,175 | 422,631 | 6,175 |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | 11 | 18,046 | 2,069 | (4,205) |
Other comprehensive income (loss) before reclassifications | 109 | (6,543) | (1,949) | 15,708 |
Total other comprehensive income (loss) | 109 | (6,543) | (1,949) | 15,708 |
Balance ending | 120 | 11,503 | 120 | 11,503 |
Derivative Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | (1,002) | (3,401) | 1,634 | 1,545 |
Other comprehensive income (loss) before reclassifications | 432 | 2,204 | (1,693) | (2,800) |
Amounts reclassified from accumulated other comprehensive loss | (475) | 193 | (986) | 251 |
Total other comprehensive income (loss) | (43) | 2,397 | (2,679) | (2,549) |
Balance ending | (1,045) | (1,004) | (1,045) | (1,004) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | (991) | 14,645 | 3,703 | (2,660) |
Other comprehensive income (loss) before reclassifications | 541 | (4,339) | (3,642) | 12,908 |
Amounts reclassified from accumulated other comprehensive loss | (475) | 193 | (986) | 251 |
Total other comprehensive income (loss) | 66 | (4,146) | (4,628) | 13,159 |
Balance ending | $ (925) | $ 10,499 | $ (925) | $ 10,499 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Conversion Of Exchangeable Notes | 2,875,982 | 10,144,155 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic earnings (loss) per share | ||||
Income (loss) from continuing operations | $ (198) | $ 11,774 | $ (7,671) | $ (19,304) |
Income from discontinued operations, net of tax | 0 | 17,397 | 0 | 24,726 |
Net income (loss) | $ (198) | $ 29,171 | $ (7,671) | $ 5,422 |
Basic weighted average common stock outstanding | 46,322,027 | 35,092,312 | 43,324,088 | 34,992,734 |
Basic earnings (loss) per common share | ||||
Continuing operations | $ 0 | $ 0.34 | $ (0.18) | $ (0.55) |
Discontinued operations | 0 | 0.50 | 0 | 0.71 |
Total | $ 0 | $ 0.84 | $ (0.18) | $ 0.16 |
Diluted earnings (loss) per share | ||||
Income (loss) from continuing operations | $ (198) | $ 11,774 | $ (7,671) | $ (19,304) |
Add back: Interest expense on Exchangeable Notes | 0 | 1,425 | 0 | 0 |
Income (loss) from continuing operations allocated to common stockholders | (198) | 13,199 | (7,671) | (19,304) |
Income from discontinued operations, net of tax | 0 | 17,397 | 0 | 24,726 |
Net income (loss) allocated to common stockholders | $ (198) | $ 30,596 | $ (7,671) | $ 5,422 |
Basic weighted average common stock outstanding | 46,322,027 | 35,092,312 | 43,324,088 | 34,992,734 |
Net effect of dilutive equity awards | 0 | 1,237,770 | 0 | 0 |
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock | 0 | 10,144,155 | 0 | 0 |
Diluted weighted average common stock outstanding | 46,322,027 | 46,474,237 | 43,324,088 | 34,992,734 |
Continuing operations | $ 0 | $ 0.28 | $ (0.18) | $ (0.55) |
Discontinued operations | 0 | 0.37 | 0 | 0.71 |
Total | $ 0 | $ 0.65 | $ (0.18) | $ 0.16 |
Earnings (Loss) Per Share - S_2
Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Loss Per Common Share (Parenthetical) (Detail) | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | 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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding units and warrants excluded from computation of diluted loss per share/unit | 2,875,982 | 10,144,155 | ||
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 | 1,470,421 | 699,167 | 1,470,421 | 2,075,494 |
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 | 1,012,197 | 0 | 1,012,197 | 1,238,639 |
Other Charges - Additional Info
Other Charges - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Charges [Line Items] | |||
Other charges | $ 5,020 | $ 15,436 | $ 554 |
Business acquisition, transaction costs | 2,459 | 12,290 | |
Non recurring professional fees and expenses for treasury and finance initiatives | $ 554 | ||
Regulatory Requests Non Recurring Professional Fees And Expenses | $ 2,561 | $ 3,146 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Current Assets [Member] | ||
Loss Contingencies [Line Items] | ||
Prepayments to suppliers | $ 1,150 | $ 5,500 |