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Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Note 15. Property, Plant and Equipment

(a)


								Prepayments
								for purchase
					Research	Office		of equipment
			Building		and	furniture		and
			and		development	and		construction
	Land		improvements	Machinery	equipment	equipment	Others	in progress	Total

	(in thousands)
Cost
Balance at January 1, 2023	$	41,828	76,475	80,504	49,424	14,005	47,713	2,210	312,159
Additions		—	1,239	14,977	2,415	1,010	5,911	2,621	28,173
Consolidation through obtaining control of subsidiary		—	—	—	—	6	—	—	6
Transfers		—	67	334	2	—	—	(403)	—
Reclassification to assets held for sale		(4,175)	—	—	—	—	—	—	(4,175)
Disposals		—	—	(1,084)	(1,608)	(1)	(2,770)	—	(5,463)
Effect of exchange rate changes		—	1	1	-	(29)	(82)	—	(109)
Balance at December 31, 2023		37,653	77,782	94,732	50,233	14,991	50,772	4,428	330,591
Additions		—	651	2,210	5,998	739	4,844	2,028	16,470
Transfers		—	1,610	656	28	—	453	(2,870)	(123)
Disposals		—	(15)	(1,034)	(185)	(195)	(13,596)	—	(15,025)
Effect of exchange rate changes		—	—	—	(7)	(51)	(157)	—	(215)
Balance at December 31, 2024	$	37,653	80,028	96,564	56,067	15,484	42,316	3,586	331,698

Accumulated Depreciation
Balance at January 1, 2023	$	—	32,975	68,357	42,205	11,641	30,843	—	186,021
Depreciation for the year		—	4,325	4,985	3,241	1,054	6,323	—	19,928
Disposals		—	—	(1,081)	(1,596)	(1)	(2,711)	—	(5,389)
Effect of exchange rate changes		—	—	—	—	(25)	(53)	—	(78)
Balance at December 31, 2023		—	37,300	72,261	43,850	12,669	34,402	—	200,482
Depreciation for the year		—	4,394	6,863	3,823	1,018	5,923	—	22,021
Disposals		—	(15)	(1,034)	(185)	(195)	(10,504)	—	(11,933)
Effect of exchange rate changes		—	(1)	—	(6)	(43)	(102)	—	(152)
Balance at December 31, 2024	$	—	41,678	78,090	47,482	13,449	29,719	—	210,418

Carrying amounts
At December 31, 2023	$	37,653	40,482	22,471	6,383	2,322	16,370	4,428	130,109
At December 31, 2024	$	37,653	38,350	18,474	8,585	2,035	12,597	3,586	121,280

Others in property, plant and equipment includes mold equipment, leasehold improvements, right-of-use assets and other equipment.

As of December 31, 2024, a piece of land $4,175 thousand was presented as assets held for sale following the commitment of the Company’s management to sell the land before the end of 2025. The land held for sale has been included in “Other current assets” in the consolidated statements of financial position.

The Company incurred non-cash capital expenditures of $2,551 thousand, $3,086 thousand and $3,121 thousand in the years ended December 31, 2022, 2023 and 2024.

The above items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives as follows:


Buildings		25 years
Building improvements		4-16 years
Machinery		4-10 years
Research and development equipment		2-6 years
Office furniture and equipment		3-8 years
Others		2-15 years

For the years ended December 31, 2022, 2023 and 2024, the Company did not recognize any impairment loss on property, plant and equipment.

Information on property, plant and equipment that were pledged to bank as collateral is provided in Note 27.

(b) Lease Arrangements

(i) Right-of-use assets

Addition to right-of-use assets during 2023 and 2024 were $4,398 thousand and $2,113 thousand, respectively. The carrying amounts of right-of-use assets for offices and buildings lease included in Others in property, plant and equipment was $13,559 thousand and $8,368 thousand as of December 31, 2023 and 2024, respectively. Depreciation expense of right-of-use assets amounted to $4,810 thousand, $4,609 thousand and $4,178 thousand in 2022, 2023 and 2024, respectively.

(ii) Lease liabilities


	December 31,		December 31,
	2023		2024

	(in thousands)
Current portion (classified under other current liabilities)	$	4,636	3,708
Non-current portion (classified under other non-current liabilities)		6,744	3,452
	$	11,380	7,160

(iii) Additional lease information


	Year ended December 31,
	2022		2023	2024

	(in thousands)
Expenses relating to short-term leases	$	364	73	65
Expenses relating to low-value asset leases	$	113	368	246
Expenses relating to variable lease payments not included in the measurement of lease liabilities	$	2,920	2,195	2,739

The reconciliation of lease liabilities to cash flows arising from financing activities was as follows:


	Year ended December 31,
	2023		2024

	(in thousands)
Balance at beginning of year	$	11,675	11,380
Change from financing activities:
Payment of lease liabilities		(4,830)	(5,032)
Total change from financing activities		(4,830)	(5,032)
Other changes:
New lease		4,267	1,758
Interest expense		167	216
Interest paid		(167)	(216)
Lease modifications		(75)	(1,624)
Effect of exchange rate changes		343	678
Total liability-related other changes		4,535	812
Balance at end of year	$	11,380	7,160