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Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
4. Property, Plant and Equipment
Property, plant and equipment as of September 30, 2025 and December 31, 2024 are comprised of the following (in thousands):
 
    
September 30,
2025
     
December 31,
2024
  
Buildings and related structures
    $ 24,750      $ 21,873  
Machinery and equipment
      138,733        126,971  
Finance lease
right-of-use
assets
      611        606  
Others
      32,677        33,274  
  
 
 
     
 
 
  
     196,771        182,724  
Less: accumulated depreciation
      (128,790 )       (115,236 ) 
Land
      11,951        11,237  
Construction in progress
      14,986        2,738  
  
 
 
     
 
 
  
Property, plant and equipment, net
    $ 94,918      $ 81,463  
  
 
 
     
 
 
  
Aggregate depreciation expenses associated with continuing operations totaled $9,368 thousand and $10,750 thousand for the nine months ended September 30, 2025 and 2024, respectively.
On March 26, 2024, Magnachip Semiconductor, Ltd., a Korean limited liability company (“MSK”) and indirect wholly owned subsidiary of the Company, executed a Standard Credit Agreement (together with its General Terms and Conditions, the “Loan Agreement”) with Korea Development Bank (“KDB”). In connection with the Loan Agreement, on March 26, 2024, MSK entered into a
Kun-Pledge
(Mortgage) Agreement (the “Pledge Agreement”) with KDB pursuant to which MSK pledged its real property and buildings located in Gumi, Korea in favor of KDB.
On December 16, 2024, MSK executed a Standard Credit Agreement (as amended) (together with its General Terms and Conditions, the “Equipment Financing Credit Agreement”) with KDB. In connection with the Equipment Financing Credit Agreement, on December 8, 2024, MSK amended the
Kun-Pledge
Agreement (the “Equipment Pledge Agreement”) with KDB, originally executed on or about March 26, 2024, to increase the maximum secured amount and to expand the scope of collateral to include certain machinery and equipment owned by MSK, which are located in its fabrication facility located in Gumi, Korea.
See “Note 11. Long-Term Borrowings” to these consolidated financial statements belo
w
for more information regarding the Loan Agreement.