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Property, Plant and Equipment
9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
3. Property, Plant and Equipment
Property, plant and equipment as of September 30, 2024 and December 31, 2023 are comprised of the following (in thousands):
 
    
September 30,
2024
    
December 31,
2023
 
Buildings and related structures
   $ 24,314      $ 24,532  
Machinery and equipment
     138,105        139,710  
Finance lease
right-of-use
assets
     597        902  
Others
     38,287        35,471  
  
 
 
    
 
 
 
     201,303        200,615  
Less: accumulated depreciation
     (124,247      (115,889
Land
     12,518        12,811  
Construction in progress
     2,809        2,585  
  
 
 
    
 
 
 
Property, plant and equipment, net
   $ 92,383      $ 100,122  
  
 
 
    
 
 
 
Aggregate depreciation expenses totaled $11,762 thousand and $12,111 thousand for the nine months ended September 30, 2024 and 2023, 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. See “Note 10. Long-Term Borrowing” to these consolidated financial statements below for more information regarding the Loan Agreement.