Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 300

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 8
Chunk 300
---
 existing operations outside the U.S. As of December 31, 2024 and 2023, the Company’s foreign subsidiaries operated at a cumulative deficit for U.S. earnings and profit purposes. In the event the Company is required to repatriate funds from outside of the U.S., such repatriation would be subject to local laws, customs, and tax consequences. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable.

13. Employee Benefit PlansThe Company sponsors a 401(k) defined contribution plan covering all U.S. employees. Contributions made by the Company are determined annually by the board of directors. Employer contributions under this plan amounted to $0.1 million for each of the years ended December 31, 2024 and 2023.Under Korean law, the Company is required to make severance payments to Korean employees leaving their employment. The Company’s severance pay liability to its Korean employees, which is a function of the employee’s salary, years of employment, and severance factor, is reflected in the accompanying consolidated balance sheets as the net defined benefit liabilities on an accrual basis. The net liability for severance payments was as follows (in thousands): 

        December 31, 2024

        December 31, 2023

        Liability for severance payments, gross
         
        $
        7,304

        $
        7,997

        Plan assets

        (249
        )

        (308
        )

        Liability for severance payments, net
         
        $
        7,055

        $
        7,689

 75

GCT SEMICONDUCTOR HOLDING, INC.Notes to Consolidated Financial Statements 

14. Related Party TransactionsA summary of balances and transactions with the related parties who are stockholders of the Company were as follows (in thousands): 

        December 31, 2024

        December 31, 2023

        Anapass

        Kyeongho Lee

        Anapass

        Kyeongho Lee

        Borrowings
         
        $
        12,245

        $
        5,517

        $
        10,082

        $
        1,474

        Other current liabilities

        14

        86

        212

        182

       For each of the years ended December 31, 2024 and 2023, the