Document and Entity Information
Document and Entity Information Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 26, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | AMKOR TECHNOLOGY, INC. | |
Entity Central Index Key | 1,047,127 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 239,532,959 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,144,192 | $ 1,148,884 | $ 3,235,195 | $ 3,056,553 |
Cost of sales | 943,485 | 924,996 | 2,707,000 | 2,519,815 |
Gross profit | 200,707 | 223,888 | 528,195 | 536,738 |
Selling, general and administrative | 70,463 | 75,568 | 225,886 | 219,635 |
Research and development | 37,541 | 42,841 | 119,546 | 128,690 |
Gain on sale of real estate | 0 | 0 | 0 | (108,109) |
Total operating expenses | 108,004 | 118,409 | 345,432 | 240,216 |
Operating income | 92,703 | 105,479 | 182,763 | 296,522 |
Interest expense | 19,770 | 20,321 | 60,908 | 63,733 |
Interest expense, related party | 0 | 180 | 0 | 1,715 |
Other (income) expense, net | 1,315 | 3,257 | (6,254) | 11,150 |
Total other expense, net | 21,085 | 23,758 | 54,654 | 76,598 |
Income before taxes | 71,618 | 81,721 | 128,109 | 219,924 |
Income tax expense | 14,326 | 21,263 | 27,438 | 53,404 |
Net income | 57,292 | 60,458 | 100,671 | 166,520 |
Net income attributable to non-controlling interests | (630) | (1,194) | (1,874) | (3,029) |
Net income attributable to Amkor | $ 56,662 | $ 59,264 | $ 98,797 | $ 163,491 |
Net income attributable to Amkor per common share: | ||||
Basic (in dollars per share) | $ 0.24 | $ 0.25 | $ 0.41 | $ 0.68 |
Diluted (in dollars per share) | $ 0.24 | $ 0.25 | $ 0.41 | $ 0.68 |
Shares used in computing per common share amounts: | ||||
Basic (in shares) | 239,370 | 239,068 | 239,312 | 238,873 |
Diluted (in shares) | 239,766 | 239,640 | 239,783 | 239,610 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 57,292 | $ 60,458 | $ 100,671 | $ 166,520 |
Other comprehensive income (loss), net of tax: | ||||
Adjustments to unrealized components of defined benefit pension plans | (45) | 15 | (126) | 263 |
Foreign currency translation | (6,611) | (969) | (2,664) | 11,784 |
Total other comprehensive income (loss) | (6,656) | (954) | (2,790) | 12,047 |
Comprehensive income | 50,636 | 59,504 | 97,881 | 178,567 |
Comprehensive income attributable to non-controlling interests | (630) | (1,194) | (1,874) | (3,029) |
Comprehensive income attributable to Amkor | $ 50,006 | $ 58,310 | $ 96,007 | $ 175,538 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 547,665 | $ 596,364 |
Restricted cash | 2,559 | 2,000 |
Accounts receivable, net of allowances | 797,678 | 798,264 |
Inventories | 228,108 | 213,649 |
Other current assets | 35,226 | 33,727 |
Total current assets | 1,611,236 | 1,644,004 |
Property, plant and equipment, net | 2,714,084 | 2,695,065 |
Goodwill | 24,813 | 25,036 |
Restricted cash | 3,896 | 4,487 |
Other assets | 141,440 | 139,796 |
Total assets | 4,495,469 | 4,508,388 |
Current liabilities: | ||
Short-term borrowings and current portion of long-term debt | 97,646 | 123,848 |
Trade accounts payable | 548,864 | 569,085 |
Capital expenditures payable | 253,756 | 294,258 |
Accrued expenses | 271,067 | 330,868 |
Total current liabilities | 1,171,333 | 1,318,059 |
Long-term debt | 1,267,992 | 1,240,581 |
Pension and severance obligations | 179,900 | 182,216 |
Other non-current liabilities | 54,403 | 47,823 |
Total liabilities | 2,673,628 | 2,788,679 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized, designated Series A, none issued | 0 | 0 |
Common stock, $0.001 par value, 500,000 shares authorized; 285,335 and 285,129 shares issued; and 239,374 and 239,184 shares outstanding in 2018 and 2017, respectively | 285 | 285 |
Additional paid-in capital | 1,908,171 | 1,903,357 |
Retained earnings (accumulated deficit) | 84,894 | (13,903) |
Accumulated other comprehensive income (loss) | 19,729 | 22,519 |
Treasury stock, at cost, 45,961 and 45,945 shares, in 2018 and 2017, respectively | (216,135) | (215,982) |
Total Amkor stockholders’ equity | 1,796,944 | 1,696,276 |
Non-controlling interests in subsidiaries | 24,897 | 23,433 |
Total equity | 1,821,841 | 1,719,709 |
Total liabilities and equity | $ 4,495,469 | $ 4,508,388 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Stockholders’ equity: | ||
Preferred stock designated Series A, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock designated Series A, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock designated Series A, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 285,335,000 | 285,129,000 |
Common stock, shares outstanding | 239,374,000 | 239,184,000 |
Treasury stock, shares | 45,961,000 | 45,945,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 100,671 | $ 166,520 |
Depreciation and amortization | 429,181 | 435,667 |
Gain on sale of real estate | 0 | (108,109) |
Other operating activities and non-cash items | (2,006) | (8,124) |
Changes in assets and liabilities | (100,628) | (72,043) |
Net cash provided by operating activities | 427,218 | 413,911 |
Cash flows from investing activities: | ||
Payments for property, plant and equipment | (478,036) | (413,974) |
Proceeds from sale of property, plant and equipment | 1,606 | 133,320 |
Acquisition of business, net of cash acquired | 0 | (43,771) |
Other investing activities | 3,160 | (1,600) |
Net cash used in investing activities | (473,270) | (326,025) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facilities | 0 | 75,000 |
Payments of revolving credit facilities | (75,000) | 0 |
Proceeds from short-term debt | 23,341 | 50,333 |
Payments of short-term debt | (35,125) | (52,068) |
Proceeds from issuance of long-term debt | 372,226 | 223,976 |
Payments of long-term debt | (279,697) | (398,755) |
Payments of long-term debt, related party | 0 | (17,837) |
Payment of deferred consideration for purchase of facility | 0 | (3,890) |
Payments of capital lease obligations | (2,669) | (4,123) |
Other financing activities | (2,482) | 425 |
Net cash provided by (used in) financing activities | 594 | (126,939) |
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | (3,273) | 9,231 |
Net decrease in cash, cash equivalents and restricted cash | (48,731) | (29,822) |
Cash, cash equivalents and restricted cash, beginning of period | 602,851 | 555,495 |
Cash, cash equivalents and restricted cash, end of period | 554,120 | 525,673 |
Non-cash investing and financing activities: | ||
Property, plant and equipment included in capital expenditures payable | 254,244 | 290,738 |
Equipment acquired through capital lease | $ 13,272 | $ 929 |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Financial Statements | Interim Financial Statements Basis of Presentation. The Consolidated Financial Statements and related disclosures as of September 30, 2018 , and for the three and nine months ended September 30, 2018 and 2017 , are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The December 31, 2017 , Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S.”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In our opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods. These financial statements should be read in conjunction with the financial statements included in our Annual Report for the year ended December 31, 2017 , filed on Form 10-K with the SEC on February 23, 2018. The results of operations for the three and nine months ended September 30, 2018 , are not necessarily indicative of the results to be expected for the full year. Unless the context otherwise requires, all references to “Amkor,” “we,” “us,” “our” or the “company” are to Amkor Technology, Inc. and our subsidiaries. Effective January 1, 2018, we adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) , using the full retrospective transition method as discussed in Note 2 . All amounts and disclosures set forth in this Form 10-Q reflect these changes. On May 22, 2017, we completed the purchase of Nanium, S.A. ("Nanium"). Nanium's financial results have been included in our Consolidated Financial Statements from the date of acquisition ( Note 4 ). Use of Estimates. The Consolidated Financial Statements have been prepared in conformity with U.S. GAAP, using management’s best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. Goodwill. The balance of goodwill in our Consolidated Balance Sheets reflects adjustments for foreign currency translation. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting Standards Recently Adopted Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which was subsequently amended and clarified. The standard is based on the principle that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including significant judgments and changes in judgments. The standard permits the use of either full retrospective or modified retrospective methods of adoption. Effective January 1, 2018, we adopted the requirements of Topic 606 using the full retrospective transition method. The new standard resulted in a change to the timing of revenue recognition, whereby revenue is recognized "over time" as services are performed rather than at a "point in time", generally upon shipment. The new standard also resulted in an increase in accounts receivables, net and a related decrease in inventories and deferred revenues. In accordance with Topic 606, we applied the following principles in connection with the adoption of the new standard: • We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. • We do not adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. • We exclude sales, use, value-added and similar taxes from the transaction price, without performing a jurisdiction-by-jurisdiction assessment. The adoption of the standard impacted our previously reported results as follows: For the Three Months Ended September 30, 2017 As Previously Reported New Accounting Pronouncement Adjustment As Adjusted (In thousands, except per share data) Income Statement: Net sales $ 1,135,027 $ 13,857 $ 1,148,884 Cost of sales 918,389 6,607 924,996 Gross profit 216,638 7,250 223,888 Income tax expense 18,752 2,511 21,263 Net income 55,630 4,828 60,458 Net income attributable to Amkor 54,435 4,829 59,264 Net income attributable to Amkor per common share - diluted 0.23 0.02 0.25 For the Nine Months Ended September 30, 2017 As Previously Reported New Accounting Pronouncement Adjustment As Adjusted (In thousands, except per share data) Income Statement: Net sales $ 3,038,074 $ 18,479 $ 3,056,553 Cost of sales 2,506,295 13,520 2,519,815 Gross profit 531,779 4,959 536,738 Income tax expense 51,764 1,640 53,404 Net income 162,945 3,575 166,520 Net income attributable to Amkor 159,936 3,555 163,491 Net income attributable to Amkor per common share - diluted 0.67 0.01 0.68 December 31, 2017 As Previously Reported New Accounting Pronouncement Adjustment As Adjusted (In thousands) Balance Sheet: Accounts receivable, net $ 692,287 $ 105,977 $ 798,264 Inventories 326,492 (112,843 ) 213,649 Other assets 146,051 (6,255 ) 139,796 Accrued expenses 374,598 (43,730 ) 330,868 Other non-current liabilities 46,144 1,679 47,823 Accumulated deficit (1) (42,851 ) 28,948 (13,903 ) (1) The adjustment to accumulated deficit includes the 2017 and 2016 net income impact for the adoption of Topic 606 of $2.8 million and $11.3 million , respectively. The adjustment also includes the cumulative impact to our 2016 beginning accumulated deficit of $14.8 million . The adoption of the standard had no impact on cash provided by or used in operating, investing, or financing activities on our consolidated cash flow statements. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . ASU 2017-07 requires that the service cost component of net periodic pension costs be presented in the same line item as other compensation costs and all other components of net periodic pension costs be presented in the statement of income as nonoperating expenses. ASU 2017-07 is effective for reporting periods beginning after December 15, 2017 and applied retrospectively. We adopted ASU 2017-07 on January 1, 2018 and estimated the impact on the prior comparative period information presented in the consolidated financial statements applying the principles permitted by the standard. For the three and nine months ended September 30, 2017 , the retrospective application resulted in a $(0.1) million and $0.1 million reclassification of pension costs from operating income to other (income) expense, net in the Consolidated Statements of Income for the respective periods. Refer to Note 14 for additional information. Recently Issued Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which was subsequently amended and clarified. ASU 2016-02 requires a dual approach for lease accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases the lessee would recognize a straight-line lease expense. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018 and requires either a modified retrospective transition approach with application in all comparative periods presented, or an alternative transition method, which permits a company to use its effective date as the date of initial application without restating comparative period financial statements. Early adoption is permitted. We plan to adopt this standard in the first quarter of the fiscal year ending December 31, 2019 using the alternative transition method with the effective date as of January 1, 2019. We are currently evaluating the impact that this guidance may have on our financial statements and disclosures. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Our significant accounting policies are detailed in Note 1 to our Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2017. Significant changes to our accounting policies as a result of adopting Topic 606 are discussed below: Revenue Recognition . We recognize revenue, net of sales, use, value-added and other similar taxes, after the following: – A contract with a customer has been identified – All performance obligations within the customer contract have been identified – The transaction price attributable to the contract has been determined and allocated to each performance obligation, and – The performance obligations have been determined to be satisfied. Performance obligations are deemed to be satisfied when, or as, control of services has been transferred to the customer. Our packaging and test services are our performance obligations to our customers. Our packaging services include wafer bump, probe and assembly. We provide packaging and test services to our customers either individually or as part of a combined offering. In a combined offering, we account for the individual services separately if they are determined to be distinct. We determine a service to be distinct if it is separately identifiable from other services in the combined offering and if a customer can benefit from the unique service on its own or with other resources that are readily available to the customer. The consideration, including variable consideration, is allocated between the distinct services in a combined offering based upon the stand-alone selling prices of the individual services. Our services involve a high degree of specialization which are unique based on the design and purpose of the customer’s wafers. Accordingly, our negotiated pricing reflects the customized nature of our services and represents a customer-specific stand-alone selling price. We recognize revenue as services are rendered, which generally occurs over the course of two to three weeks. Services are generally billed at completion of each individual packaging or test service or in some instances at the completion of all services in a combined offering. We recognize revenue over time as services are rendered because our services create or enhance the customer’s wafer. We utilize an input method (cost incurred plus estimated margin) to determine the amount of revenue to recognize for in-process, but incomplete customer orders at a reporting date. During the period of providing our services, we generally do not control or take ownership of customers' wafers, nor do we include the cost of the wafer in our cost calculations. We believe that a cost-based input method is the most appropriate manner to measure how we satisfy our performance obligations to customers because the effort and costs incurred to package and/or test customer wafers are not linear over the duration of these services. Shipping and handling costs are accounted for as a cost to fulfill our performance obligations to customers. Accordingly, we record customer payments of shipping and handling costs as a component of net sales, and the costs incurred for shipping and handling are then charged to cost of sales. Unbilled Receivables . Unbilled receivables are revenues that have been recognized for performance obligations that have been satisfied, or partially satisfied, in advance of billing the customer. Revenue may be recognized in advance of billing as our contracts provide us with an unconditional right to consideration for work that is performed. Total unbilled receivables as of September 30, 2018 and December 31, 2017 were $116.5 million and $101.9 million , respectively. These amounts are included in accounts receivable, net of allowances in our Consolidated Balance Sheets. Inventories. Inventories consist of raw materials and purchased components, and are stated at the lower of cost and net realizable value. Cost is principally determined by standard cost or the weighted moving average method, both of which approximate actual cost. We review and set our standard costs as needed, but at a minimum on an annual basis. We reduce the carrying value of our inventories for the cost of inventory we estimate is excess and obsolete based on the age of our inventories. When a determination is made that the inventory will not be utilized in production or is not saleable, it is written-off. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition On May 22, 2017, we completed the purchase of 100% of the shares of Nanium, a provider of wafer-level fan-out semiconductor packaging solutions. We allocated the purchase price to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. We did not record goodwill as a result of the acquisition. |
Net Sales by Product Group and
Net Sales by Product Group and End Market | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales by Product Group and End Market | Net Sales by Product Group and End Market The following table presents net sales by product group: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) (In thousands) Advanced products (1) $ 582,165 $ 563,023 $ 1,554,158 $ 1,383,990 Mainstream products (2) 562,027 585,861 1,681,037 1,672,563 Total net sales $ 1,144,192 $ 1,148,884 $ 3,235,195 $ 3,056,553 (1) Advanced products include flip chip and wafer-level processing and related test services (2) Mainstream products include wirebond packaging and related test services The following table presents net sales by end market : For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Communications (smartphones, tablets, handheld devices) 47 % 46 % 44 % 41 % Automotive, industrial and other (driver assist, infotainment, safety, performance) 25 % 24 % 26 % 27 % Computing (datacenter, infrastructure, PC/laptop, storage) 17 % 17 % 18 % 18 % Consumer (set-top boxes, televisions, connected home, personal electronics, visual imaging) 11 % 13 % 12 % 14 % Total net sales 100 % 100 % 100 % 100 % |
Other Income and Expense
Other Income and Expense | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income and Expense | Other Income and Expense Other income and expense consists of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Interest income $ (941 ) $ (843 ) $ (2,884 ) $ (2,309 ) Foreign currency (gain) loss, net 1,352 (454 ) (1,045 ) 8,678 Loss on debt retirement 1,149 4,424 1,167 4,835 Other (245 ) 130 (3,492 ) (54 ) Other (income) expense, net $ 1,315 $ 3,257 $ (6,254 ) $ 11,150 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In December 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. Accounting Standards Codification ("ASC") 740, Income Taxes, requires companies to recognize the effect of tax law changes in the period of enactment even though the effective date for most provisions is for tax years beginning after December 31, 2017. Given the significance of the Tax Act, the SEC staff issued Staff Accounting Bulletin No. 118, which allows registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. However, the measurement period is deemed to have ended earlier when the registrant has obtained, prepared and analyzed the information necessary to finalize its accounting. During the measurement period, impacts of the law are expected to be recorded at the time a reasonable estimate for all or a portion of the effects can be made, and provisional amounts can be recognized and adjusted as information becomes available, prepared or analyzed. We have reported provisional amounts for the income tax effects of the Tax Act for which the accounting is incomplete, but a reasonable estimate could be determined in our financial statements for the year ended December 31, 2017 . There were no specific impacts of the Tax Act that could not be reasonably estimated. Our estimate of the impact of the Tax Act may be adjusted throughout the allowable measurement period. We have not completed the accounting for any of the income tax effects of the Tax Act during the nine months ended September 30, 2018 as we continue to collect additional information, prepare and analyze the information and evaluate any regulatory guidance or clarifications, and evaluate any collateral impact on state income taxes. We have not made adjustments to the provisional amounts reported for the year ended December 31, 2017, nor have we concluded on any accounting policy elections. Changes to our provisional estimates and further analysis could impact our judgments, elections and assertions. Income tax expense of $27.4 million for the nine months ended September 30, 2018 reflects income taxes of our various operations, including foreign withholding taxes and minimum taxes. Income tax expense also reflects income taxed in foreign jurisdictions where we benefit from tax holidays. We monitor on an ongoing basis our ability to utilize our deferred tax assets and whether there is a need for a related valuation allowance. In evaluating our ability to recover our deferred tax assets in the jurisdictions from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations. Except for deferred tax assets in Portugal, we consider it more likely than not that we will have sufficient taxable income to allow us to realize most of our foreign deferred tax assets. We maintain a valuation allowance on a portion of our U.S. net deferred tax assets, for net operating loss carryforwards not expected to be realized due to Global Intangible Low-Taxed Income ("GILTI") and foreign tax credit carryforwards expected to expire unused. Such valuation allowances are released as the related tax benefits are realized or when sufficient evidence exists to conclude that it is more likely than not that the deferred tax assets will be realized. Unrecognized tax benefits represent reserves for potential tax deficiencies or reductions in tax benefits that could result from federal, state or foreign tax audits. Gross unrecognized tax benefits decreased from $27.2 million at December 31, 2017 , to $24.6 million as of September 30, 2018 . All of our unrecognized tax benefits would reduce our effective tax rate, if recognized. Our unrecognized tax benefits are subject to change for effective settlement of examinations, changes in the recognition threshold of tax positions, the expiration of statues of limitations and other factors. Tax return examinations involve uncertainties, and there can be no assurance that the outcome of examinations will be favorable. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to Amkor common stockholders by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding is reduced for treasury stock. Diluted EPS is computed based on the weighted-average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock options and unvested restricted shares. The following table summarizes the computation of basic and diluted EPS: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands, except per share data) Net income attributable to Amkor common stockholders $ 56,662 $ 59,264 $ 98,797 $ 163,491 Weighted-average number of common shares outstanding — basic 239,370 239,068 239,312 238,873 Effect of dilutive securities: Stock options and restricted share awards 396 572 471 737 Weighted-average number of common shares outstanding — diluted 239,766 239,640 239,783 239,610 Net income attributable to Amkor per common share: Basic $ 0.24 $ 0.25 $ 0.41 $ 0.68 Diluted 0.24 0.25 0.41 0.68 The following table summarizes the potential shares of common stock that were excluded from diluted EPS, because the effect of including these potential shares was anti-dilutive: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Stock options and restricted share awards 3,656 3,483 3,544 3,463 |
Equity and Accumulated Other Co
Equity and Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Equity and Accumulated Other Comprehensive Income (Loss) | Equity and Accumulated Other Comprehensive Income (Loss) Changes in equity consist of the following: Attributable to Amkor Attributable to Non-controlling Interests Total (In thousands) Equity at December 31, 2017 $ 1,696,276 $ 23,433 $ 1,719,709 Net income 98,797 1,874 100,671 Other comprehensive income (loss) (2,790 ) — (2,790 ) Issuance of stock through employee share-based compensation plans 1,023 — 1,023 Treasury stock acquired through surrender of shares for tax withholding (153 ) — (153 ) Share-based compensation 3,791 — 3,791 Subsidiary dividends paid to non-controlling interests — (410 ) (410 ) Equity at September 30, 2018 $ 1,796,944 $ 24,897 $ 1,821,841 Attributable to Amkor Attributable to Non-controlling Interests Total (In thousands) Equity at December 31, 2016 $ 1,409,692 $ 19,825 $ 1,429,517 Net income 163,491 3,029 166,520 Other comprehensive income (loss) 12,047 — 12,047 Issuance of stock through employee share-based compensation plans 2,421 — 2,421 Treasury stock acquired through surrender of shares for tax withholding (1,427 ) — (1,427 ) Share-based compensation 3,872 — 3,872 Subsidiary dividends paid to non-controlling interests — (412 ) (412 ) Equity at September 30, 2017 $ 1,590,096 $ 22,442 $ 1,612,538 Changes in accumulated other comprehensive income (loss), net of tax, consist of the following: Defined Benefit Pension Foreign Currency Translation Total (In thousands) Accumulated other comprehensive income (loss) at December 31, 2017 $ 6,303 $ 16,216 $ 22,519 Other comprehensive income (loss) before reclassifications — (2,664 ) (2,664 ) Amounts reclassified from accumulated other comprehensive income (loss) (126 ) — (126 ) Other comprehensive income (loss) (126 ) (2,664 ) (2,790 ) Accumulated other comprehensive income (loss) at September 30, 2018 $ 6,177 $ 13,552 $ 19,729 Defined Benefit Pension Foreign Currency Translation Total (In thousands) Accumulated other comprehensive income (loss) at December 31, 2016 $ 1,138 $ 5,124 $ 6,262 Other comprehensive income (loss) before reclassifications — 11,784 11,784 Amounts reclassified from accumulated other comprehensive income (loss) 263 — 263 Other comprehensive income (loss) 263 11,784 12,047 Accumulated other comprehensive income (loss) at September 30, 2017 $ 1,401 $ 16,908 $ 18,309 Amounts reclassified out of accumulated other comprehensive income (loss) are included as a component of net periodic pension cost ( Note 14 ). |
Factoring of Accounts Receivabl
Factoring of Accounts Receivable | 9 Months Ended |
Sep. 30, 2018 | |
Factoring of Accounts Receivable [Abstract] | |
Factoring of Accounts Receivable | Factoring of Accounts Receivable For certain accounts receivable, we use non-recourse factoring arrangements with third-party financial institutions to manage our working capital and cash flows. Under this program, we sell receivables to a financial institution for cash at a discount to the face amount. As part of the factoring arrangements, we perform certain collection and administrative functions for the receivables sold. For the three and nine months ended September 30, 2018 , we sold accounts receivable totaling $193.6 million and $622.2 million , net of discounts and fees of $1.6 million and $5.4 million , respectively. For the three and nine months ended September 30, 2017 , we sold accounts receivable totaling $135.1 million and $400.4 million , net of discounts and fees of $1.3 million and $2.9 million , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following: September 30, December 31, 2017 (In thousands) Land $ 224,589 $ 224,894 Land use rights 26,845 26,845 Buildings and improvements 1,510,082 1,384,846 Machinery and equipment 5,206,050 4,938,291 Software and computer equipment 209,051 200,500 Furniture, fixtures and other equipment 16,977 15,722 Construction in progress 41,843 104,910 Total property, plant and equipment 7,235,437 6,896,008 Accumulated depreciation and amortization (4,521,353 ) (4,200,943 ) Total property, plant and equipment, net $ 2,714,084 $ 2,695,065 The following table summarizes our depreciation expense: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Depreciation expense $ 143,334 $ 148,099 $ 427,836 $ 434,394 As part of our plan to consolidate factory operations in Korea, we sold the land and buildings comprising our K1 factory in May 2017 for $142.4 million . We received 10% of the sale price at signing in November 2016 and the balance at closing, at which time we recognized a pre-tax gain of $108.1 million . |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following: September 30, December 31, (In thousands) Payroll and benefits $ 122,520 $ 134,785 Income taxes payable 35,081 56,664 Accrued interest 19,520 11,873 Deferred revenue and customer advances 15,908 14,740 Accrued severance plan obligations 14,513 15,190 Accrued settlement costs 9,688 37,783 Other accrued expenses 53,837 59,833 Total accrued expenses $ 271,067 $ 330,868 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Following is a summary of short-term borrowings and long-term debt: September 30, December 31, (In thousands) Debt of Amkor Technology, Inc.: Senior notes: 6.625% Senior notes, due June 2021 (1) $ — $ 200,000 6.375% Senior notes, due October 2022 524,971 524,971 Debt of subsidiaries: Amkor Technology Korea, Inc. (2): $75 million revolving credit facility, foreign currency funding-linked base rate plus 1.60%, due September 2018 (3) — 75,000 Term loan, LIBOR plus 2.70%, due December 2019 — 55,000 Term loan, foreign currency funding-linked base rate plus 1.32%, due May 2020 141,000 150,000 Term loan, fixed rate at 3.70%, due May 2020 120,000 120,000 Term loan, fund floating rate plus 1.60%, due June 2020 (4) 150,000 86,000 Term loan, LIBOR plus 2.34%, due September 2021 (3) 75,000 — J-Devices Corporation: Short-term term loans, variable rate (5) 19,358 30,455 Term loans, fixed rate at 0.53%, due April 2018 — 6,744 Term loan, fixed rate at 0.86%, due June 2022 32,981 39,933 Term loan, fixed rate at 0.60%, due July 2022 7,036 8,430 Term loan, fixed rate at 1.30%, due July 2023 (1) 228,672 — Other: $250 million senior secured revolving credit facility, LIBOR plus 1.25%-1.75%, due July 2023 (Singapore) (6) — — Revolving credit facility, TAIFX plus the applicable bank rate, due November 2020 (Taiwan) (7) 20,000 20,000 Term loan, LIBOR plus 1.80%, due December 2019 (China) 48,500 49,000 1,367,518 1,365,533 Less: Unamortized premium and deferred debt costs, net (1,880 ) (1,104 ) Less: Short-term borrowings and current portion of long-term debt (97,646 ) (123,848 ) Long-term debt $ 1,267,992 $ 1,240,581 (1) In August 2018, we redeemed all $200 million of our 6.625% Senior Notes due 2021 ("Notes"). In accordance with the terms of the indenture governing the Notes, the redemption price was 100% of the principal amount of the Notes plus accrued and unpaid interest. We recorded a $0.8 million charge for the write-off of the associated unamortized debt issuance costs. The redemption of the Notes was funded with proceeds from our ¥26.0 billion ( US$233.2 million ) term loan agreement entered into in July 2018 by J-Devices Corporation and guaranteed by Amkor Technology, Inc. Principal and interest are payable in quarterly installments. (2) In October 2018, Amkor Technology Korea, Inc. entered into a revolving credit facility agreement with availability of $30.0 million . Principal will be payable at the maturity date of October 2019. Interest will be payable monthly in arrears, at LIBOR plus the applicable bank rate . (3) In June 2018, we extended our $75.0 million credit facility from June 2018 to September 2018. In September 2018, we entered into a $75.0 million term loan agreement to repay the outstanding balance of our $75.0 million credit facility due September 2018. The new term loan extended the maturity to September 2021. Principal is payable at maturity. Interest is due quarterly in arrears, at LIBOR plus 2.34% ( 4.68% as of September 30, 2018 ). (4) In May 2015, we entered into a term loan agreement pursuant to which we may borrow up to $150.0 million for capital expenditures. Principal is payable at maturity. Interest is payable quarterly in arrears, at a fund floating rate plus 1.60% ( 4.28% as of September 30, 2018 ). In the second quarter of 2018, we borrowed $64.0 million on this facility and repaid other Amkor Technology Korea, Inc. term loans with earlier maturity dates. (5) We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. Interest as of September 30, 2018 is at TIBOR plus 0.15% to 0.20% (weighted average of 0.17% as of September 30, 2018 ). As of September 30, 2018 , $4.4 million was available to be drawn. (6) In July 2018, the senior secured revolving credit facility of Amkor Technology, Inc. was terminated and replaced by a new facility entered into by our subsidiary, Amkor Technology Singapore Holding Pte, Ltd., and guaranteed by Amkor Technology, Inc. We recorded a $0.4 million charge for the write-off of the associated unamortized debt issuance costs relating to the terminated credit facility. The availability for the new revolving credit facility is based on the amount of eligible accounts receivable. As of September 30, 2018 , we had availability of $250.0 million under the new senior secured revolving credit facility with no outstanding standby letters of credit. (7) In November 2015, we entered into a $39.0 million revolving credit facility. Principal is payable at maturity. Interest is payable monthly, at TAIFX plus the applicable bank rate ( 3.67% as of September 30, 2018 ). As of September 30, 2018 , $19.0 million was available to be drawn. Certain of our foreign debt is collateralized by the land, buildings, equipment and accounts receivable in the respective locations. The carrying value of the collateral exceeds the carrying amount of the debt. The debt of Amkor Technology, Inc. is structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries. From time to time, Amkor Technology, Inc. also guarantees certain debt of our subsidiaries. The agreements governing our indebtedness contain affirmative and negative covenants which restrict our ability to pay dividends and could restrict our operations. We have never paid a dividend to our stockholders and we do not have any present plans for doing so. We were in compliance with all debt covenants at September 30, 2018 . |
Pension Plans
Pension Plans | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension Plans | Pension Plans Foreign Defined Benefit Pension Plans Our subsidiaries in Japan, Korea, Malaysia, the Philippines and Taiwan sponsor defined benefit pension plans. Charges to expense are based upon actuarial analyses. The components of net periodic pension cost for these defined benefit pension plans are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Service cost $ 8,124 $ 8,445 $ 24,839 $ 25,215 Interest cost 1,199 1,009 3,668 3,029 Expected return on plan assets (1,390 ) (1,124 ) (4,249 ) (3,385 ) Amortization of prior service cost — — — 31 Recognized actuarial (gain) loss (36 ) 18 (113 ) 62 Net periodic pension cost $ 7,897 $ 8,348 $ 24,145 $ 24,952 The components of net periodic pension cost other than the service cost component are included in other (income) expense, net in our Consolidated Statements of Income. Defined Contribution Pension Plans We sponsor defined contribution pension plans in Korea, Malaysia, Taiwan and the U.S. The following table summarizes our defined contribution expense: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Defined contribution expense $ 2,595 $ 2,230 $ 9,608 $ 8,009 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities and Level 3, defined as unobservable inputs that are not corroborated by market data. The fair values of cash, accounts receivable, trade accounts payable, capital expenditures payable, and certain other current assets and accrued expenses approximate carrying values because of their short-term nature. The carrying value of certain other non-current assets and liabilities approximates fair value. Our assets and liabilities recorded at fair value on a recurring basis include cash equivalent money market funds and restricted cash money market funds. We also review goodwill for impairment annually during the fourth quarter of each year. Cash equivalent money market funds and restricted cash money market funds are invested in U.S. money market funds and various U.S. and foreign bank operating and time deposit accounts, which are due on demand or carry a maturity date of less than three months when purchased. No restrictions have been imposed on us regarding withdrawal of balances with respect to our cash equivalents as a result of liquidity or other credit market issues affecting the money market funds we invest in or the counterparty financial institutions holding our deposits. Money market funds are valued using quoted market prices in active markets for identical assets. Recurring fair value measurements consist of the following: September 30, December 31, (In thousands) Cash equivalent money market funds (Level 1) $ 38,557 $ 121,627 Restricted cash money market funds (Level 1) 2,559 2,000 We also measure certain assets and liabilities, including property, plant and equipment and goodwill, at fair value on a nonrecurring basis. We measure the fair value of our debt for disclosure purposes. The following table presents the fair value of financial instruments that are not recorded at fair value on a recurring basis: September 30, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value (In thousands) Senior notes (Level 1) $ 535,544 $ 524,950 $ 745,943 $ 723,867 Revolving credit facilities and term loans (Level 2) 838,094 840,688 639,689 640,562 Total debt $ 1,373,638 $ 1,365,638 $ 1,385,632 $ 1,364,429 The estimated fair value of our senior notes is based primarily on quoted market prices reported on or near the respective balance sheet dates. The estimated fair value of our revolving credit facilities and term loans is calculated using a discounted cash flow analysis, which utilizes market-based assumptions including forward interest rates adjusted for credit risk. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We generally warrant that our services will be performed in a professional and workmanlike manner and in compliance with our customers' specifications. We accrue costs for known warranty issues. Historically, our warranty costs have been immaterial. Legal Proceedings We are involved in claims and legal proceedings and may become involved in other legal matters arising in the ordinary course of our business. We evaluate these claims and legal matters on a case-by-case basis to make a determination as to the impact, if any, on our business, liquidity, results of operations, financial condition or cash flows. Although the outcome of these matters is uncertain, we believe that the ultimate outcome of these claims and proceedings, individually and in the aggregate, will not have a material adverse impact to us. Our evaluation of the potential impact of these claims and legal proceedings on our business, liquidity, results of operations, financial condition or cash flows could change in the future. In accordance with the accounting guidance for loss contingencies, including legal proceedings, lawsuits, pending claims and other legal matters, we accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if we believe they are material and there is at least a reasonable possibility that a loss has been incurred. Attorney fees related to legal matters are expensed as incurred. |
Interim Financial Statements (P
Interim Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation. The Consolidated Financial Statements and related disclosures as of September 30, 2018 , and for the three and nine months ended September 30, 2018 and 2017 , are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The December 31, 2017 , Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S.”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In our opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods. These financial statements should be read in conjunction with the financial statements included in our Annual Report for the year ended December 31, 2017 , filed on Form 10-K with the SEC on February 23, 2018. The results of operations for the three and nine months ended September 30, 2018 , are not necessarily indicative of the results to be expected for the full year. Unless the context otherwise requires, all references to “Amkor,” “we,” “us,” “our” or the “company” are to Amkor Technology, Inc. and our subsidiaries. |
Accounting Standards Update, Recently Adopted Standards and Recently Issued Standards | Effective January 1, 2018, we adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) , using the full retrospective transition method as discussed in Note 2 . All amounts and disclosures set forth in this Form 10-Q reflect these changes. Recently Adopted Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which was subsequently amended and clarified. The standard is based on the principle that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including significant judgments and changes in judgments. The standard permits the use of either full retrospective or modified retrospective methods of adoption. Effective January 1, 2018, we adopted the requirements of Topic 606 using the full retrospective transition method. The new standard resulted in a change to the timing of revenue recognition, whereby revenue is recognized "over time" as services are performed rather than at a "point in time", generally upon shipment. The new standard also resulted in an increase in accounts receivables, net and a related decrease in inventories and deferred revenues. In accordance with Topic 606, we applied the following principles in connection with the adoption of the new standard: • We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. • We do not adjust the promised amount of consideration for the effects of a significant financing component when we expect, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. • We exclude sales, use, value-added and similar taxes from the transaction price, without performing a jurisdiction-by-jurisdiction assessment. The adoption of the standard impacted our previously reported results as follows: For the Three Months Ended September 30, 2017 As Previously Reported New Accounting Pronouncement Adjustment As Adjusted (In thousands, except per share data) Income Statement: Net sales $ 1,135,027 $ 13,857 $ 1,148,884 Cost of sales 918,389 6,607 924,996 Gross profit 216,638 7,250 223,888 Income tax expense 18,752 2,511 21,263 Net income 55,630 4,828 60,458 Net income attributable to Amkor 54,435 4,829 59,264 Net income attributable to Amkor per common share - diluted 0.23 0.02 0.25 For the Nine Months Ended September 30, 2017 As Previously Reported New Accounting Pronouncement Adjustment As Adjusted (In thousands, except per share data) Income Statement: Net sales $ 3,038,074 $ 18,479 $ 3,056,553 Cost of sales 2,506,295 13,520 2,519,815 Gross profit 531,779 4,959 536,738 Income tax expense 51,764 1,640 53,404 Net income 162,945 3,575 166,520 Net income attributable to Amkor 159,936 3,555 163,491 Net income attributable to Amkor per common share - diluted 0.67 0.01 0.68 December 31, 2017 As Previously Reported New Accounting Pronouncement Adjustment As Adjusted (In thousands) Balance Sheet: Accounts receivable, net $ 692,287 $ 105,977 $ 798,264 Inventories 326,492 (112,843 ) 213,649 Other assets 146,051 (6,255 ) 139,796 Accrued expenses 374,598 (43,730 ) 330,868 Other non-current liabilities 46,144 1,679 47,823 Accumulated deficit (1) (42,851 ) 28,948 (13,903 ) (1) The adjustment to accumulated deficit includes the 2017 and 2016 net income impact for the adoption of Topic 606 of $2.8 million and $11.3 million , respectively. The adjustment also includes the cumulative impact to our 2016 beginning accumulated deficit of $14.8 million . The adoption of the standard had no impact on cash provided by or used in operating, investing, or financing activities on our consolidated cash flow statements. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . ASU 2017-07 requires that the service cost component of net periodic pension costs be presented in the same line item as other compensation costs and all other components of net periodic pension costs be presented in the statement of income as nonoperating expenses. ASU 2017-07 is effective for reporting periods beginning after December 15, 2017 and applied retrospectively. We adopted ASU 2017-07 on January 1, 2018 and estimated the impact on the prior comparative period information presented in the consolidated financial statements applying the principles permitted by the standard. For the three and nine months ended September 30, 2017 , the retrospective application resulted in a $(0.1) million and $0.1 million reclassification of pension costs from operating income to other (income) expense, net in the Consolidated Statements of Income for the respective periods. Refer to Note 14 for additional information. Recently Issued Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which was subsequently amended and clarified. ASU 2016-02 requires a dual approach for lease accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases the lessee would recognize a straight-line lease expense. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018 and requires either a modified retrospective transition approach with application in all comparative periods presented, or an alternative transition method, which permits a company to use its effective date as the date of initial application without restating comparative period financial statements. Early adoption is permitted. We plan to adopt this standard in the first quarter of the fiscal year ending December 31, 2019 using the alternative transition method with the effective date as of January 1, 2019. We are currently evaluating the impact that this guidance may have on our financial statements and disclosures. |
Use of Estimates | Use of Estimates. The Consolidated Financial Statements have been prepared in conformity with U.S. GAAP, using management’s best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. |
Goodwill | Goodwill. The balance of goodwill in our Consolidated Balance Sheets reflects adjustments for foreign currency translation. |
Revenue Recognition | Revenue Recognition . We recognize revenue, net of sales, use, value-added and other similar taxes, after the following: – A contract with a customer has been identified – All performance obligations within the customer contract have been identified – The transaction price attributable to the contract has been determined and allocated to each performance obligation, and – The performance obligations have been determined to be satisfied. Performance obligations are deemed to be satisfied when, or as, control of services has been transferred to the customer. Our packaging and test services are our performance obligations to our customers. Our packaging services include wafer bump, probe and assembly. We provide packaging and test services to our customers either individually or as part of a combined offering. In a combined offering, we account for the individual services separately if they are determined to be distinct. We determine a service to be distinct if it is separately identifiable from other services in the combined offering and if a customer can benefit from the unique service on its own or with other resources that are readily available to the customer. The consideration, including variable consideration, is allocated between the distinct services in a combined offering based upon the stand-alone selling prices of the individual services. Our services involve a high degree of specialization which are unique based on the design and purpose of the customer’s wafers. Accordingly, our negotiated pricing reflects the customized nature of our services and represents a customer-specific stand-alone selling price. We recognize revenue as services are rendered, which generally occurs over the course of two to three weeks. Services are generally billed at completion of each individual packaging or test service or in some instances at the completion of all services in a combined offering. We recognize revenue over time as services are rendered because our services create or enhance the customer’s wafer. We utilize an input method (cost incurred plus estimated margin) to determine the amount of revenue to recognize for in-process, but incomplete customer orders at a reporting date. During the period of providing our services, we generally do not control or take ownership of customers' wafers, nor do we include the cost of the wafer in our cost calculations. We believe that a cost-based input method is the most appropriate manner to measure how we satisfy our performance obligations to customers because the effort and costs incurred to package and/or test customer wafers are not linear over the duration of these services. Shipping and handling costs are accounted for as a cost to fulfill our performance obligations to customers. Accordingly, we record customer payments of shipping and handling costs as a component of net sales, and the costs incurred for shipping and handling are then charged to cost of sales. |
Unbilled Receivables | Unbilled Receivables . Unbilled receivables are revenues that have been recognized for performance obligations that have been satisfied, or partially satisfied, in advance of billing the customer. Revenue may be recognized in advance of billing as our contracts provide us with an unconditional right to consideration for work that is performed. Total unbilled receivables as of September 30, 2018 and December 31, 2017 were $116.5 million and $101.9 million , respectively. These amounts are included in accounts receivable, net of allowances in our Consolidated Balance Sheets. |
Inventories | Inventories. Inventories consist of raw materials and purchased components, and are stated at the lower of cost and net realizable value. Cost is principally determined by standard cost or the weighted moving average method, both of which approximate actual cost. We review and set our standard costs as needed, but at a minimum on an annual basis. We reduce the carrying value of our inventories for the cost of inventory we estimate is excess and obsolete based on the age of our inventories. When a determination is made that the inventory will not be utilized in production or is not saleable, it is written-off. |
Income Taxes | We monitor on an ongoing basis our ability to utilize our deferred tax assets and whether there is a need for a related valuation allowance. In evaluating our ability to recover our deferred tax assets in the jurisdictions from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations. Except for deferred tax assets in Portugal, we consider it more likely than not that we will have sufficient taxable income to allow us to realize most of our foreign deferred tax assets. We maintain a valuation allowance on a portion of our U.S. net deferred tax assets, for net operating loss carryforwards not expected to be realized due to Global Intangible Low-Taxed Income ("GILTI") and foreign tax credit carryforwards expected to expire unused. Such valuation allowances are released as the related tax benefits are realized or when sufficient evidence exists to conclude that it is more likely than not that the deferred tax assets will be realized. |
Commitments and Contingencies | In accordance with the accounting guidance for loss contingencies, including legal proceedings, lawsuits, pending claims and other legal matters, we accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if we believe they are material and there is at least a reasonable possibility that a loss has been incurred. Attorney fees related to legal matters are expensed as incurred. |
New Accounting Standards (Table
New Accounting Standards (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of the impacted previously reported results | The adoption of the standard impacted our previously reported results as follows: For the Three Months Ended September 30, 2017 As Previously Reported New Accounting Pronouncement Adjustment As Adjusted (In thousands, except per share data) Income Statement: Net sales $ 1,135,027 $ 13,857 $ 1,148,884 Cost of sales 918,389 6,607 924,996 Gross profit 216,638 7,250 223,888 Income tax expense 18,752 2,511 21,263 Net income 55,630 4,828 60,458 Net income attributable to Amkor 54,435 4,829 59,264 Net income attributable to Amkor per common share - diluted 0.23 0.02 0.25 For the Nine Months Ended September 30, 2017 As Previously Reported New Accounting Pronouncement Adjustment As Adjusted (In thousands, except per share data) Income Statement: Net sales $ 3,038,074 $ 18,479 $ 3,056,553 Cost of sales 2,506,295 13,520 2,519,815 Gross profit 531,779 4,959 536,738 Income tax expense 51,764 1,640 53,404 Net income 162,945 3,575 166,520 Net income attributable to Amkor 159,936 3,555 163,491 Net income attributable to Amkor per common share - diluted 0.67 0.01 0.68 December 31, 2017 As Previously Reported New Accounting Pronouncement Adjustment As Adjusted (In thousands) Balance Sheet: Accounts receivable, net $ 692,287 $ 105,977 $ 798,264 Inventories 326,492 (112,843 ) 213,649 Other assets 146,051 (6,255 ) 139,796 Accrued expenses 374,598 (43,730 ) 330,868 Other non-current liabilities 46,144 1,679 47,823 Accumulated deficit (1) (42,851 ) 28,948 (13,903 ) (1) The adjustment to accumulated deficit includes the 2017 and 2016 net income impact for the adoption of Topic 606 of $2.8 million and $11.3 million , respectively. The adjustment also includes the cumulative impact to our 2016 beginning accumulated deficit of $14.8 million . |
Net Sales by Product Group an_2
Net Sales by Product Group and End Market (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Net sales by product group and end market | The following table presents net sales by end market : For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Communications (smartphones, tablets, handheld devices) 47 % 46 % 44 % 41 % Automotive, industrial and other (driver assist, infotainment, safety, performance) 25 % 24 % 26 % 27 % Computing (datacenter, infrastructure, PC/laptop, storage) 17 % 17 % 18 % 18 % Consumer (set-top boxes, televisions, connected home, personal electronics, visual imaging) 11 % 13 % 12 % 14 % Total net sales 100 % 100 % 100 % 100 % The following table presents net sales by product group: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) (In thousands) Advanced products (1) $ 582,165 $ 563,023 $ 1,554,158 $ 1,383,990 Mainstream products (2) 562,027 585,861 1,681,037 1,672,563 Total net sales $ 1,144,192 $ 1,148,884 $ 3,235,195 $ 3,056,553 (1) Advanced products include flip chip and wafer-level processing and related test services (2) Mainstream products include wirebond packaging and related test services |
Other Income and Expense (Table
Other Income and Expense (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of other income and expense | Other income and expense consists of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Interest income $ (941 ) $ (843 ) $ (2,884 ) $ (2,309 ) Foreign currency (gain) loss, net 1,352 (454 ) (1,045 ) 8,678 Loss on debt retirement 1,149 4,424 1,167 4,835 Other (245 ) 130 (3,492 ) (54 ) Other (income) expense, net $ 1,315 $ 3,257 $ (6,254 ) $ 11,150 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | The following table summarizes the computation of basic and diluted EPS: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands, except per share data) Net income attributable to Amkor common stockholders $ 56,662 $ 59,264 $ 98,797 $ 163,491 Weighted-average number of common shares outstanding — basic 239,370 239,068 239,312 238,873 Effect of dilutive securities: Stock options and restricted share awards 396 572 471 737 Weighted-average number of common shares outstanding — diluted 239,766 239,640 239,783 239,610 Net income attributable to Amkor per common share: Basic $ 0.24 $ 0.25 $ 0.41 $ 0.68 Diluted 0.24 0.25 0.41 0.68 |
Summary of potential shares of common stock excluded from diluted earnings per share | The following table summarizes the potential shares of common stock that were excluded from diluted EPS, because the effect of including these potential shares was anti-dilutive: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Stock options and restricted share awards 3,656 3,483 3,544 3,463 |
Equity and Accumulated Other _2
Equity and Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Changes in equity | Changes in equity consist of the following: Attributable to Amkor Attributable to Non-controlling Interests Total (In thousands) Equity at December 31, 2017 $ 1,696,276 $ 23,433 $ 1,719,709 Net income 98,797 1,874 100,671 Other comprehensive income (loss) (2,790 ) — (2,790 ) Issuance of stock through employee share-based compensation plans 1,023 — 1,023 Treasury stock acquired through surrender of shares for tax withholding (153 ) — (153 ) Share-based compensation 3,791 — 3,791 Subsidiary dividends paid to non-controlling interests — (410 ) (410 ) Equity at September 30, 2018 $ 1,796,944 $ 24,897 $ 1,821,841 Attributable to Amkor Attributable to Non-controlling Interests Total (In thousands) Equity at December 31, 2016 $ 1,409,692 $ 19,825 $ 1,429,517 Net income 163,491 3,029 166,520 Other comprehensive income (loss) 12,047 — 12,047 Issuance of stock through employee share-based compensation plans 2,421 — 2,421 Treasury stock acquired through surrender of shares for tax withholding (1,427 ) — (1,427 ) Share-based compensation 3,872 — 3,872 Subsidiary dividends paid to non-controlling interests — (412 ) (412 ) Equity at September 30, 2017 $ 1,590,096 $ 22,442 $ 1,612,538 |
Changes in accumulated other comprehensive income (loss), net of tax | Changes in accumulated other comprehensive income (loss), net of tax, consist of the following: Defined Benefit Pension Foreign Currency Translation Total (In thousands) Accumulated other comprehensive income (loss) at December 31, 2017 $ 6,303 $ 16,216 $ 22,519 Other comprehensive income (loss) before reclassifications — (2,664 ) (2,664 ) Amounts reclassified from accumulated other comprehensive income (loss) (126 ) — (126 ) Other comprehensive income (loss) (126 ) (2,664 ) (2,790 ) Accumulated other comprehensive income (loss) at September 30, 2018 $ 6,177 $ 13,552 $ 19,729 Defined Benefit Pension Foreign Currency Translation Total (In thousands) Accumulated other comprehensive income (loss) at December 31, 2016 $ 1,138 $ 5,124 $ 6,262 Other comprehensive income (loss) before reclassifications — 11,784 11,784 Amounts reclassified from accumulated other comprehensive income (loss) 263 — 263 Other comprehensive income (loss) 263 11,784 12,047 Accumulated other comprehensive income (loss) at September 30, 2017 $ 1,401 $ 16,908 $ 18,309 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of property, plant and equipment and depreciation expense | Property, plant and equipment consist of the following: September 30, December 31, 2017 (In thousands) Land $ 224,589 $ 224,894 Land use rights 26,845 26,845 Buildings and improvements 1,510,082 1,384,846 Machinery and equipment 5,206,050 4,938,291 Software and computer equipment 209,051 200,500 Furniture, fixtures and other equipment 16,977 15,722 Construction in progress 41,843 104,910 Total property, plant and equipment 7,235,437 6,896,008 Accumulated depreciation and amortization (4,521,353 ) (4,200,943 ) Total property, plant and equipment, net $ 2,714,084 $ 2,695,065 The following table summarizes our depreciation expense: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Depreciation expense $ 143,334 $ 148,099 $ 427,836 $ 434,394 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Summary of accrued expenses | Accrued expenses consist of the following: September 30, December 31, (In thousands) Payroll and benefits $ 122,520 $ 134,785 Income taxes payable 35,081 56,664 Accrued interest 19,520 11,873 Deferred revenue and customer advances 15,908 14,740 Accrued severance plan obligations 14,513 15,190 Accrued settlement costs 9,688 37,783 Other accrued expenses 53,837 59,833 Total accrued expenses $ 271,067 $ 330,868 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of short-term borrowings and long-term debt | Following is a summary of short-term borrowings and long-term debt: September 30, December 31, (In thousands) Debt of Amkor Technology, Inc.: Senior notes: 6.625% Senior notes, due June 2021 (1) $ — $ 200,000 6.375% Senior notes, due October 2022 524,971 524,971 Debt of subsidiaries: Amkor Technology Korea, Inc. (2): $75 million revolving credit facility, foreign currency funding-linked base rate plus 1.60%, due September 2018 (3) — 75,000 Term loan, LIBOR plus 2.70%, due December 2019 — 55,000 Term loan, foreign currency funding-linked base rate plus 1.32%, due May 2020 141,000 150,000 Term loan, fixed rate at 3.70%, due May 2020 120,000 120,000 Term loan, fund floating rate plus 1.60%, due June 2020 (4) 150,000 86,000 Term loan, LIBOR plus 2.34%, due September 2021 (3) 75,000 — J-Devices Corporation: Short-term term loans, variable rate (5) 19,358 30,455 Term loans, fixed rate at 0.53%, due April 2018 — 6,744 Term loan, fixed rate at 0.86%, due June 2022 32,981 39,933 Term loan, fixed rate at 0.60%, due July 2022 7,036 8,430 Term loan, fixed rate at 1.30%, due July 2023 (1) 228,672 — Other: $250 million senior secured revolving credit facility, LIBOR plus 1.25%-1.75%, due July 2023 (Singapore) (6) — — Revolving credit facility, TAIFX plus the applicable bank rate, due November 2020 (Taiwan) (7) 20,000 20,000 Term loan, LIBOR plus 1.80%, due December 2019 (China) 48,500 49,000 1,367,518 1,365,533 Less: Unamortized premium and deferred debt costs, net (1,880 ) (1,104 ) Less: Short-term borrowings and current portion of long-term debt (97,646 ) (123,848 ) Long-term debt $ 1,267,992 $ 1,240,581 (1) In August 2018, we redeemed all $200 million of our 6.625% Senior Notes due 2021 ("Notes"). In accordance with the terms of the indenture governing the Notes, the redemption price was 100% of the principal amount of the Notes plus accrued and unpaid interest. We recorded a $0.8 million charge for the write-off of the associated unamortized debt issuance costs. The redemption of the Notes was funded with proceeds from our ¥26.0 billion ( US$233.2 million ) term loan agreement entered into in July 2018 by J-Devices Corporation and guaranteed by Amkor Technology, Inc. Principal and interest are payable in quarterly installments. (2) In October 2018, Amkor Technology Korea, Inc. entered into a revolving credit facility agreement with availability of $30.0 million . Principal will be payable at the maturity date of October 2019. Interest will be payable monthly in arrears, at LIBOR plus the applicable bank rate . (3) In June 2018, we extended our $75.0 million credit facility from June 2018 to September 2018. In September 2018, we entered into a $75.0 million term loan agreement to repay the outstanding balance of our $75.0 million credit facility due September 2018. The new term loan extended the maturity to September 2021. Principal is payable at maturity. Interest is due quarterly in arrears, at LIBOR plus 2.34% ( 4.68% as of September 30, 2018 ). (4) In May 2015, we entered into a term loan agreement pursuant to which we may borrow up to $150.0 million for capital expenditures. Principal is payable at maturity. Interest is payable quarterly in arrears, at a fund floating rate plus 1.60% ( 4.28% as of September 30, 2018 ). In the second quarter of 2018, we borrowed $64.0 million on this facility and repaid other Amkor Technology Korea, Inc. term loans with earlier maturity dates. (5) We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. Interest as of September 30, 2018 is at TIBOR plus 0.15% to 0.20% (weighted average of 0.17% as of September 30, 2018 ). As of September 30, 2018 , $4.4 million was available to be drawn. (6) In July 2018, the senior secured revolving credit facility of Amkor Technology, Inc. was terminated and replaced by a new facility entered into by our subsidiary, Amkor Technology Singapore Holding Pte, Ltd., and guaranteed by Amkor Technology, Inc. We recorded a $0.4 million charge for the write-off of the associated unamortized debt issuance costs relating to the terminated credit facility. The availability for the new revolving credit facility is based on the amount of eligible accounts receivable. As of September 30, 2018 , we had availability of $250.0 million under the new senior secured revolving credit facility with no outstanding standby letters of credit. (7) In November 2015, we entered into a $39.0 million revolving credit facility. Principal is payable at maturity. Interest is payable monthly, at TAIFX plus the applicable bank rate ( 3.67% as of September 30, 2018 ). As of September 30, 2018 , $19.0 million was available to be drawn. |
Pension Plans (Tables)
Pension Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of net periodic pension cost | The components of net periodic pension cost for these defined benefit pension plans are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Service cost $ 8,124 $ 8,445 $ 24,839 $ 25,215 Interest cost 1,199 1,009 3,668 3,029 Expected return on plan assets (1,390 ) (1,124 ) (4,249 ) (3,385 ) Amortization of prior service cost — — — 31 Recognized actuarial (gain) loss (36 ) 18 (113 ) 62 Net periodic pension cost $ 7,897 $ 8,348 $ 24,145 $ 24,952 |
Summary of defined contribution expense | The following table summarizes our defined contribution expense: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Defined contribution expense $ 2,595 $ 2,230 $ 9,608 $ 8,009 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Recurring fair value measurements | Recurring fair value measurements consist of the following: September 30, December 31, (In thousands) Cash equivalent money market funds (Level 1) $ 38,557 $ 121,627 Restricted cash money market funds (Level 1) 2,559 2,000 |
Fair value of financial instruments that are not recorded at fair value on recurring basis | The following table presents the fair value of financial instruments that are not recorded at fair value on a recurring basis: September 30, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value (In thousands) Senior notes (Level 1) $ 535,544 $ 524,950 $ 745,943 $ 723,867 Revolving credit facilities and term loans (Level 2) 838,094 840,688 639,689 640,562 Total debt $ 1,373,638 $ 1,365,638 $ 1,385,632 $ 1,364,429 |
New Accounting Standards - Reve
New Accounting Standards - Revenue from Contracts with Customers (Topic 606) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Net sales | $ 1,144,192 | $ 1,148,884 | $ 3,235,195 | $ 3,056,553 | |||
Cost of sales | 943,485 | 924,996 | 2,707,000 | 2,519,815 | |||
Gross profit | 200,707 | 223,888 | 528,195 | 536,738 | |||
Income tax expense | 14,326 | 21,263 | 27,438 | 53,404 | |||
Net income | 57,292 | 60,458 | 100,671 | 166,520 | |||
Net income attributable to Amkor | $ 56,662 | $ 59,264 | $ 98,797 | $ 163,491 | |||
Net loss attributable to Amkor per common share - diluted (in dollars per share) | $ 0.24 | $ 0.25 | $ 0.41 | $ 0.68 | |||
Accounts receivable, net | $ 797,678 | $ 797,678 | $ 798,264 | ||||
Inventories | 228,108 | 228,108 | 213,649 | ||||
Other assets | 141,440 | 141,440 | 139,796 | ||||
Accrued expenses | 271,067 | 271,067 | 330,868 | ||||
Other non-current liabilities | 54,403 | 54,403 | 47,823 | ||||
Accumulated deficit | $ 84,894 | $ 84,894 | (13,903) | ||||
As Previously Reported | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Net sales | $ 1,135,027 | $ 3,038,074 | |||||
Cost of sales | 918,389 | 2,506,295 | |||||
Gross profit | 216,638 | 531,779 | |||||
Income tax expense | 18,752 | 51,764 | |||||
Net income | 55,630 | 162,945 | |||||
Net income attributable to Amkor | $ 54,435 | $ 159,936 | |||||
Net loss attributable to Amkor per common share - diluted (in dollars per share) | $ 0.23 | $ 0.67 | |||||
Accounts receivable, net | 692,287 | ||||||
Inventories | 326,492 | ||||||
Other assets | 146,051 | ||||||
Accrued expenses | 374,598 | ||||||
Other non-current liabilities | 46,144 | ||||||
Accumulated deficit | (42,851) | ||||||
New Accounting Pronouncement Adjustment | ASU 2014-09 | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Net sales | $ 13,857 | $ 18,479 | |||||
Cost of sales | 6,607 | 13,520 | |||||
Gross profit | 7,250 | 4,959 | |||||
Income tax expense | 2,511 | 1,640 | |||||
Net income | 4,828 | 3,575 | |||||
Net income attributable to Amkor | $ 4,829 | $ 3,555 | |||||
Net loss attributable to Amkor per common share - diluted (in dollars per share) | $ 0.02 | $ 0.01 | |||||
Accounts receivable, net | 105,977 | ||||||
Inventories | (112,843) | ||||||
Other assets | (6,255) | ||||||
Accrued expenses | (43,730) | ||||||
Other non-current liabilities | 1,679 | ||||||
Accumulated deficit | 28,948 | ||||||
New Accounting Pronouncement Adjustment | ASU 2014-09 | Adjustment to Accumulated Deficit | |||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||
Adjustment to accumulated deficit | $ 2,800 | $ 11,300 | $ 14,800 |
New Accounting Standards - Comp
New Accounting Standards - Compensation – Retirement Benefits (Topic 715) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating income | $ (92,703) | $ (105,479) | $ (182,763) | $ (296,522) |
Other (income) expense, net | $ (1,315) | (3,257) | $ 6,254 | (11,150) |
ASU 2017-07 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating income | (100) | 100 | ||
Other (income) expense, net | $ 100 | $ (200) |
Significant Accounting Polici_2
Significant Accounting Policies (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Unbilled receivables | $ 116.5 | $ 101.9 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Course of recognition | 14 days | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Course of recognition | 21 days |
Acquisition (Details)
Acquisition (Details) | May 22, 2017 |
Nanium S.A. | |
Business Acquisition [Line Items] | |
Ownership interest acquired (as a percent) | 100.00% |
Net Sales by Product Group an_3
Net Sales by Product Group and End Market - Net Sales by Product Group (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales by product group | $ 1,144,192 | $ 1,148,884 | $ 3,235,195 | $ 3,056,553 |
Advanced products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales by product group | 582,165 | 563,023 | 1,554,158 | 1,383,990 |
Mainstream products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales by product group | $ 562,027 | $ 585,861 | $ 1,681,037 | $ 1,672,563 |
Net Sales by Product Group an_4
Net Sales by Product Group and End Market - Net Sales by End Market (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Revenue from Contract with Customer | End Market | Communications (smartphones, tablets, handheld devices) | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 47.00% | 46.00% | 44.00% | 41.00% |
Revenue from Contract with Customer | End Market | Automotive, industrial and other (driver assist, infotainment, safety, performance) | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 25.00% | 24.00% | 26.00% | 27.00% |
Revenue from Contract with Customer | End Market | Computing (datacenter, infrastructure, PC/laptop, storage) | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 17.00% | 17.00% | 18.00% | 18.00% |
Revenue from Contract with Customer | End Market | Consumer (set-top boxes, televisions, connected home, personal electronics, visual imaging) | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 11.00% | 13.00% | 12.00% | 14.00% |
Other Income and Expense (Detai
Other Income and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ (941) | $ (843) | $ (2,884) | $ (2,309) |
Foreign currency (gain) loss, net | 1,352 | (454) | (1,045) | 8,678 |
Loss on debt retirement | 1,149 | 4,424 | 1,167 | 4,835 |
Other | (245) | 130 | (3,492) | (54) |
Other (income) expense, net | $ 1,315 | $ 3,257 | $ (6,254) | $ 11,150 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 14,326 | $ 21,263 | $ 27,438 | $ 53,404 | |
Gross unrecognized tax benefits | $ 24,600 | $ 24,600 | $ 27,200 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Amkor common stockholders | $ 56,662 | $ 59,264 | $ 98,797 | $ 163,491 |
Weighted-average number of common shares outstanding — basic | 239,370 | 239,068 | 239,312 | 238,873 |
Effect of dilutive securities: | ||||
Stock options and restricted share awards (in shares) | 396 | 572 | 471 | 737 |
Weighted-average number of common shares outstanding — diluted | 239,766 | 239,640 | 239,783 | 239,610 |
Net income attributable to Amkor per common share: | ||||
Basic (in dollars per share) | $ 0.24 | $ 0.25 | $ 0.41 | $ 0.68 |
Diluted (in dollars per share) | $ 0.24 | $ 0.25 | $ 0.41 | $ 0.68 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Potential Shares of Common Stock Excluded from Diluted EPS (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock options and restricted share awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options and restricted share awards | 3,656 | 3,483 | 3,544 | 3,463 |
Equity and Accumulated Other _3
Equity and Accumulated Other Comprehensive Income (Loss) - Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 1,719,709 | $ 1,429,517 | ||
Net income | $ 57,292 | $ 60,458 | 100,671 | 166,520 |
Other comprehensive income (loss) | (6,656) | (954) | (2,790) | 12,047 |
Issuance of stock through employee share-based compensation plans | 1,023 | 2,421 | ||
Treasury stock acquired through surrender of shares for tax withholding | (153) | (1,427) | ||
Share-based compensation | 3,791 | 3,872 | ||
Subsidiary dividends paid to non-controlling interests | (410) | (412) | ||
Ending balance | 1,821,841 | 1,612,538 | 1,821,841 | 1,612,538 |
Attributable to Amkor | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,696,276 | 1,409,692 | ||
Net income | 98,797 | 163,491 | ||
Other comprehensive income (loss) | (2,790) | 12,047 | ||
Issuance of stock through employee share-based compensation plans | 1,023 | 2,421 | ||
Treasury stock acquired through surrender of shares for tax withholding | (153) | (1,427) | ||
Share-based compensation | 3,791 | 3,872 | ||
Subsidiary dividends paid to non-controlling interests | 0 | 0 | ||
Ending balance | 1,796,944 | 1,590,096 | 1,796,944 | 1,590,096 |
Attributable to Non-controlling Interests | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 23,433 | 19,825 | ||
Net income | 1,874 | 3,029 | ||
Other comprehensive income (loss) | 0 | 0 | ||
Issuance of stock through employee share-based compensation plans | 0 | 0 | ||
Treasury stock acquired through surrender of shares for tax withholding | 0 | 0 | ||
Share-based compensation | 0 | 0 | ||
Subsidiary dividends paid to non-controlling interests | (410) | (412) | ||
Ending balance | $ 24,897 | $ 22,442 | $ 24,897 | $ 22,442 |
Equity and Accumulated Other _4
Equity and Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 1,719,709 | $ 1,429,517 | ||
Other comprehensive income (loss) before reclassifications | (2,664) | 11,784 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (126) | 263 | ||
Total other comprehensive income (loss) | $ (6,656) | $ (954) | (2,790) | 12,047 |
Ending balance | 1,821,841 | 1,612,538 | 1,821,841 | 1,612,538 |
Defined Benefit Pension | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 6,303 | 1,138 | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (126) | 263 | ||
Total other comprehensive income (loss) | (126) | 263 | ||
Ending balance | 6,177 | 1,401 | 6,177 | 1,401 |
Foreign Currency Translation | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 16,216 | 5,124 | ||
Other comprehensive income (loss) before reclassifications | (2,664) | 11,784 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Total other comprehensive income (loss) | (2,664) | 11,784 | ||
Ending balance | 13,552 | 16,908 | 13,552 | 16,908 |
Total | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 22,519 | 6,262 | ||
Ending balance | $ 19,729 | $ 18,309 | $ 19,729 | $ 18,309 |
Factoring of Accounts Receiva_2
Factoring of Accounts Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Total Factored | ||||
Factoring of Accounts Receivable [Line Items] | ||||
Accounts receivable sold | $ 193.6 | $ 135.1 | $ 622.2 | $ 400.4 |
Discounts and Fees | ||||
Factoring of Accounts Receivable [Line Items] | ||||
Accounts receivable sold | $ 1.6 | $ 1.3 | $ 5.4 | $ 2.9 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 7,235,437 | $ 6,896,008 |
Accumulated depreciation and amortization | (4,521,353) | (4,200,943) |
Total property, plant and equipment, net | 2,714,084 | 2,695,065 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 224,589 | 224,894 |
Land use rights | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 26,845 | 26,845 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,510,082 | 1,384,846 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 5,206,050 | 4,938,291 |
Software and computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 209,051 | 200,500 |
Furniture, fixtures and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 16,977 | 15,722 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 41,843 | $ 104,910 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 143,334 | $ 148,099 | $ 427,836 | $ 434,394 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
May 31, 2017 | Nov. 30, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from sale of property, plant and equipment | $ 1,606 | $ 133,320 | ||||
Pre-tax gain at close | $ 0 | $ 0 | $ 0 | $ 108,109 | ||
Korea | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from sale of property, plant and equipment | $ 142,400 | |||||
Percentage of proceeds received | 10.00% | |||||
Pre-tax gain at close | $ 108,100 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Payroll and benefits | $ 122,520 | $ 134,785 |
Income taxes payable | 35,081 | 56,664 |
Accrued interest | 19,520 | 11,873 |
Deferred revenue and customer advances | 15,908 | 14,740 |
Accrued severance plan obligations | 14,513 | 15,190 |
Accrued settlement costs | 9,688 | 37,783 |
Other accrued expenses | 53,837 | 59,833 |
Total accrued expenses | $ 271,067 | $ 330,868 |
Debt (Details)
Debt (Details) ¥ in Billions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Aug. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Oct. 31, 2018USD ($) | Jul. 31, 2018JPY (¥) | Jul. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2015USD ($) | May 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 1,367,518,000 | $ 1,365,533,000 | |||||||||
Less: Unamortized premium and deferred debt costs, net | (1,880,000) | (1,104,000) | |||||||||
Less: Short-term borrowings and current portion of long-term debt | (97,646,000) | (123,848,000) | |||||||||
Long-term debt | 1,267,992,000 | 1,240,581,000 | |||||||||
Proceeds from revolving credit facilities | 0 | $ 75,000,000 | |||||||||
Term loan, LIBOR plus 1.80%, due December 2019 (China) | China | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 48,500,000 | 49,000,000 | |||||||||
Term loan, LIBOR plus 1.80%, due December 2019 (China) | China | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 1.80% | ||||||||||
Line of Credit | $75 million revolving credit facility, foreign currency funding-linked base rate plus 1.60%, due September 2018 | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 2.34% | ||||||||||
Credit facility, borrowing capacity | $ 75,000,000 | ||||||||||
Interest rate at period end (as a percent) | 4.68% | ||||||||||
Line of Credit | $75 million revolving credit facility, foreign currency funding-linked base rate plus 1.60%, due September 2018 | Korea | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 0 | 75,000,000 | |||||||||
Basis spread on variable rate (as a percent) | 1.60% | ||||||||||
Credit facility, borrowing capacity | $ 75,000,000 | ||||||||||
Line of Credit | Revolving Credit Facility due October 2019 | Korea | Revolving Credit Facility | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility, borrowing capacity | $ 30,000,000 | ||||||||||
Line of Credit | $250 million revolving credit facility, LIBOR plus 1.25%-1.75%, due July 2023 (Singapore) | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | 0 | 0 | |||||||||
Credit facility, borrowing capacity | 250,000,000 | ||||||||||
Write off of unamortized debt issuance cost | $ 400,000 | ||||||||||
Remaining borrowing capacity | $ 250,000,000 | ||||||||||
Line of Credit | $250 million revolving credit facility, LIBOR plus 1.25%-1.75%, due July 2023 (Singapore) | Revolving Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 1.25% | ||||||||||
Line of Credit | $250 million revolving credit facility, LIBOR plus 1.25%-1.75%, due July 2023 (Singapore) | Revolving Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 1.75% | ||||||||||
Line of Credit | Revolving credit facility, TAIFX plus a bank-determined spread, due November 2020 (Taiwan) | Taiwan | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 20,000,000 | 20,000,000 | |||||||||
Credit facility, borrowing capacity | $ 39,000,000 | ||||||||||
Remaining borrowing capacity | $ 19,000,000 | ||||||||||
Interest rate at period end (as a percent) | 3.67% | ||||||||||
Senior Notes | 6.625% Senior notes, due June 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 0 | 200,000,000 | |||||||||
Face amount of debt | $ 200,000,000 | ||||||||||
Stated interest rate (as a percent) | 6.625% | ||||||||||
Write off of unamortized debt issuance cost | $ 800,000 | ||||||||||
Debt redemption price | 100.00% | ||||||||||
Senior Notes | 6.375% Senior notes, due October 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 524,971,000 | 524,971,000 | |||||||||
Stated interest rate (as a percent) | 6.375% | ||||||||||
Subsidiary Term Loans | Term loan, LIBOR plus 2.70%, due December 2019 | Korea | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 0 | 55,000,000 | |||||||||
Basis spread on variable rate (as a percent) | 2.70% | ||||||||||
Subsidiary Term Loans | Term loan, foreign currency funding-linked base rate plus 1.32%, due May 2020 | Korea | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 141,000,000 | 150,000,000 | |||||||||
Basis spread on variable rate (as a percent) | 1.32% | ||||||||||
Subsidiary Term Loans | Term loan, fund floating rate plus 1.60%, due June 2020 | Korea | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 150,000,000 | 86,000,000 | |||||||||
Basis spread on variable rate (as a percent) | 1.60% | ||||||||||
Credit facility, borrowing capacity | $ 150,000,000 | ||||||||||
Interest rate at period end (as a percent) | 4.28% | ||||||||||
Proceeds from revolving credit facilities | $ 64,000,000 | ||||||||||
Subsidiary Term Loans | Term loan, LIBOR plus 2.34%, due September 2021 | Korea | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 75,000,000 | 0 | |||||||||
Face amount of debt | $ 75,000,000 | ||||||||||
Subsidiary Term Loans | Term loan, LIBOR plus 2.34%, due September 2021 | Korea | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 2.34% | ||||||||||
Subsidiary Term Loans | Short-term term loans, variable rate | Japan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 19,358,000 | 30,455,000 | |||||||||
Remaining borrowing capacity | $ 4,400,000 | ||||||||||
Subsidiary Term Loans | Short-term term loans, variable rate | Japan | TIBOR | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 0.15% | ||||||||||
Subsidiary Term Loans | Short-term term loans, variable rate | Japan | TIBOR | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 0.20% | ||||||||||
Subsidiary Term Loans | Short-term term loans, variable rate | Japan | TIBOR | Weighted Average [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (as a percent) | 0.17% | ||||||||||
Subsidiary Term Loans | Term loans, fixed rate at 0.53%, due April 2018 | Japan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 0 | 6,744,000 | |||||||||
Stated interest rate (as a percent) | 0.53% | ||||||||||
Subsidiary Term Loans | Term loan, fixed rate at 0.86%, due June 2022 | Japan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 32,981,000 | 39,933,000 | |||||||||
Stated interest rate (as a percent) | 0.86% | ||||||||||
Subsidiary Term Loans | Term loan, fixed rate at 0.60%, due July 2022 | Japan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 7,036,000 | 8,430,000 | |||||||||
Stated interest rate (as a percent) | 0.60% | ||||||||||
Subsidiary Term Loans | Term Loan, Fixed Rate at 1.30% Due July 2023 | Japan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 228,672,000 | 0 | |||||||||
Face amount of debt | ¥ 26 | $ 233,200,000 | |||||||||
Term Loan | Term loan, fixed rate at 3.70%, due May 2020 | Korea | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Short-term borrowings and long-term debt | $ 120,000,000 | $ 120,000,000 | |||||||||
Stated interest rate (as a percent) | 3.70% |
Pension Plans - Components of N
Pension Plans - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 8,124 | $ 8,445 | $ 24,839 | $ 25,215 |
Interest cost | 1,199 | 1,009 | 3,668 | 3,029 |
Expected return on plan assets | (1,390) | (1,124) | (4,249) | (3,385) |
Amortization of prior service cost | 0 | 0 | 0 | 31 |
Recognized actuarial (gain) loss | (36) | 18 | (113) | 62 |
Net periodic pension cost | $ 7,897 | $ 8,348 | $ 24,145 | $ 24,952 |
Pension Plans - Summary of Defi
Pension Plans - Summary of Defined Contribution Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Retirement Benefits [Abstract] | ||||
Defined contribution expense | $ 2,595 | $ 2,230 | $ 9,608 | $ 8,009 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - Level 1 - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalent money market funds | $ 38,557 | $ 121,627 |
Restricted cash money market funds | $ 2,559 | $ 2,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Instruments Not Recorded at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 1,373,638 | $ 1,385,632 |
Fair Value | Senior notes | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 535,544 | 745,943 |
Fair Value | Revolving credit facilities and term loans | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 838,094 | 639,689 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 1,365,638 | 1,364,429 |
Carrying Value | Senior notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 524,950 | 723,867 |
Carrying Value | Revolving credit facilities and term loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 840,688 | $ 640,562 |