COVER PAGE
COVER PAGE - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-29472 | |
Entity Registrant Name | AMKOR TECHNOLOGY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 23-1722724 | |
Entity Address, Address Line One | 2045 East Innovation Circle | |
Entity Address, City or Town | Tempe | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85284 | |
City Area Code | 480 | |
Local Phone Number | 821-5000 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | AMKR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 245,729,666 | |
Entity Central Index Key | 0001047127 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,457,922 | $ 1,504,868 | $ 2,929,461 | $ 3,101,684 |
Cost of sales | 1,271,052 | 1,255,713 | 2,548,170 | 2,527,199 |
Gross profit | 186,870 | 249,155 | 381,291 | 574,485 |
Selling, general and administrative | 64,860 | 68,868 | 143,531 | 145,827 |
Research and development | 45,688 | 37,478 | 92,735 | 75,841 |
Total operating expenses | 110,548 | 106,346 | 236,266 | 221,668 |
Operating income | 76,322 | 142,809 | 145,025 | 352,817 |
Interest expense | 14,354 | 14,593 | 30,521 | 28,741 |
Other (income) expense, net | (11,883) | (8,041) | (15,435) | (13,137) |
Total other expense, net | 2,471 | 6,552 | 15,086 | 15,604 |
Income before taxes | 73,851 | 136,257 | 129,939 | 337,213 |
Income tax expense | 9,407 | 10,788 | 20,271 | 40,516 |
Net income | 64,444 | 125,469 | 109,668 | 296,697 |
Net income attributable to non-controlling interests | (158) | (691) | (31) | (1,256) |
Net income attributable to Amkor | $ 64,286 | $ 124,778 | $ 109,637 | $ 295,441 |
Net income attributable to Amkor per common share: | ||||
Basic (in dollars per share) | $ 0.26 | $ 0.51 | $ 0.45 | $ 1.21 |
Diluted (in dollars per share) | $ 0.26 | $ 0.51 | $ 0.44 | $ 1.20 |
Shares used in computing per common share amounts: | ||||
Basic (in shares) | 245,637 | 244,592 | 245,485 | 244,498 |
Diluted (in shares) | 246,964 | 245,855 | 247,046 | 245,938 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 64,444 | $ 125,469 | $ 109,668 | $ 296,697 |
Other comprehensive income (loss), net of tax: | ||||
Adjustments to net unrealized gains (losses) on available-for-sale debt investments | (510) | (630) | 92 | (1,707) |
Adjustments to unrealized components of defined benefit pension plans | (97) | 5 | (195) | 9 |
Foreign currency translation | (13,051) | (15,618) | (15,164) | (24,027) |
Total other comprehensive income (loss) | (13,658) | (16,243) | (15,267) | (25,725) |
Comprehensive income | 50,786 | 109,226 | 94,401 | 270,972 |
Comprehensive income attributable to non-controlling interests | (158) | (691) | (31) | (1,256) |
Comprehensive income attributable to Amkor | $ 50,628 | $ 108,535 | $ 94,370 | $ 269,716 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 804,834 | $ 959,072 |
Short-term investments (amortized cost of $400,792 and $283,641 in 2023 and 2022, respectively) | 399,233 | 281,964 |
Accounts receivable, net of allowances | 1,198,612 | 1,365,504 |
Inventories | 534,477 | 629,576 |
Other current assets | 61,890 | 65,123 |
Total current assets | 2,999,046 | 3,301,239 |
Property, plant and equipment, net | 3,309,592 | 3,135,614 |
Operating lease right of use assets | 146,080 | 171,163 |
Goodwill | 19,550 | 21,517 |
Restricted cash | 3,428 | 3,334 |
Other assets | 160,484 | 188,890 |
Total assets | 6,638,180 | 6,821,757 |
Current liabilities: | ||
Short-term borrowings and current portion of long-term debt | 155,978 | 143,813 |
Trade accounts payable | 701,610 | 899,164 |
Capital expenditures payable | 310,387 | 146,602 |
Short-term operating lease liability | 53,991 | 70,991 |
Accrued expenses | 354,522 | 401,841 |
Total current liabilities | 1,576,488 | 1,662,411 |
Long-term debt | 975,535 | 1,088,521 |
Pension and severance obligations | 88,249 | 93,540 |
Long-term operating lease liabilities | 66,030 | 75,745 |
Other non-current liabilities | 169,019 | 201,839 |
Total liabilities | 2,875,321 | 3,122,056 |
Commitments and contingencies (Note 15) | ||
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; 291,958 and 291,249 shares issued; and 245,689 and 245,091 shares outstanding in 2023 and 2022, respectively | 292 | 291 |
Additional paid-in capital | 2,005,055 | 1,996,344 |
Retained earnings | 1,947,420 | 1,874,644 |
Accumulated other comprehensive income (loss) | 1,432 | 16,699 |
Treasury stock, at cost, 46,269 and 46,158 shares in 2023 and 2022, respectively | (222,049) | (219,226) |
Total Amkor stockholders’ equity | 3,732,150 | 3,668,752 |
Non-controlling interests in subsidiaries | 30,709 | 30,949 |
Total equity | 3,762,859 | 3,699,701 |
Total liabilities and equity | $ 6,638,180 | $ 6,821,757 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Short term investments amortized cost | $ 400,792 | $ 283,641 |
Stockholders’ equity: | ||
Preferred stock designated Series A, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock designated Series A, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock designated Series A, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 291,958,000 | 291,249,000 |
Common stock, shares outstanding (in shares) | 245,689,000 | 245,091,000 |
Treasury stock, shares (in shares) | 46,269,000 | 46,158,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Total Amkor Stockholders’ Equity | Common Stock | Additional Paid- In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest in Subsidiaries |
Balance at beginning of period, common stock (in shares) at Dec. 31, 2021 | 290,466 | |||||||
Balance at beginning of period at Dec. 31, 2021 | $ 2,972,546 | $ 2,942,276 | $ 290 | $ 1,977,134 | $ 1,163,939 | $ 19,978 | $ (219,065) | $ 30,270 |
Balance at beginning of period, treasury stock (in shares) at Jun. 30, 2022 | (46,155) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 296,697 | 295,441 | 295,441 | 1,256 | ||||
Other comprehensive income (loss) | (25,725) | (25,725) | (25,725) | |||||
Treasury stock acquired through surrender of shares for tax withholding (in shares) | (4) | |||||||
Treasury stock acquired through surrender of shares for tax withholding | (82) | (82) | $ (82) | |||||
Issuance of stock through share-based compensation plans (in shares) | 322 | |||||||
Issuance of stock through share-based compensation plans | 1,740 | 1,740 | $ 1 | 1,739 | ||||
Share-based compensation | 7,119 | 7,119 | 7,119 | |||||
Cash dividends declared | (24,474) | (24,474) | (24,474) | |||||
Subsidiary dividends to non-controlling interests | (271) | (271) | ||||||
Balance at end of period, common stock (in shares) at Jun. 30, 2022 | 290,788 | |||||||
Balance at end of period at Jun. 30, 2022 | 3,227,550 | 3,196,295 | $ 291 | 1,985,992 | 1,434,906 | (5,747) | $ (219,147) | 31,255 |
Balance at end of period, treasury stock (in shares) at Dec. 31, 2021 | (46,151) | |||||||
Balance at beginning of period, common stock (in shares) at Mar. 31, 2022 | 290,687 | |||||||
Balance at beginning of period at Mar. 31, 2022 | 3,126,822 | 3,096,123 | $ 291 | 1,982,113 | 1,322,370 | 10,496 | $ (219,147) | 30,699 |
Balance at beginning of period, treasury stock (in shares) at Jun. 30, 2022 | (46,155) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 125,469 | 124,778 | 124,778 | 691 | ||||
Other comprehensive income (loss) | (16,243) | (16,243) | (16,243) | |||||
Issuance of stock through share-based compensation plans (in shares) | 101 | |||||||
Issuance of stock through share-based compensation plans | 258 | 258 | 258 | |||||
Share-based compensation | 3,621 | 3,621 | 3,621 | |||||
Cash dividends declared | (12,242) | (12,242) | (12,242) | |||||
Subsidiary dividends to non-controlling interests | (135) | (135) | ||||||
Balance at end of period, common stock (in shares) at Jun. 30, 2022 | 290,788 | |||||||
Balance at end of period at Jun. 30, 2022 | $ 3,227,550 | 3,196,295 | $ 291 | 1,985,992 | 1,434,906 | (5,747) | $ (219,147) | 31,255 |
Balance at end of period, treasury stock (in shares) at Mar. 31, 2022 | (46,155) | |||||||
Balance at beginning of period, common stock (in shares) at Dec. 31, 2022 | 245,091 | 291,249 | ||||||
Balance at beginning of period at Dec. 31, 2022 | $ 3,699,701 | 3,668,752 | $ 291 | 1,996,344 | 1,874,644 | 16,699 | $ (219,226) | 30,949 |
Balance at beginning of period, treasury stock (in shares) at Jun. 30, 2023 | (46,269) | (46,269) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 109,668 | 109,637 | 109,637 | 31 | ||||
Other comprehensive income (loss) | (15,267) | (15,267) | (15,267) | |||||
Treasury stock acquired through surrender of shares for tax withholding (in shares) | (111) | |||||||
Treasury stock acquired through surrender of shares for tax withholding | (2,823) | (2,823) | $ (2,823) | |||||
Issuance of stock through share-based compensation plans (in shares) | 709 | |||||||
Issuance of stock through share-based compensation plans | 1,925 | 1,925 | $ 1 | 1,924 | ||||
Share-based compensation | 6,787 | 6,787 | 6,787 | |||||
Cash dividends declared | (36,861) | (36,861) | (36,861) | |||||
Subsidiary dividends to non-controlling interests | $ (271) | (271) | ||||||
Balance at end of period, common stock (in shares) at Jun. 30, 2023 | 245,689 | 291,958 | ||||||
Balance at end of period at Jun. 30, 2023 | $ 3,762,859 | 3,732,150 | $ 292 | 2,005,055 | 1,947,420 | 1,432 | $ (222,049) | 30,709 |
Balance at end of period, treasury stock (in shares) at Dec. 31, 2022 | (46,158) | (46,158) | ||||||
Balance at beginning of period, common stock (in shares) at Mar. 31, 2023 | 291,814 | |||||||
Balance at beginning of period at Mar. 31, 2023 | $ 3,727,163 | 3,696,477 | $ 292 | 2,001,575 | 1,901,569 | 15,090 | $ (222,049) | 30,686 |
Balance at beginning of period, treasury stock (in shares) at Jun. 30, 2023 | (46,269) | (46,269) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 64,444 | 64,286 | 64,286 | 158 | ||||
Other comprehensive income (loss) | (13,658) | (13,658) | (13,658) | |||||
Issuance of stock through share-based compensation plans (in shares) | 144 | |||||||
Issuance of stock through share-based compensation plans | 401 | 401 | 401 | |||||
Share-based compensation | 3,079 | 3,079 | 3,079 | |||||
Cash dividends declared | (18,435) | (18,435) | (18,435) | |||||
Subsidiary dividends to non-controlling interests | $ (135) | (135) | ||||||
Balance at end of period, common stock (in shares) at Jun. 30, 2023 | 245,689 | 291,958 | ||||||
Balance at end of period at Jun. 30, 2023 | $ 3,762,859 | $ 3,732,150 | $ 292 | $ 2,005,055 | $ 1,947,420 | $ 1,432 | $ (222,049) | $ 30,709 |
Balance at end of period, treasury stock (in shares) at Mar. 31, 2023 | (46,269) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.075 | $ 0.05 | $ 0.15 | $ 0.10 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 109,668 | $ 296,697 |
Depreciation and amortization | 314,647 | 299,341 |
Other operating activities and non-cash items | 4,784 | (10,041) |
Changes in assets and liabilities | (6,521) | (123,728) |
Net cash provided by operating activities | 422,578 | 462,269 |
Cash flows from investing activities: | ||
Payments for property, plant and equipment | (282,309) | (340,208) |
Proceeds from sale of property, plant and equipment | 1,107 | 773 |
Proceeds from foreign exchange forward contracts | 22,451 | 6,704 |
Payments for foreign exchange forward contracts | (50,170) | (66,898) |
Payments for short-term investments | (355,135) | (298,351) |
Proceeds from sale of short-term investments | 47,000 | 14,120 |
Proceeds from maturities of short-term investments | 193,315 | 155,910 |
Other investing activities | 4,869 | 1,278 |
Net cash used in investing activities | (418,872) | (526,672) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facilities | 370,000 | 0 |
Payments of revolving credit facilities | (370,000) | 0 |
Proceeds from short-term debt | 11,043 | 18,112 |
Payments of short-term debt | (11,149) | (12,048) |
Proceeds from issuance of long-term debt | 0 | 190,000 |
Payments of long-term debt | (72,061) | (155,284) |
Payments of finance lease obligations | (31,129) | (15,943) |
Payments of dividends | (36,874) | (24,473) |
Other financing activities | (1,589) | (5,089) |
Net cash used in financing activities | (141,759) | (4,725) |
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | (16,091) | (25,020) |
Net decrease in cash, cash equivalents and restricted cash | (154,144) | (94,148) |
Cash, cash equivalents and restricted cash, beginning of period | 962,406 | 831,521 |
Cash, cash equivalents and restricted cash, end of period | 808,262 | 737,373 |
Non-cash investing and financing activities: | ||
Property, plant and equipment included in capital expenditures payable | 294,094 | 312,866 |
Right of use assets acquired through finance lease liabilities | 26,053 | 33,629 |
Right of use assets acquired through operating lease liabilities | $ 3,651 | $ 31,923 |
Interim Financial Statements
Interim Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023, and for the three and six months ended June 30, 2023 and 2022, contained in this Form 10-Q (the “Consolidated Financial Statements”) are unaudited pursuant to the rules and regulations of the SEC. The December 31, 2022 Consolidated Balance Sheet data contained in this Form 10-Q 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. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. In our opinion, the Consolidated Financial Statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods and should be read in conjunction with the financial statements included in the 2022 Form 10-K. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. Unless the context otherwise requires, all references to “Amkor,” “we,” “us” or “our” are to Amkor Technology, Inc. and its wholly and majority-owned subsidiaries. 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 as a result of, for example, any worsening of the global business and economic environment. Goodwill. The balance of goodwill in the Consolidated Balance Sheets contained in this Form 10-Q reflects adjustments for foreign currency translation. Unbilled Receivables . Total unbilled receivables as of June 30, 2023 and December 31, 2022 were $268.3 million and $301.7 million, respectively. Contract Liabilities. Contract liabilities were $150.5 million and $170.6 million as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, the short-term portions of the liabilities were $75.9 million and $81.5 million, respectively. The remainder of the June 30, 2023 contract liability balance is expected to be recognized in revenue over the next 1-5 years. Revenue recognized during the six months ended June 30, 2023 and 2022 that was included in the contract liabilities balance at the beginning of the period was $39.2 million and $55.7 million, respectively. |
Net Sales by Product Group and
Net Sales by Product Group and End Market | 6 Months Ended |
Jun. 30, 2023 | |
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 our net sales by product group: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Advanced products (1) $ 1,084,361 $ 1,083,721 $ 2,151,738 $ 2,240,229 Mainstream products (2) 373,561 421,147 777,723 861,455 Total net sales $ 1,457,922 $ 1,504,868 $ 2,929,461 $ 3,101,684 (1) Advanced products include flip chip, memory and wafer-level processing and related test services. (2) Mainstream products include all other wirebond packaging and related test services. Net sales by end market consist of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Communications (smartphones, tablets) 41 % 37 % 43 % 39 % Automotive, industrial and other (ADAS, electrification, infotainment, safety) 23 % 23 % 25 % 22 % Computing (data center, infrastructure, PC/laptop, storage) 20 % 18 % 18 % 18 % Consumer (AR & gaming, connected home, home electronics, wearables) 16 % 22 % 14 % 21 % Total net sales 100 % 100 % 100 % 100 % |
Other Income and Expense
Other Income and Expense | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income and Expense | Other Income and Expense Other income and expense consist of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Interest income $ (12,019) $ (1,941) $ (22,452) $ (2,544) Foreign currency loss (gain), net 49 (6,254) 6,812 (10,555) Loss on debt retirement — 367 — 464 Other 87 (213) 205 (502) Total other (income) expense, net $ (11,883) $ (8,041) $ (15,435) $ (13,137) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense of $20.3 million for the six months ended June 30, 2023 reflects income taxes, foreign withholding taxes and minimum taxes. In July 2023, our subsidiary in Singapore was granted a renewal of a reduced tax rate through the end of 2028, subject to certain conditions and commitments. 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 recent results of operations. We maintain a valuation allowance on certain U.S. and foreign deferred tax assets. 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 $33.3 million as of December 31, 2022 to $31.0 million as of June 30, 2023. 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 statutes of limitations and other factors. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
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, performance-vested restricted stock units, time-vested restricted stock units and unvested restricted shares. The following table summarizes the computation of basic and diluted EPS: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands, Net income attributable to Amkor common stockholders $ 64,286 $ 124,778 $ 109,637 $ 295,441 Weighted-average number of common shares outstanding - basic 245,637 244,592 245,485 244,498 Effect of dilutive securities: Share-based awards 1,327 1,263 1,561 1,440 Weighted-average number of common shares outstanding - diluted 246,964 245,855 247,046 245,938 Net income attributable to Amkor per common share: Basic $ 0.26 $ 0.51 $ 0.45 $ 1.21 Diluted 0.26 0.51 0.44 1.20 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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Share-based awards — 367 — 290 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of tax, consist of the following: Unrealized Gains (Losses) on Available-for-Sale Debt Investments (1) Defined Benefit Pension (2) Foreign Currency Translation Total (In thousands) Accumulated other comprehensive income (loss) at December 31, 2022 $ (1,573) $ 14,220 $ 4,052 $ 16,699 Other comprehensive income (loss) before reclassifications 176 — (15,164) (14,988) Amounts reclassified from accumulated other comprehensive income (loss) (84) (195) — (279) Other comprehensive income (loss) 92 (195) (15,164) (15,267) Accumulated other comprehensive income (loss) at June 30, 2023 $ (1,481) $ 14,025 $ (11,112) $ 1,432 Unrealized Gains (Losses) on Available-for-Sale Debt Investments (1) Defined Benefit Pension (2) Foreign Currency Translation Total (In thousands) Accumulated other comprehensive income (loss) at December 31, 2021 $ (348) $ 5,616 $ 14,710 $ 19,978 Other comprehensive income (loss) before reclassifications (1,719) — (24,027) (25,746) Amounts reclassified from accumulated other comprehensive income (loss) 12 9 — 21 Other comprehensive income (loss) (1,707) 9 (24,027) (25,725) Accumulated other comprehensive income (loss) at June 30, 2022 $ (2,055) $ 5,625 $ (9,317) $ (5,747) (1) Amounts reclassified out of accumulated other comprehensive income (loss) are included as other (income) expense, net (Note 3). (2) Amounts reclassified out of accumulated other comprehensive income (loss) are included as a component of net periodic pension cost (Note 12) or other (income) expense, net (Note 3). |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments All of our available-for-sale debt investments as of June 30, 2023 are available to fund current operations and are recorded at fair value (Note 14). The following table summarizes our cash equivalents and available-for-sale debt investments: June 30, 2023 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Total Fair Value Level 1 Level 2 (In thousands) Cash equivalents Asset-backed securities $ 1,078 $ — $ (2) $ 1,076 $ — $ 1,076 Commercial paper 60,862 1 — 60,863 — 60,863 Corporate bonds 2,271 — — 2,271 — 2,271 Money market funds 89,493 — — 89,493 89,493 — Municipal bonds 403 — — 403 — 403 U.S. government bonds 4,972 1 — 4,973 4,973 — Variable rate demand notes 2,079 — — 2,079 — 2,079 Total cash equivalents (2) 161,158 2 (2) 161,158 94,466 66,692 Short-term investments Asset-backed securities 42,911 4 (132) 42,783 — 42,783 Certificate of deposits 15,638 — — 15,638 15,638 — Commercial paper 37,594 — — 37,594 — 37,594 Corporate bonds 239,320 137 (1,289) 238,168 — 238,168 Foreign government bonds 2,379 1 — 2,380 — 2,380 Municipal bonds 366 — — 366 — 366 U.S. government agency bonds 13,179 — (52) 13,127 — 13,127 U.S. government bonds 42,536 — (228) 42,308 42,308 — Variable rate demand notes 1,767 — — 1,767 — 1,767 Total short-term investments 395,690 142 (1,701) 394,131 57,946 336,185 Total $ 556,848 $ 144 $ (1,703) $ 555,289 $ 152,412 $ 402,877 December 31, 2022 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Total Fair Value Level 1 Level 2 (In thousands) Cash equivalents Asset-backed securities $ 25 $ — $ — $ 25 $ — $ 25 Commercial paper 69,101 — — 69,101 — 69,101 Money market funds 97,650 — — 97,650 97,650 — Municipal bonds 1,001 — — 1,001 — 1,001 U.S. government agency bonds 16,982 3 — 16,985 — 16,985 U.S. government bonds 10,767 1 — 10,768 10,768 — Total cash equivalents 195,526 4 — 195,530 108,418 87,112 Short-term investments Asset-backed securities 25,677 7 (134) 25,550 — 25,550 Certificate of deposits 17,362 — — 17,362 17,362 — Commercial paper 27,866 — — 27,866 — 27,866 Corporate bonds 198,868 7 (1,529) 197,346 — 197,346 Foreign government bonds 996 — (4) 992 — 992 Mortgage-backed securities 696 — (2) 694 — 694 Municipal bonds 364 — (2) 362 — 362 U.S. government agency bonds 735 — (1) 734 — 734 U.S. government bonds 6,704 1 (20) 6,685 6,685 — Total short-term investments 279,268 15 (1,692) 277,591 24,047 253,544 Total $ 474,794 $ 19 $ (1,692) $ 473,121 $ 132,465 $ 340,656 (1) All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases. (2) For six months ended June 30, 2023 and 2022, we sold cash equivalent investments for proceeds of $40.1 million and $19.0 million, respectively, and realized no gain or loss on such sales. The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of June 30, 2023 : Amortized Cost Fair Value (In thousands) Within 1 year $ 416,247 $ 415,444 After 1 year through 5 years 131,411 130,672 After 5 years through 10 years 4,941 4,924 After 10 years 4,249 4,249 Total $ 556,848 $ 555,289 Actual maturities can differ from contractual maturities due to various factors including the issuers may have the right to call or prepay obligations without call or prepayment penalties. |
Factoring of Accounts Receivabl
Factoring of Accounts Receivable | 6 Months Ended |
Jun. 30, 2023 | |
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 these arrangements, 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 six months ended June 30, 2023, we sold receivables totaling $49.4 million and $127.4 million, net of discounts and fees of $0.1 million and $0.3 million, respectively. For the three and six months ended June 30, 2022, we sold receivables totaling $73.3 million and $165.5 million, net of discounts and fees of $0.2 million and $0.4 million, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following: June 30, 2023 December 31, 2022 (In thousands) Land $ 212,450 $ 214,763 Buildings and improvements 1,828,664 1,817,135 Machinery and equipment 6,862,988 6,757,652 Finance lease assets 190,836 165,122 Furniture, fixtures and other equipment 22,617 23,240 Software and computer equipment 243,811 240,610 Construction in progress 400,043 152,809 Total property, plant and equipment 9,761,409 9,371,331 Accumulated depreciation and amortization (6,451,817) (6,235,717) Total property, plant and equipment, net $ 3,309,592 $ 3,135,614 The following table summarizes our depreciation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Depreciation expense $ 157,742 $ 150,999 $ 314,357 $ 299,038 As of June 30, 2023 and December 31, 2022, we had $256.3 million and $79.6 million of costs, including capitalized interest of $3.1 million and $0.7 million, respectively, in construction in progress for the Vietnam Facility. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following: June 30, 2023 December 31, 2022 (In thousands) Payroll and benefits $ 102,355 $ 137,445 Deferred revenue and customer advances 75,890 81,459 Short-term finance lease liabilities 63,595 56,570 Income taxes payable 42,181 50,685 Accrued interest 11,050 10,878 Accrued severance plan obligations 6,989 7,422 Other accrued expenses 52,462 57,382 Total accrued expenses $ 354,522 $ 401,841 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Following is a summary of short-term borrowings and long-term debt: June 30, 2023 December 31, 2022 (In thousands) Debt of Amkor Technology, Inc.: Senior notes: 6.625% Senior notes, due September 2027 $ 525,000 $ 525,000 Debt of subsidiaries: Amkor Technology Korea, Inc.: Term loan, fixed rate at 1.85%, due April 2024 (1) — — Term loan, fixed rate at 2.12%, due December 2028 200,000 200,000 Amkor Technology Japan, Inc.: Short-term term loans, variable rate (2) 3,451 4,042 Term loan, fixed rate at 1.30%, due July 2023 9,008 29,744 Term loan, fixed rate at 1.35%, due December 2024 59,247 86,943 Term loan, fixed rate at 1.20%, due December 2025 37,766 49,878 Term loan, fixed rate at 1.23%, due December 2026 63,544 79,927 Term loan, fixed rate at 1.59%, due December 2027 97,914 119,738 Amkor Assembly & Test (Shanghai) Co., Ltd.: Term loans, SOFR plus 0.75%, due March 2024 (3) 45,000 46,000 Term loans, SOFR plus 0.75% due June 2025 (3) 38,000 39,000 Term loans, SOFR plus 0.75%, due 2025 (3) 58,500 59,500 Other: Credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) (4) — — Senior secured revolving credit facility, applicable bank rate plus 1.75%, due March 2027 (Singapore) (5) — — 1,137,430 1,239,772 Less: Unamortized discount and deferred debt costs, net (5,917) (7,438) Less: Short-term borrowings and current portion of long-term debt (155,978) (143,813) Long-term debt $ 975,535 $ 1,088,521 (1) In April 2021, we entered into a ₩80 billion term loan agreement with the option to borrow and re-borrow the funds up to six times per year through April 2024. Principal is payable at maturity, and interest is payable monthly, at a fixed rate of 1.85%. As of June 30, 2023, ₩80.0 billion, or approximately $61 million, was available to be drawn. (2) We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. Interest as of June 30, 2023 is at an annual base rate equal to the Tokyo Interbank Offered Rate plus 0.18% to 0.27% (weighted average of 0.26% as of June 30, 2023). As of June 30, 2023, $8.4 million was available to be drawn. (3) In June 2023, Amkor Assembly & Test Co. Ltd. amended all term loans to replace LIBOR with a Secured Overnight Financing Rate (SOFR) plus 0.75% annual base rate (weighted average of 5.80% as of June 30, 2023). This contractual amendment is treated as a modification with no recognized gain or loss. (4) In March 2022, Amkor Technology Taiwan Ltd. (“ATT”) amended an existing revolving credit facility to reduce availability from $36.0 million to $15.0 million. As of June 30, 2023, $15.0 million was available for future borrowings under such credit facility. (5) In March 2022, Amkor Technology Singapore Holdings Pte. Ltd. (“ATSH”) entered into a $600.0 million senior revolving credit facility (the “2022 Singapore Revolver”), which is guaranteed by Amkor Technology, Inc., ATT and Amkor Advanced Technology, Inc. (“AATT”). The maximum borrowing capacity under the 2022 Singapore Revolver is limited to a base amount equal to the lesser of: (1) $600.0 million; or (2) $250.0 million plus a variable amount equal to 37.5% of our consolidated accounts receivable balance. As of June 30, 2023, $600.0 million was available for future borrowings under the 2022 Singapore Revolver. Certain of our foreign debt is collateralized by the land, buildings, equipment and accounts receivable in the respective locations. As of June 30, 2023, the collateralized debt balance was $600.0 million, of which $349.2 million of assets were pledged as collateral. 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., ATT, AATT, and ATSH guarantee 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. These restrictions are determined in part by calculations based upon cumulative net income and do not currently have a material impact on our ability to make dividend payments or stock repurchases. We were in compliance with all debt covenants at June 30, 2023. |
Pension Plans
Pension Plans | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Service cost $ 3,697 $ 5,088 $ 7,525 $ 10,506 Interest cost 1,558 1,204 3,161 2,462 Expected return on plan assets (1,278) (1,428) (2,589) (2,921) Recognized actuarial loss (105) 13 (203) 26 Net periodic pension cost $ 3,872 $ 4,877 $ 7,894 $ 10,073 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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Defined contribution expense $ 6,253 $ 5,554 $ 15,049 $ 13,503 |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives We use foreign currency forward contracts to mitigate foreign currency risk of certain monetary assets and liabilities denominated in foreign currencies. We do not enter into such contracts for trading or speculative purposes. These derivative instruments are not designated as hedging instruments. As of June 30, 2023 and December 31, 2022, our foreign exchange forward contracts consisted of the following: June 30, 2023 December 31, 2022 Notional Value Fair Value (Level 2) Balance Sheet Location Notional Value Fair Value (Level 2) Balance Sheet Location (In thousands) Japanese yen $ 206,666 $ (753) Accrued expenses $ 330,179 $ 6,284 Other current assets Korean won 94,259 69 Other current assets 65,927 333 Other current assets Philippine peso 3,655 3 Other current assets 3,085 (6) Accrued expenses Singapore dollar 27,479 6 Other current assets — — N/A Taiwan dollar 21,870 (50) Accrued expenses 28,763 (57) Accrued expenses Total forward contracts $ 353,929 $ (725) $ 427,954 $ 6,554 For the three and six months ended June 30, 2023, the derivatives resulted in a net loss of $26.4 million and $38.4 million, respectively, which were offset by the foreign currency gains associated with the underlying net liabilities. For the three and six months ended June 30, 2022, the derivatives resulted in a net loss of $42.8 million and $65.1 million, respectively, which were offset by the foreign currency gains associated with the underlying net liabilities. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
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. For our Level 2 short-term investments, we consider factors such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data obtained from quoted market prices and independent pricing vendors to determine the fair value of these assets and liabilities. 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 restricted cash money market funds and short-term investments, including investments classified as cash equivalents. 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. Our derivative financial instruments are valued using quoted market prices for similar assets. Counterparties to these derivative contracts are highly rated financial institutions. 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 our debt: June 30, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value (In thousands) Senior notes (Level 1) $ 526,596 $ 521,470 $ 523,016 $ 521,114 Revolving credit facilities and term loans (Level 2) 590,137 610,043 686,728 711,220 Total debt $ 1,116,733 $ 1,131,513 $ 1,209,744 $ 1,232,334 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 determine 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. Lease Commitments As of June 30, 2023 we have entered into additional lease agreements that have not yet commenced of approximately $9 million. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 64,286 | $ 124,778 | $ 109,637 | $ 295,441 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Interim Financial Statements (P
Interim Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation. The Consolidated Financial Statements and related disclosures as of June 30, 2023, and for the three and six months ended June 30, 2023 and 2022, contained in this Form 10-Q (the “Consolidated Financial Statements”) are unaudited pursuant to the rules and regulations of the SEC. The December 31, 2022 Consolidated Balance Sheet data contained in this Form 10-Q 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. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. In our opinion, the Consolidated Financial Statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods and should be read in conjunction with the financial statements included in the 2022 Form 10-K. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. Unless the context otherwise requires, all references to “Amkor,” “we,” “us” or “our” are to Amkor Technology, Inc. and its wholly and majority-owned subsidiaries. |
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 as a result of, for example, any worsening of the global business and economic environment. |
Goodwill | Goodwill. The balance of goodwill in the Consolidated Balance Sheets contained in this Form 10-Q reflects adjustments for foreign currency translation. |
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 recent results of operations. We maintain a valuation allowance on certain U.S. and foreign deferred tax assets. 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. |
Net Sales by Product Group an_2
Net Sales by Product Group and End Market (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of net sales by product group and end market | The following table presents our net sales by product group: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Advanced products (1) $ 1,084,361 $ 1,083,721 $ 2,151,738 $ 2,240,229 Mainstream products (2) 373,561 421,147 777,723 861,455 Total net sales $ 1,457,922 $ 1,504,868 $ 2,929,461 $ 3,101,684 (1) Advanced products include flip chip, memory and wafer-level processing and related test services. (2) Mainstream products include all other wirebond packaging and related test services. Net sales by end market consist of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Communications (smartphones, tablets) 41 % 37 % 43 % 39 % Automotive, industrial and other (ADAS, electrification, infotainment, safety) 23 % 23 % 25 % 22 % Computing (data center, infrastructure, PC/laptop, storage) 20 % 18 % 18 % 18 % Consumer (AR & gaming, connected home, home electronics, wearables) 16 % 22 % 14 % 21 % Total net sales 100 % 100 % 100 % 100 % |
Other Income and Expense (Table
Other Income and Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of other (income) expense | Other income and expense consist of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Interest income $ (12,019) $ (1,941) $ (22,452) $ (2,544) Foreign currency loss (gain), net 49 (6,254) 6,812 (10,555) Loss on debt retirement — 367 — 464 Other 87 (213) 205 (502) Total other (income) expense, net $ (11,883) $ (8,041) $ (15,435) $ (13,137) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table summarizes the computation of basic and diluted EPS: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands, Net income attributable to Amkor common stockholders $ 64,286 $ 124,778 $ 109,637 $ 295,441 Weighted-average number of common shares outstanding - basic 245,637 244,592 245,485 244,498 Effect of dilutive securities: Share-based awards 1,327 1,263 1,561 1,440 Weighted-average number of common shares outstanding - diluted 246,964 245,855 247,046 245,938 Net income attributable to Amkor per common share: Basic $ 0.26 $ 0.51 $ 0.45 $ 1.21 Diluted 0.26 0.51 0.44 1.20 |
Schedule 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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Share-based awards — 367 — 290 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive income (loss), net of tax | Changes in accumulated other comprehensive income (loss), net of tax, consist of the following: Unrealized Gains (Losses) on Available-for-Sale Debt Investments (1) Defined Benefit Pension (2) Foreign Currency Translation Total (In thousands) Accumulated other comprehensive income (loss) at December 31, 2022 $ (1,573) $ 14,220 $ 4,052 $ 16,699 Other comprehensive income (loss) before reclassifications 176 — (15,164) (14,988) Amounts reclassified from accumulated other comprehensive income (loss) (84) (195) — (279) Other comprehensive income (loss) 92 (195) (15,164) (15,267) Accumulated other comprehensive income (loss) at June 30, 2023 $ (1,481) $ 14,025 $ (11,112) $ 1,432 Unrealized Gains (Losses) on Available-for-Sale Debt Investments (1) Defined Benefit Pension (2) Foreign Currency Translation Total (In thousands) Accumulated other comprehensive income (loss) at December 31, 2021 $ (348) $ 5,616 $ 14,710 $ 19,978 Other comprehensive income (loss) before reclassifications (1,719) — (24,027) (25,746) Amounts reclassified from accumulated other comprehensive income (loss) 12 9 — 21 Other comprehensive income (loss) (1,707) 9 (24,027) (25,725) Accumulated other comprehensive income (loss) at June 30, 2022 $ (2,055) $ 5,625 $ (9,317) $ (5,747) (1) Amounts reclassified out of accumulated other comprehensive income (loss) are included as other (income) expense, net (Note 3). (2) Amounts reclassified out of accumulated other comprehensive income (loss) are included as a component of net periodic pension cost (Note 12) or other (income) expense, net (Note 3). |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of debt securities available-for-sale | The following table summarizes our cash equivalents and available-for-sale debt investments: June 30, 2023 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Total Fair Value Level 1 Level 2 (In thousands) Cash equivalents Asset-backed securities $ 1,078 $ — $ (2) $ 1,076 $ — $ 1,076 Commercial paper 60,862 1 — 60,863 — 60,863 Corporate bonds 2,271 — — 2,271 — 2,271 Money market funds 89,493 — — 89,493 89,493 — Municipal bonds 403 — — 403 — 403 U.S. government bonds 4,972 1 — 4,973 4,973 — Variable rate demand notes 2,079 — — 2,079 — 2,079 Total cash equivalents (2) 161,158 2 (2) 161,158 94,466 66,692 Short-term investments Asset-backed securities 42,911 4 (132) 42,783 — 42,783 Certificate of deposits 15,638 — — 15,638 15,638 — Commercial paper 37,594 — — 37,594 — 37,594 Corporate bonds 239,320 137 (1,289) 238,168 — 238,168 Foreign government bonds 2,379 1 — 2,380 — 2,380 Municipal bonds 366 — — 366 — 366 U.S. government agency bonds 13,179 — (52) 13,127 — 13,127 U.S. government bonds 42,536 — (228) 42,308 42,308 — Variable rate demand notes 1,767 — — 1,767 — 1,767 Total short-term investments 395,690 142 (1,701) 394,131 57,946 336,185 Total $ 556,848 $ 144 $ (1,703) $ 555,289 $ 152,412 $ 402,877 December 31, 2022 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Total Fair Value Level 1 Level 2 (In thousands) Cash equivalents Asset-backed securities $ 25 $ — $ — $ 25 $ — $ 25 Commercial paper 69,101 — — 69,101 — 69,101 Money market funds 97,650 — — 97,650 97,650 — Municipal bonds 1,001 — — 1,001 — 1,001 U.S. government agency bonds 16,982 3 — 16,985 — 16,985 U.S. government bonds 10,767 1 — 10,768 10,768 — Total cash equivalents 195,526 4 — 195,530 108,418 87,112 Short-term investments Asset-backed securities 25,677 7 (134) 25,550 — 25,550 Certificate of deposits 17,362 — — 17,362 17,362 — Commercial paper 27,866 — — 27,866 — 27,866 Corporate bonds 198,868 7 (1,529) 197,346 — 197,346 Foreign government bonds 996 — (4) 992 — 992 Mortgage-backed securities 696 — (2) 694 — 694 Municipal bonds 364 — (2) 362 — 362 U.S. government agency bonds 735 — (1) 734 — 734 U.S. government bonds 6,704 1 (20) 6,685 6,685 — Total short-term investments 279,268 15 (1,692) 277,591 24,047 253,544 Total $ 474,794 $ 19 $ (1,692) $ 473,121 $ 132,465 $ 340,656 (1) All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases. (2) For six months ended June 30, 2023 and 2022, we sold cash equivalent investments for proceeds of $40.1 million and $19.0 million, respectively, and realized no gain or loss on such sales. The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of June 30, 2023 : Amortized Cost Fair Value (In thousands) Within 1 year $ 416,247 $ 415,444 After 1 year through 5 years 131,411 130,672 After 5 years through 10 years 4,941 4,924 After 10 years 4,249 4,249 Total $ 556,848 $ 555,289 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment and depreciation expense | Property, plant and equipment consist of the following: June 30, 2023 December 31, 2022 (In thousands) Land $ 212,450 $ 214,763 Buildings and improvements 1,828,664 1,817,135 Machinery and equipment 6,862,988 6,757,652 Finance lease assets 190,836 165,122 Furniture, fixtures and other equipment 22,617 23,240 Software and computer equipment 243,811 240,610 Construction in progress 400,043 152,809 Total property, plant and equipment 9,761,409 9,371,331 Accumulated depreciation and amortization (6,451,817) (6,235,717) Total property, plant and equipment, net $ 3,309,592 $ 3,135,614 The following table summarizes our depreciation expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Depreciation expense $ 157,742 $ 150,999 $ 314,357 $ 299,038 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consist of the following: June 30, 2023 December 31, 2022 (In thousands) Payroll and benefits $ 102,355 $ 137,445 Deferred revenue and customer advances 75,890 81,459 Short-term finance lease liabilities 63,595 56,570 Income taxes payable 42,181 50,685 Accrued interest 11,050 10,878 Accrued severance plan obligations 6,989 7,422 Other accrued expenses 52,462 57,382 Total accrued expenses $ 354,522 $ 401,841 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings and long-term debt | Following is a summary of short-term borrowings and long-term debt: June 30, 2023 December 31, 2022 (In thousands) Debt of Amkor Technology, Inc.: Senior notes: 6.625% Senior notes, due September 2027 $ 525,000 $ 525,000 Debt of subsidiaries: Amkor Technology Korea, Inc.: Term loan, fixed rate at 1.85%, due April 2024 (1) — — Term loan, fixed rate at 2.12%, due December 2028 200,000 200,000 Amkor Technology Japan, Inc.: Short-term term loans, variable rate (2) 3,451 4,042 Term loan, fixed rate at 1.30%, due July 2023 9,008 29,744 Term loan, fixed rate at 1.35%, due December 2024 59,247 86,943 Term loan, fixed rate at 1.20%, due December 2025 37,766 49,878 Term loan, fixed rate at 1.23%, due December 2026 63,544 79,927 Term loan, fixed rate at 1.59%, due December 2027 97,914 119,738 Amkor Assembly & Test (Shanghai) Co., Ltd.: Term loans, SOFR plus 0.75%, due March 2024 (3) 45,000 46,000 Term loans, SOFR plus 0.75% due June 2025 (3) 38,000 39,000 Term loans, SOFR plus 0.75%, due 2025 (3) 58,500 59,500 Other: Credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) (4) — — Senior secured revolving credit facility, applicable bank rate plus 1.75%, due March 2027 (Singapore) (5) — — 1,137,430 1,239,772 Less: Unamortized discount and deferred debt costs, net (5,917) (7,438) Less: Short-term borrowings and current portion of long-term debt (155,978) (143,813) Long-term debt $ 975,535 $ 1,088,521 (1) In April 2021, we entered into a ₩80 billion term loan agreement with the option to borrow and re-borrow the funds up to six times per year through April 2024. Principal is payable at maturity, and interest is payable monthly, at a fixed rate of 1.85%. As of June 30, 2023, ₩80.0 billion, or approximately $61 million, was available to be drawn. (2) We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. Interest as of June 30, 2023 is at an annual base rate equal to the Tokyo Interbank Offered Rate plus 0.18% to 0.27% (weighted average of 0.26% as of June 30, 2023). As of June 30, 2023, $8.4 million was available to be drawn. (3) In June 2023, Amkor Assembly & Test Co. Ltd. amended all term loans to replace LIBOR with a Secured Overnight Financing Rate (SOFR) plus 0.75% annual base rate (weighted average of 5.80% as of June 30, 2023). This contractual amendment is treated as a modification with no recognized gain or loss. (4) In March 2022, Amkor Technology Taiwan Ltd. (“ATT”) amended an existing revolving credit facility to reduce availability from $36.0 million to $15.0 million. As of June 30, 2023, $15.0 million was available for future borrowings under such credit facility. |
Pension Plans (Tables)
Pension Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of 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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Service cost $ 3,697 $ 5,088 $ 7,525 $ 10,506 Interest cost 1,558 1,204 3,161 2,462 Expected return on plan assets (1,278) (1,428) (2,589) (2,921) Recognized actuarial loss (105) 13 (203) 26 Net periodic pension cost $ 3,872 $ 4,877 $ 7,894 $ 10,073 |
Schedule of defined contribution expense | The following table summarizes our defined contribution expense: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Defined contribution expense $ 6,253 $ 5,554 $ 15,049 $ 13,503 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of air value of derivative instruments in statement of financial position | As of June 30, 2023 and December 31, 2022, our foreign exchange forward contracts consisted of the following: June 30, 2023 December 31, 2022 Notional Value Fair Value (Level 2) Balance Sheet Location Notional Value Fair Value (Level 2) Balance Sheet Location (In thousands) Japanese yen $ 206,666 $ (753) Accrued expenses $ 330,179 $ 6,284 Other current assets Korean won 94,259 69 Other current assets 65,927 333 Other current assets Philippine peso 3,655 3 Other current assets 3,085 (6) Accrued expenses Singapore dollar 27,479 6 Other current assets — — N/A Taiwan dollar 21,870 (50) Accrued expenses 28,763 (57) Accrued expenses Total forward contracts $ 353,929 $ (725) $ 427,954 $ 6,554 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of financial instruments that are not recorded at fair value on recurring basis | The following table presents the fair value of our debt: June 30, 2023 December 31, 2022 Fair Value Carrying Value Fair Value Carrying Value (In thousands) Senior notes (Level 1) $ 526,596 $ 521,470 $ 523,016 $ 521,114 Revolving credit facilities and term loans (Level 2) 590,137 610,043 686,728 711,220 Total debt $ 1,116,733 $ 1,131,513 $ 1,209,744 $ 1,232,334 |
Interim Financial Statements (D
Interim Financial Statements (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Unbilled receivables | $ 268,300 | $ 301,700 | |
Contract liabilities | 150,500 | 170,600 | |
Deferred revenue and customer advances | 75,890 | $ 81,459 | |
Revenue recognized | $ 39,200 | $ 55,700 | |
Minimum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue expected timing of satisfaction, period | 1 year | ||
Maximum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue expected timing of satisfaction, period | 5 years |
Net Sales by Product Group an_3
Net Sales by Product Group and End Market - Product Group (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 1,457,922 | $ 1,504,868 | $ 2,929,461 | $ 3,101,684 |
Advanced products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | 1,084,361 | 1,083,721 | 2,151,738 | 2,240,229 |
Mainstream products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 373,561 | $ 421,147 | $ 777,723 | $ 861,455 |
Net Sales by Product Group an_4
Net Sales by Product Group and End Market - End Market (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | 100% | 100% |
Net sales | Distribution Channel Concentration Risk | Communications (smartphones, tablets) | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 41% | 37% | 43% | 39% |
Net sales | Distribution Channel Concentration Risk | Automotive, industrial and other (ADAS, electrification, infotainment, safety) | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 23% | 23% | 25% | 22% |
Net sales | Distribution Channel Concentration Risk | Computing (data center, infrastructure, PC/laptop, storage) | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 20% | 18% | 18% | 18% |
Net sales | Distribution Channel Concentration Risk | Consumer (AR & gaming, connected home, home electronics, wearables) | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 16% | 22% | 14% | 21% |
Other Income and Expense (Detai
Other Income and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ (12,019) | $ (1,941) | $ (22,452) | $ (2,544) |
Foreign currency loss (gain), net | 49 | (6,254) | 6,812 | (10,555) |
Loss on debt retirement | 0 | 367 | 0 | 464 |
Other | 87 | (213) | 205 | (502) |
Total other (income) expense, net | $ (11,883) | $ (8,041) | $ (15,435) | $ (13,137) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 9,407 | $ 10,788 | $ 20,271 | $ 40,516 | |
Gross unrecognized tax benefits | $ 31,000 | $ 31,000 | $ 33,300 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Amkor common stockholders, basic | $ 64,286 | $ 124,778 | $ 109,637 | $ 295,441 |
Net income attributable to Amkor common stockholders, diluted | $ 64,286 | $ 124,778 | $ 109,637 | $ 295,441 |
Weighted-average number of common shares outstanding - basic (in shares) | 245,637 | 244,592 | 245,485 | 244,498 |
Effect of dilutive securities: | ||||
Share-based awards (in shares) | 1,327 | 1,263 | 1,561 | 1,440 |
Weighted-average number of common shares outstanding - diluted (in shares) | 246,964 | 245,855 | 247,046 | 245,938 |
Net income attributable to Amkor per common share: | ||||
Basic (in dollars per share) | $ 0.26 | $ 0.51 | $ 0.45 | $ 1.21 |
Diluted (in dollars per share) | $ 0.26 | $ 0.51 | $ 0.44 | $ 1.20 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Share-based awards (in shares) | 0 | 367 | 0 | 290 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 3,727,163 | $ 3,126,822 | $ 3,699,701 | $ 2,972,546 |
Other comprehensive income (loss) before reclassifications | (14,988) | (25,746) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (279) | 21 | ||
Total other comprehensive income (loss) | (13,658) | (16,243) | (15,267) | (25,725) |
Balance at end of period | 3,762,859 | 3,227,550 | 3,762,859 | 3,227,550 |
Unrealized Gains (Losses) on Available-for-Sale Debt Investments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,573) | (348) | ||
Other comprehensive income (loss) before reclassifications | 176 | (1,719) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (84) | 12 | ||
Total other comprehensive income (loss) | 92 | (1,707) | ||
Balance at end of period | (1,481) | (2,055) | (1,481) | (2,055) |
Defined Benefit Pension | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 14,220 | 5,616 | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (195) | 9 | ||
Total other comprehensive income (loss) | (195) | 9 | ||
Balance at end of period | 14,025 | 5,625 | 14,025 | 5,625 |
Foreign Currency Translation | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 4,052 | 14,710 | ||
Other comprehensive income (loss) before reclassifications | (15,164) | (24,027) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Total other comprehensive income (loss) | (15,164) | (24,027) | ||
Balance at end of period | (11,112) | (9,317) | (11,112) | (9,317) |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 15,090 | 10,496 | 16,699 | 19,978 |
Total other comprehensive income (loss) | (13,658) | (16,243) | (15,267) | (25,725) |
Balance at end of period | $ 1,432 | $ (5,747) | $ 1,432 | $ (5,747) |
Investments - Schedule of Cash
Investments - Schedule of Cash Equivalents, and Short term Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | $ 556,848 | ||
Short-term investments, fair value | 555,289 | ||
Total, amortized cost | 556,848 | $ 474,794 | |
Total, gross unrealized gains | 144 | 19 | |
Total, gross unrealized losses | (1,703) | (1,692) | |
Total, fair value | 555,289 | 473,121 | |
Proceeds from sale of cash equivalent investments | 40,100 | $ 19,000 | |
Short-term Investments | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 395,690 | 279,268 | |
Short-term investments, gross unrealized gains | 142 | 15 | |
Short-term investments, gross unrealized losses | (1,701) | (1,692) | |
Short-term investments, fair value | 394,131 | 277,591 | |
Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 42,911 | 25,677 | |
Short-term investments, gross unrealized gains | 4 | 7 | |
Short-term investments, gross unrealized losses | (132) | (134) | |
Short-term investments, fair value | 42,783 | 25,550 | |
Certificate of deposits | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 15,638 | 17,362 | |
Short-term investments, gross unrealized gains | 0 | 0 | |
Short-term investments, gross unrealized losses | 0 | 0 | |
Short-term investments, fair value | 15,638 | 17,362 | |
Commercial paper | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 37,594 | 27,866 | |
Short-term investments, gross unrealized gains | 0 | 0 | |
Short-term investments, gross unrealized losses | 0 | 0 | |
Short-term investments, fair value | 37,594 | 27,866 | |
Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 239,320 | 198,868 | |
Short-term investments, gross unrealized gains | 137 | 7 | |
Short-term investments, gross unrealized losses | (1,289) | (1,529) | |
Short-term investments, fair value | 238,168 | 197,346 | |
Foreign government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 2,379 | 996 | |
Short-term investments, gross unrealized gains | 1 | 0 | |
Short-term investments, gross unrealized losses | 0 | (4) | |
Short-term investments, fair value | 2,380 | 992 | |
Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 696 | ||
Short-term investments, gross unrealized gains | 0 | ||
Short-term investments, gross unrealized losses | (2) | ||
Short-term investments, fair value | 694 | ||
Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 366 | 364 | |
Short-term investments, gross unrealized gains | 0 | 0 | |
Short-term investments, gross unrealized losses | 0 | (2) | |
Short-term investments, fair value | 366 | 362 | |
U.S. government agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 13,179 | 735 | |
Short-term investments, gross unrealized gains | 0 | 0 | |
Short-term investments, gross unrealized losses | (52) | (1) | |
Short-term investments, fair value | 13,127 | 734 | |
U.S. government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 42,536 | 6,704 | |
Short-term investments, gross unrealized gains | 0 | 1 | |
Short-term investments, gross unrealized losses | (228) | (20) | |
Short-term investments, fair value | 42,308 | 6,685 | |
Variable rate demand notes | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 1,767 | ||
Short-term investments, gross unrealized gains | 0 | ||
Short-term investments, gross unrealized losses | 0 | ||
Short-term investments, fair value | 1,767 | ||
Cash equivalents | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 161,158 | 195,526 | |
Cash equivalents, gross unrealized gains | 2 | 4 | |
Cash equivalents, gross unrealized losses | (2) | 0 | |
Cash equivalent, fair value | 161,158 | 195,530 | |
Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 1,078 | 25 | |
Cash equivalents, gross unrealized gains | 0 | 0 | |
Cash equivalents, gross unrealized losses | (2) | 0 | |
Cash equivalent, fair value | 1,076 | 25 | |
Commercial paper | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 60,862 | 69,101 | |
Cash equivalents, gross unrealized gains | 1 | 0 | |
Cash equivalents, gross unrealized losses | 0 | 0 | |
Cash equivalent, fair value | 60,863 | 69,101 | |
Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 2,271 | ||
Cash equivalents, gross unrealized gains | 0 | ||
Cash equivalents, gross unrealized losses | 0 | ||
Cash equivalent, fair value | 2,271 | ||
Money market funds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 89,493 | 97,650 | |
Cash equivalents, gross unrealized gains | 0 | 0 | |
Cash equivalents, gross unrealized losses | 0 | 0 | |
Cash equivalent, fair value | 89,493 | 97,650 | |
Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 403 | 1,001 | |
Cash equivalents, gross unrealized gains | 0 | 0 | |
Cash equivalents, gross unrealized losses | 0 | 0 | |
Cash equivalent, fair value | 403 | 1,001 | |
U.S. government agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 16,982 | ||
Cash equivalents, gross unrealized gains | 3 | ||
Cash equivalents, gross unrealized losses | 0 | ||
Cash equivalent, fair value | 16,985 | ||
U.S. government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 4,972 | 10,767 | |
Cash equivalents, gross unrealized gains | 1 | 1 | |
Cash equivalents, gross unrealized losses | 0 | 0 | |
Cash equivalent, fair value | 4,973 | 10,768 | |
Variable rate demand notes | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 2,079 | ||
Cash equivalents, gross unrealized gains | 0 | ||
Cash equivalents, gross unrealized losses | 0 | ||
Cash equivalent, fair value | 2,079 | ||
Level 1 | |||
Debt Securities, Available-for-sale [Line Items] | |||
Total, fair value | 152,412 | 132,465 | |
Level 1 | Short-term Investments | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 57,946 | 24,047 | |
Level 1 | Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | 0 | |
Level 1 | Certificate of deposits | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 15,638 | 17,362 | |
Level 1 | Commercial paper | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | 0 | |
Level 1 | Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | 0 | |
Level 1 | Foreign government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | 0 | |
Level 1 | Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | ||
Level 1 | Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | 0 | |
Level 1 | U.S. government agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | 0 | |
Level 1 | U.S. government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 42,308 | 6,685 | |
Level 1 | Variable rate demand notes | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | ||
Level 1 | Cash equivalents | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 94,466 | 108,418 | |
Level 1 | Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 0 | 0 | |
Level 1 | Commercial paper | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 0 | 0 | |
Level 1 | Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 0 | ||
Level 1 | Money market funds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 89,493 | 97,650 | |
Level 1 | Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 0 | 0 | |
Level 1 | U.S. government agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 0 | ||
Level 1 | U.S. government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 4,973 | 10,768 | |
Level 1 | Variable rate demand notes | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 0 | ||
Level 2 | |||
Debt Securities, Available-for-sale [Line Items] | |||
Total, fair value | 402,877 | 340,656 | |
Level 2 | Short-term Investments | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 336,185 | 253,544 | |
Level 2 | Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 42,783 | 25,550 | |
Level 2 | Certificate of deposits | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | 0 | |
Level 2 | Commercial paper | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 37,594 | 27,866 | |
Level 2 | Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 238,168 | 197,346 | |
Level 2 | Foreign government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 2,380 | 992 | |
Level 2 | Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 694 | ||
Level 2 | Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 366 | 362 | |
Level 2 | U.S. government agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 13,127 | 734 | |
Level 2 | U.S. government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | 0 | |
Level 2 | Variable rate demand notes | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 1,767 | ||
Level 2 | Cash equivalents | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 66,692 | 87,112 | |
Level 2 | Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 1,076 | 25 | |
Level 2 | Commercial paper | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 60,863 | 69,101 | |
Level 2 | Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 2,271 | ||
Level 2 | Money market funds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 0 | 0 | |
Level 2 | Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 403 | 1,001 | |
Level 2 | U.S. government agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 16,985 | ||
Level 2 | U.S. government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 0 | $ 0 | |
Level 2 | Variable rate demand notes | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | $ 2,079 |
Investments - Contractual Matur
Investments - Contractual Maturities of Cash Equivalents And Available-for-Sale Debt Investments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Within 1 year, Amortized Cost | $ 416,247 |
Within 1 year, Fair Value | 415,444 |
After 1 year through 5 years, Amortized Cost | 131,411 |
After 1 year through 5 years, Fair Value | 130,672 |
After 5 years through 10 Years, Amortized Cost | 4,941 |
After 5 years through 10 years, Fair Value | 4,924 |
After 10 Years, Amortized Cost | 4,249 |
After 10 Years, Fair Value | 4,249 |
Short-term investments, amortized cost | 556,848 |
Total, fair value | $ 555,289 |
Investments - Narrative (Detail
Investments - Narrative (Details) - Level 1 - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost of held-to-maturity securities | $ 5.1 | $ 4.4 |
Fair market value of held-to-maturity securities | $ 5.1 | $ 4.3 |
Factoring of Accounts Receiva_2
Factoring of Accounts Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total Factored | ||||
Factoring of Accounts Receivable [Line Items] | ||||
Accounts receivable sold | $ 49.4 | $ 73.3 | $ 127.4 | $ 165.5 |
Discounts and Fees | ||||
Factoring of Accounts Receivable [Line Items] | ||||
Accounts receivable sold | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.4 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Finance lease assets | $ 190,836 | $ 165,122 |
Total property, plant and equipment | 9,761,409 | 9,371,331 |
Accumulated depreciation and amortization | (6,451,817) | (6,235,717) |
Total property, plant and equipment, net | 3,309,592 | 3,135,614 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 212,450 | 214,763 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,828,664 | 1,817,135 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 6,862,988 | 6,757,652 |
Furniture, fixtures and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 22,617 | 23,240 |
Software and computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 243,811 | 240,610 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 400,043 | $ 152,809 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 157,742 | $ 150,999 | $ 314,357 | $ 299,038 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Narrative (Details) - Vietnam - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Construction of manufacturing facility, incurred costs | $ 256.3 | $ 79.6 |
Capitalized interest | $ 3.1 | $ 0.7 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Payroll and benefits | $ 102,355 | $ 137,445 |
Deferred revenue and customer advances | 75,890 | 81,459 |
Short-term finance lease liabilities | $ 63,595 | $ 56,570 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total accrued expenses | Total accrued expenses |
Income taxes payable | $ 42,181 | $ 50,685 |
Accrued interest | 11,050 | 10,878 |
Accrued severance plan obligations | 6,989 | 7,422 |
Other accrued expenses | 52,462 | 57,382 |
Total accrued expenses | $ 354,522 | $ 401,841 |
Debt (Details)
Debt (Details) | 2 Months Ended | 6 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2023 USD ($) | Jun. 30, 2023 KRW (₩) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 | Mar. 31, 2022 USD ($) | Apr. 30, 2021 KRW (₩) borrowing | Dec. 31, 2019 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Total debt | $ 1,137,430,000 | $ 1,239,772,000 | ||||||
Less: Unamortized discount and deferred debt costs, net | (5,917,000) | (7,438,000) | ||||||
Less: Short-term borrowings and current portion of long-term debt | (155,978,000) | (143,813,000) | ||||||
Long-term debt | 975,535,000 | 1,088,521,000 | ||||||
Collateralized debt | 600,000,000 | |||||||
Asset Pledged as Collateral | ||||||||
Debt Instrument [Line Items] | ||||||||
Collateralized debt | 349,200,000 | |||||||
Short-term term loans, variable rate | Japan | Subsidiary Term Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 3,451,000 | 4,042,000 | ||||||
Borrowing capacity available | $ 8,400,000 | |||||||
Short-term term loans, variable rate | Japan | Subsidiary Term Loans | Weighted Average | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate (as a percent) | 0.26% | 0.26% | ||||||
Short-term term loans, variable rate | Japan | TIBOR | Subsidiary Term Loans | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread (as a percent) | 0.18% | |||||||
Short-term term loans, variable rate | Japan | TIBOR | Subsidiary Term Loans | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread (as a percent) | 0.27% | |||||||
Senior Notes | 6.625% Senior notes, due September 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 6.625% | 6.625% | ||||||
Total debt | $ 525,000,000 | 525,000,000 | ||||||
Subsidiary Term Loans | Term loan, fixed rate at 1.85%, due April 2024 | Korea | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.85% | 1.85% | ||||||
Total debt | $ 0 | 0 | ||||||
Face amount of debt | ₩ | ₩ 80,000,000,000 | |||||||
Number of annual borrowings | borrowing | 6 | |||||||
Borrowing capacity available | $ 61,000,000 | ₩ 80,000,000,000 | ||||||
Subsidiary Term Loans | Term loan, fixed rate at 2.12%, due December 2028 | Korea | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 2.12% | 2.12% | ||||||
Total debt | $ 200,000,000 | 200,000,000 | ||||||
Subsidiary Term Loans | Term loan, fixed rate at 1.30%, due July 2023 | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.30% | 1.30% | ||||||
Total debt | $ 9,008,000 | 29,744,000 | ||||||
Subsidiary Term Loans | Term loan, fixed rate at 1.35%, due December 2024 | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.35% | 1.35% | ||||||
Total debt | $ 59,247,000 | 86,943,000 | ||||||
Subsidiary Term Loans | Term loan, fixed rate at 1.20%, due December 2025 | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.20% | 1.20% | ||||||
Total debt | $ 37,766,000 | 49,878,000 | ||||||
Subsidiary Term Loans | Term loan, fixed rate at 1.23%, due December 2026 | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.23% | 1.23% | ||||||
Total debt | $ 63,544,000 | 79,927,000 | ||||||
Subsidiary Term Loans | Term loan, fixed rate at 1.59%, due December 2027 | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.59% | 1.59% | ||||||
Total debt | $ 97,914,000 | 119,738,000 | ||||||
Subsidiary Term Loans | Term Loan, SOFR plus 0.75% Due March 2024 | China | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 45,000,000 | 46,000,000 | ||||||
Subsidiary Term Loans | Term Loan, SOFR plus 0.75% Due March 2024 | China | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread (as a percent) | 0.75% | |||||||
Subsidiary Term Loans | Term Loan, SOFR Plus 0.75% Due June 2025 | China | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 38,000,000 | 39,000,000 | ||||||
Subsidiary Term Loans | Term Loan, SOFR Plus 0.75% Due June 2025 | China | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread (as a percent) | 0.75% | |||||||
Subsidiary Term Loans | Term Loan, SOFR Plus 0.75% Due 2025 | China | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | $ 58,500,000 | 59,500,000 | ||||||
Subsidiary Term Loans | Term Loan, SOFR Plus 0.75% Due 2025 | China | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread (as a percent) | 0.75% | |||||||
Subsidiary Term Loans | Amended All Term Loan, Annual Base Rate | China | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate (as a percent) | 5.80% | 5.80% | ||||||
Line of Credit | Credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) | Revolving Credit Facility | Taiwan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | $ 0 | 0 | ||||||
Borrowing capacity available | 15,000,000 | |||||||
Credit facility, borrowing capacity | $ 15,000,000 | $ 36,000,000 | ||||||
Line of Credit | $600.0 million senior secured revolving credit facility, applicable bank rate plus 1.75%, due March 2027 (Singapore) | Revolving Credit Facility | Singapore | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.75% | |||||||
Total debt | 0 | $ 0 | ||||||
Credit facility, borrowing capacity | 600,000,000 | |||||||
Line of Credit | 2022 Singapore Revolver | Revolving Credit Facility | Singapore | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity available | $ 600,000,000 | |||||||
Credit facility, base amount | $ 250,000,000 | |||||||
Credit facility percentage of variable borrowings | 37.50% |
Pension Plans - Components of N
Pension Plans - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 3,697 | $ 5,088 | $ 7,525 | $ 10,506 |
Interest cost | 1,558 | 1,204 | 3,161 | 2,462 |
Expected return on plan assets | (1,278) | (1,428) | (2,589) | (2,921) |
Recognized actuarial loss | (105) | 13 | (203) | 26 |
Net periodic pension cost | $ 3,872 | $ 4,877 | $ 7,894 | $ 10,073 |
Pension Plans - Summary of Defi
Pension Plans - Summary of Defined Contribution Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Defined contribution expense | $ 6,253 | $ 5,554 | $ 15,049 | $ 13,503 |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current | Accrued Liabilities, Current | ||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current | Other Assets, Current | ||
Net loss on derivatives | $ (26,400) | $ (42,800) | $ (38,400) | $ (65,100) | |
Foreign Exchange Forward | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Value | 353,929 | 353,929 | $ 427,954 | ||
Foreign Exchange Forward | Level 2 | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, fair value, net | (725) | (725) | 6,554 | ||
Foreign Exchange Forward | Japanese yen | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Value | 206,666 | 206,666 | 330,179 | ||
Foreign Exchange Forward | Japanese yen | Level 2 | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative asset, fair value | 6,284 | ||||
Derivative liability, fair value | (753) | (753) | |||
Foreign Exchange Forward | Korean won | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Value | 94,259 | 94,259 | 65,927 | ||
Foreign Exchange Forward | Korean won | Level 2 | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative asset, fair value | 69 | 69 | 333 | ||
Foreign Exchange Forward | Philippine peso | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Value | 3,655 | 3,655 | 3,085 | ||
Foreign Exchange Forward | Philippine peso | Level 2 | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative asset, fair value | 3 | 3 | |||
Derivative liability, fair value | (6) | ||||
Foreign Exchange Forward | Singapore dollar | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Value | 27,479 | 27,479 | |||
Foreign Exchange Forward | Singapore dollar | Level 2 | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative asset, fair value | 6 | 6 | |||
Foreign Exchange Forward | Taiwan dollar | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Value | 21,870 | 21,870 | 28,763 | ||
Foreign Exchange Forward | Taiwan dollar | Level 2 | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative liability, fair value | $ (50) | $ (50) | $ (57) |
Fair Value Measurements (Debt)
Fair Value Measurements (Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 1,116,733 | $ 1,209,744 |
Fair Value | Senior notes (Level 1) | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 526,596 | 523,016 |
Fair Value | Revolving credit facilities and term loans (Level 2) | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 590,137 | 686,728 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 1,131,513 | 1,232,334 |
Carrying Value | Senior notes (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | 521,470 | 521,114 |
Carrying Value | Revolving credit facilities and term loans (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt | $ 610,043 | $ 711,220 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Amount of leases not yet commenced | $ 9 |