Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 09, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,067 | ||
Entity Common Stock, Shares Outstanding | 245,892,019 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant’s Proxy Statement relating to its 2024 Annual Meeting of Stockholders, to be filed subsequently, are incorporated by reference into Part III of this Report where indicated. | ||
Entity Central Index Key | 0001047127 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Phoenix, Arizona |
Auditor Firm ID | 238 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 6,503,065 | $ 7,091,585 | $ 6,138,329 |
Cost of sales | 5,559,912 | 5,761,598 | 4,912,775 |
Gross profit | 943,153 | 1,329,987 | 1,225,554 |
Selling, general and administrative | 295,393 | 283,372 | 296,084 |
Research and development | 177,473 | 149,429 | 166,037 |
Total operating expenses | 472,866 | 432,801 | 462,121 |
Operating income | 470,287 | 897,186 | 763,433 |
Interest expense | 59,000 | 58,563 | 51,508 |
Other (income) expense, net | (32,554) | (18,309) | (3,141) |
Total other expense, net | 26,446 | 40,254 | 48,367 |
Income before taxes | 443,841 | 856,932 | 715,066 |
Income tax expense | 81,710 | 89,890 | 69,459 |
Net income | 362,131 | 767,042 | 645,607 |
Net income attributable to noncontrolling interests | (2,318) | (1,219) | (2,612) |
Net income attributable to Amkor | $ 359,813 | $ 765,823 | $ 642,995 |
Net income attributable to Amkor per common share: | |||
Basic (in dollars per share) | $ 1.46 | $ 3.13 | $ 2.64 |
Diluted (in dollars per share) | $ 1.46 | $ 3.11 | $ 2.62 |
Shares used in computing per common share amounts: | |||
Basic (in shares) | 245,628 | 244,676 | 243,878 |
Diluted (in shares) | 247,176 | 246,205 | 245,704 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 362,131 | $ 767,042 | $ 645,607 |
Other comprehensive income (loss), net of tax: | |||
Adjustments to net unrealized gains (losses) on available-for-sale debt investments | 1,785 | (1,225) | (369) |
Adjustments to unrealized components of defined benefit pension plans | 1,685 | 8,604 | 9,834 |
Foreign currency translation | (3,819) | (10,658) | (16,757) |
Total other comprehensive income (loss) | (349) | (3,279) | (7,292) |
Comprehensive income | 361,782 | 763,763 | 638,315 |
Comprehensive income attributable to noncontrolling interests | (2,318) | (1,219) | (2,612) |
Comprehensive income attributable to Amkor | $ 359,464 | $ 762,544 | $ 635,703 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,119,818 | $ 959,072 |
Short-term investments (amortized cost of $474,663 and $283,641, respectively) | 474,869 | 281,964 |
Accounts receivable, net of allowances of $8,114 and $365, respectively | 1,149,493 | 1,365,504 |
Inventories | 393,128 | 629,576 |
Other current assets | 58,502 | 65,123 |
Total current assets | 3,195,810 | 3,301,239 |
Property, plant and equipment, net | 3,299,445 | 3,135,614 |
Operating lease right of use assets | 117,006 | 171,163 |
Goodwill | 20,003 | 21,517 |
Restricted cash | 799 | 3,334 |
Other assets | 138,062 | 188,890 |
Total assets | 6,771,125 | 6,821,757 |
Current liabilities: | ||
Short-term borrowings and current portion of long-term debt | 131,624 | 143,813 |
Trade accounts payable | 754,453 | 899,164 |
Capital expenditures payable | 106,368 | 146,602 |
Short-term operating lease liability | 33,616 | 70,991 |
Accrued expenses | 358,414 | 401,841 |
Total current liabilities | 1,384,475 | 1,662,411 |
Long-term debt | 1,071,832 | 1,088,521 |
Pension and severance obligations | 87,133 | 93,540 |
Long-term operating lease liabilities | 56,837 | 75,745 |
Other non-current liabilities | 175,813 | 201,839 |
Total liabilities | 2,776,090 | 3,122,056 |
Commitments and contingencies (Note 17) | ||
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, 292,167 and 291,249 shares issued, and 245,888 and 245,091 shares outstanding, respectively | 292 | 291 |
Additional paid-in capital | 2,008,170 | 1,996,344 |
Retained earnings | 2,159,831 | 1,874,644 |
Accumulated other comprehensive income (loss) | 16,350 | 16,699 |
Treasury stock, at cost, 46,279 and 46,158 shares, respectively | (222,335) | (219,226) |
Total Amkor stockholders’ equity | 3,962,308 | 3,668,752 |
Noncontrolling interests in subsidiaries | 32,727 | 30,949 |
Total equity | 3,995,035 | 3,699,701 |
Total liabilities and equity | $ 6,771,125 | $ 6,821,757 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Short-term investments, amortized cost | $ 474,663 | $ 283,641 |
Allowance | $ 8,114 | $ 365 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
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) | 292,167,000 | 291,249,000 |
Common stock, shares outstanding (in shares) | 245,888,000 | 245,091,000 |
Treasury stock, shares (in shares) | 46,279,000 | 46,158,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - 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, 2020 | 288,923 | |||||||
Balance at beginning of period at Dec. 31, 2020 | $ 2,353,959 | $ 2,325,699 | $ 289 | $ 1,953,378 | $ 562,502 | $ 27,270 | $ (217,740) | $ 28,260 |
Balance at beginning of period, treasury stock (in shares) at Dec. 31, 2020 | (46,094) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 645,607 | 642,995 | 642,995 | 2,612 | ||||
Other comprehensive income (loss) | (7,292) | (7,292) | (7,292) | |||||
Treasury stock acquired through surrender of shares for tax withholding (in shares) | (57) | |||||||
Treasury stock acquired through surrender of shares for tax withholding | (1,325) | (1,325) | $ (1,325) | |||||
Issuance of stock through share-based compensation plans (in shares) | 1,543 | |||||||
Issuance of stock through share-based compensation plans | 12,787 | 12,787 | $ 1 | 12,786 | ||||
Share-based compensation | 10,970 | 10,970 | 10,970 | |||||
Cash dividends declared | (41,558) | (41,558) | (41,558) | |||||
Subsidiary dividends to noncontrolling interests | (602) | (602) | ||||||
Balance at end of period, common stock (in shares) at Dec. 31, 2021 | 290,466 | |||||||
Balance at end 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 end of period, treasury stock (in shares) at Dec. 31, 2021 | (46,151) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 767,042 | 765,823 | 765,823 | 1,219 | ||||
Other comprehensive income (loss) | (3,279) | (3,279) | (3,279) | |||||
Treasury stock acquired through surrender of shares for tax withholding (in shares) | (7) | |||||||
Treasury stock acquired through surrender of shares for tax withholding | (161) | (161) | $ (161) | |||||
Issuance of stock through share-based compensation plans (in shares) | 783 | |||||||
Issuance of stock through share-based compensation plans | 5,649 | 5,649 | $ 1 | 5,648 | ||||
Share-based compensation | 13,562 | 13,562 | 13,562 | |||||
Cash dividends declared | (55,118) | (55,118) | (55,118) | |||||
Subsidiary dividends to noncontrolling interests | $ (540) | (540) | ||||||
Balance at end of period, common stock (in shares) at Dec. 31, 2022 | 291,249 | 291,249 | ||||||
Balance at end 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 end of period, treasury stock (in shares) at Dec. 31, 2022 | (46,158) | (46,158) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 362,131 | 359,813 | 359,813 | 2,318 | ||||
Other comprehensive income (loss) | (349) | (349) | (349) | |||||
Treasury stock acquired through surrender of shares for tax withholding (in shares) | (121) | |||||||
Treasury stock acquired through surrender of shares for tax withholding | (3,109) | (3,109) | $ (3,109) | |||||
Issuance of stock through share-based compensation plans (in shares) | 918 | |||||||
Issuance of stock through share-based compensation plans | 3,550 | 3,550 | $ 1 | 3,549 | ||||
Share-based compensation | 8,277 | 8,277 | 8,277 | |||||
Cash dividends declared | (74,626) | (74,626) | (74,626) | |||||
Subsidiary dividends to noncontrolling interests | $ (540) | (540) | ||||||
Balance at end of period, common stock (in shares) at Dec. 31, 2023 | 292,167 | 292,167 | ||||||
Balance at end of period at Dec. 31, 2023 | $ 3,995,035 | $ 3,962,308 | $ 292 | $ 2,008,170 | $ 2,159,831 | $ 16,350 | $ (222,335) | $ 32,727 |
Balance at end of period, treasury stock (in shares) at Dec. 31, 2023 | (46,279) | (46,279) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.07875 | $ 0.30375 | $ 0.225 | $ 0.17 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 362,131 | $ 767,042 | $ 645,607 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 631,508 | 612,702 | 563,582 |
Amortization of deferred debt issuance costs and premiums | 3,523 | 3,247 | 2,508 |
Deferred income taxes | 13,394 | (11,623) | 10,676 |
Gain on disposal of fixed assets, net | (2,200) | (2,807) | (1,446) |
Share-based compensation | 8,277 | 13,562 | 10,970 |
Other, net | 16,660 | (1,957) | 13,752 |
Changes in assets and liabilities: | |||
Accounts receivable | 205,491 | (103,990) | (298,854) |
Inventories | 233,797 | (148,137) | (190,555) |
Other current assets | 2,673 | (23,802) | 5,335 |
Other assets | 10,875 | (34,835) | 14,746 |
Trade accounts payable | (134,618) | 86,574 | 215,646 |
Accrued expenses | (48,389) | (40,637) | 108,283 |
Pension and severance obligations | (844) | (10,547) | (30,013) |
Net operating lease ROU asset | 50,650 | (14,483) | (14,781) |
Operating lease liabilities | (52,543) | 1,574 | 16,293 |
Other non-current liabilities | (30,365) | 6,873 | 49,546 |
Net cash provided by operating activities | 1,270,020 | 1,098,756 | 1,121,295 |
Cash flows from investing activities: | |||
Payments for property, plant and equipment | (749,467) | (908,294) | (779,779) |
Proceeds from sale of property, plant and equipment | 8,444 | 3,148 | 3,157 |
Proceeds from foreign exchange forward contracts | 44,013 | 33,578 | 16,608 |
Payments for foreign exchange forward contracts | (75,786) | (104,703) | (69,835) |
Payments for short-term investments | (657,583) | (438,803) | (414,208) |
Proceeds from sale of short-term investments | 94,242 | 33,972 | 87,273 |
Proceeds from maturities of short-term investments | 379,344 | 370,924 | 204,679 |
Other investing activities | 4,883 | 3,009 | 8,226 |
Net cash used in investing activities | (951,910) | (1,007,169) | (943,879) |
Cash flows from financing activities: | |||
Proceeds from revolving credit facilities | 370,000 | 80,000 | 0 |
Payments of revolving credit facilities | (370,000) | (80,000) | 0 |
Proceeds from short-term debt | 20,712 | 29,711 | 15,514 |
Payments of short-term debt | (19,448) | (27,187) | (19,927) |
Proceeds from issuance of long-term debt | 168,335 | 366,386 | 353,587 |
Payments of long-term debt | (175,427) | (214,290) | (316,635) |
Payments for debt issuance costs | (1,385) | (7,297) | (1,294) |
Payments of finance lease obligations | (66,398) | (40,673) | (20,373) |
Proceeds from issuance of stock through share-based compensation plans | 3,562 | 5,635 | 12,787 |
Payments of dividends | (74,686) | (55,116) | (51,213) |
Other financing activities | (4,472) | (1,572) | (2,548) |
Net cash (used in) provided by financing activities | (149,207) | 55,597 | (30,102) |
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | (10,692) | (16,299) | (17,990) |
Net increase in cash, cash equivalents and restricted cash | 158,211 | 130,885 | 129,324 |
Cash, cash equivalents and restricted cash, beginning of period | 962,406 | 831,521 | 702,197 |
Cash, cash equivalents and restricted cash, end of period | 1,120,617 | 962,406 | 831,521 |
Cash paid during the period for: | |||
Interest | 54,306 | 54,355 | 46,932 |
Income taxes | 90,458 | 97,333 | 24,011 |
Non-cash investing and financing activities: | |||
Property, plant and equipment included in capital expenditures payable | 104,109 | 142,160 | 211,421 |
Right of use assets acquired through operating lease liabilities | 6,270 | 64,849 | 63,314 |
Right of use assets acquired through finance lease liabilities | 58,232 | 58,166 | 73,894 |
Dividends declared and unpaid | $ 0 | $ 25 | $ 58 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Description of Business Amkor is one of the world’s leading providers of outsourced semiconductor packaging and test services. Amkor was a pioneer in the outsourcing of semiconductor packaging and test services, and over the years we have built a leading position by: • Designing and developing innovative packaging and test technologies focused on advanced packaging solutions in high growth markets, including artificial intelligence; • Building expertise in high-volume manufacturing processes and developing a reputation for high quality and solid execution; • Cultivating long-standing relationships with our customers, which include many of the world’s leading semiconductor companies; • Collaborating with customers, foundries, OEMs and equipment and material suppliers; • Focusing on strategic end markets that offer solid growth potential; • Providing a geographically diverse operating base with manufacturing facilities in multiple countries across Asia and in Europe; and • Developing a competitive cost structure through disciplined capital investment. Basis of Presentation Our Consolidated Financial Statements include the accounts of Amkor Technology, Inc. and its subsidiaries. Our Consolidated Financial Statements reflect the elimination of all significant inter-company accounts and transactions. Our investments in variable interest entities in which we are the primary beneficiary are consolidated. We reflect the remaining portion of variable interest entities and foreign subsidiaries that are not wholly owned as noncontrolling interests. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, income taxes, inventory and long-lived assets. These estimates are based on management’s best knowledge of current events, historical experience, actions that we may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results could differ materially from these estimates and assumptions, including the impact of any deterioration in the global business and economic environment. Certain prior year amounts have been reclassified to conform to current year presentation. Consolidation of Variable Interest Entities We have variable interests in certain Philippine realty corporations in which we have a 40% ownership. We lease land and buildings in the Philippines from these entities and we are the primary beneficiary of these arrangements. As of December 31, 2023, the combined book value of the assets and liabilities associated with these Philippine realty corporations included in our Consolidated Balance Sheet was $17.3 million and $0.1 million, respectively. The impact of consolidating these variable interest entities on our Consolidated Statements of Income was not significant, and other than our lease payments, we have not provided any significant assistance or other financial support to these variable interest entities for the years ended December 31, 2023, 2022 or 2021. The creditors of the Philippine realty corporations have no recourse to our general credit. Foreign Currency Translation The U.S. dollar is the functional currency of our subsidiaries other than our Japan operations. The foreign currency asset and liability amounts at these subsidiaries are remeasured into U.S. dollars at end-of-period exchange rates, except for nonmonetary items which are remeasured at historical rates. Foreign currency income and expenses are remeasured at daily exchange rates, except for expenses related to balance sheet amounts which are remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other (income) expense, net in the period in which they occur. The Japanese yen is the functional currency of our Japan operations. The asset and liability amounts of our Japan operations are translated into U.S. dollars at end-of-period exchange rates. Income and expenses are translated into U.S. dollars at the daily exchange rate. The resulting translation adjustments are reported as a component of accumulated other comprehensive income in the stockholders’ equity section of the balance sheet. Assets and liabilities denominated in a currency other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting transaction exchange gains or losses are included in other (income) expense, net in the period in which they occur. Risks and Concentrations The semiconductor industry is characterized by rapid technological change, competitive pricing pressures and cyclical market patterns. Our financial results are affected by a wide variety of factors, including general economic conditions worldwide, economic conditions specific to the semiconductor industry, the timely implementation of new package and test technologies, the ability to safeguard patents and intellectual property in a rapidly evolving market and reliance on materials and equipment suppliers. In addition, the semiconductor market has historically been cyclical and subject to significant economic downturns at various times. Our profitability and ability to generate cash from operations is principally dependent upon demand for semiconductors, the utilization of our capacity, semiconductor package mix, the average selling price of our services, our ability to manage our capital expenditures and our ability to control our costs including labor, material, overhead and financing costs. A significant portion of our revenues is concentrated with a small group of customers (Note 18). Direct sales to our largest customer accounted for 27.7% of our net sales for the year ended December 31, 2023. The loss of a significant customer, a business combination among customers, a reduction in orders or decrease in price from a significant customer or disruption in any of our significant strategic partnerships or other commercial arrangements could have a material adverse effect on our business, liquidity, results of operations, financial condition and cash flows. Financial instruments, for which we are subject to credit risk, consist principally of accounts receivable and cash, cash equivalents and short-term investments. With respect to accounts receivable, we mitigate our credit risk by selling primarily to well-established companies, performing ongoing credit evaluations and making frequent contact with customers. In addition, we may utilize non-recourse factoring to mitigate credit risk when considered appropriate. We have historically mitigated our credit risk with respect to cash and cash equivalents through diversification of our holdings into various high quality money market funds and bank deposit accounts. Our short-term investments are principally investments in debt securities with maximum duration of twenty-four months and range from AAA to BBB-rated financial instruments. Our short-term investments are primarily in corporate bonds, direct obligations of the U.S. Government or its agencies, asset-backed securities and commercial paper. At December 31, 2023, our cash and cash equivalents were primarily maintained in various U.S. and foreign bank operating and time deposit accounts and invested in various available-for-sale debt investments. See Note 6 for further discussion regarding our available-for-sale debt investments. Contingencies and Litigation We may be subject to certain legal proceedings, lawsuits and other claims, as discussed in Note 17. We accrue for a loss contingency, including legal proceedings, lawsuits, pending claims and other legal matters, when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. 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. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents are primarily maintained in various U.S. and foreign bank operating and time deposit accounts and invested in various available-for-sale debt investments. See Note 6 for further discussion regarding our available-for-sale debt investments. Restricted Cash Restricted cash, non-current, mainly consists of collateral to fulfill utility requirements. Investments Generally, we classify our short-term investments in fixed income securities as available-for-sale debt investments. All of our available-for-sale debt investments as of December 31, 2023 are available to fund current operations and are recorded at fair value (Note 6). Unrealized gains and losses on our available-for-sale debt investments are included as a separate component of accumulated other comprehensive income (loss), net of tax. Realized gains and losses on our available-for-sale debt investments and declines in value judged to be an impairment are included in other (income) expense, net. The cost of short-term investments matured or sold is based on the average cost method. We evaluate on an ongoing basis the market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our short-term investments in determining if and when a decline in value below the adjusted cost of our available-for-sale debt investments is an impairment. An impairment is considered if (i) we have the intent to sell the security, (ii) it is more likely than not that we will be required to sell the security before recovery of the entire amortized cost basis or (iii) we do not expect to recover the entire amortized cost basis of the security. If impairment is considered on condition (i) or (ii) above, the entire difference between the amortized cost and the fair value of the debt security is recognized in earnings. If impairment is considered based on condition (iii), the amount representing credit losses will be recognized in earnings and as an allowance for credit losses. The amount relating to all other factors will be recognized in other comprehensive income. Inventories Inventories consist of raw materials and purchased components and are stated at the lower of cost and net realizable value. Cost is principally determined by standard cost or the weighted moving average method, both of which approximate actual cost. We review and set our standard costs as needed, but at a minimum on a quarterly basis. We reduce the carrying value of our inventories for the cost of inventory we estimate is excess and obsolete based on the age of our inventories. When a determination is made that the inventory will not be utilized in production or is not saleable, it is written-off. Other Current Assets Other current assets consist principally of prepaid assets. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated by the straight-line method over the estimated useful lives of depreciable assets which are as follows: Buildings and improvements 10 to 40 years Machinery and equipment 2 to 7 years Software and computer equipment 3 to 5 years Furniture, fixtures and other equipment 4 to 10 years Cost and accumulated depreciation for property retired or disposed of are removed from the accounts, and any resulting gain or loss is included in earnings. Expenditures for maintenance and repairs are charged to expense as incurred. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of a long-lived asset group to be held and used in operations is measured by a comparison of the carrying amount to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If such asset group is considered to be impaired, the impairment loss is measured as the amount by which the carrying amount of the asset group exceeds its fair value. Long-lived assets to be disposed of are carried at the lower of cost or fair value less the costs of disposal. Leases We lease certain machinery and equipment, office space, and manufacturing facilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. We combine lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) with the non-lease components (e.g., common-area maintenance costs) for all asset classes. We use our incremental borrowing rate based on the information available at the lease commencement date to determine the lease liability. Our leases have remaining lease terms ranging from less than one year to 82 years. For purposes of calculating our lease liabilities, our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Certain leases also include options to purchase the leased property. Total long-term finance lease liabilities Goodwill Goodwill is recorded when the cost of an acquisition exceeds the fair value of the net tangible and identifiable intangible assets acquired. We review goodwill for impairment annually during the fourth quarter of each year and whenever events or changes in circumstances indicate that an impairment may exist. Impairment losses are recorded when the carrying amount of the reporting unit exceeds its fair value. The balance of goodwill in our Consolidated Balance Sheets reflects adjustments for foreign currency translation. Other Assets Other assets consist principally of deferred tax assets, refundable security deposits and advanced payments to vendors. Derivatives We use foreign exchange forward contracts, generally settled monthly, to manage a portion of our exposure to foreign exchange risk. The derivatives are recorded at the fair value either in other current assets or accrued expenses, with the associated gains and losses charged to other (income) expense, net See Note 15 for further discussion about the derivatives. Fair Value Measurements We apply fair value accounting for assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring or nonrecurring basis. We define fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. See Note 16 for further discussion of fair value measurements. Revenue Recognition We recognize revenue, net of sales, use, value-added and other similar taxes, as a performance obligation is satisfied in an amount reflecting the consideration to which we expect to be entitled. We apply a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the performance obligation is satisfied. Substantially all of our revenue is recognized as services are rendered. Our packaging and test services are our performance obligations to our customers. Our packaging services include wafer bump, probe and assembly. We provide packaging and test services to our customers either individually or as part of a combined offering. In a combined offering, we account for the individual services separately if they are determined to be distinct. We determine a service to be distinct if it is separately identifiable from other services in the combined offering and if a customer can benefit from the unique service on its own or with other resources that are readily available to the customer. The consideration, including variable consideration, is allocated between the distinct services in a combined offering based upon the stand-alone selling prices of the individual services. Our services involve a high degree of specialization which are unique based on the design and purpose of the customer’s wafers. Accordingly, our negotiated pricing reflects the customized nature of our services and represents a customer-specific stand-alone selling price. We recognize revenue as services are rendered, which generally occurs over the course of two to three weeks. Services are generally billed at completion of each individual packaging or test service or in some instances at the completion of all services in a combined offering. We recognize revenue over time as services are rendered because our services create or enhance the customer’s wafer. We utilize an input method (cost incurred plus estimated margin) to determine the amount of revenue to recognize for in-process, but incomplete, customer orders at a reporting date. During the period of providing our services, we generally do not control or take ownership of customers’ wafers, nor do we include the cost of the wafer in our cost calculations. We believe that a cost-based input method is the most appropriate manner to measure how we satisfy our performance obligations to customers because the effort and costs incurred to package and/or test customer wafers are not linear over the duration of these services. Shipping and handling costs are accounted for as a cost to fulfill our performance obligations to customers. Accordingly, we record customer payments of shipping and handling costs as a component of net sales, and the costs incurred for shipping and handling are then charged to cost of sales. Unbilled receivables are revenues that have been recognized for performance obligations that have been satisfied, or partially satisfied, in advance of billing the customer. Revenue may be recognized in advance of billing as our contracts provide us with an unconditional right to consideration for work that is performed. Total unbilled receivables as of December 31, 2023 and 2022 were $260.8 million and $301.7 million, respectively. These amounts are included in accounts receivable, net of allowances in our Consolidated Balance Sheets. At times, the company receives cash payments from customers in advance of the company’s performance. In such cases, we record deferred revenue until the performance obligation is satisfied, which represents a contract liability and is included in accrued expenses and other non-current liabilities in the consolidated balance sheets. These contract liabilities are classified as either current or long-term based on the timing of when the company expects to recognize revenue. Contract liabilities were $135.5 million and $170.6 million as of December 31, 2023 and December 31, 2022, respectively. As of December 31, 2023 and December 31, 2022, the short-term portion of the liability was $71.1 million and $81.5 million, respectively. The remainder of the December 31, 2023 contract liability balance is expected to be recognized in revenue over the next 1-5 years. Revenue recognized during the year that was included in the contract liability balance at the beginning of the period was $66.9 million, $101.2 million, and $29.0 million, for 2023, 2022 and 2021, respectively. Research and Development Costs Research and development expenses include costs attributable to the conduct of research and development programs primarily related to the development of new package designs or technologies and improving the efficiency and capabilities of our existing production processes. Such costs include labor, materials, supplies, depreciation and maintenance of research equipment, services provided by outside contractors and the allocable portions of facility costs such as rent, utilities, insurance, repairs and maintenance, depreciation and general support services. Costs associated with research and development are expensed as incurred. Income Taxes Income taxes are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis as well as for net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for those deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. 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. With the exception of a certain foreign jurisdiction and select U.S. and foreign carryforwards, we consider it more likely than not that we will have sufficient taxable income to allow us to realize these deferred tax assets. However, in the event taxable income falls short of current expectations, we may need to establish a valuation allowance against such deferred tax assets. We recognize in our Consolidated Financial Statements the impact of an income tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Related interest and penalties are classified as income taxes in the financial statements. See Note 4 for further discussion regarding unrecognized income tax benefits. Recently Issued Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disclosure of additional income tax information, primarily related to effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Adoption of this ASU should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the impact of this new standard on our financial statements, which is expected to result in enhanced disclosures. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans For the years ended December 31, 2023, 2022 and 2021, we recognized share-based compensation of $8.3 million, $13.6 million and $11.0 million, respectively, primarily in selling, general and administrative expenses. The amount of compensation expense to be recognized is adjusted for an estimated forfeiture rate which is based on historical data. The corresponding deferred income tax benefits are $0.7 million, $1.7 million and $1.4 million for 2023, 2022 and 2021, respectively. Equity Incentive Plans Second Amended and Restated 2007 Equity Incentive Plan. The Second Amended and Restated 2007 Equity Incentive Plan (as amended, the “2007 Plan”) provided for the grant of the following types of incentive awards: (i) stock options; (ii) restricted stock; (iii) restricted stock units; (iv) stock appreciation rights; (v) performance units and performance shares; and (vi) other stock or cash awards. Those eligible for awards included employees, directors and consultants who provide services to Amkor and its subsidiaries. There were originally 17.0 million shares of our common stock reserved for issuance under the 2007 Plan. No awards have been or will be granted under the 2007 Plan after the effective date of the 2021 Plan (as defined below), but all outstanding awards under the 2007 Plan will continue in full force and effect, subject to their original terms. 2021 Equity Incentive Plan. On May 18, 2021, at our 2021 Annual Meeting of Stockholders (the “2021 Annual Meeting”), our stockholders approved the Amkor Technology, Inc. 2021 Equity Incentive Plan (as amended, the “2021 Plan”) to replace the 2007 Plan. The 2021 Plan provides for the grant of the following types of incentive awards: (i) stock options; (ii) restricted stock; (iii) restricted stock units; (iv) stock appreciation rights; (v) performance units and performance shares; and (vi) other stock or cash awards. Those eligible for awards include employees, directors and consultants who provide services to Amkor and its subsidiaries. The number of shares authorized and available for issuance under the 2021 Plan is 23,100,000 shares, reduced for certain awards granted under the 2007 Plan after December 31, 2020, but before May 18, 2021. There were originally 22.8 million shares of our common stock reserved for issuance under the 2021 Plan, and at December 31, 2023, there were 20.6 million shares available for grant under the 2021 Plan. Stock options Stock options are generally granted with an exercise price equal to the market price of the stock at the date of grant. Substantially all of the options granted are exercisable pursuant to a one In order to calculate the fair value of stock options at the date of grant, we use the Black-Scholes option pricing model. Expected volatilities are based on historical performance of our stock. We also use historical data to estimate the timing and amount of option exercises and forfeitures within the valuation model. The expected term of the options is based on evaluations of historical and expected future employee exercise behavior and represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield is based on the annualized declared quarterly dividend rate divided by our closing stock price at the date of the grant. The following table summarizes our stock option activity for the year ended December 31, 2023: Number of Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 2,376 $ 10.54 Granted — — Exercised (345) 10.31 Forfeited or expired — — Outstanding at December 31, 2023 2,031 $ 10.58 4.98 years $ 46,068 Fully vested at December 31, 2023 and expected to vest thereafter 2,029 $ 10.58 4.98 years $ 46,029 Exercisable at December 31, 2023 1,973 $ 10.51 4.93 years $ 44,903 Total unrecognized compensation expense from stock options was $0.3 million as of December 31, 2023, which is expected to be recognized over a weighted-average period of approximately 0.79 years beginning January 1, 2024. The total intrinsic value of options exercised during fiscal years 2023, 2022, and 2021 was $5.8 million, $8.0 million, and $17.7 million, respectively. Restricted shares Restricted shares granted to our non-employee directors vest on the earlier of the one year anniversary of the grant date or the date of the annual meeting of stockholders immediately following the grant date, subject to the recipient’s continued service as a director of Amkor on the applicable vesting date. Generally, other restricted shares vest ratably over three years, with 8.33% of the shares vesting in equal quarterly installments such that 100% of the shares will become vested on the third anniversary of the award, subject to the recipient’s continued employment with us on the applicable vesting date. In addition, provided that the restricted shares have not been forfeited earlier, under the terms and conditions of the applicable award agreements for certain grants, the restricted shares will vest upon the recipient’s death or disability, or upon a change in control of Amkor. The value of the restricted shares is determined based on the fair market value of the underlying shares on the date of the grant and is recognized ratably over the vesting period. The following table summarizes our restricted share activity for the year ended December 31, 2023: Number of Weighted- average Non-vested at December 31, 2022 109 $ 15.38 Awards granted — — Awards vested (109) 15.38 Awards forfeited — — Non-vested at December 31, 2023 — $ — For the year ended December 31, 2023, the total fair value of our vested restricted shares was $2.9 million, respectively. Restricted stock units From time to time, and pursuant to the 2021 Plan, we grant time-vested restricted stock units (“RSUs”) to our non-employee directors and certain employees and performance-vested restricted stock units (“PSUs”) to certain employees. RSUs generally vest in four equal installments over a four-year period such that 100% of the RSUs will become vested on the fourth anniversary of the award, subject to the recipient’s continued employment with us on the applicable vesting dates. In some circumstances, we have granted RSUs subject to different vesting conditions, including RSUs that vest in full in a single installment. Provided that the RSUs have not been forfeited earlier, they will generally vest upon the recipient’s retirement, death or disability, or upon a change in control of Amkor, in accordance with the terms and conditions of the applicable award agreement. The value of the RSUs is determined based on the fair market value of the underlying shares on the date of the grant, reduced by the present value of dividends or dividend equivalent rights expected to be paid on our common stock prior to vesting, and is recognized ratably over the vesting period. PSUs generally vest in one installment after a two-year period such that any earned PSUs will become vested within 90 days of the second anniversary of the award, subject to the recipient’s continued employment with us on the applicable vesting date. Generally for PSUs, the number of shares of our common stock to be received at vesting will range from 0% to 200% of the target grant amount based on Cumulative Basic EPS (as defined in the applicable award agreement) over a two-year performance measurement period. In some circumstances, we have granted PSUs subject to different vesting conditions, including PSUs that vest in full upon the achievement of performance goals other than Cumulative Basic EPS. Provided the PSUs have not been forfeited earlier, the PSUs will generally vest upon the recipient’s retirement, death or disability, or upon a change of control of Amkor, in accordance with the terms and conditions of the applicable award agreement. The value of the PSUs is initially determined based on the fair market value of the underlying shares on the date of the grant, reduced by the present value of dividends expected to be paid on our common stock prior to vesting, and is recognized over the vesting period. The following table summarizes our RSU and PSU activity: Number of Weighted- average Non-vested at December 31, 2020 — $ — Awards granted 295 22.48 Awards vested — — Awards forfeited (9) 22.58 Non-vested at December 31, 2021 286 22.48 Awards granted 531 22.29 Awards vested (22) 22.23 Awards forfeited (57) 22.63 Non-vested at December 31, 2022 738 22.34 Awards granted 1,049 26.72 Awards vested (464) 22.19 Awards forfeited (16) 25.24 Non-vested at December 31, 2023 1,307 $ 25.87 Total unrecognized compensation expense from RSUs and PSUs was $12.1 million as of December 31, 2023, which is expected to be recognized over a weighted-average period of approximately 1.3 years beginning January 1, 2024. For the years ended December 31, 2023 and 2022, the total fair value of our vested RSUs and PSUs were $11.6 million and $0.5 million, respectively. |
Other Income and Expense
Other Income and Expense | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income and Expense | Other Income and Expense Other income and expense consists of the following: For the Year Ended December 31, 2023 2022 2021 (In thousands) Interest income $ (48,458) $ (12,762) $ (1,065) Foreign currency (gain) loss, net 18,361 (1,572) 723 Loss on debt retirement — 464 — Other (2,457) (4,439) (2,799) Total other (income) expense, net $ (32,554) $ (18,309) $ (3,141) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Geographic sources of income (loss) before taxes are as follows: For the Year Ended December 31, 2023 2022 2021 (In thousands) United States $ 94,643 $ 81,488 $ 81,994 Foreign 349,198 775,444 633,072 Income before taxes $ 443,841 $ 856,932 $ 715,066 The components of the provision (benefit) for income taxes are as follows: For the Year Ended December 31, 2023 2022 2021 (In thousands) Current: Federal $ 19,831 $ 40,063 $ 9,649 State 7 150 198 Foreign 48,478 61,300 48,936 68,316 101,513 58,783 Deferred: Federal 8,899 (10,156) 20,478 State 1 1,458 361 Foreign 4,494 (2,925) (10,163) 13,394 (11,623) 10,676 Income tax expense $ 81,710 $ 89,890 $ 69,459 The reconciliation between the U.S. federal statutory income tax rate of 21% and our effective tax rate is as follows: For the Year Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign income taxed at different rates (4.2) (12.0) (9.5) Foreign exchange (loss) gain 0.5 2.2 (2.3) Change in valuation allowance 2.9 (2.4) 0.1 Income tax credits generated (7.5) (6.1) (5.1) Foreign earnings and profits 7.0 9.0 5.7 Foreign derived intangible income (1.6) (0.9) (1.1) Settlements and changes in uncertain tax positions (0.5) (0.2) 0.8 Other 0.8 (0.1) 0.1 Income tax expense 18.4 % 10.5 % 9.7 % In 2022, we reversed $17.8 million of valuation allowance recorded against U.S. foreign tax credit carryforwards previously projected to expire unused due to the limitations to utilize the credits under current tax law. Realization of these carryforwards is dependent on generating sufficient taxable income to overcome the foreign tax credit limitation provisions. Although utilization of these carryforwards is not assured, in light of our current earnings and recent estimates of future taxable income, management believes sufficient positive evidence exists to conclude that the respective valuation allowances are no longer needed, resulting in the reversal of these valuation allowances. As a result of certain capital investments, export commitments and employment levels, income from operations in Korea, the Philippines and Singapore was subject to reduced income tax rates and, in some cases, was exempt from income taxes. The most significant tax rate impact is in Singapore where we have been granted a conditional reduced tax rate that expires at the end of 2028. We recognized $18.6 million, $84.5 million and $56.7 million in tax benefits as a result of the conditional reduced tax rates in 2023, 2022 and 2021, respectively. The benefit of the conditional reduced tax rates on diluted earnings per share was approximately $0.08, $0.34 and $0.23 for 2023, 2022 and 2021, respectively. The following is a summary of the components of our deferred tax assets and liabilities: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 33,679 $ 49,846 Tax credit carryforwards 88,147 92,368 Property, plant and equipment 21,387 15,328 Deferred interest expense 476 — Accrued liabilities 37,832 39,929 Receivable 30,086 29,178 Unrealized foreign exchange loss 7,205 8,018 Revenue recognition — 1,564 Operating lease liabilities 16,053 26,955 Other 15,219 14,665 Total deferred tax assets 250,084 277,851 Valuation allowance (114,811) (101,869) Total deferred tax assets net of valuation allowance 135,273 175,982 Deferred tax liabilities: Property, plant and equipment 34,206 50,215 Deferred gain 5,739 7,839 Unrealized foreign exchange gain 3,129 5,242 Unbilled receivables 8,995 822 Operating lease right of use assets 16,031 26,241 Other 5,533 7,433 Total deferred tax liabilities 73,633 97,792 Net deferred tax assets $ 61,640 $ 78,190 Recognized as: Other assets $ 73,585 $ 86,616 Other non-current liabilities (11,945) (8,426) Total $ 61,640 $ 78,190 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. Valuation allowance against deferred tax assets consist of the following: December 31, 2023 2022 (In thousands) Valuation allowance: U.S. $ 44,426 $ 40,610 Foreign 70,385 61,259 Total valuation allowance $ 114,811 $ 101,869 Our net operating loss carryforwards are as follows: December 31, 2023 2022 Expiration (In thousands) U.S. federal net operating loss carryforwards $ 5,611 $ 13,003 2024 U.S. state net operating loss carryforwards 32,612 38,384 2024-2036 Foreign net operating loss carryforwards 196,636 240,740 2027-2031 At December 31, 2023 and 2022, a portion of our remaining U.S. federal net operating loss carryforwards was reserved with a valuation allowance due to ownership change limitations from a prior year acquisition as well as certain state net operating loss carryforwards expected to expire unused. Also, we have a valuation allowance against foreign net operating loss carryforwards that we do not expect to have sufficient taxable income to realize as of December 31, 2023 and 2022. Our tax credit carryforwards are as follows: December 31, 2023 2022 Expiration (In thousands) U.S. Foreign Tax Credits $ 51,512 $ 54,130 2027-2033 U.S. Other Tax Credits 2,559 110 2026-2033 Foreign Tax Credits 34,546 38,128 2024-2033 At December 31, 2023 and 2022, a portion of our U.S. and foreign tax credit carryforwards were reserved with a valuation allowance for the amount expected to expire unused. Distributions of cash to the U.S. as dividends generally will not be subject to U.S. federal income tax. We have not provided foreign withholding taxes or state income taxes on the undistributed earnings of our foreign subsidiaries, over which we have sufficient influence to control the distribution of such earnings and have determined that substantially all such earnings have been reinvested indefinitely. These earnings could become subject to foreign withholding tax if they are remitted as dividends. For the year ended December 31, 2023, we estimate that repatriation of these foreign earnings would generate withholding taxes and state income taxes of approximately $165.9 million. We operate in and file income tax returns in various U.S. and foreign jurisdictions which are subject to examination by tax authorities. We have tax returns that are open to examination in various jurisdictions for tax years 2013-2023. The open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations related to the amount and/or timing of income, deductions and tax credits. There can be no assurance that the outcome of examinations will be favorable. Our unrecognized tax benefits are subject to change as examinations of specific tax years are completed in the respective jurisdictions. In certain circumstances where we elect to appeal the results of an examination, we may be required to make tax assessment payments to proceed with the administrative appeal process. Current examinations include 2019-2022 Korean income tax returns, 2017-2021 Malaysia income tax returns and 2021 Philippine income tax return. A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows: For the Year Ended December 31, 2023 2022 2021 (In thousands) Balance at January 1 $ 33,253 $ 37,293 $ 32,598 Additions based on tax positions related to the current year — 1,519 9,562 Additions for tax positions of prior years 495 1,909 1,740 Reductions for tax positions of prior years (345) (5,755) (66) Reductions related to settlements with tax authorities — (988) (1,266) Reductions from lapse of statutes of limitations (1,866) (725) (5,275) Balance at December 31 $ 31,537 $ 33,253 $ 37,293 The net decrease in our unrecognized tax benefits was $1.7 million from December 31, 2022 to December 31, 2023. The decrease was primarily related to the lapse of statutes of limitations. At December 31, 2023, all of our gross unrecognized tax benefits would reduce our effective tax rate, if recognized. It is reasonably possible that unrecognized tax benefits related to income attribution will decrease in the next 12 months by up to $0.8 million due to the lapse of statutes of limitations in foreign jurisdictions. The liability related to our unrecognized tax benefits, before interest and penalties, is $23.0 million as of December 31, 2023 and is reported as a component of other non-current liabilities. The unrecognized tax benefits presented in the table above also include positions that have reduced deferred tax assets by $8.5 million. The balance of accrued and unpaid interest and penalties is $4.5 million and $4.9 million as of December 31, 2023 and 2022, respectively, and is included as a component of other non-current liabilities in connection with our unrecognized tax benefits. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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, PSUs, RSUs and unvested restricted shares. The following table summarizes the computations of basic and diluted EPS: For the Year Ended December 31, 2023 2022 2021 (In thousands, except per share data) Net income attributable to Amkor common stockholders $ 359,813 $ 765,823 $ 642,995 Weighted-average number of common shares outstanding — basic 245,628 244,676 243,878 Effect of dilutive securities: Share-based awards 1,548 1,529 1,826 Weighted-average number of common shares outstanding — diluted 247,176 246,205 245,704 Net income attributable to Amkor per common share: Basic $ 1.46 $ 3.13 $ 2.64 Diluted $ 1.46 $ 3.11 $ 2.62 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 Year Ended December 31, 2023 2022 2021 (In thousands) Share-based awards 2 180 112 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The following table summarizes our cash equivalents and available-for-sale debt investments: December 31, 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 $ 138 $ — $ — $ 138 $ — $ 138 Commercial paper 48,063 — — 48,063 — 48,063 Money market funds 60,719 — — 60,719 60,719 — U.S. government bonds 2,996 — — 2,996 2,996 — Total cash equivalents (2) 111,916 — — 111,916 63,715 48,201 Short-term investments Asset-backed securities 65,340 170 (22) 65,488 — 65,488 Certificate of deposits 17,086 — — 17,086 17,086 — Commercial paper 56,273 — — 56,273 — 56,273 Corporate bonds 251,671 432 (299) 251,804 — 251,804 U.S. government agency bonds 13,200 — (9) 13,191 — 13,191 U.S. government bonds 65,881 13 (79) 65,815 65,815 — Total short-term investments 469,451 615 (409) 469,657 82,901 386,756 Total $ 581,367 $ 615 $ (409) $ 581,573 $ 146,616 $ 434,957 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 US government bonds 10,767 1 — 10,768 10,768 — US government agency bonds 16,982 3 — 16,985 — 16,985 Total cash equivalents (2) 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 we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases. (2) During the years ended December 31, 2023, 2022, and 2021 we sold cash equivalent investments for proceeds of $47.0 million, $29.6 million and $12.8 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 December 31, 2023: Amortized Cost Fair Value Within 1 year $ 406,551 $ 406,346 After 1 year through 5 years 109,338 109,601 Asset-backed securities 65,478 65,626 Total $ 581,367 $ 581,573 Actual maturities can differ from contractual maturities due to various factors including whether the issuers have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations. As of December 31, 2023, the amortized cost and fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $5.2 million. As of December 31, 2022 the amortized cost and fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $4.4 million and $4.3 million, respectively. |
Factoring of Accounts Receivabl
Factoring of Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Factoring of Accounts Receivable [Abstract] | |
Factoring of Accounts Receivable | Factoring of Accounts ReceivableFor 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 years ended December 31, 2023 and 2022, we sold accounts receivable totaling $253.9 million and $386.5 million, net of discounts and fees of $1.3 million and $1.1 million, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following: December 31, 2023 2022 (In thousands) Land $ 212,722 $ 214,763 Buildings and improvements 2,080,589 1,817,135 Machinery and equipment 7,022,614 6,757,652 Finance lease assets 209,506 165,122 Furniture, fixtures and other equipment 22,655 23,240 Software and computer equipment 200,362 240,610 Construction in progress 223,332 152,809 Total property, plant and equipment 9,971,780 9,371,331 Accumulated depreciation and amortization (6,672,335) (6,235,717) Total property, plant and equipment, net $ 3,299,445 $ 3,135,614 The following table summarizes our depreciation expense: For the Year Ended December 31, 2023 2022 2021 (In thousands) Depreciation expense $ 630,941 $ 612,105 $ 562,962 In October 2023, we completed the first phase of construction for our Vietnam Facility and transferred $244.3 million from construction in progress to buildings and improvements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The components of lease expense were as follows: For the Year Ended December 31, 2023 2022 2021 (In thousands) Operating lease cost $ 70,722 $ 81,410 $ 64,902 Finance lease cost Amortization of leased assets 42,345 24,644 14,196 Interest on lease liabilities 5,521 3,891 2,768 Total finance lease cost 47,866 28,535 16,964 Short-term lease cost 4,788 5,749 6,264 Variable lease cost 6,921 6,592 7,409 Net lease cost $ 130,297 $ 122,286 $ 95,539 Other information related to leases was as follows: For the Year Ended December 31, 2023 2022 2021 Supplemental Cash Flows Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 73,774 $ 81,044 $ 64,786 Operating cash flows for finance leases 5,419 3,933 1,745 Financing cash flows for finance leases 66,398 40,673 20,373 Weighted Average Remaining Lease Term (years) Operating leases 6.1 4.2 3.2 Finance leases 3.2 2.3 3.1 Weighted Average Discount Rate Operating leases 5.2 % 4.4 % 3.6 % Finance leases 5.7 % 4.1 % 3.2 % Maturities of lease liabilities were as follows: December 31, 2023 Operating Leases Finance Leases (In thousands) 2024 $ 36,916 $ 62,306 2025 19,869 25,259 2026 12,752 11,436 2027 9,144 3,568 2028 6,017 2,511 Thereafter 20,488 12,913 Total future minimum lease payments 105,186 117,993 Less: Imputed interest (14,733) (12,438) Total $ 90,453 $ 105,555 As of December 31, 2023, we have entered into additional lease agreements that have not yet commenced of approximately $8 million. |
Leases | Leases The components of lease expense were as follows: For the Year Ended December 31, 2023 2022 2021 (In thousands) Operating lease cost $ 70,722 $ 81,410 $ 64,902 Finance lease cost Amortization of leased assets 42,345 24,644 14,196 Interest on lease liabilities 5,521 3,891 2,768 Total finance lease cost 47,866 28,535 16,964 Short-term lease cost 4,788 5,749 6,264 Variable lease cost 6,921 6,592 7,409 Net lease cost $ 130,297 $ 122,286 $ 95,539 Other information related to leases was as follows: For the Year Ended December 31, 2023 2022 2021 Supplemental Cash Flows Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 73,774 $ 81,044 $ 64,786 Operating cash flows for finance leases 5,419 3,933 1,745 Financing cash flows for finance leases 66,398 40,673 20,373 Weighted Average Remaining Lease Term (years) Operating leases 6.1 4.2 3.2 Finance leases 3.2 2.3 3.1 Weighted Average Discount Rate Operating leases 5.2 % 4.4 % 3.6 % Finance leases 5.7 % 4.1 % 3.2 % Maturities of lease liabilities were as follows: December 31, 2023 Operating Leases Finance Leases (In thousands) 2024 $ 36,916 $ 62,306 2025 19,869 25,259 2026 12,752 11,436 2027 9,144 3,568 2028 6,017 2,511 Thereafter 20,488 12,913 Total future minimum lease payments 105,186 117,993 Less: Imputed interest (14,733) (12,438) Total $ 90,453 $ 105,555 As of December 31, 2023, we have entered into additional lease agreements that have not yet commenced of approximately $8 million. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following: December 31, 2023 2022 (In thousands) Payroll and benefits $ 115,604 $ 137,445 Deferred revenue and customer advances 71,117 81,459 Short-term finance lease liability 57,761 56,570 Income taxes payable 35,215 50,685 Accrued interest 11,175 10,878 Accrued severance plan obligations (Note 12) 7,906 7,422 Other accrued expenses 59,636 57,382 Total accrued expenses $ 358,414 $ 401,841 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-term borrowings and long-term debt consist of the following: December 31, 2023 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) 5,098 4,042 Term loan, fixed rate at 1.30%, due July 2023 — 29,744 Term loan, fixed rate at 1.35%, due December 2024 40,414 86,943 Term loan, fixed rate at 1.20%, due December 2025 30,913 49,878 Term loan, fixed rate at 1.23%, due December 2026 55,729 79,927 Term loan, fixed rate at 1.59%, due December 2027 89,053 119,738 Term loan, fixed rate at 1.80%, due December 2028 (3) 124,078 — Amkor Assembly & Test (Shanghai) Co., Ltd.: Term loans, SOFR plus 0.75%, due March 2024 (4) — 46,000 Term loans, SOFR plus 0.75%, due June 2025 (4) 37,000 39,000 Term loans, SOFR plus 0.75%, due 2025 (4) 57,500 59,500 Term loans, SOFR plus 1.40%, due December 2026 (5) 45,000 — Other: Credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) (6) — — Senior secured revolving credit facility, applicable bank rate plus 1.75%, due March 2027 (Singapore) (7) — — 1,209,785 1,239,772 Less: Unamortized discount and deferred debt costs, net (6,329) (7,438) Less: Short-term borrowings and current portion of long-term debt (131,624) (143,813) Long-term debt $ 1,071,832 $ 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. As of December 31, 2023, ₩80.0 billion, or approximately $62 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. As of December 31, 2023, $7.7 million was available to be drawn. (3) In December 2023, we borrowed ¥17.5 billion (US$123.3 million) under a new term loan agreement due December 2028, guaranteed by Amkor Technology, Inc. and our subsidiary, ATSH. Principal is due in 20 equal, quarterly installments plus accrued interest, through maturity. (4) In June 2023, Amkor Assembly & Test (Shanghai) Co. Ltd. amended all term loans to replace London Interbank Offered Rate (“LIBOR”) with a Secured Overnight Financing Rate (“SOFR”) plus 0.75% annual base rate. This contractual amendment is treated as a modification with no recognized gain or loss. (5) In December 2023, we entered into a $45.0 million term loan. Principal is payable in semiannual installments of $0.5 million, with the remaining balance due at maturity. Interest is payable quarterly. (6) In March 2022, ATT amended an existing revolving credit facility to reduce the availability from $36.0 million to $15.0 million. As of December 31, 2023, $15.0 million was available for future borrowings under such credit facility. (7) In March 2022, ATSH entered into the 2022 Singapore Revolver, which is guaranteed by Amkor Technology, Inc., ATT and 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 December 31, 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 December 31, 2023 the collateralized debt balance was $679.7 million, of which $326.5 million of assets were pledged as collateral. Interest Rates Interest is payable semiannually on our senior notes and quarterly or monthly on our other fixed- and variable-rate debt. Refer to the table above for the interest rates on our fixed-rate debt and to the table below for the interest rates on our variable-rate debt. December 31, 2023 2022 Amkor Technology Japan, Inc: Short-term term loans, variable rate 0.24 % 0.29 % Amkor Assembly & Test (Shanghai) Co., Ltd.: Term loans, SOFR plus 0.75% due March 2024 — 5.83 % Term loans, SOFR plus 0.75% due June 2025 6.07 % 5.55 % Term loans, SOFR plus 0.75%, due 2025 6.07 % 5.48 % Term loans, SOFR plus 1.40%, due December 2026 6.76 % — Compliance with Debt Covenants 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 December 31, 2023 and 2022. Maturities Total Debt (In thousands) Payments due for the year ending December 31, 2024 $ 131,624 2025 222,612 2026 158,655 2027 622,079 2028 74,815 Thereafter — Total debt $ 1,209,785 |
Pension and Severance Plans
Pension and Severance Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Severance Plans | Pension and Severance Plans Korean Severance Plan Our subsidiary in Korea maintains an unfunded severance plan that covers certain employees that were employed prior to August 1, 2015. To the extent eligible employees are terminated, our subsidiary in Korea would be required to make lump-sum severance payments on behalf of these eligible employees for service provided prior to August 1, 2015. Factors used to determine severance benefits include employees’ length of service, seniority and rate of pay. The employees’ length of service and seniority are fixed as of July 31, 2015. The employees’ rate of pay is adjusted to the rate of pay at the time of termination. Accrued severance benefits are estimated assuming all eligible employees were to terminate their employment at the balance sheet date. Our contributions to the National Pension Plan of the Republic of Korea are deducted from accrued severance benefit liabilities. On August 1, 2015, our subsidiary in Korea began sponsoring a defined benefit pension plan and a defined contribution plan. Existing employees at that time were given the option of choosing either a defined benefit pension plan or a defined contribution plan for their future benefits and new employees since that date are enrolled in a defined contribution plan. The changes to the balance of our accrued severance plan obligations are as follows: For the Year Ended December 31, 2023 2022 (In thousands) Balance at January 1 $ 56,289 $ 73,345 Provision of severance benefits 1,653 2,119 Severance payments (8,770) (15,295) Foreign currency (gain) loss (1,266) (3,880) Balance at December 31 47,906 56,289 Payments remaining with the National Pension Fund (119) (124) Total accrued severance plan obligations at December 31 47,787 56,165 Less current portion of accrued severance plan obligations (Note 10) 7,906 7,422 Non-current portion of accrued severance plan obligations $ 39,881 $ 48,743 Foreign Defined Benefit Pension Plans Our subsidiaries in Japan, Korea, Malaysia, the Philippines and Taiwan sponsor defined benefit plans (the “Plans”). Charges to expense are based upon actuarial analyses. The following table summarizes the changes to the Plans’ benefit obligations, fair value of the Plans’ assets and the funded status of the Plans at December 31, 2023 and 2022: For the Year Ended December 31, 2023 2022 (In thousands) Change in projected benefit obligation: Projected benefit obligation at January 1 $ 159,760 $ 200,187 Service cost 15,032 20,072 Interest cost 6,202 4,731 Benefits paid (14,056) (8,573) Actuarial (gain) loss 4,150 (24,571) Effects of curtailment (617) 508 Settlement (1,073) (16,914) Foreign exchange (gain) loss (5,117) (15,680) Projected benefit obligation at December 31 164,281 159,760 Change in plan assets: Fair value of plan assets at January 1 127,338 157,012 Actual gain (loss) on plan assets 12,325 (6,528) Employer contributions 7,368 12,946 Settlement (1,073) (16,914) Benefits paid (14,056) (8,573) Foreign exchange gain (loss) (2,706) (10,605) Fair value of plan assets at December 31 129,196 127,338 Funded status of the Plans at December 31 $ (35,085) $ (32,422) December 31, 2023 2022 (In thousands) Amounts recognized in the Consolidated Balance Sheets consist of: Prepaid benefit cost (included in non-current assets) $ 12,039 $ 12,308 Accrued benefit liability (included in pension and severance obligations) (47,124) (44,730) Net amount recognized at year end $ (35,085) $ (32,422) The accumulated benefit obligation as of December 31, 2023 and 2022 was $128.3 million and $125.6 million, respectively. The following table summarizes, by component, the change in accumulated other comprehensive income (loss), net of tax related to our Plans: Prior Service Actuarial Net Gain (Loss) Total (In thousands) Balance at December 31, 2021 $ 602 $ 5,014 $ 5,616 Amortization and settlement gain included in net periodic pension cost — (1,021) (1,021) Net gain (loss) arising during period — 9,625 9,625 Adjustments to unrealized components of defined benefit pension plan included in other comprehensive income (loss) — 8,604 8,604 Balance at December 31, 2022 $ 602 $ 13,618 $ 14,220 Amortization and settlement gain included in net periodic pension cost — (46) (46) Net gain (loss) arising during period — 1,731 1,731 Adjustments to unrealized components of defined benefit pension plan included in other comprehensive income (loss) — 1,685 1,685 Balance at December 31, 2023 $ 602 $ 15,303 $ 15,905 Information for pension plans with benefit obligations in excess of plan assets is as follows: December 31, 2023 2022 (In thousands) Plans with underfunded or non-funded projected benefit obligation: Aggregate projected benefit obligation $ 100,662 $ 96,310 Aggregate fair value of plan assets 53,539 51,581 Plans with underfunded or non-funded accumulated benefit obligation: Aggregate accumulated benefit obligation 60,638 61,764 Aggregate fair value of plan assets 21,304 20,740 The following table summarizes total pension expense: For the Year Ended December 31, 2023 2022 2021 (In thousands) Components of net periodic pension cost and total pension expense: Service cost $ 15,032 $ 20,072 $ 25,908 Interest cost 6,202 4,731 4,900 Expected return on plan assets (5,144) (5,605) (5,600) Recognized actuarial (gain) loss (156) 53 128 Net periodic pension cost 15,934 19,251 25,336 Curtailment (gain) loss (617) — (954) Settlement (gain) loss 132 (1,374) (743) Total pension expense $ 15,449 $ 17,877 $ 23,639 The components of net periodic pension cost other than the service cost component are included in other (income) expense, net The following table summarizes the weighted-average assumptions used in computing the net periodic pension cost and projected benefit obligations: For the Year Ended December 31, 2023 2022 2021 Discount rate for determining net periodic pension cost 4.2 % 2.6 % 2.3 % Discount rate for determining benefit obligations at December 31 3.8 % 4.2 % 2.6 % Rate of compensation increase for determining net periodic pension cost 3.6 % 3.7 % 3.7 % Rate of compensation increase for determining benefit obligations at December 31 3.7 % 3.6 % 3.7 % Expected rate of return on plan assets for determining net periodic 4.1 % 3.8 % 3.7 % The measurement date for determining the Plans’ assets and benefit obligations is December 31, each year. Discount rates are generally derived from yield curves constructed from high-quality corporate or foreign government bonds, for which the timing and amount of cash outflows approximate the estimated payouts. The expected rate of return assumption is based on weighted-average expected returns for each asset class. Expected returns reflect a combination of historical performance analysis and the forward-looking views of the financial markets and include input from our actuaries. We have no control over the direction of our investments in our defined benefit plans in Taiwan as the local Labor Standards Law Fund mandates such contributions into a cash account balance at the Bank of Taiwan. Our defined benefit pension plan in Malaysia is a non-funded plan, and as such, no asset exists related to this plan. Our investment strategies for our defined benefit plans in Japan, Korea and the Philippines are based on long-term, sustained asset growth through low to medium risk investments. The current rate of return assumption targets are based on asset allocation strategies as follows: Allocation Debt Equity Other Japan defined benefit plan 64 % 34 % 2 % Korea defined benefit plan 30 % 20 % 50 % Philippine defined benefit plan 56 % 42 % 2 % The fair value of our pension plan assets, by asset category utilizing the fair value hierarchy as discussed in Note 16, is as follows: December 31, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total (In thousands) (In thousands) Cash and cash equivalents $ 217 $ — $ 217 $ 1,117 $ — $ 1,117 Equity securities 13,680 — 13,680 13,339 — 13,339 Debt securities Government bonds 3,674 — 3,674 2,982 — 2,982 Corporate bonds 1,130 — 1,130 540 — 540 Treasury notes 11,993 — 11,993 11,561 — 11,561 Mutual and commingled funds Equity funds 29,016 7,807 36,823 23,931 7,157 31,088 Debt funds 12,031 13,163 25,194 11,651 13,409 25,060 Guaranteed investment contracts — 23,189 23,189 — 28,340 28,340 Taiwan retirement fund 12,478 — 12,478 12,845 — 12,845 Other, net — 818 818 (383) 849 466 Total fair value of pension plan assets $ 84,219 $ 44,977 $ 129,196 $ 77,583 $ 49,755 $ 127,338 The Taiwan retirement fund category of our plan assets represents accounts that our subsidiaries in Taiwan have in a government labor retirement fund in the custody of the Bank of Taiwan. The accounts earn a minimum guaranteed rate of return and are invested in a mix of cash, domestic and foreign equity securities and domestic and foreign debt securities. We expect to make contributions of approximately $11 million during 2024. We closely monitor the funded status of the Plans with respect to legislative requirements. We intend to make at least the minimum contribution required by law each year. The estimated future benefit payments related to our foreign defined benefit plans are as follows: Payments (In thousands) 2024 $ 9,369 2025 11,715 2026 12,383 2027 15,185 2028 16,062 2029 to 2033 98,940 Defined Contribution Plans We sponsor defined contribution plans in Korea, Malaysia, Taiwan and the U.S. Total defined contribution expense was $27.0 million, $24.2 million and $21.8 million for 2023, 2022 and 2021, respectively. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Dividends | DividendsIn October 2020, our Board of Directors approved the initiation of a regular quarterly cash dividend on our common stock. Each quarter since the adoption of this dividend policy, the Company has declared and paid a quarterly dividend. In November 2023, our Board of Directors approved a quarterly dividend of $0.07875 per share, a 5% increase from the rate set in November 2022. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table reflects the changes in accumulated other comprehensive income (loss), net of tax: Unrealized Gain (Losses) on Available-for-Sale Debt Investments (1) Defined Benefit Pension (2) Foreign Currency Translation Total (In thousands) Balance at December 31, 2021 $ (348) $ 5,616 $ 14,710 $ 19,978 Other comprehensive income (loss) before reclassifications (1,243) 9,625 (10,658) (2,276) Amounts reclassified from accumulated other comprehensive income (loss) 18 (1,021) — (1,003) Other comprehensive income (loss) (1,225) 8,604 (10,658) (3,279) Balance at December 31, 2022 $ (1,573) $ 14,220 $ 4,052 $ 16,699 Other comprehensive income (loss) before reclassifications 2,265 1,731 (3,819) 177 Amounts reclassified from accumulated other comprehensive income (loss) (480) (46) — (526) Other comprehensive income (loss) 1,785 1,685 (3,819) (349) Balance at December 31, 2023 $ 212 $ 15,905 $ 233 $ 16,350 (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). |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives We use foreign currency forward contracts to mitigate foreign currency risk of certain assets and monetary 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 December 31, 2023 and 2022, our foreign exchange forward contracts consisted of the following: December 31, 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 $ 279,027 $ 2,745 Other current assets $ 330,179 $ 6,284 Other current assets Korean won 59,036 (97) Accrued expenses 65,927 333 Other current assets Philippine peso 6,553 (20) Accrued expenses 3,085 (6) Accrued expenses Singapore dollar 11,506 20 Other current assets — — N/A Taiwan dollar 37,914 89 Other current assets 28,763 (57) Accrued expenses Total forward contracts $ 394,036 $ 2,737 $ 427,954 $ 6,554 For the years ended December 31, 2023, 2022 and 2021, the derivatives resulted in a net loss of $38.6 million, $60.2 million and $58.8 million, respectively, which were partially offset by the foreign currency gains associated with the underlying net assets or liabilities. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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: December 31, 2023 December 31, 2022 Fair Carrying Fair Carrying (In thousands) Senior notes (Level 1) $ 531,778 $ 521,839 $ 523,016 $ 521,114 Revolving credit facilities and term loans (Level 2) 666,316 681,617 686,728 711,220 Total financial instruments $ 1,198,094 $ 1,203,456 $ 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 | 12 Months Ended |
Dec. 31, 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 make a determination as to the impact, if any, on our business, liquidity, results of operations, financial condition or cash flows. Although the outcome of these matters is uncertain, we believe that the ultimate outcome of these claims and proceedings, individually and in the aggregate, will not have a material adverse impact to us. Our evaluation of the potential impact of these claims and legal proceedings on our business, liquidity, results of operations, financial condition or cash flows could change in the future. |
Business Segments, Customer Con
Business Segments, Customer Concentrations and Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments, Customer Concentrations and Geographic Information | Business Segments, Customer Concentrations and Geographic Information We operate as a single operating segment as managed by our Chief Executive Officer, who is considered our chief operating decision maker (“CODM”). The CODM bears the ultimate responsibility for, and is actively engaged in, the allocation of resources and the evaluation of our operating and financial results. We have concluded that we have a single operating segment based on the following: • We are managed under a functionally-based organizational structure with the head of each function reporting directly to the CODM; • We assess performance, including incentive compensation, based on consolidated operating performance and financial results; • Our CODM allocates resources and makes other operating decisions based on specific customer business opportunities and • We have an integrated process for the design, development and manufacturing services we provide to all of our customers. We also have centralized sales and administrative functions. Net sales by product group consist of the following: For the Year Ended December 31, 2023 2022 2021 (In thousands) Advanced Products $ 5,032,859 $ 5,367,589 $ 4,409,207 Mainstream Products 1,470,206 1,723,996 1,729,122 Total net sales $ 6,503,065 $ 7,091,585 $ 6,138,329 (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 Year Ended December 31, 2023 2022 2021 Communications (smartphones, tablets) 50 % 44 % 41 % Automotive, industrial and other (ADAS, electrification, infotainment, safety) 21 % 20 % 21 % Computing (data center, infrastructure, PC/laptop, storage) 16 % 16 % 16 % Consumer (AR & gaming, connected home, home electronics, wearables) 13 % 20 % 22 % Total net sales 100 % 100 % 100 % Net sales by region based on customer headquarters location consist of the following: For the Year Ended December 31, 2023 2022 2021 (In thousands) Europe, Middle East and Africa $ 1,043,880 $ 1,084,853 $ 1,061,369 Japan 935,620 1,132,121 1,253,717 Asia Pacific (excluding Japan) 704,520 1,017,246 999,591 Total foreign countries 2,684,020 3,234,220 3,314,677 United States 3,819,045 3,857,365 2,823,652 Total net sales $ 6,503,065 $ 7,091,585 $ 6,138,329 In 2023, 2022 and 2021 one customer accounted for 27.7%, 20.6% and 13.7% of total net sales, respectively. In 2022, a second customer accounted for 10.1% of total net sales. Property, plant and equipment, net, based on physical location, consist of the following: December 31, 2023 2022 (In thousands) China $ 385,544 $ 476,945 Japan 143,399 121,842 Korea 1,781,632 1,868,956 Malaysia 51,164 41,978 Philippines 183,430 195,805 Portugal 108,982 82,454 Taiwan 272,428 261,449 Vietnam 365,059 79,630 Other foreign countries 272 583 Total foreign countries 3,291,910 3,129,642 United States 7,535 5,972 Total property, plant and equipment, net $ 3,299,445 $ 3,135,614 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Balance at Additions (Credited) Charged to Expense Write-offs Balance at (In thousands) Deferred tax asset valuation allowance: Year ended at December 31, 2021 $ 121,310 3,653 (2,606) $ 122,357 Year ended at December 31, 2022 $ 122,357 (17,762) (2,726) $ 101,869 Year ended at December 31, 2023 $ 101,869 15,838 (2,896) $ 114,811 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) Attributable to Parent | $ 359,813 | $ 765,823 | $ 642,995 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 shares | Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Giel Rutten [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On November 8, 2023, Giel Rutten, Amkor’s President and Chief Executive Officer, adopted a “Rule 10b5-1 trading arrangement” as such term is defined in paragraph (a) of Item 408 of Regulation S-K promulgated under the Securities Act, which is intended to satisfy the affirmative defense of Rule 10b5-1(c). Mr. Rutten’s Rule 10b5-1 trading arrangement will terminate on the earliest of: (a) August 30, 2024; (b) the first date on which all trades have been executed or all trading orders relating to such trades have expired; and (c) the date on which Mr. Rutten gives notice to terminate his Rule 10b5-1 trading arrangement. 175,000 shares of our common stock are to be sold under Mr. Rutten’s Rule 10b5-1 trading arrangement. | |
Name | Giel Rutten | |
Title | President and Chief Executive Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 8, 2023 | |
Arrangement Duration | 296 days | |
Aggregate Available | 175,000 | 175,000 |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business | Description of Business Amkor is one of the world’s leading providers of outsourced semiconductor packaging and test services. Amkor was a pioneer in the outsourcing of semiconductor packaging and test services, and over the years we have built a leading position by: • Designing and developing innovative packaging and test technologies focused on advanced packaging solutions in high growth markets, including artificial intelligence; • Building expertise in high-volume manufacturing processes and developing a reputation for high quality and solid execution; • Cultivating long-standing relationships with our customers, which include many of the world’s leading semiconductor companies; • Collaborating with customers, foundries, OEMs and equipment and material suppliers; • Focusing on strategic end markets that offer solid growth potential; • Providing a geographically diverse operating base with manufacturing facilities in multiple countries across Asia and in Europe; and • Developing a competitive cost structure through disciplined capital investment. |
Basis of Presentation | Basis of Presentation Our Consolidated Financial Statements include the accounts of Amkor Technology, Inc. and its subsidiaries. Our Consolidated Financial Statements reflect the elimination of all significant inter-company accounts and transactions. Our investments in variable interest entities in which we are the primary beneficiary are consolidated. We reflect the remaining portion of variable interest entities and foreign subsidiaries that are not wholly owned as noncontrolling interests. |
Use of Estimates | The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, income taxes, inventory and long-lived assets. These estimates are based on management’s best knowledge of current events, historical experience, actions that we may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results could differ materially from these estimates and assumptions, including the impact of any deterioration in the global business and economic environment. Certain prior year amounts have been reclassified to conform to current year presentation. |
Consolidation of Variable Interest Entities | Consolidation of Variable Interest Entities We have variable interests in certain Philippine realty corporations in which we have a 40% ownership. We lease land and buildings in the Philippines from these entities and we are the primary beneficiary of these arrangements. As of December 31, 2023, the combined book value of the assets and liabilities associated with these Philippine realty corporations included in our Consolidated Balance Sheet was $17.3 million and $0.1 million, respectively. The impact of consolidating these variable interest entities on our Consolidated Statements of Income was not significant, and other than our lease payments, we have not provided any significant assistance or other financial support to these variable interest entities for the years ended December 31, 2023, 2022 or 2021. The creditors of the Philippine realty corporations have no recourse to our general credit. |
Foreign Currency Translation | Foreign Currency Translation The U.S. dollar is the functional currency of our subsidiaries other than our Japan operations. The foreign currency asset and liability amounts at these subsidiaries are remeasured into U.S. dollars at end-of-period exchange rates, except for nonmonetary items which are remeasured at historical rates. Foreign currency income and expenses are remeasured at daily exchange rates, except for expenses related to balance sheet amounts which are remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in other (income) expense, net in the period in which they occur. The Japanese yen is the functional currency of our Japan operations. The asset and liability amounts of our Japan operations are translated into U.S. dollars at end-of-period exchange rates. Income and expenses are translated into U.S. dollars at the daily exchange rate. The resulting translation adjustments are reported as a component of accumulated other comprehensive income in the stockholders’ equity section of the balance sheet. Assets and liabilities denominated in a currency other than the functional currency are remeasured into the functional currency prior to translation into U.S. dollars, and the resulting transaction exchange gains or losses are included in other (income) expense, net in the period in which they occur. |
Risks and Concentrations | Risks and Concentrations The semiconductor industry is characterized by rapid technological change, competitive pricing pressures and cyclical market patterns. Our financial results are affected by a wide variety of factors, including general economic conditions worldwide, economic conditions specific to the semiconductor industry, the timely implementation of new package and test technologies, the ability to safeguard patents and intellectual property in a rapidly evolving market and reliance on materials and equipment suppliers. In addition, the semiconductor market has historically been cyclical and subject to significant economic downturns at various times. Our profitability and ability to generate cash from operations is principally dependent upon demand for semiconductors, the utilization of our capacity, semiconductor package mix, the average selling price of our services, our ability to manage our capital expenditures and our ability to control our costs including labor, material, overhead and financing costs. A significant portion of our revenues is concentrated with a small group of customers (Note 18). Direct sales to our largest customer accounted for 27.7% of our net sales for the year ended December 31, 2023. The loss of a significant customer, a business combination among customers, a reduction in orders or decrease in price from a significant customer or disruption in any of our significant strategic partnerships or other commercial arrangements could have a material adverse effect on our business, liquidity, results of operations, financial condition and cash flows. Financial instruments, for which we are subject to credit risk, consist principally of accounts receivable and cash, cash equivalents and short-term investments. With respect to accounts receivable, we mitigate our credit risk by selling primarily to well-established companies, performing ongoing credit evaluations and making frequent contact with customers. In addition, we may utilize non-recourse factoring to mitigate credit risk when considered appropriate. We have historically mitigated our credit risk with respect to cash and cash equivalents through diversification of our holdings into various high quality money market funds and bank deposit accounts. Our short-term investments are principally investments in debt securities with maximum duration of twenty-four months and range from AAA to BBB-rated financial instruments. Our short-term investments are primarily in corporate bonds, direct obligations of the U.S. Government or its agencies, asset-backed securities and commercial paper. At December 31, 2023, our cash and cash equivalents were primarily maintained in various U.S. and foreign bank operating and time deposit accounts and invested in various available-for-sale debt investments. See Note 6 for further discussion regarding our available-for-sale debt investments. |
Contingencies and Litigation | Contingencies and Litigation We may be subject to certain legal proceedings, lawsuits and other claims, as discussed in Note 17. We accrue for a loss contingency, including legal proceedings, lawsuits, pending claims and other legal matters, when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents are primarily maintained in various U.S. and foreign bank operating and time deposit accounts and invested in various available-for-sale debt investments. See Note 6 for further discussion regarding our available-for-sale debt investments. |
Restricted Cash | Restricted Cash Restricted cash, non-current, mainly consists of collateral to fulfill utility requirements. |
Investments | Investments Generally, we classify our short-term investments in fixed income securities as available-for-sale debt investments. All of our available-for-sale debt investments as of December 31, 2023 are available to fund current operations and are recorded at fair value (Note 6). Unrealized gains and losses on our available-for-sale debt investments are included as a separate component of accumulated other comprehensive income (loss), net of tax. Realized gains and losses on our available-for-sale debt investments and declines in value judged to be an impairment are included in other (income) expense, net. The cost of short-term investments matured or sold is based on the average cost method. We evaluate on an ongoing basis the market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our short-term investments in determining if and when a decline in value below the adjusted cost of our available-for-sale debt investments is an impairment. An impairment is considered if (i) we have the intent to sell the security, (ii) it is more likely than not that we will be required to sell the security before recovery of the entire amortized cost basis or (iii) we do not expect to recover the entire amortized cost basis of the security. If impairment is considered on condition (i) or (ii) above, the entire difference between the amortized cost and the fair value of the debt security is recognized in earnings. If impairment is considered based on condition (iii), the amount representing credit losses will be recognized in earnings and as an allowance for credit losses. The amount relating to all other factors will be recognized in other comprehensive income. |
Inventories | Inventories Inventories consist of raw materials and purchased components and are stated at the lower of cost and net realizable value. Cost is principally determined by standard cost or the weighted moving average method, both of which approximate actual cost. We review and set our standard costs as needed, but at a minimum on a quarterly basis. We reduce the carrying value of our inventories for the cost of inventory we estimate is excess and obsolete based on the age of our inventories. When a determination is made that the inventory will not be utilized in production or is not saleable, it is written-off. |
Other Current Assets | Other Current Assets Other current assets consist principally of prepaid assets. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated by the straight-line method over the estimated useful lives of depreciable assets which are as follows: Buildings and improvements 10 to 40 years Machinery and equipment 2 to 7 years Software and computer equipment 3 to 5 years Furniture, fixtures and other equipment 4 to 10 years Cost and accumulated depreciation for property retired or disposed of are removed from the accounts, and any resulting gain or loss is included in earnings. Expenditures for maintenance and repairs are charged to expense as incurred. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of a long-lived asset group to be held and used in operations is measured by a comparison of the carrying amount to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If such asset group is considered to be impaired, the impairment loss is measured as the amount by which the carrying amount of the asset group exceeds its fair value. Long-lived assets to be disposed of are carried at the lower of cost or fair value less the costs of disposal. |
Leases | Leases We lease certain machinery and equipment, office space, and manufacturing facilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. We combine lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) with the non-lease components (e.g., common-area maintenance costs) for all asset classes. We use our incremental borrowing rate based on the information available at the lease commencement date to determine the lease liability. Our leases have remaining lease terms ranging from less than one year to 82 years. For purposes of calculating our lease liabilities, our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Certain leases also include options to purchase the leased property. Total long-term finance lease liabilities |
Goodwill | Goodwill Goodwill is recorded when the cost of an acquisition exceeds the fair value of the net tangible and identifiable intangible assets acquired. We review goodwill for impairment annually during the fourth quarter of each year and whenever events or changes in circumstances indicate that an impairment may exist. Impairment losses are recorded when the carrying amount of the reporting unit exceeds its fair value. The balance of goodwill in our Consolidated Balance Sheets reflects adjustments for foreign currency translation. |
Other Assets | Other Assets Other assets consist principally of deferred tax assets, refundable security deposits and advanced payments to vendors. |
Derivatives | Derivatives We use foreign exchange forward contracts, generally settled monthly, to manage a portion of our exposure to foreign exchange risk. The derivatives are recorded at the fair value either in other current assets or accrued expenses, with the associated gains and losses charged to other (income) expense, net |
Fair Value Measurements | Fair Value Measurements |
Revenue Recognition | Revenue Recognition We recognize revenue, net of sales, use, value-added and other similar taxes, as a performance obligation is satisfied in an amount reflecting the consideration to which we expect to be entitled. We apply a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the performance obligation is satisfied. Substantially all of our revenue is recognized as services are rendered. Our packaging and test services are our performance obligations to our customers. Our packaging services include wafer bump, probe and assembly. We provide packaging and test services to our customers either individually or as part of a combined offering. In a combined offering, we account for the individual services separately if they are determined to be distinct. We determine a service to be distinct if it is separately identifiable from other services in the combined offering and if a customer can benefit from the unique service on its own or with other resources that are readily available to the customer. The consideration, including variable consideration, is allocated between the distinct services in a combined offering based upon the stand-alone selling prices of the individual services. Our services involve a high degree of specialization which are unique based on the design and purpose of the customer’s wafers. Accordingly, our negotiated pricing reflects the customized nature of our services and represents a customer-specific stand-alone selling price. We recognize revenue as services are rendered, which generally occurs over the course of two to three weeks. Services are generally billed at completion of each individual packaging or test service or in some instances at the completion of all services in a combined offering. We recognize revenue over time as services are rendered because our services create or enhance the customer’s wafer. We utilize an input method (cost incurred plus estimated margin) to determine the amount of revenue to recognize for in-process, but incomplete, customer orders at a reporting date. During the period of providing our services, we generally do not control or take ownership of customers’ wafers, nor do we include the cost of the wafer in our cost calculations. We believe that a cost-based input method is the most appropriate manner to measure how we satisfy our performance obligations to customers because the effort and costs incurred to package and/or test customer wafers are not linear over the duration of these services. Shipping and handling costs are accounted for as a cost to fulfill our performance obligations to customers. Accordingly, we record customer payments of shipping and handling costs as a component of net sales, and the costs incurred for shipping and handling are then charged to cost of sales. Unbilled receivables are revenues that have been recognized for performance obligations that have been satisfied, or partially satisfied, in advance of billing the customer. Revenue may be recognized in advance of billing as our contracts provide us with an unconditional right to consideration for work that is performed. Total unbilled receivables as of December 31, 2023 and 2022 were $260.8 million and $301.7 million, respectively. These amounts are included in accounts receivable, net of allowances in our Consolidated Balance Sheets. At times, the company receives cash payments from customers in advance of the company’s performance. In such cases, we record deferred revenue until the performance obligation is satisfied, which represents a contract liability and is included in accrued expenses and other non-current liabilities in the consolidated balance sheets. These contract liabilities are classified as either current or long-term based on the timing of when the company expects to recognize revenue. Contract liabilities were $135.5 million and $170.6 million as of December 31, 2023 and December 31, 2022, respectively. As of December 31, 2023 and December 31, 2022, the short-term portion of the liability was $71.1 million and $81.5 million, respectively. The remainder of the December 31, 2023 contract liability balance is expected to be recognized in revenue over the next 1-5 years. Revenue recognized during the year that was included in the contract liability balance at the beginning of the period was $66.9 million, $101.2 million, and $29.0 million, for 2023, 2022 and 2021, respectively. |
Research and Development Costs | Research and Development Costs Research and development expenses include costs attributable to the conduct of research and development programs primarily related to the development of new package designs or technologies and improving the efficiency and capabilities of our existing production processes. Such costs include labor, materials, supplies, depreciation and maintenance of research equipment, services provided by outside contractors and the allocable portions of facility costs such as rent, utilities, insurance, repairs and maintenance, depreciation and general support services. Costs associated with research and development are expensed as incurred. |
Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis as well as for net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for those deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. 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. With the exception of a certain foreign jurisdiction and select U.S. and foreign carryforwards, we consider it more likely than not that we will have sufficient taxable income to allow us to realize these deferred tax assets. However, in the event taxable income falls short of current expectations, we may need to establish a valuation allowance against such deferred tax assets. |
Recently Issued Standards | Recently Issued Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disclosure of additional income tax information, primarily related to effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Adoption of this ASU should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the impact of this new standard on our financial statements, which is expected to result in enhanced disclosures. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of property, plant and equipment | Depreciation is calculated by the straight-line method over the estimated useful lives of depreciable assets which are as follows: Buildings and improvements 10 to 40 years Machinery and equipment 2 to 7 years Software and computer equipment 3 to 5 years Furniture, fixtures and other equipment 4 to 10 years Property, plant and equipment consist of the following: December 31, 2023 2022 (In thousands) Land $ 212,722 $ 214,763 Buildings and improvements 2,080,589 1,817,135 Machinery and equipment 7,022,614 6,757,652 Finance lease assets 209,506 165,122 Furniture, fixtures and other equipment 22,655 23,240 Software and computer equipment 200,362 240,610 Construction in progress 223,332 152,809 Total property, plant and equipment 9,971,780 9,371,331 Accumulated depreciation and amortization (6,672,335) (6,235,717) Total property, plant and equipment, net $ 3,299,445 $ 3,135,614 The following table summarizes our depreciation expense: For the Year Ended December 31, 2023 2022 2021 (In thousands) Depreciation expense $ 630,941 $ 612,105 $ 562,962 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of all common stock option activity | The following table summarizes our stock option activity for the year ended December 31, 2023: Number of Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 2,376 $ 10.54 Granted — — Exercised (345) 10.31 Forfeited or expired — — Outstanding at December 31, 2023 2,031 $ 10.58 4.98 years $ 46,068 Fully vested at December 31, 2023 and expected to vest thereafter 2,029 $ 10.58 4.98 years $ 46,029 Exercisable at December 31, 2023 1,973 $ 10.51 4.93 years $ 44,903 |
Schedule of restricted share activity | The following table summarizes our restricted share activity for the year ended December 31, 2023: Number of Weighted- average Non-vested at December 31, 2022 109 $ 15.38 Awards granted — — Awards vested (109) 15.38 Awards forfeited — — Non-vested at December 31, 2023 — $ — The following table summarizes our RSU and PSU activity: Number of Weighted- average Non-vested at December 31, 2020 — $ — Awards granted 295 22.48 Awards vested — — Awards forfeited (9) 22.58 Non-vested at December 31, 2021 286 22.48 Awards granted 531 22.29 Awards vested (22) 22.23 Awards forfeited (57) 22.63 Non-vested at December 31, 2022 738 22.34 Awards granted 1,049 26.72 Awards vested (464) 22.19 Awards forfeited (16) 25.24 Non-vested at December 31, 2023 1,307 $ 25.87 |
Other Income and Expense (Table
Other Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of other (income) expense | Other income and expense consists of the following: For the Year Ended December 31, 2023 2022 2021 (In thousands) Interest income $ (48,458) $ (12,762) $ (1,065) Foreign currency (gain) loss, net 18,361 (1,572) 723 Loss on debt retirement — 464 — Other (2,457) (4,439) (2,799) Total other (income) expense, net $ (32,554) $ (18,309) $ (3,141) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income (loss) before income tax, domestic and foreign | Geographic sources of income (loss) before taxes are as follows: For the Year Ended December 31, 2023 2022 2021 (In thousands) United States $ 94,643 $ 81,488 $ 81,994 Foreign 349,198 775,444 633,072 Income before taxes $ 443,841 $ 856,932 $ 715,066 |
Schedule of components of income tax provision (benefit) | The components of the provision (benefit) for income taxes are as follows: For the Year Ended December 31, 2023 2022 2021 (In thousands) Current: Federal $ 19,831 $ 40,063 $ 9,649 State 7 150 198 Foreign 48,478 61,300 48,936 68,316 101,513 58,783 Deferred: Federal 8,899 (10,156) 20,478 State 1 1,458 361 Foreign 4,494 (2,925) (10,163) 13,394 (11,623) 10,676 Income tax expense $ 81,710 $ 89,890 $ 69,459 |
Schedule of effective income tax rate reconciliation | The reconciliation between the U.S. federal statutory income tax rate of 21% and our effective tax rate is as follows: For the Year Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign income taxed at different rates (4.2) (12.0) (9.5) Foreign exchange (loss) gain 0.5 2.2 (2.3) Change in valuation allowance 2.9 (2.4) 0.1 Income tax credits generated (7.5) (6.1) (5.1) Foreign earnings and profits 7.0 9.0 5.7 Foreign derived intangible income (1.6) (0.9) (1.1) Settlements and changes in uncertain tax positions (0.5) (0.2) 0.8 Other 0.8 (0.1) 0.1 Income tax expense 18.4 % 10.5 % 9.7 % |
Schedule of deferred tax assets and liabilities | The following is a summary of the components of our deferred tax assets and liabilities: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 33,679 $ 49,846 Tax credit carryforwards 88,147 92,368 Property, plant and equipment 21,387 15,328 Deferred interest expense 476 — Accrued liabilities 37,832 39,929 Receivable 30,086 29,178 Unrealized foreign exchange loss 7,205 8,018 Revenue recognition — 1,564 Operating lease liabilities 16,053 26,955 Other 15,219 14,665 Total deferred tax assets 250,084 277,851 Valuation allowance (114,811) (101,869) Total deferred tax assets net of valuation allowance 135,273 175,982 Deferred tax liabilities: Property, plant and equipment 34,206 50,215 Deferred gain 5,739 7,839 Unrealized foreign exchange gain 3,129 5,242 Unbilled receivables 8,995 822 Operating lease right of use assets 16,031 26,241 Other 5,533 7,433 Total deferred tax liabilities 73,633 97,792 Net deferred tax assets $ 61,640 $ 78,190 Recognized as: Other assets $ 73,585 $ 86,616 Other non-current liabilities (11,945) (8,426) Total $ 61,640 $ 78,190 |
Schedule of valuation allowance | Valuation allowance against deferred tax assets consist of the following: December 31, 2023 2022 (In thousands) Valuation allowance: U.S. $ 44,426 $ 40,610 Foreign 70,385 61,259 Total valuation allowance $ 114,811 $ 101,869 |
Schedule of operating loss carryforwards | Our net operating loss carryforwards are as follows: December 31, 2023 2022 Expiration (In thousands) U.S. federal net operating loss carryforwards $ 5,611 $ 13,003 2024 U.S. state net operating loss carryforwards 32,612 38,384 2024-2036 Foreign net operating loss carryforwards 196,636 240,740 2027-2031 |
Schedule of tax credit carryforwards | Our tax credit carryforwards are as follows: December 31, 2023 2022 Expiration (In thousands) U.S. Foreign Tax Credits $ 51,512 $ 54,130 2027-2033 U.S. Other Tax Credits 2,559 110 2026-2033 Foreign Tax Credits 34,546 38,128 2024-2033 |
Schedule of unrecognized tax benefits rollforward | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows: For the Year Ended December 31, 2023 2022 2021 (In thousands) Balance at January 1 $ 33,253 $ 37,293 $ 32,598 Additions based on tax positions related to the current year — 1,519 9,562 Additions for tax positions of prior years 495 1,909 1,740 Reductions for tax positions of prior years (345) (5,755) (66) Reductions related to settlements with tax authorities — (988) (1,266) Reductions from lapse of statutes of limitations (1,866) (725) (5,275) Balance at December 31 $ 31,537 $ 33,253 $ 37,293 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of basic and diluted earnings per share | The following table summarizes the computations of basic and diluted EPS: For the Year Ended December 31, 2023 2022 2021 (In thousands, except per share data) Net income attributable to Amkor common stockholders $ 359,813 $ 765,823 $ 642,995 Weighted-average number of common shares outstanding — basic 245,628 244,676 243,878 Effect of dilutive securities: Share-based awards 1,548 1,529 1,826 Weighted-average number of common shares outstanding — diluted 247,176 246,205 245,704 Net income attributable to Amkor per common share: Basic $ 1.46 $ 3.13 $ 2.64 Diluted $ 1.46 $ 3.11 $ 2.62 |
Schedule of Antidilutive effect of potential shares of common stock that were 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 Year Ended December 31, 2023 2022 2021 (In thousands) Share-based awards 2 180 112 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 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 $ 138 $ — $ — $ 138 $ — $ 138 Commercial paper 48,063 — — 48,063 — 48,063 Money market funds 60,719 — — 60,719 60,719 — U.S. government bonds 2,996 — — 2,996 2,996 — Total cash equivalents (2) 111,916 — — 111,916 63,715 48,201 Short-term investments Asset-backed securities 65,340 170 (22) 65,488 — 65,488 Certificate of deposits 17,086 — — 17,086 17,086 — Commercial paper 56,273 — — 56,273 — 56,273 Corporate bonds 251,671 432 (299) 251,804 — 251,804 U.S. government agency bonds 13,200 — (9) 13,191 — 13,191 U.S. government bonds 65,881 13 (79) 65,815 65,815 — Total short-term investments 469,451 615 (409) 469,657 82,901 386,756 Total $ 581,367 $ 615 $ (409) $ 581,573 $ 146,616 $ 434,957 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 US government bonds 10,767 1 — 10,768 10,768 — US government agency bonds 16,982 3 — 16,985 — 16,985 Total cash equivalents (2) 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 we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases. (2) During the years ended December 31, 2023, 2022, and 2021 we sold cash equivalent investments for proceeds of $47.0 million, $29.6 million and $12.8 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 December 31, 2023: Amortized Cost Fair Value Within 1 year $ 406,551 $ 406,346 After 1 year through 5 years 109,338 109,601 Asset-backed securities 65,478 65,626 Total $ 581,367 $ 581,573 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Depreciation is calculated by the straight-line method over the estimated useful lives of depreciable assets which are as follows: Buildings and improvements 10 to 40 years Machinery and equipment 2 to 7 years Software and computer equipment 3 to 5 years Furniture, fixtures and other equipment 4 to 10 years Property, plant and equipment consist of the following: December 31, 2023 2022 (In thousands) Land $ 212,722 $ 214,763 Buildings and improvements 2,080,589 1,817,135 Machinery and equipment 7,022,614 6,757,652 Finance lease assets 209,506 165,122 Furniture, fixtures and other equipment 22,655 23,240 Software and computer equipment 200,362 240,610 Construction in progress 223,332 152,809 Total property, plant and equipment 9,971,780 9,371,331 Accumulated depreciation and amortization (6,672,335) (6,235,717) Total property, plant and equipment, net $ 3,299,445 $ 3,135,614 The following table summarizes our depreciation expense: For the Year Ended December 31, 2023 2022 2021 (In thousands) Depreciation expense $ 630,941 $ 612,105 $ 562,962 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of components of lease expense | The components of lease expense were as follows: For the Year Ended December 31, 2023 2022 2021 (In thousands) Operating lease cost $ 70,722 $ 81,410 $ 64,902 Finance lease cost Amortization of leased assets 42,345 24,644 14,196 Interest on lease liabilities 5,521 3,891 2,768 Total finance lease cost 47,866 28,535 16,964 Short-term lease cost 4,788 5,749 6,264 Variable lease cost 6,921 6,592 7,409 Net lease cost $ 130,297 $ 122,286 $ 95,539 Other information related to leases was as follows: For the Year Ended December 31, 2023 2022 2021 Supplemental Cash Flows Information (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 73,774 $ 81,044 $ 64,786 Operating cash flows for finance leases 5,419 3,933 1,745 Financing cash flows for finance leases 66,398 40,673 20,373 Weighted Average Remaining Lease Term (years) Operating leases 6.1 4.2 3.2 Finance leases 3.2 2.3 3.1 Weighted Average Discount Rate Operating leases 5.2 % 4.4 % 3.6 % Finance leases 5.7 % 4.1 % 3.2 % |
Schedule of maturity of operating lease liabilities | Maturities of lease liabilities were as follows: December 31, 2023 Operating Leases Finance Leases (In thousands) 2024 $ 36,916 $ 62,306 2025 19,869 25,259 2026 12,752 11,436 2027 9,144 3,568 2028 6,017 2,511 Thereafter 20,488 12,913 Total future minimum lease payments 105,186 117,993 Less: Imputed interest (14,733) (12,438) Total $ 90,453 $ 105,555 |
Schedule of maturity of finance lease liabilities | Maturities of lease liabilities were as follows: December 31, 2023 Operating Leases Finance Leases (In thousands) 2024 $ 36,916 $ 62,306 2025 19,869 25,259 2026 12,752 11,436 2027 9,144 3,568 2028 6,017 2,511 Thereafter 20,488 12,913 Total future minimum lease payments 105,186 117,993 Less: Imputed interest (14,733) (12,438) Total $ 90,453 $ 105,555 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consist of the following: December 31, 2023 2022 (In thousands) Payroll and benefits $ 115,604 $ 137,445 Deferred revenue and customer advances 71,117 81,459 Short-term finance lease liability 57,761 56,570 Income taxes payable 35,215 50,685 Accrued interest 11,175 10,878 Accrued severance plan obligations (Note 12) 7,906 7,422 Other accrued expenses 59,636 57,382 Total accrued expenses $ 358,414 $ 401,841 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of short term borrowings and long term debt | Short-term borrowings and long-term debt consist of the following: December 31, 2023 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) 5,098 4,042 Term loan, fixed rate at 1.30%, due July 2023 — 29,744 Term loan, fixed rate at 1.35%, due December 2024 40,414 86,943 Term loan, fixed rate at 1.20%, due December 2025 30,913 49,878 Term loan, fixed rate at 1.23%, due December 2026 55,729 79,927 Term loan, fixed rate at 1.59%, due December 2027 89,053 119,738 Term loan, fixed rate at 1.80%, due December 2028 (3) 124,078 — Amkor Assembly & Test (Shanghai) Co., Ltd.: Term loans, SOFR plus 0.75%, due March 2024 (4) — 46,000 Term loans, SOFR plus 0.75%, due June 2025 (4) 37,000 39,000 Term loans, SOFR plus 0.75%, due 2025 (4) 57,500 59,500 Term loans, SOFR plus 1.40%, due December 2026 (5) 45,000 — Other: Credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) (6) — — Senior secured revolving credit facility, applicable bank rate plus 1.75%, due March 2027 (Singapore) (7) — — 1,209,785 1,239,772 Less: Unamortized discount and deferred debt costs, net (6,329) (7,438) Less: Short-term borrowings and current portion of long-term debt (131,624) (143,813) Long-term debt $ 1,071,832 $ 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. As of December 31, 2023, ₩80.0 billion, or approximately $62 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. As of December 31, 2023, $7.7 million was available to be drawn. (3) In December 2023, we borrowed ¥17.5 billion (US$123.3 million) under a new term loan agreement due December 2028, guaranteed by Amkor Technology, Inc. and our subsidiary, ATSH. Principal is due in 20 equal, quarterly installments plus accrued interest, through maturity. (4) In June 2023, Amkor Assembly & Test (Shanghai) Co. Ltd. amended all term loans to replace London Interbank Offered Rate (“LIBOR”) with a Secured Overnight Financing Rate (“SOFR”) plus 0.75% annual base rate. This contractual amendment is treated as a modification with no recognized gain or loss. (5) In December 2023, we entered into a $45.0 million term loan. Principal is payable in semiannual installments of $0.5 million, with the remaining balance due at maturity. Interest is payable quarterly. (6) In March 2022, ATT amended an existing revolving credit facility to reduce the availability from $36.0 million to $15.0 million. As of December 31, 2023, $15.0 million was available for future borrowings under such credit facility. (7) In March 2022, ATSH entered into the 2022 Singapore Revolver, which is guaranteed by Amkor Technology, Inc., ATT and 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 December 31, 2023, $600.0 million was available for future borrowings under the 2022 Singapore Revolver. |
Schedule of interest rates | Refer to the table above for the interest rates on our fixed-rate debt and to the table below for the interest rates on our variable-rate debt. December 31, 2023 2022 Amkor Technology Japan, Inc: Short-term term loans, variable rate 0.24 % 0.29 % Amkor Assembly & Test (Shanghai) Co., Ltd.: Term loans, SOFR plus 0.75% due March 2024 — 5.83 % Term loans, SOFR plus 0.75% due June 2025 6.07 % 5.55 % Term loans, SOFR plus 0.75%, due 2025 6.07 % 5.48 % Term loans, SOFR plus 1.40%, due December 2026 6.76 % — |
Schedule of maturities of long-term debt | Maturities Total Debt (In thousands) Payments due for the year ending December 31, 2024 $ 131,624 2025 222,612 2026 158,655 2027 622,079 2028 74,815 Thereafter — Total debt $ 1,209,785 |
Pension and Severance Plans (Ta
Pension and Severance Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of accrued severance obligation | The changes to the balance of our accrued severance plan obligations are as follows: For the Year Ended December 31, 2023 2022 (In thousands) Balance at January 1 $ 56,289 $ 73,345 Provision of severance benefits 1,653 2,119 Severance payments (8,770) (15,295) Foreign currency (gain) loss (1,266) (3,880) Balance at December 31 47,906 56,289 Payments remaining with the National Pension Fund (119) (124) Total accrued severance plan obligations at December 31 47,787 56,165 Less current portion of accrued severance plan obligations (Note 10) 7,906 7,422 Non-current portion of accrued severance plan obligations $ 39,881 $ 48,743 |
Schedule of changes in projected benefit obligations and fair value of plan assets | The following table summarizes the changes to the Plans’ benefit obligations, fair value of the Plans’ assets and the funded status of the Plans at December 31, 2023 and 2022: For the Year Ended December 31, 2023 2022 (In thousands) Change in projected benefit obligation: Projected benefit obligation at January 1 $ 159,760 $ 200,187 Service cost 15,032 20,072 Interest cost 6,202 4,731 Benefits paid (14,056) (8,573) Actuarial (gain) loss 4,150 (24,571) Effects of curtailment (617) 508 Settlement (1,073) (16,914) Foreign exchange (gain) loss (5,117) (15,680) Projected benefit obligation at December 31 164,281 159,760 Change in plan assets: Fair value of plan assets at January 1 127,338 157,012 Actual gain (loss) on plan assets 12,325 (6,528) Employer contributions 7,368 12,946 Settlement (1,073) (16,914) Benefits paid (14,056) (8,573) Foreign exchange gain (loss) (2,706) (10,605) Fair value of plan assets at December 31 129,196 127,338 Funded status of the Plans at December 31 $ (35,085) $ (32,422) |
Schedule of amounts recognized in balance sheet | December 31, 2023 2022 (In thousands) Amounts recognized in the Consolidated Balance Sheets consist of: Prepaid benefit cost (included in non-current assets) $ 12,039 $ 12,308 Accrued benefit liability (included in pension and severance obligations) (47,124) (44,730) Net amount recognized at year end $ (35,085) $ (32,422) |
Schedule of amounts recognized in other comprehensive income (loss) | The following table summarizes, by component, the change in accumulated other comprehensive income (loss), net of tax related to our Plans: Prior Service Actuarial Net Gain (Loss) Total (In thousands) Balance at December 31, 2021 $ 602 $ 5,014 $ 5,616 Amortization and settlement gain included in net periodic pension cost — (1,021) (1,021) Net gain (loss) arising during period — 9,625 9,625 Adjustments to unrealized components of defined benefit pension plan included in other comprehensive income (loss) — 8,604 8,604 Balance at December 31, 2022 $ 602 $ 13,618 $ 14,220 Amortization and settlement gain included in net periodic pension cost — (46) (46) Net gain (loss) arising during period — 1,731 1,731 Adjustments to unrealized components of defined benefit pension plan included in other comprehensive income (loss) — 1,685 1,685 Balance at December 31, 2023 $ 602 $ 15,303 $ 15,905 |
Schedule of benefit obligations in excess of fair value of plan assets | Information for pension plans with benefit obligations in excess of plan assets is as follows: December 31, 2023 2022 (In thousands) Plans with underfunded or non-funded projected benefit obligation: Aggregate projected benefit obligation $ 100,662 $ 96,310 Aggregate fair value of plan assets 53,539 51,581 Plans with underfunded or non-funded accumulated benefit obligation: Aggregate accumulated benefit obligation 60,638 61,764 Aggregate fair value of plan assets 21,304 20,740 |
Schedule of components of net periodic pension cost | The following table summarizes total pension expense: For the Year Ended December 31, 2023 2022 2021 (In thousands) Components of net periodic pension cost and total pension expense: Service cost $ 15,032 $ 20,072 $ 25,908 Interest cost 6,202 4,731 4,900 Expected return on plan assets (5,144) (5,605) (5,600) Recognized actuarial (gain) loss (156) 53 128 Net periodic pension cost 15,934 19,251 25,336 Curtailment (gain) loss (617) — (954) Settlement (gain) loss 132 (1,374) (743) Total pension expense $ 15,449 $ 17,877 $ 23,639 |
Schedule of assumptions used | The following table summarizes the weighted-average assumptions used in computing the net periodic pension cost and projected benefit obligations: For the Year Ended December 31, 2023 2022 2021 Discount rate for determining net periodic pension cost 4.2 % 2.6 % 2.3 % Discount rate for determining benefit obligations at December 31 3.8 % 4.2 % 2.6 % Rate of compensation increase for determining net periodic pension cost 3.6 % 3.7 % 3.7 % Rate of compensation increase for determining benefit obligations at December 31 3.7 % 3.6 % 3.7 % Expected rate of return on plan assets for determining net periodic 4.1 % 3.8 % 3.7 % |
Schedule of allocation of plan assets | The current rate of return assumption targets are based on asset allocation strategies as follows: Allocation Debt Equity Other Japan defined benefit plan 64 % 34 % 2 % Korea defined benefit plan 30 % 20 % 50 % Philippine defined benefit plan 56 % 42 % 2 % The fair value of our pension plan assets, by asset category utilizing the fair value hierarchy as discussed in Note 16, is as follows: December 31, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total (In thousands) (In thousands) Cash and cash equivalents $ 217 $ — $ 217 $ 1,117 $ — $ 1,117 Equity securities 13,680 — 13,680 13,339 — 13,339 Debt securities Government bonds 3,674 — 3,674 2,982 — 2,982 Corporate bonds 1,130 — 1,130 540 — 540 Treasury notes 11,993 — 11,993 11,561 — 11,561 Mutual and commingled funds Equity funds 29,016 7,807 36,823 23,931 7,157 31,088 Debt funds 12,031 13,163 25,194 11,651 13,409 25,060 Guaranteed investment contracts — 23,189 23,189 — 28,340 28,340 Taiwan retirement fund 12,478 — 12,478 12,845 — 12,845 Other, net — 818 818 (383) 849 466 Total fair value of pension plan assets $ 84,219 $ 44,977 $ 129,196 $ 77,583 $ 49,755 $ 127,338 |
Schedule of expected benefit payments | The estimated future benefit payments related to our foreign defined benefit plans are as follows: Payments (In thousands) 2024 $ 9,369 2025 11,715 2026 12,383 2027 15,185 2028 16,062 2029 to 2033 98,940 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | The following table reflects the changes in accumulated other comprehensive income (loss), net of tax: Unrealized Gain (Losses) on Available-for-Sale Debt Investments (1) Defined Benefit Pension (2) Foreign Currency Translation Total (In thousands) Balance at December 31, 2021 $ (348) $ 5,616 $ 14,710 $ 19,978 Other comprehensive income (loss) before reclassifications (1,243) 9,625 (10,658) (2,276) Amounts reclassified from accumulated other comprehensive income (loss) 18 (1,021) — (1,003) Other comprehensive income (loss) (1,225) 8,604 (10,658) (3,279) Balance at December 31, 2022 $ (1,573) $ 14,220 $ 4,052 $ 16,699 Other comprehensive income (loss) before reclassifications 2,265 1,731 (3,819) 177 Amounts reclassified from accumulated other comprehensive income (loss) (480) (46) — (526) Other comprehensive income (loss) 1,785 1,685 (3,819) (349) Balance at December 31, 2023 $ 212 $ 15,905 $ 233 $ 16,350 (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). |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of derivative instruments in statement of financial position | As of December 31, 2023 and 2022, our foreign exchange forward contracts consisted of the following: December 31, 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 $ 279,027 $ 2,745 Other current assets $ 330,179 $ 6,284 Other current assets Korean won 59,036 (97) Accrued expenses 65,927 333 Other current assets Philippine peso 6,553 (20) Accrued expenses 3,085 (6) Accrued expenses Singapore dollar 11,506 20 Other current assets — — N/A Taiwan dollar 37,914 89 Other current assets 28,763 (57) Accrued expenses Total forward contracts $ 394,036 $ 2,737 $ 427,954 $ 6,554 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments that are not recorded at fair value | The following table presents the fair value of our debt: December 31, 2023 December 31, 2022 Fair Carrying Fair Carrying (In thousands) Senior notes (Level 1) $ 531,778 $ 521,839 $ 523,016 $ 521,114 Revolving credit facilities and term loans (Level 2) 666,316 681,617 686,728 711,220 Total financial instruments $ 1,198,094 $ 1,203,456 $ 1,209,744 $ 1,232,334 |
Business Segments, Customer C_2
Business Segments, Customer Concentrations and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of revenue from external customers by products and services | Net sales by product group consist of the following: For the Year Ended December 31, 2023 2022 2021 (In thousands) Advanced Products $ 5,032,859 $ 5,367,589 $ 4,409,207 Mainstream Products 1,470,206 1,723,996 1,729,122 Total net sales $ 6,503,065 $ 7,091,585 $ 6,138,329 (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 Year Ended December 31, 2023 2022 2021 Communications (smartphones, tablets) 50 % 44 % 41 % Automotive, industrial and other (ADAS, electrification, infotainment, safety) 21 % 20 % 21 % Computing (data center, infrastructure, PC/laptop, storage) 16 % 16 % 16 % Consumer (AR & gaming, connected home, home electronics, wearables) 13 % 20 % 22 % Total net sales 100 % 100 % 100 % |
Schedule of net sales by country, and property, plant and equipment by physical location | Net sales by region based on customer headquarters location consist of the following: For the Year Ended December 31, 2023 2022 2021 (In thousands) Europe, Middle East and Africa $ 1,043,880 $ 1,084,853 $ 1,061,369 Japan 935,620 1,132,121 1,253,717 Asia Pacific (excluding Japan) 704,520 1,017,246 999,591 Total foreign countries 2,684,020 3,234,220 3,314,677 United States 3,819,045 3,857,365 2,823,652 Total net sales $ 6,503,065 $ 7,091,585 $ 6,138,329 |
Schedule of disclosure on geographic areas, long-lived assets in individual foreign countries by country | Property, plant and equipment, net, based on physical location, consist of the following: December 31, 2023 2022 (In thousands) China $ 385,544 $ 476,945 Japan 143,399 121,842 Korea 1,781,632 1,868,956 Malaysia 51,164 41,978 Philippines 183,430 195,805 Portugal 108,982 82,454 Taiwan 272,428 261,449 Vietnam 365,059 79,630 Other foreign countries 272 583 Total foreign countries 3,291,910 3,129,642 United States 7,535 5,972 Total property, plant and equipment, net $ 3,299,445 $ 3,135,614 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Significant Accounting Policies [Line Items] | |||
Assets | $ 6,771,125 | $ 6,821,757 | |
Liabilities | 2,776,090 | 3,122,056 | |
Long term finance lease liabilities | $ 47,800 | $ 54,800 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Unbilled receivables | $ 260,800 | $ 301,700 | |
Contract with customer, liability | 135,500 | 170,600 | |
Contract with customer, liability, current | 71,117 | 81,459 | |
Contract with customer, liability, revenue recognized | $ 66,900 | $ 101,200 | $ 29,000 |
Minimum | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Remaining lease term | 1 year | ||
Revenue, expected timing of satisfaction, period | 1 year | ||
Maximum | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Remaining lease term | 82 years | ||
Revenue, expected timing of satisfaction, period | 5 years | ||
Largest Customer | Net sales | Customer Concentration Risk | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Concentration risk (as a percent) | 27.70% | 20.60% | 13.70% |
Second Largest Customer | Net sales | Customer Concentration Risk | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Concentration risk (as a percent) | 10.10% | ||
Variable Interest Entity, Primary Beneficiary | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Ownership percentage | 40% | ||
Assets | $ 17,300 | ||
Liabilities | $ 100 |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies (Summary of Property, Plant and Equipment) (Details) | Dec. 31, 2023 |
Buildings and improvements | Minimum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 10 years |
Buildings and improvements | Maximum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 40 years |
Machinery and equipment | Minimum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 2 years |
Machinery and equipment | Maximum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 7 years |
Software and computer equipment | Minimum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 3 years |
Software and computer equipment | Maximum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 5 years |
Furniture, fixtures and other equipment | Minimum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 4 years |
Furniture, fixtures and other equipment | Maximum | |
Summary of Significant Accounting Policies [Line Items] | |
Useful life | 10 years |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) installment shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 18, 2021 shares | Jan. 02, 2008 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation | $ 8.3 | $ 13.6 | $ 11 | ||
Deferred income tax benefits for stock options and restricted stock | 0.7 | 1.7 | 1.4 | ||
Total intrinsic value | $ 5.8 | 8 | $ 17.7 | ||
Restricted shares vesting (as a percent) | 8.33% | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Unrecognized compensation expense | $ 0.3 | ||||
Weighted-average period | 9 months 14 days | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Total fair value of vested restricted shares | $ 2.9 | ||||
Restricted Stock [Member] | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Time-Vested Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Award vesting installments | installment | 4 | ||||
Performance-Vested Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 2 years | ||||
Award vesting installments | installment | 1 | ||||
Period of earned awards become vested | 90 days | ||||
Award performance measurement period | 2 years | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 12.1 | ||||
Weighted-average period | 1 year 3 months 18 days | ||||
Total fair value of vested restricted shares | $ 11.6 | $ 0.5 | |||
Minimum | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Minimum | Performance-Vested Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage of target grant amount | 0% | ||||
Maximum | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Maximum | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares vesting (as a percent) | 100% | ||||
Maximum | Performance-Vested Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage of target grant amount | 200% | ||||
2007 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (in shares) | shares | 17,000,000 | ||||
Two Thousand Twenty-One Equity Incentive Plan Member | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (in shares) | shares | 23,100,000 | ||||
Number of shares reserved for issuance (in shares) | shares | 22,800,000 | ||||
Number of shares available for grant (in shares) | shares | 20,600,000 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans (Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Number of Shares | |
Outstanding beginning balance (in shares) | shares | 2,376 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (345) |
Forfeited or expired (in shares) | shares | 0 |
Outstanding ending balance (in shares) | shares | 2,031 |
Fully vested and expected to vest (in shares) | shares | 2,029 |
Exercisable (in shares) | shares | 1,973 |
Weighted-Average Exercise Price per Share | |
Outstanding beginning balance (in dollars per share) | $ / shares | $ 10.54 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 10.31 |
Forfeited or expired (in dollars per share) | $ / shares | 0 |
Outstanding ending balance (in dollars per share) | $ / shares | 10.58 |
Fully vested and expected to vest (in dollars per share) | $ / shares | 10.58 |
Exercisable (in dollars per share) | $ / shares | $ 10.51 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding (years) | 4 years 11 months 23 days |
Fully vested and expected to vest (years) | 4 years 11 months 23 days |
Exercisable (years) | 4 years 11 months 4 days |
Outstanding ending balance (in dollars) | $ | $ 46,068 |
Fully vested and expected to vest (in dollars) | $ | 46,029 |
Exercisable (in dollars) | $ | $ 44,903 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Restricted Shares and Restricted Stock Units Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted shares | |||
Number of Shares | |||
Nonvested beginning balance (in shares) | 109 | ||
Awards granted (in shares) | 0 | ||
Awards vested (in shares) | (109) | ||
Awards forfeited (in shares) | 0 | ||
Nonvested ending balance (in shares) | 0 | 109 | |
Weighted- average Grant Date Fair Value | |||
Nonvested beginning balance (in dollars per share) | $ 15.38 | ||
Awards granted (in dollars per share) | 0 | ||
Awards vested (in dollars per share) | 15.38 | ||
Awards forfeited (in dollars per share) | 0 | ||
Nonvested ending balance (in dollars per share) | $ 0 | $ 15.38 | |
Restricted Stock Units (RSUs) | |||
Number of Shares | |||
Nonvested beginning balance (in shares) | 738 | 286 | 0 |
Awards granted (in shares) | 1,049 | 531 | 295 |
Awards vested (in shares) | (464) | (22) | 0 |
Awards forfeited (in shares) | (16) | (57) | (9) |
Nonvested ending balance (in shares) | 1,307 | 738 | 286 |
Weighted- average Grant Date Fair Value | |||
Nonvested beginning balance (in dollars per share) | $ 22.34 | $ 22.48 | $ 0 |
Awards granted (in dollars per share) | 26.72 | 22.29 | 22.48 |
Awards vested (in dollars per share) | 22.19 | 22.23 | 0 |
Awards forfeited (in dollars per share) | 25.24 | 22.63 | 22.58 |
Nonvested ending balance (in dollars per share) | $ 25.87 | $ 22.34 | $ 22.48 |
Other Income and Expense (Detai
Other Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Interest income | $ (48,458) | $ (12,762) | $ (1,065) |
Foreign currency (gain) loss, net | 18,361 | (1,572) | 723 |
Loss on debt retirement | 0 | 464 | 0 |
Other | (2,457) | (4,439) | (2,799) |
Total other (income) expense, net | $ (32,554) | $ (18,309) | $ (3,141) |
Income Taxes (Income Before Inc
Income Taxes (Income Before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Geographic sources of income (loss) before income taxes | |||
United States | $ 94,643 | $ 81,488 | $ 81,994 |
Foreign | 349,198 | 775,444 | 633,072 |
Income before taxes | $ 443,841 | $ 856,932 | $ 715,066 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 19,831 | $ 40,063 | $ 9,649 |
State | 7 | 150 | 198 |
Foreign | 48,478 | 61,300 | 48,936 |
Current income tax expense (benefit) | 68,316 | 101,513 | 58,783 |
Deferred: | |||
Federal | 8,899 | (10,156) | 20,478 |
State | 1 | 1,458 | 361 |
Foreign | 4,494 | (2,925) | (10,163) |
Deferred income tax expense (benefit) | 13,394 | (11,623) | 10,676 |
Income tax expense | $ 81,710 | $ 89,890 | $ 69,459 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 21% | 21% | 21% |
Foreign income taxed at different rates | (4.20%) | (12.00%) | (9.50%) |
Foreign exchange (loss) gain | 0.50% | 2.20% | (2.30%) |
Change in valuation allowance | 2.90% | (2.40%) | 0.10% |
Income tax credits generated | (7.50%) | (6.10%) | (5.10%) |
Foreign earnings and profits | 7% | 9% | 5.70% |
Foreign derived intangible income | (1.60%) | (0.90%) | (1.10%) |
Settlements and changes in uncertain tax positions | (0.50%) | (0.20%) | 0.80% |
Other | 0.80% | (0.10%) | 0.10% |
Income tax expense | 18.40% | 10.50% | 9.70% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Valuation allowance reversed | $ 17.8 | ||
Tax benefit from income tax holiday | $ 18.6 | $ 84.5 | $ 56.7 |
Benefit from income tax holiday on diluted earnings per share (in dollars per share) | $ 0.08 | $ 0.34 | $ 0.23 |
Repatriation of earnings estimated tax impact | $ 165.9 | ||
Unrecognized tax benefits, period decrease | 1.7 | ||
Reductions from lapse of statutes of limitations | 0.8 | ||
Liability for uncertain tax positions | 23 | ||
Unrecognized tax benefits, reduction of deferred tax assets | 8.5 | ||
Accrued and unpaid interest and penalties | $ 4.5 | $ 4.9 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 33,679 | $ 49,846 |
Tax credit carryforwards | 88,147 | 92,368 |
Property, plant and equipment | 21,387 | 15,328 |
Deferred interest expense | 476 | 0 |
Accrued liabilities | 37,832 | 39,929 |
Receivable | 30,086 | 29,178 |
Unrealized foreign exchange loss | 7,205 | 8,018 |
Revenue recognition | 0 | 1,564 |
Operating lease liabilities | 16,053 | 26,955 |
Other | 15,219 | 14,665 |
Total deferred tax assets | 250,084 | 277,851 |
Valuation allowance | (114,811) | (101,869) |
Total deferred tax assets net of valuation allowance | 135,273 | 175,982 |
Property, plant and equipment | 34,206 | 50,215 |
Deferred gain | 5,739 | 7,839 |
Unrealized foreign exchange gain | 3,129 | 5,242 |
Unbilled receivables | 8,995 | 822 |
Operating lease right of use assets | 16,031 | 26,241 |
Other | 5,533 | 7,433 |
Total deferred tax liabilities | 73,633 | 97,792 |
Other assets | 73,585 | 86,616 |
Other non-current liabilities | (11,945) | (8,426) |
Net deferred tax assets | $ 61,640 | $ 78,190 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowance) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Valuation Allowance [Line Items] | ||
Total valuation allowance | $ 114,811 | $ 101,869 |
United States | ||
Valuation Allowance [Line Items] | ||
Total valuation allowance | 44,426 | 40,610 |
Foreign | ||
Valuation Allowance [Line Items] | ||
Total valuation allowance | $ 70,385 | $ 61,259 |
Income Taxes (Net Operating Los
Income Taxes (Net Operating Loss Carryforwards) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. federal net operating loss carryforwards | ||
Loss Carryforwards and other details [Abstract] | ||
Operating loss carryforwards | $ 5,611 | $ 13,003 |
U.S. state net operating loss carryforwards | ||
Loss Carryforwards and other details [Abstract] | ||
Operating loss carryforwards | 32,612 | 38,384 |
Foreign net operating loss carryforwards | ||
Loss Carryforwards and other details [Abstract] | ||
Operating loss carryforwards | $ 196,636 | $ 240,740 |
Income Taxes (Tax Credit Carryf
Income Taxes (Tax Credit Carryforwards) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Federal | U.S. Foreign Tax Credits | ||
Tax Credit Carryforward [Line Items] | ||
Foreign Tax Credits | $ 51,512 | $ 54,130 |
U.S. Federal | U.S. Other Tax Credits | ||
Tax Credit Carryforward [Line Items] | ||
Foreign Tax Credits | 2,559 | 110 |
Foreign | ||
Tax Credit Carryforward [Line Items] | ||
Foreign Tax Credits | $ 34,546 | $ 38,128 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits - Rollforward and Discussion) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of period | $ 33,253 | $ 37,293 | $ 32,598 |
Additions based on tax positions related to the current year | 0 | 1,519 | 9,562 |
Additions for tax positions of prior years | 495 | 1,909 | 1,740 |
Reductions for tax positions of prior years | (345) | (5,755) | (66) |
Reductions related to settlements with tax authorities | 0 | (988) | (1,266) |
Reductions from lapse of statutes of limitations | (1,866) | (725) | (5,275) |
Balance, end of period | $ 31,537 | $ 33,253 | $ 37,293 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income attributable to Amkor common stockholders, basic | $ 359,813 | $ 765,823 | $ 642,995 |
Net income attributable to Amkor common stockholders, diluted | $ 359,813 | $ 765,823 | $ 642,995 |
Weighted-average number of common shares outstanding — basic (in shares) | 245,628 | 244,676 | 243,878 |
Effect of dilutive securities: | |||
Share-based awards (in shares) | 1,548 | 1,529 | 1,826 |
Weighted-average number of common shares outstanding — diluted (in shares) | 247,176 | 246,205 | 245,704 |
Net income attributable to Amkor per common share: | |||
Basic (in dollars per share) | $ 1.46 | $ 3.13 | $ 2.64 |
Diluted (in dollars per share) | $ 1.46 | $ 3.11 | $ 2.62 |
Earnings Per Share (Potential S
Earnings Per Share (Potential Shares of Common Stock Excluded from Diluted EPS (Details) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Share-based awards (in shares) | 2 | 180 | 112 |
Investments (Summary of Cash Eq
Investments (Summary of Cash Equivalents, and Short term Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | $ 581,367 | ||
Short-term investments, fair value | 581,573 | ||
Total, amortized cost | 581,367 | $ 474,794 | |
Total, gross unrealized gains | 615 | 19 | |
Total, gross unrealized losses | (409) | (1,692) | |
Total, fair value | 581,573 | 473,121 | |
Proceeds from sale of cash equivalent investments | 47,000 | 29,600 | $ 12,800 |
Short-term Investments | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 469,451 | 279,268 | |
Short-term investments, gross unrealized gains | 615 | 15 | |
Short-term investments, gross unrealized losses | (409) | (1,692) | |
Short-term investments, fair value | 469,657 | 277,591 | |
Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 65,340 | 25,677 | |
Short-term investments, gross unrealized gains | 170 | 7 | |
Short-term investments, gross unrealized losses | (22) | (134) | |
Short-term investments, fair value | 65,488 | 25,550 | |
Certificate of deposits | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 17,086 | 17,362 | |
Short-term investments, gross unrealized gains | 0 | 0 | |
Short-term investments, gross unrealized losses | 0 | 0 | |
Short-term investments, fair value | 17,086 | 17,362 | |
Commercial paper | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 56,273 | 27,866 | |
Short-term investments, gross unrealized gains | 0 | 0 | |
Short-term investments, gross unrealized losses | 0 | 0 | |
Short-term investments, fair value | 56,273 | 27,866 | |
Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 251,671 | 198,868 | |
Short-term investments, gross unrealized gains | 432 | 7 | |
Short-term investments, gross unrealized losses | (299) | (1,529) | |
Short-term investments, fair value | 251,804 | 197,346 | |
Foreign government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 996 | ||
Short-term investments, gross unrealized gains | 0 | ||
Short-term investments, gross unrealized losses | (4) | ||
Short-term investments, fair value | 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 | 364 | ||
Short-term investments, gross unrealized gains | 0 | ||
Short-term investments, gross unrealized losses | (2) | ||
Short-term investments, fair value | 362 | ||
U.S. government agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 13,200 | 735 | |
Short-term investments, gross unrealized gains | 0 | 0 | |
Short-term investments, gross unrealized losses | (9) | (1) | |
Short-term investments, fair value | 13,191 | 734 | |
U.S. government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, amortized cost | 65,881 | 6,704 | |
Short-term investments, gross unrealized gains | 13 | 1 | |
Short-term investments, gross unrealized losses | (79) | (20) | |
Short-term investments, fair value | 65,815 | 6,685 | |
Cash equivalents | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 111,916 | 195,526 | |
Cash equivalents, gross unrealized gains | 0 | 4 | |
Cash equivalents, gross unrealized losses | 0 | 0 | |
Cash equivalent, fair value | 111,916 | 195,530 | |
Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 138 | 25 | |
Cash equivalents, gross unrealized gains | 0 | 0 | |
Cash equivalents, gross unrealized losses | 0 | 0 | |
Cash equivalent, fair value | 138 | 25 | |
Commercial paper | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 48,063 | 69,101 | |
Cash equivalents, gross unrealized gains | 0 | 0 | |
Cash equivalents, gross unrealized losses | 0 | 0 | |
Cash equivalent, fair value | 48,063 | 69,101 | |
Money market funds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 60,719 | 97,650 | |
Cash equivalents, gross unrealized gains | 0 | 0 | |
Cash equivalents, gross unrealized losses | 0 | 0 | |
Cash equivalent, fair value | 60,719 | 97,650 | |
Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 1,001 | ||
Cash equivalents, gross unrealized gains | 0 | ||
Cash equivalents, gross unrealized losses | 0 | ||
Cash equivalent, fair value | 1,001 | ||
U.S. government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalents, amortized cost | 2,996 | 10,767 | |
Cash equivalents, gross unrealized gains | 0 | 1 | |
Cash equivalents, gross unrealized losses | 0 | 0 | |
Cash equivalent, fair value | 2,996 | 10,768 | |
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 | ||
Level 1 | |||
Debt Securities, Available-for-sale [Line Items] | |||
Total, fair value | 146,616 | 132,465 | |
Level 1 | Short-term Investments | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 82,901 | 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 | 17,086 | 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 | ||
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 | ||
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 | 65,815 | 6,685 | |
Level 1 | Cash equivalents | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 63,715 | 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 | Money market funds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 60,719 | 97,650 | |
Level 1 | Municipal 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 | 2,996 | 10,768 | |
Level 1 | U.S. government agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 0 | ||
Level 2 | |||
Debt Securities, Available-for-sale [Line Items] | |||
Total, fair value | 434,957 | 340,656 | |
Level 2 | Short-term Investments | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 386,756 | 253,544 | |
Level 2 | Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 65,488 | 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 | 56,273 | 27,866 | |
Level 2 | Corporate bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 251,804 | 197,346 | |
Level 2 | Foreign government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 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 | 362 | ||
Level 2 | U.S. government agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 13,191 | 734 | |
Level 2 | U.S. government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term investments, fair value | 0 | 0 | |
Level 2 | Cash equivalents | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 48,201 | 87,112 | |
Level 2 | Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 138 | 25 | |
Level 2 | Commercial paper | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | 48,063 | 69,101 | |
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 | 1,001 | ||
Level 2 | U.S. government bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | $ 0 | 0 | |
Level 2 | U.S. government agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cash equivalent, fair value | $ 16,985 |
Investments (Contractual Maturi
Investments (Contractual Maturities of Cash Equivalents and Available-for-Sale Debt Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Within 1 year, Amortized Cost | $ 406,551 | |
After 1 year through 5 years, Amortized Cost | 109,338 | |
Short-term investments, amortized cost | 581,367 | |
Within 1 year, Fair Value | 406,346 | |
After 1 year through 5 years, Fair Value | 109,601 | |
Short-term investments, fair value | 581,573 | |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Asset-backed securities, Amortized Cost | 65,478 | |
Short-term investments, amortized cost | 65,340 | $ 25,677 |
Asset-backed securities, Fair Value | 65,626 | |
Short-term investments, fair value | $ 65,488 | $ 25,550 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost of held-to-maturity securities | $ 5.2 | $ 4.4 |
Level 1 | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Fair market value of held-to-maturity securities | $ 4.3 |
Factoring of Accounts Receiva_2
Factoring of Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total Factored | ||
Factoring of Accounts Receivable [Line Items] | ||
Accounts receivable sold | $ 253.9 | $ 386.5 |
Factoring Fees | ||
Factoring of Accounts Receivable [Line Items] | ||
Accounts receivable sold | $ 1.3 | $ 1.1 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Finance lease assets | $ 209,506 | $ 165,122 |
Total property, plant and equipment | 9,971,780 | 9,371,331 |
Accumulated depreciation and amortization | (6,672,335) | (6,235,717) |
Total property, plant and equipment, net | 3,299,445 | 3,135,614 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 212,722 | 214,763 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,080,589 | 1,817,135 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 7,022,614 | 6,757,652 |
Furniture, fixtures and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 22,655 | 23,240 |
Software and computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 200,362 | 240,610 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 223,332 | $ 152,809 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Summary of Depreciation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 630,941 | $ 612,105 | $ 562,962 |
Property, Plant and Equipment_4
Property, Plant and Equipment (Narrative) (Details) - Vietnam $ in Millions | 1 Months Ended |
Oct. 31, 2023 USD ($) | |
Construction in progress | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, transferred amount | $ (244.3) |
Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, transferred amount | $ 244.3 |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 70,722 | $ 81,410 | $ 64,902 |
Amortization of leased assets | 42,345 | 24,644 | 14,196 |
Interest on lease liabilities | 5,521 | 3,891 | 2,768 |
Total finance lease cost | 47,866 | 28,535 | 16,964 |
Short-term lease cost | 4,788 | 5,749 | 6,264 |
Variable lease cost | 6,921 | 6,592 | 7,409 |
Net lease cost | 130,297 | 122,286 | 95,539 |
Operating cash flows for operating leases | 73,774 | 81,044 | 64,786 |
Operating cash flows for finance leases | 5,419 | 3,933 | 1,745 |
Financing cash flows for finance leases | $ 66,398 | $ 40,673 | $ 20,373 |
Weighted average remaining lease term, Operating leases | 6 years 1 month 6 days | 4 years 2 months 12 days | 3 years 2 months 12 days |
Weighted average remaining lease term, Finance leases | 3 years 2 months 12 days | 2 years 3 months 18 days | 3 years 1 month 6 days |
Weighted average discount rate, Operating leases | 5.20% | 4.40% | 3.60% |
Weighted average discount rate, Finance leases | 5.70% | 4.10% | 3.20% |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Leases | |
2024 | $ 36,916 |
2025 | 19,869 |
2026 | 12,752 |
2027 | 9,144 |
2028 | 6,017 |
Thereafter | 20,488 |
Total future minimum lease payments | 105,186 |
Less: Imputed interest | (14,733) |
Total | 90,453 |
Finance Leases | |
2024 | 62,306 |
2025 | 25,259 |
2026 | 11,436 |
2027 | 3,568 |
2028 | 2,511 |
Thereafter | 12,913 |
Total future minimum lease payments | 117,993 |
Less: Imputed interest | (12,438) |
Total | $ 105,555 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
Amount of leases not yet commenced | $ 8 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Payroll and benefits | $ 115,604 | $ 137,445 |
Deferred revenue and customer advances | 71,117 | 81,459 |
Short-term finance lease liability | $ 57,761 | $ 56,570 |
Finance lease, liability, current, statement of financial position | Total accrued expenses | Total accrued expenses |
Income taxes payable | $ 35,215 | $ 50,685 |
Accrued interest | 11,175 | 10,878 |
Accrued severance plan obligations (Note 12) | 7,906 | 7,422 |
Other accrued expenses | 59,636 | 57,382 |
Total accrued expenses | $ 358,414 | $ 401,841 |
Debt (Long Term Debt) (Details)
Debt (Long Term Debt) (Details) $ in Thousands, ¥ in Billions | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) installment | Dec. 31, 2023 JPY (¥) installment | Dec. 31, 2023 USD ($) | Dec. 31, 2023 KRW (₩) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Feb. 28, 2022 USD ($) | Apr. 30, 2021 KRW (₩) borrowing | |
Debt Instrument [Line Items] | ||||||||
Total debt | $ 1,209,785 | $ 1,209,785 | $ 1,239,772 | |||||
Less: Unamortized discount and deferred debt costs, net | (6,329) | (6,329) | (7,438) | |||||
Less: Short-term borrowings and current portion of long-term debt | (131,624) | (131,624) | (143,813) | |||||
Long-term debt | $ 1,071,832 | $ 1,071,832 | 1,088,521 | |||||
6.625% Senior notes, due September 2027 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 6.625% | 6.625% | 6.625% | |||||
Total debt | $ 525,000 | $ 525,000 | 525,000 | |||||
Term Loan fixed rate at 1.85% due April 2024 | Subsidiary Term Loans | Korea | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.85% | 1.85% | 1.85% | |||||
Total debt | $ 0 | $ 0 | 0 | |||||
Amount of debt agreement | ₩ | ₩ 80,000,000,000 | |||||||
Number of annual borrowings | borrowing | 6 | |||||||
Amount of unused borrowing capacity | $ 62,000 | $ 62,000 | ₩ 80,000,000,000 | |||||
Term loan, fixed rate at 2.12%, due December 2028 | Subsidiary Term Loans | Korea | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 2.12% | 2.12% | 2.12% | |||||
Total debt | $ 200,000 | $ 200,000 | 200,000 | |||||
Short-term term loans, variable rate | Subsidiary Term Loans | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 5,098 | 5,098 | 4,042 | |||||
Amount of unused borrowing capacity | $ 7,700 | $ 7,700 | ||||||
Term loan, fixed rate at 1.30%, due July 2023 | Subsidiary Term Loans | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.30% | 1.30% | 1.30% | |||||
Total debt | $ 0 | $ 0 | 29,744 | |||||
Term loan, fixed rate at 1.35%, due December 2024 | Subsidiary Term Loans | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.35% | 1.35% | 1.35% | |||||
Total debt | $ 40,414 | $ 40,414 | 86,943 | |||||
Term loan, fixed rate at 1.20%, due December 2025 | Subsidiary Term Loans | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.20% | 1.20% | 1.20% | |||||
Total debt | $ 30,913 | $ 30,913 | 49,878 | |||||
Term loan, fixed rate at 1.23%, due December 2026 | Subsidiary Term Loans | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.23% | 1.23% | 1.23% | |||||
Total debt | $ 55,729 | $ 55,729 | 79,927 | |||||
Term loan, fixed rate at 1.59%, due December 2027 | Subsidiary Term Loans | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.59% | 1.59% | 1.59% | |||||
Total debt | $ 89,053 | $ 89,053 | 119,738 | |||||
Term loan, fixed rate at 1.80%, due December 2028 | Subsidiary Term Loans | Japan | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.80% | 1.80% | 1.80% | |||||
Total debt | $ 124,078 | $ 124,078 | 0 | |||||
Proceeds from issuance of long-term debt | $ 123,300 | ¥ 17.5 | ||||||
Number of quarterly installments | installment | 20 | 20 | ||||||
Term Loan, SOFR Plus 0.75% Due March 2024 | Subsidiary Term Loans | China | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | $ 0 | $ 0 | 46,000 | |||||
Term Loan, SOFR Plus 0.75% Due March 2024 | Subsidiary Term Loans | China | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread (as a percent) | 0.75% | |||||||
Term Loan, SOFR Plus 0.75% Due June 2025 | Subsidiary Term Loans | China | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 37,000 | $ 37,000 | 39,000 | |||||
Term Loan, SOFR Plus 0.75% Due June 2025 | Subsidiary Term Loans | China | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread (as a percent) | 0.75% | |||||||
Term Loan, SOFR Plus 0.75% Due 2025 | Subsidiary Term Loans | China | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 57,500 | $ 57,500 | 59,500 | |||||
Term Loan, SOFR Plus 0.75% Due 2025 | Subsidiary Term Loans | China | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread (as a percent) | 0.75% | |||||||
Term Loans, SOFR Plus 1.40%, Due December 2026 | Subsidiary Term Loans | China | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 45,000 | $ 45,000 | 0 | |||||
Periodic principal payment | 500 | |||||||
Term Loans, SOFR Plus 1.40%, Due December 2026 | Subsidiary Term Loans | China | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate spread (as a percent) | 1.40% | |||||||
Credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) | Line of Credit | Taiwan | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt | 0 | $ 0 | 0 | |||||
Amount of unused borrowing capacity | $ 15,000 | $ 15,000 | ||||||
Credit facility, borrowing capacity | $ 15,000 | $ 36,000 | ||||||
Senior secured revolving credit facility, applicable bank rate plus 1.75%, due March 2027 (Singapore) | Line of Credit | Singapore | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate (as a percent) | 1.75% | 1.75% | 1.75% | |||||
Total debt | $ 0 | $ 0 | $ 0 | |||||
Credit facility, borrowing capacity | 600,000 | |||||||
Credit facility, base amount | $ 250,000 | |||||||
Credit facility percentage of variable borrowings | 37.50% | |||||||
Remaining borrowing capacity | $ 600,000 | $ 600,000 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
Collateralized debt | $ 679.7 |
Asset Pledged as Collateral | |
Debt Instrument [Line Items] | |
Collateralized debt | $ 326.5 |
Debt (Interest Rates) (Details)
Debt (Interest Rates) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Japan | Short-term term loans, variable rate | Subsidiary Term Loans | ||
Debt Instrument [Line Items] | ||
Interest rate at end of period (as a percent) | 0.24% | 0.29% |
China | Term Loan, SOFR Plus 0.75% Due March 2024 | Subsidiary Term Loans | ||
Debt Instrument [Line Items] | ||
Interest rate at end of period (as a percent) | 0% | 5.83% |
China | Term Loan, SOFR Plus 0.75% Due March 2024 | Subsidiary Term Loans | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Interest rate spread (as a percent) | 0.75% | |
China | Term Loan, SOFR Plus 0.75% Due June 2025 | Subsidiary Term Loans | ||
Debt Instrument [Line Items] | ||
Interest rate at end of period (as a percent) | 6.07% | 5.55% |
China | Term Loan, SOFR Plus 0.75% Due June 2025 | Subsidiary Term Loans | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Interest rate spread (as a percent) | 0.75% | |
China | Term Loan, SOFR Plus 0.75% Due 2025 | Subsidiary Term Loans | ||
Debt Instrument [Line Items] | ||
Interest rate at end of period (as a percent) | 6.07% | 5.48% |
China | Term Loan, SOFR Plus 0.75% Due 2025 | Subsidiary Term Loans | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Interest rate spread (as a percent) | 0.75% | |
China | Term Loans, SOFR Plus 1.40%, Due December 2026 | Subsidiary Term Loans | ||
Debt Instrument [Line Items] | ||
Interest rate at end of period (as a percent) | 6.76% | 0% |
China | Term Loans, SOFR Plus 1.40%, Due December 2026 | Subsidiary Term Loans | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Interest rate spread (as a percent) | 1.40% |
Debt (Maturities) (Details)
Debt (Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 131,624 | |
2025 | 222,612 | |
2026 | 158,655 | |
2027 | 622,079 | |
2028 | 74,815 | |
Thereafter | 0 | |
Total debt | $ 1,209,785 | $ 1,239,772 |
Pension and Severance Plans (Ko
Pension and Severance Plans (Korean Severance Plan) (Details) - Korean Severance Plan - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Compensation Liability, Current and Noncurrent [Roll Forward] | ||
Balance at beginning of the year | $ 56,289 | $ 73,345 |
Provision of severance benefits | 1,653 | 2,119 |
Severance payments | (8,770) | (15,295) |
Foreign currency (gain) loss | (1,266) | (3,880) |
Balance at the end of year | 47,906 | 56,289 |
Payments remaining with the National Pension Fund | (119) | (124) |
Total accrued severance plan obligations at December 31 | 47,787 | 56,165 |
Less current portion of accrued severance plan obligations (Note 10) | 7,906 | 7,422 |
Non-current portion of accrued severance plan obligations | $ 39,881 | $ 48,743 |
Pension and Severance Plans (De
Pension and Severance Plans (Defined Benefit Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at January 1 | $ 159,760 | $ 200,187 | |
Service cost | 15,032 | 20,072 | $ 25,908 |
Interest cost | 6,202 | 4,731 | 4,900 |
Benefits paid | (14,056) | (8,573) | |
Actuarial (gain) loss | 4,150 | (24,571) | |
Effects of curtailment | (617) | 508 | |
Settlement | (1,073) | (16,914) | |
Foreign exchange (gain) loss | (5,117) | (15,680) | |
Projected benefit obligation at December 31 | 164,281 | 159,760 | 200,187 |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 127,338 | 157,012 | |
Actual gain (loss) on plan assets | 12,325 | (6,528) | |
Employer contributions | 7,368 | 12,946 | |
Settlement | (1,073) | (16,914) | |
Benefits paid | (14,056) | (8,573) | |
Foreign exchange gain (loss) | (2,706) | (10,605) | |
Fair value of plan assets at December 31 | 129,196 | 127,338 | $ 157,012 |
Funded status of the Plans at December 31 | $ (35,085) | $ (32,422) |
Pension and Severance Plans (_2
Pension and Severance Plans (Defined Benefit Plans - Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Prepaid benefit cost (included in non-current assets) | $ 12,039 | $ 12,308 |
Accrued benefit liability (included in pension and severance obligations) | (47,124) | (44,730) |
Net amount recognized at year end | $ (35,085) | $ (32,422) |
Pension and Severance Plans (Na
Pension and Severance Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Accumulated benefit obligation | $ 128.3 | $ 125.6 | |
Expected contributions in next fiscal year | 11 | ||
Cost recognized | $ 27 | $ 24.2 | $ 21.8 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | ||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | ||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | ||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | ||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) |
Pension and Severance Plans (Im
Pension and Severance Plans (Impact on Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 3,699,701 | $ 2,972,546 | $ 2,353,959 |
Amortization and settlement gain included in net periodic pension cost | (526) | (1,003) | |
Net gain (loss) arising during period | 177 | (2,276) | |
Total other comprehensive income (loss) | (349) | (3,279) | (7,292) |
Balance at end of period | 3,995,035 | 3,699,701 | 2,972,546 |
Prior Service Cost | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 602 | 602 | |
Amortization and settlement gain included in net periodic pension cost | 0 | 0 | |
Net gain (loss) arising during period | 0 | 0 | |
Total other comprehensive income (loss) | 0 | 0 | |
Balance at end of period | 602 | 602 | 602 |
Actuarial Net Gain (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 13,618 | 5,014 | |
Amortization and settlement gain included in net periodic pension cost | (46) | (1,021) | |
Net gain (loss) arising during period | 1,731 | 9,625 | |
Total other comprehensive income (loss) | 1,685 | 8,604 | |
Balance at end of period | 15,303 | 13,618 | 5,014 |
Total | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 14,220 | 5,616 | |
Amortization and settlement gain included in net periodic pension cost | (46) | (1,021) | |
Net gain (loss) arising during period | 1,731 | 9,625 | |
Total other comprehensive income (loss) | 1,685 | 8,604 | |
Balance at end of period | $ 15,905 | $ 14,220 | $ 5,616 |
Pension and Severance Plans (Be
Pension and Severance Plans (Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Plans with underfunded or non-funded projected benefit obligation: | ||
Aggregate projected benefit obligation | $ 100,662 | $ 96,310 |
Aggregate fair value of plan assets | 53,539 | 51,581 |
Plans with underfunded or non-funded accumulated benefit obligation: | ||
Aggregate accumulated benefit obligation | 60,638 | 61,764 |
Aggregate fair value of plan assets | $ 21,304 | $ 20,740 |
Pension and Severance Plans (Ch
Pension and Severance Plans (Changes and Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 15,032 | $ 20,072 | $ 25,908 |
Interest cost | 6,202 | 4,731 | 4,900 |
Expected return on plan assets | (5,144) | (5,605) | (5,600) |
Recognized actuarial (gain) loss | (156) | 53 | 128 |
Net periodic pension cost | 15,934 | 19,251 | 25,336 |
Curtailment (gain) loss | (617) | 0 | (954) |
Settlement (gain) loss | 132 | (1,374) | (743) |
Total pension expense | $ 15,449 | $ 17,877 | $ 23,639 |
Pension and Severance Plans (Su
Pension and Severance Plans (Summarizes The Weighted-average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Discount rate for determining net periodic pension cost (as a percent) | 4.20% | 2.60% | 2.30% |
Discount rate for determining benefit obligations at December 31 (as a percent) | 3.80% | 4.20% | 2.60% |
Rate of compensation increase for determining net periodic pension cost (as a percent) | 3.60% | 3.70% | 3.70% |
Rate of compensation increase for determining benefit obligations at December 31 (as a percent) | 3.70% | 3.60% | 3.70% |
Expected rate of return on plan assets for determining net periodic pension cost (as a percent) | 4.10% | 3.80% | 3.70% |
Pension and Severance Plans (_3
Pension and Severance Plans (Defined Benefit Plans - Allocation of plan assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 129,196 | $ 127,338 | $ 157,012 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 84,219 | 77,583 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44,977 | 49,755 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 217 | 1,117 | |
Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 217 | 1,117 | |
Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,680 | 13,339 | |
Equity securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,680 | 13,339 | |
Equity securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,674 | 2,982 | |
Government bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,674 | 2,982 | |
Government bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,130 | 540 | |
Corporate bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,130 | 540 | |
Corporate bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Treasury notes | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,993 | 11,561 | |
Treasury notes | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,993 | 11,561 | |
Treasury notes | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 36,823 | 31,088 | |
Equity funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29,016 | 23,931 | |
Equity funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,807 | 7,157 | |
Debt funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25,194 | 25,060 | |
Debt funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,031 | 11,651 | |
Debt funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,163 | 13,409 | |
Guaranteed investment contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,189 | 28,340 | |
Guaranteed investment contracts | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Guaranteed investment contracts | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,189 | 28,340 | |
Taiwan retirement fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,478 | 12,845 | |
Taiwan retirement fund | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,478 | 12,845 | |
Taiwan retirement fund | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 818 | 466 | |
Other, net | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | (383) | |
Other, net | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 818 | $ 849 | |
Japan | Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, target allocation (as a percent) | 64% | ||
Japan | Other, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, target allocation (as a percent) | 2% | ||
Japan | Equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, target allocation (as a percent) | 34% | ||
Korea | Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, target allocation (as a percent) | 30% | ||
Korea | Other, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, target allocation (as a percent) | 50% | ||
Korea | Equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, target allocation (as a percent) | 20% | ||
Philippines | Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, target allocation (as a percent) | 56% | ||
Philippines | Other, net | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, target allocation (as a percent) | 2% | ||
Philippines | Equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets, target allocation (as a percent) | 42% |
Pension and Severance Plans (_4
Pension and Severance Plans (Defined Benefit Plans - Expected Future Contributions and Other Disclosures) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2024 | $ 9,369 |
2025 | 11,715 |
2026 | 12,383 |
2027 | 15,185 |
2028 | 16,062 |
2029 to 2033 | $ 98,940 |
Dividends (Details)
Dividends (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||||
Dividends per share, declared (in dollars per share) | $ 0.07875 | $ 0.30375 | $ 0.225 | $ 0.17 |
Increase of quarterly dividends, percentage | 5% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 3,699,701 | $ 2,972,546 | $ 2,353,959 |
Other comprehensive income (loss) before reclassifications | 177 | (2,276) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (526) | (1,003) | |
Total other comprehensive income (loss) | (349) | (3,279) | (7,292) |
Balance at end of period | 3,995,035 | 3,699,701 | 2,972,546 |
Unrealized Gain (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 | 2,265 | (1,243) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (480) | 18 | |
Total other comprehensive income (loss) | 1,785 | (1,225) | |
Balance at end of period | 212 | (1,573) | (348) |
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 | 1,731 | 9,625 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (46) | (1,021) | |
Total other comprehensive income (loss) | 1,685 | 8,604 | |
Balance at end of period | 15,905 | 14,220 | 5,616 |
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 | (3,819) | (10,658) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Total other comprehensive income (loss) | (3,819) | (10,658) | |
Balance at end of period | 233 | 4,052 | 14,710 |
AOCI, Parent | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 16,699 | 19,978 | 27,270 |
Total other comprehensive income (loss) | (349) | (3,279) | (7,292) |
Balance at end of period | $ 16,350 | $ 16,699 | $ 19,978 |
Derivatives (Fair Value Of Deri
Derivatives (Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Foreign Exchange Forward | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | $ 394,036 | $ 427,954 |
Foreign Exchange Forward | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value, net | 2,737 | 6,554 |
Foreign Exchange Forward | Japanese yen | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 279,027 | 330,179 |
Foreign Exchange Forward | Japanese yen | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 2,745 | 6,284 |
Foreign Exchange Forward | Korean won | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 59,036 | 65,927 |
Foreign Exchange Forward | Korean won | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 333 | |
Derivative liabilities, fair value | (97) | |
Foreign Exchange Forward | Philippine peso | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 6,553 | 3,085 |
Foreign Exchange Forward | Philippine peso | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, fair value | (20) | (6) |
Foreign Exchange Forward | Singapore dollar | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 11,506 | |
Foreign Exchange Forward | Singapore dollar | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 20 | |
Foreign Exchange Forward | Taiwan dollar | ||
Derivatives, Fair Value [Line Items] | ||
Notional Value | 37,914 | 28,763 |
Foreign Exchange Forward | Taiwan dollar | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | $ 89 | |
Derivative liabilities, fair value | $ (57) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Net Loss on derivative | $ 38.6 | $ 60.2 | $ 58.8 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial instruments | $ 1,198,094 | $ 1,209,744 |
Fair Value | Senior notes (Level 1) | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial instruments | 531,778 | 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 financial instruments | 666,316 | 686,728 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial instruments | 1,203,456 | 1,232,334 |
Carrying Value | Senior notes (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial instruments | 521,839 | 521,114 |
Carrying Value | Revolving credit facilities and term loans (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total financial instruments | $ 681,617 | $ 711,220 |
Business Segments, Customer C_3
Business Segments, Customer Concentrations and Geographic Information (Net Sales by Product Group) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 6,503,065 | $ 7,091,585 | $ 6,138,329 |
Net sales | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percent) | 100% | 100% | 100% |
Advanced Products | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 5,032,859 | $ 5,367,589 | $ 4,409,207 |
Mainstream Products | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,470,206 | $ 1,723,996 | $ 1,729,122 |
Communications (smartphones, tablets) | Net sales | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percent) | 50% | 44% | 41% |
Automotive, industrial and other (ADAS, electrification, infotainment, safety) | Net sales | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percent) | 21% | 20% | 21% |
Computing (data center, infrastructure, PC/laptop, storage) | Net sales | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percent) | 16% | 16% | 16% |
Consumer (AR & gaming, connected home, home electronics, wearables) | Net sales | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percent) | 13% | 20% | 22% |
Business Segments, Customer C_4
Business Segments, Customer Concentrations and Geographic Information (Net Sales by Region) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 6,503,065 | $ 7,091,585 | $ 6,138,329 |
Europe, Middle East and Africa | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,043,880 | 1,084,853 | 1,061,369 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Net sales | 935,620 | 1,132,121 | 1,253,717 |
Asia Pacific (excluding Japan) | |||
Segment Reporting Information [Line Items] | |||
Net sales | 704,520 | 1,017,246 | 999,591 |
Total foreign countries | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,684,020 | 3,234,220 | 3,314,677 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,819,045 | $ 3,857,365 | $ 2,823,652 |
Business Segments, Customer C_5
Business Segments, Customer Concentrations and Geographic Information (Narrative) (Details) - segment | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | 1 | ||
Largest Customer | Net sales | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percent) | 27.70% | 20.60% | 13.70% |
Second Largest Customer | Net sales | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percent) | 10.10% |
Business Segments, Customer C_6
Business Segments, Customer Concentrations and Geographic Information (Property, Plant and Equipment, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 3,299,445 | $ 3,135,614 |
China | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 385,544 | 476,945 |
Japan | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 143,399 | 121,842 |
Korea | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 1,781,632 | 1,868,956 |
Malaysia | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 51,164 | 41,978 |
Philippines | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 183,430 | 195,805 |
Portugal | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 108,982 | 82,454 |
Taiwan | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 272,428 | 261,449 |
Vietnam | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 365,059 | 79,630 |
Other foreign countries | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 272 | 583 |
Total foreign countries | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 3,291,910 | 3,129,642 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 7,535 | $ 5,972 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 101,869 | $ 122,357 | $ 121,310 |
Additions (Credited) Charged to Expense | 15,838 | (17,762) | 3,653 |
Write-offs | (2,896) | (2,726) | (2,606) |
Balance at End of Period | $ 114,811 | $ 101,869 | $ 122,357 |