amkr-20220331
000104712712/312022Q1FALSEhttp://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesCurrent00010471272022-01-012022-03-3100010471272022-04-29xbrli:sharesiso4217:USD00010471272021-01-012021-03-31iso4217:USDxbrli:shares00010471272022-03-3100010471272021-12-310001047127us-gaap:CommonStockMember2021-12-310001047127us-gaap:AdditionalPaidInCapitalMember2021-12-310001047127us-gaap:RetainedEarningsMember2021-12-310001047127us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001047127us-gaap:TreasuryStockMember2021-12-310001047127us-gaap:ParentMember2021-12-310001047127us-gaap:NoncontrollingInterestMember2021-12-310001047127us-gaap:RetainedEarningsMember2022-01-012022-03-310001047127us-gaap:ParentMember2022-01-012022-03-310001047127us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001047127us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001047127us-gaap:TreasuryStockMember2022-01-012022-03-310001047127us-gaap:CommonStockMember2022-01-012022-03-310001047127us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001047127us-gaap:CommonStockMember2022-03-310001047127us-gaap:AdditionalPaidInCapitalMember2022-03-310001047127us-gaap:RetainedEarningsMember2022-03-310001047127us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001047127us-gaap:TreasuryStockMember2022-03-310001047127us-gaap:ParentMember2022-03-310001047127us-gaap:NoncontrollingInterestMember2022-03-310001047127us-gaap:CommonStockMember2020-12-310001047127us-gaap:AdditionalPaidInCapitalMember2020-12-310001047127us-gaap:RetainedEarningsMember2020-12-310001047127us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001047127us-gaap:TreasuryStockMember2020-12-310001047127us-gaap:ParentMember2020-12-310001047127us-gaap:NoncontrollingInterestMember2020-12-3100010471272020-12-310001047127us-gaap:RetainedEarningsMember2021-01-012021-03-310001047127us-gaap:ParentMember2021-01-012021-03-310001047127us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001047127us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001047127us-gaap:TreasuryStockMember2021-01-012021-03-310001047127us-gaap:CommonStockMember2021-01-012021-03-310001047127us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001047127us-gaap:CommonStockMember2021-03-310001047127us-gaap:AdditionalPaidInCapitalMember2021-03-310001047127us-gaap:RetainedEarningsMember2021-03-310001047127us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001047127us-gaap:TreasuryStockMember2021-03-310001047127us-gaap:ParentMember2021-03-310001047127us-gaap:NoncontrollingInterestMember2021-03-3100010471272021-03-310001047127srt:MinimumMember2022-03-310001047127srt:MaximumMember2022-03-310001047127amkr:AdvancedProductsMember2022-01-012022-03-310001047127amkr:AdvancedProductsMember2021-01-012021-03-310001047127amkr:MainstreamProductsMember2022-01-012022-03-310001047127amkr:MainstreamProductsMember2021-01-012021-03-310001047127amkr:SalesChannelCommunicationsMemberus-gaap:RevenueFromContractWithCustomerMemberamkr:DistributionChannelConcentrationRiskMember2022-01-012022-03-31xbrli:pure0001047127amkr:SalesChannelCommunicationsMemberus-gaap:RevenueFromContractWithCustomerMemberamkr:DistributionChannelConcentrationRiskMember2021-01-012021-03-310001047127amkr:SalesChannelAutomotiveIndustrialAndOtherMemberus-gaap:RevenueFromContractWithCustomerMemberamkr:DistributionChannelConcentrationRiskMember2022-01-012022-03-310001047127amkr:SalesChannelAutomotiveIndustrialAndOtherMemberus-gaap:RevenueFromContractWithCustomerMemberamkr:DistributionChannelConcentrationRiskMember2021-01-012021-03-310001047127us-gaap:RevenueFromContractWithCustomerMemberamkr:SalesChannelConsumerGoodsMemberamkr:DistributionChannelConcentrationRiskMember2022-01-012022-03-310001047127us-gaap:RevenueFromContractWithCustomerMemberamkr:SalesChannelConsumerGoodsMemberamkr:DistributionChannelConcentrationRiskMember2021-01-012021-03-310001047127us-gaap:RevenueFromContractWithCustomerMemberamkr:SalesChannelComputingMemberamkr:DistributionChannelConcentrationRiskMember2022-01-012022-03-310001047127us-gaap:RevenueFromContractWithCustomerMemberamkr:SalesChannelComputingMemberamkr:DistributionChannelConcentrationRiskMember2021-01-012021-03-310001047127us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001047127us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310001047127us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310001047127us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310001047127us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-03-310001047127us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-03-310001047127us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001047127us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-03-310001047127us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-03-310001047127us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001047127us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001047127us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001047127us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310001047127us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-03-310001047127us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-03-310001047127us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001047127us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001047127us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001047127us-gaap:CommercialPaperMember2022-03-310001047127us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:CorporateBondSecuritiesMember2022-03-310001047127us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:ForeignGovernmentShorttermDebtSecuritiesMember2022-03-310001047127us-gaap:ForeignGovernmentShorttermDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:ForeignGovernmentShorttermDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:MoneyMarketFundsMember2022-03-310001047127us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:MunicipalBondsMember2022-03-310001047127us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:FairValueInputsLevel2Memberus-gaap:MunicipalBondsMember2022-03-310001047127us-gaap:USTreasurySecuritiesMember2022-03-310001047127us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-03-310001047127us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:CashEquivalentsMember2022-03-310001047127us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2022-03-310001047127us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2022-03-310001047127us-gaap:AssetBackedSecuritiesMember2022-03-310001047127us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:CertificatesOfDepositMember2022-03-310001047127us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:CommercialPaperMember2022-03-310001047127us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:CorporateBondSecuritiesMember2022-03-310001047127us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:ForeignGovernmentShorttermDebtSecuritiesMember2022-03-310001047127us-gaap:ForeignGovernmentShorttermDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:ForeignGovernmentShorttermDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:MunicipalBondsMember2022-03-310001047127us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:USTreasurySecuritiesMember2022-03-310001047127us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:VariableRateDemandObligationMember2022-03-310001047127us-gaap:VariableRateDemandObligationMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:VariableRateDemandObligationMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:ShortTermInvestmentsMember2022-03-310001047127us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2022-03-310001047127us-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:CommercialPaperMember2021-12-310001047127us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:CorporateBondSecuritiesMember2021-12-310001047127us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:MoneyMarketFundsMember2021-12-310001047127us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:MunicipalBondsMember2021-12-310001047127us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:FairValueInputsLevel2Memberus-gaap:MunicipalBondsMember2021-12-310001047127us-gaap:USTreasurySecuritiesMember2021-12-310001047127us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:CashEquivalentsMember2021-12-310001047127us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2021-12-310001047127us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2021-12-310001047127us-gaap:AssetBackedSecuritiesMember2021-12-310001047127us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:CertificatesOfDepositMember2021-12-310001047127us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:CommercialPaperMember2021-12-310001047127us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:CorporateBondSecuritiesMember2021-12-310001047127us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:ForeignGovernmentShorttermDebtSecuritiesMember2021-12-310001047127us-gaap:ForeignGovernmentShorttermDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:ForeignGovernmentShorttermDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:MunicipalBondsMember2021-12-310001047127us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:USTreasurySecuritiesMember2021-12-310001047127us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:VariableRateDemandObligationMember2021-12-310001047127us-gaap:VariableRateDemandObligationMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:VariableRateDemandObligationMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:ShortTermInvestmentsMember2021-12-310001047127us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2021-12-310001047127us-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:FairValueInputsLevel2Member2021-12-310001047127amkr:TotalFactoredMember2022-01-012022-03-310001047127amkr:TotalFactoredMember2021-01-012021-03-310001047127amkr:FactoringFeesMember2022-01-012022-03-310001047127amkr:FactoringFeesMember2021-01-012021-03-310001047127us-gaap:LandMember2022-03-310001047127us-gaap:LandMember2021-12-310001047127us-gaap:BuildingAndBuildingImprovementsMember2022-03-310001047127us-gaap:BuildingAndBuildingImprovementsMember2021-12-310001047127us-gaap:MachineryAndEquipmentMember2022-03-310001047127us-gaap:MachineryAndEquipmentMember2021-12-310001047127amkr:SoftwareAndComputerEquipmentMember2022-03-310001047127amkr:SoftwareAndComputerEquipmentMember2021-12-310001047127us-gaap:FurnitureAndFixturesMember2022-03-310001047127us-gaap:FurnitureAndFixturesMember2021-12-310001047127us-gaap:ConstructionInProgressMember2022-03-310001047127us-gaap:ConstructionInProgressMember2021-12-310001047127amkr:SeniorNotesDueSeptember2027Memberus-gaap:SeniorNotesMember2022-03-310001047127amkr:SeniorNotesDueSeptember2027Memberus-gaap:SeniorNotesMember2021-12-310001047127us-gaap:LineOfCreditMembercountry:KRus-gaap:RevolvingCreditFacilityMember2020-10-310001047127us-gaap:LineOfCreditMembercountry:KRus-gaap:RevolvingCreditFacilityMember2022-01-012022-03-310001047127us-gaap:LineOfCreditMembercountry:KRus-gaap:RevolvingCreditFacilityMember2022-03-310001047127us-gaap:LineOfCreditMembercountry:KRus-gaap:RevolvingCreditFacilityMember2021-12-310001047127amkr:ApplicableBankRateMembercountry:KRamkr:TermLoanDueApril2023Memberamkr:SubsidiaryTermLoansMember2022-01-012022-03-310001047127country:KRamkr:TermLoanDueApril2023Memberamkr:SubsidiaryTermLoansMember2022-03-310001047127country:KRamkr:TermLoanDueApril2023Memberamkr:SubsidiaryTermLoansMember2021-12-310001047127country:KRamkr:TermLoanFixedRateAt185DueApril2024Memberamkr:SubsidiaryTermLoansMember2022-03-310001047127country:KRamkr:TermLoanFixedRateAt185DueApril2024Memberamkr:SubsidiaryTermLoansMember2021-12-310001047127amkr:ApplicableBankRateMembercountry:KRamkr:TermLoanDueDecember2028Memberamkr:SubsidiaryTermLoansMember2022-01-012022-03-310001047127country:KRamkr:TermLoanDueDecember2028Memberamkr:SubsidiaryTermLoansMember2022-03-310001047127country:KRamkr:TermLoanDueDecember2028Memberamkr:SubsidiaryTermLoansMember2021-12-310001047127country:KRamkr:TermLoanFixedRateAt212DueDecember2028Memberamkr:SubsidiaryTermLoansMember2021-10-310001047127country:KRamkr:TermLoanFixedRateAt212DueDecember2028Memberamkr:SubsidiaryTermLoansMember2022-03-310001047127country:KRamkr:TermLoanFixedRateAt212DueDecember2028Memberamkr:SubsidiaryTermLoansMember2021-12-310001047127country:JPamkr:ShorttermtermloanvariablerateMemberamkr:SubsidiaryTermLoansMember2022-03-310001047127country:JPamkr:ShorttermtermloanvariablerateMemberamkr:SubsidiaryTermLoansMember2021-12-310001047127amkr:TermLoanDueJune2022Membercountry:JPamkr:SubsidiaryTermLoansMember2022-03-310001047127amkr:TermLoanDueJune2022Membercountry:JPamkr:SubsidiaryTermLoansMember2021-12-310001047127country:JPamkr:TermLoanFixedRateat0.60DueJuly2022Memberamkr:SubsidiaryTermLoansMember2022-03-310001047127country:JPamkr:TermLoanFixedRateat0.60DueJuly2022Memberamkr:SubsidiaryTermLoansMember2021-12-310001047127amkr:TermLoanFixedRateat1.30DueJuly2023Membercountry:JPamkr:SubsidiaryTermLoansMember2022-03-310001047127amkr:TermLoanFixedRateat1.30DueJuly2023Membercountry:JPamkr:SubsidiaryTermLoansMember2021-12-310001047127amkr:TermLoanFixedRateat1.35DueDecember2024Membercountry:JPamkr:SubsidiaryTermLoansMember2022-03-310001047127amkr:TermLoanFixedRateat1.35DueDecember2024Membercountry:JPamkr:SubsidiaryTermLoansMember2021-12-310001047127country:JPamkr:TermLoanFixedRateAt120DueDecember2025Memberamkr:SubsidiaryTermLoansMember2022-03-310001047127country:JPamkr:TermLoanFixedRateAt120DueDecember2025Memberamkr:SubsidiaryTermLoansMember2021-12-310001047127country:JPamkr:TermLoanFixedRateAt123DueDecember2026Memberamkr:SubsidiaryTermLoansMember2022-03-310001047127country:JPamkr:TermLoanFixedRateAt123DueDecember2026Memberamkr:SubsidiaryTermLoansMember2021-12-310001047127country:CNamkr:TermLoanLIBORPlus110DueMarch2024Memberus-gaap:LondonInterbankOfferedRateLIBORMemberamkr:SubsidiaryTermLoansMember2022-01-012022-03-310001047127country:CNamkr:TermLoanLIBORPlus110DueMarch2024Memberamkr:SubsidiaryTermLoansMember2022-03-310001047127country:CNamkr:TermLoanLIBORPlus110DueMarch2024Memberamkr:SubsidiaryTermLoansMember2021-12-310001047127us-gaap:LineOfCreditMemberamkr:SeniorSecuredRevolvingCreditFacilitydueJuly2023Membercountry:SGus-gaap:RevolvingCreditFacilityMember2018-07-310001047127us-gaap:LineOfCreditMemberamkr:SeniorSecuredRevolvingCreditFacilitydueJuly2023Membercountry:SGsrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-03-310001047127us-gaap:LineOfCreditMembersrt:MaximumMemberamkr:SeniorSecuredRevolvingCreditFacilitydueJuly2023Membercountry:SGus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-03-310001047127us-gaap:LineOfCreditMemberamkr:SeniorSecuredRevolvingCreditFacilitydueJuly2023Membercountry:SGus-gaap:RevolvingCreditFacilityMember2022-03-310001047127us-gaap:LineOfCreditMemberamkr:SeniorSecuredRevolvingCreditFacilitydueJuly2023Membercountry:SGus-gaap:RevolvingCreditFacilityMember2021-12-310001047127us-gaap:LineOfCreditMemberamkr:RevolvingCreditFacilitydueDecember2024Membercountry:TWus-gaap:RevolvingCreditFacilityMember2022-03-310001047127us-gaap:LineOfCreditMemberamkr:RevolvingCreditFacilitydueDecember2024Membercountry:TWus-gaap:RevolvingCreditFacilityMember2021-12-310001047127us-gaap:LineOfCreditMemberamkr:SeniorSecuredRevolvingCreditFacilityDueMarch2027Membercountry:SGus-gaap:RevolvingCreditFacilityMember2022-03-310001047127us-gaap:LineOfCreditMemberamkr:SeniorSecuredRevolvingCreditFacilityDueMarch2027Membercountry:SGus-gaap:RevolvingCreditFacilityMember2022-01-012022-03-310001047127us-gaap:LineOfCreditMemberamkr:SeniorSecuredRevolvingCreditFacilityDueMarch2027Membercountry:SGus-gaap:RevolvingCreditFacilityMember2021-12-310001047127us-gaap:LineOfCreditMembercountry:KRus-gaap:RevolvingCreditFacilityMember2020-10-012020-10-310001047127country:KRamkr:TermLoanFixedRateAt185DueApril2024Memberamkr:SubsidiaryTermLoansMember2021-04-30iso4217:KRWamkr:borrowing0001047127country:KRamkr:TermLoanFixedRateAt212DueDecember2028Memberamkr:SubsidiaryTermLoansMember2022-01-012022-03-310001047127country:KRamkr:TermLoanFixedRateAt212DueDecember2028Memberamkr:SubsidiaryTermLoansMember2021-12-012021-12-310001047127amkr:TokyoInterbankOfferedRateTIBORMembersrt:MinimumMembercountry:JPamkr:ShorttermtermloanvariablerateMemberamkr:SubsidiaryTermLoansMember2022-01-012022-03-310001047127srt:MaximumMemberamkr:TokyoInterbankOfferedRateTIBORMembercountry:JPamkr:ShorttermtermloanvariablerateMemberamkr:SubsidiaryTermLoansMember2022-01-012022-03-310001047127srt:WeightedAverageMembercountry:JPamkr:ShorttermtermloanvariablerateMemberamkr:SubsidiaryTermLoansMember2022-03-310001047127country:CNamkr:TermLoanOneLIBORPlus110DueMarch2024Memberus-gaap:LondonInterbankOfferedRateLIBORMemberamkr:SubsidiaryTermLoansMember2021-03-310001047127country:CNamkr:TermLoanTwoLIBORPlus110DueMarch2024Memberus-gaap:LondonInterbankOfferedRateLIBORMemberamkr:SubsidiaryTermLoansMember2021-03-310001047127country:CNamkr:TermLoanOneLIBORPlus110DueMarch2024Memberamkr:SubsidiaryTermLoansMember2021-03-012021-03-310001047127country:CNamkr:TermLoanTwoLIBORPlus110DueMarch2024Memberamkr:SubsidiaryTermLoansMember2021-03-012021-03-310001047127country:CNsrt:WeightedAverageMemberamkr:TermLoanLIBORPlus110DueMarch2024Memberamkr:SubsidiaryTermLoansMember2022-03-310001047127us-gaap:LineOfCreditMembercountry:SGamkr:A2022SingaporeRevolverMemberus-gaap:RevolvingCreditFacilityMember2022-03-310001047127amkr:SubsidiaryTermLoanAndRevolvingCreditFacilityMemberamkr:RevolvingCreditFacilitydueDecember2024Membercountry:TWus-gaap:RevolvingCreditFacilityMember2019-12-310001047127amkr:RevolvingCreditFacilitydueDecember2024Membercountry:TWus-gaap:RevolvingCreditFacilityMemberamkr:SubsidiaryTermLoansMember2019-12-310001047127us-gaap:LineOfCreditMemberamkr:RevolvingCreditFacilitydueDecember2024Membercountry:TWus-gaap:RevolvingCreditFacilityMember2019-12-310001047127us-gaap:LineOfCreditMemberamkr:RevolvingCreditFacilitydueDecember2024Membercountry:TWus-gaap:RevolvingCreditFacilityMember2022-02-280001047127currency:JPYus-gaap:ForeignExchangeForwardMember2022-03-310001047127currency:JPYus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMember2022-03-310001047127currency:JPYus-gaap:ForeignExchangeForwardMember2021-12-310001047127currency:JPYus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310001047127us-gaap:ForeignExchangeForwardMembercurrency:KRW2022-03-310001047127us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Membercurrency:KRWus-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-03-310001047127us-gaap:ForeignExchangeForwardMembercurrency:KRW2021-12-310001047127us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Membercurrency:KRWus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310001047127currency:PHPus-gaap:ForeignExchangeForwardMember2022-03-310001047127currency:PHPus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMember2022-03-310001047127currency:PHPus-gaap:ForeignExchangeForwardMember2021-12-310001047127currency:PHPus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMember2021-12-310001047127currency:SGDus-gaap:ForeignExchangeForwardMember2022-03-310001047127currency:SGDus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMember2022-03-310001047127currency:SGDus-gaap:ForeignExchangeForwardMember2021-12-310001047127currency:SGDus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:ForeignExchangeForwardMember2022-03-310001047127us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127us-gaap:ForeignExchangeForwardMember2021-12-310001047127us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Member2022-03-310001047127us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2022-03-310001047127us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001047127us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2021-12-310001047127amkr:SubsidiaryTermLoanAndRevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-03-310001047127amkr:SubsidiaryTermLoanAndRevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001047127amkr:SubsidiaryTermLoanAndRevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-12-310001047127amkr:SubsidiaryTermLoanAndRevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001047127us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310001047127us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310001047127us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001047127us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-31


UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period EndedMarch 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to          
Commission File Number 000-29472
AMKOR TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Delaware23-1722724
(State of incorporation)(I.R.S. Employer
Identification Number)
2045 East Innovation Circle
Tempe, AZ 85284
(Address of principal executive offices and zip code)
(480821-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $0.001 par valueAMKRThe NASDAQ Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days.  Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer

Accelerated filer

Non-accelerated filer 

Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No
The number of outstanding shares of the registrant’s Common Stock as of April 29, 2022 was 244,779,154.




QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2022

TABLE OF CONTENTS
Page
Consolidated Statements of Income - Three Months Ended March 31, 2022 and 2021
Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2022 and 2021
Consolidated Balance Sheets - March 31, 2022 and December 31, 2021
Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2022 and 2021
Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding (1) the amount, timing and focus of our expected capital investments in 2022, including expenditures in support of our announced expansion into Vietnam and our advanced packaging and test equipment, (2) our ability to fund our operating activities and financial requirements for the next twelve months, (3) the effect of changes in revenue levels and capacity utilization on our gross margin, (4) the impact of the Covid-19 pandemic on our operations, financial results and supply chain, (5) the focus of our research and development activities, (6) the anticipated impact of tax law changes in the jurisdictions in which we operate, (7) the grant and expiration of tax holidays in jurisdictions in which we operate and expectations regarding our effective tax rate and the availability of tax incentives, (8) the creation or release of valuation allowances related to taxes in the future, (9) our repurchase or repayment of outstanding debt, (10) payment of dividends, (11) compliance with restrictive covenants in the indentures and agreements governing our current and future indebtedness, (12) expected contributions to foreign pension plans and potential future conversion of our unfunded severance plan in Korea to a defined contribution plan, (13) liability for unrecognized tax benefits and the potential impact of our unrecognized tax benefits on our effective tax rate, (14) the effect of foreign currency exchange rate exposure on our financial results, (15) the volatility of the trading price of our common stock, (16) changes to our internal controls related to integration of acquired operations and implementation of an enterprise resource planning system, (17) our efforts to enlarge our customer base in certain geographic areas and markets, (18) demand for advanced packages in mobile and automotive devices and our technology leadership and potential growth in this market, (19) projects to install or integrate new information technology systems or upgrade our existing systems, (20) our expected revenue recognition, (21) the anticipated schedule for our new manufacturing facility in Vietnam and (22) other statements that are not historical facts. You are cautioned not to place undue reliance on forward-looking statements, which are often characterized by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or “intend,” by

-1-



QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2022

TABLE OF CONTENTS
the negative of these terms or other comparable terminology or by discussions of strategy, plans or intentions. All forward-looking statements in this Form 10-Q are made based on our current expectations, forecasts, estimates and assumptions. Because such statements include risks and uncertainties, actual results may differ materially from those anticipated in such forward-looking statements as a result of various factors, including those set forth in Part II, Item 1A and other sections of this Form 10-Q, in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”) and from time to time in our other reports filed with or furnished to the Securities and Exchange Commission (“SEC”). You should carefully consider the trends, risks and uncertainties described in this Form 10-Q, the 2021 Form 10-K, and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of the following trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially and adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We assume no obligation to update such information, except as may be required by law.

-2-

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.        Financial Statements

AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended March 31,
20222021
(In thousands, except per share data)
Net sales$1,596,816 $1,326,150 
Cost of sales1,271,486 1,060,616 
Gross profit325,330 265,534 
Selling, general and administrative76,959 76,768 
Research and development38,363 44,318 
Total operating expenses115,322 121,086 
Operating income210,008 144,448 
Interest expense14,148 12,673 
Other (income) expense, net(5,096)89 
Total other expense, net9,052 12,762 
Income before taxes200,956 131,686 
Income tax expense29,728 11,667 
Net income171,228 120,019 
Net income attributable to non-controlling interests(565)(210)
Net income attributable to Amkor$170,663 $119,809 
Net income attributable to Amkor per common share:
Basic$0.70 $0.49 
Diluted$0.69 $0.49 
Shares used in computing per common share amounts:
Basic244,403 243,267 
Diluted246,000 245,129 
The accompanying notes are an integral part of these statements.

-2-

Table of Contents

AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

For the Three Months Ended March 31,
20222021
(In thousands)
Net income$171,228 $120,019 
Other comprehensive income (loss), net of tax:
Adjustments to net unrealized gains (losses) on available-for-sale debt investments(1,077)(32)
Adjustments to unrealized components of defined benefit pension plans4 25 
Foreign currency translation(8,409)(11,440)
Total other comprehensive income (loss)(9,482)(11,447)
Comprehensive income161,746 108,572 
Comprehensive income attributable to non-controlling interests(565)(210)
Comprehensive income attributable to Amkor$161,181 $108,362 
The accompanying notes are an integral part of these statements.

-3-

Table of Contents

AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

March 31, 2022December 31, 2021
(In thousands, except per share data)
ASSETS
Current assets:  
Cash and cash equivalents$854,802 $826,744 
Restricted cash637 962 
Short-term investments (amortized cost of $308,591 and $251,959 in 2022 and 2021, respectively)
307,016 251,530 
Accounts receivable, net of allowances1,201,007 1,258,767 
Inventories516,437 484,959 
Other current assets59,656 33,601 
Total current assets2,939,555 2,856,563 
Property, plant and equipment, net2,938,742 2,871,058 
Operating lease right of use assets 180,883 159,742 
Goodwill23,182 24,516 
Restricted cash3,692 3,815 
Other assets139,733 122,860 
Total assets$6,225,787 $6,038,554 
LIABILITIES AND EQUITY
Current liabilities:  
Short-term borrowings and current portion of long-term debt$156,692 $153,008 
Trade accounts payable753,279 828,727 
Capital expenditures payable267,598 210,875 
Short-term operating lease liability71,229 64,233 
Accrued expenses374,319 422,892 
Total current liabilities1,623,117 1,679,735 
Long-term debt1,087,408 984,988 
Pension and severance obligations116,138 120,472 
Long-term operating lease liabilities86,300 83,937 
Other non-current liabilities186,002 196,876 
Total liabilities3,098,965 3,066,008 
Commitments and contingencies (Note 15)
Stockholders’ equity:  
Preferred stock, $0.001 par value, 10,000 shares authorized, designated Series A, none issued
  
Common stock, $0.001 par value, 500,000 shares authorized; 290,687 and 290,466 shares issued; and 244,532 and 244,315 shares outstanding in 2022 and 2021, respectively
291 290 
Additional paid-in capital1,982,113 1,977,134 
Retained earnings1,322,370 1,163,939 
Accumulated other comprehensive income (loss)10,496 19,978 
Treasury stock, at cost, 46,155 and 46,151 shares in 2022 and 2021, respectively
(219,147)(219,065)
Total Amkor stockholders’ equity3,096,123 2,942,276 
Non-controlling interests in subsidiaries30,699 30,270 
Total equity3,126,822 2,972,546 
Total liabilities and equity$6,225,787 $6,038,554 
The accompanying notes are an integral part of these statements.

-4-

Table of Contents

AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
Additional Paid-
In Capital
Retained EarningsAccumulated
Other
Comprehensive
Income (Loss)
Total Amkor
Stockholders’
Equity
Noncontrolling
Interest in
Subsidiaries
Total
Equity
Common StockTreasury Stock
SharesPar ValueSharesCost
(In thousands)
Balance at December 31, 2021290,466 $290 $1,977,134 $1,163,939 $19,978 (46,151)$(219,065)$2,942,276 $30,270 $2,972,546 
Net income— — — 170,663 — — — 170,663 565 171,228 
Other comprehensive income (loss)— — — — (9,482)— — (9,482)— (9,482)
Treasury stock acquired through surrender of shares for tax withholding— — — — — (4)(82)(82)— (82)
Issuance of stock through share-based compensation plans221 1 1,482 — — — — 1,483 — 1,483 
Share-based compensation— — 3,497 — — — — 3,497 — 3,497 
Cash dividends declared ($0.05 per common share)
— — — (12,232)— — — (12,232)— (12,232)
Subsidiary dividends to non-controlling interests— — — — — — — — (136)(136)
Balance at March 31, 2022290,687 $291 $1,982,113 $1,322,370 $10,496 (46,155)$(219,147)$3,096,123 $30,699 $3,126,822 
Balance at December 31, 2020288,923 $289 $1,953,378 $562,502 $27,270 (46,094)$(217,740)$2,325,699 $28,260 $2,353,959 
Net income— — — 119,809 — — — 119,809 210 120,019 
Other comprehensive income (loss)— — — — (11,447)— — (11,447)— (11,447)
Treasury stock acquired through surrender of shares for tax withholding— — — — — (57)(1,321)(1,321)— (1,321)
Issuance of stock through share-based compensation plans942 1 8,560 — — — — 8,561 — 8,561 
Share-based compensation— — 2,393 — — — — 2,393 — 2,393 
Cash Dividends declared ($0.04 per common share)
— — — (9,777)— — — (9,777)— (9,777)
Subsidiary dividends to non-controlling interests— — — — — — — — (150)(150)
Balance at March 31, 2021289,865 $290 $1,964,331 $672,534 $15,823 (46,151)$(219,061)$2,433,917 $28,320 $2,462,237 
The accompanying notes are an integral part of these statements.


-5-


Table of Contents

AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

For the Three Months Ended March 31,
 20222021
 (In thousands)
Cash flows from operating activities:  
Net income$171,228 $120,019 
Depreciation and amortization148,192 135,390 
Other operating activities and non-cash items11,061 2,370 
Changes in assets and liabilities(164,303)(80,991)
Net cash provided by operating activities166,178 176,788 
Cash flows from investing activities:  
Payments for property, plant and equipment(158,154)(110,351)
Proceeds from sale of property, plant and equipment416 547 
Proceeds from foreign exchange forward contracts1,828 2,960 
Payments for foreign exchange forward contracts(29,803)(28,306)
Payments for short-term investments(125,693)(92,879)
Proceeds from sale of short-term investments4,246 19,838 
Proceeds from maturities of short-term investments66,694 43,790 
Other investing activities457 29 
Net cash used in investing activities(240,009)(164,372)
Cash flows from financing activities:  
Proceeds from short-term debt18,112 3,679 
Payments of short-term debt(3,790)(7,803)
Proceeds from issuance of long-term debt150,000 50,000 
Payments of long-term debt(35,973)(79,684)
Payments of finance lease obligations(7,538)(3,216)
Payments of dividends(12,228)(19,457)
Other financing activities653 7,037 
Net cash provided by (used in) financing activities109,236 (49,444)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(7,795)(10,397)
Net increase (decrease) in cash, cash equivalents and restricted cash27,610 (47,425)
Cash, cash equivalents and restricted cash, beginning of period831,521 702,197 
Cash, cash equivalents and restricted cash, end of period$859,131 $654,772 
Non-cash investing and financing activities:
Property, plant and equipment included in capital expenditures payable$268,146 $273,971 
Right of use assets acquired through finance lease liabilities6,438  
Right of use assets acquired through operating lease liabilities27,246 8,109 
The accompanying notes are an integral part of these statements.

-6-

Table of Contents

AMKOR TECHNOLOGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    Interim Financial Statements
Basis of Presentation. The Consolidated Financial Statements and related disclosures as of March 31, 2022, and for the three months ended March 31, 2022 and 2021, contained in this Form 10-Q (the “Consolidated Financial Statements”) are unaudited, pursuant to the rules and regulations of the SEC. The December 31, 2021 Consolidated Balance Sheet data contained in this Form 10-Q was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. In our opinion, the Consolidated Financial Statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods and should be read in conjunction with the financial statements included in the 2021 Form 10-K. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. Unless the context otherwise requires, all references to “Amkor,” “we,” “us” or “our” are to Amkor Technology, Inc. and its wholly and majority-owned subsidiaries.
Use of Estimates. The Consolidated Financial Statements have been prepared in conformity with U.S. GAAP, using management’s best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments, as a result of, for example, the impact of the Covid-19 pandemic and any worsening of the global business and economic environment.
Goodwill. The balance of goodwill in the Consolidated Balance Sheets contained in this Form 10-Q reflects adjustments for foreign currency translation.
Unbilled Receivables. Total unbilled receivables as of March 31, 2022 and December 31, 2021 were $220.4 million and $224.7 million, respectively.
Contract Liabilities. Contract liabilities were $175.1 million and $187.2 million as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, the short-term portions of the liabilities were $112.8 million and $117.7 million, respectively. The remainder of the March 31, 2022 contract liability balance is expected to be recognized in revenue over the next 1-3 years. Revenue recognized during the three months ended March 31, 2022 and 2021 that was included in the contract liabilities balance at the beginning of the period was $28.9 million and $8.1 million, respectively.

2.    Net Sales by Product Group and End Market
The following table presents our net sales by product group.
For the Three Months Ended March 31,
20222021
(In thousands)
Advanced products (1)$1,156,508 $920,655 
Mainstream products (2)440,308 405,495 
Total net sales$1,596,816 $1,326,150 
(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.

-7-

Table of Contents

AMKOR TECHNOLOGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)


Net sales by end market consist of the following:
For the Three Months Ended March 31,
20222021
Communications (smart phones, tablets)41 %40 %
Automotive, industrial and other (ADAS, electrification, infotainment, safety)21 %22 %
Consumer (AR & gaming, connected home, home electronics, wearables)19 %21 %
Computing (data center, infrastructure, PC/laptop, storage)
19 %17 %
Total net sales100 %100 %

3.    Other Income and Expense
Other income and expense consist of the following:
For the Three Months Ended March 31,
 20222021
 (In thousands)
Interest income$(603)$(279)
Foreign currency (gain) loss, net(4,301)619 
Loss on debt retirement97  
Other(289)(251)
Other (income) expense, net$(5,096)$89 

4.    Income Taxes
Income tax expense of $29.7 million for the three months ended March 31, 2022 reflects income taxes, foreign withholding taxes and minimum taxes.
We monitor on an ongoing basis our ability to utilize our deferred tax assets and whether there is a need for a related valuation allowance. In evaluating our ability to recover our deferred tax assets in the jurisdictions from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations.
We maintain a valuation allowance on certain U.S. and foreign deferred tax assets. Such valuation allowances are released as the related tax benefits are realized or when sufficient evidence exists to conclude that it is more likely than not that the deferred tax assets will be realized.
Unrecognized tax benefits represent reserves for potential tax deficiencies or reductions in tax benefits that could result from federal, state or foreign tax audits. Gross unrecognized tax benefits decreased from $37.3 million as of December 31, 2021 to $36.7 million as of March 31, 2022, primarily due to settlement of examinations offset by increases related to income attribution. All of our unrecognized tax benefits would reduce our effective tax rate if recognized. Our unrecognized tax benefits are subject to change for effective settlement of examinations, changes in the recognition threshold of tax positions, the expiration of statutes of limitations and other factors.
We have tax returns that are open to examination in various jurisdictions for tax years 2011-2021. 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 the examinations will be favorable. 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.

-8-


Table of Contents

AMKOR TECHNOLOGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)



5.    Earnings Per Share
Basic earnings per share (“EPS”) is computed by dividing net income attributable to Amkor common stockholders by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding is reduced for treasury stock.
Diluted EPS is computed based on the weighted-average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock options, performance-vested restricted stock units, time-vested restricted stock units and unvested restricted shares.
The following table summarizes the computation of basic and diluted EPS:
For the Three Months Ended March 31,
 20222021
 (In thousands,
except per share data)
Net income attributable to Amkor common stockholders$170,663 $119,809 
Weighted-average number of common shares outstanding - basic244,403 243,267 
Effect of dilutive securities:  
Share-based awards1,597 1,862 
Weighted-average number of common shares outstanding - diluted246,000 245,129 
Net income attributable to Amkor per common share:  
Basic$0.70 $0.49 
Diluted0.69 0.49 
There were no anti-dilutive shares for the three months ended March 31, 2022 and 2021.


-9-


Table of Contents

AMKOR TECHNOLOGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)


6.    Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss), net of tax, consist of the following:
Unrealized Gains (Losses) on Available-for-Sale Debt Investments (1)Defined Benefit Pension (2)Foreign Currency TranslationTotal
(In thousands)
Accumulated other comprehensive income (loss) at December 31, 2021$(348)$5,616 $14,710 $19,978 
Other comprehensive income (loss) before reclassifications(1,087) (8,409)(9,496)
Amounts reclassified from accumulated other comprehensive income (loss)10 4  14 
Other comprehensive income (loss)(1,077)4 (8,409)(9,482)
Accumulated other comprehensive income (loss) at March 31, 2022$(1,425)$5,620 $6,301 $10,496 
Unrealized Gains (Losses) on Available-for-Sale Debt Investments (1)Defined Benefit Pension (2)Foreign Currency TranslationTotal
(In thousands)
Accumulated other comprehensive income (loss) at December 31, 2020$21 $(4,218)$31,467 $27,270 
Other comprehensive income (loss) before reclassifications(59) (11,440)$(11,499)
Amounts reclassified from accumulated other comprehensive income (loss)27 25  $52 
Other comprehensive income (loss)(32)25 (11,440)(11,447)
Accumulated other comprehensive income (loss) at March 31, 2021$(11)$(4,193)$20,027 $15,823 
(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).


-10-


Table of Contents

AMKOR TECHNOLOGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)


7.    Investments
All of our available-for-sale debt investments as of March 31, 2022 are available to fund current operations and are recorded at fair value (Note 14).
The following table summarizes our cash equivalents and available-for-sale debt investments:
March 31, 2022
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Commercial paper$53,513 $ $ $53,513 $ $53,513 
Corporate bonds12,686 4 (4)12,686  12,686 
Foreign government bonds2,000   2,000  2,000 
Money market funds122,048   122,048 122,048  
Municipal bonds750   750  750 
U.S. government bonds13,298   13,298 13,298  
U.S. government agency bonds6,000   6,000  6,000 
Total cash equivalents210,295 4 (4)210,295 135,346 74,949 
Short-term investments
Asset-backed securities20,503 1 (59)20,445  20,445 
Certificate of deposits17,525   17,525 17,525  
Commercial paper24,736   24,736  24,736 
Corporate bonds229,958 3 (1,485)228,476  228,476 
Foreign government bonds458  (3)455  455 
Municipal bonds5,101  (5)5,096  5,096 
U.S. government bonds5,164  (27)5,137 5,137  
Variable rate demand notes500   500  500 
Total short-term investments303,945 4 (1,579)302,370 22,662 279,708 
Total$514,240 $8 $(1,583)$512,665 $158,008 $354,657 

-11-


Table of Contents

AMKOR TECHNOLOGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(Unaudited)


December 31, 2021
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Commercial paper$5,499 $ $ $5,499 $ $5,499 
Corporate bonds4,921  (5)4,916  4,916 
Money market funds269,251   269,251 269,251  
Municipal bonds500   500  500 
U.S. government bonds4,000   4,000 4,000  
Total cash equivalents284,171  (5)284,166 273,251 10,915 
Short-term investments
Asset-backed securities12,915 1 (11)12,905  12,905 
Certificate of deposits12,076   12,076 12,076  
Commercial paper30,691   30,691  30,691 
Corporate bonds179,235 1 (410)178,826  178,826 
Foreign government bonds458  (1)457  457 
Municipal bonds8,418 1 (2)8,417  8,417 
U.S. government bonds2,966  (8)2,958 2,958  
Variable rate demand notes500   500  500 
Total short-term investments247,259 3 (432)246,830 15,034 231,796 
Total$531,430 $3 $(437)$530,996 $288,285 $242,711 
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of March 31, 2022:
Amortized CostFair Value
(In thousands)
Within 1 year$468,815 $467,572 
After 1 year through 5 years43,525 43,195 
After 5 years through 10 years572 570 
After 10 years1,328 1,328 
Total$514,240 $512,665 
Actual maturities can differ from contractual maturities due to various factors including the issuers may have the right to call or prepay obligations without call or prepayment penalties.
As of March 31, 2022, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year was $4.6 million. As of December 31, 2021, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year was $