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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amkor Technology Inc | NASDAQ:AMKR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.68 | 2.15% | 32.34 | 29.85 | 33.50 | 33.459 | 32.13 | 32.63 | 1,060,711 | 01:00:00 |
|
Delaware
|
|
|
|
23-1722724
|
(State of incorporation)
|
|
|
|
(I.R.S. Employer
Identification Number)
|
Title of Each Class
|
Trading Symbol
|
Name of Each Exchange on Which Registered
|
Common Stock, $0.001 par value
|
AMKR
|
The NASDAQ Global Select Market
|
Large accelerated filer
|
☑
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands, except per share data)
|
||||||
Net sales
|
$
|
1,152,616
|
|
|
$
|
894,964
|
|
Cost of sales
|
963,708
|
|
|
774,203
|
|
||
Gross profit
|
188,908
|
|
|
120,761
|
|
||
Selling, general and administrative
|
72,582
|
|
|
71,587
|
|
||
Research and development
|
32,253
|
|
|
35,754
|
|
||
Total operating expenses
|
104,835
|
|
|
107,341
|
|
||
Operating income
|
84,073
|
|
|
13,420
|
|
||
Interest expense
|
17,045
|
|
|
19,273
|
|
||
Other (income) expense, net
|
(2,315
|
)
|
|
(4,565
|
)
|
||
Total other expense, net
|
14,730
|
|
|
14,708
|
|
||
Income (loss) before taxes
|
69,343
|
|
|
(1,288
|
)
|
||
Income tax expense
|
4,846
|
|
|
21,380
|
|
||
Net income (loss)
|
64,497
|
|
|
(22,668
|
)
|
||
Net income attributable to non-controlling interests
|
(608
|
)
|
|
(211
|
)
|
||
Net income (loss) attributable to Amkor
|
$
|
63,889
|
|
|
$
|
(22,879
|
)
|
|
|
|
|
||||
Net income (loss) attributable to Amkor per common share:
|
|
|
|
||||
Basic
|
$
|
0.27
|
|
|
$
|
(0.10
|
)
|
Diluted
|
$
|
0.26
|
|
|
$
|
(0.10
|
)
|
|
|
|
|
||||
Shares used in computing per common share amounts:
|
|
|
|
||||
Basic
|
240,919
|
|
|
239,414
|
|
||
Diluted
|
241,333
|
|
|
239,414
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Net income (loss)
|
$
|
64,497
|
|
|
$
|
(22,668
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Adjustments to net unrealized gains (losses) on available-for-sale debt investments
|
108
|
|
|
—
|
|
||
Adjustments to unrealized components of defined benefit pension plans
|
11
|
|
|
(132
|
)
|
||
Foreign currency translation
|
475
|
|
|
(2,224
|
)
|
||
Total other comprehensive income (loss)
|
594
|
|
|
(2,356
|
)
|
||
Comprehensive income (loss)
|
65,091
|
|
|
(25,024
|
)
|
||
Comprehensive income attributable to non-controlling interests
|
(608
|
)
|
|
(211
|
)
|
||
Comprehensive income (loss) attributable to Amkor
|
$
|
64,483
|
|
|
$
|
(25,235
|
)
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
|
(In thousands, except per share data)
|
||||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
941,447
|
|
|
$
|
894,948
|
|
Restricted cash
|
610
|
|
|
610
|
|
||
Short-term investments (amortized cost of $58,139 in 2020)
|
58,263
|
|
|
6,348
|
|
||
Accounts receivable, net of allowances
|
880,629
|
|
|
850,753
|
|
||
Inventories
|
238,201
|
|
|
220,602
|
|
||
Other current assets
|
34,553
|
|
|
28,272
|
|
||
Total current assets
|
2,153,703
|
|
|
2,001,533
|
|
||
Property, plant and equipment, net
|
2,367,746
|
|
|
2,404,850
|
|
||
Operating lease right of use assets
|
147,985
|
|
|
148,549
|
|
||
Goodwill
|
26,235
|
|
|
25,976
|
|
||
Restricted cash
|
3,267
|
|
|
2,974
|
|
||
Other assets
|
112,701
|
|
|
111,733
|
|
||
Total assets
|
$
|
4,811,637
|
|
|
$
|
4,695,615
|
|
LIABILITIES AND EQUITY
|
|||||||
Current liabilities:
|
|
|
|
|
|
||
Short-term borrowings and current portion of long-term debt
|
$
|
141,521
|
|
|
$
|
144,479
|
|
Trade accounts payable
|
562,633
|
|
|
571,054
|
|
||
Capital expenditures payable
|
107,131
|
|
|
77,044
|
|
||
Accrued expenses
|
236,464
|
|
|
267,226
|
|
||
Total current liabilities
|
1,047,749
|
|
|
1,059,803
|
|
||
Long-term debt
|
1,371,501
|
|
|
1,305,755
|
|
||
Pension and severance obligations
|
178,084
|
|
|
176,971
|
|
||
Long-term operating lease liabilities
|
89,733
|
|
|
91,107
|
|
||
Other non-current liabilities
|
65,945
|
|
|
71,740
|
|
||
Total liabilities
|
2,753,012
|
|
|
2,705,376
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
|
|
||
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; 287,093 and 286,877 shares issued; and 241,016 and 240,805 shares outstanding in 2020 and 2019, respectively
|
287
|
|
|
287
|
|
||
Additional paid-in capital
|
1,931,088
|
|
|
1,927,739
|
|
||
Retained earnings
|
297,966
|
|
|
234,077
|
|
||
Accumulated other comprehensive income (loss)
|
19,709
|
|
|
19,115
|
|
||
Treasury stock, at cost, 46,077 and 46,072 shares, in 2020 and 2019, respectively
|
(217,533
|
)
|
|
(217,479
|
)
|
||
Total Amkor stockholders’ equity
|
2,031,517
|
|
|
1,963,739
|
|
||
Non-controlling interests in subsidiaries
|
27,108
|
|
|
26,500
|
|
||
Total equity
|
2,058,625
|
|
|
1,990,239
|
|
||
Total liabilities and equity
|
$
|
4,811,637
|
|
|
$
|
4,695,615
|
|
|
|
|
|
|
Additional Paid-
In Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
|
|
|
|
Total Amkor
Stockholders’
Equity
|
|
Noncontrolling
Interest in
Subsidiaries
|
|
Total
Equity
|
||||||||||||||||||
|
Common Stock
|
|
|
|
|
Treasury Stock
|
|
|
|
||||||||||||||||||||||||||||
|
Shares
|
|
Par Value
|
|
|
|
|
Shares
|
|
Cost
|
|
|
|
||||||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
286,877
|
|
|
$
|
287
|
|
|
$
|
1,927,739
|
|
|
$
|
234,077
|
|
|
$
|
19,115
|
|
|
(46,072
|
)
|
|
$
|
(217,479
|
)
|
|
$
|
1,963,739
|
|
|
$
|
26,500
|
|
|
$
|
1,990,239
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
63,889
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63,889
|
|
|
608
|
|
|
64,497
|
|
||||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
594
|
|
|
—
|
|
|
—
|
|
|
594
|
|
|
—
|
|
|
594
|
|
||||||||
Treasury stock acquired through surrender of shares for tax withholding
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(54
|
)
|
|
(54
|
)
|
|
—
|
|
|
(54
|
)
|
||||||||
Issuance of stock through share-based compensation plans
|
216
|
|
|
—
|
|
|
1,519
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,519
|
|
|
—
|
|
|
1,519
|
|
||||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
1,830
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,830
|
|
|
—
|
|
|
1,830
|
|
||||||||
Balance at March 31, 2020
|
287,093
|
|
|
$
|
287
|
|
|
$
|
1,931,088
|
|
|
$
|
297,966
|
|
|
$
|
19,709
|
|
|
(46,077
|
)
|
|
$
|
(217,533
|
)
|
|
$
|
2,031,517
|
|
|
$
|
27,108
|
|
|
$
|
2,058,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at December 31, 2018
|
285,352
|
|
|
$
|
285
|
|
|
$
|
1,909,425
|
|
|
$
|
113,189
|
|
|
$
|
23,812
|
|
|
(45,967
|
)
|
|
$
|
(216,171
|
)
|
|
$
|
1,830,540
|
|
|
$
|
25,360
|
|
|
$
|
1,855,900
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,879
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,879
|
)
|
|
211
|
|
|
(22,668
|
)
|
||||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,356
|
)
|
|
—
|
|
|
—
|
|
|
(2,356
|
)
|
|
|
|
|
(2,356
|
)
|
||||||||
Treasury stock acquired through surrender of shares for tax withholding
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(48
|
)
|
|
(48
|
)
|
|
—
|
|
|
(48
|
)
|
||||||||
Issuance of stock through share-based compensation plans
|
78
|
|
|
—
|
|
|
286
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
286
|
|
|
—
|
|
|
286
|
|
||||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
1,468
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,468
|
|
|
—
|
|
|
1,468
|
|
||||||||
Balance, March 31, 2019
|
285,430
|
|
|
$
|
285
|
|
|
$
|
1,911,179
|
|
|
$
|
90,310
|
|
|
$
|
21,456
|
|
|
(45,972
|
)
|
|
$
|
(216,219
|
)
|
|
$
|
1,807,011
|
|
|
$
|
25,571
|
|
|
$
|
1,832,582
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income (loss)
|
$
|
64,497
|
|
|
$
|
(22,668
|
)
|
Depreciation and amortization
|
123,657
|
|
|
135,835
|
|
||
Other operating activities and non-cash items
|
8,287
|
|
|
15,928
|
|
||
Changes in assets and liabilities
|
(99,852
|
)
|
|
(77,038
|
)
|
||
Net cash provided by operating activities
|
96,589
|
|
|
52,057
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Payments for property, plant and equipment
|
(55,888
|
)
|
|
(203,216
|
)
|
||
Proceeds from sale of property, plant and equipment
|
1,887
|
|
|
180
|
|
||
Proceeds from insurance recovery for property, plant and equipment
|
—
|
|
|
1,538
|
|
||
Payments for short-term investments
|
(55,754
|
)
|
|
—
|
|
||
Other investing activities
|
5,163
|
|
|
(569
|
)
|
||
Net cash used in investing activities
|
(104,592
|
)
|
|
(202,067
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from revolving credit facilities
|
201,000
|
|
|
—
|
|
||
Proceeds from short-term debt
|
14,086
|
|
|
29,781
|
|
||
Payments of short-term debt
|
(9,409
|
)
|
|
(10,588
|
)
|
||
Proceeds from issuance of long-term debt
|
24,000
|
|
|
572,375
|
|
||
Payments of long-term debt
|
(172,336
|
)
|
|
(63,636
|
)
|
||
Payments of finance lease obligations
|
(2,355
|
)
|
|
(1,376
|
)
|
||
Other financing activities
|
109
|
|
|
(2,848
|
)
|
||
Net cash provided by financing activities
|
55,095
|
|
|
523,708
|
|
||
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
|
(300
|
)
|
|
(829
|
)
|
||
Net increase in cash, cash equivalents and restricted cash
|
46,792
|
|
|
372,869
|
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
898,532
|
|
|
688,051
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
945,324
|
|
|
$
|
1,060,920
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Property, plant and equipment included in capital expenditures payable
|
$
|
107,344
|
|
|
$
|
124,547
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Advanced products (1)
|
$
|
705,158
|
|
|
$
|
422,446
|
|
Mainstream products (2)
|
447,458
|
|
|
472,518
|
|
||
Total net sales
|
$
|
1,152,616
|
|
|
$
|
894,964
|
|
(1)
|
Advanced products include flip chip and wafer-level processing and related test services.
|
(2)
|
Mainstream products include wirebond packaging and related test services.
|
|
For the Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
Communications (handheld devices, smartphones, tablets)
|
38
|
%
|
|
38
|
%
|
Consumer (connected home, set-top boxes, televisions, visual imaging, wearables)
|
24
|
%
|
|
14
|
%
|
Automotive, industrial and other (driver assist, infotainment, performance, safety)
|
23
|
%
|
|
28
|
%
|
Computing (datacenter, infrastructure, PC/laptop, storage)
|
15
|
%
|
|
20
|
%
|
Total net sales
|
100
|
%
|
|
100
|
%
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Interest income
|
$
|
(2,258
|
)
|
|
$
|
(2,064
|
)
|
Foreign currency (gain) loss, net
|
(229
|
)
|
|
(2,013
|
)
|
||
Loss on debt retirement
|
428
|
|
|
—
|
|
||
Other
|
(256
|
)
|
|
(488
|
)
|
||
Other (income) expense, net
|
$
|
(2,315
|
)
|
|
$
|
(4,565
|
)
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands,
except per share data)
|
||||||
Net income (loss) attributable to Amkor common stockholders
|
$
|
63,889
|
|
|
$
|
(22,879
|
)
|
|
|
|
|
||||
Weighted-average number of common shares outstanding - basic
|
240,919
|
|
|
239,414
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
||
Stock options and restricted share awards
|
414
|
|
|
—
|
|
||
Weighted-average number of common shares outstanding - diluted
|
241,333
|
|
|
239,414
|
|
||
Net income (loss) attributable to Amkor per common share:
|
|
|
|
|
|
||
Basic
|
$
|
0.27
|
|
|
$
|
(0.10
|
)
|
Diluted
|
0.26
|
|
|
(0.10
|
)
|
|
For the Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
|
(In thousands)
|
||||
Stock options and restricted share awards
|
4,321
|
|
|
7,123
|
|
|
Unrealized Gains (Losses) on Available-for-Sale Debt Investments
|
|
Defined Benefit Pension (1)
|
|
Foreign Currency Translation
|
|
Total
|
||||||||
|
|
|
(In thousands)
|
||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2019
|
$
|
—
|
|
|
$
|
(4,820
|
)
|
|
$
|
23,935
|
|
|
$
|
19,115
|
|
Other comprehensive income (loss) before reclassifications
|
108
|
|
|
—
|
|
|
475
|
|
|
583
|
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||
Other comprehensive income (loss)
|
108
|
|
|
11
|
|
|
475
|
|
|
594
|
|
||||
Accumulated other comprehensive income (loss) at March 31, 2020
|
$
|
108
|
|
|
$
|
(4,809
|
)
|
|
$
|
24,410
|
|
|
$
|
19,709
|
|
|
Defined Benefit Pension (1)
|
|
Foreign Currency Translation
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Accumulated other comprehensive income (loss) at December 31, 2018
|
$
|
2,659
|
|
|
$
|
21,153
|
|
|
$
|
23,812
|
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
(2,224
|
)
|
|
$
|
(2,224
|
)
|
||
Amounts reclassified from accumulated other comprehensive income (loss)
|
(132
|
)
|
|
—
|
|
|
$
|
(132
|
)
|
||
Other comprehensive income (loss)
|
(132
|
)
|
|
(2,224
|
)
|
|
(2,356
|
)
|
|||
Accumulated other comprehensive income (loss) at March 31, 2019
|
$
|
2,527
|
|
|
$
|
18,929
|
|
|
$
|
21,456
|
|
(1)
|
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.
|
|
March 31, 2020
|
||||||||||||||||||||||
|
|
|
Fair Value Level
|
||||||||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses (1)
|
|
Total Fair Value
|
|
Level 1
|
|
Level 2
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Cash equivalents
|
$
|
351,965
|
|
|
$
|
16
|
|
|
$
|
(11
|
)
|
|
$
|
351,970
|
|
|
$
|
314,676
|
|
|
$
|
37,294
|
|
Short-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Asset-backed securities
|
6,064
|
|
|
19
|
|
|
(5
|
)
|
|
6,078
|
|
|
—
|
|
|
6,078
|
|
||||||
Commercial paper
|
1,986
|
|
|
—
|
|
|
—
|
|
|
1,986
|
|
|
—
|
|
|
1,986
|
|
||||||
Corporate bonds
|
25,297
|
|
|
111
|
|
|
(42
|
)
|
|
25,366
|
|
|
—
|
|
|
25,366
|
|
||||||
Municipal bonds
|
2,762
|
|
|
7
|
|
|
—
|
|
|
2,769
|
|
|
—
|
|
|
2,769
|
|
||||||
U.S. government agency bonds
|
7,482
|
|
|
12
|
|
|
(1
|
)
|
|
7,493
|
|
|
—
|
|
|
7,493
|
|
||||||
U.S. government bonds
|
13,991
|
|
|
23
|
|
|
—
|
|
|
14,014
|
|
|
14,014
|
|
|
—
|
|
||||||
Variable rate demand notes
|
557
|
|
|
—
|
|
|
—
|
|
|
557
|
|
|
—
|
|
|
557
|
|
||||||
Total (2) (3)
|
$
|
410,104
|
|
|
$
|
188
|
|
|
$
|
(59
|
)
|
|
$
|
410,233
|
|
|
$
|
328,690
|
|
|
$
|
81,543
|
|
(1)
|
All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
|
(2)
|
We have available-for-sale debt investments of $6.1 million with contractual maturities from 1 year to 5 years. Expected maturities can differ from contractual maturities because the issuers may 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.
|
(3)
|
In April 2020, we increased our available-for-sale debt investments by $130.0 million.
|
|
December 31, 2019
|
||
|
(In thousands)
|
||
Cash equivalent money market funds (Level 1) (1)
|
$
|
384,474
|
|
Short-term investment government bond (Level 2) (2)
|
6,348
|
|
(1)
|
The cash equivalent money market funds (Level 1) at December 31, 2019 have been corrected to include $286.7 million of cash equivalents that were excluded in previously reported amounts. There was no change to total cash and cash equivalents reported on our consolidated balance sheet. We determined this was immaterial to the prior period but have presented the balance as revised for comparability.
|
(2)
|
The fair market value of the security is $6.3 million. The carrying value of the security represents the amortized cost.
|
|
March 31,
2020 |
|
December 31, 2019
|
||||
|
(In thousands)
|
||||||
Land
|
$
|
220,076
|
|
|
$
|
219,785
|
|
Buildings and improvements
|
1,575,352
|
|
|
1,571,653
|
|
||
Machinery and equipment
|
5,335,424
|
|
|
5,303,729
|
|
||
Finance lease assets
|
34,401
|
|
|
34,158
|
|
||
Software and computer equipment
|
222,459
|
|
|
220,264
|
|
||
Furniture, fixtures and other equipment
|
19,844
|
|
|
19,740
|
|
||
Construction in progress
|
24,618
|
|
|
12,593
|
|
||
Total property, plant and equipment
|
7,432,174
|
|
|
7,381,922
|
|
||
Accumulated depreciation and amortization
|
(5,064,428
|
)
|
|
(4,977,072
|
)
|
||
Total property, plant and equipment, net
|
$
|
2,367,746
|
|
|
$
|
2,404,850
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Depreciation expense
|
$
|
123,501
|
|
|
$
|
135,493
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
|
(In thousands)
|
||||||
Payroll and benefits
|
$
|
90,561
|
|
|
$
|
115,693
|
|
Short-term operating lease liabilities
|
42,082
|
|
|
40,972
|
|
||
Income taxes payable
|
18,587
|
|
|
11,661
|
|
||
Deferred revenue and customer advances
|
13,881
|
|
|
16,177
|
|
||
Accrued severance plan obligations
|
11,192
|
|
|
13,408
|
|
||
Short-term finance lease liabilities
|
9,168
|
|
|
9,121
|
|
||
Accrued interest
|
3,629
|
|
|
11,638
|
|
||
Other accrued expenses
|
47,364
|
|
|
48,556
|
|
||
Total accrued expenses
|
$
|
236,464
|
|
|
$
|
267,226
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
|
(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. (8):
|
|
|
|
||||
$30 million revolving credit facility, LIBOR plus the applicable bank rate (1)
|
15,000
|
|
|
—
|
|
||
Term loan, fund floating rate plus 1.60%, due June 2020 (2)
|
—
|
|
|
24,000
|
|
||
Term loan, applicable bank rate plus 2.03%, due July 2022
|
40,000
|
|
|
40,000
|
|
||
Term loan, applicable bank rate plus 2.03%, due September 2022 (3)
|
60,000
|
|
|
60,000
|
|
||
Term loan, LIBOR plus 2.56%, due December 2023 (4)
|
80,000
|
|
|
200,000
|
|
||
Term loan, applicable bank rate plus 1.98%, due December 2028 (2)
|
90,000
|
|
|
66,000
|
|
||
Amkor Technology Japan, Inc.:
|
|
|
|
||||
Short-term term loans, variable rate (5)
|
12,005
|
|
|
7,071
|
|
||
Term loan, fixed rate at 0.86%, due June 2022
|
20,923
|
|
|
23,018
|
|
||
Term loan, fixed rate at 0.60%, due July 2022
|
4,649
|
|
|
5,064
|
|
||
Term loan, fixed rate at 1.30%, due July 2023
|
169,239
|
|
|
179,541
|
|
||
Term loan, fixed rate at 1.35%, due December 2024 (4)
|
251,767
|
|
|
262,407
|
|
||
Amkor Assembly & Test (Shanghai) Co., Ltd.:
|
|
|
|
||||
Term loan, LIBOR plus 1.60%, due March 2022
|
29,000
|
|
|
29,000
|
|
||
Term loan, LIBOR Plus 1.40%, due March 2022
|
19,250
|
|
|
19,250
|
|
||
Other:
|
|
|
|
||||
$250 million senior secured revolving credit facility, LIBOR plus 1.25%-1.75%, due July 2023 (Singapore) (6)
|
150,000
|
|
|
—
|
|
||
Revolving credit facility, TAIFX plus the applicable bank rate, due December 2024 (Taiwan) (7)
|
56,000
|
|
|
20,000
|
|
||
|
1,522,833
|
|
|
1,460,351
|
|
||
Less: Unamortized discount and deferred debt costs, net
|
(9,811
|
)
|
|
(10,117
|
)
|
||
Less: Short-term borrowings and current portion of long-term debt
|
(141,521
|
)
|
|
(144,479
|
)
|
||
Long-term debt
|
$
|
1,371,501
|
|
|
$
|
1,305,755
|
|
(1)
|
In October 2019, we renewed our revolving credit facility agreement with availability of $30.0 million. Interest is payable monthly in arrears (2.97% as of March 31, 2020). In March 2020, we borrowed $15.0 million with the principal due in September 2020. As of March 31, 2020, $15.0 million was available to be drawn. In April 2020, we borrowed the remaining $15.0 million with the principal due in October 2020.
|
(2)
|
In May 2015, we entered into a term loan agreement pursuant to which we may borrow up to $150.0 million for capital expenditures. Principal is payable at maturity in June 2020. Interest is payable quarterly in arrears, at a fund floating rate plus 1.60%. During the three months ended March 31, 2020, we repaid the full $24.0 million outstanding on this term loan using the proceeds from our term loan due December 2028.
|
(3)
|
In July 2019, we entered into a $140.0 million term loan due September 2022. Principal is payable at maturity and interest is payable quarterly in arrears (3.59% as of March 31, 2020). As of March 31, 2020, $80.0 million was available to be drawn. In April 2020, we borrowed an additional $40.0 million.
|
(4)
|
In January 2020, we used proceeds from our term loan due December 2024 to repay $120.0 million of our term loan due December 2023.
|
(5)
|
We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. Interest as of March 31, 2020 is at TIBOR plus 0.10% to 0.20% (weighted average of 0.21% as of March 31, 2020). As of March 31, 2020, $6.5 million was available to be drawn.
|
(6)
|
In July 2018, our subsidiary, Amkor Technology Singapore Holding Pte, Ltd., entered into a $250.0 million senior secured revolving credit facility, which is guaranteed by Amkor Technology, Inc. The availability for our revolving credit facility is based on the amount of eligible accounts receivable. Principal is payable at maturity. Interest is payable monthly at LIBOR plus 1.25% to 1.75% (2.85% as of March 31, 2020). As of March 31, 2020, $100.0 million was available to be drawn.
|
(7)
|
In December 2019, we entered into a $56.0 million revolving credit facility. Interest is payable monthly at TAIFX plus the applicable bank rate (3.41% as of March 31, 2020). In December 2019, we borrowed $20.0 million with the principal payable at maturity of the facility in December 2024. In the first quarter of 2020, we borrowed the remaining $36.0 million. In April 2020, we repaid $36.0 million of the revolving credit facility and immediately borrowed $36.0 million under the same agreement at a lower interest rate, with the principal payable in December 2024, based on incurring a certain level of qualified eligible transactions.
|
(8)
|
In April 2020, we entered into a term loan agreement pursuant to which we may borrow up to KRW ₩150.0 billion (approximately US $123 million). Principal is payable at maturity and the variable interest is payable monthly. We immediately borrowed $123.0 million at an interest rate of 2.87%.
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Service cost
|
$
|
7,536
|
|
|
$
|
7,977
|
|
Interest cost
|
1,247
|
|
|
1,324
|
|
||
Expected return on plan assets
|
(1,374
|
)
|
|
(1,618
|
)
|
||
Recognized actuarial gain
|
14
|
|
|
(94
|
)
|
||
Net periodic pension cost
|
$
|
7,423
|
|
|
$
|
7,589
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Defined contribution expense
|
$
|
4,816
|
|
|
$
|
4,405
|
|
•
|
Level 1: using quoted market prices in active markets for identical assets.
|
•
|
Level 2: using quoted market prices for similar instruments or non-binding market prices that are corroborated by observable market data. We use inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, and independent pricing vendors to determine the fair value of these assets and liabilities.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
|
Fair
Value
|
|
Carrying
Value
|
|
Fair
Value
|
|
Carrying
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Senior notes (Level 1)
|
$
|
488,701
|
|
|
$
|
519,355
|
|
|
$
|
576,875
|
|
|
$
|
519,211
|
|
Revolving credit facilities and term loans (Level 2)
|
980,901
|
|
|
993,667
|
|
|
940,756
|
|
|
931,023
|
|
||||
Total debt
|
$
|
1,469,602
|
|
|
$
|
1,513,022
|
|
|
$
|
1,517,631
|
|
|
$
|
1,450,234
|
|
|
Facility Costs (1)
|
|
Employee
Separation Costs |
|
Other Exit Costs (2)
|
|
Total
|
||||||||
|
|
|
|
|
(In thousands)
|
|
|
||||||||
Accrual at December 31, 2019
|
$
|
2,196
|
|
|
$
|
271
|
|
|
$
|
174
|
|
|
$
|
2,641
|
|
Charges
|
1,310
|
|
|
30
|
|
|
579
|
|
|
1,919
|
|
||||
Cash Payments
|
(2,482
|
)
|
|
(300
|
)
|
|
(660
|
)
|
|
(3,442
|
)
|
||||
Non-cash Amounts
|
(12
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(15
|
)
|
||||
Accrual at March 31, 2020
|
$
|
1,012
|
|
|
$
|
—
|
|
|
$
|
91
|
|
|
$
|
1,103
|
|
|
|
|
|
|
|
|
|
||||||||
Total cumulative charges incurred to date
|
$
|
5,809
|
|
|
$
|
2,740
|
|
|
$
|
1,325
|
|
|
$
|
9,874
|
|
Estimated additional charges to be incurred
|
$
|
11,000
|
|
|
$
|
5,000
|
|
|
$
|
3,000
|
|
|
$
|
19,000
|
|
(1)
|
Facility costs primarily consist of equipment relocation costs directly resulting from the restructuring actions.
|
(2)
|
Other exit costs primarily consist of employee relocation and training costs directly resulting from the restructuring actions.
|
|
For the Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
Materials
|
45.3
|
%
|
|
38.0
|
%
|
Labor
|
14.2
|
%
|
|
17.4
|
%
|
Other manufacturing costs
|
24.1
|
%
|
|
31.1
|
%
|
Gross margin
|
16.4
|
%
|
|
13.5
|
%
|
Operating income
|
7.3
|
%
|
|
1.5
|
%
|
Net income (loss) attributable to Amkor
|
5.5
|
%
|
|
(2.6
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
Change
|
|||||||||
|
(In thousands, except percentages)
|
|||||||||||||
Net sales
|
$
|
1,152,616
|
|
|
$
|
894,964
|
|
|
$
|
257,652
|
|
|
28.8
|
%
|
|
For the Three Months Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
Change
|
||||||
|
(In thousands, except percentages)
|
||||||||||
Gross profit
|
$
|
188,908
|
|
|
$
|
120,761
|
|
|
$
|
68,147
|
|
Gross margin
|
16.4
|
%
|
|
13.5
|
%
|
|
2.9
|
%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
Change
|
|||||||||
|
(In thousands, except percentages)
|
|||||||||||||
Selling, general and administrative
|
$
|
72,582
|
|
|
$
|
71,587
|
|
|
$
|
995
|
|
|
1.4
|
%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
Change
|
|||||||||
|
(In thousands, except percentages)
|
|||||||||||||
Research and development
|
$
|
32,253
|
|
|
$
|
35,754
|
|
|
$
|
(3,501
|
)
|
|
(9.8
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
Change
|
|||||||||
|
(In thousands, except percentages)
|
|||||||||||||
Interest expense
|
$
|
17,045
|
|
|
$
|
19,273
|
|
|
$
|
(2,228
|
)
|
|
(11.6
|
)%
|
Interest income
|
(2,258
|
)
|
|
(2,064
|
)
|
|
(194
|
)
|
|
9.4
|
%
|
|||
Foreign currency (gain) loss, net
|
(229
|
)
|
|
(2,013
|
)
|
|
1,784
|
|
|
(88.6
|
)%
|
|||
Loss on debt retirement
|
428
|
|
|
—
|
|
|
428
|
|
|
—
|
|
|||
Other (income) expense, net
|
(256
|
)
|
|
(488
|
)
|
|
232
|
|
|
(47.5
|
)%
|
|||
Total other expense, net
|
$
|
14,730
|
|
|
$
|
14,708
|
|
|
$
|
22
|
|
|
0.1
|
%
|
|
For the Three Months Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
Change
|
||||||
|
(In thousands)
|
||||||||||
Income tax expense
|
$
|
4,846
|
|
|
$
|
21,380
|
|
|
$
|
(16,534
|
)
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Operating activities
|
$
|
96,589
|
|
|
$
|
52,057
|
|
Investing activities
|
(104,592
|
)
|
|
(202,067
|
)
|
||
Financing activities
|
55,095
|
|
|
523,708
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Net cash provided by operating activities
|
$
|
96,589
|
|
|
$
|
52,057
|
|
Payments for property, plant and equipment
|
(55,888
|
)
|
|
(203,216
|
)
|
||
Proceeds from sale of and insurance recovery for property, plant and equipment
|
1,887
|
|
|
1,718
|
|
||
Free cash flow
|
$
|
42,588
|
|
|
$
|
(149,441
|
)
|
|
|
|
Payments Due for Year Ending March 31,
|
||||||||||||||||||||||||
|
Total
|
|
2020 - Remaining
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||
Total debt
|
$
|
1,522,833
|
|
|
$
|
113,392
|
|
|
$
|
114,516
|
|
|
$
|
264,509
|
|
|
$
|
332,126
|
|
|
$
|
121,861
|
|
|
$
|
576,429
|
|
Scheduled interest payment obligations (1)
|
340,721
|
|
|
35,495
|
|
|
56,837
|
|
|
52,976
|
|
|
46,487
|
|
|
39,709
|
|
|
109,217
|
|
|||||||
Purchase obligations (2)
|
237,804
|
|
|
225,871
|
|
|
3,488
|
|
|
3,150
|
|
|
1,983
|
|
|
1,251
|
|
|
2,061
|
|
|||||||
Operating lease obligations (3)
|
146,956
|
|
|
36,097
|
|
|
40,032
|
|
|
24,231
|
|
|
12,043
|
|
|
9,986
|
|
|
24,567
|
|
|||||||
Finance lease obligations (3)
|
23,516
|
|
|
7,533
|
|
|
9,076
|
|
|
2,130
|
|
|
971
|
|
|
965
|
|
|
2,841
|
|
|||||||
Severance obligations (4)
|
120,837
|
|
|
8,394
|
|
|
9,946
|
|
|
9,074
|
|
|
8,263
|
|
|
7,512
|
|
|
77,648
|
|
|||||||
Total contractual obligations
|
$
|
2,392,667
|
|
|
$
|
426,782
|
|
|
$
|
233,895
|
|
|
$
|
356,070
|
|
|
$
|
401,873
|
|
|
$
|
181,284
|
|
|
$
|
792,763
|
|
(1)
|
Represents interest payment obligations calculated using stated coupon rates for fixed rate debt and interest rates applicable at March 31, 2020, for variable rate debt.
|
(2)
|
Represents off-balance sheet purchase obligations for capital expenditures, long-term supply contracts and other contractual commitments outstanding at March 31, 2020.
|
(3)
|
Represents future minimum lease payments including interest payments.
|
(4)
|
Represents estimated benefit payments for our Korean subsidiary severance plan.
|
•
|
$68.2 million of foreign pension plan obligations, for which the timing and actual amount of impact on our future cash flow is uncertain.
|
•
|
$22.6 million net liability associated with unrecognized tax benefits. Due to the uncertainty regarding the amount and the timing of any future cash outflows associated with our unrecognized tax benefits, we are unable to reasonably estimate the amount and period of ultimate settlement, if any, with the various taxing authorities.
|
|
2020 - Remaining
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||||||||||
|
($ in thousands)
|
||||||||||||||||||||||||||||||
Fixed rate debt
|
$
|
84,387
|
|
|
$
|
112,516
|
|
|
$
|
220,259
|
|
|
$
|
102,126
|
|
|
$
|
65,861
|
|
|
$
|
576,429
|
|
|
$
|
1,161,578
|
|
|
$
|
1,115,240
|
|
Average interest rate
|
1.3
|
%
|
|
1.3
|
%
|
|
2.5
|
%
|
|
1.7
|
%
|
|
1.9
|
%
|
|
6.4
|
%
|
|
4.1
|
%
|
|
|
|||||||||
Variable rate debt
|
$
|
29,005
|
|
|
$
|
2,000
|
|
|
$
|
44,250
|
|
|
$
|
230,000
|
|
|
$
|
56,000
|
|
|
$
|
—
|
|
|
$
|
361,255
|
|
|
$
|
354,362
|
|
Average interest rate
|
1.8
|
%
|
|
2.6
|
%
|
|
2.7
|
%
|
|
3.2
|
%
|
|
3.4
|
%
|
|
—
|
%
|
|
3.0
|
%
|
|
|
|||||||||
Total debt maturities
|
$
|
113,392
|
|
|
$
|
114,516
|
|
|
$
|
264,509
|
|
|
$
|
332,126
|
|
|
$
|
121,861
|
|
|
$
|
576,429
|
|
|
$
|
1,522,833
|
|
|
$
|
1,469,602
|
|
•
|
fluctuation in demand for semiconductors and conditions in the semiconductor industry generally, as well as by specific customers, such as inventory reductions by our customers impacting demand in key markets;
|
•
|
our ability to achieve our major growth objectives, including transitioning second-wave customers to advanced packages and increasing our share of the automotive market;
|
•
|
changes in our capacity and capacity utilization rates;
|
•
|
changes in average selling prices which can occur quickly due to the absence of long-term agreements on price;
|
•
|
changes in the mix of the semiconductor packaging and test services that we sell;
|
•
|
fluctuations in our manufacturing yields;
|
•
|
the development, transition and ramp to high volume manufacture of more advanced silicon nodes and evolving wafer, packaging and test technologies may cause production delays, lower manufacturing yields and supply constraints for new wafers and other materials;
|
•
|
absence of backlog, the short-term nature of our customers’ commitments, double bookings by customers and deterioration in customer forecasts and the impact of these factors, including the possible delay, rescheduling and cancellation of large orders, or the timing and volume of orders relative to our production capacity;
|
•
|
changes in costs, quality, availability and delivery times of raw materials, components and equipment;
|
•
|
changes in labor costs to perform our services;
|
•
|
wage inflation and fluctuations in commodity prices, including gold, copper and other precious metals;
|
•
|
the timing of expenditures in anticipation of future orders;
|
•
|
changes in effective tax rates;
|
•
|
the availability and cost of financing;
|
•
|
leverage and debt covenants;
|
•
|
intellectual property transactions and disputes;
|
•
|
warranty and product liability claims and the impact of quality excursions and customer disputes and returns;
|
•
|
costs associated with legal claims, indemnification obligations, judgments and settlements;
|
•
|
political instability and government shutdowns, civil disturbances or international events, such as the United Kingdom’s departure from the European Union;
|
•
|
environmental or natural disasters such as earthquakes, typhoons and volcanic eruptions;
|
•
|
pandemics or other illnesses that may impact our labor force, operations, liquidity, supply chain and end-user demand for products which incorporate semiconductors, such as the Covid-19 pandemic;
|
•
|
costs of acquisitions and divestitures and difficulties integrating acquisitions;
|
•
|
our ability to attract and retain qualified personnel to support our global operations;
|
•
|
fluctuations in interest rates and currency exchange rates, including the potential impact of the phase-out of LIBOR on our variable rate debt;
|
•
|
our ability to penetrate new end markets or expand our business in existing end markets;
|
•
|
dependence on key customers or concentration of customers in certain end markets, such as mobile communications and automotive; and
|
•
|
restructuring charges, asset write-offs and impairments.
|
•
|
health and safety concerns, including widespread outbreak of infectious diseases, such as Covid-19;
|
•
|
changes in consumer demand resulting from deteriorating conditions in local economies;
|
•
|
laws, rules, regulations and policies imposed by U.S. or foreign governments in areas such as data privacy, cybersecurity, antitrust and competition, tax, currency and banking, labor, environmental;
|
•
|
restrictive trade barriers considered or adopted by U.S. and foreign governments applicable to the semiconductor supply chain, including laws, rules, regulations and policies in areas such as national security, licensing requirements for exports, tariffs, customs and duties;
|
•
|
laws, rules, regulations and policies within China and other countries that may favor domestic companies over non-domestic companies, including customer- or government-supported efforts to promote the development and growth of local competitors;
|
•
|
the payment of dividends and other payments by non-U.S. subsidiaries may be subject to prohibitions, limitations or taxes in local jurisdictions;
|
•
|
fluctuations in currency exchange rates, particularly the dollar/yen exchange rate for our operations in Japan;
|
•
|
political and social conditions, and the potential for civil unrest, terrorism or other hostilities;
|
•
|
disruptions or delays in shipments caused by customs brokers or government agencies;
|
•
|
difficulties in attracting and retaining qualified personnel and managing foreign operations, including foreign labor disruptions;
|
•
|
difficulty in enforcing contractual rights and protecting our intellectual property rights;
|
•
|
potentially adverse tax consequences resulting from tax laws in the U.S. and in foreign jurisdictions in which we operate; and
|
•
|
local business and cultural factors that differ from our normal standards and practices, including business practices that we are prohibited from engaging in by the Foreign Corrupt Practices Act and other anti-corruption laws and regulations.
|
•
|
our future financial condition, results of operations and cash flows;
|
•
|
general market conditions for financing;
|
•
|
volatility in fixed income, credit and equity markets; and
|
•
|
economic, political and other global conditions.
|
•
|
make it more difficult for us to satisfy our obligations with respect to our indebtedness, including our obligations under our indentures to purchase notes tendered as a result of a change in control of Amkor;
|
•
|
increase our vulnerability to general adverse economic and industry conditions;
|
•
|
limit our ability to fund future working capital, capital expenditures, research and development and other business opportunities, including joint ventures and acquisitions;
|
•
|
require us to dedicate a substantial portion of our cash flow from operations to service payments of interest and principal on our debt, thereby reducing the availability of our cash flow to fund future working capital, capital expenditures, research and development expenditures and other general corporate requirements;
|
•
|
increase the volatility of the price of our common stock;
|
•
|
limit our flexibility to react to changes in our business and the industry in which we operate;
|
•
|
place us at a competitive disadvantage to any of our competitors that have less debt;
|
•
|
limit, along with the financial and other covenants in our indebtedness, our ability to borrow additional funds;
|
•
|
limit our ability to refinance our existing indebtedness, particularly during periods of adverse credit market conditions when refinancing indebtedness may not be available under interest rates and other terms acceptable to us or at all; and
|
•
|
increase our cost of borrowing.
|
•
|
delays in the design and implementation of the system;
|
•
|
costs may exceed our plans and expectations; and
|
•
|
disruptions resulting from the implementation, integration or cybersecurity breach of the systems may impact our ability to process transactions and delay shipments to customers, impact our results of operations or financial condition or harm our control environment.
|
•
|
increasing the scope, geographic diversity and complexity of our operations;
|
•
|
conforming an acquired company’s standards, practices, systems and controls with our operations;
|
•
|
increasing complexity from combining recent acquisitions of an acquired business;
|
•
|
unexpected losses of key employees or customers of an acquired business;
|
•
|
difficulties in the assimilation of acquired operations, technologies or products; and
|
•
|
diversion of management and other resources from other parts of our operations and adverse effects on existing business relationships with customers.
|
•
|
incur costs associated with personnel reductions and voluntary retirement programs;
|
•
|
record restructuring charges to cover costs associated with facility consolidations and related cost reduction initiatives;
|
•
|
use a significant portion of our available cash;
|
•
|
incur substantial debt;
|
•
|
issue equity securities, which may dilute the ownership of current stockholders;
|
•
|
incur or assume known or unknown contingent liabilities; and
|
•
|
incur large, immediate accounting write offs and face antitrust or other regulatory inquiries or actions.
|
•
|
discontinue the use of certain processes or cease to provide the services at issue, which could curtail our business;
|
•
|
pay substantial damages;
|
•
|
develop non-infringing technologies, which may not be feasible; or
|
•
|
acquire licenses to such technology, which may not be available on commercially reasonable terms or at all.
|
•
|
contaminants in the manufacturing environment;
|
•
|
human error;
|
•
|
equipment malfunction;
|
•
|
changing processes to address environmental requirements;
|
•
|
defective raw materials; or
|
•
|
defective plating services.
|
Period
|
|
Total Number of Shares Purchased (a)
|
|
Average Price Paid
Per Share ($)
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs ($) (b)
|
||||||
January 1 - January 31
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
91,586,032
|
|
February 1 - February 28
|
|
5,425
|
|
|
9.99
|
|
|
—
|
|
|
91,586,032
|
|
||
March 1 - March 31
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91,586,032
|
|
||
Total
|
|
5,425
|
|
|
$
|
9.99
|
|
|
—
|
|
|
|
(a)
|
Represents shares of common stock surrendered to us to satisfy tax withholding obligations associated with the vesting of restricted shares issued to employees.
|
(b)
|
Our Board of Directors previously authorized the repurchase of up to $300.0 million of our common stock, $150.0 million was approved in August 2011 and $150.0 million was approved in February 2012, exclusive of any fees, commissions or other expenses. For the three months ended March 31, 2020, we made no common stock purchases, and at March 31, 2020, approximately $91.6 million was available pursuant to the stock repurchase program.
|
|
|
|
|
Incorporated by Reference
|
|
Filed Herewith
|
|||||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Period Ending
|
|
Exhibit
|
|
Filing Date
|
|
|
|
31.1
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
31.2
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
101.INS
|
|
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
|
|
|
|
X
|
101.SCH
|
|
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
|
X
|
101.CAL
|
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.LAB
|
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.PRE
|
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.DEF
|
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
104
|
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
By:
|
/s/ Megan Faust
|
|
|
Megan Faust
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
1 Year Amkor Technology Chart |
1 Month Amkor Technology Chart |
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