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Item 5. Market for Registrant’s Common Equity

2021-02-19 compared with 2020-02-19 · 34 added, 30 removed, 41 unchanged (61% of the section changed)

4 unchanged sentences

DIVIDEND POLICY

Since our public offering in 1998, we have never paid a dividend to our stockholders, and we do not have any present plans for doing so.

In addition, certain of our debt agreements limit our ability to pay dividends.

Refer to the Liquidity and Capital Resources section in Item 7 of this Annual Report on Form 10-K.

In October 2020, our Board of Directors approved the initiation of a regular quarterly cash dividend on our common stock.

The first quarterly dividend of $0.04 per share was paid on January 7, 2021 to stockholders of record as of December 18, 2020.

We currently anticipate that we will continue to pay quarterly cash dividends in the future.

However, the payment, amount and timing of future dividends remain within the discretion of our Board of Directors and will depend upon our results of operations, financial condition, cash requirements, debt restrictions and other factors.

Refer to the Liquidity section in Item 7 of this Annual Report on Form 10-K for additional information.

RECENT SALES OF UNREGISTERED SECURITIES

3 unchanged sentences

The following table provides information regarding repurchases of our common stock during the three months ended December 31, 2020.

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)

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)

October 1 - October 31 — $ — — $ 91,586,032

1 unchanged sentence

December 1 - December 31 — — — 91,586,032

Represents shares of common stock surrendered to us to satisfy tax withholding obligations associated with the vesting of restricted shares issued to employees.

Our Board of Directors previously authorized the repurchase of up to $300.0 million of our common stock, $150.0 million in August 2011 and $150.0 million in February 2012, exclusive of any fees, commissions or other expenses.

Total 5,425 $ 14.64 —

(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 in August 2011 and $150.0 million in February 2012, exclusive of any fees, commissions or other expenses.

During 2020 and 2019, we made no common stock purchases, and at December 31, 2020, approximately $91.6 million was available pursuant to the stock repurchase program.

3 unchanged sentences

For the Year Ended December 31,

2015 2016 2017 2018 2019 2020

Amkor Technology, Inc.

$ 100.00 $ 173.52 $ 165.30 $ 107.89 $ 213.82 $ 248.67

S&P 500 100.00 111.96 136.40 130.42 171.49 203.04

PHLX Semiconductor 100.00 139.32 195.80 183.97 300.35 461.53

3 unchanged sentences

For the Year Ended December 31,

2020 2019 2018 2017 (f) (g) 2016

(In thousands, except per share data)

Income Statement Data:

Gain on sale of real estate (a)

Net sales $ 5,050,589 $ 4,052,650 $ 4,316,466 $ 4,207,031 $ 3,927,849

Gross profit 900,814 649,439 710,565 761,079 709,891

Operating income 457,245 233,170 258,144 405,540 308,587

Loss on debt retirement (b)

Income tax expense (c)

Equity in earnings of equity method investees

Loss on debt retirement (a) 3,042 8,536 1,512 4,835 —

Income tax expense (b) 46,183 37,182 56,250 39,791 51,042

Net income 340,499 122,628 129,565 267,705 178,653

Net income attributable to Amkor 338,138 120,888 127,092 263,550 175,530

Net income attributable to Amkor per common share:

Basic $ 1.40 $ 0.50 $ 0.53 $ 1.10 $ 0.74

Diluted $ 1.40 $ 0.50 $ 0.53 $ 1.10 $ 0.74

Other Financial Data:

1 unchanged sentence

Payments for property, plant and equipment 553,021 472,433 547,122 550,943 650,038

Balance Sheet Data:

Dividends declared per common share (c) 0.04 — — — —

Balance Sheet Data (d):

Cash and cash equivalents $ 698,002 $ 894,948 $ 681,569 $ 596,364 $ 549,518

Working capital 816,945 941,730 512,785 325,945 404,035

Total assets (g)

Non-current liabilities, including debt (g)

Total assets (e) 5,022,311 4,695,615 4,495,447 4,508,388 4,092,086

Non-current liabilities, including debt (e) 1,352,365 1,645,573 1,481,124 1,470,620 1,683,021

Total Amkor stockholders’ equity 2,325,699 1,963,739 1,830,540 1,696,276 1,383,588

In May 2017, we sold the land and buildings comprising our K1 factory for $142.4 million which resulted in a pre-tax gain of $108.1 million .

In April 2019, we recorded an $8.4 million loss on extinguishment related to the call premium paid and other debt related costs associated with redemption of the outstanding $525 million aggregate principal amount of 6.375% Senior Notes due 2022.

(a) In April 2019, we recorded an $8.4 million loss on extinguishment related to the call premium paid and other debt related costs associated with redemption of the outstanding $525.0 million aggregate principal amount of 6.375% Senior Notes due 2022.

In July 2017, we recorded a loss on debt retirement of $4.4 million relating to the partial early repayment of our 6.625% Senior Notes due 2021.

During 2015, we recorded a loss on debt retirement of $8.9 million relating to the early repayment of our 7.375% Senior Notes due May 2018.

(b) In 2020, income tax expense includes a $20.2 million discrete tax benefit from the recognition of deferred tax assets we expect to utilize in future years.

In 2019, income tax expense includes a net $11.1 million discrete income tax charge related to changes in the valuation of certain deferred tax assets.

2 unchanged sentences

deferred tax assets as a result of the enactment of the Tax Act.

On May 22, 2017, we completed the purchase of Nanium.

(c) In October 2020, our Board of Directors approved the initiation of a regular quarterly cash dividend on our common stock.

The first quarterly dividend of $0.04 per share was paid on January 7, 2021 to stockholders of record as of December 18, 2020.

(d) On January 1, 2018, we retrospectively adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606).

The selected financial data as of December 31, 2016 was not adjusted for this new accounting standard.

(e) On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842).

As of December 31, 2019, there were increases to our consolidated balance sheet of approximately $128 million for operating lease right of use assets and approximately $132 million for operating lease liabilities.

(f) On May 22, 2017, we completed the purchase of Nanium.

Their financial results have been included in our Consolidated Financial Statements from the date of acquisition.

We increased our investment in J-Devices from 60% to 100% on December 30, 2015 through the exercise of additional options.

As a result, our accounting for our Japan operations changed from the equity method to the consolidation method effective December 30, 2015.

Our balance sheet data as of December 31, 2015 reflects the consolidation of our Japan operations.

We began consolidating the operating results of our Japan operations in 2016.

We recognized a net loss of $13.5 million in other (income) expense, net in connection with the acquisition in 2015.

The net loss resulted from a loss of $29.6 million related to the release of certain accumulated foreign currency translation adjustments related to our Japan operations, offset by a gain of $16.1 million related to the step-up to fair value of our previous investments in our Japan operations.

On January 1, 2018, we retrospectively adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606).

The selected financial data as of December 31, 2016 and 2015 and for the year ended December 31, 2015 was not adjusted for this new accounting standard.

On January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842).

As of December 31, 2019, there was an increase to our consolidated balance sheet of approximately $128 million for operating lease right of use assets and approximately $132 million for operating lease liabilities.

(g) In May 2017, we sold the land and buildings comprising our K1 factory in Korea for $142.4 million which resulted in a pre-tax gain of $108.1 million.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity