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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, 2023
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)
(480) 821-5000
(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 27, 2023 was 245,640,706.



QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2023

TABLE OF CONTENTS
Page
Consolidated Statements of Income - Three Months Ended March 31, 2023 and 2022
Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2023 and 2022
Consolidated Balance Sheets - March 31, 2023 and December 31, 2022
Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2023 and 2022
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 2023, (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 conditional reduced tax rates 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 the communications and automotive and industrial end markets, (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 and benefits from our new manufacturing facility under construction in Bac Ninh, Vietnam (the “Vietnam Facility”) 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 the negative of these terms or other comparable terminology or by discussions of

-1-


QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2023

TABLE OF CONTENTS
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, 2022 (the “2022 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 2022 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 these trends, risks or uncertainties continues or occurs, 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 review or update any forward-looking statements to reflect events or circumstances occurring after the date of this Form 10-Q except as may be required by applicable 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,
20232022
(In thousands, except per share data)
Net sales$1,471,539 $1,596,816 
Cost of sales1,277,118 1,271,486 
Gross profit194,421 325,330 
Selling, general and administrative78,671 76,959 
Research and development47,047 38,363 
Total operating expenses125,718 115,322 
Operating income68,703 210,008 
Interest expense16,167 14,148 
Other (income) expense, net(3,552)(5,096)
Total other expense, net12,615 9,052 
Income before taxes56,088 200,956 
Income tax expense10,864 29,728 
Net income45,224 171,228 
Net loss (income) attributable to non-controlling interests127 (565)
Net income attributable to Amkor$45,351 $170,663 
Net income attributable to Amkor per common share:
Basic$0.18 $0.70 
Diluted$0.18 $0.69 
Shares used in computing per common share amounts:
Basic245,330 244,403 
Diluted247,087 246,000 
The accompanying notes are an integral part of these statements.

-3-
Table of Contents

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

For the Three Months Ended March 31,
20232022
(In thousands)
Net income$45,224 $171,228 
Other comprehensive income (loss), net of tax:
Adjustments to net unrealized gains (losses) on available-for-sale debt investments601 (1,077)
Adjustments to unrealized components of defined benefit pension plans(97)4 
Foreign currency translation(2,113)(8,409)
Total other comprehensive income (loss)(1,609)(9,482)
Comprehensive income43,615 161,746 
Comprehensive loss (income) attributable to non-controlling interests127 (565)
Comprehensive income attributable to Amkor$43,742 $161,181 
The accompanying notes are an integral part of these statements.

-4-
Table of Contents

AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

March 31, 2023December 31, 2022
(In thousands, except per share data)
ASSETS
Current assets:  
Cash and cash equivalents$909,802 $959,072 
Short-term investments (amortized cost of $342,872 and $283,641 in 2023 and 2022, respectively)
341,822 281,964 
Accounts receivable, net of allowances1,165,240 1,365,504 
Inventories568,565 629,576 
Other current assets48,174 65,123 
Total current assets3,033,603 3,301,239 
Property, plant and equipment, net3,185,278 3,135,614 
Operating lease right of use assets 152,650 171,163 
Goodwill21,235 21,517 
Restricted cash3,497 3,334 
Other assets185,528 188,890 
Total assets$6,581,791 $6,821,757 
LIABILITIES AND EQUITY
Current liabilities:  
Short-term borrowings and current portion of long-term debt$137,469 $143,813 
Trade accounts payable666,615 899,164 
Capital expenditures payable228,056 146,602 
Short-term operating lease liability64,235 70,991 
Accrued expenses361,174 401,841 
Total current liabilities1,457,549 1,662,411 
Long-term debt1,059,997 1,088,521 
Pension and severance obligations91,359 93,540 
Long-term operating lease liabilities63,278 75,745 
Other non-current liabilities182,445 201,839 
Total liabilities2,854,628 3,122,056 
Commitments and contingencies (Note 15)
Stockholders’ equity:  
Preferred stock, $0.001 par value, 10,000 shares authorized, designated Series A, none issued
— — 
Common stock, $0.001 par value, 500,000 shares authorized; 291,814 and 291,249 shares issued; and 245,545 and 245,091 shares outstanding in 2023 and 2022, respectively
292 291 
Additional paid-in capital2,001,575 1,996,344 
Retained earnings1,901,569 1,874,644 
Accumulated other comprehensive income (loss)15,090 16,699 
Treasury stock, at cost, 46,269 and 46,158 shares in 2023 and 2022, respectively
(222,049)(219,226)
Total Amkor stockholders’ equity3,696,477 3,668,752 
Non-controlling interests in subsidiaries30,686 30,949 
Total equity3,727,163 3,699,701 
Total liabilities and equity$6,581,791 $6,821,757 
The accompanying notes are an integral part of these statements.

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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, 2022291,249 $291 $1,996,344 $1,874,644 $16,699 (46,158)$(219,226)$3,668,752 $30,949 $3,699,701 
Net income— — — 45,351 — — — 45,351 (127)45,224 
Other comprehensive income (loss)— — — — (1,609)— — (1,609)— (1,609)
Treasury stock acquired through surrender of shares for tax withholding— — — — — (111)(2,823)(2,823)— (2,823)
Issuance of stock through share-based compensation plans565 1 1,523 — — — — 1,524 — 1,524 
Share-based compensation— — 3,708 — — — — 3,708 — 3,708 
Cash dividends declared ($0.075 per common share)
— — — (18,426)— — — (18,426)— (18,426)
Subsidiary dividends to non-controlling interests— — — — — — — — (136)(136)
Balance at March 31, 2023291,814 $292 $2,001,575 $1,901,569 $15,090 (46,269)$(222,049)$3,696,477 $30,686 $3,727,163 

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 
The accompanying notes are an integral part of these statements.


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

For the Three Months Ended March 31,
 20232022
 (In thousands)
Cash flows from operating activities:  
Net income$45,224 $171,228 
Depreciation and amortization156,762 148,192 
Other operating activities and non-cash items(2,821)11,061 
Changes in assets and liabilities(23,419)(164,303)
Net cash provided by operating activities175,746 166,178 
Cash flows from investing activities:  
Payments for property, plant and equipment(98,224)(158,154)
Proceeds from sale of property, plant and equipment652 416 
Proceeds from foreign exchange forward contracts20,267 1,828 
Payments for foreign exchange forward contracts(20,358)(29,803)
Payments for short-term investments(172,409)(125,693)
Proceeds from sale of short-term investments21,549 4,246 
Proceeds from maturities of short-term investments92,655 66,694 
Other investing activities164 457 
Net cash used in investing activities(155,704)(240,009)
Cash flows from financing activities:  
Proceeds from revolving credit facilities370,000 — 
Payments of revolving credit facilities(370,000)— 
Proceeds from short-term debt11,042 18,112 
Payments of short-term debt(5,840)(3,790)
Proceeds from issuance of long-term debt— 150,000 
Payments of long-term debt(35,980)(35,973)
Payments of finance lease obligations(15,148)(7,538)
Payments of dividends(18,430)(12,228)
Other financing activities(1,850)653 
Net cash (used in) provided by financing activities(66,206)109,236 
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(2,943)(7,795)
Net (decrease) increase in cash, cash equivalents and restricted cash(49,107)27,610 
Cash, cash equivalents and restricted cash, beginning of period962,406 831,521 
Cash, cash equivalents and restricted cash, end of period$913,299 $859,131 
Non-cash investing and financing activities:
Property, plant and equipment included in capital expenditures payable$177,615 $268,146 
Right of use assets acquired through finance lease liabilities17,513 6,438 
Right of use assets acquired through operating lease liabilities3,180 27,246 
The accompanying notes are an integral part of these statements.

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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, 2023, and for the three months ended March 31, 2023 and 2022, contained in this Form 10-Q (the “Consolidated Financial Statements”) are unaudited, pursuant to the rules and regulations of the SEC. The December 31, 2022 Consolidated Balance Sheet data contained in this Form 10-Q was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. In our opinion, the Consolidated Financial Statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods and should be read in conjunction with the financial statements included in the 2022 Form 10-K. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. Unless the context otherwise requires, all references to “Amkor,” “we,” “us” or “our” are to Amkor Technology, Inc. and its wholly and majority-owned subsidiaries.
Use of Estimates. The Consolidated Financial Statements have been prepared in conformity with U.S. GAAP, using management’s best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments, as a result of, for example, any worsening of the global business and economic environment.
Goodwill. The balance of goodwill in the Consolidated Balance Sheets contained in this Form 10-Q reflects adjustments for foreign currency translation.
Unbilled Receivables. Total unbilled receivables as of March 31, 2023 and December 31, 2022 were $248.9 million and $301.7 million, respectively.
Contract Liabilities. Contract liabilities were $157.1 million and $170.6 million as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, the short-term portions of the liabilities were $80.6 million and $81.5 million, respectively. The remainder of the March 31, 2023 contract liability balance is expected to be recognized in revenue over the next 1-5 years. Revenue recognized during the three months ended March 31, 2023 and 2022 that was included in the contract liabilities balance at the beginning of the period was $21.5 million and $28.9 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,
20232022
(In thousands)
Advanced products (1)$1,067,377 $1,156,508 
Mainstream products (2)404,162 440,308 
Total net sales$1,471,539 $1,596,816 
(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.

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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,
20232022
Communications (smartphones, tablets)45 %41 %
Automotive, industrial and other (ADAS, electrification, infotainment, safety)26 %21 %
Consumer (AR & gaming, connected home, home electronics, wearables)12 %19 %
Computing (data center, infrastructure, PC/laptop, storage)17 %19 %
Total net sales100 %100 %

3.    Other Income and Expense
Other income and expense consist of the following:
For the Three Months Ended March 31,
 20232022
 (In thousands)
Interest income$(10,433)$(603)
Foreign currency loss (gain), net6,763 (4,301)
Loss on debt retirement— 97 
Other118 (289)
Total other (income) expense, net$(3,552)$(5,096)

4.    Income Taxes
Income tax expense of $10.9 million for the three months ended March 31, 2023 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 recent results of operations.
We maintain a valuation allowance on certain U.S. and foreign deferred tax assets. Such valuation allowances are released as the related tax benefits are realized or when sufficient evidence exists to conclude that it is more likely than not that the deferred tax assets will be realized.
Unrecognized tax benefits represent reserves for potential tax deficiencies or reductions in tax benefits that could result from federal, state or foreign tax audits. Gross unrecognized tax benefits increased from $33.3 million as of December 31, 2022 to $33.9 million as of March 31, 2023. All of our unrecognized tax benefits would reduce our effective tax rate if recognized. Our unrecognized tax benefits are subject to change for effective settlement of examinations, changes in the recognition threshold of tax positions, the expiration of statutes of limitations and other factors.
We have tax returns that are open to examination in various jurisdictions for tax years 2012-2022. 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.


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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,
 20232022
 (In thousands,
except per share data)
Net income attributable to Amkor common stockholders$45,351 $170,663 
Weighted-average number of common shares outstanding - basic245,330 244,403 
Effect of dilutive securities:  
Share-based awards1,757 1,597 
Weighted-average number of common shares outstanding - diluted247,087 246,000 
Net income attributable to Amkor per common share:  
Basic$0.18 $0.70 
Diluted0.18 0.69 
There were no anti-dilutive shares for the three months ended March 31, 2023 and 2022.

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, 2022$(1,573)$14,220 $4,052 $16,699 
Other comprehensive income (loss) before reclassifications645 — (2,113)(1,468)
Amounts reclassified from accumulated other comprehensive income (loss)(44)(97)— (141)
Other comprehensive income (loss)601 (97)(2,113)(1,609)
Accumulated other comprehensive income (loss) at March 31, 2023$(972)$14,123 $1,939 $15,090 

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


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 
(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).


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


7.    Investments
All of our available-for-sale debt investments as of March 31, 2023 are available to fund current operations and are recorded at fair value (Note 14).
The following table summarizes our cash equivalents and available-for-sale debt investments:
March 31, 2023
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Asset-backed securities$849 $— $— $849 $— $849 
Commercial paper26,801 — — 26,801 — 26,801 
Corporate bonds12,519 — (5)12,514 — 12,514 
Money market funds64,433 — — 64,433 64,433 — 
Municipal bonds1,010 — — 1,010 — 1,010 
U.S. government agency bonds1,494 — — 1,494 — 1,494 
U.S. government bonds15,917 3 — 15,920 15,920 — 
Variable rate demand notes1,004 — — 1,004 — 1,004 
Total cash equivalents (2)124,027 3 (5)124,025 80,353 43,672 
Short-term investments
Asset-backed securities24,201 8 (79)24,130 — 24,130 
Certificate of deposits16,096 — — 16,096 16,096 — 
Commercial paper37,079 — — 37,079 — 37,079 
Corporate bonds226,134 54 (1,073)225,115 — 225,115 
Foreign government bonds2,086 — — 2,086 — 2,086 
Mortgage-backed securities381 — (1)380 — 380 
Municipal bonds363 — (1)362 — 362 
U.S. government agency bonds6,385 6 (7)6,384 — 6,384 
U.S. government bonds25,646 47 (4)25,689 25,689 — 
Total short-term investments338,371 115 (1,165)337,321 41,785 295,536 
Total$462,398 $118 $(1,170)$461,346 $122,138 $339,208 

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


December 31, 2022
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Asset-backed securities$25 $— $— $25 $— $25 
Commercial paper69,101 — — 69,101 — 69,101 
Money market funds97,650 — — 97,650 97,650 — 
Municipal bonds1,001 — — 1,001 — 1,001 
U.S. government agency bonds16,982 3 — 16,985 — 16,985 
U.S. government bonds10,767 1 — 10,768 10,768 — 
Total cash equivalents195,526 4 — 195,530 108,418 87,112 
Short-term investments
Asset-backed securities25,677 7 (134)25,550 — 25,550 
Certificate of deposits17,362 — — 17,362 17,362 — 
Commercial paper27,866 — — 27,866 — 27,866 
Corporate bonds198,868 7 (1,529)197,346 — 197,346 
Foreign government bonds996 — (4)992 — 992 
Mortgage-backed securities696 — (2)694 — 694 
Municipal bonds364 — (2)362 — 362 
U.S. government agency bonds735 — (1)734 — 734 
U.S. government bonds6,704