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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, 2021
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 23, 2021 was 244,183,747.




QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2021

TABLE OF CONTENTS
Page
Consolidated Statements of Income - Three Months Ended March 31, 2021 and 2020
Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2021 and 2020
Consolidated Balance Sheets - March 31, 2021 and December 31, 2020
Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2021 and 2020
This report 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 2021 including expenditures in support of 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 and financial results, (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 our covenants, (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) expected timing of and charges related to restructuring activities, (15) the effect of foreign currency exchange rate exposure on our financial results, (16) the volatility of the trading price of our common stock, (17) changes to our internal controls related to integration of acquired operations and implementation of an enterprise resource planning system, (18) our efforts to enlarge our customer base in certain geographic areas and markets, (19) demand for advanced packages in mobile and automotive devices and our technology leadership and potential growth in this market, (20) projects to install or integrate new information technology systems or upgrade our existing systems and (21) other statements that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “intend” or the negative of these terms or other comparable terminology. 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 the following report as well as in Part II, Item 1A of this Quarterly Report on Form 10-Q.

-1-

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,
20212020
(In thousands, except per share data)
Net sales$1,326,150 $1,152,616 
Cost of sales1,060,616 963,708 
Gross profit265,534 188,908 
Selling, general and administrative76,768 72,582 
Research and development44,318 32,253 
Total operating expenses121,086 104,835 
Operating income144,448 84,073 
Interest expense12,673 17,045 
Other (income) expense, net89 (2,315)
Total other expense, net12,762 14,730 
Income before taxes131,686 69,343 
Income tax expense11,667 4,846 
Net income120,019 64,497 
Net income attributable to non-controlling interests(210)(608)
Net income attributable to Amkor$119,809 $63,889 
Net income attributable to Amkor per common share:
Basic$0.49 $0.27 
Diluted$0.49 $0.26 
Shares used in computing per common share amounts:
Basic243,267 240,919 
Diluted245,129 241,333 
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,
20212020
(In thousands)
Net income$120,019 $64,497 
Other comprehensive income (loss), net of tax:
Adjustments to net unrealized gains (losses) on available-for-sale debt investments(32)108 
Adjustments to unrealized components of defined benefit pension plans25 11 
Foreign currency translation(11,440)475 
Total other comprehensive income (loss)(11,447)594 
Comprehensive income108,572 65,091 
Comprehensive income attributable to non-controlling interests(210)(608)
Comprehensive income attributable to Amkor$108,362 $64,483 
The accompanying notes are an integral part of these statements.

-3-

Table of Contents

AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

March 31, 2021December 31, 2020
(In thousands, except per share data)
ASSETS
Current assets:  
Cash and cash equivalents$650,274 $698,002 
Restricted cash933 1,007 
Short-term investments (amortized cost of $163,703 and $133,744 in 2021 and 2020, respectively)
163,693 133,769 
Accounts receivable, net of allowances950,015 962,643 
Inventories307,545 297,293 
Other current assets41,594 40,218 
Total current assets2,114,054 2,132,932 
Property, plant and equipment, net2,623,470 2,566,002 
Operating lease right of use assets 141,247 147,236 
Goodwill25,481 27,325 
Restricted cash3,565 3,188 
Other assets145,648 145,628 
Total assets$5,053,465 $5,022,311 
LIABILITIES AND EQUITY
Current liabilities:  
Short-term borrowings and current portion of long-term debt$135,405 $149,007 
Trade accounts payable602,962 636,434 
Capital expenditures payable273,934 181,339 
Accrued expenses304,556 349,207 
Total current liabilities1,316,857 1,315,987 
Long-term debt952,366 1,005,339 
Pension and severance obligations146,118 159,610 
Long-term operating lease liabilities77,651 84,420 
Other non-current liabilities98,236 102,996 
Total liabilities2,591,228 2,668,352 
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; 289,865 and 288,923 shares issued; and 243,714 and 242,829 shares outstanding in 2021 and 2020, respectively
290 289 
Additional paid-in capital1,964,331 1,953,378 
Retained earnings672,534 562,502 
Accumulated other comprehensive income (loss)15,823 27,270 
Treasury stock, at cost, 46,151 and 46,094 shares in 2021 and 2020, respectively
(219,061)(217,740)
Total Amkor stockholders’ equity2,433,917 2,325,699 
Non-controlling interests in subsidiaries28,320 28,260 
Total equity2,462,237 2,353,959 
Total liabilities and equity$5,053,465 $5,022,311 
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, 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 noncontrolling 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 
Balance at December 31, 2019286,877 $287 $1,927,739 $234,077 $19,115 (46,072)$(217,479)$1,963,739 $26,500 $1,990,239 
Net income— — — 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 plans216 — 1,519 — — — — 1,519 — 1,519 
Share-based compensation— — 1,830 — — — — 1,830 — 1,830 
Balance at March 31, 2020287,093 $287 $1,931,088 $297,966 $19,709 (46,077)$(217,533)$2,031,517 $27,108 $2,058,625 
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,
 20212020
 (In thousands)
Cash flows from operating activities:  
Net income$120,019 $64,497 
Depreciation and amortization135,390 123,657 
Other operating activities and non-cash items2,370 8,287 
Changes in assets and liabilities(80,991)(99,852)
Net cash provided by operating activities176,788 96,589 
Cash flows from investing activities:  
Payments for property, plant and equipment(110,351)(55,888)
Proceeds from sale of property, plant and equipment547 1,887 
Proceeds from foreign exchange forward contracts2,960 7,661 
Payments for foreign exchange forward contracts(28,306)(8,557)
Payments for short-term investments(92,879)(55,754)
Proceeds from sale of short-term investments19,838 31 
Proceeds from maturities of short-term investments43,790 6,134 
Other investing activities29 (106)
Net cash used in investing activities(164,372)(104,592)
Cash flows from financing activities:  
Proceeds from revolving credit facilities 201,000 
Proceeds from short-term debt3,679 14,086 
Payments of short-term debt(7,803)(9,409)
Proceeds from issuance of long-term debt50,000 24,000 
Payments of long-term debt(79,684)(172,336)
Payments of finance lease obligations(3,216)(2,355)
Payments of dividends(19,457) 
Other financing activities7,037 109 
Net cash (used in) provided by financing activities(49,444)55,095 
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash(10,397)(300)
Net (decrease) increase in cash, cash equivalents and restricted cash(47,425)46,792 
Cash, cash equivalents and restricted cash, beginning of period702,197 898,532 
Cash, cash equivalents and restricted cash, end of period$654,772 $945,324 
Non-cash investing and financing activities:
Property, plant and equipment included in capital expenditures payable$273,971 $107,344 
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, 2021, and for the three months ended March 31, 2021 and 2020, are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The December 31, 2020 Consolidated Balance Sheet data 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.”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In our opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods. These financial statements should be read in conjunction with the financial statements included in our Annual Report for the year ended December 31, 2020, filed on Form 10-K with the SEC on February 19, 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year. Unless the context otherwise requires, all references to “Amkor,” “we,” “us” or “our” are to Amkor Technology, Inc. and our subsidiaries. Certain prior year amounts have been reclassified to conform to current year presentation.
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, including the impact of Covid-19 and any worsening of the global business and economic environment.
Goodwill. The balance of goodwill in our Consolidated Balance Sheets reflects adjustments for foreign currency translation.
Unbilled Receivables. Total unbilled receivables as of March 31, 2021 and December 31, 2020 were $142.7 million and $146.8 million, respectively.
Contract Liability. Contract liabilities were $53.3 million and $51.6 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021 and December 31, 2020, the short-term portion of the liability was $34.9 million and $30.3 million, respectively. Revenue recognized during the three months ended March 31, 2021 and 2020 that was included in the contract liability balance at the beginning of the period was $8.1 million and $5.3 million, respectively.

2.    Net Sales by Product Group and End Market
The following table presents our net sales by product group. Beginning in 2021, we are reporting memory net sales in Advanced products. Previously, memory net sales were reported in Mainstream products. Prior year amounts were reclassified to conform to current year presentation.
For the Three Months Ended March 31,
20212020
(In thousands)
Advanced products (1)$920,655 $794,777 
Mainstream products (2)405,495 357,839 
Total net sales$1,326,150 $1,152,616 
(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,
20212020
Communications (handheld devices, smartphones, tablets)40 %38 %
Consumer (connected home, set-top boxes, televisions, visual imaging, wearables)
21 %24 %
Automotive, industrial and other (driver assist, infotainment, performance, safety)
22 %23 %
Computing (data center, infrastructure, PC/laptop, storage)
17 %15 %
Total net sales100 %100 %

3.    Other Income and Expense
Other income and expense consist of the following:
For the Three Months Ended March 31,
 20212020
 (In thousands)
Interest income$(279)$(2,258)
Foreign currency (gain) loss, net619 (229)
Loss on debt retirement 428 
Other(251)(256)
Other (income) expense, net$89 $(2,315)

4.    Income Taxes
Income tax expense of $11.7 million for the three months ended March 31, 2021 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 $32.6 million at December 31, 2020 to $29.1 million as of March 31, 2021, primarily due to the lapse of statutes of limitations and 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 2010-2020. 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,
 20212020
 (In thousands,
except per share data)
Net income attributable to Amkor common stockholders$119,809 $63,889 
Weighted-average number of common shares outstanding - basic243,267 240,919 
Effect of dilutive securities:  
Share-based awards1,862 414 
Weighted-average number of common shares outstanding - diluted245,129 241,333 
Net income attributable to Amkor per common share:  
Basic$0.49 $0.27 
Diluted0.49 0.26 
The following table summarizes the potential shares of common stock that were excluded from diluted EPS because the effect of including these potential shares was anti-dilutive:
For the Three Months Ended March 31,
 20212020
 (In thousands)
Share-based awards 4,321 


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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, 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 $15,823 
Unrealized Gains (Losses) on Available-for-Sale Debt Investments (1)Defined Benefit Pension (2)Foreign Currency TranslationTotal
(In thousands)
Accumulated other comprehensive income (loss) at December 31, 2019$ $(4,820)$23,935 $19,115 
Other comprehensive income (loss) before reclassifications108  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 
(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, 2021 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, 2021
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Certificate of deposits$901 $ $ $901 $901 $ 
Commercial paper11,572   11,572  11,572 
Corporate bonds8,964  (5)8,959  8,959 
Money market funds211,723   211,723 211,723  
Municipal bonds1,777   1,777  1,777 
U.S. government bonds250   250 250  
Total cash equivalents235,187  (5)235,182 212,874 22,308 
Short-term investments
Asset-backed securities16,607 14 (7)16,614  16,614 
Certificate of deposits10,178   10,178 10,178  
Commercial paper24,023   24,023  24,023 
Corporate bonds59,953 1 (27)59,927  59,927 
Municipal bonds18,547 8 (3)18,552  18,552 
U.S. government agency bonds1,585   1,585  1,585 
U.S. government bonds27,891 4  27,895 27,895  
Variable rate demand notes300   300  300 
Total short-term investments159,084 27 (37)159,074 38,073 121,001 
Total$394,271 $27 $(42)$394,256 $250,947 $143,309 

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


December 31, 2020
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Certificate of deposits$976 $ $ $976 $976 $ 
Commercial paper5,293   5,293  5,293 
Corporate bonds1,744   1,744  1,744 
Money market funds138,290   138,290 138,290  
Municipal bonds400   400  400 
Total cash equivalents146,703   146,703 139,266 7,437 
Short-term investments
Asset-backed securities19,111 18 (9)19,120  19,120 
Certificate of deposits5,046   5,046 5,046  
Commercial paper15,148   15,148  15,148 
Corporate bonds50,771 16 (12)50,775  50,775 
Municipal bonds12,702 8 (2)12,708  12,708 
U.S. government agency bonds8,415 3  8,418  8,418 
U.S. government bonds17,605 3  17,608 17,608  
Variable rate demand notes300   300  300 
Total short-term investments129,098 48 (23)129,123 22,654 106,469 
Total$275,801 $48 $(23)$275,826 $161,920 $113,906 
(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, 2021:
Amortized CostFair Value
(In thousands)
Within 1 year$379,754 $379,731 
After 1 year through 5 years11,067 11,078 
After 5 years through 10 years3,450 3,447 
Total$394,271 $394,256 
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, and we view our available-for-sale debt investments as available for current operations.
As of March 31, 2021, 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, 2020, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year was $4.7 million.


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


8.    Factoring of Accounts Receivable
For certain accounts receivable, we use non-recourse factoring arrangements with third-party financial institutions to manage our working capital and cash flows. Under this program, we sell receivables to a financial institution for cash at a discount to the face amount. As part of the factoring arrangements, we perform certain collection and administrative functions for the receivables sold. For the three months ended March 31, 2021 and 2020, we sold receivables totaling $106.3 million and $170.5 million, net of discounts and fees of $0.2 million and $1.0 million, respectively.

9.    Property, Plant and Equipment
Property, plant and equipment consist of the following:
March 31, 2021December 31, 2020
(In thousands)
Land$219,228 $221,304 
Buildings and improvements1,636,111 1,625,355 
Machinery and equipment5,845,221 5,736,797 
Finance lease assets40,556 40,856