Company: AMKR
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001047127-25-000030
Chunk: 75

Company: AMKOR TECHNOLOGY, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 75
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 production begins, the costs relating to production become part of the cost of sales, including ongoing depreciation for the equipment previously held for research and development activities.  

Research and development expenses decreased in 2024 compared to 2023 primarily due to the utilization mix of assets shared with manufacturing and projects moving into production, partially offset by new development projects in packaging technologies.  

Other Income and Expense

Change2024202320222024 over 20232023 over 2022(In thousands, except percentages)Interest expense$64,945 $59,000 $58,563 $5,945 10.1 %$437 0.7 %Interest income(65,541)(48,458)(12,762)(17,083)35.3 %(35,696)>100%Foreign currency (gain) loss, net8,856 18,361 (1,572)(9,505)(51.8)%19,933 >(100)%Loss on debt retirement— — 464 — — %(464)(100.0)%Other(821)(2,457)(4,439)1,636 (66.6)%1,982 (44.6)%Total other expense, net$7,439 $26,446 $40,254 $(19,007)(71.9)%$(13,808)(34.3)%

Interest expense increased in 2024 compared to 2023, primarily due to a decrease in capitalized interest for the Vietnam Facility and an increase in our finance lease obligation balance.

Interest income increased in 2024 compared to 2023, primarily due to increases in our cash and cash equivalent and available-for-sale debt investment balances and higher interest rates.

The changes in foreign currency (gain) loss, net for the 2024 compared to the 2023 were primarily due to the lower net costs associated with foreign exchange forward contracts. 

40

Income Tax Expense

Change2024202320222024 over 20232023 over 2022(In thousands, except percentages)Income tax expense$75,481 $81,710 $89,890 $(6,229)$(8,180)Effective tax rate17.5 %18.4 %10.5 %

Income tax expense, which includes foreign withholding taxes and minimum taxes, reflects the applicable tax rates in effect in the various countries where our income is earned and is subject to volatility depending on the relative mix