Amkor Technology Inc.

10/28/2025 | Press release | Distributed by Public on 10/28/2025 14:57

Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
Overview
Amkor is the world's largest U.S. headquartered OSAT and is a global leader in outsourced semiconductor packaging and test services. We are an industry leader in developing and commercializing advanced packaging and test technologies, which we believe provide substantial value to our customers. Our primary financial objective is profitable sales growth. To achieve this goal, we are focused on leveraging our leadership position in services for advanced technologies, providing our customers with a geographically diverse manufacturing footprint, growing within the industry secular growth markets of high-performance computing ("HPC"), automotive, Internet-of-Things ("IoT") and mobile communications, selectively growing our scale and scope through strategic investments and optimizing utilization of existing assets.
We believe that demand for advanced packaging services will continue to grow as our customers and leading electronics original equipment manufacturers strive for smaller device geometries, higher levels of integration and performance and lower power consumption. We intend to continue to leverage our investments in advanced technology to meet the demand for these services in high growth markets.
High performance computing supporting artificial intelligence and increasing demand for improved networking speed and storage within data centers, cloud computing, PCs and laptops, are driving demand for more semiconductors and advanced packaging in the computing end market. Increasing semiconductor content in automobiles is driving increased demand for advanced packaging to enable the proliferation of safety features such as ADAS and radar and digital cockpit features such as infotainment displays and telematics. The IoT wearables within our consumer end market are evolving in multiple applications, such as hearables, watches and augmented reality and virtual reality devices. Integration of multiple functions into small form factors, such as processors, sensors and connectivity devices, relies on innovation in advanced packaging. Within our communications end market, we have a strong position across multiple device functionalities within premium and high tier smartphones. We are collaborating with industry leaders as smartphones transition to include artificial intelligence and drive semiconductor growth through integration of a broad range of applications, enhanced features and higher performance requirements to support increased data processing.
Our broad geographic footprint, including our manufacturing presence in multiple countries across Asia, in Portugal and our headquarters in the United States, is a key differentiator and positions us well to support evolving global supply chains, including initiatives to regionalize supply chains. We began delivering advanced packages from the Vietnam Facility in the third quarter of 2024. In addition, we were awarded up to $407 million in direct funding by the U.S. Department of Commerce ("Commerce") pursuant to the U.S. CHIPS and Science Act of 2022 ("CHIPS Act") to support the Arizona Facility, conditioned on, among other things, the achievement of certain construction and production milestones. We acquired the land for the Arizona Facility in 2024, which we expect to exchange for another parcel of land in the fourth quarter of 2025. Activities to prepare the site for construction commenced in September 2025. We believe our broad geographic footprint provides customers with multiple options to mitigate risk and diversify their supply chains.
Another key factor in our results of operations is the optimization of asset utilization. We build and utilize manufacturing lines which support multiple customers, and we increase factory utilization through sophisticated planning processes and intensive efficiency improvement activities.
Our customers include most of the world's largest semiconductor companies, and over the last five decades we have developed long-standing relationships with many of these companies. We believe that our production excellence, including high quality, reliability and predictability, has been a key factor in our success in attracting and retaining customers.
As a supplier in the semiconductor industry, our business is cyclical and impacted by broad economic factors. Historical trends indicate there has been a strong correlation between worldwide gross domestic product levels, consumer spending and semiconductor industry cycles. The semiconductor industry has experienced significant and sometimes prolonged cyclical upturns and downturns in the past. We cannot predict the timing, strength or duration of any correction, economic slowdown, recession or subsequent economic recovery.
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We operate in a capital-intensive industry. Servicing our current and future customers requires that we incur significant operating expenses and continue to make significant capital expenditures, which are generally made in advance of expected revenues and without firm customer commitments. We fund our operations, including capital expenditures and debt service requirements, with cash flows from operations, existing cash and cash equivalents, short-term investments, borrowings under available credit facilities and proceeds from any additional financing. Maintaining an appropriate level of liquidity is important to our business and depends on, among other considerations, the performance of our business, our capital expenditure levels, our ability to repay debt out of our operating cash flows or proceeds from debt or equity financings and our investment strategy. As of September 30, 2025, we had cash and cash equivalents and short-term investments of $1,495.7 million and $614.7 million, respectively.
Our net sales, gross profit, operating income, cash flows, liquidity and capital resources have historically fluctuated significantly from quarter to quarter due to many factors, including the seasonality of our business, the cyclical nature of the semiconductor industry and other factors discussed in the "Risk Factors" section in Part II, Item 1A of this Form 10-Q. We continue to monitor the recent changes in global trade policy, including tariffs and related trade actions announced by the U.S. and other countries. The degree to which such tariffs and other related actions impact our business, financial condition and results of operations will depend on future developments, which are uncertain. We will continue to make prudent investments, and we will closely manage capacity expansion and control costs in response to any changes in market conditions.
Financial Summary
Our net sales increased $125.4 million, or 6.7%, to $1,987.0 million for the three months ended September 30, 2025 compared to $1,861.6 million for the three months ended September 30, 2024, primarily due to growth in our computing and communications end markets.
Gross margin for the three months ended September 30, 2025 decreased to 14.3% compared to 14.6% for the three months ended September 30, 2024. The decrease in gross margin was primarily due to increased overhead and employee compensation costs, partially offset by a decrease in the proportion of products sold with higher material content and higher factory utilization driven by the increase in net sales.
Operating income margin remained consistent at 8.0% for the three months ended September 30, 2025 and the three months ended September 30, 2024.
Our capital expenditures totaled $472.5 million for the nine months ended September 30, 2025 compared to $458.1 million for the nine months ended September 30, 2024. Our spending was primarily focused on investments in advanced packaging and test equipment.
Net cash provided by operating activities was $451.1 million for the nine months ended September 30, 2025 compared to $551.3 million for the nine months ended September 30, 2024. This decrease was primarily due to changes in working capital and lower operating profits.
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Results of Operations
The following table sets forth certain operating data as a percentage of net sales for the periods indicated:
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025 2024 2025 2024
Net sales 100.0 % 100.0 % 100.0 % 100.0 %
Cost of sales:
Materials 57.5 % 58.4 % 54.6 % 55.2 %
Labor 9.2 % 8.7 % 10.8 % 10.0 %
Depreciation 7.5 % 7.4 % 9.0 % 8.5 %
Other manufacturing costs 11.5 % 10.9 % 12.7 % 11.7 %
Gross margin 14.3 % 14.6 % 12.9 % 14.6 %
Selling, general and administrative 4.2 % 4.3 % 4.4 % 5.6 %
Research and development 2.1 % 2.3 % 2.7 % 2.6 %
Operating income 8.0 % 8.0 % 5.9 % 6.5 %
Net income attributable to Amkor 6.4 % 6.6 % 4.2 % 5.3 %
Net Sales
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
(In thousands, except percentages)
Net sales $ 1,986,968 $ 1,861,589 $ 125,379 6.7 % $ 4,819,935 $ 4,688,574 $ 131,361 2.8 %
The increase in net sales for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to growth in our computing and communications end markets. The computing and communications end markets grew 23% and 5%, respectively, for the three months ended September 30, 2025 compared to 2024, primarily driven by strong demand across all computing applications and in premium tier smartphones.
The increase in net sales for the nine months ended September 30, 2025compared to the nine months ended September 30, 2024 was primarily due to growth in our computing and consumer end markets, partially offset by a decrease in the communications end market. The computing and consumer end markets grew 20% and 18%, respectively, for the nine months ended September 30, 2025compared to 2024, primarily driven by strong demand across all computing applications as well as IoT wearables. The communications end market decreased 8% for the nine months ended September 30, 2025compared to 2024, primarily driven by lower supported content in premium tier smartphones.
Gross Profit and Gross Margin
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
(In thousands, except percentages)
Gross profit $ 284,490 $ 272,484 $ 12,006 $ 623,970 $ 686,502 $ (62,532)
Gross margin 14.3 % 14.6 % (0.3) % 12.9 % 14.6 % (1.7) %
Our cost of sales consists principally of materials, labor, depreciation and manufacturing overhead. Since a substantial portion of the costs at our factories is fixed, there tends to be a strong relationship between our revenue levels and gross margin. Accordingly, relatively modest increases or decreases in revenue can have a significant effect on margin and on labor and other manufacturing costs as a percentage of revenue, depending on product mix, utilization, foreign currency exchange rate movements and seasonality. We have expanded our business in advanced packaging, which tends to have
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higher material costs than our other products. As we continue to increase production of these higher material cost products, there could be an impact on our profitability, depending on overall utilization.
Gross margin decreased for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, primarily due to increased overhead and employee compensation costs, partially offset by a decrease in the proportion of products sold with higher material content and higher factory utilization driven by the increase in net sales. Gross profit and gross margin for the nine months ended September 30, 2025 was also impacted by the ramp up of the Vietnam Facility, which is in the early stages of high-volume manufacturing.
Selling, General and Administrative
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
(In thousands, except percentages)
Selling, general and administrative $ 83,211 $ 80,753 $ 2,458 3.0 % $ 211,541 $ 262,379 $ (50,838) (19.4) %
Selling, general and administrative expenses decreased for the nine months ended September 30, 2025compared to the nine months ended September 30, 2024, primarily due to net cash received in the Nanium Insolvency Receipt and the incremental costs incurred in 2024 during start-up at the Vietnam Facility. The amount recognized from the Nanium Insolvency Receipt for the nine months ended September 30, 2025, net of amounts remitted to the selling shareholders, was $32.4 million. The incremental costs incurred during start-up at the Vietnam Facility were approximately $28 million for the nine months ended September 30, 2024. For additional information regarding the Nanium Insolvency Receipt, please refer to Note 15 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q.
Research and Development
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
(In thousands, except percentages)
Research and development $ 42,352 $ 42,364 $ (12) - % $ 130,012 $ 120,103 $ 9,909 8.3 %
Research and development activities are focused on developing new packaging and test services and improving the efficiency and capabilities of our existing production processes. The costs related to our technology and product development projects are included in research and development expense until the project moves into production. Once 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 increased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to development projects in new advanced and mainstream packaging technologies.
Other Income and Expense
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
(In thousands, except percentages)
Interest expense
$ 21,231 $ 15,622 $ 5,609 35.9 % $ 54,850 $ 47,866 $ 6,984 14.6 %
Interest income (17,109) (15,862) (1,247) 7.9 % (46,554) (50,356) 3,802 (7.6) %
Foreign currency (gain) loss, net (62) 7,980 (8,042) >(100)% 10,725 11,446 (721) (6.3) %
Loss on debt retirement 455 - 455 100 % 455 - 455 100 %
Other, net 15 (248) 263 >(100)% (459) (363) (96) 26.4 %
Total other expense, net $ 4,530 $ 7,492 $ (2,962) (39.5) % $ 19,017 $ 8,593 $ 10,424 >100%
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Interest expense increased for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, primarily due to an increase in our average outstanding debt related to the issuances of the 2033 Notes and the Term A Loans, which were used in part to redeem all amounts outstanding under our 2027 Notes and AATS Loans.
Interest income decreased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to lower interest rates partially offset by increases in our cash and cash equivalent and available-for-sale debt investment balances.
The changes in foreign currency (gain) loss, net for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 were primarily due to the weakening of the U.S. dollar compared to the foreign currencies of our subsidiaries and the associated impact on our unhedged net monetary exposures in 2024.
Income Tax Expense
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2025 2024 Change 2025 2024 Change
(In thousands)
Income tax expense $ 27,715 $ 19,185 $ 8,530 $ 59,813 $ 45,693 $ 14,120
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 of earnings in each location. Income tax expense increased for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to an increase in income before income taxes. Income tax expense increased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to discrete tax expense associated with the Nanium Insolvency Receipt. For additional information regarding the Nanium Insolvency Receipt, please refer to Note 15 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q.
During the nine months ended September 30, 2025 and 2024, our subsidiaries in Korea, Singapore and Vietnam operated under various conditional reduced tax rates. As these conditional reduced tax rates expire, income earned in these jurisdictions will be subject to higher statutory income tax rates, which may cause our effective tax rate to increase.
See Note 4 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q for additional information about our income tax expense and the OBBBA legislation.
Liquidity
We assess our liquidity based on our current expectations regarding sales and operating expenses, capital spending, dividend payments, stock and debt repurchases, debt service requirements, lease obligations and other funding needs. Based on this assessment, we believe that our cash flow from operating activities, together with existing cash and cash equivalents, short-term investments and availability under our credit facilities, will be sufficient to fund our working capital, capital expenditures, dividend payments, debt service, debt repurchases and other financial requirements for at least the next 12 months.
Our liquidity is affected by, among other factors, volatility in the global economy and credit markets, the performance of our business, our capital expenditure levels, other uses of our cash including any dividends and purchases of stock or debt under any repurchase program, any acquisitions, joint ventures or other investments and our ability to either repay debt out of operating cash flow or refinance it at or prior to maturity with the proceeds from debt or equity offerings. There can be no assurance that we will generate the necessary net income or operating cash flows, or be able to borrow sufficient funds, to meet the funding needs of our business beyond the next 12 months due to a variety of factors, including the cyclical nature of the semiconductor industry and other factors discussed in Part II, Item 1A of this Form 10-Q.
Our primary source of cash and the source of funds for our operations are cash flows from operations, current cash and cash equivalents, short-term investments, borrowings under available credit facilities and proceeds from any additional
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debt or equity financings. Please refer to Note 7 and Note 11 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q for additional information on our investments and borrowings, respectively.
As of September 30, 2025, we had cash and cash equivalents and short-term investments of $2,110.4 million. Included in our cash and short-term investments balances as of September 30, 2025 is$1,109.3 million held offshore by our foreign subsidiaries. We have the ability to access cash held offshore by our foreign subsidiaries primarily through the repayment of intercompany debt obligations. If we were to distribute this offshore cash to the United States as dividends from our foreign subsidiaries, the dividends generally would not be subject to U.S. federal income tax, but the distributions may be subject to foreign withholding and state income taxes.
For certain accounts receivable, we use non-recourse factoring arrangements with third party financial institutions to manage our working capital and cash flows. Under these arrangements, we sell receivables to a financial institution for cash at a discount to the face amount. Available capacity under these arrangements is dependent on the level of our trade accounts receivable eligible to be sold, the financial institutions' willingness to purchase such receivables and the limits provided by the financial institutions. These factoring arrangements can be reduced or eliminated at any time due to market conditions and changes in the creditworthiness of customers. For the nine months ended September 30, 2025 and 2024, we sold receivables totaling $88.7 million and $59.4 million, respectively, net of discounts and fees which were insignificant for the respective periods.
We operate in a capital-intensive industry. Servicing our current and future customers may require that we incur significant operating expenses and make significant investments in equipment and facilities, which are generally made in advance of the related revenues and without firm customer commitments.
In December 2024, we signed a Direct Funding Agreement with Commerce for the award of up to $407 million in government incentives pursuant to the CHIPS Act, and no funds have been received to date. The award requires us to achieve construction and production milestones over the next several years. In addition, we are eligible to receive an investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act. On July 4, 2025, the OBBBA was enacted in the United States, which includes a provision to increase the investment tax credit rate from 25% to 35% for qualified property placed in service after 2025. For additional information, please refer to Note 1 to our Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.
On May 9, 2025, we entered into the 2025 Revolving Credit Facility, which replaced our existing revolving credit facility. The maximum amount available to draw under the 2025 Revolving Credit Facility is $1.0 billion. The 2025 Revolving Credit Facility includes an uncommitted optional accordion of up to $200.0 million, which may be incurred in the form of revolving commitment increases or term loans. On June 27, 2025, we amended the 2025 Revolving Credit Facility agreement and created the $500.0 million Term A Loans, which are secured and guaranteed on a pari passubasis to the existing agreement. In July 2025, a portion of the proceeds were used to redeem $125.0 million of the 2027 Notes and repay the remaining $98.0 million of the AATS Loans. The 2025 Revolving Credit Facility and Term A Loans will mature on May 9, 2030. As of September 30, 2025, we had availability of $1,000.0 million under the 2025 Revolving Credit Facility. As of September 30, 2025, our foreign subsidiaries also had $60.4 million available to be borrowed under term loan credit facilities.
In September 2025, we issued $500.0 million of the 2033 Notes. Additionally, in October 2025, we redeemed the outstanding $400.0 million aggregate principal amount of our 2027 Notes. The redemption was funded from our issuance of the 2033 Notes.
As of September 30, 2025, we had debt of $1,811.9 million, with $547.4 million payable within 12 months. As of September 30, 2025, the interest payment obligations, based on stated coupon rates for fixed rate debt and interest rates applicable at September 30, 2025 for variable rate debt, were $378.0 million during the remaining term of the debt. Interest payment obligations payable within 12 months were $53.3 million. We were in compliance with all debt covenants as of September 30, 2025, and we expect to remain in compliance with these covenants for at least the next 12 months. For additional information regarding our debt arrangements, please refer to Note 11 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q.
Certain of our debt agreements contain affirmative and negative covenants including, among others, covenants to maintain a minimum interest coverage ratio and a maximum consolidated leverage ratio, which restrict our ability to pay
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dividends and could restrict our operations. These restrictions do not currently have a material impact on our ability to make dividend payments or stock repurchases.
The debt of Amkor Technology, Inc. is structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries. From time to time, Amkor Technology, Inc., ATSH and Guardian guarantee certain debt of our subsidiaries.
In order to reduce our debt and future cash interest payments, we may from time to time repurchase or redeem our outstanding senior notes for cash or exchange shares of our common stock for our outstanding senior notes. Any such transaction may be made in the open market, through privately negotiated transactions or otherwise and would be subject to the terms of our indentures and other debt agreements, market conditions and other factors.
We lease certain machinery and equipment, office space and manufacturing facilities. As of September 30, 2025, our total remaining operating lease obligations and finance lease obligations were $91.2 million and $183.6 million, respectively, with $28.1 million and $81.7 million payable within 12 months, respectively. The lease obligations represent our future minimum lease payments including interest payments.
We had off-balance sheet purchase obligations for capital expenditures, long-term supply contracts and other contractual commitments. As of September 30, 2025, the purchase obligations were $704.8 million, with $642.4 million payable within 12 months.
We enter into customer advance payment agreements from time to time, some of which require standby letters of credit. As of September 30, 2025, we expect to receive approximately $600 million of advance payments over a two-year period, of which $400 million will require standby letters of credit upon receipt.
Capital Returns
In November 2022, we announced our intention to return 40 percent to 50 percent of cumulative free cash flow generated over time, beginning 2022. This return may be in the form of dividends and stock repurchases, subject to a variety of factors, including strategic investments, other capital allocation priorities and Board of Directors' approval.
During the nine months ended September 30, 2025, we paid total quarterly cash dividends of $61.3 million, and 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.
Capital Resources
We make significant capital expenditures in order to service the demand of our customers, which are primarily focused on investments in advanced packaging and test equipment. During the nine months ended September 30, 2025, our capital expenditures totaled $472.5 million.
We expect that our 2025 capital expenditures will be approximately $950 million, approximately $200 million of which we expect to spend on the construction of the Arizona Facility. Ultimately, the amount of our 2025 capital expenditures will depend on several factors including, among others, the timing and implementation of any capital projects under review, including the progress of construction of the Arizona Facility, the performance of our business, economic and market conditions, the cash needs and investment opportunities for the business, the need for additional capacity to service anticipated customer demand, equipment lead times and the availability of cash flows from operations or financing. The primary sources of funds for our capital expenditures are cash flows from operations, current cash and cash equivalents, short-term investments, borrowings under available credit facilities and proceeds from any additional debt or equity financings. Please refer to Note 7 and Note 11 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q for additional information on our investments and borrowings, respectively.
In addition, we are subject to risks associated with our capital expenditures, including those discussed in the "Risk Factors" section in Part II, Item 1A of this Form 10-Q under the caption "We make substantial investments in equipment and facilities to support the demand of our customers, which may materially and adversely affect our business if the demand of our customers does not develop as we expect or is adversely affected."
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Cash Flows
Net cash provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2025 and 2024, was as follows:
For the Nine Months Ended September 30,
2025 2024
(In thousands)
Operating activities $ 451,126 $ 551,260
Investing activities (554,517) (501,752)
Financing activities 518,863 (207,331)
Operating activities: Our cash flow provided by operating activities for the nine months ended September 30, 2025 decreased by $100.1 million compared to the nine months ended September 30, 2024, primarily due to changes in working capital and lower operating profits.
Investing activities: Our cash flow used in investing activities for the nine months ended September 30, 2025 increased by $52.8 million compared to the nine months ended September 30, 2024, primarily due to higher net payments for short-term investments and higher payments for property, plant and equipment, partially offset by net proceeds from foreign exchange forward contracts in the current year. Payments for property, plant and equipment can fluctuate based on the timing of purchase, receipt and acceptance of equipment.
Financing activities: The changes in financing activities for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 were primarily due to net debt borrowings in the current year compared to net debt repayments in the prior year.
We provide the following supplemental data to assist our investors and analysts in understanding our liquidity and capital resources. We define "free cash flow" as net cash provided by operating activities less payments for property, plant and equipment, plus proceeds from the sale of, insurance recovery for and grants for property, plant and equipment, if applicable. Free cash flow is not defined by U.S. GAAP. We believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, our ability to service debt, our ability to fund capital expenditures and our ability to pay dividends and the amount of dividends to be paid. However, free cash flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other, non-discretionary expenditures, such as mandatory debt service, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. This measure should be considered in addition to, and not as a substitute for, or superior to, other measures of liquidity or financial performance prepared in accordance with U.S. GAAP, such as net cash provided by operating activities. Furthermore, our definition of free cash flow may not be comparable to similarly titled measures reported by other companies.
For the Nine Months Ended September 30,
2025 2024
(In thousands)
Net cash provided by operating activities $ 451,126 $ 551,260
Payments for property, plant and equipment (472,531) (458,067)
Proceeds from sale of and grants for property, plant and equipment 8,248 12,639
Free cash flow $ (13,157) $ 105,832
New Accounting Pronouncements
For information regarding recently adopted and recently issued accounting standards, please refer to Note 1 to our Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.
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