English Translation of Financial Statements Originally Issued in Chinese
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
Consolidated Financial Statements for the
Years Ended December 31, 2020 and 2019 and
Independent Auditors’ Report
- 0 -
REPRESENTATION LETTER
The entities that are required to be included in the combined financial statements of Taiwan Semiconductor Manufacturing Company Limited as of and for the year ended December 31, 2020, under the Criteria Governing the Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises are the same as those included in the consolidated financial statements prepared in conformity with the International Financial Reporting Standard 10, “Consolidated Financial Statements.” In addition, the information required to be disclosed in the combined financial statements is included in the consolidated financial statements. Consequently, Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries do not prepare a separate set of combined financial statements.
Very truly yours,
Taiwan Semiconductor Manufacturing Company Limited
By
MARK LIU
Chairman
February 9, 2021
1
勤業眾信聯合會計師事務所
11073 台北市信義區松仁路100號20樓
Deloitte & Touche
20F, Taipei Nan Shan Plaza
No. 100, Songren Rd.,
Xinyi Dist., Taipei 11073, Taiwan
Tel :+886 (2) 2725-9988
Fax:+886 (2) 4051-6888
www.deloitte.com.tw
INDEPENDENT AUDITORS’ REPORT
The Board of Directors and Shareholders
Taiwan Semiconductor Manufacturing Company Limited
Opinion
We have audited the accompanying consolidated financial statements of Taiwan Semiconductor Manufacturing Company Limited and its subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2020 and 2019, and the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and the notes to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2020 and 2019, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.
Basis for Opinion
We conducted our audits in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants and auditing standards generally accepted in the Republic of China. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Company in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2020. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
2
Key audit matters for the Company’s consolidated financial statements for the year ended December 31, 2020 are stated as follows:
Property, plant and equipment (PP&E) – commencement of depreciation related to PP&E classified as equipment under installation and construction in progress (EUI/CIP)
Refer to Notes 4, 5 and 14 to the consolidated financial statements.
The Company’s evaluation of when to commence depreciation of EUI/CIP involves determining when the assets are available for their intended use. The criteria the Company uses to determine whether EUI/CIP are available for their intended use involves subjective judgments and assumptions about the conditions necessary for the assets to be capable of operating in the intended manner. Changes in these assumptions could have a significant impact on when depreciation is recognized.
Given the subjectivity in determining the date to commence depreciation of EUI/CIP, performing audit procedures to evaluate the reasonableness of the Company’s judgments and assumptions required a high degree of auditor judgment. Consequently, the validity of commencement of depreciation related to PP&E classified as EUI/CIP is identified as a key audit matter.
Our audit procedures related to the evaluation of when to commence depreciation of EUI/CIP included the following, among others:
1. | We read the Company’s policy and understand the criteria used to determine when to commence depreciation. |
2. | We tested the effectiveness of the controls over the evaluation of when to commence depreciation of EUI/CIP. |
3. | We sampled EUI/CIP at year end and performed the following for each selection: |
| a. | Evaluated whether the selection did not meet the criteria specified by the Company for commencement of depreciation. |
| b. | Observed the assets and evaluated their status at year end. |
4. | We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for commencement of depreciation during the year. |
5. | We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for commencement of depreciation subsequent to year end. |
Other Matter
We have also audited the parent company only financial statements of Taiwan Semiconductor Manufacturing Company Limited as of and for the years ended December 31, 2020 and 2019 on which we have issued an unmodified opinion.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRS, IAS, IFRIC, and SIC endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
3
In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance (including members of the Audit Committee) are responsible for overseeing the Company’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the auditing standards generally accepted in the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the auditing standards generally accepted in the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
1. | Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
2. | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. |
3. | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. |
4. | Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern. |
5. | Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
6. | Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
4
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the year ended December 31, 2020 and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partners on the audit resulting in this independent auditors’ report are Mei Yen Chiang and Yu Feng Huang.
Deloitte & Touche
Taipei, Taiwan
Republic of China
February 9, 2021
Notice to Readers
The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such consolidated financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors’ report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors’ report and consolidated financial statements shall prevail.
5
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In Thousands of New Taiwan Dollars)
| December 31, 2020 |
| December 31, 2019 | |||||||||||||||
ASSETS |
| Amount |
| % |
| Amount |
| % | ||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
CURRENT ASSETS |
|
|
|
|
|
|
|
| ||||||||||
Cash and cash equivalents (Note 6) |
| $ | 660,170,647 |
|
|
| 24 |
|
| $ | 455,399,336 |
|
|
| 20 |
| ||
Financial assets at fair value through profit or loss (Note 7) |
|
| 2,259,412 |
|
|
| - |
|
|
| 326,839 |
|
|
| - |
| ||
Financial assets at fair value through other comprehensive income (Note 8) |
|
| 122,448,453 |
|
|
| 5 |
|
|
| 127,396,577 |
|
|
| 6 |
| ||
Financial assets at amortized cost (Note 9) |
|
| 6,597,992 |
|
|
| - |
|
|
| 299,884 |
|
|
| - |
| ||
Hedging financial assets (Note 10) |
|
| 47 |
|
|
| - |
|
|
| 25,884 |
|
|
| - |
| ||
Notes and accounts receivable, net (Note 11) |
|
| 145,480,272 |
|
|
| 5 |
|
|
| 138,908,589 |
|
|
| 6 |
| ||
Receivables from related parties (Note 33) |
|
| 558,131 |
|
|
| - |
|
|
| 862,070 |
|
|
| - |
| ||
Other receivables from related parties (Note 33) |
|
| 50,645 |
|
|
| - |
|
|
| 51,653 |
|
|
| - |
| ||
Inventories (Notes 5 and 12) |
|
| 137,353,407 |
|
|
| 5 |
|
|
| 82,981,196 |
|
|
| 4 |
| ||
Other financial assets (Note 34) |
|
| 10,676,111 |
|
|
| 1 |
|
|
| 11,041,091 |
|
|
| - |
| ||
Other current assets |
|
| 6,590,191 |
|
|
| - |
|
|
| 5,320,795 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total current assets |
|
| 1,092,185,308 |
|
|
| 40 |
|
|
| 822,613,914 |
|
|
| 36 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
NONCURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Financial assets at fair value through other comprehensive income (Note 8) |
|
| 4,514,940 |
|
|
| - |
|
|
| 4,124,337 |
|
|
| - |
| ||
Financial assets at amortized cost (Note 9) |
|
| 4,372,207 |
|
|
| - |
|
|
| 7,348,914 |
|
|
| - |
| ||
Investments accounted for using equity method (Note 13) |
|
| 18,841,061 |
|
|
| 1 |
|
|
| 18,698,788 |
|
|
| 1 |
| ||
Property, plant and equipment (Notes 5 and 14) |
|
| 1,555,589,120 |
|
|
| 56 |
|
|
| 1,352,377,405 |
|
|
| 60 |
| ||
Right-of-use assets (Notes 5 and 15) |
|
| 27,728,382 |
|
|
| 1 |
|
|
| 17,232,402 |
|
|
| 1 |
| ||
Intangible assets (Notes 5 and 16) |
|
| 25,768,179 |
|
|
| 1 |
|
|
| 20,653,028 |
|
|
| 1 |
| ||
Deferred income tax assets (Notes 5 and 27) |
|
| 25,958,184 |
|
|
| 1 |
|
|
| 17,928,358 |
|
|
| 1 |
| ||
Refundable deposits |
|
| 1,343,001 |
|
|
| - |
|
|
| 2,084,968 |
|
|
| - |
| ||
Other noncurrent assets |
|
| 4,411,023 |
|
|
| - |
|
|
| 1,742,918 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total noncurrent assets |
|
| 1,668,526,097 |
|
|
| 60 |
|
|
| 1,442,191,118 |
|
|
| 64 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
TOTAL |
| $ | 2,760,711,405 |
|
|
| 100 |
|
| $ | 2,264,805,032 |
|
|
| 100 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Short-term loans (Notes 17 and 30) |
| $ | 88,559,026 |
|
|
| 3 |
|
| $ | 118,522,290 |
|
|
| 5 |
| ||
Financial liabilities at fair value through profit or loss (Note 7) |
|
| 94,128 |
|
|
| - |
|
|
| 982,349 |
|
|
| - |
| ||
Hedging financial liabilities (Note 10) |
|
| 1,169 |
|
|
| - |
|
|
| 1,798 |
|
|
| - |
| ||
Accounts payable |
|
| 38,987,284 |
|
|
| 1 |
|
|
| 38,771,066 |
|
|
| 2 |
| ||
Payables to related parties (Note 33) |
|
| 2,107,718 |
|
|
| - |
|
|
| 1,434,900 |
|
|
| - |
| ||
Salary and bonus payable |
|
| 20,071,241 |
|
|
| 1 |
|
|
| 16,272,353 |
|
|
| 1 |
| ||
Accrued profit sharing bonus to employees and compensation to directors and supervisors (Note 29) |
|
| 35,681,046 |
|
|
| 1 |
|
|
| 23,648,903 |
|
|
| 1 |
| ||
Payables to contractors and equipment suppliers |
|
| 157,804,961 |
|
|
| 6 |
|
|
| 140,810,703 |
|
|
| 6 |
| ||
Cash dividends payable (Note 22) |
|
| 129,651,902 |
|
|
| 5 |
|
|
| 129,651,902 |
|
|
| 6 |
| ||
Income tax payable (Notes 5 and 27) |
|
| 53,909,313 |
|
|
| 2 |
|
|
| 32,466,156 |
|
|
| 1 |
| ||
Long-term liabilities - current portion (Notes 18 and 30) |
|
| 2,600,000 |
|
|
| - |
|
|
| 31,800,000 |
|
|
| 1 |
| ||
Accrued expenses and other current liabilities (Notes 5, 15, 21, 23 and 30) |
|
| 87,683,260 |
|
|
| 3 |
|
|
| 56,373,281 |
|
|
| 3 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total current liabilities |
|
| 617,151,048 |
|
|
| 22 |
|
|
| 590,735,701 |
|
|
| 26 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
NONCURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Bonds payable (Notes 18 and 30) |
|
| 254,105,084 |
|
|
| 9 |
|
|
| 25,100,000 |
|
|
| 1 |
| ||
Long-term bank loans (Notes 19 and 30) |
|
| 1,967,611 |
|
|
| - |
|
|
| - |
|
|
| - |
| ||
Deferred income tax liabilities (Notes 5 and 27) |
|
| 1,729,941 |
|
|
| - |
|
|
| 344,393 |
|
|
| - |
| ||
Lease liabilities (Notes 5, 15 and 30) |
|
| 20,560,649 |
|
|
| 1 |
|
|
| 15,041,833 |
|
|
| 1 |
| ||
Net defined benefit liability (Note 20) |
|
| 11,914,074 |
|
|
| 1 |
|
|
| 9,182,496 |
|
|
| - |
| ||
Guarantee deposits (Notes 21 and 30) |
|
| 265,599 |
|
|
| - |
|
|
| 176,904 |
|
|
| - |
| ||
Others |
|
| 2,395,400 |
|
|
| - |
|
|
| 2,128,279 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total noncurrent liabilities |
|
| 292,938,358 |
|
|
| 11 |
|
|
| 51,973,905 |
|
|
| 2 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total liabilities |
|
| 910,089,406 |
|
|
| 33 |
|
|
| 642,709,606 |
|
|
| 28 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Capital stock (Note 22) |
|
| 259,303,805 |
|
|
| 9 |
|
|
| 259,303,805 |
|
|
| 11 |
| ||
Capital surplus (Note 22) |
|
| 56,347,243 |
|
|
| 2 |
|
|
| 56,339,709 |
|
|
| 3 |
| ||
Retained earnings (Note 22) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Appropriated as legal capital reserve |
|
| 311,146,899 |
|
|
| 11 |
|
|
| 311,146,899 |
|
|
| 14 |
| ||
Appropriated as special capital reserve |
|
| 42,259,146 |
|
|
| 2 |
|
|
| 10,675,106 |
|
|
| - |
| ||
Unappropriated earnings |
|
| 1,235,280,036 |
|
|
| 45 |
|
|
| 1,011,512,974 |
|
|
| 45 |
| ||
|
|
| 1,588,686,081 |
|
|
| 58 |
|
|
| 1,333,334,979 |
|
|
| 59 |
| ||
Others (Note 22) |
|
| (54,679,873 | ) |
|
| (2 | ) |
|
| (27,568,369 | ) |
|
| (1 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Equity attributable to shareholders of the parent |
|
| 1,849,657,256 |
|
|
| 67 |
|
|
| 1,621,410,124 |
|
|
| 72 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
NON - CONTROLLING INTERESTS |
|
| 964,743 |
|
|
| - |
|
|
| 685,302 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total equity |
|
| 1,850,621,999 |
|
|
| 67 |
|
|
| 1,622,095,426 |
|
|
| 72 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
TOTAL |
| $ | 2,760,711,405 |
|
|
| 100 |
|
| $ | 2,264,805,032 |
|
|
| 100 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
- 6 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
| 2020 |
| 2019 | |||||||||||||||
|
| Amount |
| % |
| Amount |
| % | ||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
NET REVENUE (Notes 5, 23, 33 and 39) |
| $ | 1,339,254,811 |
|
|
| 100 |
|
| $ | 1,069,985,448 |
|
|
| 100 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
COST OF REVENUE (Notes 5, 12, 29, 33 and 37) |
|
| 628,108,309 |
|
|
| 47 |
|
|
| 577,286,947 |
|
|
| 54 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
GROSS PROFIT BEFORE REALIZED (UNREALIZED) GROSS PROFIT ON SALES TO ASSOCIATES |
|
| 711,146,502 |
|
|
| 53 |
|
|
| 492,698,501 |
|
|
| 46 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
REALIZED (UNREALIZED) GROSS PROFIT ON SALES TO ASSOCIATES |
|
| (16,382 | ) |
|
| - |
|
|
| 3,395 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
GROSS PROFIT |
|
| 711,130,120 |
|
|
| 53 |
|
|
| 492,701,896 |
|
|
| 46 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
OPERATING EXPENSES (Notes 5 , 29 and 33) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Research and development |
|
| 109,486,089 |
|
|
| 8 |
|
|
| 91,418,746 |
|
|
| 8 |
| ||
General and administrative |
|
| 28,457,593 |
|
|
| 2 |
|
|
| 21,737,210 |
|
|
| 2 |
| ||
Marketing |
|
| 7,112,867 |
|
|
| 1 |
|
|
| 6,348,626 |
|
|
| 1 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total operating expenses |
|
| 145,056,549 |
|
|
| 11 |
|
|
| 119,504,582 |
|
|
| 11 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
OTHER OPERATING INCOME AND EXPENSES, NET (Notes 14, 15 and 29) |
|
| 710,127 |
|
|
| - |
|
|
| (496,224 | ) |
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
INCOME FROM OPERATIONS (Note 39) |
|
| 566,783,698 |
|
|
| 42 |
|
|
| 372,701,090 |
|
|
| 35 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
NON-OPERATING INCOME AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Share of profits of associates |
|
| 3,592,818 |
|
|
| - |
|
|
| 2,844,222 |
|
|
| - |
| ||
Interest income (Note 24) |
|
| 9,018,400 |
|
|
| 1 |
|
|
| 16,189,374 |
|
|
| 1 |
| ||
Other income |
|
| 660,607 |
|
|
| - |
|
|
| 417,295 |
|
|
| - |
| ||
Foreign exchange gain (loss), net (Note 36) |
|
| (3,303,298 | ) |
|
| - |
|
|
| 2,095,217 |
|
|
| - |
| ||
Finance costs (Note 25) |
|
| (2,081,455 | ) |
|
| - |
|
|
| (3,250,847 | ) |
|
| - |
| ||
Other gains and losses, net (Note 26) |
|
| 10,106,410 |
|
|
| 1 |
|
|
| (1,151,015 | ) |
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total non-operating income and expenses |
|
| 17,993,482 |
|
|
| 2 |
|
|
| 17,144,246 |
|
|
| 1 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
INCOME BEFORE INCOME TAX |
|
| 584,777,180 |
|
|
| 44 |
|
|
| 389,845,336 |
|
|
| 36 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
INCOME TAX EXPENSE (Notes 5 and 27) |
|
| 66,619,098 |
|
|
| 5 |
|
|
| 44,501,527 |
|
|
| 4 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
NET INCOME |
|
| 518,158,082 |
|
|
| 39 |
|
|
| 345,343,809 |
|
|
| 32 |
|
(Continued)
- 7 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
|
| 2020 |
| 2019 | ||||||||||||||
|
| Amount |
| % |
| Amount |
| % | ||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) (Notes 5, 20, 22 and 27) |
|
|
|
|
|
|
|
| ||||||||||
Items that will not be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
| ||||||||||
Remeasurement of defined benefit obligation |
| $ | (3,516,749 | ) |
|
| (1 | ) |
| $ | 253,895 |
|
|
| - |
| ||
Unrealized gain on investments in equity instruments at fair value through other comprehensive income |
|
| 423,697 |
|
|
| - |
|
|
| 334,327 |
|
|
| - |
| ||
Gain (loss) on hedging instruments |
|
| 24,085 |
|
|
| - |
|
|
| (109,592 | ) |
|
| - |
| ||
Share of other comprehensive loss of associates |
|
| (11,604 | ) |
|
| - |
|
|
| (18,271 | ) |
|
| - |
| ||
Income tax benefit (expense) related to items that will not be reclassified subsequently |
|
| 422,663 |
|
|
| - |
|
|
| (20,992 | ) |
|
| - |
| ||
|
|
| (2,657,908 | ) |
|
| (1 | ) |
|
| 439,367 |
|
|
| - |
| ||
Items that may be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Exchange differences arising on translation of foreign operations |
|
| (29,847,196 | ) |
|
| (2 | ) |
|
| (14,689,107 | ) |
|
| (1 | ) | ||
Unrealized gain on investments in debt instruments at fair value through other comprehensive income |
|
| 2,466,711 |
|
|
| - |
|
|
| 2,566,373 |
|
|
| - |
| ||
Share of other comprehensive loss of associates |
|
| (283,409 | ) |
|
| - |
|
|
| (140,195 | ) |
|
| - |
| ||
|
|
| (27,663,894 | ) |
|
| (2 | ) |
|
| (12,262,929 | ) |
|
| (1 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Other comprehensive loss for the year, net of income tax |
|
| (30,321,802 | ) |
|
| (3 | ) |
|
| (11,823,562 | ) |
|
| (1 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| $ | 487,836,280 |
|
|
| 36 |
|
| $ | 333,520,247 |
|
|
| 31 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
NET INCOME ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Shareholders of the parent |
| $ | 517,885,387 |
|
|
| 39 |
|
| $ | 345,263,668 |
|
|
| 32 |
| ||
Non-controlling interests |
|
| 272,695 |
|
|
| - |
|
|
| 80,141 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| $ | 518,158,082 |
|
|
| 39 |
|
| $ | 345,343,809 |
|
|
| 32 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Shareholders of the parent |
| $ | 487,563,478 |
|
|
| 36 |
|
| $ | 333,440,460 |
|
|
| 31 |
| ||
Non-controlling interests |
|
| 272,802 |
|
|
| - |
|
|
| 79,787 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| $ | 487,836,280 |
|
|
| 36 |
|
| $ | 333,520,247 |
|
|
| 31 |
|
(Continued)
- 8 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
|
| 2020 |
| 2019 | |||||||||||
|
| Income Attributable to Shareholders of the Parent |
| Income Attributable to Shareholders of the Parent | |||||||||||
|
|
|
|
|
|
|
|
| |||||||
EARNINGS PER SHARE (NT$, Note 28) |
|
|
|
|
|
|
|
| |||||||
Basic earnings per share |
| $ | 19.97 |
|
| $ | 13.32 |
| |||||||
Diluted earnings per share |
| $ | 19.97 |
|
| $ | 13.32 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
(Concluded)
- 9 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In Thousands of New Taiwan Dollars)
| Equity Attributable to Shareholders of the Parent |
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Others |
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gain (Loss) on |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets at Fair |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign |
| Value Through |
|
|
| Unearned |
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
|
| Capital Stock - Common Stock |
|
|
| Retained Earnings |
| Currency |
| Other |
| Gain (Loss) on |
| Stock-Based |
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| Shares |
|
|
|
|
| Legal Capital |
| Special Capital |
| Unappropriated |
|
|
| Translation |
| Comprehensive |
| Hedging |
| Employee |
|
|
|
|
| Non-controlling |
| Total | ||||||||||||||||||||||||||||||||||||||||||||
|
| (In Thousands) |
| Amount |
| Capital Surplus |
| Reserve |
| Reserve |
| Earnings |
| Total |
| Reserve |
| Income |
| Instruments |
| Compensation |
| Total |
| Total |
| Interests |
| Equity | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2019 |
|
| 25,930,380 |
|
| $ | 259,303,805 |
|
| $ | 56,315,932 |
|
| $ | 276,033,811 |
|
| $ | 26,907,527 |
|
| $ | 1,073,706,503 |
|
| $ | 1,376,647,841 |
|
| $ | (12,042,347 | ) |
| $ | (3,429,324 | ) |
| $ | 23,601 |
|
| $ | (1,843 | ) |
| $ | (15,449,913 | ) |
| $ | 1,676,817,665 |
|
| $ | 678,731 |
|
| $ | 1,677,496,396 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Appropriations of earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Legal capital reserve |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 35,113,088 |
|
|
| - |
|
|
| (35,113,088 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||||||||||||
Special capital reserve |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (16,232,421 | ) |
|
| 16,232,421 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||||||||||||
Cash dividends to shareholders |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (388,955,707 | ) |
|
| (388,955,707 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (388,955,707 | ) |
|
| - |
|
|
| (388,955,707 | ) | ||||||||||||||
Total |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 35,113,088 |
|
|
| (16,232,421 | ) |
|
| (407,836,374 | ) |
|
| (388,955,707 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (388,955,707 | ) |
|
| - |
|
|
| (388,955,707 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net income in 2019 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 345,263,668 |
|
|
| 345,263,668 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 345,263,668 |
|
|
| 80,141 |
|
|
| 345,343,809 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Other comprehensive income (loss) in 2019, net of income tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 217,059 |
|
|
| 217,059 |
|
|
| (14,829,053 | ) |
|
| 2,898,483 |
|
|
| (109,697 | ) |
|
| - |
|
|
| (12,040,267 | ) |
|
| (11,823,208 | ) |
|
| (354 | ) |
|
| (11,823,562 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Total comprehensive income (loss) in 2019 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 345,480,727 |
|
|
| 345,480,727 |
|
|
| (14,829,053 | ) |
|
| 2,898,483 |
|
|
| (109,697 | ) |
|
| - |
|
|
| (12,040,267 | ) |
|
| 333,440,460 |
|
|
| 79,787 |
|
|
| 333,520,247 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Disposal of investments in equity instruments at fair value through other comprehensive income |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 162,118 |
|
|
| 162,118 |
|
|
| - |
|
|
| (162,118 | ) |
|
| - |
|
|
| - |
|
|
| (162,118 | ) |
|
| - |
|
|
| - |
|
|
| - |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Basis adjustment for gain on hedging instruments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 82,276 |
|
|
| - |
|
|
| 82,276 |
|
|
| 82,276 |
|
|
| - |
|
|
| 82,276 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Adjustments to share of changes in equities of associates |
|
| - |
|
|
| - |
|
|
| 19,414 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 1,653 |
|
|
| 1,653 |
|
|
| 21,067 |
|
|
| 192 |
|
|
| 21,259 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
From share of changes in equities of subsidiaries |
|
| - |
|
|
| - |
|
|
| 370 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 370 |
|
|
| (370 | ) |
|
| - |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Donation from shareholders |
|
| - |
|
|
| - |
|
|
| 3,993 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 3,993 |
|
|
| 13 |
|
|
| 4,006 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Decrease in non-controlling interests |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (73,051 | ) |
|
| (73,051 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
BALANCE, DECEMBER 31, 2019 |
|
| 25,930,380 |
|
|
| 259,303,805 |
|
|
| 56,339,709 |
|
|
| 311,146,899 |
|
|
| 10,675,106 |
|
|
| 1,011,512,974 |
|
|
| 1,333,334,979 |
|
|
| (26,871,400 | ) |
|
| (692,959 | ) |
|
| (3,820 | ) |
|
| (190 | ) |
|
| (27,568,369 | ) |
|
| 1,621,410,124 |
|
|
| 685,302 |
|
|
| 1,622,095,426 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Appropriations of earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Special capital reserve |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 31,584,040 |
|
|
| (31,584,040 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||||||||||||
Cash dividends to shareholders |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (259,303,805 | ) |
|
| (259,303,805 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (259,303,805 | ) |
|
| - |
|
|
| (259,303,805 | ) | ||||||||||||||
Total |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 31,584,040 |
|
|
| (290,887,845 | ) |
|
| (259,303,805 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (259,303,805 | ) |
|
| - |
|
|
| (259,303,805 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net income in 2020 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 517,885,387 |
|
|
| 517,885,387 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 517,885,387 |
|
|
| 272,695 |
|
|
| 518,158,082 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Other comprehensive income (loss) in 2020, net of income tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (3,121,793 | ) |
|
| (3,121,793 | ) |
|
| (30,130,227 | ) |
|
| 2,906,026 |
|
|
| 24,085 |
|
|
| - |
|
|
| (27,200,116 | ) |
|
| (30,321,909 | ) |
|
| 107 |
|
|
| (30,321,802 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Total comprehensive income (loss) in 2020 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 514,763,594 |
|
|
| 514,763,594 |
|
|
| (30,130,227 | ) |
|
| 2,906,026 |
|
|
| 24,085 |
|
|
| - |
|
|
| (27,200,116 | ) |
|
| 487,563,478 |
|
|
| 272,802 |
|
|
| 487,836,280 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Disposal of investments in equity instruments at fair value through other comprehensive income |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (108,687 | ) |
|
| (108,687 | ) |
|
| - |
|
|
| 108,687 |
|
|
| - |
|
|
| - |
|
|
| 108,687 |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Basis adjustment for loss on hedging instruments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (20,265 | ) |
|
| - |
|
|
| (20,265 | ) |
|
| (20,265 | ) |
|
| - |
|
|
| (20,265 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Adjustments to share of changes in equities of associates |
|
| - |
|
|
| - |
|
|
| 292 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 190 |
|
|
| 190 |
|
|
| 482 |
|
|
| - |
|
|
| 482 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Donation from shareholders |
|
| - |
|
|
| - |
|
|
| 7,242 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 7,242 |
|
|
| 27 |
|
|
| 7,269 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Increase in non-controlling interests |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 6,612 |
|
|
| 6,612 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
BALANCE, DECEMBER 31, 2020 |
|
| 25,930,380 |
|
| $ | 259,303,805 |
|
| $ | 56,347,243 |
|
| $ | 311,146,899 |
|
| $ | 42,259,146 |
|
| $ | 1,235,280,036 |
|
| $ | 1,588,686,081 |
|
| $ | (57,001,627 | ) |
| $ | 2,321,754 |
|
| $ | - |
|
| $ | - |
|
| $ | (54,679,873 | ) |
| $ | 1,849,657,256 |
|
| $ | 964,743 |
|
| $ | 1,850,621,999 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
- 10 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of New Taiwan Dollars)
| 2020 |
| 2019 | |||||||
|
|
|
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| ||||||
Income before income tax |
| $ | 584,777,180 |
|
| $ | 389,845,336 |
| ||
Adjustments for: |
|
|
|
|
|
|
|
| ||
Depreciation expense |
|
| 324,538,443 |
|
|
| 281,411,832 |
| ||
Amortization expense |
|
| 7,186,248 |
|
|
| 5,472,409 |
| ||
Expected credit losses recognized on investments in debt instruments |
|
| 3,672 |
|
|
| 1,714 |
| ||
Finance costs |
|
| 2,081,455 |
|
|
| 3,250,847 |
| ||
Share of profits of associates |
|
| (3,592,818 | ) |
|
| (2,844,222 | ) | ||
Interest income |
|
| (9,018,400 | ) |
|
| (16,189,374 | ) | ||
Share-based compensation |
|
| 6,612 |
|
|
| 2,818 |
| ||
Loss (gain) on disposal or retirement of property, plant and equipment, net |
|
| (188,863 | ) |
|
| 949,965 |
| ||
Loss on disposal of intangible assets, net |
|
| 599 |
|
|
| 2,377 |
| ||
Impairment loss (reversal of impairment loss) on property, plant and equipment |
|
| 10,159 |
|
|
| (301,384 | ) | ||
Loss (gain) on financial instruments at fair value through profit or loss, net |
|
| (3,005 | ) |
|
| 955,723 |
| ||
Gain on disposal of investments in debt instruments at fair value through other comprehensive income, net |
|
| (1,439,420 | ) |
|
| (537,835 | ) | ||
Loss from disposal of subsidiaries |
|
| - |
|
|
| 4,598 |
| ||
Unrealized (realized) gross profit on sales to associates |
|
| 16,382 |
|
|
| (3,395 | ) | ||
Gain on foreign exchange, net |
|
| (1,372,610 | ) |
|
| (5,228,218 | ) | ||
Dividend income |
|
| (637,575 | ) |
|
| (417,295 | ) | ||
Gain arising from fair value hedges, net |
|
| - |
|
|
| (13,091 | ) | ||
Gain on lease modification |
|
| (2,828 | ) |
|
| (2,075 | ) | ||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| ||
Financial instruments at fair value through profit or loss |
|
| (2,965,270 | ) |
|
| 848,750 |
| ||
Notes and accounts receivable, net |
|
| (8,082,708 | ) |
|
| (18,119,552 | ) | ||
Receivables from related parties |
|
| 303,939 |
|
|
| (277,658 | ) | ||
Other receivables from related parties |
|
| 7,588 |
|
|
| 13,375 |
| ||
Inventories |
|
| (54,372,211 | ) |
|
| 20,249,780 |
| ||
Other financial assets |
|
| 1,389,493 |
|
|
| 3,383,500 |
| ||
Other current assets |
|
| (1,358,129 | ) |
|
| (76,263 | ) | ||
Accounts payable |
|
| 404,607 |
|
|
| 5,860,068 |
| ||
Payables to related parties |
|
| 672,818 |
|
|
| 58,401 |
| ||
Salary and bonus payable |
|
| 3,798,888 |
|
|
| 1,800,981 |
| ||
Accrued profit sharing bonus to employees and compensation to directors and supervisors |
|
| 12,032,143 |
|
|
| (332,251 | ) | ||
Accrued expenses and other current liabilities |
|
| 20,617,359 |
|
|
| (2,372,032 | ) | ||
Net defined benefit liability |
|
| (785,171 | ) |
|
| (215,014 | ) | ||
Cash generated from operations |
|
| 874,028,577 |
|
|
| 667,182,815 |
| ||
Income taxes paid |
|
| (51,362,365 | ) |
|
| (52,044,071 | ) | ||
|
|
|
|
|
|
|
|
| ||
Net cash generated by operating activities |
|
| 822,666,212 |
|
|
| 615,138,744 |
|
(Continued)
- 11 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of New Taiwan Dollars)
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| ||||||
Acquisitions of: |
|
|
|
| ||||||
Financial instruments at fair value through profit or loss |
| $ | - |
|
| $ | (124,748 | ) | ||
Financial assets at fair value through other comprehensive income |
|
| (262,637,496 | ) |
|
| (257,558,240 | ) | ||
Financial assets at amortized cost |
|
| (4,302,770 | ) |
|
| (313,958 | ) | ||
Property, plant and equipment |
|
| (507,238,722 | ) |
|
| (460,422,150 | ) | ||
Intangible assets |
|
| (9,542,387 | ) |
|
| (9,329,869 | ) | ||
Proceeds from disposal or redemption of: |
|
|
|
|
|
|
|
| ||
Financial instruments at fair value through profit or loss - debt instruments |
|
| 30,049 |
|
|
| 2,418,153 |
| ||
Financial assets at fair value through other comprehensive income |
|
| 266,931,916 |
|
|
| 230,444,486 |
| ||
Financial assets at amortized cost |
|
| 285,210 |
|
|
| 14,349,190 |
| ||
Property, plant and equipment |
|
| 606,732 |
|
|
| 287,318 |
| ||
Proceeds from return of capital of investments in equity instruments at fair value through other comprehensive income |
|
| 51,052 |
|
|
| 1,107 |
| ||
Derecognition of hedging financial instruments |
|
| (308,776 | ) |
|
| (436,606 | ) | ||
Interest received |
|
| 9,775,120 |
|
|
| 16,874,985 |
| ||
Proceeds from government grants - property, plant and equipment |
|
| 1,044,327 |
|
|
| 2,565,338 |
| ||
Proceeds from government grants - land use right and others |
|
| 25,369 |
|
|
| 850,623 |
| ||
Other dividends received |
|
| 735,081 |
|
|
| 320,242 |
| ||
Dividends received from investments accounted for using equity method |
|
| 2,752,043 |
|
|
| 1,718,954 |
| ||
Increase in prepayments for leases |
|
| (4,693,416 | ) |
|
| - |
| ||
Refundable deposits paid |
|
| (726,883 | ) |
|
| (1,465,766 | ) | ||
Refundable deposits refunded |
|
| 1,431,837 |
|
|
| 1,019,294 |
| ||
|
|
|
|
|
|
|
|
| ||
Net cash used in investing activities |
|
| (505,781,714 | ) |
|
| (458,801,647 | ) | ||
|
|
|
|
|
|
|
|
| ||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
| ||
Increase (decrease) in short-term loans |
|
| (31,571,567 | ) |
|
| 31,804,302 |
| ||
Proceeds from short-term bills payable |
|
| 7,485,303 |
|
|
| - |
| ||
Repayments of short-term bills payable |
|
| (7,500,000 | ) |
|
| - |
| ||
Proceeds from issuance of bonds |
|
| 236,725,675 |
|
|
| - |
| ||
Repayment of bonds |
|
| (31,800,000 | ) |
|
| (34,900,000 | ) | ||
Proceeds from long-term bank loans |
|
| 2,000,000 |
|
|
| - |
| ||
Payments for transaction costs attributable to the issuance of bonds |
|
| (390,730 | ) |
|
| - |
| ||
Repayment of the principal portion of lease liabilities |
|
| (2,615,708 | ) |
|
| (2,930,589 | ) | ||
Interest paid |
|
| (1,781,097 | ) |
|
| (3,597,145 | ) | ||
Guarantee deposits received |
|
| 145,633 |
|
|
| 62,203 |
| ||
Guarantee deposits refunded |
|
| (16,060 | ) |
|
| (701,269 | ) | ||
Cash dividends |
|
| (259,303,805 | ) |
|
| (259,303,805 | ) | ||
Donation from shareholders |
|
| 7,269 |
|
|
| 4,006 |
| ||
Decrease in non-controlling interests |
|
| - |
|
|
| (75,869 | ) | ||
|
|
|
|
|
|
|
|
| ||
Net cash used in financing activities |
|
| (88,615,087 | ) |
|
| (269,638,166 | ) |
(Continued)
- 12 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of New Taiwan Dollars)
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
| $ | (23,498,100 | ) |
| $ | (9,114,196 | ) | ||
|
|
|
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
| 204,771,311 |
|
|
| (122,415,265 | ) | ||
|
|
|
|
|
|
|
|
| ||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
|
| 455,399,336 |
|
|
| 577,814,601 |
| ||
|
|
|
|
|
|
|
|
| ||
CASH AND CASH EQUIVALENTS, END OF YEAR |
| $ | 660,170,647 |
|
| $ | 455,399,336 |
| ||
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
(Concluded)
- 13 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
1. | GENERAL |
Taiwan Semiconductor Manufacturing Company Limited (TSMC), a Republic of China (R.O.C.) corporation, was incorporated on February 21, 1987. TSMC is a dedicated foundry in the semiconductor industry which engages mainly in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks.
On September 5, 1994, TSMC’s shares were listed on the Taiwan Stock Exchange (TWSE). On October 8, 1997, TSMC listed some of its shares of stock on the New York Stock Exchange (NYSE) in the form of American Depositary Shares (ADSs).
The address of its registered office and principal place of business is No. 8, Li-Hsin Rd. 6, Hsinchu Science Park, Taiwan. The principal operating activities of TSMC’s subsidiaries are described in Note 4.
2. | THE AUTHORIZATION OF FINANCIAL STATEMENTS |
The accompanying consolidated financial statements were approved and authorized for issue by the Board of Directors on February 9, 2021.
3. | APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS |
| a. | Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, “IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (FSC) |
The initial application of the amendments to the IFRSs endorsed and issued into effect by the FSC did not have a significant effect on TSMC and its subsidiaries’ (collectively as the “Company”) accounting policies.
| b. | Amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers for application starting from 2021 and the IFRSs issued by International Accounting Standards Board (IASB) and endorsed by the FSC with effective date starting 2021 |
New, Revised or Amended Standards and Interpretations |
| Effective Date Issued |
|
|
|
Amendments to IFRS 9, IAS 39, IFRS 7 and IFRS 16 “Interest Rate Benchmark Reform - Phase 2” |
| January 1, 2021 |
- 14 -
| c. | The IFRSs issued by IASB but not yet endorsed and issued into effect by the FSC |
New, Revised or Amended Standards and Interpretations |
| Effective Date Issued |
|
|
|
Annual Improvements to IFRS Standards 2018–2020 |
| January 1, 2022 |
Amendments to IFRS 3 “Reference to the Conceptual Framework” |
| January 1, 2022 |
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture” |
| To be determined by IASB |
Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” |
| January 1, 2023 |
Amendments to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” |
| January 1, 2022 |
Amendments to IAS 37 “Onerous Contracts–Cost of Fulfilling a Contract” |
| January 1, 2022 |
As of the date the accompanying consolidated financial statements were authorized for issue, the Company continues in evaluating the impact on its financial position and financial performance as a result of the initial adoption of the aforementioned standards or interpretations and related applicable period. The related impact will be disclosed when the Company completes the evaluation.
4. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
For the convenience of readers, the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the R.O.C. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language consolidated financial statements shall prevail.
Statement of Compliance
The accompanying consolidated financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRSs endorsed by the FSC with the effective dates (collectively, “Taiwan-IFRSs”).
Basis of Preparation
The accompanying consolidated financial statements have been prepared on the historical cost basis except for financial instruments that are measured at fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for the assets.
Basis of Consolidation
The basis for the consolidated financial statements
The consolidated financial statements incorporate the financial statements of TSMC and entities controlled by TSMC (its subsidiaries).
Income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the shareholders of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Company.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
- 15 -
Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to shareholders of the parent.
When the Company loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between:
| a. | the aggregate of the fair value of consideration received and the fair value of any retained interest at the date when control is lost; and |
| b. | the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interest. |
The Company shall account for all amounts recognized in other comprehensive income in relation to the subsidiary on the same basis as would be required if the Company had directly disposed of the related assets and liabilities.
The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the cost on initial recognition of an investment in an associate.
The subsidiaries in the consolidated financial statements
The detail information of the subsidiaries at the end of reporting period was as follows:
|
|
|
|
|
| Establishment |
| Percentage of Ownership |
|
| ||||||
Name of Investor |
| Name of Investee |
| Main Businesses and Products |
| and Operating Location |
| December 31, 2020 |
| December 31, 2019 |
| Note | ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC |
| TSMC North America |
| Selling and marketing of integrated circuits and other semiconductor devices |
| San Jose, California, U.S.A. |
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC Europe B.V. (TSMC Europe) |
| Customer service and supporting activities |
| Amsterdam, the Netherlands |
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Japan Limited (TSMC Japan) |
| Customer service and supporting activities |
| Yokohama, Japan |
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Design Technology Japan, Inc. (TSMC JDC) |
| Engineering support activities |
| Yokohama, Japan |
|
| 100% |
|
|
| - |
|
| a), b) |
|
| TSMC Korea Limited (TSMC Korea) |
| Customer service and supporting activities |
| Seoul, Korea |
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Partners, Ltd. (TSMC Partners) |
| Investing in companies involved in the design, manufacture, and other related business in the semiconductor industry and other investment activities |
| Tortola, British Virgin Islands |
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Global, Ltd. (TSMC Global) |
| Investment activities |
| Tortola, British Virgin Islands |
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC China Company Limited (TSMC China) |
| Manufacturing, selling, testing and computer-aided design of integrated circuits and other semiconductor devices |
| Shanghai, China |
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC Nanjing Company Limited (TSMC Nanjing) |
| Manufacturing, selling, testing and computer-aided design of integrated circuits and other semiconductor devices |
| Nanjing, China |
|
| 100% |
|
|
| 100% |
|
| d) |
|
| VisEra Technologies Company Ltd. (VisEra Tech) |
| Engaged in manufacturing electronic spare parts and in researching, developing, designing, manufacturing, selling, packaging and testing of color filter |
| Hsin-Chu, Taiwan |
|
| 87% |
|
|
| 87% |
|
| - |
|
| TSMC Arizona Corporation (TSMC Arizona) |
| Manufacturing, selling and testing of integrated circuits and other semiconductor devices |
| Phoenix, Arizona, U.S.A. |
|
| 100% |
|
|
| - |
|
| a), c) |
|
| VentureTech Alliance Fund II, L.P. (VTAF II) |
| Investing in new start-up technology companies |
| Cayman Islands |
|
| 98% |
|
|
| 98% |
|
| a) |
|
| VentureTech Alliance Fund III, L.P. (VTAF III) |
| Investing in new start-up technology companies |
| Cayman Islands |
|
| 98% |
|
|
| 98% |
|
| a) |
(Continued)
- 16 -
|
|
|
|
|
| Establishment |
| Percentage of Ownership |
|
| ||||||
Name of Investor |
| Name of Investee |
| Main Businesses and Products |
| and Operating Location |
| December 31, 2020 |
| December 31, 2019 |
| Note | ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC Partners |
| TSMC Development, Inc. (TSMC Development) |
| Investing in companies involved in the manufacturing related business in the semiconductor industry |
| Delaware, U.S.A. |
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC Technology, Inc. (TSMC Technology) |
| Engineering support activities |
| Delaware, U.S.A. |
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Design Technology Canada Inc. (TSMC Canada) |
| Engineering support activities |
| Ontario, Canada |
|
| 100% |
|
|
| 100% |
|
| a) |
|
| InveStar Semiconductor Development Fund, Inc. (ISDF) |
| Investing in new start-up technology companies |
| Cayman Islands |
|
| - |
|
|
| 97% |
|
| a) , e) |
|
| InveStar Semiconductor Development Fund, Inc. (II) LDC. (ISDF II) |
| Investing in new start-up technology companies |
| Cayman Islands |
|
| - |
|
|
| 97% |
|
| a) , e) |
TSMC Development |
| WaferTech, LLC (WaferTech) |
| Manufacturing, selling and testing of integrated circuits and other semiconductor devices |
| Washington, U.S.A. |
|
| 100% |
|
|
| 100% |
|
| - |
VTAF III |
| Growth Fund Limited (Growth Fund) |
| Investing in new start-up technology companies |
| Cayman Islands |
|
| 100% |
|
|
| 100% |
|
| a) |
(Concluded)
| Note a: | This is an immaterial subsidiary for which the consolidated financial statements are not audited by the Company’s independent auditors. |
| Note b: | TSMC JDC has been established in January 2020. |
| Note c: | TSMC Arizona has been established in November 2020. |
| Note d: | Under the investment agreement entered into with the municipal government of Nanjing, China, the Company will make an investment in Nanjing in the amount of approximately US$3 billion to establish a subsidiary operating a 300mm wafer fab with the capacity of 20,000 12-inch wafers per month, and a design service center. The aforementioned 300mm wafer fab has reached the capacity of 20,000 12-inch wafers per month. |
| Note e: | ISDF and ISDF II have completed the liquidation procedures in November 2020. |
Foreign Currencies
The financial statements of each individual consolidated entity were expressed in the currency which reflected its primary economic environment (functional currency). The functional currency of TSMC and presentation currency of the consolidated financial statements are both New Taiwan Dollars (NT$). In preparing the consolidated financial statements, the operating results and financial positions of each consolidated entity are translated into NT$.
In preparing the financial statements of each individual consolidated entity, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Such exchange differences are recognized in profit or loss in the year in which they arise. Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences arising on the retranslation of non-monetary items are included in profit or loss for the year except for exchange differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognized directly in other comprehensive income, in which case, the exchange differences are also recognized directly in other comprehensive income. Non-monetary items that are measured in terms of historical cost in foreign currencies are not retranslated.
For the purposes of presenting consolidated financial statements, the assets and liabilities of the Company’s foreign operations are translated into NT$ using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Classification of Current and Noncurrent Assets and Liabilities
Current assets are assets held for trading purposes and assets expected to be converted to cash, sold or consumed within one year from the end of the reporting period. Current liabilities are obligations incurred for trading purposes and obligations expected to be settled within one year from the end of the reporting period. Assets and liabilities that are not classified as current are noncurrent assets and liabilities, respectively.
- 17 -
Cash Equivalents
Cash equivalents, for the purpose of meeting short-term cash commitments, consist of highly liquid time deposits and investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Financial Instruments
Financial assets and liabilities shall be recognized when the Company becomes a party to the contractual provisions of the instruments.
Financial assets and liabilities are initially recognized at fair values. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
Financial Assets
The classification of financial assets depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Regular way purchases or sales of financial assets are recognized and derecognized on a trade date or settlement date basis for which financial assets were classified in the same way, respectively. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
| a. | Category of financial assets and measurement |
Financial assets are classified into the following categories: financial assets at FVTPL, investments in debt instruments and equity instruments at FVTOCI, and financial assets at amortized cost.
| 1) | Financial asset at FVTPL |
For certain financial assets which include debt instruments that do not meet the criteria of amortized cost or FVTOCI, it is mandatorily required to measure them at FVTPL. Any gain or loss arising from remeasurement is recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest earned on the financial asset.
| 2) | Investments in debt instruments at FVTOCI |
Debt instruments with contractual terms specifying that cash flows are solely payments of principal and interest on the principal amount outstanding, together with objective of collecting contractual cash flows and selling the financial assets, are measured at FVTOCI.
Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment gains or losses on investments in debt instruments at FVTOCI are recognized in profit or loss. Other changes in the carrying amount of these debt instruments are recognized in other comprehensive income and will be reclassified to profit or loss when these debt instruments are disposed.
| 3) | Investments in equity instruments at FVTOCI |
On initial recognition, the Company may irrevocably designate investments in equity investments that is not held for trading as at FVTOCI.
- 18 -
Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity.
Dividends on these investments in equity instruments at FVTOCI are recognized in profit or loss when the Company’s right to receive the dividends is established, unless the Company’s rights clearly represent a recovery of part of the cost of the investment.
| 4) | Measured at amortized cost |
Cash and cash equivalents, debt instrument investments, notes and accounts receivable (including related parties), other receivables and refundable deposits are measured at amortized cost.
Debt instruments with contractual terms specifying that cash flows are solely payments of principal and interest on the principal amount outstanding, together with objective of holding financial assets in order to collect contractual cash flows, are measured at amortized cost.
Subsequent to initial recognition, financial assets measured at amortized cost are measured at amortized cost, which equals to carrying amount determined by the effective interest method less any impairment loss.
| b. | Impairment of financial assets |
At the end of each reporting period, a loss allowance for expected credit loss is recognized for financial assets at amortized cost (including accounts receivable) and for investments in debt instruments that are measured at FVTOCI.
The loss allowance for accounts receivable is measured at an amount equal to lifetime expected credit losses. For financial assets at amortized cost and investments in debt instruments that are measured at FVTOCI, when the credit risk on the financial instrument has not increased significantly since initial recognition, a loss allowance is recognized at an amount equal to expected credit loss resulting from possible default events of a financial instrument within 12 months after the reporting date. If, on the other hand, there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized at an amount equal to expected credit loss resulting from all possible default events over the expected life of a financial instrument.
The Company recognizes an impairment loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognized in other comprehensive income and does not reduce the carrying amount of the financial asset.
| c. | Derecognition of financial assets |
The Company derecognizes a financial asset only when the contractual rights to the cash flows from the financial asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the financial asset to another entity.
On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. On derecognition of an investment in a debt instrument at FVTOCI, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. However, on derecognition of an investment in an equity instrument at FVTOCI, the cumulative gain or loss that had been recognized in other comprehensive income is transferred directly to retained earnings, without recycling through profit or loss.
- 19 -
Financial Liabilities and Equity Instruments
Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.
Financial liabilities
Financial liabilities are subsequently measured either at amortized cost using effective interest method or at FVTPL.
Financial liabilities are classified as at fair value through profit or loss when the financial liability is either held for trading or is designated as at fair value through profit or loss.
Financial liabilities at fair value through profit or loss are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss.
Financial liabilities other than those held for trading purposes and designated as at FVTPL are subsequently measured at amortized cost at the end of each reporting period.
Derecognition of financial liabilities
The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.
Derivative Financial Instruments
Derivative financial instruments are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative financial instrument is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
Hedge Accounting
| a. | Fair value hedge |
The Company designates certain hedging instruments, such as interest rate futures contracts, to partially hedge against the fair value change caused by interest rates fluctuation in the Company’s fixed income investments. Changes in the fair value of hedging instrument that are designated and qualify as fair value hedges are recognized in profit or loss immediately, together with any changes in the fair value of the hedged items that are attributable to the hedged risk.
- 20 -
| b. | Cash flow hedge |
The Company designates certain hedging instruments, such as forward exchange contracts, to partially hedge its foreign exchange rate risks associated with certain highly probable forecast transactions (capital expenditures). The effective portion of changes in the fair value of hedging instruments is recognized in other comprehensive income. When the forecast transactions actually take place, the associated gains or losses that were recognized in other comprehensive income are removed from equity and included in the initial cost of the hedged items. The gains or losses from hedging instruments relating to the ineffective portion are recognized immediately in profit or loss.
The Company prospectively discontinues hedge accounting only when the hedging relationship ceases to meet the qualifying criteria; for instance, when the hedging instrument expires or is sold, terminated or exercised.
Inventories
Inventories are stated at the lower of cost or net realizable value. Inventories are recorded at standard cost and adjusted to approximate weighted-average cost at the end of the reporting period. Net realizable value represents the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale.
Investments Accounted for Using Equity Method
Investments accounted for using the equity method are investments in associates.
An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
The operating results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Under the equity method, an investment in an associate is initially recognized in the consolidated statements of financial position at cost and adjusted thereafter to recognize the Company’s share of profit or loss and other comprehensive income of the associate as well as the distribution received. The Company also recognizes its share in the changes in the equities of associates.
Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in profit or loss.
When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.
When the Company subscribes to additional shares in an associate at a percentage different from its existing ownership percentage, the resulting carrying amount of the investment differs from the amount of the Company’s proportionate interest in the net assets of the associate. The Company records such a difference as an adjustment to investments with the corresponding amount charged or credited to capital surplus. If the Company’s ownership interest is reduced due to the additional subscription to the shares of associate by other investors, the proportionate amount of the gains or losses previously recognized in other comprehensive income in relation to that associate shall be reclassified to profit or loss on the same basis as would be required if the associate had directly disposed of the related assets or liabilities.
- 21 -
When a consolidated entity transacts with an associate, profits and losses resulting from the transactions with the associate are recognized in the Company’s consolidated financial statements only to the extent of interests in the associate that are not owned by the Company.
Property, Plant and Equipment
Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment. Costs include any incremental costs that are directly attributable to the construction or acquisition of the item of property, plant and equipment.
Property, plant and equipment in the course of construction for production, supply or administrative purposes are carried at cost, less any recognized impairment loss. Such assets are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other identical categories of property, plant and equipment, commences when the assets are available for their intended use.
Depreciation is recognized so as to write off the cost of the assets less their residual values over their useful lives, and it is computed using the straight-line method mainly over the following estimated useful lives: land improvements - 20 years; buildings (assets used by the Company and assets subject to operating leases) - 10 to 20 years; machinery and equipment (assets used by the Company and assets subject to operating leases) - 5 years; and office equipment - 5 years. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimates accounted for on a prospective basis. Land is not depreciated.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the assets. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.
Leases
For a contract that contains a lease component and non-lease component, the Company may elect to account for the lease and non-lease components as a single lease component.
The Company as lessor
Rental income from operating lease is recognized on a straight-line basis over the term of the lease.
The Company as lessee
Except for payments for low-value asset leases and short-term leases (leases of machinery and equipment and others) which are recognized as expenses on a straight-line basis, the Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of the lease.
Right-of-use assets are measured at cost. The cost of right-of-use assets comprises the initial measurement of lease liabilities adjusted for lease payments and initial direct costs made at or before the commencement date, plus an estimate of costs needed to restore the underlying assets. Subsequent measurement is calculated as cost less accumulated depreciation and accumulated impairment loss and adjusted for changes in lease liabilities as a result of lease term modifications or other related factors. Right-of-use assets are presented separately in the consolidated balance sheets.
Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms. If the lease transfers ownership of the underlying assets to the Company by the end of the lease terms or if the cost of right-of-use assets reflects that the Company will exercise a purchase option, the Company depreciates the right-of-use assets from the commencement dates to the end of the useful lives of the underlying assets.
- 22 -
Lease liabilities are measured at the present value of the lease payments. Lease payments comprise fixed payments, variable lease payments which depend on an index or a rate and the exercise price of a purchase option if the Company is reasonably certain to exercise that option. The lease payments are discounted using the lessee’s incremental borrowing rates.
Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in a lease term, a change in future lease payments resulting from a change in an index or a rate used to determine those payments, or a change in the assessment of an option to purchase an underlying asset, the Company remeasures the lease liabilities with a corresponding adjustment to the right-of-use assets. Lease liabilities are presented on a separate line in the consolidated balance sheets.
Variable lease payments that do not depend on an index or a rate are recognized as expenses in the periods in which they are incurred.
Intangible Assets
Goodwill
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any.
Other intangible assets
Other separately acquired intangible assets with finite useful lives are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized using the straight-line method over the following estimated useful lives: Technology license fees - the estimated life of the technology or the term of the technology transfer contract; software and system design costs - 3 years or contract period; patent and others - the economic life or contract period. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.
Impairment of Tangible Assets, Right-of-use Assets and Intangible Assets
Goodwill
Goodwill is not amortized and instead is tested for impairment annually, or more frequently when there is an indication that the cash generating unit may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Company’s cash-generating units or groups of cash-generating units that are expected to benefit from the synergies of the combination. If the recoverable amount of a cash-generating unit is less than its carrying amount, the difference is allocated first to reduce the carrying amount of any goodwill allocated to such cash generating unit and then to the other assets of the cash generating unit pro rata based on the carrying amount of each asset in the cash generating unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods.
Tangible assets, right-of-use assets and other intangible assets
At the end of each reporting period, the Company reviews the carrying amounts of its tangible assets (property, plant and equipment), right-of-use assets and other intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are
- 23 -
allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset or a cash-generating unit is increased to the revised estimate of its recoverable amount, but the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.
Guarantee Deposit
Guarantee deposit mainly consists of cash received under deposit agreements with customers to ensure they have access to the Company’s specified capacity. Cash received from customers is recorded as guarantee deposit upon receipt. Guarantee deposits are refunded to customers when terms and conditions set forth in the deposit agreements have been satisfied.
Revenue Recognition
The Company recognizes revenue when performance obligations are satisfied. The performance obligations are satisfied when customers obtain control of the promised goods, which is generally when the goods are delivered to the customers’ specified locations.
Revenue from sale of goods is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Estimated sales returns and other allowances is generally made and adjusted based on historical experience and the consideration of varying contractual terms to recognize refund liabilities, which is classified under accrued expenses and other current liabilities.
In principle, payment term granted to customers is due 30 days from the invoice date or 30 days from the end of the month of when the invoice is issued. Due to the short term nature of the receivables from sale of goods with the immaterial discounted effect, the Company measures them at the original invoice amounts without discounting.
Employee Benefits
Short-term employee benefits
Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for service rendered by employees.
Retirement benefits
For defined contribution retirement benefit plans, payments to the benefit plan are recognized as an expense when the employees have rendered service entitling them to the contribution. For defined benefit retirement benefit plans, the cost of providing benefit is recognized based on actuarial calculations.
- 24 -
Defined benefit costs (including service cost, net interest and remeasurement) under the defined benefit retirement benefit plans are determined using the Projected Unit Credit Method. Service cost (including current service cost), and net interest on the net defined benefit liability (asset) are recognized as employee benefits expense in the period they occur. Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.
Net defined benefit liability represents the actual deficit in the Company’s defined benefit plan.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Income tax on unappropriated earnings (excluding earnings from foreign consolidated subsidiaries) is expensed in the year the shareholders approved the appropriation of earnings which is the year subsequent to the year the earnings are generated.
Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision.
Deferred tax
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, net operating loss carryforwards and tax credits for research and development expenses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. The deferred tax assets which originally not recognized is also reviewed at the end of each reporting period and recognized to the extent that it is probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax for the year
Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively.
- 25 -
Government Grants
Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received.
Government grants whose primary condition is that the Company should purchase, construct or otherwise acquire noncurrent assets (mainly including land use right and depreciable assets) are recognized as a deduction from the carrying amount of the related assets and recognized as a reduced depreciation or amortization charge in profit or loss over the contract period or useful lives of the related assets. Government grants that are receivables as compensation for expenses already incurred are deducted from incurred expenses in the period in which they become receivables.
5. | CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY |
The Company has considered the economic implications of COVID-19 on critical accounting estimates and will continue evaluating the impact on its financial position and financial performance as a result of the pandemic.
In the application of the aforementioned Company’s accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.
Critical Accounting Judgments
Revenue Recognition
The Company recognizes revenue when the conditions described in Note 4 are satisfied.
Commencement of Depreciation Related to Property, Plant and Equipment Classified as Equipment under Installation and Construction in Progress (EUI/CIP)
As described in Note 4, commencement of depreciation related to EUI/CIP involves determining when the assets are available for their intended use. The criteria the Company uses to determine whether EUI/CIP are available for their intended use involves subjective judgments and assumptions about the conditions necessary for the assets to be capable of operating in the intended manner.
Judgments on Lease Terms
In determining a lease term, the Company considers all facts and circumstances that create an economic incentive to exercise or not to exercise an option, including any expected changes in facts and circumstances from the commencement date until the exercise date of the option. Main factors considered include contractual terms and conditions covered by the optional periods, and the importance of the underlying asset to the lessee’s operations, etc. The lease term is reassessed if a significant change in circumstances that are within the control of the Company occurs.
- 26 -
Key Sources of Estimation and Uncertainty
Estimation of Sales Returns and Allowances
Sales returns and other allowance is estimated and recorded based on historical experience and in consideration of different contractual terms. The amount is deducted from revenue in the same period the related revenue is recorded. The Company periodically reviews the reasonableness of the estimates.
Valuation of Inventory
Inventories are stated at the lower of cost or net realizable value, and the Company uses estimate to determine the net realizable value of inventory at the end of each reporting period.
The Company estimates the net realizable value of inventory for normal waste, obsolescence and unmarketable items at the end of reporting period and then writes down the cost of inventories to net realizable value. The net realizable value of the inventory is determined mainly based on assumptions of future demand within a specific time horizon.
Impairment of Tangible Assets, Right-of-use Assets and Intangible Assets Other than Goodwill
In the process of evaluating the potential impairment of tangible assets, right-of-use assets and intangible assets other than goodwill, the Company determines the independent cash flows, useful lives, expected future revenue and expenses related to the specific asset groups with the consideration of the nature of semiconductor industry. Any change in these estimates based on changed economic conditions or business strategies could result in significant impairment charges or reversal in future years.
Realization of Deferred Income Tax Assets
Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which those deferred tax assets can be utilized. Assessment of the realization of the deferred tax assets requires subjective judgment and estimate, including the future revenue growth and profitability, tax holidays, the amount of tax credits can be utilized and feasible tax planning strategies. Any changes in the global economic environment, the industry trends and relevant laws and regulations could result in significant adjustments to the deferred tax assets.
Determination of Lessees’ Incremental Borrowing Rates
In determining a lessee’s incremental borrowing rate used in discounting lease payments, the Company mainly takes into account the market risk-free rates, the estimated lessee’s credit spreads and secured status in a similar economic environment.
6. | CASH AND CASH EQUIVALENTS |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
| 653,580,548 |
|
| $ | 452,734,378 |
| ||||
| 3,716,119 |
|
|
| 2,188,149 |
| ||||
| 1,750,443 |
|
|
| - |
| ||||
| 1,123,537 |
|
|
| 476,809 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 660,170,647 |
|
| $ | 455,399,336 |
|
Deposits in banks consisted of highly liquid time deposits that were readily convertible to known amounts of cash and were subject to an insignificant risk of changes in value.
- 27 -
7. | FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
Financial assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Mandatorily measured at FVTPL |
|
|
|
| ||||||
| 2,259,412 |
|
| $ | 162,155 |
| ||||
| - |
|
|
| 123,759 |
| ||||
| - |
|
|
| 40,925 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 2,259,412 |
|
| $ | 326,839 |
| ||||
Financial liabilities |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Held for trading |
|
|
|
|
|
|
|
| ||
| 94,128 |
|
| $ | 982,349 |
|
The Company entered into forward exchange contracts to manage exposures due to fluctuations of foreign exchange rates. These forward exchange contracts did not meet the criteria for hedge accounting. Therefore, the Company did not apply hedge accounting treatment for these forward exchange contracts.
Outstanding forward exchange contracts consisted of the following:
|
|
| Contract Amount | ||||
|
| Maturity Date |
| (In Thousands) | |||
|
|
|
|
| |||
December 31, 2020 |
|
|
|
| |||
|
|
|
|
| |||
Sell NT$ |
| January 2021 to March 2021 |
| NT$ | 144,697,981 |
| |
Sell US$ |
| January 2021 to March 2021 |
| US$ | 1,176,858 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
| |
Sell NT$ |
| January 2020 to June 2020 |
| NT$ | 108,428,027 |
| |
Sell JPY |
| January 2020 to February 2020 |
| JPY | 57,471,581 |
| |
Sell US$ |
| January 2020 to March 2020 |
| US$ | 529,209 |
|
8. | FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
Investments in debt instruments at FVTOCI |
|
|
|
| ||||||
| 56,593,623 |
|
| $ | 51,790,045 |
| ||||
| 43,977,113 |
|
|
| 51,966,460 |
| ||||
| 13,459,503 |
|
|
| 12,824,223 |
| ||||
| 8,368,264 |
|
|
| 10,815,849 |
| ||||
| 122,398,503 |
|
|
| 127,396,577 |
|
(Continued)
- 28 -
|
| December 31, 2020 |
| December 31, 2019 | ||||||
|
|
|
|
| ||||||
Investments in equity instruments at FVTOCI |
|
|
|
| ||||||
| 4,514,940 |
|
| $ | 4,124,337 |
| ||||
| 49,950 |
|
|
| - |
| ||||
| 4,564,890 |
|
|
| 4,124,337 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 126,963,393 |
|
| $ | 131,520,914 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 122,448,453 |
|
| $ | 127,396,577 |
| ||||
| 4,514,940 |
|
|
| 4,124,337 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 126,963,393 |
|
| $ | 131,520,914 |
|
(Concluded)
These investments in equity instruments are held for medium to long-term purposes and therefore are accounted for as FVTOCI. For dividends recognized from these investments, please refer to consolidated statements of cash flows. All the dividends are from investments held at the end of the reporting period.
For the years ended December 31, 2020 and 2019, as the Company adjusted its investment portfolio, equity investments designated at FVTOCI were divested for NT$8 thousand and NT$873,470 thousand, respectively. The related other equity-unrealized gain/loss on financial assets at FVTOCI of NT$108,996 thousand and NT$156,770 thousand were transferred to decrease and increase retained earnings, respectively.
As of December 31, 2020 and 2019, the cumulative loss allowance for expected credit loss of NT$32,480 thousand and NT$35,596 thousand was recognized under investments in debt instruments at FVTOCI, respectively. Refer to Note 32 for information relating to the credit risk management and expected credit loss.
9. | FINANCIAL ASSETS AT AMORTIZED COST |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
| 10,977,298 |
|
| $ | 7,651,727 |
| ||||
|
| (7,099 | ) |
|
| (2,929 | ) | |||
|
|
|
|
|
|
|
|
| ||
| 10,970,199 |
|
| $ | 7,648,798 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 6,597,992 |
|
| $ | 299,884 |
| ||||
| 4,372,207 |
|
|
| 7,348,914 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 10,970,199 |
|
| $ | 7,648,798 |
|
Refer to Note 32 for information relating to credit risk management and expected credit loss for financial assets at amortized cost.
- 29 -
10. | HEDGING FINANCIAL INSTRUMENTS |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
Financial assets- current |
|
|
|
| ||||||
|
|
|
|
| ||||||
Fair value hedges |
|
|
|
| ||||||
| 47 |
|
| $ | 22,380 |
| ||||
Cash flow hedges |
|
|
|
|
|
|
|
| ||
| - |
|
|
| 3,504 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 47 |
|
| $ | 25,884 |
| ||||
|
|
|
|
|
|
|
|
| ||
Financial liabilities- current |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Fair value hedges |
|
|
|
|
|
|
|
| ||
| 1,169 |
|
| $ | - |
| ||||
Cash flow hedges |
|
|
|
|
|
|
|
| ||
| - |
|
|
| 1,798 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 1,169 |
|
| $ | 1,798 |
|
Fair value hedge
The Company entered into interest rate futures contracts, which are used to partially hedge against the fair value changes caused by interest rate fluctuation in the Company’s fixed income investments. The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%.
On the basis of economic relationships, the Company expects that the value of the interest rate futures contracts and the value of the hedged financial assets will change in opposite directions in response to movements in interest rates.
The main source of hedge ineffectiveness in these hedging relationships is the credit risk of the hedged financial assets, which is not reflected in the fair value of the interest rate futures contracts. No other sources of ineffectiveness emerged from these hedging relationships during the hedging period. Amount of hedge ineffectiveness recognized in profit or loss is classified under other gains and losses.
The following tables summarize the information relating to the hedges of interest rate risk.
December 31, 2020
| Contract Amount (US$ in Thousands) |
| Maturity | |||
|
|
|
|
| ||
Interest rate futures contracts - US Treasury bonds |
| US$ | 88,700 |
|
| March 2021 |
| Asset Carrying Amount |
| Accumulated Amount of Fair Value Hedge Adjustments | |||||
|
|
|
|
| ||||
Financial assets at FVTOCI |
| $ | 6,198,683 |
|
| $ | 1,122 |
|
- 30 -
December 31, 2019
| Contract Amount (US$ in Thousands) |
| Maturity | |||
|
|
|
|
| ||
Interest rate futures contracts - US Treasury bonds |
| US$ | 122,200 |
|
| March 2020 |
| Asset Carrying Amount |
| Accumulated Amount of Fair Value Hedge Adjustments | |||||
|
|
|
|
| ||||
Financial assets at FVTOCI |
| $ | 7,364,727 |
|
| $ | (22,380 | ) |
The effect for the years ended December 31, 2020 and 2019 is detailed below:
| Increase (Decrease) in Value Used for Calculating Hedge Ineffectiveness | |||||||||
|
| Years Ended December 31 | ||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
Hedging Instruments |
|
|
|
| ||||||
| $ | (353,611 | ) |
| $ | (164,740 | ) | |||
Hedged Items |
|
|
|
|
|
|
|
| ||
| 353,611 |
|
|
| 177,831 |
| ||||
|
|
|
|
|
|
|
|
| ||
| - |
|
| $ | 13,091 |
|
Cash flow hedge
The Company entered into forward exchange contracts to partially hedge foreign exchange rate risks associated with certain highly probable forecast transactions (capital expenditures). The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%. The forward exchange contracts have maturities of 12 months or less.
On the basis of economic relationships, the Company expects that the value of forward exchange contracts and the value of hedged transactions will change in opposite directions in response to movements in foreign exchange rates.
The main source of hedge ineffectiveness in these hedging relationships is driven by the effect of the counterparty’s own credit risk on the fair value of forward exchange contracts. No other sources of ineffectiveness emerged from these hedging relationships. For the years ended December 31, 2020 and 2019, refer to Note 22(d) for gain or loss arising from changes in the fair value of hedging instruments and the amount transferred to initial carrying amount of hedged items.
The following tables summarize the information relating to the hedges for foreign currency risk.
December 31, 2019
| Contract Amount (In Thousands) |
| Maturity |
| Balance in Other Equity (Continuing Hedges) | |||||
|
|
|
|
|
|
| ||||
Forward exchange contracts |
| Sell NT$ | 1,342,392 |
|
| January 2020 |
| $ | (3,820 | ) |
- 31 -
The effect for the years ended December 31, 2020 and 2019 is detailed below:
| Increase Ineffectiveness | |||||||||
|
| Years Ended December 31 | ||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
Hedging Instruments |
|
|
|
| ||||||
| 24,085 |
|
| $ | (109,592 | ) | ||||
|
|
|
|
|
|
|
|
| ||
Hedged Items |
|
|
|
|
|
|
|
| ||
| $ | (24,085 | ) |
| $ | 109,592 |
|
11. | NOTES AND ACCOUNTS RECEIVABLE, NET |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
At amortized cost |
|
|
|
| ||||||
| 142,771,597 |
|
| $ | 135,978,049 |
| ||||
|
| (246,626 | ) |
|
| (325,325 | ) | |||
| 142,524,971 |
|
|
| 135,652,724 |
| ||||
| 2,955,301 |
|
|
| 3,255,865 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 145,480,272 |
|
| $ | 138,908,589 |
|
The Company signed a contract with the bank to sell certain accounts receivable without recourse and transaction cost required. These accounts receivable are classified as at FVTOCI because they are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
In principle, the payment term granted to customers is due 30 days from the invoice date or 30 days from the end of the month when the invoice is issued. Aside from recognizing impairment loss for credit-impaired accounts receivable, the Company recognizes loss allowance based on the expected credit loss ratio of customers by different risk levels with consideration of factors of historical loss ratios and customers’ financial conditions, competitiveness and business outlook. For accounts receivable past due over 90 days without collaterals or guarantees, the Company recognizes loss allowance at full amount.
Aging analysis of notes and accounts receivable
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
| 140,933,622 |
|
| $ | 126,134,762 |
| ||||
Past due |
|
|
|
|
|
|
|
| ||
| 4,784,425 |
|
|
| 13,082,080 |
| ||||
| 8,708 |
|
|
| 12,794 |
| ||||
| 48 |
|
|
| 1,033 |
| ||||
| 95 |
|
|
| 3,245 |
| ||||
|
| (246,626 | ) |
|
| (325,325 | ) | |||
|
|
|
|
|
|
|
|
| ||
| 145,480,272 |
|
| $ | 138,908,589 |
|
- 32 -
All of the Company’s accounts receivable classified as at FVTOCI were not past due.
Movements of the loss allowance for accounts receivable
| Years Ended December 31 | |||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
| 325,325 |
|
| $ | 7,253 |
| ||||
|
| (78,474 | ) |
|
| 318,290 |
| |||
|
| (225 | ) |
|
| (218 | ) | |||
|
|
|
|
|
|
|
|
| ||
| 246,626 |
|
| $ | 325,325 |
|
For the years ended December 31, 2020 and 2019, the changes in loss allowance were mainly due to the variations in the balance of accounts receivable of different risk levels.
12. | INVENTORIES |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
| 21,705,625 |
|
| $ | 8,924,541 |
| ||||
| 91,672,870 |
|
|
| 51,969,105 |
| ||||
| 14,715,963 |
|
|
| 16,552,275 |
| ||||
| 9,258,949 |
|
|
| 5,535,275 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 137,353,407 |
|
| $ | 82,981,196 |
|
Write-down of inventories to net realizable value and reversal of write-down of inventories resulting from the increase in net realizable value were included in the cost of revenue, as illustrated below:
| Years Ended December 31 | |||||||
|
| 2020 |
| 2019 | ||||
|
|
|
|
| ||||
| 3,664,513 |
|
| $ | (1,983,048 | ) |
The aforementioned reversal of write-down of inventories for the year ended December 31, 2019 excluded wafer contamination losses. Please refer to related losses in Note 37.
13. | INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD |
Associates consisted of the following:
|
|
| Place of |
| Carrying Amount |
| % of Ownership and Voting Rights Held by the Company | |||||||||||||||
Name of Associate |
| Principal Activities |
| Incorporation and Operation |
| December 31, 2020 |
| December 31, 2019 |
| December 31, 2020 |
| December 31, 2019 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks |
| Hsinchu, Taiwan |
| 9,029,890 |
|
| $ | 9,027,572 |
|
| 28% |
|
|
| 28% |
| |||||
Systems on Silicon Manufacturing Company Pte Ltd. (SSMC) |
| Manufacturing and selling of integrated circuits and other semiconductor devices |
| Singapore |
| 5,900,245 |
|
| 6,502,174 |
|
| 39% |
|
| 39% |
|
(Continued)
- 33 -
|
|
|
| Place of |
| Carrying Amount |
| % of Ownership and Voting Rights Held by the Company | ||||||||||||||
Name of Associate |
| Principal Activities |
| Incorporation and Operation |
| December 31, 2020 |
| December 31, 2019 |
| December 31, 2020 |
| December 31, 2019 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Wafer level chip size packaging and wafer level post passivation interconnection service |
| Taoyuan, Taiwan |
| 2,554,123 |
|
| $ | 1,846,145 |
|
| 41% |
|
|
| 41% |
| |||||
| Researching, developing, manufacturing, testing and marketing of integrated circuits |
| Hsinchu, Taiwan |
| 1,328,620 |
|
|
| 1,284,377 |
|
| 35% |
|
|
| 35% |
| |||||
| Manufacturing of electronic parts, wholesaling and retailing of electronic materials, and researching, developing and testing of RFID |
| New Taipei, Taiwan |
| 28,183 |
|
|
| 38,520 |
|
| 28% |
|
|
| 28% |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
| 18,841,061 |
|
| $ | 18,698,788 |
|
|
|
|
|
|
|
|
|
(Concluded)
As of December 31, 2020 and 2019, no investments in associates are individually material to the Company. Please refer to the consolidated statements of comprehensive income for recognition of share of both profit (loss) and other comprehensive income (loss) of associates that are not individually material.
The market prices of the investments accounted for using the equity method in publicly traded stocks calculated by the closing price at the end of the reporting period are summarized as follows. The closing price represents the quoted price in active markets, the level 1 fair value measurement.
| December 31, 2020 |
| December 31, 2019 | |||||
|
|
|
|
| ||||
| 53,849,925 |
|
| $ | 36,812,923 |
| ||
| 20,420,233 |
|
| $ | 8,958,195 |
| ||
| 15,827,184 |
|
| $ | 11,251,774 |
|
14. | PROPERTY, PLANT AND EQUIPMENT |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
| 1,554,585,938 |
|
| $ | 1,352,313,861 |
| ||||
| 1,003,182 |
|
|
| 63,544 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 1,555,589,120 |
|
| $ | 1,352,377,405 |
|
| a. | Assets used by the Company |
| Land and Land Improvements |
| Buildings |
| Machinery and Equipment |
| Office Equipment |
| Equipment under Installation and Construction in Progress |
| Total | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Cost |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Balance at January 1, 2020 |
| 3,991,798 |
|
| 438,075,063 |
|
| 2,886,622,968 |
|
| 54,611,364 |
|
| 528,295,086 |
|
| 3,911,596,279 |
| ||||||||||||
Additions (deductions) |
| - |
|
| 84,882,543 |
|
| 729,943,300 |
|
| 15,112,949 |
|
|
| (304,218,044 | ) |
| 525,720,748 |
| |||||||||||
Disposals or retirements |
| - |
|
|
| (41,568 | ) |
|
| (6,397,279 | ) |
|
| (734,129 | ) |
| - |
|
|
| (7,172,976 | ) | ||||||||
Transfers from assets subject to operating leases |
| - |
|
| 23,142 |
|
|
| - |
|
| - |
|
| - |
|
|
| 23,142 |
| ||||||||||
Transfers to assets subject to operating leases |
|
| - |
|
|
| - |
|
|
| (1,199,011 | ) |
|
| - |
|
|
| - |
|
|
| (1,199,011 | ) | ||||||
Effect of exchange rate changes |
|
| (49,173 | ) |
|
| (491,706 | ) |
|
| (1,964,246 | ) |
|
| (127,536 | ) |
|
| (111,682 | ) |
|
| (2,744,343 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at December 31, 2020 |
| 3,942,625 |
|
| 522,447,474 |
|
| 3,607,005,732 |
|
| 68,862,648 |
|
| 223,965,360 |
|
| 4,426,223,839 |
|
(Continued)
- 34 -
|
| Land and Land Improvements |
| Buildings |
| Machinery and Equipment |
| Office Equipment |
| Equipment under Installation and Construction in Progress |
| Total | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Accumulated depreciation and impairment |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Balance at January 1, 2020 |
| 538,690 |
|
| 243,059,390 |
|
| 2,278,265,943 |
|
| 37,418,395 |
|
| - |
|
| 2,559,282,418 |
| ||||||||||||
Additions |
| 1,479 |
|
| 29,209,096 |
|
| 285,393,637 |
|
| 7,216,921 |
|
| - |
|
| 321,821,133 |
| ||||||||||||
Disposals or retirements |
| - |
|
|
| (27,990 | ) |
|
| (6,012,942 | ) |
|
| (732,403 | ) |
| - |
|
|
| (6,773,335 | ) | ||||||||
Transfers from assets subject to operating leases |
| - |
|
| 8,215 |
|
|
| - |
|
| - |
|
| - |
|
|
| 8,215 |
| ||||||||||
Transfers to assets subject to operating leases |
|
| - |
|
|
| - |
|
|
| (202,593 | ) |
|
| - |
|
|
| - |
|
|
| (202,593 | ) | ||||||
Impairment |
| - |
|
| - |
|
| 10,159 |
|
| - |
|
| - |
|
| 10,159 |
| ||||||||||||
Effect of exchange rate changes |
|
| (34,040 | ) |
|
| (449,240 | ) |
|
| (1,924,235 | ) |
|
| (100,581 | ) |
| - |
|
|
| (2,508,096 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at December 31, 2020 |
| 506,129 |
|
| 271,799,471 |
|
| 2,555,529,969 |
|
| 43,802,332 |
|
| - |
|
| 2,871,637,901 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Carrying amounts at December 31, 2020 |
| 3,436,496 |
|
| 250,648,003 |
|
| 1,051,475,763 |
|
| 25,060,316 |
|
| 223,965,360 |
|
| 1,554,585,938 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at January 1, 2019 |
| $ | 4,011,353 |
|
| $ | 418,151,675 |
|
| $ | 2,728,760,127 |
|
| $ | 48,382,279 |
|
| $ | 172,910,989 |
|
| $ | 3,372,216,423 |
| ||||||
Additions |
|
| - |
|
|
| 21,448,528 |
|
|
| 179,798,420 |
|
|
| 7,415,036 |
|
|
| 355,621,089 |
|
|
| 564,283,073 |
| ||||||
Disposals or retirements |
|
| - |
|
|
| (158,970 | ) |
|
| (17,381,538 | ) |
|
| (1,043,398 | ) |
|
| - |
|
|
| (18,583,906 | ) | ||||||
Transfers from right-of-use assets |
|
| - |
|
|
| - |
|
|
| 619,779 |
|
|
| - |
|
|
| - |
|
|
| 619,779 |
| ||||||
Effect of disposal of subsidiary |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (508 | ) |
|
| - |
|
|
| (508 | ) | ||||||
Effect of exchange rate changes |
|
| (19,555 | ) |
|
| (1,366,170 | ) |
|
| (5,173,820 | ) |
|
| (142,045 | ) |
|
| (236,992 | ) |
|
| (6,938,582 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at December 31, 2019 |
| $ | 3,991,798 |
|
| $ | 438,075,063 |
|
| $ | 2,886,622,968 |
|
| $ | 54,611,364 |
|
| $ | 528,295,086 |
|
| $ | 3,911,596,279 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Accumulated depreciation and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at January 1, 2019 |
| $ | 550,575 |
|
| $ | 217,899,243 |
|
| $ | 2,049,278,908 |
|
| $ | 32,525,129 |
|
| $ | - |
|
| $ | 2,300,253,855 |
| ||||||
Additions |
|
| 1,633 |
|
|
| 26,026,642 |
|
|
| 246,724,229 |
|
|
| 6,012,497 |
|
|
| - |
|
|
| 278,765,001 |
| ||||||
Disposals or retirements |
|
| - |
|
|
| (144,402 | ) |
|
| (12,880,817 | ) |
|
| (1,042,131 | ) |
|
| - |
|
|
| (14,067,350 | ) | ||||||
Transfers from right-of-use assets |
|
| - |
|
|
| - |
|
|
| 20,659 |
|
|
| - |
|
|
| - |
|
|
| 20,659 |
| ||||||
Reversal of impairment |
|
| - |
|
|
| - |
|
|
| (301,384 | ) |
|
| - |
|
|
| - |
|
|
| (301,384 | ) | ||||||
Effect of disposal of subsidiary |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (508 | ) |
|
| - |
|
|
| (508 | ) | ||||||
Effect of exchange rate changes |
|
| (13,518 | ) |
|
| (722,093 | ) |
|
| (4,575,652 | ) |
|
| (76,592 | ) |
|
| - |
|
|
| (5,387,855 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at December 31, 2019 |
| $ | 538,690 |
|
| $ | 243,059,390 |
|
| $ | 2,278,265,943 |
|
| $ | 37,418,395 |
|
| $ | - |
|
| $ | 2,559,282,418 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Carrying amounts at December 31, 2019 |
| $ | 3,453,108 |
|
| $ | 195,015,673 |
|
| $ | 608,357,025 |
|
| $ | 17,192,969 |
|
| $ | 528,295,086 |
|
| $ | 1,352,313,861 |
|
(Concluded)
The significant part of the Company’s buildings includes main plants, mechanical and electrical power equipment and clean rooms, and the related depreciation is calculated using the estimated useful lives of 20 years, 10 years and 10 years, respectively.
In the first quarter of 2019, the Company recognized a reversal of impairment loss of NT$301,384 thousand due to redeployment of certain idle machinery and equipment. Such reversal of impairment loss was recognized in other operating income and expenses.
- 35 -
| b. | Assets subject to operating leases |
| Buildings |
| Machinery and Equipment |
| Total | ||||||||||
|
|
|
|
|
|
| |||||||||
Cost |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
| |||||||||
Balance at January 1, 2020 |
| 562,610 |
|
| - |
|
| 562,610 |
| ||||||
Disposals or retirements |
|
| (311,939 | ) |
| - |
|
|
| (311,939 | ) | ||||
Transfers to assets used by the Company |
|
| (23,142 | ) |
|
| - |
|
|
| (23,142 | ) | |||
Transfers from assets used by the Company |
|
| - |
|
| 1,199,011 |
|
|
| 1,199,011 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at December 31, 2020 |
| 227,529 |
|
| 1,199,011 |
|
| 1,426,540 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at January 1, 2020 |
| 499,066 |
|
| - |
|
| 499,066 |
| ||||||
Additions |
| 16,281 |
|
| 19,399 |
|
| 35,680 |
| ||||||
Disposals or retirements |
|
| (305,766 | ) |
| - |
|
|
| (305,766 | ) | ||||
Transfers to assets used by the Company |
|
| (8,215 | ) |
|
| - |
|
|
| (8,215 | ) | |||
Transfers from assets used by the Company |
|
| - |
|
| 202,593 |
|
|
| 202,593 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at December 31, 2020 |
| 201,366 |
|
| 221,992 |
|
| 423,358 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Carrying amounts at December 31, 2020 |
| 26,163 |
|
| 977,019 |
|
| 1,003,182 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cost |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at January 1, 2019 |
| $ | 562,610 |
|
| $ | - |
|
| $ | 562,610 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at December 31, 2019 |
| $ | 562,610 |
|
| $ | - |
|
| $ | 562,610 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at January 1, 2019 |
| $ | 474,899 |
|
| $ | - |
|
| $ | 474,899 |
| |||
Additions |
|
| 24,167 |
|
|
| - |
|
|
| 24,167 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at December 31, 2019 |
| $ | 499,066 |
|
| $ | - |
|
| $ | 499,066 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Carrying amounts at December 31, 2019 |
| $ | 63,544 |
|
| $ | - |
|
| $ | 63,544 |
|
Operating leases relate to leases of buildings and leases of machinery and equipment with lease terms approximately between 1 to 5 years. The lessees do not have purchase options to acquire the assets at the expiry of the lease periods.
The maturity analysis of operating lease payments receivable from the buildings and machinery and equipment is as follows:
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
| 149,120 |
|
| $ | 18,450 |
| ||||
| 16,992 |
|
|
| 16,992 |
| ||||
| - |
|
|
| 16,992 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 166,112 |
|
| $ | 52,434 |
|
- 36 -
15. | LEASE ARRANGEMENTS |
| a. | Right-of-use assets |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
Carrying amounts |
|
|
|
| ||||||
|
|
|
|
| ||||||
| 25,141,908 |
|
| $ | 14,064,036 |
| ||||
| 2,544,742 |
|
|
| 2,351,809 |
| ||||
| - |
|
|
| 775,809 |
| ||||
| 41,732 |
|
|
| 40,748 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 27,728,382 |
|
| $ | 17,232,402 |
|
| b. | Lease liabilities |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
Carrying amounts |
|
|
|
| ||||||
|
|
|
|
| ||||||
Current portion (classified under accrued expenses and other current liabilities) |
| 1,828,025 |
|
| $ | 2,275,084 |
| |||
| 20,560,649 |
|
|
| 15,041,833 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 22,388,674 |
|
| $ | 17,316,917 |
|
Ranges of discount rates for lease liabilities are as follows:
|
| December 31, 2020 |
| December 31, 2019 |
|
|
|
|
|
Land |
| 0.48%-2.14% |
| 0.67%-2.14% |
Buildings |
| 0.54%-3.88% |
| 0.67%-3.88% |
Machinery and equipment |
| - |
| 3.24% |
Office equipment |
| 0.28%-3.88% |
| 0.64%-3.88% |
- 37 -
| c. | Material terms of right-of-use assets |
The Company leases land and buildings mainly for the use of plants and offices with lease terms of 1 to 36 years. The lease contracts for land located in the R.O.C. specify that lease payments will be adjusted every 2 years on the basis of changes in announced land value prices. The Company does not have purchase options to acquire the leasehold land and buildings at the end of the lease terms.
The Company leases machinery and equipment for use in operation with lease terms of 2 years. The Company has purchase options to acquire leasehold machinery and equipment at the end of the lease terms. As of September 30, 2020, the aforementioned lease contract has been expired.
| d. | Subleases |
The Company subleases the right to use its buildings and machinery and equipment under operating leases with lease terms of 1 to 6 years.
The maturity analysis of lease payments receivable under operating subleases is as follows:
| e. | Other lease information |
| Years Ended December 31 | |||||||
|
| 2020 |
| 2019 | ||||
|
|
|
|
| ||||
| 3,153,451 |
|
| $ | 5,007,057 |
| ||
| 300 |
|
| $ | 492 |
| ||
Expenses relating to variable lease payments not included in the measurement of lease liabilities |
| 256,996 |
|
| 195,062 |
|
16. | INTANGIBLE ASSETS |
|
| Goodwill |
| Technology License Fees |
| Software and System Design Costs |
| Patent and Others |
|
Total | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Balance at January 1, 2020 |
| 5,693,376 |
|
| 15,854,951 |
|
| 33,024,010 |
|
| 8,302,996 |
|
| 62,875,333 |
| ||||||||||
Additions |
| - |
|
| 6,308,926 |
|
| 3,275,757 |
|
| 2,974,784 |
|
| 12,559,467 |
| ||||||||||
Disposals or retirements |
| - |
|
| - |
|
|
| (60,467 | ) |
| - |
|
|
| (60,467 | ) | ||||||||
Effect of exchange rate changes |
|
| (256,774 | ) |
|
| (2,165 | ) |
|
| (333 | ) |
|
| (79 | ) |
|
| (259,351 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at December 31, 2020 |
| 5,436,602 |
|
| 22,161,712 |
|
| 36,238,967 |
|
| 11,277,701 |
|
| 75,114,982 |
|
(Continued)
- 38 -
|
| Goodwill |
| Technology License Fees |
| Software and System Design Costs |
| Patent and Others |
|
Total | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Accumulated amortization and impairment |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Balance at January 1, 2020 |
| - |
|
| 9,823,770 |
|
| 26,502,067 |
|
| 5,896,468 |
|
| 42,222,305 |
| ||||||||||
Additions |
| - |
|
| 2,404,461 |
|
| 3,669,257 |
|
| 1,112,530 |
|
| 7,186,248 |
| ||||||||||
Disposals or retirements |
| - |
|
| - |
|
|
| (59,868 | ) |
| - |
|
|
| (59,868 | ) | ||||||||
Effect of exchange rate changes |
| - |
|
|
| (2,165 | ) |
| 303 |
|
|
| (20 | ) |
|
| (1,882 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at December 31, 2020 |
| - |
|
| 12,226,066 |
|
| 30,111,759 |
|
| 7,008,978 |
|
| 49,346,803 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Carrying amounts at December 31, 2020 |
| 5,436,602 |
|
| 9,935,646 |
|
| 6,127,208 |
|
| 4,268,723 |
|
| 25,768,179 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at January 1, 2019 |
| $ | 5,795,488 |
|
| $ | 10,974,458 |
|
| $ | 29,594,483 |
|
| $ | 7,656,524 |
|
| $ | 54,020,953 |
| |||||
Additions |
|
| - |
|
|
| 4,879,562 |
|
|
| 3,710,381 |
|
|
| 647,755 |
|
|
| 9,237,698 |
| |||||
Disposals or retirements |
|
| - |
|
|
| - |
|
|
| (260,904 | ) |
|
| - |
|
|
| (260,904 | ) | |||||
Effect of exchange rate changes |
|
| (102,112 | ) |
|
| 931 |
|
|
| (19,950 | ) |
|
| (1,283 | ) |
|
| (122,414 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at December 31, 2019 |
| $ | 5,693,376 |
|
| $ | 15,854,951 |
|
| $ | 33,024,010 |
|
| $ | 8,302,996 |
|
| $ | 62,875,333 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Accumulated amortization and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at January 1, 2019 |
| $ | - |
|
| $ | 8,756,005 |
|
| $ | 23,023,498 |
|
| $ | 5,239,313 |
|
| $ | 37,018,816 |
| |||||
Additions |
|
| - |
|
|
| 1,066,834 |
|
|
| 3,747,343 |
|
|
| 658,232 |
|
|
| 5,472,409 |
| |||||
Disposals or retirements |
|
| - |
|
|
| - |
|
|
| (258,527 | ) |
|
| - |
|
|
| (258,527 | ) | |||||
Effect of exchange rate changes |
|
| - |
|
|
| 931 |
|
|
| (10,247 | ) |
|
| (1,077 | ) |
|
| (10,393 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at December 31, 2019 |
| $ | - |
|
| $ | 9,823,770 |
|
| $ | 26,502,067 |
|
| $ | 5,896,468 |
|
| $ | 42,222,305 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Carrying amounts at December 31, 2019 |
| $ | 5,693,376 |
|
| $ | 6,031,181 |
|
| $ | 6,521,943 |
|
| $ | 2,406,528 |
|
| $ | 20,653,028 |
|
(Concluded)
The Company’s goodwill has been tested for impairment at the end of the annual reporting period and the recoverable amount is determined based on the value in use. The value in use was calculated based on the cash flow forecast from the financial budgets covering the future five-year period, and the Company used annual discount rates of 8.0% in both years in its test of impairment as of December 31, 2020 and 2019, to reflect the relevant specific risk in the cash-generating unit.
For the years ended December 31, 2020 and 2019, the Company did not recognize any impairment loss on goodwill.
17. | SHORT-TERM LOANS |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
Unsecured loans |
|
|
|
| ||||||
| 88,559,026 |
|
| $ | 118,522,290 |
| ||||
|
|
|
|
|
|
|
|
| ||
Loan content |
|
|
|
|
|
|
|
| ||
US$ (in thousands) |
| $ | 200,000 |
|
| $ | 2,370,000 |
| ||
EUR (in thousands) |
|
| 2,398,000 |
|
|
| 1,410,000 |
| ||
Annual interest rate |
|
| (0.54)%-0.33% |
|
|
| 0.01%-2.22% |
| ||
Maturity date |
|
| Due by February 2021 |
|
|
| Due by May 2020 |
|
- 39 -
18. | BONDS PAYABLE |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
| 173,197,000 |
|
| $ | 56,900,000 |
| ||||
| 84,291,000 |
|
|
| - |
| ||||
|
| (782,916 | ) |
|
| - |
| |||
|
| (2,600,000 | ) |
|
| (31,800,000 | ) | |||
|
|
|
|
|
|
|
|
| ||
| 254,105,084 |
|
| $ | 25,100,000 |
|
The major terms of domestic unsecured bonds are as follows:
Issuance |
| Tranche |
| Issuance Period |
| Total Amount |
| Coupon Rate |
| Repayment and Interest Payment | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
NT$ unsecured bonds |
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||
100-2 |
| B |
| January 2012 to January 2019 |
| $ | 7,000,000 |
|
|
| 1.46% |
|
| Bullet repayment; interest payable annually | |
101-1 |
| B |
| August 2012 to August 2019 |
|
| 9,000,000 |
|
|
| 1.40% |
|
| The same as above | |
101-2 |
| B |
| September 2012 to September 2019 |
|
| 9,000,000 |
|
|
| 1.39% |
|
| The same as above | |
101-3 |
| - |
| October 2012 to October 2022 |
|
| 4,400,000 |
|
|
| 1.53% |
|
| The same as above | |
101-4 |
| B |
| January 2013 to January 2020 |
|
| 10,000,000 |
|
|
| 1.35% |
|
| The same as above | |
|
| C |
| January 2013 to January 2023 |
|
| 3,000,000 |
|
|
| 1.49% |
|
| The same as above | |
102-1 |
| B |
| February 2013 to February 2020 |
|
| 11,600,000 |
|
|
| 1.38% |
|
| The same as above | |
|
| C |
| February 2013 to February 2023 |
|
| 3,600,000 |
|
|
| 1.50% |
|
| The same as above | |
102-2 |
| A |
| July 2013 to July 2020 |
|
| 10,200,000 |
|
|
| 1.50% |
|
| The same as above | |
|
| B |
| July 2013 to July 2023 |
|
| 3,500,000 |
|
|
| 1.70% |
|
| The same as above | |
102-3 |
| B |
| August 2013 to August 2019 |
|
| 8,500,000 |
|
|
| 1.52% |
|
| The same as above | |
102-4 |
| C |
| September 2013 to March 2019 |
|
| 1,400,000 |
|
|
| 1.60% |
|
| Bullet repayment; interest payable annually (interest for the six months prior to maturity will accrue on the basis of actual days and be repayable at maturity) |
(Continued)
- 40 -
Issuance |
| Tranche |
| Issuance Period |
| Total Amount |
| Coupon Rate |
| Repayment and Interest Payment | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
102-4 |
| D |
| September 2013 to March 2021 |
| $ | 2,600,000 |
|
|
| 1.85% |
|
| Bullet repayment; interest payable annually (interest for the six months prior to maturity will accrue on the basis of actual days and be repayable at maturity) | |
|
| E |
| September 2013 to March 2023 |
|
| 5,400,000 |
|
|
| 2.05% |
|
| The same as above | |
|
| F |
| September 2013 to September 2023 |
|
| 2,600,000 |
|
|
| 2.10% |
|
| Bullet repayment; interest payable annually | |
109-1 |
| A |
| March 2020 to March 2025 |
|
| 3,000,000 |
|
|
| 0.58% |
|
| The same as above | |
|
| B |
| March 2020 to March 2027 |
|
| 10,500,000 |
|
|
| 0.62% |
|
| The same as above | |
|
| C |
| March 2020 to March 2030 |
|
| 10,500,000 |
|
|
| 0.64% |
|
| The same as above | |
109-2 |
| A |
| April 2020 to April 2025 |
|
| 5,900,000 |
|
|
| 0.52% |
|
| The same as above | |
|
| B |
| April 2020 to April 2027 |
|
| 10,400,000 |
|
|
| 0.58% |
|
| The same as above | |
|
| C |
| April 2020 to April 2030 |
|
| 5,300,000 |
|
|
| 0.60% |
|
| The same as above | |
109-3 |
| A |
| May 2020 to May 2025 |
|
| 4,500,000 |
|
|
| 0.55% |
|
| The same as above | |
|
| B |
| May 2020 to May 2027 |
|
| 7,500,000 |
|
|
| 0.60% |
|
| The same as above | |
|
| C |
| May 2020 to May 2030 |
|
| 2,400,000 |
|
|
| 0.64% |
|
| The same as above | |
109-4 |
| A |
| July 2020 to July 2025 |
|
| 5,700,000 |
|
|
| 0.58% |
|
| Two equal installments in last two years; interest payable annually | |
|
| B |
| July 2020 to July 2027 |
|
| 6,300,000 |
|
|
| 0.65% |
|
| The same as above | |
|
| C |
| July 2020 to July 2030 |
|
| 1,900,000 |
|
|
| 0.67% |
|
| The same as above | |
109-5 |
| A |
| September 2020 to September 2025 |
|
| 4,800,000 |
|
|
| 0.50% |
|
| The same as above | |
|
| B |
| September 2020 to September 2027 |
|
| 8,000,000 |
|
|
| 0.58% |
|
| The same as above | |
|
| C |
| September 2020 to September 2030 |
|
| 2,800,000 |
|
|
| 0.60% |
|
| The same as above |
(Continued)
- 41 -
Issuance |
| Tranche |
| Issuance Period |
| Total Amount |
| Coupon Rate |
| Repayment and Interest Payment | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
109-6 (green bond) |
| A |
| December 2020 to December 2025 |
| $ | 1,600,000 |
|
|
| 0.40% |
|
| Two equal installments in last two years; interest payable annually | |
|
| B |
| December 2020 to December 2027 |
|
| 5,600,000 |
|
|
| 0.44% |
|
| The same as above | |
|
| C |
| December 2020 to December 2030 |
|
| 4,800,000 |
|
|
| 0.48% |
|
| The same as above | |
109-7 |
| A |
| December 2020 to December 2025 |
|
| 1,900,000 |
|
|
| 0.36% |
|
| The same as above | |
|
| B |
| December 2020 to December 2027 |
|
| 10,200,000 |
|
|
| 0.41% |
|
| The same as above | |
|
| C |
| December 2020 to December 2030 |
|
| 6,400,000 |
|
|
| 0.45% |
|
| The same as above |
(Concluded)
Issuance |
| Tranche |
| Issuance Period |
| Total Amount (US$ in Thousands) |
| Coupon Rate |
| Repayment and Interest Payment | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
US$
| unsecured bonds |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 109-1 |
|
| - |
| September 2020 to September 2060 |
| US$1,000,000 |
|
| 2.70% |
|
| Bullet repayment (callable on the 5th anniversary of the issue date and every anniversary thereafter); interest payable annually |
The major terms of overseas unsecured bonds are as follows:
Issuance Period |
| Total Amount (US$ in Thousands) |
| Coupon Rate |
| Repayment and Interest Payment | |||||
|
|
|
|
|
|
| |||||
September 2020 to September 2025 |
| US$ | 1,000,000 |
|
|
| 0.75% |
|
| Bullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annually | |
September 2020 to September 2027 |
|
| 750,000 |
|
|
| 1.00% |
|
| The same as above | |
September 2020 to September 2030 |
|
| 1,250,000 |
|
|
| 1.375% |
|
| The same as above |
- 42 -
19. | LONG-TERM BANK LOANS |
|
|
| December 31, 2020 | ||||
|
|
|
|
| |||
Unsecured loans |
|
|
| 2,000,000 |
| ||
Less: Discounts on government grants |
|
|
|
| (32,389 | ) | |
|
|
|
|
|
|
| |
|
|
|
| 1,967,611 |
| ||
|
|
|
|
|
|
| |
Loan content |
|
|
|
|
|
| |
Annual interest rate |
|
|
|
| 0.4% |
| |
Maturity date |
|
|
|
| Due by September 2025 |
|
The long-term bank loans of the Company are with preferential interest rates subsidized by the government, and the loan proceeds are used to fund qualifying capital expenditure.
20. | RETIREMENT BENEFIT PLANS |
| a. | Defined contribution plans |
The plan under the R.O.C. Labor Pension Act (the “Act”) is deemed a defined contribution plan. Pursuant to the Act, TSMC and VisEra Tech have made monthly contributions equal to 6% of each employee’s monthly salary to employees’ pension accounts. Furthermore, TSMC North America, TSMC China, TSMC Nanjing, TSMC Europe, TSMC Canada and TSMC Technology also make monthly contributions at certain percentages of the basic salary of their employees. Accordingly, the Company recognized expenses of NT$2,809,484 thousand and NT$2,609,733 thousand for the years ended December 31, 2020 and 2019, respectively.
| b. | Defined benefit plans |
TSMC has defined benefit plans under the R.O.C. Labor Standards Law that provide benefits based on an employee’s length of service and average monthly salary for the six-month period prior to retirement. The Company contributes an amount equal to 2% of salaries paid each month to their respective pension funds (the Funds), which are administered by the Labor Pension Fund Supervisory Committee (the Committee) and deposited in the Committee’s name in the Bank of Taiwan. Before the end of each year, the Company assesses the balance in the Funds. If the amount of the balance in the Funds is inadequate to pay retirement benefits for employees who conform to retirement requirements in the next year, the Company is required to fund the difference in one appropriation that should be made before the end of March of the next year. The Funds are operated and managed by the government’s designated authorities; as such, the Company does not have any right to intervene in the investments of the Funds.
Amounts recognized in respect of these defined benefit plans were as follows:
(Continued)
- 43 -
(Concluded)
The pension costs of the aforementioned defined benefit plans were recognized in profit or loss by the following categories:
| Years Ended December 31 | |||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
| 126,274 |
|
| $ | 157,845 |
| ||||
| 57,306 |
|
|
| 72,686 |
| ||||
| 18,248 |
|
|
| 25,063 |
| ||||
| 3,087 |
|
|
| 4,002 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 204,915 |
|
| $ | 259,596 |
|
The amounts arising from the defined benefit obligation of the Company were as follows:
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
| 16,980,277 |
|
| $ | 13,484,090 |
| ||||
|
| (5,066,203 | ) |
|
| (4,301,594 | ) | |||
|
|
|
|
|
|
|
|
| ||
| 11,914,074 |
|
| $ | 9,182,496 |
|
Movements in the present value of the defined benefit obligation were as follows:
- 44 -
Movements in the fair value of the plan assets were as follows:
The fair value of the plan assets by major categories at the end of reporting period was as follows:
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
| 632,769 |
|
| $ | 713,204 |
| ||||
| 2,926,745 |
|
|
| 2,313,828 |
| ||||
| 1,506,689 |
|
|
| 1,274,562 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 5,066,203 |
|
| $ | 4,301,594 |
|
The actuarial valuations of the present value of the defined benefit obligation were carried out by qualified actuaries. The principal assumptions of the actuarial valuation were as follows:
|
| Measurement Date | ||
|
| December 31, 2020 |
| December 31, 2019 |
|
|
|
|
|
Discount rate |
| 0.40% |
| 0.90% |
Future salary increase rate |
| 3.00%(Note) |
| 3.00% |
Note: The Company has an additional 20 percent pay raise in 2021.
Through the defined benefit plans under the R.O.C. Labor Standards Law, the Company is exposed to the following risks:
| 1) | Investment risk: The pension funds are invested in equity and debt securities, bank deposits, etc. The investment is conducted at the discretion of the government’s designated authorities or under the mandated management. However, under the R.O.C. Labor Standards Law, the rate of return on assets shall not be less than the average interest rate on a two-year time deposit published by the local banks and the government is responsible for any shortfall in the event that the rate of return is less than the required rate of return. |
| 2) | Interest risk: A decrease in the government bond interest rate will increase the present value of the defined benefit obligation; however, this will be partially offset by an increase in the return on the debt investments of the plan assets. |
Assuming a hypothetical decrease in interest rate at the end of the reporting period contributed to a decrease of 0.5% (and not below 0.0%) in the discount rate and all other assumptions were held constant, the present value of the defined benefit obligation would increase by NT$694,732 thousand and NT$724,963 thousand as of December 31, 2020 and 2019, respectively.
- 45 -
| 3) | Salary risk: The present value of the defined benefit obligation is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the present value of the defined benefit obligation. |
Assuming the expected salary rate increases by 0.5% at the end of the reporting period and all other assumptions were held constant, the present value of the defined benefit obligation would increase by NT$835,964 thousand and NT$706,502 thousand as of December 31, 2020 and 2019, respectively.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability.
The Company expects to make contributions of NT$229,934 thousand to the defined benefit plans in the next year starting from December 31, 2020. The weighted average duration of the defined benefit obligation is 9 years.
21. | Guarantee deposits |
Some of guarantee deposits were refunded to customers by offsetting related accounts receivable.
22. | EQUITY |
| a. | Capital stock |
|
| December 31, 2020 |
| December 31, 2019 | ||||||
|
|
|
|
| ||||||
Authorized shares (in thousands) |
|
| 28,050,000 |
|
|
| 28,050,000 |
| ||
Authorized capital |
| $ | 280,500,000 |
|
| $ | 280,500,000 |
| ||
Issued and paid shares (in thousands) |
|
| 25,930,380 |
|
|
| 25,930,380 |
| ||
Issued capital |
| $ | 259,303,805 |
|
| $ | 259,303,805 |
|
A holder of issued common shares with par value of NT$10 per share is entitled to vote and to receive dividends.
- 46 -
The authorized shares include 500,000 thousand shares allocated for the exercise of employee stock options.
As of December 31, 2020, 1,064,364 thousand ADSs of TSMC were traded on the NYSE. The number of common shares represented by the ADSs was 5,321,819 thousand shares (one ADS represents five common shares).
| b. | Capital surplus |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
| 24,184,939 |
|
| $ | 24,184,939 |
| ||||
| 22,804,510 |
|
|
| 22,804,510 |
| ||||
| 8,892,847 |
|
|
| 8,892,847 |
| ||||
| 121,843 |
|
|
| 121,843 |
| ||||
| 302,526 |
|
|
| 302,234 |
| ||||
| 40,578 |
|
|
| 33,336 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 56,347,243 |
|
| $ | 56,339,709 |
|
Under the relevant laws, the capital surplus generated from donations and the excess of the issuance price over the par value of capital stock (including the stock issued for new capital, mergers and convertible bonds) may be used to offset a deficit; in addition, when the Company has no deficit, such capital surplus may be distributed as cash dividends or stock dividends up to a certain percentage of TSMC’s paid-in capital. The capital surplus from share of changes in equities of subsidiaries and associates and dividend of a claim extinguished by a prescription may be used to offset a deficit; however, when generated from issuance of restricted shares for employees, such capital surplus may not be used for any purpose.
| c. | Retained earnings and dividend policy |
The amendments to TSMC’s Articles of Incorporation had been approved by TSMC’s shareholders in its meeting held on June 5, 2019, which stipulate that earnings distribution may be made on a quarterly basis after the close of each quarter. Distribution of earnings by way of cash dividends should be approved by TSMC’s Board of Directors and reported to TSMC’s shareholders in its meeting.
TSMC’s amended Articles of Incorporation provide that, when allocating earnings, TSMC shall first estimate and reserve the taxes to be paid, offset its losses, set aside a legal capital reserve at 10% of the remaining earnings (until the accumulated legal capital reserve equals TSMC’s paid-in capital), then set aside a special capital reserve in accordance with relevant laws or regulations or as requested by the authorities in charge. Any balance left over shall be allocated according to relevant laws and the TSMC’s Articles of Incorporation.
TSMC’s Articles of Incorporation also provide that profits of TSMC may be distributed by way of cash dividend and/or stock dividend. However, distribution of earnings shall be made preferably by way of cash dividend. Distribution of earnings may also be made by way of stock dividend, provided that the ratio for stock dividend shall not exceed 50% of the total distribution.
The reserve may be used to offset a deficit, or be distributed as dividends in cash or stocks for the portion in excess of 25% of the paid-in capital if the Company incurs no loss.
Pursuant to existing regulations, the Company is required to set aside additional special capital reserve equivalent to the net debit balance of the other components of stockholders’ equity, such as the accumulated balance of foreign currency translation reserve, unrealized valuation gain or loss from fair
- 47 -
value through other comprehensive income financial assets, gain or loss from changes in fair value of hedging instruments in cash flow hedges, etc. For the subsequent decrease in the deduction amount to stockholders’ equity, any special reserve appropriated may be reversed to the extent that the net debit balance reverses.
The appropriations of 2020 and 2019 quarterly earnings have been approved by TSMC’s Board of Directors in its meeting, respectively. The appropriations and cash dividends per share were as follows:
|
| Fourth Quarter |
| Third Quarter |
| Second Quarter |
| First Quarter | ||||||||
Resolution Date of TSMC’s |
| of 2020 |
| of 2020 |
| of 2020 |
| of 2020 | ||||||||
Board of Directors in its |
| February 9, |
| November 10, |
| August 11, |
| May 12, | ||||||||
meeting |
| 2021 |
| 2020 |
| 2020 |
| 2020 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Special capital reserve |
| $ | 12,420,727 |
|
| $ | 5,501,351 |
|
| $ | 11,884,457 |
|
| $ | (2,694,841 | ) |
Cash dividends to shareholders |
| $ | 64,825,951 |
|
| $ | 64,825,951 |
|
| $ | 64,825,951 |
|
| $ | 64,825,951 |
|
Cash dividends per share (NT$) |
| $ | 2.5 |
|
| $ | 2.5 |
|
| $ | 2.5 |
|
| $ | 2.5 |
|
|
| Fourth Quarter |
| Third Quarter |
| Second Quarter |
| First Quarter | ||||||||
Resolution Date of TSMC’s |
| of 2019 |
| of 2019 |
| of 2019 |
| of 2019 | ||||||||
Board of Directors in its meeting |
| February 11, 2020 |
| November 12, 2019 |
| August 13, 2019 |
| June 5, 2019 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Special capital reserve |
| $ | 16,893,073 |
|
| $ | 3,289,166 |
|
| $ | (3,338,190 | ) |
| $ | (4,723,939 | ) |
Cash dividends to shareholders |
| $ | 64,825,951 |
|
| $ | 64,825,951 |
|
| $ | 64,825,951 |
|
| $ | 51,860,761 |
|
Cash dividends per share (NT$) |
| $ | 2.5 |
|
| $ | 2.5 |
|
| $ | 2.5 |
|
| $ | 2.0 |
|
The special capital reserve for 2020 is to be presented for approval in the TSMC’s shareholders’ meeting to be held on June 8, 2021 (expected).
The appropriation of 2018 earnings has been approved by TSMC’s shareholders in its meeting held on June 5, 2019. The appropriation and cash dividends per share were as follows:
|
| Appropriation of Earnings |
| Cash Dividends Per Share (NT$) | ||||
|
|
|
|
| ||||
Legal capital reserve |
| $ | 35,113,088 |
|
|
| ||
Special capital reserve |
| $ | (11,459,458 | ) |
|
| ||
Cash dividends to shareholders |
| $ | 207,443,044 |
|
| $ | 8.0 |
|
| d. | Others |
Changes in others were as follows:
| Year Ended December 31, 2020 | ||||||||||||||||||||||||
|
| Foreign Currency Translation Reserve |
| Unrealized Gain (Loss) on Financial Assets at FVTOCI |
| Gain (Loss) on Hedging Instruments |
| Unearned Stock-Based Employee Compensation |
| Total | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Balance, beginning of year |
| $ | (26,871,400 | ) |
| $ | (692,959 | ) |
| $ | (3,820 | ) |
| $ | (190 | ) |
| $ | (27,568,369 | ) | |||||
Exchange differences arising on translation of foreign operations |
|
| (29,846,818 | ) |
| - |
|
| - |
|
|
| - |
|
|
| (29,846,818 | ) | |||||||
Unrealized gain (loss) on financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity instruments |
| - |
|
| 423,212 |
|
| - |
|
|
| - |
|
| 423,212 |
| |||||||||
Debt instruments |
| - |
|
| 3,907,022 |
|
| - |
|
|
| - |
|
| 3,907,022 |
| |||||||||
Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to disposal |
| - |
|
| 108,687 |
|
| - |
|
|
| - |
|
| 108,687 |
|
(Continued)
- 48 -
| Year Ended December 31, 2020 | ||||||||||||||||||||||||
|
| Foreign Currency Translation Reserve |
| Unrealized Gain (Loss) on Financial Assets at FVTOCI |
| Gain (Loss) on Hedging Instruments |
| Unearned Stock-Based Employee Compensation |
| Total | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to disposal |
| - |
|
| $ | (1,439,420 | ) |
| - |
|
| $ | - |
|
| $ | (1,439,420 | ) | |||||||
Loss allowance adjustments from debt instruments |
| - |
|
|
| (891 | ) |
| - |
|
|
| - |
|
|
| (891 | ) | |||||||
Gain (loss) arising on changes in the fair value of hedging instruments |
| - |
|
| - |
|
| 24,085 |
|
|
| - |
|
| 24,085 |
| |||||||||
Transferred to initial carrying amount of hedged items |
| - |
|
| - |
|
|
| (20,265 | ) |
|
| - |
|
|
| (20,265 | ) | |||||||
Share of other comprehensive income (loss) of associates |
|
| (283,409 | ) |
| 15,450 |
|
| - |
|
|
| - |
|
|
| (267,959 | ) | |||||||
Share of unearned stock-based employee compensation of associates |
| - |
|
| - |
|
| - |
|
| 190 |
|
| 190 |
| ||||||||||
Income tax effect |
| - |
|
| 653 |
|
| - |
|
|
| - |
|
| 653 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance, end of year |
| $ | (57,001,627 | ) |
| 2,321,754 |
|
| - |
|
| - |
|
| $ | (54,679,873 | ) |
(Concluded)
| Year Ended December 31, 2019 | ||||||||||||||||||||||||
|
| Foreign Currency Translation Reserve |
| Unrealized Gain (Loss) on Financial Assets at FVTOCI |
| Gain (Loss) on Hedging Instruments |
| Unearned Stock-Based Employee Compensation |
| Total | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Balance, beginning of year |
| $ | (12,042,347 | ) |
| $ | (3,429,324 | ) |
| $ | 23,601 |
|
| $ | (1,843 | ) |
| $ | (15,449,913 | ) | |||||
Exchange differences arising on translation of foreign operations |
|
| (14,693,561 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (14,693,561 | ) | |||||
Unrealized gain (loss) on financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity instruments |
|
| - |
|
|
| 334,537 |
|
|
| - |
|
|
| - |
|
|
| 334,537 |
| |||||
Debt instruments |
|
| - |
|
|
| 3,097,329 |
|
|
| - |
|
|
| - |
|
|
| 3,097,329 |
| |||||
Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to disposal |
|
| - |
|
|
| (162,118 | ) |
|
| - |
|
|
| - |
|
|
| (162,118 | ) | |||||
Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to disposal |
|
| - |
|
|
| (537,835 | ) |
|
| - |
|
|
| - |
|
|
| (537,835 | ) | |||||
Loss allowance adjustments from debt instruments |
|
| - |
|
|
| 6,879 |
|
|
| - |
|
|
| - |
|
|
| 6,879 |
| |||||
Other comprehensive income transferred to profit or loss due to disposal of subsidiary |
|
| 4,598 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 4,598 |
| |||||
Gain (loss) arising on changes in the fair value of hedging instruments |
|
| - |
|
|
| - |
|
|
| (109,592 | ) |
|
| - |
|
|
| (109,592 | ) | |||||
Transferred to initial carrying amount of hedged items |
|
| - |
|
|
| - |
|
|
| 82,276 |
|
|
| - |
|
|
| 82,276 |
| |||||
Share of other comprehensive income (loss) of associates |
|
| (140,090 | ) |
|
| (11,903 | ) |
|
| (105 | ) |
|
| - |
|
|
| (152,098 | ) | |||||
Share of unearned stock-based employee compensation of associates |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 1,653 |
|
|
| 1,653 |
| |||||
Income tax effect |
|
| - |
|
|
| 9,476 |
|
|
| - |
|
|
| - |
|
|
| 9,476 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance, end of year |
| $ | (26,871,400 | ) |
| $ | (692,959 | ) |
| $ | (3,820 | ) |
| $ | (190 | ) |
| $ | (27,568,369 | ) |
The aforementioned other equity includes the changes in other equities of TSMC and TSMC’s share of its subsidiaries and associates.
- 49 -
23. | NET REVENUE |
| a. | Disaggregation of revenue from contracts with customers |
| Years Ended December 31 | |||||||||
Product |
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
| 1,178,456,273 |
|
| $ | 927,317,351 |
| ||||
| 160,798,538 |
|
|
| 142,668,097 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 1,339,254,811 |
|
| $ | 1,069,985,448 |
|
| Years Ended December 31 | |||||||||
Geography |
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
| 129,082,884 |
|
| $ | 84,255,256 |
| ||||
| 817,910,976 |
|
|
| 634,713,043 |
| ||||
| 233,783,358 |
|
|
| 208,101,401 |
| ||||
| 70,213,432 |
|
|
| 67,568,157 |
| ||||
| 63,299,176 |
|
|
| 57,468,605 |
| ||||
| 24,964,985 |
|
|
| 17,878,986 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 1,339,254,811 |
|
| $ | 1,069,985,448 |
|
The Company categorized the net revenue mainly based on the countries where the customers are headquartered.
| Years Ended December 31 | |||||||||
Platform |
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
| 645,303,613 |
|
| $ | 523,612,863 |
| ||||
| 439,809,984 |
|
|
| 315,822,311 |
| ||||
| 110,355,188 |
|
|
| 86,342,707 |
| ||||
| 44,367,562 |
|
|
| 47,914,518 |
| ||||
| 54,555,665 |
|
|
| 53,733,395 |
| ||||
| 44,862,799 |
|
|
| 42,559,654 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 1,339,254,811 |
|
| $ | 1,069,985,448 |
|
|
| Years Ended December 31 | ||||||||
Resolution |
| 2020 |
| 2019 | ||||||
|
|
|
| |||||||
| 90,934,485 |
|
| $ | - |
| ||||
| 394,836,964 |
|
|
| 249,548,139 |
| ||||
| 3,403,151 |
|
|
| 23,266,355 |
| ||||
| 197,959,003 |
|
|
| 186,700,858 |
| ||||
| 8,450,865 |
|
|
| 9,535,831 |
| ||||
| 149,367,729 |
|
|
| 149,578,719 |
| ||||
| 103,176,542 |
|
|
| 93,366,285 |
| ||||
| 61,226,671 |
|
|
| 69,250,008 |
| ||||
| 29,380,358 |
|
|
| 25,624,251 |
| ||||
| 33,197,137 |
|
|
| 22,947,287 |
| ||||
| 86,008,475 |
|
|
| 77,564,492 |
| ||||
| 20,514,893 |
|
|
| 19,935,126 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 1,178,456,273 |
|
| $ | 927,317,351 |
|
- 50 -
| b. | Contract balances |
| December 31, 2020 |
| December 31, 2019 |
| January 1, 2019 | |||||||
|
|
|
|
|
|
| ||||||
Contract liabilities (classified under accrued expenses and other current liabilities) |
| 13,775,088 |
|
| $ | 6,784,323 |
|
| $ | 4,684,024 |
|
The changes in the contract liability balances primarily result from the timing difference between the satisfaction of performance obligation and the customer’s payment.
The Company recognized revenue from the beginning balance of contract liability, which amounted to NT$4,737,915 thousand and NT$3,876,603 thousand for the years ended December 31, 2020 and 2019, respectively.
| c. | Refund liabilities |
Estimated sales returns and other allowances is made and adjusted based on historical experience and the consideration of varying contractual terms, which amounted to NT$40,453,153 thousand and NT$36,211,421 thousand for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the aforementioned refund liabilities amounted to NT$33,194,765 thousand and NT$19,620,159 thousand (classified under accrued expenses and other current liabilities), respectively.
24.INTEREST INCOME
| Years Ended December 31 | |||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
Interest income |
|
|
|
| ||||||
| 5,139,149 |
|
| $ | 11,454,032 |
| ||||
| 2,522 |
|
|
| 339,480 |
| ||||
| 3,121,856 |
|
|
| 3,476,192 |
| ||||
| 754,873 |
|
|
| 919,670 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 9,018,400 |
|
| $ | 16,189,374 |
|
25. | FINANCE COSTS |
| Years Ended December 31 | |||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
Interest expense |
|
|
|
| ||||||
| 1,337,347 |
|
| $ | 1,139,935 |
| ||||
| 500,875 |
|
|
| 1,869,335 |
| ||||
| 227,752 |
|
|
| 240,927 |
| ||||
| 15,481 |
|
|
| 650 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 2,081,455 |
|
| $ | 3,250,847 |
|
- 51 -
26. | OTHER GAINS AND LOSSES, NET |
| Years Ended December 31 | |||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
Gain on disposal of financial assets, net |
|
|
|
| ||||||
| 1,439,420 |
|
| $ | 537,835 |
| ||||
| - |
|
|
| (4,598 | ) | ||||
Gain (loss) on financial instruments at FVTPL, net |
|
|
|
|
|
|
|
| ||
| 8,244,491 |
|
|
| (2,360,699 | ) | ||||
| - |
|
|
| 13,091 |
| ||||
The reversal (accrual) of expected credit loss of financial assets |
|
|
|
|
|
|
|
| ||
| 891 |
|
|
| (6,879 | ) | ||||
|
| (4,563 | ) |
|
| 5,165 |
| |||
| 426,171 |
|
|
| 665,070 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 10,106,410 |
|
| $ | (1,151,015 | ) |
27. | INCOME TAX |
| a. | Income tax expense recognized in profit or loss |
Income tax expense consisted of the following:
| Years Ended December 31 | |||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
Current income tax expense |
|
|
|
| ||||||
| 72,705,385 |
|
| $ | 45,411,178 |
| ||||
| 38,701 |
|
|
| 196,882 |
| ||||
| 150,204 |
|
|
| (41,465 | ) | ||||
| 72,894,290 |
|
|
| 45,566,595 |
| ||||
Deferred income tax benefit |
|
|
|
|
|
|
|
| ||
|
| (6,275,192 | ) |
|
| (1,065,068 | ) | |||
|
|
|
|
|
|
|
|
| ||
| 66,619,098 |
|
| $ | 44,501,527 |
|
A reconciliation of income before income tax and income tax expense recognized in profit or loss was as follows:
(Continued)
- 52 -
|
| Years Ended December 31 | ||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
| $ | (6,275,192 | ) |
| $ | (1,065,068 | ) | |||
|
| (26,537 | ) |
|
| (5,925,431 | ) | |||
| 66,430,193 |
|
|
| 44,346,110 |
| ||||
| 38,701 |
|
|
| 196,882 |
| ||||
| 150,204 |
|
|
| (41,465 | ) | ||||
|
|
|
|
|
|
|
|
| ||
| 66,619,098 |
|
| $ | 44,501,527 |
|
(Concluded)
Under the amendment to the R.O.C Statute of Industrial Innovation in 2019, the amounts of unappropriated earnings in 2018 and thereafter used for building or purchasing specific assets or technologies can qualify for deduction when computing the income tax on unappropriated earnings.
For other jurisdictions, taxes are calculated using the applicable tax rate for each individual jurisdiction.
| b. | Income tax expense recognized in other comprehensive income |
| Years Ended December 31 | |||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
Deferred income tax benefit (expense) |
|
|
|
| ||||||
| 422,010 |
|
| $ | (30,468 | ) | ||||
Related to unrealized gain/loss on investments in equity instruments at FVTOCI |
| 653 |
|
|
| 9,476 |
| |||
|
|
|
|
|
|
|
|
| ||
| 422,663 |
|
| $ | (20,992 | ) |
| c. | Deferred income tax balance |
The analysis of deferred income tax assets and liabilities was as follows:
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
Deferred income tax assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Temporary differences |
|
|
|
| ||||||
| 19,354,383 |
|
| $ | 13,547,220 |
| ||||
| 3,755,131 |
|
|
| 2,150,352 |
| ||||
| 1,341,960 |
|
|
| 1,016,248 |
| ||||
| 858,463 |
|
|
| 469,430 |
| ||||
| 330,340 |
|
|
| 323,093 |
| ||||
| 66,393 |
|
|
| 65,740 |
| ||||
| 251,514 |
|
|
| 356,275 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 25,958,184 |
|
| $ | 17,928,358 |
|
(Continued)
- 53 -
|
| December 31, 2020 |
| December 31, 2019 | ||||||
|
|
|
|
| ||||||
Deferred income tax liabilities |
|
|
|
| ||||||
|
|
|
|
| ||||||
Temporary differences |
|
|
|
| ||||||
| $ | (866,495 | ) |
| $ | (333,606 | ) | |||
|
| (863,446 | ) |
|
| (10,787 | ) | |||
|
|
|
|
|
|
|
|
| ||
| $ | (1,729,941 | ) |
| $ | (344,393 | ) |
(Concluded)
| Year Ended December 31, 2020 | ||||||||||||||||||||||||
|
|
|
| Recognized in |
|
|
|
| |||||||||||||||||
|
| Balance, Beginning of Year |
| Profit or Loss |
| Other Comprehensive Income |
| Effect of Exchange Rate Changes |
| Balance, End of Year | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Deferred income tax assets |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Temporary differences |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Depreciation |
| $ | 13,547,220 |
|
| 5,823,956 |
|
| - |
|
| $ | (16,793 | ) |
| 19,354,383 |
| ||||||||
Refund liability |
|
| 2,150,352 |
|
| 1,606,140 |
|
| - |
|
|
| (1,361 | ) |
| 3,755,131 |
| ||||||||
Net defined benefit liability |
|
| 1,016,248 |
|
|
| (96,298 | ) |
| 422,010 |
|
| - |
|
| 1,341,960 |
| ||||||||
Unrealized loss on inventories |
|
| 469,430 |
|
| 391,095 |
|
| - |
|
|
| (2,062 | ) |
| 858,463 |
| ||||||||
Deferred compensation cost |
|
| 323,093 |
|
| 27,437 |
|
|
| - |
|
|
| (20,190 | ) |
| 330,340 |
| |||||||
Investments in equity instruments at FVTOCI |
|
| 65,740 |
|
| - |
|
| 653 |
|
| - |
|
| 66,393 |
| |||||||||
|
| 356,275 |
|
|
| (91,590 | ) |
|
| - |
|
|
| (13,171 | ) |
| 251,514 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | 17,928,358 |
|
| 7,660,740 |
|
| 422,663 |
|
| $ | (53,577 | ) |
| 25,958,184 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Deferred income tax liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Temporary differences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized exchange gains |
| $ | (333,606 | ) |
| $ | (532,889 | ) |
| - |
|
| $ | - |
|
| $ | (866,495 | ) | ||||||
Others |
|
| (10,787 | ) |
|
| (852,659 | ) |
| - |
|
|
| - |
|
|
| (863,446 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | (344,393 | ) |
| $ | (1,385,548 | ) |
| - |
|
| $ | - |
|
| $ | (1,729,941 | ) |
| Year Ended December 31, 2019 | ||||||||||||||||||||||||
|
|
|
| Recognized in |
|
|
|
| |||||||||||||||||
|
| Balance, Beginning of Year |
| Profit or Loss |
| Other Comprehensive Income |
| Effect of Exchange Rate Changes |
| Balance, End of Year | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Deferred income tax assets |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Temporary differences |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Depreciation |
| $ | 11,839,221 |
|
| $ | 1,727,762 |
|
| $ | - |
|
| $ | (19,763 | ) |
| $ | 13,547,220 |
| |||||
Refund liability |
|
| 2,594,003 |
|
|
| (443,194 | ) |
|
| - |
|
|
| (457 | ) |
|
| 2,150,352 |
| |||||
Net defined benefit liability |
|
| 1,084,874 |
|
|
| (38,158 | ) |
|
| (30,468 | ) |
|
| - |
|
|
| 1,016,248 |
| |||||
Unrealized loss on inventories |
|
| 750,995 |
|
|
| (280,734 | ) |
|
| - |
|
|
| (831 | ) |
|
| 469,430 |
| |||||
Deferred compensation cost |
|
| 271,711 |
|
|
| 59,365 |
|
|
| - |
|
|
| (7,983 | ) |
|
| 323,093 |
| |||||
Investments in equity instruments at FVTOCI |
|
| 56,191 |
|
|
| 73 |
|
|
| 9,476 |
|
|
| - |
|
|
| 65,740 |
| |||||
Others |
|
| 209,392 |
|
|
| 151,063 |
|
|
| - |
|
|
| (4,180 | ) |
|
| 356,275 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | 16,806,387 |
|
| $ | 1,176,177 |
|
| $ | (20,992 | ) |
| $ | (33,214 | ) |
| $ | 17,928,358 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Deferred income tax liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Temporary differences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized exchange gains |
| $ | (61,677 | ) |
| $ | (271,929 | ) |
| $ | - |
|
| $ | - |
|
| $ | (333,606 | ) | |||||
Others |
|
| (171,607 | ) |
|
| 160,820 |
|
|
| - |
|
|
| - |
|
|
| (10,787 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | (233,284 | ) |
| $ | (111,109 | ) |
| $ | - |
|
| $ | - |
|
| $ | (344,393 | ) |
- 54 -
| d. | The deductible temporary differences for which no deferred income tax assets have been recognized |
As of December 31, 2020 and 2019, the aggregate deductible temporary differences for which no deferred income tax assets have been recognized amounted to NT$55,521,034 thousand and NT$33,445,504 thousand, respectively.
| e. | Unused tax-exemption information |
As of December 31, 2020, the profits generated from the following projects of TSMC are exempt from income tax for a five-year period:
|
| Tax-exemption Period |
|
|
|
Construction and expansion of 2009 by TSMC |
| 2018 to 2022 |
| f. | The information of unrecognized deferred income tax liabilities associated with investments |
As of December 31, 2020 and 2019, the aggregate taxable temporary differences associated with investments in subsidiaries not recognized as deferred income tax liabilities amounted to NT$152,827,360 thousand and NT$131,085,673 thousand, respectively.
| g. | Income tax examination |
The tax authorities have examined income tax returns of TSMC through 2018. All investment tax credit adjustments assessed by the tax authorities have been recognized accordingly.
28. | EARNINGS PER SHARE |
EPS is computed as follows:
| Amounts (Numerator) |
| Number of Shares (Denominator) (In Thousands) |
| EPS (NT$) | |||||||
|
|
|
|
|
|
| ||||||
Year Ended December 31, 2020 |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||
Basic/Diluted EPS |
|
|
|
|
|
| ||||||
Net income available to common shareholders of the parent |
| 517,885,387 |
|
| 25,930,380 |
| 19.97 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
Year Ended December 31, 2019 |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
Basic/Diluted EPS |
|
|
|
|
|
|
|
|
|
| ||
| $ | 345,263,668 |
|
| 25,930,380 |
| $ | 13.32 |
|
- 55 -
29. | ADDITIONAL INFORMATION OF EXPENSES BY NATURE |
|
| Years Ended December 31 | ||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
a.Depreciation of property, plant and equipment and right-of-use assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Recognized in cost of revenue |
| $ | 299,311,405 |
|
| $ | 256,530,964 |
| ||
Recognized in operating expenses |
|
| 25,191,358 |
|
|
| 24,856,701 |
| ||
Recognized in other operating income and expenses |
|
| 35,680 |
|
|
| 24,167 |
| ||
|
|
|
|
|
|
|
|
| ||
|
| $ | 324,538,443 |
|
| $ | 281,411,832 |
| ||
|
|
|
|
|
|
|
|
| ||
b.Amortization of intangible assets |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Recognized in cost of revenue |
| $ | 4,837,728 |
|
| $ | 3,069,901 |
| ||
Recognized in operating expenses |
|
| 2,348,520 |
|
|
| 2,402,508 |
| ||
|
|
|
|
|
|
|
|
| ||
|
| $ | 7,186,248 |
|
| $ | 5,472,409 |
| ||
|
|
|
|
|
|
|
|
| ||
c.Employee benefits expenses |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Post-employment benefits |
|
|
|
|
|
|
|
| ||
Defined contribution plans |
| $ | 2,809,484 |
|
| $ | 2,609,733 |
| ||
Defined benefit plans |
|
| 204,915 |
|
|
| 259,596 |
| ||
|
|
| 3,014,399 |
|
|
| 2,869,329 |
| ||
Other employee benefits |
|
| 137,803,038 |
|
|
| 107,115,281 |
| ||
|
|
|
|
|
|
|
|
| ||
|
| $ | 140,817,437 |
|
| $ | 109,984,610 |
| ||
|
|
|
|
|
|
|
|
| ||
Employee benefits expense summarized by function |
|
|
|
|
|
|
|
| ||
Recognized in cost of revenue |
| $ | 83,098,994 |
|
| $ | 64,701,955 |
| ||
Recognized in operating expenses |
|
| 57,718,443 |
|
|
| 45,282,655 |
| ||
|
|
|
|
|
|
|
|
| ||
|
| $ | 140,817,437 |
|
| $ | 109,984,610 |
|
According to TSMC’s Articles of Incorporation, TSMC shall allocate compensation to directors and profit sharing bonus to employees of TSMC not more than 0.3% and not less than 1% of annual profits during the period, respectively.
TSMC accrued profit sharing bonus to employees based on a percentage of net income before income tax, profit sharing bonus to employees and compensation to directors during the period; compensation to directors was expensed based on estimated amount payable. If there is a change in the proposed amounts after the annual consolidated financial statements are authorized for issue, the differences are recorded as a change in accounting estimate. Accrued profit sharing bonus to employees is illustrated below:
- 56 -
TSMC’s profit sharing bonus to employees and compensation to directors for 2020, 2019 and 2018 had been approved by the Board of Directors of TSMC, as illustrated below:
|
| Years Ended December 31 | ||||||||||
|
| 2020 |
| 2019 |
| 2018 | ||||||
Resolution Date of TSMC’s Board of |
| February 9, |
| February 11, |
| February 19, | ||||||
Directors in its meeting |
| 2021 |
| 2020 |
| 2019 | ||||||
|
|
|
|
|
|
| ||||||
Profit sharing bonus to employees |
| $ | 34,753,184 |
|
| $ | 23,165,745 |
|
| $ | 23,570,040 |
|
Compensation to directors |
| $ | 509,753 |
|
| $ | 360,404 |
|
| $ | 349,272 |
|
There is no significant difference between the aforementioned approved amounts and the amounts charged against earnings of 2020, 2019 and 2018, respectively.
The information about the appropriations of TSMC’s profit sharing bonus to employees and compensation to directors is available at the Market Observation Post System website.
30.CASH FLOW INFORMATION
| a. | Non-cash transactions |
| Years Ended December 31 | |||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
| 268,653,527 |
|
| $ | 257,824,493 |
| ||||
|
| (120,548 | ) |
|
| - |
| |||
|
| (5,895,483 | ) |
|
| (266,253 | ) | |||
|
|
|
|
|
|
|
|
| ||
| 262,637,496 |
|
| $ | 257,558,240 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 269,011,852 |
|
| $ | 229,525,134 |
| ||||
|
| (2,079,936 | ) |
|
| 919,352 |
| |||
|
|
|
|
|
|
|
|
| ||
| 266,931,916 |
|
| $ | 230,444,486 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 525,720,748 |
|
| $ | 564,283,073 |
| ||||
| 584,782 |
|
|
| 472,504 |
| ||||
|
| (1,148 | ) |
|
| (3,287,138 | ) | |||
|
| (19,085,925 | ) |
|
| (100,964,013 | ) | |||
| 20,265 |
|
|
| (82,276 | ) | ||||
|
|
|
|
|
|
|
|
| ||
| 507,238,722 |
|
| $ | 460,422,150 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 12,559,467 |
|
| $ | 9,237,698 |
| ||||
| 10,457 |
|
|
| 22,236 |
| ||||
| 191,429 |
|
|
| 69,935 |
| ||||
|
| (3,218,966 | ) |
|
| - |
| |||
|
|
|
|
|
|
|
|
| ||
| 9,542,387 |
|
| $ | 9,329,869 |
|
- 57 -
| b. | Reconciliation of liabilities arising from financing activities |
|
|
|
|
| Non-cash changes |
|
| |||||||||||||||||||||||
|
| Balance as of January 1, 2020 |
| Financing Cash Flow |
| Foreign Exchange Movement |
| Leases Modifications |
| Other Changes (Note) |
| Balance as of December 31, 2020 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Short-term loans |
| $ | 118,522,290 |
|
| $ | (31,571,567 | ) |
| 1,608,303 |
|
| - |
|
| - |
|
| 88,559,026 |
| ||||||||||
Bonds payable |
|
| 56,900,000 |
|
| 204,534,945 |
|
|
| (4,758,550 | ) |
| - |
|
| 28,689 |
|
| 256,705,084 |
| ||||||||||
Long-term bank loans |
|
| - |
|
| 2,000,000 |
|
| - |
|
| - |
|
|
| (32,389 | ) |
| 1,967,611 |
| ||||||||||
Lease liabilities |
|
| 17,316,917 |
|
|
| (2,819,733 | ) |
|
| (78,493 | ) |
| 7,742,231 |
|
| 227,752 |
|
| 22,388,674 |
| |||||||||
Guarantee deposits |
|
| 1,729,881 |
|
| 129,573 |
|
| 1,795 |
|
| - |
|
|
| (1,511,250 | ) |
| 349,999 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| $ | 194,469,088 |
|
| 172,273,218 |
|
| $ | (3,226,945 | ) |
| 7,742,231 |
|
| $ | (1,287,198 | ) |
| 369,970,394 |
|
|
|
|
|
| Non-cash changes |
|
| |||||||||||||||||||||||
|
| Balance as of January 1, 2019 |
| Financing Cash Flow |
| Foreign Exchange Movement |
| Leases Modifications |
| Other Changes (Note) |
| Balance as of December 31, 2019 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Short-term loans |
| $ | 88,754,640 |
|
| $ | 31,804,302 |
|
| $ | (2,036,652 | ) |
| $ | - |
|
| $ | - |
|
| $ | 118,522,290 |
| ||||||
Bonds payable |
|
| 91,800,000 |
|
|
| (34,900,000 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 56,900,000 |
| ||||||
Lease liabilities |
|
| 19,903,615 |
|
|
| (3,174,032 | ) |
|
| (73,290 | ) |
|
| 419,697 |
|
|
| 240,927 |
|
|
| 17,316,917 |
| ||||||
Guarantee deposits |
|
| 10,189,045 |
|
|
| (639,066 | ) |
|
| 4,474 |
|
|
| - |
|
|
| (7,824,572 | ) |
|
| 1,729,881 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
| $ | 210,647,300 |
|
| $ | (6,908,796 | ) |
| $ | (2,105,468 | ) |
| $ | 419,697 |
|
| $ | (7,583,645 | ) |
| $ | 194,469,088 |
|
| Note: | Other changes include amortization of bonds payable, amortization of long-term bank loan interest subsidy, financial cost of lease liabilities and guarantee deposits refunded to customers by offsetting related accounts receivable. |
31.CAPITAL MANAGEMENT
The Company requires significant amounts of capital to build and expand its production facilities and acquire additional equipment. In consideration of the industry dynamics, the Company manages its capital in a manner to ensure that it has sufficient and necessary financial resources to fund its working capital needs, capital asset purchases, research and development activities, dividend payments, debt service requirements and other business requirements associated with its existing operations over the next 12 months.
32.FINANCIAL INSTRUMENTS
| a. | Categories of financial instruments |
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
| ||||||
Financial assets |
|
|
|
| ||||||
| 2,259,412 |
|
| $ | 326,839 |
| ||||
| 129,918,694 |
|
|
| 134,776,779 |
| ||||
| 47 |
|
|
| 25,884 |
| ||||
| 826,293,705 |
|
|
| 612,740,640 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 958,471,858 |
|
| $ | 747,870,142 |
| ||||
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
| ||
| 94,128 |
|
| $ | 982,349 |
| ||||
| 1,169 |
|
|
| 1,798 |
| ||||
| 748,129,332 |
|
|
| 533,581,640 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 748,224,629 |
|
| $ | 534,565,787 |
|
- 58 -
| Note 1: | Financial assets mandatorily measured at FVTPL. |
| Note 2: | Including notes and accounts receivable (net), equity and debt investments. |
| Note 3: | Including cash and cash equivalents, financial assets at amortized cost, notes and accounts receivable (including related parties), other receivables and refundable deposits. |
| Note 4: | Held for trading. |
| Note 5: | Including short-term loans, accounts payable (including related parties), payables to contractors and equipment suppliers, cash dividends payable, accrued expenses and other current liabilities, bonds payable, long-term bank loans and guarantee deposits. |
| b. | Financial risk management objectives |
The Company manages its exposure to foreign currency risk, interest rate risk, equity price risk, credit risk and liquidity risk with the objective to reduce the potentially adverse effects the market uncertainties may have on its financial performance.
The plans for material treasury activities are reviewed by Audit Committees and/or Board of Directors in accordance with procedures required by relevant regulations or internal controls. During the implementation of such plans, the Company must comply with certain treasury procedures that provide guiding principles for overall financial risk management and segregation of duties.
| c. | Market risk |
The Company is exposed to the financial market risks, primarily changes in foreign currency exchange rates, interest rates and equity investment prices. A portion of these risks is hedged.
Foreign currency risk
The majority of the Company’s revenue is denominated in U.S. dollar and over one-half of its capital expenditures are denominated in currencies other than NT dollar, primarily in U.S. dollar, Japanese yen and Euro. As a result, any significant fluctuations to its disadvantage in exchanges rate of NT dollar against such currencies, in particular a weakening of U.S. dollar against NT dollar, would have an adverse impact on the revenue and operating profit as expressed in NT dollar. The Company uses foreign currency derivative contracts, such as currency forwards or currency swaps, to protect against currency exchange rate risks associated with non-NT dollar-denominated assets and liabilities and certain forecasted transactions. These hedges reduce, but do not entirely eliminate, the effect of foreign currency exchange rate movements on the assets and liabilities.
Based on a sensitivity analysis performed on the Company’s total monetary assets and liabilities for the years ended December 31, 2020 and 2019, a hypothetical adverse foreign currency exchange rate change of 10% would have decreased its net income by NT$897,722 thousand and NT$2,137,338 thousand, respectively, and decreased its other comprehensive income NT$107,690 thousand for the year ended December 31, 2019, after taking into account hedges and offsetting positions.
Interest rate risk
The Company is exposed to interest rate risks primarily related to its investment portfolio and outstanding debt. Changes in interest rates affect the interest earned on the Company’s cash and cash equivalents and fixed income securities, the fair value of those securities, as well as the interest paid on its debt.
The Company’s cash and cash equivalents as well as fixed income investments in both fixed- and floating-rate securities carry a degree of interest rate risk. The majority of the Company’s fixed income investments are fixed-rate securities, which are classified as financial assets at FVTOCI, and may have
- 59 -
their fair value adversely affected due to a rise in interest rates. At the same time, if interest rate fall, cash and cash equivalents as well as floating-rate securities may generate less interest income than expected. The Company has entered and may in the future enter into interest rate futures to partially hedge the interest rate risk on its fixed income investments. However, these hedges can offset only a small portion of the financial impact from movements in interest rates.
Based on a sensitivity analysis performed on the Company’s fixed income investments at the end of the reporting period, interest rates increase of 100 basis points (1.00%) across all maturities would have decreased the fair value by NT$3,143,569 thousand and NT$3,517,424 thousand for the years ended December 31, 2020 and 2019, respectively. The decreases were composed of NT$3,143,569 thousand decrease and NT$3,516,604 thousand decrease in other comprehensive income for the years ended December 31, 2020 and 2019, respectively, and NT$820 thousand decrease in net income for the year ended December 31, 2019.
The majority of the Company’s short-term debt is floating-rate, hence a rise in interest rates may result in higher interest expense than predicted. The majority of the Company’s long-term debt is fixed-rate and measured at amortized cost and as such, changes in interest rates would not affect the future cash flows and the carrying amount.
Other price risk
The Company is exposed to equity price risk arising from financial assets at FVTOCI.
Assuming a hypothetical decrease of 10% in prices of the equity investments at the end of the reporting period for the years ended December 31, 2020 and 2019, the other comprehensive income would have decreased by NT$446,470 thousand and NT$401,879 thousand, respectively.
| d. | Credit risk management |
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial losses to the Company. The Company is exposed to credit risks from operating activities, primarily accounts receivable, and from investing activities, primarily deposits, fixed-income investments and other financial instruments with banks. Credit risk is managed separately for business related and financial related exposures. As of the end of the reporting period, the Company’s maximum credit risk exposure is equal to the carrying amount of financial assets.
Business related credit risk
The Company’s accounts receivable are from its customers worldwide. The majority of the Company’s outstanding accounts receivable are not covered by collaterals or guarantees. While the Company has procedures to monitor and manage credit risk exposure on accounts receivable, there is no assurance such procedures will effectively eliminate losses resulting from its credit risk. This risk is heightened during periods when economic conditions worsen.
As of December 31, 2020 and 2019, the Company’s ten largest customers accounted for 79% of accounts receivable in both years. The Company considers the concentration of credit risk for the remaining accounts receivable not material.
Financial credit risk
The Company mitigates its financial credit risk by selecting counterparties with investment grade credit ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and reviews the limit applied to counterparties and adjusts the limit according to market conditions and the credit standing of the counterparties.
The objective of the Company’s investment policy is to achieve a return that will allow the Company to
- 60 -
preserve principal and support liquidity requirements. The policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The Company assesses whether there has been a significant increase in credit risk in the invested securities since initial recognition by reviewing changes in external credit ratings, financial market conditions and material information of the issuers.
The Company assesses the 12-month expected credit loss and lifetime expected credit loss based on the probability of default and loss given default provided by external credit rating agencies. The current credit risk assessment policies are as follows:
Category |
| Description |
| Basis for Recognizing Expected Credit Loss |
| Expected Credit Loss Ratio | ||
|
|
|
|
|
|
| ||
Performing |
| Credit rating is investment grade on valuation date |
| 12 months expected credit loss |
|
| 0-0.1% |
|
Doubtful |
| Credit rating is non-investment grade on valuation date |
| Lifetime expected credit loss-not credit impaired |
|
|
|
|
In default |
| Credit rating is CC or below on valuation date |
| Lifetime expected credit loss-credit impaired |
|
|
|
|
Write-off |
| There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery |
| Amount is written off |
|
|
|
|
For the years ended December 31, 2020 and 2019, the expected credit loss increases NT$1,054 thousand and NT$655 thousand, respectively. The changes are mainly due to investment portfolio adjustment and changes in credit rating of investment securities.
| e. | Liquidity risk management |
The objective of liquidity risk management is to ensure the Company has sufficient liquidity to fund its business operations over the next 12 months. The Company manages its liquidity risk by maintaining adequate cash and cash equivalents, fixed income investments at FVTPL, financial assets at FVTOCI-current, financial assets at amortized cost-current and sufficient cost-efficient funding.
The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments, including principal and interest.
| Less Than |
| 1-3 Years |
| 3-5 Years |
| More Than 5 Years |
| Total | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Short-term loans |
| 88,557,526 |
|
| - |
|
| - |
|
| - |
|
| 88,557,526 |
| ||||||||||
Accounts payable (including related parties) |
| 41,095,002 |
|
| - |
|
| - |
|
| - |
|
| 41,095,002 |
| ||||||||||
Payables to contractors and equipment suppliers |
| 157,804,961 |
|
| - |
|
| - |
|
| - |
|
| 157,804,961 |
| ||||||||||
Accrued expenses and other current liabilities |
| 71,995,747 |
|
| - |
|
| - |
|
| - |
|
| 71,995,747 |
| ||||||||||
Bonds payable |
| 5,327,971 |
|
| 27,631,589 |
|
| 59,986,812 |
|
| 207,152,135 |
|
| 300,098,507 |
| ||||||||||
Long-term bank loans |
| 8,000 |
|
| 847,389 |
|
| 1,170,944 |
|
| - |
|
| 2,026,333 |
|
(Continued)
- 61 -
|
| Less Than |
| 1-3 Years |
| 3-5 Years |
| More Than 5 Years |
| Total | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Lease liabilities (including those classified under accrued expenses and other current liabilities) |
| 2,024,212 |
|
| 3,566,719 |
|
| 3,198,845 |
|
| 15,067,857 |
|
| 23,857,633 |
| ||||||||||
Guarantee deposits (including those classified under accrued expenses and other current liabilities) |
| 84,400 |
|
| 113,520 |
|
| 151,746 |
|
| 333 |
|
| 349,999 |
| ||||||||||
|
| 366,897,819 |
|
| 32,159,217 |
|
| 64,508,347 |
|
| 222,220,325 |
|
| 685,785,708 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Forward exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Outflows |
| 177,764,155 |
|
|
| - |
|
|
| - |
|
|
| - |
|
| 177,764,155 |
| |||||||
Inflows |
|
| (181,457,960 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (181,457,960 | ) | |||||
|
|
| (3,693,805 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (3,693,805 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| 363,204,014 |
|
| 32,159,217 |
|
| 64,508,347 |
|
| 222,220,325 |
|
| 682,091,903 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Short-term loans |
| $ | 118,562,641 |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | 118,562,641 |
| |||||
Accounts payable (including related parties) |
|
| 40,205,966 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 40,205,966 |
| |||||
Payables to contractors and equipment suppliers |
|
| 140,810,703 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 140,810,703 |
| |||||
Accrued expenses and other current liabilities |
|
| 45,760,898 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 45,760,898 |
| |||||
Bonds payable |
|
| 32,338,853 |
|
|
| 7,777,715 |
|
|
| 18,203,601 |
|
|
| - |
|
|
| 58,320,169 |
| |||||
Lease liabilities (including those classified under accrued expenses and other current liabilities) |
|
| 2,475,177 |
|
|
| 2,782,860 |
|
|
| 2,484,478 |
|
|
| 10,947,730 |
|
|
| 18,690,245 |
| |||||
Guarantee deposits (including those classified under accrued expenses and other current liabilities) |
|
| 1,552,977 |
|
|
| 121,047 |
|
|
| 55,501 |
|
|
| 356 |
|
|
| 1,729,881 |
| |||||
|
|
| 381,707,215 |
|
|
| 10,681,622 |
|
|
| 20,743,580 |
|
|
| 10,948,086 |
|
|
| 424,080,503 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Forward exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Outflows |
|
| 141,450,762 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 141,450,762 |
| |||||
Inflows |
|
| (141,128,914 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (141,128,914 | ) | |||||
|
|
| 321,848 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 321,848 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | 382,029,063 |
|
| $ | 10,681,622 |
|
| $ | 20,743,580 |
|
| $ | 10,948,086 |
|
| $ | 424,402,351 |
|
(Concluded)
Information about the maturity analysis for lease liabilities more than 5 years:
| 5-10 Years |
| 10-15 Years |
| 15-20 Years |
| More Than 20 Years |
| Total | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Lease liabilities |
| 7,401,969 |
|
| 5,253,877 |
|
| 2,255,185 |
|
| 156,826 |
|
| 15,067,857 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Lease liabilities |
| $ | 5,581,116 |
|
| $ | 3,691,272 |
|
| $ | 1,600,962 |
|
| $ | 74,380 |
|
| $ | 10,947,730 |
|
- 62 -
| f. | Fair value of financial instruments |
| 1) | Fair value measurements recognized in the consolidated balance sheets |
Fair value measurements are grouped into Levels 1 to 3 based on the degree to which the fair value is observable:
| ● | Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; |
| ● | Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and |
| ● | Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
The timing of transfers between levels within the fair value hierarchy is at the end of reporting period.
| 2) | Fair value of financial instruments that are measured at fair value on a recurring basis |
Fair value hierarchy
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis:
| December 31, 2020 | |||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Financial assets at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Mandatorily measured at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
Forward exchange contracts |
| - |
|
| 2,259,412 |
|
| - |
|
| 2,259,412 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investments in debt instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
| - |
|
| 56,593,623 |
|
| - |
|
| 56,593,623 |
| ||||||||
|
| - |
|
| 43,977,113 |
|
|
| - |
|
| 43,977,113 |
| |||||||
| 13,279,154 |
|
| 180,349 |
|
|
| - |
|
| 13,459,503 |
| ||||||||
|
| - |
|
| 8,368,264 |
|
|
| - |
|
| 8,368,264 |
| |||||||
Investments in equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| - |
|
| - |
|
| 4,514,940 |
|
| 4,514,940 |
| ||||||||
| 49,950 |
|
|
| - |
|
| - |
|
| 49,950 |
| ||||||||
|
| - |
|
| 2,955,301 |
|
|
| - |
|
| 2,955,301 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| 13,329,104 |
|
| 112,074,650 |
|
| 4,514,940 |
|
| 129,918,694 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures contracts |
| 47 |
|
| - |
|
| - |
|
| 47 |
|
(Continued)
- 63 -
|
| December 31, 2020 | ||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Financial liabilities at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Held for trading |
|
|
|
|
|
|
|
| ||||||||||||
Forward exchange contracts |
| - |
|
| 94,128 |
|
| - |
|
| 94,128 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures contracts |
| 1,169 |
|
| - |
|
| - |
|
| 1,169 |
|
(Concluded)
The transfer from Level 2 to Level 1 is because quoted prices (unadjusted) in active markets became available for such equity investment.
| December 31, 2019 | |||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Financial assets at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Mandatorily measured at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
Forward exchange contracts |
| $ | - |
|
| $ | 162,155 |
|
| $ | - |
|
| $ | 162,155 |
| ||||
Convertible bonds |
|
| - |
|
|
| - |
|
|
| 123,759 |
|
|
| 123,759 |
| ||||
Agency mortgage-backed securities |
|
| - |
|
|
| 40,925 |
|
|
| - |
|
|
| 40,925 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | - |
|
| $ | 203,080 |
|
| $ | 123,759 |
|
| $ | 326,839 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investments in debt instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Agency bonds/Agency mortgage-backed securities |
| $ | - |
|
| $ | 51,966,460 |
|
| $ | - |
|
| $ | 51,966,460 |
| ||||
Corporate bonds |
|
| - |
|
|
| 51,790,045 |
|
|
| - |
|
|
| 51,790,045 |
| ||||
Government bonds |
|
| 12,678,086 |
|
|
| 146,137 |
|
|
| - |
|
|
| 12,824,223 |
| ||||
Asset-backed securities |
|
| - |
|
|
| 10,815,849 |
|
|
| - |
|
|
| 10,815,849 |
| ||||
Investments in equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Non-publicly traded equity investments |
|
| - |
|
|
| 39,196 |
|
|
| 4,085,141 |
|
|
| 4,124,337 |
| ||||
Notes and accounts receivable, net |
|
| - |
|
|
| 3,255,865 |
|
|
| - |
|
|
| 3,255,865 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 12,678,086 |
|
| $ | 118,013,552 |
|
| $ | 4,085,141 |
|
| $ | 134,776,779 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures contracts |
| $ | 22,380 |
|
| $ | - |
|
| $ | - |
|
| $ | 22,380 |
| ||||
Cash flow hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Forward exchange contracts |
|
| - |
|
|
| 3,504 |
|
|
| - |
|
|
| 3,504 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 22,380 |
|
| $ | 3,504 |
|
| $ | - |
|
| $ | 25,884 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial liabilities at FVTPL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Held for trading |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Forward exchange contracts |
| $ | - |
|
| $ | 982,349 |
|
| $ | - |
|
| $ | 982,349 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash flow hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Forward exchange contracts |
| $ | - |
|
| $ | 1,798 |
|
| $ | - |
|
| $ | 1,798 |
|
- 64 -
Reconciliation of Level 3 fair value measurements of financial assets
The financial assets measured at Level 3 fair value were financial assets at FVTPL and equity investments classified as financial assets at FVTOCI. Reconciliations for the years ended December 31, 2020 and 2019 were as follows:
| Note: | The transfer from Level 3 to Level 2 is because observable market data became available for such equity investment. |
Valuation techniques and assumptions used in Level 2 fair value measurement
The fair values of financial assets and financial liabilities are determined as follows:
| ● | The fair values of corporate bonds, agency bonds, agency mortgage-backed securities, asset-backed securities, government bonds and non-publicly traded equity investments - equity investments trading on the Emerging Stock Board are determined by quoted market prices provided by third party pricing services. |
| ● | Forward exchange contracts are measured using forward exchange rates and discount rates derived from quoted market prices. |
| ● | The fair value of accounts receivable classified as at FVTOCI is determined by the present value of future cash flows based on the discount rate that reflects the credit risk of counterparties. |
Valuation techniques and assumptions used in Level 3 fair value measurement
The fair values of non-publicly traded equity investments (excluding those trading on the Emerging Stock Board) are mainly determined by using the asset approach and market approach.
The asset approach takes into account the net asset value measured at the fair value by independent parties. On December 31, 2020 and 2019, the Company uses unobservable inputs derived from discount for lack of marketability by 10%. When other inputs remain equal, the fair value will decrease by NT$39,006 thousand and NT34,843 thousand if discounts for lack of marketability increase by 1%.
For the remaining few investments, the market approach is used to arrive at their fair values, for which the recent financing activities of investees, the market transaction prices of the similar companies and market conditions are considered.
In addition, the fair values of convertible bonds are determined by the present value of future cash flow based on a discount rate reflecting issuer’s credit spread and market conditions, combined with the fair value of conversion option estimated by the option pricing model considering recent financing activities of the investee and market transaction prices of the similar companies.
- 65 -
| 3) | Fair value of financial instruments that are not measured at fair value |
Except as detailed in the following table, the Company considers that the carrying amounts of financial instruments in the consolidated financial statements that are not measured at fair value approximate their fair values.
Fair value hierarchy
The table below sets out the fair value hierarchy for the Company’s financial assets and liabilities which are not required to measure at fair value:
| December 31, 2020 | |||||||||
|
| Carrying |
| Level 2 | ||||||
|
| Amount |
| Fair Value | ||||||
|
|
|
|
| ||||||
Financial assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Financial assets at amortized costs |
|
|
|
| ||||||
Corporate bonds |
| 10,970,199 |
|
| 11,053,550 |
| ||||
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities at amortized costs |
|
|
|
|
|
|
|
| ||
Bonds payable |
| 256,705,084 |
|
| 257,551,196 |
|
| December 31, 2019 | |||||||||
|
| Carrying |
| Level 2 | ||||||
|
| Amount |
| Fair Value | ||||||
|
|
|
|
| ||||||
Financial assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Financial assets at amortized costs |
|
|
|
| ||||||
Corporate bonds |
| $ | 7,648,798 |
|
| $ | 7,718,731 |
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities at amortized costs |
|
|
|
|
|
|
|
| ||
Bonds payable |
| $ | 56,900,000 |
|
| $ | 57,739,115 |
|
Valuation techniques and assumptions used in Level 2 fair value measurement
The fair values of corporate bonds and the Company’s bonds payable are determined by quoted market prices provided by third party pricing services.
- 66 -
33. | RELATED PARTY TRANSACTIONS |
Intercompany balances and transactions between TSMC and its subsidiaries, which are related parties of TSMC, have been eliminated upon consolidation; therefore those items are not disclosed in this note. The following is a summary of significant transactions between the Company and other related parties:
| a. | Related party name and categories |
Related Party Name |
| Related Party Categories |
|
|
|
GUC |
| Associates |
VIS |
| Associates |
SSMC |
| Associates |
Xintec |
| Associates |
TSMC Education and Culture Foundation |
| Other related parties |
TSMC Charity Foundation |
| Other related parties |
| b. | Net revenue |
|
|
| Years Ended December 31 | |||||||||
|
|
|
| 2020 |
| 2019 | ||||||
|
|
|
|
|
|
| ||||||
Item |
| Related Party Categories |
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||
| Associates |
| 8,129,764 |
|
| $ | 6,253,895 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
| Associates |
| 195,111 |
|
| $ | 183,583 |
|
| c. | Purchases |
| d. | Receivables from related parties |
|
|
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
|
|
| ||||||
Item |
| Related Party Name/Categories |
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||
| GUC |
| 370,643 |
|
| $ | 741,898 |
| ||||
| Xintec |
| 187,488 |
|
|
| 120,172 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
|
|
| 558,131 |
|
| $ | 862,070 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
| SSMC |
| 45,291 |
|
| $ | 46,506 |
| ||||
| VIS |
| 4,311 |
|
|
| 3,920 |
| ||||
| Other associates |
| 1,043 |
|
|
| 1,227 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
|
|
| 50,645 |
|
| $ | 51,653 |
|
- 67 -
| e. | Payables to related parties |
|
|
| December 31, 2020 |
| December 31, 2019 | |||||||
|
|
|
|
|
|
| ||||||
Item |
| Related Party Name/Categories |
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||
| Xintec |
| 1,358,624 |
|
| $ | 736,860 |
| ||||
| SSMC |
| 400,819 |
|
|
| 487,944 |
| ||||
| VIS |
| 311,406 |
|
|
| 153,977 |
| ||||
| Other associates |
| 36,869 |
|
|
| 56,119 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
|
|
| 2,107,718 |
|
| $ | 1,434,900 |
|
| f. | Others |
|
|
| Years Ended December 31 | |||||||||
|
|
|
| 2020 |
| 2019 | ||||||
|
|
|
|
|
|
| ||||||
Item |
| Related Party Categories |
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||
| Associates |
| 5,439,978 |
|
| $ | 2,822,989 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
| Associates |
| 256,496 |
|
| $ | 163,425 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
| Other related parties |
| 120,000 |
|
| $ | 120,000 |
|
The sales prices and payment terms to related parties were not significantly different from those of sales to third parties. For other related party transactions, price and terms were determined in accordance with mutual agreements.
The Company leased factory and office from associates. The lease terms and prices were both determined in accordance with mutual agreements. The rental expenses were paid to associates monthly; the related expenses were both classified under manufacturing expenses.
| g. | Compensation of key management personnel |
The compensation to directors and other key management personnel were as follows:
| Years Ended December 31 | |||||||||
|
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
| 2,666,696 |
|
| $ | 1,922,191 |
| ||||
| 2,334 |
|
|
| 2,686 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 2,669,030 |
|
| $ | 1,924,877 |
|
The compensation to directors and other key management personnel were determined by the Compensation Committee of TSMC in accordance with the individual performance and the market trends.
- 68 -
34. | PLEDGED ASSETS |
The Company provided certificate of deposits recorded in other financial assets as collateral mainly for building lease agreements. As of December 31, 2020 and 2019, the aforementioned other financial assets amounted to NT$135,375 thousand and NT$114,467 thousand, respectively.
35. | SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS |
Significant contingent liabilities and unrecognized commitments of the Company as of the end of the reporting period, excluding those disclosed in other notes, were as follows:
| a. | Under a technical cooperation agreement with Industrial Technology Research Institute, the R.O.C. Government or its designee approved by TSMC can use up to 35% of TSMC’s capacity provided TSMC’s outstanding commitments to its customers are not prejudiced. The term of this agreement is for five years beginning from January 1, 1987 and is automatically renewed for successive periods of five years unless otherwise terminated by either party with one year prior notice. As of December 31, 2020, the R.O.C. Government did not invoke such right. |
| b. | Under a Shareholders Agreement entered into with Philips and EDB Investments Pte Ltd. on March 30, 1999, the parties formed a joint venture company, SSMC, which is an integrated circuit foundry in Singapore. TSMC’s equity interest in SSMC was 32%. Nevertheless, in September 2006, Philips spun-off its semiconductor subsidiary which was renamed as NXP B.V. Further, TSMC and NXP B.V. purchased all the SSMC shares owned by EDB Investments Pte Ltd. pro rata according to the Shareholders Agreement on November 15, 2006. After the purchase, TSMC and NXP B.V. currently own approximately 39% and 61% of the SSMC shares, respectively. TSMC and NXP B.V. are required, in the aggregate, to purchase at least 70% of SSMC’s capacity, but TSMC alone is not required to purchase more than 28% of the capacity. If any party defaults on the commitment and the capacity utilization of SSMC falls below a specific percentage of its capacity, the defaulting party is required to compensate SSMC for all related unavoidable costs. There was no default from the aforementioned commitment as of December 31, 2020. |
| c. | On September 28, 2017, TSMC was contacted by the European Commission (the “Commission”), which asked us for information and documents concerning alleged anti-competitive practices in relation to semiconductor sales. We cooperated continuously with the Commission to provide the requested information and documents. The Commission subsequently decided to close the investigation in May 2020. |
| d. | TSMC entered into long-term purchase agreements of materials and supplies with multiple suppliers. The relative minimum purchase quantity and price are specified in the agreements. |
| e. | TSMC entered into a long-term purchase agreement of equipment. The relative purchase quantity and price are specified in the agreement. |
| f. | TSMC entered into long-term energy purchase agreements with multiple suppliers. The relative purchase period, quantity and price are specified in the agreements. |
| g. | Amounts available under unused letters of credit as of December 31, 2020 and 2019 were NT$56,194 thousand and NT$59,976 thousand, respectively. |
- 69 -
36. | EXCHANGE RATE INFORMATION OF FOREIGN-CURRENCY FINANCIAL ASSETS AND LIABILITIES |
The following information was summarized according to the foreign currencies other than the functional currency of the Company. The exchange rates disclosed were used to translate the foreign currencies into the functional currency. The significant financial assets and liabilities denominated in foreign currencies were as follows:
| Foreign Currencies (In Thousands) |
| Exchange Rate (Note 1) |
| Carrying Amount (In Thousands) | |||||||||
|
|
|
|
|
|
| ||||||||
December 31, 2020 |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
| ||||||||
Financial assets |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
| ||||||||
Monetary items |
|
|
|
|
|
| ||||||||
USD |
| 6,984,545 |
|
| 28.097 |
|
| 196,244,748 |
| |||||
USD |
| 785,171 |
|
|
| 6.540 | (Note 2) |
| 22,060,962 |
| ||||
EUR |
| 13,820 |
|
| 34.587 |
|
| 478,002 |
| |||||
JPY |
| 83,593,234 |
|
| 0.2729 |
|
| 22,812,594 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||
USD |
| 6,966,889 |
|
| 28.097 |
|
| 195,748,671 |
| |||||
EUR |
| 4,150,215 |
|
| 34.587 |
|
| 143,543,499 |
| |||||
JPY |
| 105,112,663 |
|
| 0.2729 |
|
| 28,685,246 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||
USD |
| $ | 4,725,056 |
|
|
| 29.988 |
|
| $ | 141,694,967 |
| ||
USD |
|
| 455,984 |
|
|
| 6.966 | (Note 2) |
|
| 13,674,047 |
| ||
EUR |
|
| 3,638 |
|
|
| 33.653 |
|
|
| 122,418 |
| ||
JPY |
|
| 72,369,239 |
|
|
| 0.2751 |
|
|
| 19,908,778 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||
USD |
|
| 6,018,287 |
|
|
| 29.988 |
|
|
| 180,476,401 |
| ||
EUR |
|
| 2,551,824 |
|
|
| 33.653 |
|
|
| 85,876,547 |
| ||
JPY |
|
| 101,455,514 |
|
|
| 0.2751 |
|
|
| 27,910,412 |
|
| Note 1: | Except as otherwise noted, exchange rate represents the number of NT dollar for which one foreign currency could be exchanged. |
| Note 2: | The exchange rate represents the number of RMB for which one U.S. dollar could be exchanged. |
Please refer to the consolidated statements of comprehensive income for the total of realized and unrealized foreign exchange gain and loss for the years ended December 31, 2020 and 2019, respectively. Since there were varieties of foreign currency transactions and functional currencies within the subsidiaries of the Company, the Company was unable to disclose foreign exchange gain (loss) towards each foreign currency with significant impact.
- 70 -
37. | SIGNIFICANT OPERATION LOSSES |
On January 19, 2019, the Company discovered a wafer contamination issue in a fab in Taiwan caused by a batch of unqualified photoresist materials. After investigation, the Company immediately stopped using the unqualified materials. An estimated loss of NT$3,400,000 thousand related to this event was recognized in cost of revenue for the three months ended March 31, 2019.
38. | ADDITIONAL DISCLOSURES |
Following are the additional disclosures required by the Securities and Futures Bureau for TSMC:
| a. | Financings provided: See Table 1 attached; |
| b. | Endorsement/guarantee provided: See Table 2 attached; |
| c. | Marketable securities held (excluding investments in subsidiaries and associates): See Table 3 attached; |
| d. | Marketable securities acquired and disposed of at costs or prices of at least NT$300 million or 20% of the paid-in capital: See Table 4 attached; |
| e. | Acquisition of individual real estate properties at costs of at least NT$300 million or 20% of the paid-in capital: See Table 5 attached; |
| f. | Disposal of individual real estate properties at prices of at least NT$300 million or 20% of the paid-in capital: None; |
| g. | Total purchases from or sales to related parties of at least NT$100 million or 20% of the paid-in capital: See Table 6 attached; |
| h. | Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: See Table 7 attached; |
| i. | Information about the derivative financial instruments transaction: See Notes 7 and 10; |
| j. | Others: The business relationship between the parent and the subsidiaries and significant transactions between them: See Table 8 attached; |
| k. | Names, locations, and related information of investees over which TSMC exercises significant influence (excluding information on investment in mainland China): See Table 9 attached; |
| l. | Information on investment in mainland China |
| 1) | The name of the investee in mainland China, the main businesses and products, its issued capital, method of investment, information on inflow or outflow of capital, percentage of ownership, income (losses) of the investee, share of profits/losses of investee, ending balance, amount received as dividends from the investee, and the limitation on investee: See Table 10 attached. |
| 2) | Significant direct or indirect transactions with the investee, its prices and terms of payment, unrealized gain or loss, and other related information which is helpful to understand the impact of investment in mainland China on financial reports: See Table 8 attached. |
- 71 -
| m. | Information of major shareholder |
List of all shareholders with ownership of 5 percent or greater showing the names and the number of shares and percentage of ownership held by each shareholder: See Table 11 attached.
39. | OPERATING SEGMENTS INFORMATION |
| a. | Operating segments, segment revenue and operating results |
TSMC’s chief operating decision makers periodically review operating results, focusing on operating income generated by foundry segment. Operating results are used for resource allocation and/or performance assessment. As a result, the Company has only one operating segment, the foundry segment. The foundry segment engages mainly in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks.
The basis for the measurement of income from operations is the same as that for the preparation of financial statements. Please refer to the consolidated statements of comprehensive income for the related segment revenue and operating results.
| b. | Geographic and major customers information were as follows: |
| 1) | Geographic information |
| December 31, |
| December 31, | |||||||
Noncurrent Assets |
| 2020 |
| 2019 | ||||||
|
|
|
|
| ||||||
| 1,569,080,378 |
|
| $ | 1,344,352,664 |
| ||||
| 9,455,505 |
|
|
| 8,850,099 |
| ||||
| 34,456,406 |
|
|
| 38,586,614 |
| ||||
| 174,169 |
|
|
| 186,238 |
| ||||
| 327,250 |
|
|
| 27,074 |
| ||||
| 2,996 |
|
|
| 3,064 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 1,613,496,704 |
|
| $ | 1,392,005,753 |
|
Noncurrent assets include property, plant and equipment, right-of-use assets, intangible assets and other noncurrent assets.
| 2) | Major customers representing at least 10% of net revenue |
|
| Years Ended December 31 | ||||||||||||||||
|
| 2020 |
| 2019 | ||||||||||||||
|
| Amount |
| % |
| Amount |
| % | ||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
Customer A |
| $ | 336,775,511 |
|
|
| 25 |
|
| $ | 247,213,291 |
|
|
| 23 |
| ||
Customer B |
|
| 167,390,758 |
|
|
| 12 |
|
|
| 152,876,885 |
|
|
| 14 |
|
- 72 -
TABLE 1
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
FINANCINGS PROVIDED
FOR THE YEAR ENDED DECEMBER 31, 2020
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
No. | Financing Company | Counterparty | Financial Statement Account | Related Party | Maximum Balance for the Period (Foreign Currencies in Thousands) (Note 3) | Ending Balance (Foreign Currencies in Thousands) (Note 3) | Amount Actually Drawn (Foreign Currencies in Thousands) | Interest Rate | Nature for Financing | Transaction Amounts | Reason for Financing | Allowance for Bad Debt | Collateral | Financing Limits for Each Borrowing Company (Notes 1 and 2) | Financing Company’s Total Financing Amount Limits (Notes 1 and 2) | |||||||||||||||||||||||||||
Item | Value | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
1 | TSMC China | TSMC Nanjing
| Other receivables from related parties | Yes | $ (RMB (US$ | 38,028,092 6,000,000 436,000 |
)& ) | $ (RMB (US$ | 34,752,490 5,800,000 350,000 |
)& ) | $ (RMB | 20,622,240 4,800,000 |
) |
| 1.50% |
| The need for long-term financing | $ | - |
| Operating capital | $ | - |
| - | $ | - |
| $ | 64,492,719 |
| $ | 64,492,719 |
| ||||||||
2 | TSMC Global | TSMC | Other receivables from related parties | Yes |
(US$ | 87,100,700 3,100,000 |
) |
(US$ | 87,100,700 3,100,000 |
) |
(US$ | 87,100,700 3,100,000 |
) |
| 0.00% |
| The need for short-term financing |
| - |
| Operating capital |
| - |
| - |
| - |
|
| 382,229,039 |
|
| 382,229,039 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: | The aggregate amount available for lending to TSMC Nanjing from TSMC China shall not exceed the net worth of TSMC China. |
Note 2: | The aggregate amount available for lending to TSMC from TSMC Global shall not exceed the net worth of TSMC Global. |
Note 3: | The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors. |
- 73 -
TABLE 2
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
ENDORSEMENTS/GUARANTEES PROVIDED
FOR THE YEAR ENDED DECEMBER 31, 2020
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
No. | Endorsement/ Guarantee Provider | Guaranteed Party | Limits on Endorsement/ Guarantee Amount Provided to Each Guaranteed Party (Notes 1 and 2) | Maximum Balance (Note 3) | Ending Balance (Note 3) | Amount Actually Drawn (US$ in Thousands) | Amount of Endorsement/ Guarantee Collateralized by Properties | Ratio of Accumulated Endorsement/ Guarantee to Net Equity per Latest Financial Statements | Maximum Endorsement/ Guarantee Amount Allowable (Note 1 and 2) | Guarantee Provided by Parent Company | Guarantee Provided by A Subsidiary | Guarantee Provided to Subsidiaries in Mainland China | |||||||||||||||||||||
Name | Nature of Relationship | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
0 | TSMC | TSMC North America | Subsidiary | $ | 462,414,314 |
| $ (US$ | 2,338,044 83,213 |
) | $ (US$ | 2,338,044 83,213 |
) | $ (US$ | 2,338,044 83,213 |
) | $ | - |
|
| 0.13% |
| $ | 462,414,314 |
| Yes | No | No | ||||||
|
| TSMC Global | Subsidiary |
| 462,414,314 |
|
(US$ | 84,291,000 3,000,000 |
) |
(US$ | 84,291,000 3,000,000 |
) |
(US$ | 84,291,000 3,000,000 |
) |
| - |
|
| 4.56% |
|
| 462,414,314 |
| Yes | No | No | ||||||
1 | TSMC Japan | TSMC JDC | The same parent company |
| 184,965,726 |
|
(JPY | 360,228 1,320,000 |
) |
(JPY | 360,228 1,320,000 |
) |
(JPY | 360,228 1,320,000 |
) |
| - |
|
| 0.02% |
|
| 184,965,726 |
| No | No | No | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: | The total amount of the endorsement/guarantee provided by TSMC to TSMC North America and TSMC Global shall not exceed twenty-five percent (25%) of TSMC’s net worth. |
Note 2: | The total amount of the endorsement/guarantee provided by TSMC Japan to TSMC JDC shall not exceed ten percent (10%) of TSMC’s net worth. |
Note 3: | The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors. |
- 74 -
TABLE 3
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
MARKETABLE SECURITIES HELD
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | ||||||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
TSMC | Non-publicly traded equity investments |
|
|
|
|
|
|
| ||||||||||||
| United Industrial Gases Co., Ltd. | - | Financial assets at fair value through other comprehensive income |
| 21,230 |
| $ | 427,665 |
|
| 10 |
| $ | 427,665 |
|
| ||||
| Shin-Etsu Handotai Taiwan Co., Ltd. | - | 〃 |
| 10,500 |
|
| 313,992 |
|
| 7 |
|
| 313,992 |
|
| ||||
| Global Investment Holding Co., Ltd. | - | 〃 |
| 10,442 |
|
| 87,059 |
|
| 6 |
|
| 87,059 |
|
| ||||
| W.K. Technology Fund IV | - | 〃 |
| 806 |
|
| 5,944 |
|
| 2 |
|
| 5,944 |
|
| ||||
| Horizon Ventures Fund | - | 〃 |
| - |
|
| 170 |
|
| 12 |
|
| 170 |
|
| ||||
| Crimson Asia Capital | - | 〃 |
| - |
|
| - |
|
| 1 |
|
| - |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC Partners | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Shanghai Walden Venture Capital Enterprise | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 22,944 |
|
| 6 |
| US$ | 22,944 |
|
| ||||
| China Walden Venture Investments II, L.P. | - | 〃 |
| - |
| US$ | 12,551 |
|
| 9 |
| US$ | 12,551 |
|
| ||||
| China Walden Venture Investments III, L.P. | - | 〃 |
| - |
| US$ | 4,978 |
|
| 4 |
| US$ | 4,978 |
|
| ||||
| Inpria Corporation | - | 〃 |
| 1,778 |
| US$ | 3,600 |
|
| 4 |
| US$ | 3,600 |
|
| ||||
| Tela Innovations | - | 〃 |
| 10,440 |
|
| - |
|
| 25 |
|
| - |
|
| ||||
| Mcube Inc. | - | 〃 |
| 6,333 |
|
| - |
|
| 10 |
|
| - |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC Global | Corporate bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Bank of America Corp | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 59,845 |
|
| N/A |
| US$ | 59,845 |
|
| ||||
| Citigroup Inc | - | 〃 |
| - |
| US$ | 44,484 |
|
| N/A |
| US$ | 44,484 |
|
| ||||
| Morgan Stanley | - | 〃 |
| - |
| US$ | 43,256 |
|
| N/A |
| US$ | 43,256 |
|
| ||||
| Goldman Sachs Group Inc/The | - | 〃 |
| - |
| US$ | 40,089 |
|
| N/A |
| US$ | 40,089 |
|
| ||||
| Wells Fargo & Co | - | 〃 |
| - |
| US$ | 36,031 |
|
| N/A |
| US$ | 36,031 |
|
| ||||
| Mitsubishi UFJ Financial Group Inc | - | 〃 |
| - |
| US$ | 34,946 |
|
| N/A |
| US$ | 34,946 |
|
| ||||
| JPMorgan Chase & Co | - | 〃 |
| - |
| US$ | 33,739 |
|
| N/A |
| US$ | 33,739 |
|
| ||||
| AbbVie Inc | - | 〃 |
| - |
| US$ | 33,716 |
|
| N/A |
| US$ | 33,716 |
|
| ||||
| Sumitomo Mitsui Financial Group Inc | - | 〃 |
| - |
| US$ | 27,424 |
|
| N/A |
| US$ | 27,424 |
|
| ||||
| Metropolitan Life Global Funding I | - | 〃 |
| - |
| US$ | 21,597 |
|
| N/A |
| US$ | 21,597 |
|
| ||||
| Lloyds Banking Group PLC | - | 〃 |
| - |
| US$ | 21,490 |
|
| N/A |
| US$ | 21,490 |
|
| ||||
| Bristol-Myers Squibb Co | - | 〃 |
| - |
| US$ | 21,090 |
|
| N/A |
| US$ | 21,090 |
|
| ||||
| Mizuho Financial Group Inc | - | 〃 |
| - |
| US$ | 20,795 |
|
| N/A |
| US$ | 20,795 |
|
| ||||
| Toyota Motor Credit Corp | - | 〃 |
| - |
| US$ | 20,448 |
|
| N/A |
| US$ | 20,448 |
|
| ||||
| NatWest Markets PLC | - | 〃 |
| - |
| US$ | 19,179 |
|
| N/A |
| US$ | 19,179 |
|
| ||||
| Athene Global Funding | - | 〃 |
| - |
| US$ | 18,421 |
|
| N/A |
| US$ | 18,421 |
|
| ||||
| Credit Suisse AG/New York NY | - | 〃 |
| - |
| US$ | 17,442 |
|
| N/A |
| US$ | 17,442 |
|
| ||||
| Royal Bank of Canada | - | 〃 |
| - |
| US$ | 16,267 |
|
| N/A |
| US$ | 16,267 |
|
| ||||
| HSBC Holdings PLC | - | 〃 |
| - |
| US$ | 16,113 |
|
| N/A |
| US$ | 16,113 |
|
| ||||
| Hyundai Capital America | - | 〃 |
| - |
| US$ | 15,983 |
|
| N/A |
| US$ | 15,983 |
|
| ||||
| Macquarie Bank Ltd | - | 〃 |
| - |
| US$ | 15,912 |
|
| N/A |
| US$ | 15,912 |
|
| ||||
| Nordea Bank Abp | - | 〃 |
| - |
| US$ | 15,907 |
|
| N/A |
| US$ | 15,907 |
|
| ||||
| Apple Inc | - | 〃 |
| - |
| US$ | 15,762 |
|
| N/A |
| US$ | 15,762 |
|
| ||||
| Santander UK PLC | - | 〃 |
| - |
| US$ | 15,704 |
|
| N/A |
| US$ | 15,704 |
|
| ||||
| BP Capital Markets America Inc | - | 〃 |
| - |
| US$ | 15,621 |
|
| N/A |
| US$ | 15,621 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 75 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Toronto-Dominion Bank/The | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 15,527 |
|
| N/A |
| US$ | 15,527 |
|
| ||
| Volkswagen Group of America Finance LLC | - | 〃 |
| - |
| US$ | 15,417 |
|
| N/A |
| US$ | 15,417 |
|
| ||
| Comcast Corp | - | 〃 |
| - |
| US$ | 14,947 |
|
| N/A |
| US$ | 14,947 |
|
| ||
| BNP Paribas SA | - | 〃 |
| - |
| US$ | 14,590 |
|
| N/A |
| US$ | 14,590 |
|
| ||
| National Securities Clearing Corp | - | 〃 |
| - |
| US$ | 14,129 |
|
| N/A |
| US$ | 14,129 |
|
| ||
| Principal Life Global Funding II | - | 〃 |
| - |
| US$ | 13,580 |
|
| N/A |
| US$ | 13,580 |
|
| ||
| Roper Technologies Inc | - | 〃 |
| - |
| US$ | 13,249 |
|
| N/A |
| US$ | 13,249 |
|
| ||
| AT&T Inc | - | 〃 |
| - |
| US$ | 13,180 |
|
| N/A |
| US$ | 13,180 |
|
| ||
| Banco Santander SA | - | 〃 |
| - |
| US$ | 13,146 |
|
| N/A |
| US$ | 13,146 |
|
| ||
| Banque Federative du Credit Mutuel SA | - | 〃 |
| - |
| US$ | 13,019 |
|
| N/A |
| US$ | 13,019 |
|
| ||
| Nationwide Building Society | - | 〃 |
| - |
| US$ | 12,913 |
|
| N/A |
| US$ | 12,913 |
|
| ||
| Chevron Corp | - | 〃 |
| - |
| US$ | 12,771 |
|
| N/A |
| US$ | 12,771 |
|
| ||
| Guardian Life Global Funding | - | 〃 |
| - |
| US$ | 12,187 |
|
| N/A |
| US$ | 12,187 |
|
| ||
| Bank of Nova Scotia/The | - | 〃 |
| - |
| US$ | 12,144 |
|
| N/A |
| US$ | 12,144 |
|
| ||
| Equifax Inc | - | 〃 |
| - |
| US$ | 12,015 |
|
| N/A |
| US$ | 12,015 |
|
| ||
| BPCE SA | - | 〃 |
| - |
| US$ | 11,978 |
|
| N/A |
| US$ | 11,978 |
|
| ||
| UBS Group Funding Switzerland AG | - | 〃 |
| - |
| US$ | 11,758 |
|
| N/A |
| US$ | 11,758 |
|
| ||
| US Bancorp | - | 〃 |
| - |
| US$ | 11,651 |
|
| N/A |
| US$ | 11,651 |
|
| ||
| Societe Generale SA | - | 〃 |
| - |
| US$ | 11,567 |
|
| N/A |
| US$ | 11,567 |
|
| ||
| American Honda Finance Corp | - | 〃 |
| - |
| US$ | 11,354 |
|
| N/A |
| US$ | 11,354 |
|
| ||
| American International Group Inc | - | 〃 |
| - |
| US$ | 11,011 |
|
| N/A |
| US$ | 11,011 |
|
| ||
| Amazon.com Inc | - | 〃 |
| - |
| US$ | 10,846 |
|
| N/A |
| US$ | 10,846 |
|
| ||
| TJX Cos Inc/The | - | 〃 |
| - |
| US$ | 10,563 |
|
| N/A |
| US$ | 10,563 |
|
| ||
| Verizon Communications Inc | - | 〃 |
| - |
| US$ | 10,558 |
|
| N/A |
| US$ | 10,558 |
|
| ||
| Jackson National Life Global Funding | - | 〃 |
| - |
| US$ | 10,434 |
|
| N/A |
| US$ | 10,434 |
|
| ||
| Equinor ASA | - | 〃 |
| - |
| US$ | 10,372 |
|
| N/A |
| US$ | 10,372 |
|
| ||
| Canadian Imperial Bank of Commerce | - | 〃 |
| - |
| US$ | 10,297 |
|
| N/A |
| US$ | 10,297 |
|
| ||
| DTE Energy Co | - | 〃 |
| - |
| US$ | 10,173 |
|
| N/A |
| US$ | 10,173 |
|
| ||
| BMW US Capital LLC | - | 〃 |
| - |
| US$ | 10,125 |
|
| N/A |
| US$ | 10,125 |
|
| ||
| Shire Acquisitions Investments Ireland DAC | - | 〃 |
| - |
| US$ | 9,893 |
|
| N/A |
| US$ | 9,893 |
|
| ||
| NextEra Energy Capital Holdings Inc | - | 〃 |
| - |
| US$ | 9,527 |
|
| N/A |
| US$ | 9,527 |
|
| ||
| Cox Communications Inc | - | 〃 |
| - |
| US$ | 9,526 |
|
| N/A |
| US$ | 9,526 |
|
| ||
| Sumitomo Mitsui Trust Bank Ltd | - | 〃 |
| - |
| US$ | 9,446 |
|
| N/A |
| US$ | 9,446 |
|
| ||
| Credit Agricole SA/London | - | 〃 |
| - |
| US$ | 9,250 |
|
| N/A |
| US$ | 9,250 |
|
| ||
| NIKE Inc | - | 〃 |
| - |
| US$ | 9,232 |
|
| N/A |
| US$ | 9,232 |
|
| ||
| Protective Life Global Funding | - | 〃 |
| - |
| US$ | 9,137 |
|
| N/A |
| US$ | 9,137 |
|
| ||
| New York Life Global Funding | - | 〃 |
| - |
| US$ | 9,057 |
|
| N/A |
| US$ | 9,057 |
|
| ||
| Bank of Montreal | - | 〃 |
| - |
| US$ | 9,002 |
|
| N/A |
| US$ | 9,002 |
|
| ||
| Svenska Handelsbanken AB | - | 〃 |
| - |
| US$ | 8,963 |
|
| N/A |
| US$ | 8,963 |
|
| ||
| Truist Bank | - | 〃 |
| - |
| US$ | 8,775 |
|
| N/A |
| US$ | 8,775 |
|
| ||
| Intuit Inc | - | 〃 |
| - |
| US$ | 8,524 |
|
| N/A |
| US$ | 8,524 |
|
| ||
| Barclays PLC | - | 〃 |
| - |
| US$ | 8,492 |
|
| N/A |
| US$ | 8,492 |
|
| ||
| Inter-American Development Bank | - | 〃 |
| - |
| US$ | 8,211 |
|
| N/A |
| US$ | 8,211 |
|
| ||
| Suncorp-Metway Ltd | - | 〃 |
| - |
| US$ | 8,134 |
|
| N/A |
| US$ | 8,134 |
|
| ||
| AIG Global Funding | - | 〃 |
| - |
| US$ | 8,098 |
|
| N/A |
| US$ | 8,098 |
|
| ||
| Fiserv Inc | - | 〃 |
| - |
| US$ | 8,079 |
|
| N/A |
| US$ | 8,079 |
|
| ||
| Oracle Corp | - | 〃 |
| - |
| US$ | 7,822 |
|
| N/A |
| US$ | 7,822 |
|
| ||
| Credit Suisse Group AG | - | 〃 |
| - |
| US$ | 7,804 |
|
| N/A |
| US$ | 7,804 |
|
| ||
| Exxon Mobil Corp | - | 〃 |
| - |
| US$ | 7,576 |
|
| N/A |
| US$ | 7,576 |
|
| ||
| Great-West Lifeco US Finance 2020 LP | - | 〃 |
| - |
| US$ | 7,455 |
|
| N/A |
| US$ | 7,455 |
|
| ||
| Skandinaviska Enskilda Banken AB | - | 〃 |
| - |
| US$ | 7,409 |
|
| N/A |
| US$ | 7,409 |
|
| ||
| AstraZeneca PLC | - | 〃 |
| - |
| US$ | 7,333 |
|
| N/A |
| US$ | 7,333 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 76 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Prudential Funding LLC | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 7,322 |
|
| N/A |
| US$ | 7,322 |
|
| ||
| Huntington Bancshares Inc/OH | - | 〃 |
| - |
| US$ | 7,249 |
|
| N/A |
| US$ | 7,249 |
|
| ||
| Tencent Holdings Ltd | - | 〃 |
| - |
| US$ | 7,024 |
|
| N/A |
| US$ | 7,024 |
|
| ||
| Daimler Finance North America LLC | - | 〃 |
| - |
| US$ | 6,772 |
|
| N/A |
| US$ | 6,772 |
|
| ||
| Scentre Group Trust 1 / Scentre Group Trust 2 | - | 〃 |
| - |
| US$ | 6,611 |
|
| N/A |
| US$ | 6,611 |
|
| ||
| Capital One Financial Corp | - | 〃 |
| - |
| US$ | 6,498 |
|
| N/A |
| US$ | 6,498 |
|
| ||
| ING Groep NV | - | 〃 |
| - |
| US$ | 6,484 |
|
| N/A |
| US$ | 6,484 |
|
| ||
| Cigna Corp | - | 〃 |
| - |
| US$ | 6,445 |
|
| N/A |
| US$ | 6,445 |
|
| ||
| General Electric Co | - | 〃 |
| - |
| US$ | 6,267 |
|
| N/A |
| US$ | 6,267 |
|
| ||
| UnitedHealth Group Inc | - | 〃 |
| - |
| US$ | 6,255 |
|
| N/A |
| US$ | 6,255 |
|
| ||
| Bank of New York Mellon Corp/The | - | 〃 |
| - |
| US$ | 6,241 |
|
| N/A |
| US$ | 6,241 |
|
| ||
| WPP Finance 2010 | - | 〃 |
| - |
| US$ | 6,236 |
|
| N/A |
| US$ | 6,236 |
|
| ||
| Standard Chartered PLC | - | 〃 |
| - |
| US$ | 6,231 |
|
| N/A |
| US$ | 6,231 |
|
| ||
| Macquarie Group Ltd | - | 〃 |
| - |
| US$ | 6,193 |
|
| N/A |
| US$ | 6,193 |
|
| ||
| Cargill Inc | - | 〃 |
| - |
| US$ | 6,175 |
|
| N/A |
| US$ | 6,175 |
|
| ||
| UBS Group AG | - | 〃 |
| - |
| US$ | 6,171 |
|
| N/A |
| US$ | 6,171 |
|
| ||
| CVS Health Corp | - | 〃 |
| - |
| US$ | 5,981 |
|
| N/A |
| US$ | 5,981 |
|
| ||
| Analog Devices Inc | - | 〃 |
| - |
| US$ | 5,975 |
|
| N/A |
| US$ | 5,975 |
|
| ||
| Alabama Power Co | - | 〃 |
| - |
| US$ | 5,920 |
|
| N/A |
| US$ | 5,920 |
|
| ||
| Capital One NA | - | 〃 |
| - |
| US$ | 5,919 |
|
| N/A |
| US$ | 5,919 |
|
| ||
| Intercontinental Exchange Inc | - | 〃 |
| - |
| US$ | 5,873 |
|
| N/A |
| US$ | 5,873 |
|
| ||
| John Deere Capital Corp | - | 〃 |
| - |
| US$ | 5,824 |
|
| N/A |
| US$ | 5,824 |
|
| ||
| Shell International Finance BV | - | 〃 |
| - |
| US$ | 5,794 |
|
| N/A |
| US$ | 5,794 |
|
| ||
| American Express Co | - | 〃 |
| - |
| US$ | 5,761 |
|
| N/A |
| US$ | 5,761 |
|
| ||
| BAT Capital Corp | - | 〃 |
| - |
| US$ | 5,574 |
|
| N/A |
| US$ | 5,574 |
|
| ||
| Intel Corp | - | 〃 |
| - |
| US$ | 5,547 |
|
| N/A |
| US$ | 5,547 |
|
| ||
| Thermo Fisher Scientific Inc | - | 〃 |
| - |
| US$ | 5,516 |
|
| N/A |
| US$ | 5,516 |
|
| ||
| Microsoft Corp | - | 〃 |
| - |
| US$ | 5,489 |
|
| N/A |
| US$ | 5,489 |
|
| ||
| Fox Corp | - | 〃 |
| - |
| US$ | 5,483 |
|
| N/A |
| US$ | 5,483 |
|
| ||
| Charles Schwab Corp/The | - | 〃 |
| - |
| US$ | 5,465 |
|
| N/A |
| US$ | 5,465 |
|
| ||
| Georgia-Pacific LLC | - | 〃 |
| - |
| US$ | 5,422 |
|
| N/A |
| US$ | 5,422 |
|
| ||
| Dominion Energy Gas Holdings LLC | - | 〃 |
| - |
| US$ | 5,403 |
|
| N/A |
| US$ | 5,403 |
|
| ||
| SMBC Aviation Capital Finance DAC | - | 〃 |
| - |
| US$ | 5,399 |
|
| N/A |
| US$ | 5,399 |
|
| ||
| Fifth Third Bancorp | - | 〃 |
| - |
| US$ | 5,399 |
|
| N/A |
| US$ | 5,399 |
|
| ||
| BB&T Corp | - | 〃 |
| - |
| US$ | 5,381 |
|
| N/A |
| US$ | 5,381 |
|
| ||
| Sompo International Holdings Ltd | - | 〃 |
| - |
| US$ | 5,344 |
|
| N/A |
| US$ | 5,344 |
|
| ||
| Merck & Co Inc | - | 〃 |
| - |
| US$ | 5,302 |
|
| N/A |
| US$ | 5,302 |
|
| ||
| Sempra Energy | - | 〃 |
| - |
| US$ | 5,257 |
|
| N/A |
| US$ | 5,257 |
|
| ||
| Federation des Caisses Desjardins du Quebec | - | 〃 |
| - |
| US$ | 5,246 |
|
| N/A |
| US$ | 5,246 |
|
| ||
| National Bank of Canada | - | 〃 |
| - |
| US$ | 5,214 |
|
| N/A |
| US$ | 5,214 |
|
| ||
| Tyson Foods Inc | - | 〃 |
| - |
| US$ | 5,073 |
|
| N/A |
| US$ | 5,073 |
|
| ||
| Five Corners Funding Trust | - | 〃 |
| - |
| US$ | 4,991 |
|
| N/A |
| US$ | 4,991 |
|
| ||
| Enel Finance International NV | - | 〃 |
| - |
| US$ | 4,988 |
|
| N/A |
| US$ | 4,988 |
|
| ||
| Pacific Life Global Funding II | - | 〃 |
| - |
| US$ | 4,961 |
|
| N/A |
| US$ | 4,961 |
|
| ||
| Danske Bank A/S | - | 〃 |
| - |
| US$ | 4,897 |
|
| N/A |
| US$ | 4,897 |
|
| ||
| Nomura Holdings Inc | - | 〃 |
| - |
| US$ | 4,875 |
|
| N/A |
| US$ | 4,875 |
|
| ||
| Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | - | 〃 |
| - |
| US$ | 4,856 |
|
| N/A |
| US$ | 4,856 |
|
| ||
| Johnson & Johnson | - | 〃 |
| - |
| US$ | 4,802 |
|
| N/A |
| US$ | 4,802 |
|
| ||
| Keurig Dr Pepper Inc | - | 〃 |
| - |
| US$ | 4,796 |
|
| N/A |
| US$ | 4,796 |
|
| ||
| DNB Bank ASA | - | 〃 |
| - |
| US$ | 4,726 |
|
| N/A |
| US$ | 4,726 |
|
| ||
| Moody's Corp | - | 〃 |
| - |
| US$ | 4,695 |
|
| N/A |
| US$ | 4,695 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 77 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Eversource Energy | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 4,665 |
|
| N/A |
| US$ | 4,665 |
|
| ||
| Entergy Corp | - | 〃 |
| - |
| US$ | 4,665 |
|
| N/A |
| US$ | 4,665 |
|
| ||
| Florida Power & Light Co | - | 〃 |
| - |
| US$ | 4,569 |
|
| N/A |
| US$ | 4,569 |
|
| ||
| Gilead Sciences Inc | - | 〃 |
| - |
| US$ | 4,496 |
|
| N/A |
| US$ | 4,496 |
|
| ||
| Barclays Bank PLC | - | 〃 |
| - |
| US$ | 4,481 |
|
| N/A |
| US$ | 4,481 |
|
| ||
| Altria Group Inc | - | 〃 |
| - |
| US$ | 4,450 |
|
| N/A |
| US$ | 4,450 |
|
| ||
| NiSource Inc | - | 〃 |
| - |
| US$ | 4,440 |
|
| N/A |
| US$ | 4,440 |
|
| ||
| MPLX LP | - | 〃 |
| - |
| US$ | 4,412 |
|
| N/A |
| US$ | 4,412 |
|
| ||
| PNC Bank NA | - | 〃 |
| - |
| US$ | 4,335 |
|
| N/A |
| US$ | 4,335 |
|
| ||
| ERAC USA Finance LLC | - | 〃 |
| - |
| US$ | 4,298 |
|
| N/A |
| US$ | 4,298 |
|
| ||
| Alimentation Couche-Tard Inc | - | 〃 |
| - |
| US$ | 4,295 |
|
| N/A |
| US$ | 4,295 |
|
| ||
| Exelon Corp | - | 〃 |
| - |
| US$ | 4,291 |
|
| N/A |
| US$ | 4,291 |
|
| ||
| Reliance Standard Life Global Funding II | - | 〃 |
| - |
| US$ | 4,232 |
|
| N/A |
| US$ | 4,232 |
|
| ||
| National Australia Bank Ltd/New York | - | 〃 |
| - |
| US$ | 4,208 |
|
| N/A |
| US$ | 4,208 |
|
| ||
| European Bank for Reconstruction & Development | - | 〃 |
| - |
| US$ | 4,192 |
|
| N/A |
| US$ | 4,192 |
|
| ||
| Ameriprise Financial Inc | - | 〃 |
| - |
| US$ | 4,147 |
|
| N/A |
| US$ | 4,147 |
|
| ||
| Bayer US Finance II LLC | - | 〃 |
| - |
| US$ | 4,137 |
|
| N/A |
| US$ | 4,137 |
|
| ||
| Pricoa Global Funding I | - | 〃 |
| - |
| US$ | 4,122 |
|
| N/A |
| US$ | 4,122 |
|
| ||
| American Express Credit Corp | - | 〃 |
| - |
| US$ | 4,103 |
|
| N/A |
| US$ | 4,103 |
|
| ||
| BorgWarner Inc | - | 〃 |
| - |
| US$ | 4,053 |
|
| N/A |
| US$ | 4,053 |
|
| ||
| Phillips 66 | - | 〃 |
| - |
| US$ | 4,044 |
|
| N/A |
| US$ | 4,044 |
|
| ||
| Banco Bilbao Vizcaya Argentaria SA | - | 〃 |
| - |
| US$ | 4,027 |
|
| N/A |
| US$ | 4,027 |
|
| ||
| Welltower Inc | - | 〃 |
| - |
| US$ | 3,986 |
|
| N/A |
| US$ | 3,986 |
|
| ||
| BOC Aviation Ltd | - | 〃 |
| - |
| US$ | 3,976 |
|
| N/A |
| US$ | 3,976 |
|
| ||
| VF Corp | - | 〃 |
| - |
| US$ | 3,972 |
|
| N/A |
| US$ | 3,972 |
|
| ||
| Compass Bank | - | 〃 |
| - |
| US$ | 3,950 |
|
| N/A |
| US$ | 3,950 |
|
| ||
| KeyBank NA/Cleveland OH | - | 〃 |
| - |
| US$ | 3,920 |
|
| N/A |
| US$ | 3,920 |
|
| ||
| Vodafone Group PLC | - | 〃 |
| - |
| US$ | 3,916 |
|
| N/A |
| US$ | 3,916 |
|
| ||
| Laboratory Corp of America Holdings | - | 〃 |
| - |
| US$ | 3,888 |
|
| N/A |
| US$ | 3,888 |
|
| ||
| BG Energy Capital PLC | - | 〃 |
| - |
| US$ | 3,853 |
|
| N/A |
| US$ | 3,853 |
|
| ||
| Reckitt Benckiser Treasury Services PLC | - | 〃 |
| - |
| US$ | 3,805 |
|
| N/A |
| US$ | 3,805 |
|
| ||
| GE Capital Funding LLC | - | 〃 |
| - |
| US$ | 3,761 |
|
| N/A |
| US$ | 3,761 |
|
| ||
| Monongahela Power Co | - | 〃 |
| - |
| US$ | 3,737 |
|
| N/A |
| US$ | 3,737 |
|
| ||
| Cooperatieve Rabobank UA | - | 〃 |
| - |
| US$ | 3,698 |
|
| N/A |
| US$ | 3,698 |
|
| ||
| Verisk Analytics Inc | - | 〃 |
| - |
| US$ | 3,677 |
|
| N/A |
| US$ | 3,677 |
|
| ||
| Diageo Capital PLC | - | 〃 |
| - |
| US$ | 3,667 |
|
| N/A |
| US$ | 3,667 |
|
| ||
| Ameren Corp | - | 〃 |
| - |
| US$ | 3,658 |
|
| N/A |
| US$ | 3,658 |
|
| ||
| UBS AG/London | - | 〃 |
| - |
| US$ | 3,588 |
|
| N/A |
| US$ | 3,588 |
|
| ||
| Dominion Energy Inc | - | 〃 |
| - |
| US$ | 3,586 |
|
| N/A |
| US$ | 3,586 |
|
| ||
| Pfizer Inc | - | 〃 |
| - |
| US$ | 3,521 |
|
| N/A |
| US$ | 3,521 |
|
| ||
| AutoZone Inc | - | 〃 |
| - |
| US$ | 3,456 |
|
| N/A |
| US$ | 3,456 |
|
| ||
| HSBC Bank Canada | - | 〃 |
| - |
| US$ | 3,440 |
|
| N/A |
| US$ | 3,440 |
|
| ||
| Hewlett Packard Enterprise Co | - | 〃 |
| - |
| US$ | 3,439 |
|
| N/A |
| US$ | 3,439 |
|
| ||
| Unilever Capital Corp | - | 〃 |
| - |
| US$ | 3,394 |
|
| N/A |
| US$ | 3,394 |
|
| ||
| Swedbank AB | - | 〃 |
| - |
| US$ | 3,388 |
|
| N/A |
| US$ | 3,388 |
|
| ||
| MassMutual Global Funding II | - | 〃 |
| - |
| US$ | 3,369 |
|
| N/A |
| US$ | 3,369 |
|
| ||
| CNA Financial Corp | - | 〃 |
| - |
| US$ | 3,316 |
|
| N/A |
| US$ | 3,316 |
|
| ||
| ONE Gas Inc | - | 〃 |
| - |
| US$ | 3,310 |
|
| N/A |
| US$ | 3,310 |
|
| ||
| Texas Instruments Inc | - | 〃 |
| - |
| US$ | 3,292 |
|
| N/A |
| US$ | 3,292 |
|
| ||
| Avangrid Inc | - | 〃 |
| - |
| US$ | 3,262 |
|
| N/A |
| US$ | 3,262 |
|
| ||
| Ralph Lauren Corp | - | 〃 |
| - |
| US$ | 3,207 |
|
| N/A |
| US$ | 3,207 |
|
| ||
| Oncor Electric Delivery Co LLC | - | 〃 |
| - |
| US$ | 3,201 |
|
| N/A |
| US$ | 3,201 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 78 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Royal Bank of Scotland Group PLC | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 3,199 |
|
| N/A |
| US$ | 3,199 |
|
| ||
| Novartis Capital Corp | - | 〃 |
| - |
| US$ | 3,199 |
|
| N/A |
| US$ | 3,199 |
|
| ||
| Baidu Inc | - | 〃 |
| - |
| US$ | 3,184 |
|
| N/A |
| US$ | 3,184 |
|
| ||
| Raytheon Technologies Corp | - | 〃 |
| - |
| US$ | 3,130 |
|
| N/A |
| US$ | 3,130 |
|
| ||
| Valero Energy Corp | - | 〃 |
| - |
| US$ | 3,109 |
|
| N/A |
| US$ | 3,109 |
|
| ||
| Stryker Corp | - | 〃 |
| - |
| US$ | 3,081 |
|
| N/A |
| US$ | 3,081 |
|
| ||
| Walt Disney Co/The | - | 〃 |
| - |
| US$ | 3,058 |
|
| N/A |
| US$ | 3,058 |
|
| ||
| Zions Bancorp NA | - | 〃 |
| - |
| US$ | 3,057 |
|
| N/A |
| US$ | 3,057 |
|
| ||
| HCP Inc | - | 〃 |
| - |
| US$ | 2,978 |
|
| N/A |
| US$ | 2,978 |
|
| ||
| Penske Truck Leasing Co Lp / PTL Finance Corp | - | 〃 |
| - |
| US$ | 2,967 |
|
| N/A |
| US$ | 2,967 |
|
| ||
| American Electric Power Co Inc | - | 〃 |
| - |
| US$ | 2,948 |
|
| N/A |
| US$ | 2,948 |
|
| ||
| Xcel Energy Inc | - | 〃 |
| - |
| US$ | 2,948 |
|
| N/A |
| US$ | 2,948 |
|
| ||
| Ventas Realty LP | - | 〃 |
| - |
| US$ | 2,942 |
|
| N/A |
| US$ | 2,942 |
|
| ||
| Philip Morris International Inc | - | 〃 |
| - |
| US$ | 2,933 |
|
| N/A |
| US$ | 2,933 |
|
| ||
| Air Products and Chemicals Inc | - | 〃 |
| - |
| US$ | 2,909 |
|
| N/A |
| US$ | 2,909 |
|
| ||
| Berkshire Hathaway Energy Co | - | 〃 |
| - |
| US$ | 2,877 |
|
| N/A |
| US$ | 2,877 |
|
| ||
| Credit Suisse Group Funding Guernsey Ltd | - | 〃 |
| - |
| US$ | 2,867 |
|
| N/A |
| US$ | 2,867 |
|
| ||
| Equitable Financial Life Global Funding | - | 〃 |
| - |
| US$ | 2,849 |
|
| N/A |
| US$ | 2,849 |
|
| ||
| Ross Stores Inc | - | 〃 |
| - |
| US$ | 2,837 |
|
| N/A |
| US$ | 2,837 |
|
| ||
| Nuveen Finance LLC | - | 〃 |
| - |
| US$ | 2,817 |
|
| N/A |
| US$ | 2,817 |
|
| ||
| Ryder System Inc | - | 〃 |
| - |
| US$ | 2,800 |
|
| N/A |
| US$ | 2,800 |
|
| ||
| AvalonBay Communities Inc | - | 〃 |
| - |
| US$ | 2,798 |
|
| N/A |
| US$ | 2,798 |
|
| ||
| Quest Diagnostics Inc | - | 〃 |
| - |
| US$ | 2,798 |
|
| N/A |
| US$ | 2,798 |
|
| ||
| Kimco Realty Corp | - | 〃 |
| - |
| US$ | 2,726 |
|
| N/A |
| US$ | 2,726 |
|
| ||
| CMS Energy Corp | - | 〃 |
| - |
| US$ | 2,717 |
|
| N/A |
| US$ | 2,717 |
|
| ||
| Roche Holdings Inc | - | 〃 |
| - |
| US$ | 2,702 |
|
| N/A |
| US$ | 2,702 |
|
| ||
| Magellan Midstream Partners LP | - | 〃 |
| - |
| US$ | 2,700 |
|
| N/A |
| US$ | 2,700 |
|
| ||
| Nutrien Ltd | - | 〃 |
| - |
| US$ | 2,687 |
|
| N/A |
| US$ | 2,687 |
|
| ||
| PNC Financial Services Group Inc/The | - | 〃 |
| - |
| US$ | 2,683 |
|
| N/A |
| US$ | 2,683 |
|
| ||
| Pinnacle West Capital Corp | - | 〃 |
| - |
| US$ | 2,669 |
|
| N/A |
| US$ | 2,669 |
|
| ||
| Aetna Inc | - | 〃 |
| - |
| US$ | 2,592 |
|
| N/A |
| US$ | 2,592 |
|
| ||
| Empower Finance 2020 LP | - | 〃 |
| - |
| US$ | 2,562 |
|
| N/A |
| US$ | 2,562 |
|
| ||
| Nestle Holdings Inc | - | 〃 |
| - |
| US$ | 2,533 |
|
| N/A |
| US$ | 2,533 |
|
| ||
| Reynolds American Inc | - | 〃 |
| - |
| US$ | 2,530 |
|
| N/A |
| US$ | 2,530 |
|
| ||
| Berkshire Hathaway Inc | - | 〃 |
| - |
| US$ | 2,513 |
|
| N/A |
| US$ | 2,513 |
|
| ||
| Chevron USA Inc | - | 〃 |
| - |
| US$ | 2,511 |
|
| N/A |
| US$ | 2,511 |
|
| ||
| Georgia Power Co | - | 〃 |
| - |
| US$ | 2,497 |
|
| N/A |
| US$ | 2,497 |
|
| ||
| Northrop Grumman Corp | - | 〃 |
| - |
| US$ | 2,491 |
|
| N/A |
| US$ | 2,491 |
|
| ||
| State Street Corp | - | 〃 |
| - |
| US$ | 2,487 |
|
| N/A |
| US$ | 2,487 |
|
| ||
| SunTrust Bank/Atlanta GA | - | 〃 |
| - |
| US$ | 2,486 |
|
| N/A |
| US$ | 2,486 |
|
| ||
| Honeywell International Inc | - | 〃 |
| - |
| US$ | 2,480 |
|
| N/A |
| US$ | 2,480 |
|
| ||
| Enterprise Products Operating LLC | - | 〃 |
| - |
| US$ | 2,470 |
|
| N/A |
| US$ | 2,470 |
|
| ||
| Duke Energy Corp | - | 〃 |
| - |
| US$ | 2,428 |
|
| N/A |
| US$ | 2,428 |
|
| ||
| DuPont de Nemours Inc | - | 〃 |
| - |
| US$ | 2,427 |
|
| N/A |
| US$ | 2,427 |
|
| ||
| Suncor Energy Inc | - | 〃 |
| - |
| US$ | 2,416 |
|
| N/A |
| US$ | 2,416 |
|
| ||
| Union Pacific Corp | - | 〃 |
| - |
| US$ | 2,398 |
|
| N/A |
| US$ | 2,398 |
|
| ||
| O'Reilly Automotive Inc | - | 〃 |
| - |
| US$ | 2,394 |
|
| N/A |
| US$ | 2,394 |
|
| ||
| Public Service Electric and Gas Co | - | 〃 |
| - |
| US$ | 2,321 |
|
| N/A |
| US$ | 2,321 |
|
| ||
| Health Care Service Corp A Mutual Legal Reserve Co | - | 〃 |
| - |
| US$ | 2,303 |
|
| N/A |
| US$ | 2,303 |
|
| ||
| Magna International Inc | - | 〃 |
| - |
| US$ | 2,291 |
|
| N/A |
| US$ | 2,291 |
|
| ||
| BAT International Finance PLC | - | 〃 |
| - |
| US$ | 2,287 |
|
| N/A |
| US$ | 2,287 |
|
| ||
| Caterpillar Financial Services Corp | - | 〃 |
| - |
| US$ | 2,284 |
|
| N/A |
| US$ | 2,284 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 79 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | ITC Holdings Corp | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 2,263 |
|
| N/A |
| US$ | 2,263 |
|
| ||
| East Ohio Gas Co/The | - | 〃 |
| - |
| US$ | 2,261 |
|
| N/A |
| US$ | 2,261 |
|
| ||
| QUALCOMM Inc | - | 〃 |
| - |
| US$ | 2,253 |
|
| N/A |
| US$ | 2,253 |
|
| ||
| Citizens Bank NA/Providence RI | - | 〃 |
| - |
| US$ | 2,212 |
|
| N/A |
| US$ | 2,212 |
|
| ||
| Amphenol Corp | - | 〃 |
| - |
| US$ | 2,201 |
|
| N/A |
| US$ | 2,201 |
|
| ||
| Bank of New Zealand | - | 〃 |
| - |
| US$ | 2,196 |
|
| N/A |
| US$ | 2,196 |
|
| ||
| ASB Bank Ltd | - | 〃 |
| - |
| US$ | 2,184 |
|
| N/A |
| US$ | 2,184 |
|
| ||
| Tucson Electric Power Co | - | 〃 |
| - |
| US$ | 2,177 |
|
| N/A |
| US$ | 2,177 |
|
| ||
| Otis Worldwide Corp | - | 〃 |
| - |
| US$ | 2,159 |
|
| N/A |
| US$ | 2,159 |
|
| ||
| WP Carey Inc | - | 〃 |
| - |
| US$ | 2,103 |
|
| N/A |
| US$ | 2,103 |
|
| ||
| CNOOC Finance 2012 Ltd | - | 〃 |
| - |
| US$ | 2,072 |
|
| N/A |
| US$ | 2,072 |
|
| ||
| PayPal Holdings Inc | - | 〃 |
| - |
| US$ | 2,068 |
|
| N/A |
| US$ | 2,068 |
|
| ||
| Shinhan Financial Group Co Ltd | - | 〃 |
| - |
| US$ | 2,024 |
|
| N/A |
| US$ | 2,024 |
|
| ||
| CK Hutchison International 16 Ltd | - | 〃 |
| - |
| US$ | 2,016 |
|
| N/A |
| US$ | 2,016 |
|
| ||
| Regions Financial Corp | - | 〃 |
| - |
| US$ | 2,007 |
|
| N/A |
| US$ | 2,007 |
|
| ||
| Kentucky Utilities Co | - | 〃 |
| - |
| US$ | 1,994 |
|
| N/A |
| US$ | 1,994 |
|
| ||
| NetApp Inc | - | 〃 |
| - |
| US$ | 1,982 |
|
| N/A |
| US$ | 1,982 |
|
| ||
| Sydney Airport Finance Co Pty Ltd | - | 〃 |
| - |
| US$ | 1,968 |
|
| N/A |
| US$ | 1,968 |
|
| ||
| CRH America Inc | - | 〃 |
| - |
| US$ | 1,965 |
|
| N/A |
| US$ | 1,965 |
|
| ||
| Evergy Kansas Central Inc | - | 〃 |
| - |
| US$ | 1,937 |
|
| N/A |
| US$ | 1,937 |
|
| ||
| Burlington Northern Santa Fe LLC | - | 〃 |
| - |
| US$ | 1,935 |
|
| N/A |
| US$ | 1,935 |
|
| ||
| ANZ New Zealand Int'l Ltd/London | - | 〃 |
| - |
| US$ | 1,927 |
|
| N/A |
| US$ | 1,927 |
|
| ||
| Appalachian Power Co | - | 〃 |
| - |
| US$ | 1,924 |
|
| N/A |
| US$ | 1,924 |
|
| ||
| Gulfstream Natural Gas System LLC | - | 〃 |
| - |
| US$ | 1,913 |
|
| N/A |
| US$ | 1,913 |
|
| ||
| Public Service Enterprise Group Inc | - | 〃 |
| - |
| US$ | 1,908 |
|
| N/A |
| US$ | 1,908 |
|
| ||
| Air Lease Corp | - | 〃 |
| - |
| US$ | 1,882 |
|
| N/A |
| US$ | 1,882 |
|
| ||
| Discover Bank | - | 〃 |
| - |
| US$ | 1,873 |
|
| N/A |
| US$ | 1,873 |
|
| ||
| Boston Properties LP | - | 〃 |
| - |
| US$ | 1,840 |
|
| N/A |
| US$ | 1,840 |
|
| ||
| McCormick & Co Inc/MD | - | 〃 |
| - |
| US$ | 1,837 |
|
| N/A |
| US$ | 1,837 |
|
| ||
| Infor Inc | - | 〃 |
| - |
| US$ | 1,810 |
|
| N/A |
| US$ | 1,810 |
|
| ||
| International Business Machines Corp | - | 〃 |
| - |
| US$ | 1,761 |
|
| N/A |
| US$ | 1,761 |
|
| ||
| Anheuser-Busch InBev Worldwide Inc | - | 〃 |
| - |
| US$ | 1,759 |
|
| N/A |
| US$ | 1,759 |
|
| ||
| Emerson Electric Co | - | 〃 |
| - |
| US$ | 1,750 |
|
| N/A |
| US$ | 1,750 |
|
| ||
| MetLife Inc | - | 〃 |
| - |
| US$ | 1,681 |
|
| N/A |
| US$ | 1,681 |
|
| ||
| Duke Energy Florida LLC | - | 〃 |
| - |
| US$ | 1,677 |
|
| N/A |
| US$ | 1,677 |
|
| ||
| Toyota Industries Corp | - | 〃 |
| - |
| US$ | 1,672 |
|
| N/A |
| US$ | 1,672 |
|
| ||
| Exelon Generation Co LLC | - | 〃 |
| - |
| US$ | 1,652 |
|
| N/A |
| US$ | 1,652 |
|
| ||
| Essex Portfolio LP | - | 〃 |
| - |
| US$ | 1,650 |
|
| N/A |
| US$ | 1,650 |
|
| ||
| Midwest Connector Capital Co LLC | - | 〃 |
| - |
| US$ | 1,641 |
|
| N/A |
| US$ | 1,641 |
|
| ||
| Brookfield Finance Inc | - | 〃 |
| - |
| US$ | 1,641 |
|
| N/A |
| US$ | 1,641 |
|
| ||
| Suntory Holdings Ltd | - | 〃 |
| - |
| US$ | 1,637 |
|
| N/A |
| US$ | 1,637 |
|
| ||
| Panasonic Corp | - | 〃 |
| - |
| US$ | 1,619 |
|
| N/A |
| US$ | 1,619 |
|
| ||
| CK Hutchison International 19 Ltd | - | 〃 |
| - |
| US$ | 1,603 |
|
| N/A |
| US$ | 1,603 |
|
| ||
| Marsh & McLennan Cos Inc | - | 〃 |
| - |
| US$ | 1,592 |
|
| N/A |
| US$ | 1,592 |
|
| ||
| Marathon Petroleum Corp | - | 〃 |
| - |
| US$ | 1,576 |
|
| N/A |
| US$ | 1,576 |
|
| ||
| Public Service Electric & Gas Co | - | 〃 |
| - |
| US$ | 1,562 |
|
| N/A |
| US$ | 1,562 |
|
| ||
| AIA Group Ltd | - | 〃 |
| - |
| US$ | 1,560 |
|
| N/A |
| US$ | 1,560 |
|
| ||
| NTT Finance Corp | - | 〃 |
| - |
| US$ | 1,540 |
|
| N/A |
| US$ | 1,540 |
|
| ||
| ABN AMRO Bank NV | - | 〃 |
| - |
| US$ | 1,527 |
|
| N/A |
| US$ | 1,527 |
|
| ||
| Alliant Energy Finance LLC | - | 〃 |
| - |
| US$ | 1,526 |
|
| N/A |
| US$ | 1,526 |
|
| ||
| KEB Hana Bank | - | 〃 |
| - |
| US$ | 1,504 |
|
| N/A |
| US$ | 1,504 |
|
| ||
| Virginia Electric & Power Co | - | 〃 |
| - |
| US$ | 1,501 |
|
| N/A |
| US$ | 1,501 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 80 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Entergy Louisiana LLC | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 1,472 |
|
| N/A |
| US$ | 1,472 |
|
| ||
| Daiwa Securities Group Inc | - | 〃 |
| - |
| US$ | 1,430 |
|
| N/A |
| US$ | 1,430 |
|
| ||
| Citizens Financial Group Inc | - | 〃 |
| - |
| US$ | 1,418 |
|
| N/A |
| US$ | 1,418 |
|
| ||
| Andrew W Mellon Foundation/The | - | 〃 |
| - |
| US$ | 1,418 |
|
| N/A |
| US$ | 1,418 |
|
| ||
| Wells Fargo Bank NA | - | 〃 |
| - |
| US$ | 1,416 |
|
| N/A |
| US$ | 1,416 |
|
| ||
| CNOOC Curtis Funding No 1 Pty Ltd | - | 〃 |
| - |
| US$ | 1,410 |
|
| N/A |
| US$ | 1,410 |
|
| ||
| Siemens Financieringsmaatschappij NV | - | 〃 |
| - |
| US$ | 1,410 |
|
| N/A |
| US$ | 1,410 |
|
| ||
| Kilroy Realty LP | - | 〃 |
| - |
| US$ | 1,402 |
|
| N/A |
| US$ | 1,402 |
|
| ||
| Entergy Arkansas LLC | - | 〃 |
| - |
| US$ | 1,349 |
|
| N/A |
| US$ | 1,349 |
|
| ||
| Ontario Teachers' Cadillac Fairview Properties Trust | - | 〃 |
| - |
| US$ | 1,339 |
|
| N/A |
| US$ | 1,339 |
|
| ||
| Federal Realty Investment Trust | - | 〃 |
| - |
| US$ | 1,306 |
|
| N/A |
| US$ | 1,306 |
|
| ||
| General Dynamics Corp | - | 〃 |
| - |
| US$ | 1,238 |
|
| N/A |
| US$ | 1,238 |
|
| ||
| Santander UK Group Holdings PLC | - | 〃 |
| - |
| US$ | 1,237 |
|
| N/A |
| US$ | 1,237 |
|
| ||
| Lincoln National Corp | - | 〃 |
| - |
| US$ | 1,227 |
|
| N/A |
| US$ | 1,227 |
|
| ||
| PSEG Power LLC | - | 〃 |
| - |
| US$ | 1,208 |
|
| N/A |
| US$ | 1,208 |
|
| ||
| Schlumberger Finance Canada Ltd | - | 〃 |
| - |
| US$ | 1,189 |
|
| N/A |
| US$ | 1,189 |
|
| ||
| eBay Inc | - | 〃 |
| - |
| US$ | 1,154 |
|
| N/A |
| US$ | 1,154 |
|
| ||
| Cleveland Electric Illuminating Co/The | - | 〃 |
| - |
| US$ | 1,149 |
|
| N/A |
| US$ | 1,149 |
|
| ||
| APT Pipelines Ltd | - | 〃 |
| - |
| US$ | 1,148 |
|
| N/A |
| US$ | 1,148 |
|
| ||
| Alexandria Real Estate Equities Inc | - | 〃 |
| - |
| US$ | 1,112 |
|
| N/A |
| US$ | 1,112 |
|
| ||
| Southern California Edison Co | - | 〃 |
| - |
| US$ | 1,105 |
|
| N/A |
| US$ | 1,105 |
|
| ||
| Cooperatieve Rabobank UA/NY | - | 〃 |
| - |
| US$ | 1,102 |
|
| N/A |
| US$ | 1,102 |
|
| ||
| Baltimore Gas & Electric Co | - | 〃 |
| - |
| US$ | 1,066 |
|
| N/A |
| US$ | 1,066 |
|
| ||
| Entergy Mississippi LLC | - | 〃 |
| - |
| US$ | 1,063 |
|
| N/A |
| US$ | 1,063 |
|
| ||
| BBVA USA | - | 〃 |
| - |
| US$ | 1,062 |
|
| N/A |
| US$ | 1,062 |
|
| ||
| DH Europe Finance II Sarl | - | 〃 |
| - |
| US$ | 1,056 |
|
| N/A |
| US$ | 1,056 |
|
| ||
| Loews Corp | - | 〃 |
| - |
| US$ | 1,047 |
|
| N/A |
| US$ | 1,047 |
|
| ||
| USAA Capital Corp | - | 〃 |
| - |
| US$ | 1,046 |
|
| N/A |
| US$ | 1,046 |
|
| ||
| Kinder Morgan Inc/DE | - | 〃 |
| - |
| US$ | 1,046 |
|
| N/A |
| US$ | 1,046 |
|
| ||
| Kaiser Foundation Hospitals | - | 〃 |
| - |
| US$ | 1,039 |
|
| N/A |
| US$ | 1,039 |
|
| ||
| Texas Eastern Transmission LP | - | 〃 |
| - |
| US$ | 1,034 |
|
| N/A |
| US$ | 1,034 |
|
| ||
| Simon Property Group LP | - | 〃 |
| - |
| US$ | 1,030 |
|
| N/A |
| US$ | 1,030 |
|
| ||
| Mondelez International Holdings Netherlands BV | - | 〃 |
| - |
| US$ | 1,024 |
|
| N/A |
| US$ | 1,024 |
|
| ||
| Toyota Motor Finance Netherlands BV | - | 〃 |
| - |
| US$ | 1,008 |
|
| N/A |
| US$ | 1,008 |
|
| ||
| MUFG Union Bank NA | - | 〃 |
| - |
| US$ | 1,006 |
|
| N/A |
| US$ | 1,006 |
|
| ||
| BHP Billiton Finance USA Ltd | - | 〃 |
| - |
| US$ | 964 |
|
| N/A |
| US$ | 964 |
|
| ||
| Southern California Gas Co | - | 〃 |
| - |
| US$ | 959 |
|
| N/A |
| US$ | 959 |
|
| ||
| QNB Finance Ltd | - | 〃 |
| - |
| US$ | 954 |
|
| N/A |
| US$ | 954 |
|
| ||
| Prudential Financial Inc | - | 〃 |
| - |
| US$ | 933 |
|
| N/A |
| US$ | 933 |
|
| ||
| Mitsubishi UFJ Lease & Finance Co Ltd | - | 〃 |
| - |
| US$ | 927 |
|
| N/A |
| US$ | 927 |
|
| ||
| Westpac Banking Corp | - | 〃 |
| - |
| US$ | 879 |
|
| N/A |
| US$ | 879 |
|
| ||
| Woolworths Group Ltd | - | 〃 |
| - |
| US$ | 867 |
|
| N/A |
| US$ | 867 |
|
| ||
| Niagara Mohawk Power Corp | - | 〃 |
| - |
| US$ | 851 |
|
| N/A |
| US$ | 851 |
|
| ||
| CenterPoint Energy Inc | - | 〃 |
| - |
| US$ | 851 |
|
| N/A |
| US$ | 851 |
|
| ||
| Visa Inc | - | 〃 |
| - |
| US$ | 845 |
|
| N/A |
| US$ | 845 |
|
| ||
| Sinopec Capital 2013 Ltd | - | 〃 |
| - |
| US$ | 835 |
|
| N/A |
| US$ | 835 |
|
| ||
| Natwest Group PLC | - | 〃 |
| - |
| US$ | 815 |
|
| N/A |
| US$ | 815 |
|
| ||
| Sky Ltd | - | 〃 |
| - |
| US$ | 779 |
|
| N/A |
| US$ | 779 |
|
| ||
| Xylem Inc/NY | - | 〃 |
| - |
| US$ | 774 |
|
| N/A |
| US$ | 774 |
|
| ||
| DR Horton Inc | - | 〃 |
| - |
| US$ | 772 |
|
| N/A |
| US$ | 772 |
|
| ||
| Nationwide Financial Services Inc | - | 〃 |
| - |
| US$ | 758 |
|
| N/A |
| US$ | 758 |
|
| ||
| Canadian Natural Resources Ltd | - | 〃 |
| - |
| US$ | 758 |
|
| N/A |
| US$ | 758 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 81 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Warner Media LLC | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 752 |
|
| N/A |
| US$ | 752 |
|
| ||
| BNZ International Funding Ltd/London | - | 〃 |
| - |
| US$ | 743 |
|
| N/A |
| US$ | 743 |
|
| ||
| Sinopec Group Overseas Development 2017 Ltd | - | 〃 |
| - |
| US$ | 717 |
|
| N/A |
| US$ | 717 |
|
| ||
| Abbott Laboratories | - | 〃 |
| - |
| US$ | 705 |
|
| N/A |
| US$ | 705 |
|
| ||
| Digital Realty Trust LP | - | 〃 |
| - |
| US$ | 679 |
|
| N/A |
| US$ | 679 |
|
| ||
| Cummins Inc | - | 〃 |
| - |
| US$ | 664 |
|
| N/A |
| US$ | 664 |
|
| ||
| Carlisle Cos Inc | - | 〃 |
| - |
| US$ | 658 |
|
| N/A |
| US$ | 658 |
|
| ||
| Glencore Funding LLC | - | 〃 |
| - |
| US$ | 645 |
|
| N/A |
| US$ | 645 |
|
| ||
| Western Union Co/The | - | 〃 |
| - |
| US$ | 644 |
|
| N/A |
| US$ | 644 |
|
| ||
| Republic Services Inc | - | 〃 |
| - |
| US$ | 644 |
|
| N/A |
| US$ | 644 |
|
| ||
| American Water Capital Corp | - | 〃 |
| - |
| US$ | 637 |
|
| N/A |
| US$ | 637 |
|
| ||
| OneBeacon US Holdings Inc | - | 〃 |
| - |
| US$ | 633 |
|
| N/A |
| US$ | 633 |
|
| ||
| Sinopec Group Overseas Development 2012 Ltd | - | 〃 |
| - |
| US$ | 623 |
|
| N/A |
| US$ | 623 |
|
| ||
| Ohio Power Co | - | 〃 |
| - |
| US$ | 622 |
|
| N/A |
| US$ | 622 |
|
| ||
| Arizona Public Service Co | - | 〃 |
| - |
| US$ | 604 |
|
| N/A |
| US$ | 604 |
|
| ||
| Duke Energy Progress LLC | - | 〃 |
| - |
| US$ | 592 |
|
| N/A |
| US$ | 592 |
|
| ||
| ViacomCBS Inc | - | 〃 |
| - |
| US$ | 590 |
|
| N/A |
| US$ | 590 |
|
| ||
| Evergy Inc | - | 〃 |
| - |
| US$ | 579 |
|
| N/A |
| US$ | 579 |
|
| ||
| Fifth Third Bank/Cincinnati OH | - | 〃 |
| - |
| US$ | 566 |
|
| N/A |
| US$ | 566 |
|
| ||
| United Parcel Service Inc | - | 〃 |
| - |
| US$ | 565 |
|
| N/A |
| US$ | 565 |
|
| ||
| Aflac Inc | - | 〃 |
| - |
| US$ | 552 |
|
| N/A |
| US$ | 552 |
|
| ||
| PACCAR Financial Corp | - | 〃 |
| - |
| US$ | 552 |
|
| N/A |
| US$ | 552 |
|
| ||
| ABC Inc | - | 〃 |
| - |
| US$ | 525 |
|
| N/A |
| US$ | 525 |
|
| ||
| TTX Co | - | 〃 |
| - |
| US$ | 524 |
|
| N/A |
| US$ | 524 |
|
| ||
| Baker Hughes a GE Co LLC / Baker Hughes Co-Obligor Inc | - | 〃 |
| - |
| US$ | 522 |
|
| N/A |
| US$ | 522 |
|
| ||
| Realty Income Corp | - | 〃 |
| - |
| US$ | 521 |
|
| N/A |
| US$ | 521 |
|
| ||
| Hanwha Energy USA Holdings Corp | - | 〃 |
| - |
| US$ | 514 |
|
| N/A |
| US$ | 514 |
|
| ||
| Danone SA | - | 〃 |
| - |
| US$ | 506 |
|
| N/A |
| US$ | 506 |
|
| ||
| United Overseas Bank Ltd | - | 〃 |
| - |
| US$ | 459 |
|
| N/A |
| US$ | 459 |
|
| ||
| Target Corp | - | 〃 |
| - |
| US$ | 455 |
|
| N/A |
| US$ | 455 |
|
| ||
| Starbucks Corp | - | 〃 |
| - |
| US$ | 430 |
|
| N/A |
| US$ | 430 |
|
| ||
| GlaxoSmithKline Capital PLC | - | 〃 |
| - |
| US$ | 426 |
|
| N/A |
| US$ | 426 |
|
| ||
| Comerica Bank | - | 〃 |
| - |
| US$ | 425 |
|
| N/A |
| US$ | 425 |
|
| ||
| Banco del Estado de Chile | - | 〃 |
| - |
| US$ | 423 |
|
| N/A |
| US$ | 423 |
|
| ||
| CBS Corp | - | 〃 |
| - |
| US$ | 413 |
|
| N/A |
| US$ | 413 |
|
| ||
| Fidelity National Information Services Inc | - | 〃 |
| - |
| US$ | 413 |
|
| N/A |
| US$ | 413 |
|
| ||
| Komatsu Finance America Inc | - | 〃 |
| - |
| US$ | 413 |
|
| N/A |
| US$ | 413 |
|
| ||
| Truist Financial Corp | - | 〃 |
| - |
| US$ | 410 |
|
| N/A |
| US$ | 410 |
|
| ||
| Newmont Goldcorp Corp | - | 〃 |
| - |
| US$ | 404 |
|
| N/A |
| US$ | 404 |
|
| ||
| AXA Equitable Holdings Inc | - | 〃 |
| - |
| US$ | 403 |
|
| N/A |
| US$ | 403 |
|
| ||
| PepsiCo Inc | - | 〃 |
| - |
| US$ | 400 |
|
| N/A |
| US$ | 400 |
|
| ||
| StanCorp Financial Group Inc | - | 〃 |
| - |
| US$ | 388 |
|
| N/A |
| US$ | 388 |
|
| ||
| Canadian Pacific Railway Co | - | 〃 |
| - |
| US$ | 378 |
|
| N/A |
| US$ | 378 |
|
| ||
| Enbridge Inc | - | 〃 |
| - |
| US$ | 378 |
|
| N/A |
| US$ | 378 |
|
| ||
| Principal Financial Group Inc | - | 〃 |
| - |
| US$ | 372 |
|
| N/A |
| US$ | 372 |
|
| ||
| Pernod Ricard SA | - | 〃 |
| - |
| US$ | 364 |
|
| N/A |
| US$ | 364 |
|
| ||
| First Republic Bank/CA | - | 〃 |
| - |
| US$ | 360 |
|
| N/A |
| US$ | 360 |
|
| ||
| Archer-Daniels-Midland Co | - | 〃 |
| - |
| US$ | 353 |
|
| N/A |
| US$ | 353 |
|
| ||
| WEC Energy Group Inc | - | 〃 |
| - |
| US$ | 351 |
|
| N/A |
| US$ | 351 |
|
| ||
| Ventas Realty LP / Ventas Capital Corp | - | 〃 |
| - |
| US$ | 349 |
|
| N/A |
| US$ | 349 |
|
| ||
| Amgen Inc | - | 〃 |
| - |
| US$ | 347 |
|
| N/A |
| US$ | 347 |
|
| ||
| Allstate Corp/The | - | 〃 |
| - |
| US$ | 332 |
|
| N/A |
| US$ | 332 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 82 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | BP Capital Markets PLC | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 329 |
|
| N/A |
| US$ | 329 |
|
| ||
| CommonSpirit Health | - | 〃 |
| - |
| US$ | 322 |
|
| N/A |
| US$ | 322 |
|
| ||
| Total Capital International SA | - | 〃 |
| - |
| US$ | 320 |
|
| N/A |
| US$ | 320 |
|
| ||
| Southern Co/The | - | 〃 |
| - |
| US$ | 318 |
|
| N/A |
| US$ | 318 |
|
| ||
| Anthem Inc | - | 〃 |
| - |
| US$ | 314 |
|
| N/A |
| US$ | 314 |
|
| ||
| Chubb INA Holdings Inc | - | 〃 |
| - |
| US$ | 313 |
|
| N/A |
| US$ | 313 |
|
| ||
| America Movil SAB de CV | - | 〃 |
| - |
| US$ | 311 |
|
| N/A |
| US$ | 311 |
|
| ||
| Alibaba Group Holding Ltd | - | 〃 |
| - |
| US$ | 306 |
|
| N/A |
| US$ | 306 |
|
| ||
| Aon Corp | - | 〃 |
| - |
| US$ | 300 |
|
| N/A |
| US$ | 300 |
|
| ||
| Johnson Controls International plc | - | 〃 |
| - |
| US$ | 298 |
|
| N/A |
| US$ | 298 |
|
| ||
| Mondelez International Inc | - | 〃 |
| - |
| US$ | 284 |
|
| N/A |
| US$ | 284 |
|
| ||
| Southern Natural Gas Co LLC / Southern Natural Issuing Corp | - | 〃 |
| - |
| US$ | 277 |
|
| N/A |
| US$ | 277 |
|
| ||
| Coca-Cola Co/The | - | 〃 |
| - |
| US$ | 275 |
|
| N/A |
| US$ | 275 |
|
| ||
| Huntington National Bank/The | - | 〃 |
| - |
| US$ | 257 |
|
| N/A |
| US$ | 257 |
|
| ||
| EI du Pont de Nemours and Co | - | 〃 |
| - |
| US$ | 255 |
|
| N/A |
| US$ | 255 |
|
| ||
| Capital One Bank USA NA | - | 〃 |
| - |
| US$ | 254 |
|
| N/A |
| US$ | 254 |
|
| ||
| Waste Management Inc | - | 〃 |
| - |
| US$ | 251 |
|
| N/A |
| US$ | 251 |
|
| ||
| Aon PLC | - | 〃 |
| - |
| US$ | 246 |
|
| N/A |
| US$ | 246 |
|
| ||
| Nasdaq Inc | - | 〃 |
| - |
| US$ | 220 |
|
| N/A |
| US$ | 220 |
|
| ||
| Deere & Co | - | 〃 |
| - |
| US$ | 217 |
|
| N/A |
| US$ | 217 |
|
| ||
| Saudi Arabian Oil Co | - | 〃 |
| - |
| US$ | 202 |
|
| N/A |
| US$ | 202 |
|
| ||
| Nucor Corp | - | 〃 |
| - |
| US$ | 189 |
|
| N/A |
| US$ | 189 |
|
| ||
| Dow Chemical Co/The | - | 〃 |
| - |
| US$ | 135 |
|
| N/A |
| US$ | 135 |
|
| ||
| Columbia Property Trust Operating Partnership LP | - | 〃 |
| - |
| US$ | 105 |
|
| N/A |
| US$ | 105 |
|
| ||
| Wells Fargo & Company | - | Financial assets at amortized cost |
| - |
| US$ | 180,487 |
|
| N/A |
| US$ | 182,212 |
|
| ||
| Citigroup Global Market Inc. | - | 〃 |
| - |
| US$ | 99,965 |
|
| N/A |
| US$ | 100,488 |
|
| ||
| JPMorgan Chase & Co. | - | 〃 |
| - |
| US$ | 95,058 |
|
| N/A |
| US$ | 95,567 |
|
| ||
| Goldman Sachs Group Inc/The | - | 〃 |
| - |
| US$ | 14,930 |
|
| N/A |
| US$ | 15,140 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Government bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| United States Treasury Note/Bond | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 472,618 |
|
| N/A |
| US$ | 472,618 |
|
| ||
| Abu Dhabi Government International Bond | - | 〃 |
| - |
| US$ | 5,023 |
|
| N/A |
| US$ | 5,023 |
|
| ||
| Qatar Government International Bond | - | 〃 |
| - |
| US$ | 1,396 |
|
| N/A |
| US$ | 1,396 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Agency bonds/Agency mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Fannie Mae Pool | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 518,729 |
|
| N/A |
| US$ | 518,729 |
|
| ||
| Ginnie Mae II Pool | - | 〃 |
| - |
| US$ | 297,578 |
|
| N/A |
| US$ | 297,578 |
|
| ||
| Fannie Mae REMICS | - | 〃 |
| - |
| US$ | 134,588 |
|
| N/A |
| US$ | 134,588 |
|
| ||
| Freddie Mac REMICS | - | 〃 |
| - |
| US$ | 128,111 |
|
| N/A |
| US$ | 128,111 |
|
| ||
| Freddie Mac Pool | - | 〃 |
| - |
| US$ | 121,514 |
|
| N/A |
| US$ | 121,514 |
|
| ||
| Fannie Mae or Freddie Mac | - | 〃 |
| - |
| US$ | 110,508 |
|
| N/A |
| US$ | 110,508 |
|
| ||
| Ginnie Mae | - | 〃 |
| - |
| US$ | 99,267 |
|
| N/A |
| US$ | 99,267 |
|
| ||
| Freddie Mac Gold Pool | - | 〃 |
| - |
| US$ | 80,113 |
|
| N/A |
| US$ | 80,113 |
|
| ||
| Government National Mortgage Association | - | 〃 |
| - |
| US$ | 35,743 |
|
| N/A |
| US$ | 35,743 |
|
| ||
| Fannie Mae-Aces | - | 〃 |
| - |
| US$ | 19,416 |
|
| N/A |
| US$ | 19,416 |
|
| ||
| Freddie Mac Strips | - | 〃 |
| - |
| US$ | 3,760 |
|
| N/A |
| US$ | 3,760 |
|
| ||
| State Board of Administration Finance Corp | - | 〃 |
| - |
| US$ | 3,605 |
|
| N/A |
| US$ | 3,605 |
|
| ||
| University of California | - | 〃 |
| - |
| US$ | 1,947 |
|
| N/A |
| US$ | 1,947 |
|
| ||
| Korea Hydro & Nuclear Power Co Ltd | - | 〃 |
| - |
| US$ | 1,942 |
|
| N/A |
| US$ | 1,942 |
|
| ||
| Federal National Mortgage Association | - | 〃 |
| - |
| US$ | 1,159 |
|
| N/A |
| US$ | 1,159 |
|
| ||
| Denver City & County Housing Authority | - | 〃 |
| - |
| US$ | 1,029 |
|
| N/A |
| US$ | 1,029 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 83 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Ginnie Mae I Pool | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 976 |
|
| N/A |
| US$ | 976 |
|
| ||
| Oregon Health & Science University | - | 〃 |
| - |
| US$ | 826 |
|
| N/A |
| US$ | 826 |
|
| ||
| FRESB 2019-SB61 Mortgage Trust | - | 〃 |
| - |
| US$ | 623 |
|
| N/A |
| US$ | 623 |
|
| ||
| Freddie Mac Multifamily Structured Pass Through Certificates | - | 〃 |
| - |
| US$ | 596 |
|
| N/A |
| US$ | 596 |
|
| ||
| State of Hawaii | - | 〃 |
| - |
| US$ | 556 |
|
| N/A |
| US$ | 556 |
|
| ||
| FHLMC-GNMA | - | 〃 |
| - |
| US$ | 535 |
|
| N/A |
| US$ | 535 |
|
| ||
| State of Wisconsin | - | 〃 |
| - |
| US$ | 526 |
|
| N/A |
| US$ | 526 |
|
| ||
| Brazos Higher Education Authority Inc | - | 〃 |
| - |
| US$ | 480 |
|
| N/A |
| US$ | 480 |
|
| ||
| FRESB 2019-SB60 Mortgage Trust | - | 〃 |
| - |
| US$ | 412 |
|
| N/A |
| US$ | 412 |
|
| ||
| Freddie Mac Non Gold Pool | - | 〃 |
| - |
| US$ | 300 |
|
| N/A |
| US$ | 300 |
|
| ||
| Sales Tax Securitization Corp | - | 〃 |
| - |
| US$ | 252 |
|
| N/A |
| US$ | 252 |
|
| ||
| Fannie Mae Benchmark REMIC | - | 〃 |
| - |
| US$ | 97 |
|
| N/A |
| US$ | 97 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2014-C24 | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 8,013 |
|
| N/A |
| US$ | 8,013 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2016-BNK1 | - | 〃 |
| - |
| US$ | 7,881 |
|
| N/A |
| US$ | 7,881 |
|
| ||
| BANK 2020-BNK26 | - | 〃 |
| - |
| US$ | 7,325 |
|
| N/A |
| US$ | 7,325 |
|
| ||
| Citigroup Commercial Mortgage Trust 2014-GC21 | - | 〃 |
| - |
| US$ | 6,888 |
|
| N/A |
| US$ | 6,888 |
|
| ||
| CGDBB Commercial Mortgage Trust 2017-BIOC | - | 〃 |
| - |
| US$ | 6,854 |
|
| N/A |
| US$ | 6,854 |
|
| ||
| Hyundai Auto Receivables Trust 2017-A | - | 〃 |
| - |
| US$ | 6,742 |
|
| N/A |
| US$ | 6,742 |
|
| ||
| Benchmark 2019-B11 Mortgage Trust | - | 〃 |
| - |
| US$ | 6,533 |
|
| N/A |
| US$ | 6,533 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2016-C35 | - | 〃 |
| - |
| US$ | 6,388 |
|
| N/A |
| US$ | 6,388 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 | - | 〃 |
| - |
| US$ | 6,074 |
|
| N/A |
| US$ | 6,074 |
|
| ||
| UBS-Barclays Commercial Mortgage Trust 2012-C2 | - | 〃 |
| - |
| US$ | 5,743 |
|
| N/A |
| US$ | 5,743 |
|
| ||
| WFRBS Commercial Mortgage Trust 2013-C13 | - | 〃 |
| - |
| US$ | 5,663 |
|
| N/A |
| US$ | 5,663 |
|
| ||
| BBCMS 2018-TALL Mortgage Trust | - | 〃 |
| - |
| US$ | 5,403 |
|
| N/A |
| US$ | 5,403 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 | - | 〃 |
| - |
| US$ | 5,372 |
|
| N/A |
| US$ | 5,372 |
|
| ||
| COMM 2015-CCRE24 Mortgage Trust | - | 〃 |
| - |
| US$ | 5,333 |
|
| N/A |
| US$ | 5,333 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 | - | 〃 |
| - |
| US$ | 5,071 |
|
| N/A |
| US$ | 5,071 |
|
| ||
| MRCD 2019-MARK Mortgage Trust | - | 〃 |
| - |
| US$ | 4,917 |
|
| N/A |
| US$ | 4,917 |
|
| ||
| BANK 2019-BNK22 | - | 〃 |
| - |
| US$ | 4,583 |
|
| N/A |
| US$ | 4,583 |
|
| ||
| Mercedes-Benz Auto Lease Trust 2019-B | - | 〃 |
| - |
| US$ | 4,333 |
|
| N/A |
| US$ | 4,333 |
|
| ||
| BANK 2017-BNK5 | - | 〃 |
| - |
| US$ | 4,272 |
|
| N/A |
| US$ | 4,272 |
|
| ||
| JPMCC Commercial Mortgage Securities Trust 2017-JP7 | - | 〃 |
| - |
| US$ | 4,261 |
|
| N/A |
| US$ | 4,261 |
|
| ||
| BANK 2017-BNK6 | - | 〃 |
| - |
| US$ | 4,254 |
|
| N/A |
| US$ | 4,254 |
|
| ||
| UBS Commercial Mortgage Trust 2018-C10 | - | 〃 |
| - |
| US$ | 4,248 |
|
| N/A |
| US$ | 4,248 |
|
| ||
| BANK 2019-BNK17 | - | 〃 |
| - |
| US$ | 4,234 |
|
| N/A |
| US$ | 4,234 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 | - | 〃 |
| - |
| US$ | 4,024 |
|
| N/A |
| US$ | 4,024 |
|
| ||
| JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 | - | 〃 |
| - |
| US$ | 4,020 |
|
| N/A |
| US$ | 4,020 |
|
| ||
| Enterprise Fleet Financing 2020-1 LLC | - | 〃 |
| - |
| US$ | 3,870 |
|
| N/A |
| US$ | 3,870 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2015-C28 | - | 〃 |
| - |
| US$ | 3,620 |
|
| N/A |
| US$ | 3,620 |
|
| ||
| Benchmark 2018-B2 Mortgage Trust | - | 〃 |
| - |
| US$ | 3,482 |
|
| N/A |
| US$ | 3,482 |
|
| ||
| UBS-Barclays Commercial Mortgage Trust 2013-C6 | - | 〃 |
| - |
| US$ | 3,321 |
|
| N/A |
| US$ | 3,321 |
|
| ||
| GS Mortgage Securities Trust 2012-GC6 | - | 〃 |
| - |
| US$ | 3,188 |
|
| N/A |
| US$ | 3,188 |
|
| ||
| Ford Credit Auto Lease Trust 2019-B | - | 〃 |
| - |
| US$ | 3,139 |
|
| N/A |
| US$ | 3,139 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2017-C40 | - | 〃 |
| - |
| US$ | 3,063 |
|
| N/A |
| US$ | 3,063 |
|
| ||
| Morgan Stanley Capital I Trust 2017-H1 | - | 〃 |
| - |
| US$ | 3,051 |
|
| N/A |
| US$ | 3,051 |
|
| ||
| Citigroup Commercial Mortgage Trust 2016-P5 | - | 〃 |
| - |
| US$ | 3,017 |
|
| N/A |
| US$ | 3,017 |
|
| ||
| Hyundai Auto Receivables Trust 2018-A | - | 〃 |
| - |
| US$ | 2,942 |
|
| N/A |
| US$ | 2,942 |
|
| ||
| Nissan Auto Lease Trust 2019-B | - | 〃 |
| - |
| US$ | 2,899 |
|
| N/A |
| US$ | 2,899 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 84 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | GS Mortgage Securities Corp Trust 2018-RIVR | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 2,873 |
|
| N/A |
| US$ | 2,873 |
|
| ||
| Ford Credit Auto Lease Trust 2020-B | - | 〃 |
| - |
| US$ | 2,869 |
|
| N/A |
| US$ | 2,869 |
|
| ||
| UBS-Barclays Commercial Mortgage Trust 2012-C3 | - | 〃 |
| - |
| US$ | 2,865 |
|
| N/A |
| US$ | 2,865 |
|
| ||
| BANK 2019-BNK24 | - | 〃 |
| - |
| US$ | 2,829 |
|
| N/A |
| US$ | 2,829 |
|
| ||
| Citigroup Commercial Mortgage Trust 2016-C3 | - | 〃 |
| - |
| US$ | 2,781 |
|
| N/A |
| US$ | 2,781 |
|
| ||
| Enterprise Fleet Financing 2019-2 LLC | - | 〃 |
| - |
| US$ | 2,770 |
|
| N/A |
| US$ | 2,770 |
|
| ||
| BX Commercial Mortgage Trust 2018-IND | - | 〃 |
| - |
| US$ | 2,760 |
|
| N/A |
| US$ | 2,760 |
|
| ||
| GS Mortgage Securities Trust 2013-GCJ12 | - | 〃 |
| - |
| US$ | 2,717 |
|
| N/A |
| US$ | 2,717 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2020-C55 | - | 〃 |
| - |
| US$ | 2,638 |
|
| N/A |
| US$ | 2,638 |
|
| ||
| Ford Credit Auto Owner Trust 2020-REV1 | - | 〃 |
| - |
| US$ | 2,635 |
|
| N/A |
| US$ | 2,635 |
|
| ||
| GM Financial Consumer Automobile Receivables Trust 2017-2 | - | 〃 |
| - |
| US$ | 2,524 |
|
| N/A |
| US$ | 2,524 |
|
| ||
| American Express Credit Account Master Trust | - | 〃 |
| - |
| US$ | 2,519 |
|
| N/A |
| US$ | 2,519 |
|
| ||
| BBCMS Mortgage Trust 2020-C8 | - | 〃 |
| - |
| US$ | 2,478 |
|
| N/A |
| US$ | 2,478 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 | - | 〃 |
| - |
| US$ | 2,470 |
|
| N/A |
| US$ | 2,470 |
|
| ||
| Citibank Credit Card Issuance Trust | - | 〃 |
| - |
| US$ | 2,304 |
|
| N/A |
| US$ | 2,304 |
|
| ||
| UBS Commercial Mortgage Trust 2018-C11 | - | 〃 |
| - |
| US$ | 2,243 |
|
| N/A |
| US$ | 2,243 |
|
| ||
| Morgan Stanley Capital I Trust 2018-H3 | - | 〃 |
| - |
| US$ | 2,240 |
|
| N/A |
| US$ | 2,240 |
|
| ||
| COMM 2013-CCRE12 Mortgage Trust | - | 〃 |
| - |
| US$ | 2,165 |
|
| N/A |
| US$ | 2,165 |
|
| ||
| BENCHMARK 2018-B4 | - | 〃 |
| - |
| US$ | 2,163 |
|
| N/A |
| US$ | 2,163 |
|
| ||
| JPMDB Commercial Mortgage Securities Trust 2017-C7 | - | 〃 |
| - |
| US$ | 2,126 |
|
| N/A |
| US$ | 2,126 |
|
| ||
| Citigroup Commercial Mortgage Trust 2017-P8 | - | 〃 |
| - |
| US$ | 2,103 |
|
| N/A |
| US$ | 2,103 |
|
| ||
| Ford Credit Auto Owner Trust 2019-A | - | 〃 |
| - |
| US$ | 2,096 |
|
| N/A |
| US$ | 2,096 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 | - | 〃 |
| - |
| US$ | 2,068 |
|
| N/A |
| US$ | 2,068 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2014-C19 | - | 〃 |
| - |
| US$ | 2,015 |
|
| N/A |
| US$ | 2,015 |
|
| ||
| Hyundai Auto Receivables Trust 2016-B | - | 〃 |
| - |
| US$ | 1,913 |
|
| N/A |
| US$ | 1,913 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 | - | 〃 |
| - |
| US$ | 1,866 |
|
| N/A |
| US$ | 1,866 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2012-LC5 | - | 〃 |
| - |
| US$ | 1,716 |
|
| N/A |
| US$ | 1,716 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-C28 | - | 〃 |
| - |
| US$ | 1,586 |
|
| N/A |
| US$ | 1,586 |
|
| ||
| WFRBS Commercial Mortgage Trust 2013-C17 | - | 〃 |
| - |
| US$ | 1,578 |
|
| N/A |
| US$ | 1,578 |
|
| ||
| COMM 2014-CCRE17 Mortgage Trust | - | 〃 |
| - |
| US$ | 1,568 |
|
| N/A |
| US$ | 1,568 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2013-C12 | - | 〃 |
| - |
| US$ | 1,563 |
|
| N/A |
| US$ | 1,563 |
|
| ||
| COMM 2020-CBM Mortgage Trust | - | 〃 |
| - |
| US$ | 1,535 |
|
| N/A |
| US$ | 1,535 |
|
| ||
| ARI Fleet Lease Trust 2019-A | - | 〃 |
| - |
| US$ | 1,497 |
|
| N/A |
| US$ | 1,497 |
|
| ||
| GS Mortgage Securities Trust 2014-GC22 | - | 〃 |
| - |
| US$ | 1,476 |
|
| N/A |
| US$ | 1,476 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2016-C36 | - | 〃 |
| - |
| US$ | 1,411 |
|
| N/A |
| US$ | 1,411 |
|
| ||
| Honda Auto Receivables 2017-3 Owner Trust | - | 〃 |
| - |
| US$ | 1,385 |
|
| N/A |
| US$ | 1,385 |
|
| ||
| Toyota Auto Receivables 2018-D Owner Trust | - | 〃 |
| - |
| US$ | 1,341 |
|
| N/A |
| US$ | 1,341 |
|
| ||
| DBGS 2018-BIOD Mortgage Trust | - | 〃 |
| - |
| US$ | 1,299 |
|
| N/A |
| US$ | 1,299 |
|
| ||
| Nissan Auto Lease Trust 2019-A | - | 〃 |
| - |
| US$ | 1,243 |
|
| N/A |
| US$ | 1,243 |
|
| ||
| Chase Issuance Trust | - | 〃 |
| - |
| US$ | 1,231 |
|
| N/A |
| US$ | 1,231 |
|
| ||
| GM Financial Automobile Leasing Trust 2019-4 | - | 〃 |
| - |
| US$ | 1,218 |
|
| N/A |
| US$ | 1,218 |
|
| ||
| Morgan Stanley Capital I Trust 2019-H6 | - | 〃 |
| - |
| US$ | 1,188 |
|
| N/A |
| US$ | 1,188 |
|
| ||
| Benchmark 2019-B14 Mortgage Trust | - | 〃 |
| - |
| US$ | 1,178 |
|
| N/A |
| US$ | 1,178 |
|
| ||
| GS Mortgage Securities Trust 2014-GC24 | - | 〃 |
| - |
| US$ | 1,168 |
|
| N/A |
| US$ | 1,168 |
|
| ||
| Hyundai Auto Receivables Trust 2019-B | - | 〃 |
| - |
| US$ | 1,165 |
|
| N/A |
| US$ | 1,165 |
|
| ||
| GM Financial Consumer Automobile Receivables Trust 2018-1 | - | 〃 |
| - |
| US$ | 1,138 |
|
| N/A |
| US$ | 1,138 |
|
| ||
| GS Mortgage Securities Trust 2019-GSA1 | - | 〃 |
| - |
| US$ | 1,072 |
|
| N/A |
| US$ | 1,072 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 | - | 〃 |
| - |
| US$ | 1,047 |
|
| N/A |
| US$ | 1,047 |
|
| ||
| Ford Credit Auto Owner Trust 2017-REV1 | - | 〃 |
| - |
| US$ | 1,025 |
|
| N/A |
| US$ | 1,025 |
|
| ||
| COMM 2013-LC6 Mortgage Trust | - | 〃 |
| - |
| US$ | 1,013 |
|
| N/A |
| US$ | 1,013 |
|
| ||
| Ford Credit Auto Lease Trust 2019-A | - | 〃 |
| - |
| US$ | 1,013 |
|
| N/A |
| US$ | 1,013 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 85 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | WFRBS Commercial Mortgage Trust 2011-C4 | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 1,006 |
|
| N/A |
| US$ | 1,006 |
|
| ||
| Benchmark 2019-B9 Mortgage Trust | - | 〃 |
| - |
| US$ | 980 |
|
| N/A |
| US$ | 980 |
|
| ||
| Citigroup Commercial Mortgage Trust 2013-GC11 | - | 〃 |
| - |
| US$ | 977 |
|
| N/A |
| US$ | 977 |
|
| ||
| Citigroup Commercial Mortgage Trust 2015-GC27 | - | 〃 |
| - |
| US$ | 970 |
|
| N/A |
| US$ | 970 |
|
| ||
| Hyundai Auto Lease Securitization Trust 2019-A | - | 〃 |
| - |
| US$ | 964 |
|
| N/A |
| US$ | 964 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 | - | 〃 |
| - |
| US$ | 952 |
|
| N/A |
| US$ | 952 |
|
| ||
| COMM 2012-CCRE5 Mortgage Trust | - | 〃 |
| - |
| US$ | 934 |
|
| N/A |
| US$ | 934 |
|
| ||
| Toyota Auto Receivables 2020-A Owner Trust | - | 〃 |
| - |
| US$ | 928 |
|
| N/A |
| US$ | 928 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-LC20 | - | 〃 |
| - |
| US$ | 919 |
|
| N/A |
| US$ | 919 |
|
| ||
| BBCMS MORTGAGE TRUST 2017-C1 | - | 〃 |
| - |
| US$ | 895 |
|
| N/A |
| US$ | 895 |
|
| ||
| Benchmark 2019-B15 Mortgage Trust | - | 〃 |
| - |
| US$ | 841 |
|
| N/A |
| US$ | 841 |
|
| ||
| 280 Park Avenue 2017-280P Mortgage Trust | - | 〃 |
| - |
| US$ | 830 |
|
| N/A |
| US$ | 830 |
|
| ||
| GM Financial Automobile Leasing Trust 2019-2 | - | 〃 |
| - |
| US$ | 826 |
|
| N/A |
| US$ | 826 |
|
| ||
| BANK 2017-BNK7 | - | 〃 |
| - |
| US$ | 818 |
|
| N/A |
| US$ | 818 |
|
| ||
| Cantor Commercial Real Estate Lending 2019-CF1 | - | 〃 |
| - |
| US$ | 797 |
|
| N/A |
| US$ | 797 |
|
| ||
| Ford Credit Auto Lease Trust | - | 〃 |
| - |
| US$ | 790 |
|
| N/A |
| US$ | 790 |
|
| ||
| Citigroup Commercial Mortgage Trust 2014-GC23 | - | 〃 |
| - |
| US$ | 778 |
|
| N/A |
| US$ | 778 |
|
| ||
| Citigroup Commercial Mortgage Trust 2015-GC35 | - | 〃 |
| - |
| US$ | 773 |
|
| N/A |
| US$ | 773 |
|
| ||
| Toyota Auto Receivables 2017-A Owner Trust | - | 〃 |
| - |
| US$ | 764 |
|
| N/A |
| US$ | 764 |
|
| ||
| BANK 2019-BNK23 | - | 〃 |
| - |
| US$ | 741 |
|
| N/A |
| US$ | 741 |
|
| ||
| Morgan Stanley Capital I Trust 2019-H7 | - | 〃 |
| - |
| US$ | 733 |
|
| N/A |
| US$ | 733 |
|
| ||
| COMM 2013-CCRE8 Mortgage Trust | - | 〃 |
| - |
| US$ | 716 |
|
| N/A |
| US$ | 716 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-NXS3 | - | 〃 |
| - |
| US$ | 696 |
|
| N/A |
| US$ | 696 |
|
| ||
| GM Financial Automobile Leasing Trust 2019-1 | - | 〃 |
| - |
| US$ | 672 |
|
| N/A |
| US$ | 672 |
|
| ||
| GM Financial Automobile Leasing Trust 2019-3 | - | 〃 |
| - |
| US$ | 655 |
|
| N/A |
| US$ | 655 |
|
| ||
| COMM 2015-CCRE22 Mortgage Trust | - | 〃 |
| - |
| US$ | 627 |
|
| N/A |
| US$ | 627 |
|
| ||
| Mercedes-Benz Auto Lease Trust 2019-A | - | 〃 |
| - |
| US$ | 617 |
|
| N/A |
| US$ | 617 |
|
| ||
| GS Mortgage Securities Corp Trust 2020-UPTN | - | 〃 |
| - |
| US$ | 602 |
|
| N/A |
| US$ | 602 |
|
| ||
| CD 2016-CD2 Mortgage Trust | - | 〃 |
| - |
| US$ | 503 |
|
| N/A |
| US$ | 503 |
|
| ||
| JPMDB Commercial Mortgage Securities Trust 2019-COR6 | - | 〃 |
| - |
| US$ | 500 |
|
| N/A |
| US$ | 500 |
|
| ||
| JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1 | - | 〃 |
| - |
| US$ | 492 |
|
| N/A |
| US$ | 492 |
|
| ||
| Citigroup Commercial Mortgage Trust 2014-GC19 | - | 〃 |
| - |
| US$ | 444 |
|
| N/A |
| US$ | 444 |
|
| ||
| Chesapeake Funding II LLC | - | 〃 |
| - |
| US$ | 403 |
|
| N/A |
| US$ | 403 |
|
| ||
| DBUBS 2011-LC2 Mortgage Trust | - | 〃 |
| - |
| US$ | 392 |
|
| N/A |
| US$ | 392 |
|
| ||
| WFRBS Commercial Mortgage Trust 2014-C25 | - | 〃 |
| - |
| US$ | 385 |
|
| N/A |
| US$ | 385 |
|
| ||
| GS Mortgage Securities Trust 2014-GC26 | - | 〃 |
| - |
| US$ | 383 |
|
| N/A |
| US$ | 383 |
|
| ||
| UBS-Barclays Commercial Mortgage Trust 2013-C5 | - | 〃 |
| - |
| US$ | 370 |
|
| N/A |
| US$ | 370 |
|
| ||
| Mercedes-Benz Auto Lease Trust 2018-B | - | 〃 |
| - |
| US$ | 368 |
|
| N/A |
| US$ | 368 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5 | - | 〃 |
| - |
| US$ | 197 |
|
| N/A |
| US$ | 197 |
|
| ||
| Honda Auto Receivables 2020-2 Owner Trust | - | 〃 |
| - |
| US$ | 166 |
|
| N/A |
| US$ | 166 |
|
| ||
| COMM 2015-DC1 Mortgage Trust | - | 〃 |
| - |
| US$ | 165 |
|
| N/A |
| US$ | 165 |
|
| ||
| BANK 2020-BNK28 | - | 〃 |
| - |
| US$ | 156 |
|
| N/A |
| US$ | 156 |
|
| ||
| Toyota Auto Receivables 2018-B Owner Trust | - | 〃 |
| - |
| US$ | 132 |
|
| N/A |
| US$ | 132 |
|
| ||
| BBCMS Mortgage Trust 2020-C7 | - | 〃 |
| - |
| US$ | 110 |
|
| N/A |
| US$ | 110 |
|
| ||
| CFCRE Commercial Mortgage Trust 2011-C1 | - | 〃 |
| - |
| US$ | 73 |
|
| N/A |
| US$ | 73 |
|
| ||
| COMM 2014-CCRE15 Mortgage Trust | - | 〃 |
| - |
| US$ | 46 |
|
| N/A |
| US$ | 46 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-NXS1 | - | 〃 |
| - |
| US$ | 36 |
|
| N/A |
| US$ | 36 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Primavera Capital Fund II L.P. | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 81,161 |
|
| 4 |
| US$ | 81,161 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 86 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | December 31, 2020 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
VTAF II | Non-publicly traded equity investments |
|
|
|
|
|
|
| ||||||||||
| Aether Systems, Inc. | - | Financial assets at fair value through other comprehensive income |
| 1,085 |
| US$ | 386 |
|
| 20 |
| US$ | 386 |
|
| ||
| 5V Technologies, Inc. | - | 〃 |
| 4 |
|
| - |
|
| - |
|
| - |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Publicly traded stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Sentelic Corporation | - | Financial assets at fair value through other comprehensive income |
| 1,019 |
| US$ | 1,778 |
|
| 3 |
| US$ | 1,778 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
VTAF III | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| LiquidLeds Lighting Corp. | - | Financial assets at fair value through other comprehensive income |
| 1,952 |
| US$ | 800 |
|
| 14 |
| US$ | 800 |
|
| ||
| Neoconix, Inc. | - | 〃 |
| 4,147 |
| US$ | 174 |
|
| - |
| US$ | 174 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Growth Fund | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Innovium, Inc. | - | Financial assets at fair value through other comprehensive income |
| 230 |
| US$ | 1,863 |
|
| - |
| US$ | 1,863 |
|
| ||
| Innovium, Inc. | - | 〃 |
| 221 |
| US$ | 1,793 |
|
| - |
| US$ | 1,793 |
|
| ||
| CNEX Labs, Inc. | - | 〃 |
| 237 |
| US$ | 479 |
|
| - |
| US$ | 479 |
|
| ||
| Astera Labs, Inc. | - | 〃 |
| 127 |
| US$ | 250 |
|
| - |
| US$ | 250 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 87 -
TABLE 4
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
MARKETABLE SECURITIES ACQUIRED AND DISPOSED OF AT COSTS OR PRICES OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2020
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Marketable Securities | Financial Statement Account | Counterparty | Nature of Relationship | Beginning Balance | Acquisition | Disposal | Ending Balance (Note) | |||||||||||||||||||||||||||||||||
Shares/Units (In Thousands) | Amount | Shares/Units (In Thousands) | Amount | Shares/Units (In Thousands) | Amount | Carrying Value | Gain/Loss on Disposal | Shares/Units (In Thousands) | Amount | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
TSMC Global | Corporate bond |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
| Bank of America Corp | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ | 46,084 |
|
| - |
| US$ | 35,954 |
|
| - |
| US$ | 25,078 |
| US$ | 23,852 |
| US$ | 1,226 |
|
| - |
| US$ | 58,724 |
| ||||||
| Mitsubishi UFJ Financial Group Inc | 〃 | - | - |
| - |
| US$ | 21,332 |
|
| - |
| US$ | 16,408 |
|
| - |
| US$ | 3,583 |
| US$ | 3,565 |
| US$ | 18 |
|
| - |
| US$ | 34,946 |
| ||||||
| AbbVie Inc | 〃 | - | - |
| - |
| US$ | 31,425 |
|
| - |
| US$ | 30,755 |
|
| - |
| US$ | 30,437 |
| US$ | 30,223 |
| US$ | 214 |
|
| - |
| US$ | 33,716 |
| ||||||
| Goldman Sachs Group Inc/The | 〃 | - | - |
| - |
| US$ | 25,789 |
|
| - |
| US$ | 18,529 |
|
| - |
| US$ | 15,109 |
| US$ | 14,762 |
| US$ | 347 |
|
| - |
| US$ | 29,809 |
| ||||||
| JPMorgan Chase & Co | 〃 | - | - |
| - |
| US$ | 20,825 |
|
| - |
| US$ | 11,988 |
|
| - |
| US$ | 4,033 |
| US$ | 4,000 |
| US$ | 33 |
|
| - |
| US$ | 29,759 |
| ||||||
| Wells Fargo & Co | 〃 | - | - |
| - |
| US$ | 11,864 |
|
| - |
| US$ | 17,277 |
|
| - |
| US$ | 4,109 |
| US$ | 3,956 |
| US$ | 153 |
|
| - |
| US$ | 26,074 |
| ||||||
| Metropolitan Life Global Funding I | 〃 | - | - |
| - |
| US$ | 8,222 |
|
| - |
| US$ | 22,410 |
|
| - |
| US$ | 9,691 |
| US$ | 9,427 |
| US$ | 264 |
|
| - |
| US$ | 21,597 |
| ||||||
| Bristol-Myers Squibb Co | 〃 | - | - |
| - |
| US$ | 21,666 |
|
| - |
| US$ | 26,225 |
|
| - |
| US$ | 27,630 |
| US$ | 27,393 |
| US$ | 237 |
|
| - |
| US$ | 21,090 |
| ||||||
| Mizuho Financial Group Inc | 〃 | - | - |
| - |
| US$ | 10,307 |
|
| - |
| US$ | 14,034 |
|
| - |
| US$ | 3,862 |
| US$ | 3,774 |
| US$ | 88 |
|
| - |
| US$ | 20,795 |
| ||||||
| Toyota Motor Credit Corp | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 18,775 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 19,401 |
| ||||||
| HSBC Holdings PLC | 〃 | - | - |
| - |
| US$ | 20,102 |
|
| - |
| US$ | 9,739 |
|
| - |
| US$ | 14,126 |
| US$ | 13,853 |
| US$ | 273 |
|
| - |
| US$ | 16,113 |
| ||||||
| Hyundai Capital America | 〃 | - | - |
| - |
| US$ | 3,187 |
|
| - |
| US$ | 12,872 |
|
| - |
| US$ | 406 |
| US$ | 400 |
| US$ | 6 |
|
| - |
| US$ | 15,983 |
| ||||||
| Santander UK PLC | 〃 | - | - |
| - |
| US$ | 8,272 |
|
| - |
| US$ | 11,560 |
|
| - |
| US$ | 4,480 |
| US$ | 4,322 |
| US$ | 158 |
|
| - |
| US$ | 15,704 |
| ||||||
| Volkswagen Group of America Finance LLC | 〃 | - | - |
| - |
| US$ | 3,896 |
|
| - |
| US$ | 13,134 |
|
| - |
| US$ | 1,777 |
| US$ | 1,754 |
| US$ | 23 |
|
| - |
| US$ | 15,417 |
| ||||||
| National Securities Clearing Corp | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 15,211 |
|
| - |
| US$ | 1,473 |
| US$ | 1,449 |
| US$ | 24 |
|
| - |
| US$ | 14,129 |
| ||||||
| Lloyds Banking Group PLC | 〃 | - | - |
| - |
| US$ | 2,359 |
|
| - |
| US$ | 10,734 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 13,428 |
| ||||||
| AT&T Inc | 〃 | - | - |
| - |
| US$ | 26,140 |
|
| - |
| US$ | 15,881 |
|
| - |
| US$ | 30,123 |
| US$ | 28,835 |
| US$ | 1,288 |
|
| - |
| US$ | 13,180 |
| ||||||
| Chevron Corp | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 13,770 |
|
| - |
| US$ | 1,574 |
| US$ | 1,530 |
| US$ | 44 |
|
| - |
| US$ | 12,771 |
| ||||||
| Royal Bank of Canada | 〃 | - | - |
| - |
| US$ | 1,004 |
|
| - |
| US$ | 15,844 |
|
| - |
| US$ | 5,082 |
| US$ | 4,983 |
| US$ | 99 |
|
| - |
| US$ | 12,271 |
| ||||||
| Guardian Life Global Funding | 〃 | - | - |
| - |
| US$ | 1,502 |
|
| - |
| US$ | 10,601 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 12,187 |
| ||||||
| US Bancorp | 〃 | - | - |
| - |
| US$ | 2,028 |
|
| - |
| US$ | 11,094 |
|
| - |
| US$ | 2,000 |
| US$ | 1,953 |
| US$ | 47 |
|
| - |
| US$ | 11,651 |
| ||||||
| American Honda Finance Corp | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 11,210 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 11,354 |
| ||||||
| Amazon.com Inc | 〃 | - | - |
| - |
| US$ | 1,018 |
|
| - |
| US$ | 10,687 |
|
| - |
| US$ | 1,054 |
| US$ | 976 |
| US$ | 78 |
|
| - |
| US$ | 10,846 |
| ||||||
| TJX Cos Inc/The | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 12,500 |
|
| - |
| US$ | 3,429 |
| US$ | 3,150 |
| US$ | 279 |
|
| - |
| US$ | 10,563 |
| ||||||
| Verizon Communications Inc | 〃 | - | - |
| - |
| US$ | 14,058 |
|
| - |
| US$ | 9,489 |
|
| - |
| US$ | 13,490 |
| US$ | 12,509 |
| US$ | 981 |
|
| - |
| US$ | 10,558 |
| ||||||
| Equinor ASA | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 11,811 |
|
| - |
| US$ | 3,052 |
| US$ | 2,889 |
| US$ | 163 |
|
| - |
| US$ | 9,635 |
| ||||||
| Exxon Mobil Corp | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 17,331 |
|
| - |
| US$ | 10,272 |
| US$ | 10,025 |
| US$ | 247 |
|
| - |
| US$ | 7,576 |
| ||||||
| CVS Health Corp | 〃 | - | - |
| - |
| US$ | 22,242 |
|
| - |
| US$ | 4,205 |
|
| - |
| US$ | 21,034 |
| US$ | 20,205 |
| US$ | 829 |
|
| - |
| US$ | 5,981 |
| ||||||
| Fox Corp | 〃 | - | - |
| - |
| US$ | 7,331 |
|
| - |
| US$ | 10,171 |
|
| - |
| US$ | 12,216 |
| US$ | 12,059 |
| US$ | 157 |
|
| - |
| US$ | 5,483 |
| ||||||
| ERAC USA Finance LLC | 〃 | - | - |
| - |
| US$ | 11,904 |
|
| - |
| US$ | 3,659 |
|
| - |
| US$ | 11,312 |
| US$ | 11,159 |
| US$ | 153 |
|
| - |
| US$ | 4,298 |
| ||||||
| JPMorgan Chase & Co | 〃 | - | - |
| - |
| US$ | 7,849 |
|
| - |
| US$ | 7,837 |
|
| - |
| US$ | 11,950 |
| US$ | 11,819 |
| US$ | 131 |
|
| - |
| US$ | 3,981 |
| ||||||
| Hewlett Packard Enterprise Co | 〃 | - | - |
| - |
| US$ | 10,661 |
|
| - |
| US$ | 3,863 |
|
| - |
| US$ | 11,564 |
| US$ | 11,142 |
| US$ | 422 |
|
| - |
| US$ | 3,439 |
| ||||||
| Walt Disney Co/The | 〃 | - | - |
| - |
| US$ | 3,246 |
|
| - |
| US$ | 23,391 |
|
| - |
| US$ | 25,026 |
| US$ | 23,723 |
| US$ | 1,303 |
|
| - |
| US$ | 3,058 |
| ||||||
| General Dynamics Corp | 〃 | - | - |
| - |
| US$ | 6,297 |
|
| - |
| US$ | 9,418 |
|
| - |
| US$ | 15,546 |
| US$ | 14,412 |
| US$ | 1,134 |
|
| - |
| US$ | 1,238 |
| ||||||
| Wells Fargo & Co | Financial assets at amortized cost | - | - |
| - |
| US$ | 160,098 |
|
| - |
| US$ | 20,630 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 180,487 |
| ||||||
| Citigroup Global Market Inc. | 〃 | - | - |
| - |
|
|
|
|
| - |
| US$ | 100,000 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 99,965 |
| ||||||
| JPMorgan Chase & Co. | 〃 | - | - |
| - |
| US$ | 84,967 |
|
| - |
| US$ | 10,111 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 95,058 |
| ||||||
| Goldman Sachs Group Inc/The | 〃 | - | - |
| - |
|
|
|
|
| - |
| US$ | 14,930 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 14,930 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 88 -
Company Name | Marketable Securities | Financial Statement Account | Counterparty | Nature of Relationship | Beginning Balance | Acquisition | Disposal | Ending Balance (Note) | ||||||||||||||||||||||||||||||||||
Shares/Units (In Thousands) | Amount | Shares/Units (In Thousands) | Amount | Shares/Units (In Thousands) | Amount | Carrying Value | Gain/Loss on Disposal | Shares/Units (In Thousands) | Amount | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
| - |
|
| ||||||||||||||||||||
TSMC Global | Government bond |
|
|
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
| - |
|
| ||||||||||||||||||||
| United States Treasury Note/Bond | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ |
| 419,942 |
|
|
| - |
| US$ | 683,985 |
|
| - |
| US$ | 836,067 |
| US$ | 817,467 |
| US$ | 18,600 |
|
| - |
| US$ | 287,012 |
| ||||||
| United States Treasury Note/Bond | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 243,371 |
|
| - |
| US$ | 60,688 |
| US$ | 60,688 |
| US$ | - |
|
| - |
| US$ | 182,533 |
| ||||||
|
|
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
| ||||||
| Agency bonds/Agency mortgage-backed securities |
|
|
|
| - |
|
|
|
|
|
|
| - |
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
| ||||||
| Fannie Mae or Freddie Mac | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 671,704 |
|
| - |
| US$ | 630,072 |
| US$ | 628,929 |
| US$ | 1,143 |
|
| - |
| US$ | 42,872 |
| ||||||
| Ginnie Mae | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 371,076 |
|
| - |
| US$ | 329,867 |
| US$ | 329,505 |
| US$ | 362 |
|
| - |
| US$ | 41,775 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 31,529 |
|
| - |
| US$ | 77 |
| US$ | 81 |
| US$ | (4 | ) |
| - |
| US$ | 31,812 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 31,618 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 31,787 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 31,658 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 31,756 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 31,057 |
|
| - |
| US$ | 5 |
| US$ | 5 |
| US$ | - |
|
| - |
| US$ | 31,174 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 30,824 |
|
| - |
| US$ | 2,420 |
| US$ | 2,406 |
| US$ | 14 |
|
| - |
| US$ | 28,723 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 28,376 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 28,537 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 28,251 |
|
| - |
| US$ | 243 |
| US$ | 253 |
| US$ | (10 | ) |
| - |
| US$ | 28,188 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 28,496 |
|
| - |
| US$ | 3,626 |
| US$ | 3,632 |
| US$ | (6 | ) |
| - |
| US$ | 24,963 |
| ||||||
| FNMA TBA 30 Yr 4 | 〃 | - | - |
| - |
| US$ |
| 17,372 |
|
|
| - |
| US$ | 413,102 |
|
| - |
| US$ | 409,695 |
| US$ | 409,435 |
| US$ | 260 |
|
| - |
| US$ | 21,036 |
| ||||||
| Freddie Mac Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 26,913 |
|
| - |
| US$ | 6,834 |
| US$ | 6,806 |
| US$ | 28 |
|
| - |
| US$ | 20,247 |
| ||||||
| FNMA TBA 30 Yr 3.5 | 〃 | - | - |
| - |
| US$ |
| 9,259 |
|
|
| - |
| US$ | 538,814 |
|
| - |
| US$ | 528,608 |
| US$ | 528,389 |
| US$ | 219 |
|
| - |
| US$ | 19,673 |
| ||||||
| GNMA II TBA 30 Yr 3.5 | 〃 | - | - |
| - |
| US$ |
| 10,517 |
|
|
| - |
| US$ | 405,941 |
|
| - |
| US$ | 397,904 |
| US$ | 397,624 |
| US$ | 280 |
|
| - |
| US$ | 18,900 |
| ||||||
| Ginnie Mae | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 150,623 |
|
| - |
| US$ | 132,937 |
| US$ | 132,781 |
| US$ | 156 |
|
| - |
| US$ | 17,896 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 18,793 |
|
| - |
| US$ | 1,872 |
| US$ | 1,994 |
| US$ | (122 | ) |
| - |
| US$ | 17,503 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 17,435 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 17,474 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 16,176 |
|
| - |
| US$ | 209 |
| US$ | 220 |
| US$ | (11 | ) |
| - |
| US$ | 15,890 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 15,207 |
|
| - |
| US$ | 917 |
| US$ | 959 |
| US$ | (42 | ) |
| - |
| US$ | 14,294 |
| ||||||
| GNMA II TBA 30 Yr 3 | 〃 | - | - |
| - |
| US$ |
| 15,095 |
|
|
| - |
| US$ | 546,063 |
|
| - |
| US$ | 547,550 |
| US$ | 546,840 |
| US$ | 710 |
|
| - |
| US$ | 14,249 |
| ||||||
| Freddie Mac | 〃 | - | - |
| - |
| US$ |
| 696 |
|
|
| - |
| US$ | 15,872 |
|
| - |
| US$ | 2,926 |
| US$ | 3,119 |
| US$ | (193 | ) |
| - |
| US$ | 13,631 |
| ||||||
| Freddie Mac Gold Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 12,610 |
|
| - |
| US$ | 2,904 |
| US$ | 3,043 |
| US$ | (139 | ) |
| - |
| US$ | 9,723 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 17,468 |
|
| - |
| US$ | 8,915 |
| US$ | 8,946 |
| US$ | (31 | ) |
| - |
| US$ | 8,515 |
| ||||||
| FNMA TBA 30 Yr 4.5 | 〃 | - | - |
| - |
| US$ |
| 20,165 |
|
|
| - |
| US$ | 369,946 |
|
| - |
| US$ | 382,027 |
| US$ | 381,698 |
| US$ | 329 |
|
| - |
| US$ | 8,394 |
| ||||||
| Fannie Mae or Freddie Mac | 〃 | - | - |
| - |
| US$ |
| 987 |
|
|
| - |
| US$ | 207,006 |
|
| - |
| US$ | 202,126 |
| US$ | 201,841 |
| US$ | 285 |
|
| - |
| US$ | 6,155 |
| ||||||
| GNMA II TBA 30 Yr 4.5 | 〃 | - | - |
| - |
| US$ |
| 7,496 |
|
|
| - |
| US$ | 56,467 |
|
| - |
| US$ | 58,653 |
| US$ | 58,590 |
| US$ | 63 |
|
| - |
| US$ | 5,381 |
| ||||||
| Fannie Mae or Freddie Mac | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 13,115 |
|
| - |
| US$ | 8,732 |
| US$ | 8,752 |
| US$ | (20 | ) |
| - |
| US$ | 4,377 |
| ||||||
| Fannie Mae or Freddie Mac | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 28,040 |
|
| - |
| US$ | 24,518 |
| US$ | 24,461 |
| US$ | 57 |
|
| - |
| US$ | 3,592 |
| ||||||
| Fannie Mae or Freddie Mac | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 720,211 |
|
| - |
| US$ | 718,892 |
| US$ | 716,978 |
| US$ | 1,914 |
|
| - |
| US$ | 3,253 |
| ||||||
| GNMA II TBA 30 Yr 4 | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 36,042 |
|
| - |
| US$ | 35,090 |
| US$ | 34,978 |
| US$ | 112 |
|
| - |
| US$ | 1,067 |
| ||||||
| Fannie Mae or Freddie Mac | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 25,440 |
|
| - |
| US$ | 24,718 |
| US$ | 24,658 |
| US$ | 60 |
|
| - |
| US$ | 782 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| 16,230 |
|
|
| - |
| US$ | - |
|
| - |
| US$ | 16,413 |
| US$ | 16,148 |
| US$ | 265 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| 11,962 |
|
|
| - |
| US$ | - |
|
| - |
| US$ | 12,079 |
| US$ | 11,900 |
| US$ | 179 |
|
| - |
| US$ | - |
| ||||||
| Freddie Mac Gold Pool | 〃 | - | - |
| - |
| US$ |
| 19,392 |
|
|
| - |
| US$ | - |
|
| - |
| US$ | 19,677 |
| US$ | 19,135 |
| US$ | 542 |
|
| - |
| US$ | - |
| ||||||
| Freddie Mac Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 30,881 |
|
| - |
| US$ | 30,624 |
| US$ | 30,845 |
| US$ | (221 | ) |
| - |
| US$ | - |
| ||||||
| Freddie Mac Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 11,321 |
|
| - |
| US$ | 11,441 |
| US$ | 11,320 |
| US$ | 121 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| 29,463 |
|
|
| - |
| US$ | - |
|
| - |
| US$ | 29,873 |
| US$ | 29,355 |
| US$ | 518 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| 13,261 |
|
|
| - |
| US$ | - |
|
| - |
| US$ | 12,741 |
| US$ | 12,622 |
| US$ | 119 |
|
| - |
| US$ | - |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 29,498 |
|
| - |
| US$ | 29,527 |
| US$ | 29,476 |
| US$ | 51 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| 40,438 |
|
|
| - |
| US$ | - |
|
| - |
| US$ | 40,787 |
| US$ | 40,399 |
| US$ | 388 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 42,143 |
|
| - |
| US$ | 42,162 |
| US$ | 42,119 |
| US$ | 43 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| 22,677 |
|
|
| - |
| US$ | - |
|
| - |
| US$ | 23,181 |
| US$ | 22,349 |
| US$ | 832 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 12,810 |
|
| - |
| US$ | 12,807 |
| US$ | 12,809 |
| US$ | (2 | ) |
| - |
| US$ | - |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ |
| - |
|
|
| - |
| US$ | 19,016 |
|
| - |
| US$ | 18,664 |
| US$ | 19,009 |
| US$ | (345 | ) |
| - |
| US$ | - |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 89 -
Company Name | Marketable Securities | Financial Statement Account | Counterparty | Nature of Relationship | Beginning Balance | Acquisition | Disposal | Ending Balance (Note) | ||||||||||||||||||||||||||||||||
Shares/Units (In Thousands) | Amount | Shares/Units (In Thousands) | Amount | Shares/Units (In Thousands) | Amount | Carrying Value | Gain/Loss on Disposal | Shares/Units (In Thousands) | Amount | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
TSMC Global | Fannie Mae Pool | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 27,694 |
|
| - |
| US$ | 27,598 |
| US$ | 27,659 |
| US$ | (61 | ) |
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 26,299 |
|
| - |
| US$ | 27,107 |
| US$ | 26,265 |
| US$ | 842 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 43,455 |
|
| - |
| US$ | - |
|
| - |
| US$ | 43,789 |
| US$ | 43,333 |
| US$ | 456 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 6,072 |
|
| - |
| US$ | 4,451 |
|
| - |
| US$ | 10,551 |
| US$ | 10,512 |
| US$ | 39 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 16,122 |
|
| - |
| US$ | - |
|
| - |
| US$ | 16,194 |
| US$ | 16,095 |
| US$ | 99 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 28,876 |
|
| - |
| US$ | 28,743 |
| US$ | 28,875 |
| US$ | (132 | ) |
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 25,431 |
|
| - |
| US$ | 26,008 |
| US$ | 25,393 |
| US$ | 615 |
|
| - |
| US$ | - |
| ||||||
| Freddie Mac Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 30,971 |
|
| - |
| US$ | 31,136 |
| US$ | 30,964 |
| US$ | 172 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 11,248 |
|
| - |
| US$ | - |
|
| - |
| US$ | 11,350 |
| US$ | 11,003 |
| US$ | 347 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 19,901 |
|
| - |
| US$ | - |
|
| - |
| US$ | 20,081 |
| US$ | 19,418 |
| US$ | 663 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 40,590 |
|
| - |
| US$ | 41,110 |
| US$ | 40,555 |
| US$ | 555 |
|
| - |
| US$ | - |
| ||||||
| Freddie Mac Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 13,065 |
|
| - |
| US$ | 13,073 |
| US$ | 13,044 |
| US$ | 29 |
|
| - |
| US$ | - |
| ||||||
| Freddie Mac Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 12,107 |
|
| - |
| US$ | 12,146 |
| US$ | 12,080 |
| US$ | 66 |
|
| - |
| US$ | - |
| ||||||
| Freddie Mac Pool | 〃 | - | - |
| - |
| US$ | 12,628 |
|
| - |
| US$ | - |
|
| - |
| US$ | 12,111 |
| US$ | 11,994 |
| US$ | 117 |
|
| - |
| US$ | - |
| ||||||
| FNMA TBA 30 Yr 5 | 〃 | - | - |
| - |
| US$ | 3,603 |
|
| - |
| US$ | 62,210 |
|
| - |
| US$ | 65,896 |
| US$ | 65,813 |
| US$ | 83 |
|
| - |
| US$ | - |
| ||||||
| Ginnie Mae | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 17,223 |
|
| - |
| US$ | 17,315 |
| US$ | 17,223 |
| US$ | 92 |
|
| - |
| US$ | - |
| ||||||
| FNMA TBA 30 Yr 3 | 〃 | - | - |
| - |
| US$ | 2,028 |
|
| - |
| US$ | 721,017 |
|
| - |
| US$ | 723,739 |
| US$ | 722,965 |
| US$ | 774 |
|
| - |
| US$ | - |
| ||||||
| FNMA TBA 15 Yr 3 | 〃 | - | - |
| - |
| US$ | 3,073 |
|
| - |
| US$ | 9,656 |
|
| - |
| US$ | 12,739 |
| US$ | 12,724 |
| US$ | 15 |
|
| - |
| US$ | - |
| ||||||
| Freddie Mac Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 19,031 |
|
| - |
| US$ | 19,456 |
| US$ | 19,002 |
| US$ | 454 |
|
| - |
| US$ | - |
| ||||||
| Freddie Mac Gold Pool | 〃 | - | - |
| - |
| US$ | 12,480 |
|
| - |
| US$ | - |
|
| - |
| US$ | 12,551 |
| US$ | 12,132 |
| US$ | 419 |
|
| - |
| US$ | - |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | 513 |
|
| - |
| US$ | 13,356 |
|
| - |
| US$ | 13,853 |
| US$ | 13,849 |
| US$ | 4 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 35,024 |
|
| - |
| US$ | 35,439 |
| US$ | 34,994 |
| US$ | 445 |
|
| - |
| US$ | - |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 12,270 |
|
| - |
| US$ | 12,345 |
| US$ | 12,262 |
| US$ | 83 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 12,751 |
|
| - |
| US$ | 12,782 |
| US$ | 12,731 |
| US$ | 51 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 31,593 |
|
| - |
| US$ | 31,900 |
| US$ | 31,554 |
| US$ | 346 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 16,331 |
|
| - |
| US$ | 16,375 |
| US$ | 16,327 |
| US$ | 48 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 49,131 |
|
| - |
| US$ | 48,934 |
| US$ | 49,083 |
| US$ | (149 | ) |
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 6,284 |
|
| - |
| US$ | 7,821 |
|
| - |
| US$ | 14,163 |
| US$ | 14,070 |
| US$ | 93 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 30,870 |
|
| - |
| US$ | 30,603 |
| US$ | 30,863 |
| US$ | (260 | ) |
| - |
| US$ | - |
| ||||||
| GNMA II Pool MA6090 | 〃 | - | - |
| - |
| US$ | 16,840 |
|
| - |
| US$ | - |
|
| - |
| US$ | 17,140 |
| US$ | 16,943 |
| US$ | 197 |
|
| - |
| US$ | - |
| ||||||
| GNMA II Pool MA6155 | 〃 | - | - |
| - |
| US$ | 23,932 |
|
| - |
| US$ | - |
|
| - |
| US$ | 23,946 |
| US$ | 24,029 |
| US$ | (83 | ) |
| - |
| US$ | - |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | 5,285 |
|
| - |
| US$ | 16,418 |
|
| - |
| US$ | 21,492 |
| US$ | 21,683 |
| US$ | (191 | ) |
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 19,011 |
|
| - |
| US$ | 19,004 |
| US$ | 19,004 |
| US$ | - |
|
| - |
| US$ | - |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The ending balance includes the amortization of premium/discount on bonds investments and other related adjustment.
- 90 -
TABLE 5
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
ACQUISITION OF INDIVIDUAL REAL ESTATE PROPERTIES AT COSTS OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2020
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | ||||||
Owner | Relationships | Transfer Date | Amount | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
TSMC | Fab construction & installation of fab facilities | February 11, 2020 | $ | 47,500,000 |
) | Based on the terms in the purchase order | 80 counterparties (Note 1), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None |
| ABB Ltd. |
|
|
|
|
|
|
| |||||||
|
|
|
| Accudevice Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
| Air Liquide Far Eastern Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Allis Electric Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Am-Power Machine International Enterprise Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Atlas Copco Taiwan Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Atlas Technology Corp. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Capital Machinery Limited |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Chen Yuan International Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Chenfull International Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Cheng Deh Fire Protection Industrial Corp. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| China Steel Structure Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Chun Yuan Steel Industry Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Cica-Huntek Chemical Technology Taiwan Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Confederate Technology Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Da-Cin Construction Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Desiccant Technology Corporation |
|
|
|
|
|
|
|
| ||
|
|
|
|
| EDS International |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Evergreen Steel Corporation |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Exyte Taiwan Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
| Fortune Electric Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 91 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | |||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Fab construction & installation of fab facilities |
|
|
| Fu Tsu Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
| Hantech Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
| Hsieh Kun Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
| Hueng Luei Process Industry Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
| Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore) |
|
|
|
|
|
|
|
| |
|
|
|
|
| J.C. Yang Architect and Associates |
|
|
|
|
|
|
|
|
|
|
|
|
| JG Environmental Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| JJmr-Clean-Air Solution Tech.Services Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Jusun Instruments Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kedge Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kinetics Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| L&K Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Lead-Fu Industrials Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Mandartech Interiors Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Marketech International Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Mega Union Technology Incorporated |
|
|
|
|
|
|
|
|
|
|
|
|
| Organo Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Ovivo Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Pan Asia (Engineers & Constructors) Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| San Fu Chemical Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Schneider Electric Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Shihlin Electric & Engineering Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Siemens Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| Solomon Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Swift Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Taiwan Gleno Enterprise Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Taiwan Puritic Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| TASA Construction Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Techgo Industrial Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Trusval Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 92 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | ||||||
Owner | Relationships | Transfer Date | Amount | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
TSMC | Fab construction & installation of fab facilities |
|
|
| Tung Kang Steel Structure Corp. |
|
|
|
|
|
|
|
| |||
|
|
|
| Uangyih-Tech Industrial Co., Ltd. |
|
|
|
|
|
|
|
| ||||
|
|
|
| Unelectra International Corp. |
|
|
|
|
|
|
|
| ||||
|
|
|
| United Integrated Services Co., Ltd. |
|
|
|
|
|
|
|
| ||||
|
|
|
|
| Versum Materials Taiwan Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Weltall Technology Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Wholetech System Hitech Limited |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Yang Lung-Shih Architect & Associates |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Yangtech Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Yankey Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Ying Pao Technology Inc. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Zhao-Cheng Corp. |
|
|
|
|
|
|
|
| |||
| Fab construction & installation of fab facilities | May 12, 2020 | $ | 66,600,000 |
) | Based on the terms in the purchase order | 84 counterparties (Note 1), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None | |
|
|
|
|
|
| ABB Ltd. |
|
|
|
|
|
|
|
| ||
| Accudevice Co., Ltd. |
|
|
|
|
|
|
|
| |||||||
| Air Liquide Far Eastern Ltd. |
|
|
|
|
|
|
|
| |||||||
|
|
|
| Allis Electric Co., Ltd. |
|
|
|
|
|
|
|
| ||||
|
|
|
| Am-Power Machine International Enterprise Co., Ltd. |
|
|
|
|
|
|
|
| ||||
|
|
|
|
| Atlas Copco Taiwan Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Atlas Technology Corp. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Capital Machinery Limited |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Chen Yuan International Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Chenfull International Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Cheng Deh Fire Protection Industrial Corp. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Chien Kuo Construction Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| China Steel Structure Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Chun Yuan Steel Industry Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Chung-Lin General Contractors, Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 93 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | |||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Fab construction & installation of fab facilities |
|
|
| Cica-Huntek Chemical Technology Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
| Confederate Technology Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
| Da-Cin Construction Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
| Desiccant Technology Corporation |
|
|
|
|
|
|
|
| |
|
|
|
| Evergreen Steel Corporation |
|
|
|
|
|
|
|
| |
|
|
|
|
| Exyte Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fortune Electric Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fu Tsu Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Hantech Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Hsieh Kun Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Hueng Luei Process Industry Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore) |
|
|
|
|
|
|
|
|
|
|
|
|
| J.C. Yang Architect and Associates |
|
|
|
|
|
|
|
|
|
|
|
|
| JG Environmental Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| JJmr-Clean-Air Solution Tech.Services Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Jusun Instruments Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kedge Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kinetics Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| L&K Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Lead-Fu Industrials Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Lee Ming Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Li Jin Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Mandartech Interiors Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Marketech International Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Mega Union Technology Incorporated |
|
|
|
|
|
|
|
|
|
|
|
|
| Obayashi Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Organo Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Ovivo Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
(Continued)
- 94 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | ||||||
Owner | Relationships | Transfer Date | Amount | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
TSMC | Fab construction & installation of fab facilities |
|
|
| Pan Asia (Engineers & Constructors) Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
| San Fu Chemical Co., Ltd. |
|
|
|
|
|
|
|
| ||||
|
|
|
| San Min Construction Development |
|
|
|
|
|
|
|
| ||||
|
|
|
| Schneider Electric Taiwan Co., Ltd. |
|
|
|
|
|
|
|
| ||||
|
|
|
|
| Shihlin Electric & Engineering Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Siemens Limited |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Solomon Technology Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Swift Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Taiwan Gleno Enterprise Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Taiwan Puritic Corp. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| TASA Construction Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Techgo Industrial Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Trusval Technology Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Tung Kang Steel Structure Corp. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Uangyih-Tech Industrial Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Unelectra International Corp. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| United Integrated Services Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Versum Materials Taiwan Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Weltall Technology Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Wholetech System Hitech Limited |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Yangtech Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Yankey Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Ying Pao Technology Inc. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Zhao-Cheng Corp. |
|
|
|
|
|
|
|
| |||
TSMC | Fab construction & installation of fab facilities | August 11, 2020 | $ | 57,700,000 |
) | Based on the terms in the purchase order | 102 counterparties (Note 2), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None | |
|
|
|
|
|
| ABB Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
| Accudevice Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
| Air Liquide Far Eastern Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| Allis Electric Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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|
(Continued)
- 95 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | |||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Fab construction & installation of fab facilities |
|
|
| Am-Power Machine International Enterprise Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
| Atlas Copco Taiwan Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
| Atlas Technology Corp. |
|
|
|
|
|
|
|
| |
|
|
|
| Capital Machinery Limited |
|
|
|
|
|
|
|
| |
|
|
|
|
| Chen Yuan International Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Chenfull International Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Cheng Deh Fire Protection Industrial Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Chien Kuo Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| China Steel Structure Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Chun Yuan Steel Industry Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Chung-Lin General Contractors, Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Cica-Huntek Chemical Technology Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Confederate Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Da-Cin Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Desiccant Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Evergreen Steel Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Exyte Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fortune Electric Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fu Tsu Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Hantech Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Hsieh Kun Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Hueng Luei Process Industry Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore) |
|
|
|
|
|
|
|
|
|
|
|
|
| J.C. Yang Architect and Associates |
|
|
|
|
|
|
|
|
|
|
|
|
| JG Environmental Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| JJmr-Clean-Air Solution Tech.Services Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 96 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | |||||
Owner | Relationships | Transfer Date | Amount | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
TSMC | Fab construction & installation of fab facilities |
|
|
| Jusun Instruments Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
| Kedge Construction Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
| Kinetics Technology Corporation |
|
|
|
|
|
|
|
| |
|
|
|
|
|
| L&K Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
| Lead-Fu Industrials Corporation |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Lee Ming Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Li Jin Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mandartech Interiors Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marketech International Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mega Union Technology Incorporated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Obayashi Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Optimax Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Organo Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ovivo Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pan Asia (Engineers & Constructors) Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| San Fu Chemical Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| San Min Construction Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schneider Electric Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shihlin Electric & Engineering Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Siemens Limited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Solomon Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Swift Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taiwan Gleno Enterprise Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taiwan Puritic Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TASA Construction Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Techgo Industrial Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trusval Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tung Kang Steel Structure Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Uangyih-Tech Industrial Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unelectra International Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| United Integrated Services Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 97 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | ||||||
Owner | Relationships | Transfer Date | Amount | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
TSMC | Fab construction & installation of fab facilities |
|
|
| Versum Materials Taiwan Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
| Weltall Technology Corporation |
|
|
|
|
|
|
|
| ||||
|
|
|
| Wholetech System Hitech Limited |
|
|
|
|
|
|
|
| ||||
|
|
|
|
| Yangtech Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Yankey Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Ying Pao Technology Inc. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Zhao-Cheng Corp. |
|
|
|
|
|
|
|
| |||
TSMC | Buildings and facilities | August 20, 2020 | $ | 860,000 |
| Based on the terms in the purchase order | E-Ton Solar Tech Co., LTD | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None | |
| Real estate | November 10, 2020 (Note 2) |
| 229,600,000 |
) | Based on the terms in the purchase order | 99 counterparties (Note2), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None | |
|
|
|
|
|
| ABB Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
| Accudevice Co., Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
| Air Liquide Far Eastern Ltd. |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| Allis Electric Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Am-Power Machine International Enterprise Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Arizona State Land Department |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Atlas Copco Taiwan Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Atlas Technology Corp. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Capital Machinery Limited |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Central Taiwan Science Park Bureau, Ministry of Science and Technology |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Chen Yuan International Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Chenfull International Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Cheng Deh Fire Protection Industrial Corp. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Chien Kuo Construction Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| China Steel Structure Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Chun Yuan Steel Industry Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Chung-Lin General Contractors, Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 98 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | |||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Real estate |
|
|
| Cica-Huntek Chemical Technology Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Confederate Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Da-Cin Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Desiccant Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Evergreen Steel Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Exyte Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fortune Electric Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fu Tsu Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Hantech Engineering Co., Ltd. | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None |
|
|
|
|
| Hsieh Kun Co., Ltd. |
|
|
|
|
|
|
| |
|
|
|
|
| Hueng Luei Process Industry Co., Ltd. |
|
|
|
|
|
|
| |
|
|
|
|
| Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore) |
|
|
|
|
|
|
|
|
|
|
|
|
| J.C. Yang Architect and Associates |
|
|
|
|
|
|
|
|
|
|
|
|
| JG Environmental Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| JJmr-Clean-Air Solution Tech.Services Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Jusun Instruments Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kedge Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kinetics Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| L&K Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Lead-Fu Industrials Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Lee Ming Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Li Jin Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Mandartech Interiors Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Marketech International Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Mega Union Technology Incorporated |
|
|
|
|
|
|
|
|
|
|
|
|
| Organo Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Ovivo Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Pan Asia (Engineers & Constructors) Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| San Fu Chemical Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 99 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | ||||||
Owner | Relationships | Transfer Date | Amount | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
TSMC | Real estate |
|
|
| Schneider Electric Taiwan Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Shihlin Electric & Engineering Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Siemens Limited |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Solomon Technology Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Southern Taiwan Science Park Bureau, Ministry of Science and Technology |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Swift Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Taiwan Gleno Enterprise Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Taiwan Obayashi Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Taiwan Puritic Corp. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| TASA Construction Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Techgo Industrial Co., Ltd. |
|
|
|
|
|
|
| ||||
|
|
|
|
| Trusval Technology Co., Ltd. |
|
|
|
|
|
|
| ||||
|
|
|
|
| Tung Kang Steel Structure Corp. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Uangyih-Tech Industrial Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Unelectra International Corp. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| United Integrated Services Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Versum Materials Taiwan Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Weltall Technology Corporation |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Wholetech System Hitech Limited |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Yangtech Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Yankey Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Ying Pao Technology Inc. |
|
|
|
|
|
|
|
| |||
|
|
|
|
| Zhao-Cheng Corp. |
|
|
|
|
|
|
|
| |||
VisEra | Fab construction & installation of fab facilities | July 17, 2020 | $ | 1,680,000 |
| Based on the terms in the purchase order | Li Jin Engineering Co., Ltd. | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 100 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | ||||||
Owner | Relationships | Transfer Date | Amount | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
VisEra | Fab construction & installation of fab facilities | December 7, 2020
| $
| 1,930,000
|
| Based on the terms in the purchase order
| Acter Group Corporation Limited
| - | N/A | N/A | N/A | N/A | Price comparison and price | Manufacturing purpose | None | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: | The disclosures are expected information based on the capital appropriation approved by the Board of Directors. The actual information shall be subject to the final purchase order of TSMC. |
Note 2: | The disclosures are expected information based on the capital appropriation approved by the Board of Directors (Right-of-use assets are included). The actual information shall be subject to the final purchase order of TSMC. |
(Concluded)
- 101 -
TABLE 6
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES OF AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 2020
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Related Party | Nature of Relationships | Transaction Details | Abnormal Transaction | Notes/Accounts Payable or Receivable | Note | ||||||||||||||||||
Purchases/ Sales | Amount (Foreign Currencies in Thousands) | % to Total | Payment Terms | Unit Price | Payment Terms | Ending Balance (Foreign Currencies in Thousands) | % to Total | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
TSMC | TSMC North America | Subsidiary | Sales | $ | 824,139,751 |
|
| 61 |
| Net 30 days from invoice date (Note) | - | (Note) | $ | 101,467,381 |
|
| 74 |
|
| ||||
| GUC | Associate | Sales |
| 5,607,239 |
|
| - |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| 313,064 |
|
| - |
|
| ||||
| TSMC China | Subsidiary | Purchases |
| 19,971,901 |
|
| 19 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (1,643,070 | ) |
| 4 |
|
| ||||
| TSMC Nanjing | Subsidiary | Purchases |
| 16,933,672 |
|
| 16 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (1,889,906 | ) |
| 4 |
|
| ||||
| WaferTech | Indirect subsidiary | Purchases |
| 8,015,129 |
|
| 7 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (697,756 | ) |
| 2 |
|
| ||||
| SSMC | Associate | Purchases |
| 4,110,449 |
|
| 4 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (400,765 | ) |
| 1 |
|
| ||||
| VIS | Associate | Purchases |
| 3,494,631 |
|
| 3 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (311,406 | ) |
| 1 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC North America | GUC | Associate of TSMC | Sales |
| 1,572,476 |
|
| - |
| Net 30 days from invoice date | - | - |
| 57,354 |
|
| - |
|
| ||||
|
|
|
| (US$ | 53,406 | ) |
|
|
|
|
|
| (US$ | 2,041 | ) |
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
VisEra Tech | Xintec | Associate of TSMC | Sales |
| 898,091 |
|
| 13 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| 187,488 |
|
| 20 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note : The tenor is determined by the payment terms granted to its clients by TSMC North America.
- 102 -
TABLE 7
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Related Party | Nature of Relationships | Ending Balance (Foreign Currencies in Thousands) | Turnover Days (Note 1) | Overdue | Amounts Received in Subsequent Period | Allowance for Bad Debts | |||||||||||||||
Amount | Action Taken | ||||||||||||||||||||
|
|
|
|
|
|
|
|
| |||||||||||||
TSMC | TSMC North America | Subsidiary | $ | 102,858,283 |
| 41 | $ | - |
| - | $ | - |
| $ | - |
| |||||
| TSMC Nanjing | Subsidiary |
| 203,209 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
| GUC | Associate |
| 313,064 |
| 25 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC China | TSMC Nanjing | The same parent company |
| 20,710,244 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
| (RMB | 4,820,484 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
| TSMC | Parent company |
| 1,643,070 |
| 28 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
| (RMB | 382,438 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC Nanjing | TSMC | Parent company |
| 1,889,906 |
| 34 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
| (RMB | 439,891 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
VisEra Tech | Xintec | Associate of TSMC |
| 187,488 |
| 31 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC Technology | TSMC | The ultimate parent of the Company |
(US$ | 444,021 15,803 |
) | Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
WaferTech | TSMC | The ultimate parent of the Company |
(US$ | 697,756 24,834 |
) | 41 |
| - |
| - |
| - |
|
| - |
| |||||
| TSMC Development | Parent company |
| 103,033 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
| (US$ | 3,667 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 2: | The ending balance is primarily consisted of other receivables, which is not applicable for the calculation of turnover days. |
- 103 -
TABLE 8
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT INTERCOMPANY TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 2020
(Amounts in Thousands of New Taiwan Dollars)
Company Name | Counterparty | Nature of Relationship (Note 1) | Intercompany Transactions | |||||||||
Financial Statements Item | Amount | Terms (Note 2) | Percentage of Consolidated Net Revenue or Total Assets | |||||||||
|
|
|
|
|
|
|
| |||||
0 | TSMC | TSMC North America | 1 | Net revenue from sale of goods | $ | 824,139,751 |
| - |
| 62% |
| |
|
|
|
| Receivables from related parties |
| 101,467,381 |
| - |
| 4% |
| |
|
|
|
| Other receivables from related parties |
| 1,390,902 |
| - |
| - |
| |
|
| TSMC Japan | 1 | Marketing expenses - commission |
| 247,235 |
| - |
| - |
| |
|
| TSMC JDC | 1 | Research and development expenses |
| 106,086 |
| - |
| - |
| |
|
| TSMC Europe | 1 | Marketing expenses - commission |
| 735,295 |
| - |
| - |
| |
|
| TSMC China | 1 | Purchases |
| 19,971,901 |
| - |
| 1% |
| |
|
|
|
| Marketing expenses - commission |
| 209,573 |
| - |
| - |
| |
|
|
|
| Proceeds from acquistion of property, plant and equipment |
| 126,162 |
| - |
| - |
| |
|
|
|
| Payables to related parties |
| 1,643,070 |
| - |
| - |
| |
|
| TSMC Nanjing | 1 | Net revenue from royalties |
| 214,210 |
| - |
| - |
| |
|
|
|
| Purchases |
| 16,933,672 |
| - |
| 1% |
| |
|
|
|
| Proceeds from disposal of property, plant and equipment |
| 527,134 |
| - |
| - |
| |
|
|
|
| Other receivables from related parties |
| 203,209 |
| - |
| - |
| |
|
|
|
| Payables to related parties |
| 1,889,906 |
| - |
| - |
| |
|
| TSMC Canada | 1 | Research and development expenses |
| 341,816 |
| - |
| - |
| |
|
| TSMC Technology | 1 | Research and development expenses |
| 2,931,005 |
| - |
| - |
| |
|
|
|
| Payables to related parties |
| 444,021 |
| - |
| - |
| |
|
| WaferTech | 1 | Purchases |
| 8,015,129 |
| - |
| 1% |
| |
|
|
|
| Payables to related parties |
| 697,756 |
| - |
| - |
| |
1 | TSMC China | TSMC Nanjing | 3 | Other receivables from related parties |
| 20,710,244 |
| - |
| 1% |
| |
2 | TSMC Development | WaferTech | 3 | Other payables from related parties |
| 103,033 |
| - |
| - |
| |
|
|
|
|
|
|
|
|
|
|
|
|
No. 3 represents the transactions between subsidiaries.
Note 2: | The sales prices and payment terms of intercompany sales are not significantly different from those to third parties. For other intercompany transactions, prices and terms are determined in accordance with mutual agreements. |
- 104 -
TABLE 9
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
NAMES, LOCATIONS, AND RELATED INFORMATION OF INVESTEES OVER WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INFORMATION ON INVESTMENT IN MAINLAND CHINA)
FOR THE YEAR ENDED DECEMBER 31, 2020
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Investee Company | Location | Main Businesses and Products | Original Investment Amount | Balance as of December 31, 2020 | Net Income (Losses) of the Investee | Share of Profits/Losses of Investee (Note 1) (Foreign Currencies in Thousands) | Note | |||||||||||||||||||||||||||
December 31, 2020 (Foreign Currencies in Thousands) | December 31, 2019 (Foreign Currencies in Thousands) | Shares (In Thousands) | Percentage of Ownership | Carrying Value (Foreign Currencies in Thousands) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
TSMC | TSMC Global | Tortola, British Virgin Islands | Investment activities | $ | 355,162,309 |
| $ | 355,162,309 |
|
| 11 |
|
| 100 |
| $ | 382,229,039 |
| $ | 7,668,014 |
| $ | 7,668,014 |
| Subsidiary | |||||||||
| TSMC Partners | Tortola, British Virgin Islands | Investing in companies involved in the design, manufacture, and other related business in the semiconductor industry and other investment activities |
| 31,456,130 |
|
| 31,456,130 |
|
| 988,268 |
|
| 100 |
|
| 52,649,936 |
|
| 2,273,717 |
|
| 2,273,717 |
| Subsidiary | |||||||||
| VIS | Hsin-Chu, Taiwan | Manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks |
| 10,180,677 |
|
| 10,180,677 |
|
| 464,223 |
|
| 28 |
|
| 9,029,890 |
|
| 6,305,519 |
|
| 1,780,829 |
| Associate | |||||||||
| VisEra Tech | Hsin-Chu, Taiwan | Engaged in manufacturing electronic spare parts and in researching, developing, designing, manufacturing, selling, packaging and testing of color filter |
| 5,005,171 |
|
| 5,005,171 |
|
| 253,120 |
|
| 87 |
|
| 6,363,099 |
|
| 2,090,545 |
|
| 1,817,520 |
| Subsidiary | |||||||||
| SSMC | Singapore | Manufacturing and selling of integrated circuits and other semiconductor devices |
| 5,120,028 |
|
| 5,120,028 |
|
| 314 |
|
| 39 |
|
| 5,900,245 |
|
| 2,106,093 |
|
| 816,954 |
| Associate | |||||||||
| TSMC North America | San Jose, California, U.S.A | Selling and marketing of integrated circuits and other semiconductor devices |
| 333,718 |
|
| 333,718 |
|
| 11,000 |
|
| 100 |
|
| 4,568,059 |
|
| 294,316 |
|
| 294,316 |
| Subsidiary | |||||||||
| Xintec | Taoyuan, Taiwan | Wafer level chip size packaging and wafer level post passivation interconnection service |
| 1,988,317 |
|
| 1,988,317 |
|
| 111,282 |
|
| 41 |
|
| 2,554,123 |
|
| 1,727,445 |
|
| 709,125 |
| Associate | |||||||||
| GUC | Hsin-Chu, Taiwan | Researching, developing, manufacturing, testing and marketing of integrated circuits |
| 386,568 |
|
| 386,568 |
|
| 46,688 |
|
| 35 |
|
| 1,328,620 |
|
| 850,007 |
|
| 296,142 |
| Associate | |||||||||
| TSMC Arizona | Phoenix, Arizona, U.S.A. | Manufacturing, selling and testing of integrated circuits and other semiconductor devices |
| 855,599 |
|
| - |
|
| 30 |
|
| 100 |
|
| 842,745 |
|
| (196 | ) |
| (196 | ) | Subsidiary | |||||||||
| TSMC Europe | Amsterdam, the Netherlands | Customer service and supporting activities |
| 15,749 |
|
| 15,749 |
|
| - |
|
| 100 |
|
| 537,737 |
|
| 60,142 |
|
| 60,142 |
| Subsidiary | |||||||||
| TSMC JDC | Yokohama, Japan | Engineering support activities |
| 302,560 |
|
| - |
|
| 11 |
|
| 100 |
|
| 292,266 |
|
| (8,070 | ) |
| (8,070 | ) | Subsidiary | |||||||||
| VTAF III | Cayman Islands | Investing in new start-up technology companies |
| 1,318,846 |
|
| 1,318,846 |
|
| - |
|
| 98 |
|
| 214,881 |
|
| (14,453 | ) |
| (14,163 | ) | Subsidiary | |||||||||
| TSMC Japan | Yokohama, Japan | Customer service and supporting activities |
| 83,760 |
|
| 83,760 |
|
| 6 |
|
| 100 |
|
| 144,784 |
|
| 3,361 |
|
| 3,361 |
| Subsidiary | |||||||||
| VTAF II | Cayman Islands | Investing in new start-up technology companies |
| 260,300 |
|
| 260,300 |
|
| - |
|
| 98 |
|
| 82,441 |
|
| (2,066 | ) |
| (2,024 | ) | Subsidiary | |||||||||
| TSMC Korea | Seoul, Korea | Customer service and supporting activities |
| 13,656 |
|
| 13,656 |
|
| 80 |
|
| 100 |
|
| 42,395 |
|
| 1,598 |
|
| 1,598 |
| Subsidiary | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
TSMC Partners | TSMC Development | Delaware, U.S.A | Investing in companies involved in the manufacturing related business in the semiconductor industry |
(US$ | 16,491,220 586,939 |
) |
(US$ | 16,491,220 586,939 |
) |
| - |
|
| 100 |
|
(US$ | 29,493,929 1,049,718 |
) |
(US$ | 1,626,764 55,150 |
) |
| Note2 |
| Subsidiary | |||||||||
| TSMC Technology | Delaware, U.S.A | Engineering support activities |
| 401,282 |
|
| 401,282 |
|
| - |
|
| 100 |
|
| 769,414 |
|
| 147,271 |
|
| Note2 |
| Subsidiary | |||||||||
|
|
|
| (US$ | 14,282 | ) | (US$ | 14,282 | ) |
|
|
|
|
|
| (US$ | 27,384 | ) | (US$ | 5,024 | ) |
|
|
|
| |||||||||
| TSMC Canada | Ontario, Canada | Engineering support activities |
| 64,623 |
|
| 64,623 |
|
| 2,300 |
|
| 100 |
|
| 256,777 |
|
| 27,379 |
|
| Note2 |
| Subsidiary | |||||||||
|
|
|
| (US$ | 2,300 | ) | (US$ | 2,300 | ) |
|
|
|
|
|
| (US$ | 9,139 | ) | (US$ | 923 | ) |
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
VTAF III | Growth Fund | Cayman Islands | Investing in new start-up technology companies |
| 70,348 |
|
| 70,348 |
|
| - |
|
| 100 |
|
| 123,940 |
|
| (1,280 | ) |
| Note2 |
| Subsidiary | |||||||||
|
|
|
| (US$ | 2,504 | ) | (US$ | 2,504 | ) |
|
|
|
|
|
| (US$ | 4,411 | ) | (US$ | (43 | )) |
|
|
|
| |||||||||
| Mutual-Pak | New Taipei, Taiwan | Manufacturing of electronic parts, wholesaling and retailing of electronic materials, and researching, developing and testing of RFID |
(US$ | 44,768 1,593 |
) |
(US$ | 44,768 1,593 |
) |
| 4,693 |
|
| 28 |
|
(US$ | 28,183 1,003 |
) |
(US$ | (36,461 (1,209 | ) )) |
| Note2 |
| Associate | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
TSMC Development | WaferTech | Washington, U.S.A | Manufacturing, selling and testing of integrated circuits and other semiconductor devices |
| - |
|
| - |
|
| 293,637 |
|
| 100 |
|
(US$ | 4,610,909 164,107 |
) |
(US$ | 1,394,261 47,293 |
) |
| Note2 |
| Subsidiary | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: | The share of profits/losses of investee includes the effect of unrealized gross profit on intercompany transactions. |
Note 2: | The share of profits/losses of the investee company is not reflected herein as such amount is already included in the share of profits/losses of the investor company. |
- 105 -
TABLE 10
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
INFORMATION ON INVESTMENT IN MAINLAND CHINA
FOR YEAR ENDED DECEMBER 31, 2020
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Investee Company | Main Businesses and Products | Total Amount of Paid-in Capital (RMB in Thousands) | Method of Investment | Accumulated Outflow of Investment from Taiwan as of January 1, 2020 (US$ in Thousands) | Investment Flows | Accumulated Outflow of Investment from Taiwan as of December 31, 2020 (US$ in Thousands) | Net Income (Losses) of the Investee Company | Percentage of Ownership | Share of Profits/Losses | Carrying Amount as of December 31, 2020 | Accumulated Inward Remittance of Earnings as of December 31, 2020 | |||||||||||||||||||||||||||||||
Outflow (US$ in Thousands) | Inflow | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
TSMC China | Manufacturing, selling, testing and computer-aided design of integrated circuits and other semiconductor devices | $ (RMB | 18,939,667 4,502,080 |
) | Note 1 | $ (US$ | 18,939,667 596,000 |
) | $ | - |
| $ | - |
| $ (US$ | 18,939,667 596,000 |
) | $ | 7,200,634 |
|
| 100% |
| $
| 6,999,772 (Note 2 |
) | $ | 64,243,766 |
| $ | - |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Nanjing | Manufacturing, selling, testing and computer-aided design of integrated circuits and other semiconductor devices |
(RMB | 30,521,412 6,650,119 |
) | Note 1 |
(US$ | 30,521,412 1,000,000 |
) |
| - |
|
| - |
|
(US$ | 30,521,412 1,000,000 |
) |
| 12,143,866 |
|
| 100% |
|
| 12,205,157 (Note 2 |
) |
| 33,573,482 |
|
| - |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Investment in Mainland China as of December 31, 2020 (US$ in Thousands) | Investment Amounts Authorized by Investment Commission, MOEA (US$ in Thousands) | Upper Limit on Investment | ||||||||||
|
|
| ||||||||||
$ (US$ | 49,461,079 1,596,000 |
) | $ (US$ | 119,412,667 3,596,000 |
) | $
| 1,110,373,199 (Note 3 |
) | ||||
|
|
|
|
|
|
|
|
|
Note 1: | TSMC directly invested US$596,000 thousand in TSMC China and US$1,000,000 thousands in TSMC Nanjing. |
Note 2: | Amount was recognized based on the audited financial statements. |
Note 3: | The upper limit on investment in mainland China is determined by sixty percent (60%) of the Company’s consolidated net worth. |
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TABLE 11
Taiwan Semiconductor Manufacturing Company Limited
INFORMATION ON MAJOR SHAREHOLDERS
DECEMBER 31, 2020
Shareholders (Note) | Shares | |||||
Total Shares Owned | Ownership Percentage | |||||
|
|
| ||||
ADR-Taiwan Semiconductor Manufacturing Company, Ltd. |
| 5,321,819,398 |
|
| 20.52% |
|
|
|
|
|
|
|
|
National Development Fund, Executive Yuan |
| 1,653,709,980 |
|
| 6.38% |
|
|
|
|
|
|
|
|
Note: | Major shareholders shows the list of all shareholders with ownership of 5 percent or greater. |
- 107 -