English Translation of Financial Statements Originally Issued in Chinese
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
Consolidated Financial Statements for the
Six Months Ended June 30, 2022 and 2021 and
Independent Auditors’ Review Report
- 0 -
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’ REVIEW REPOR
The Board of Directors and Shareholders
Taiwan Semiconductor Manufacturing Company Limited
Introduction
We have reviewed the accompanying consolidated balance sheets of Taiwan Semiconductor Manufacturing Company Limited and its subsidiaries (collectively, the “Company”) as of June 30, 2022 and 2021, the related consolidated statements of comprehensive income for the three months ended June 30, 2022 and 2021 and for the six months ended June 30, 2022 and 2021, of changes in equity, and of cash flows for the six months then ended, and the related notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as 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 International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews.
Scope of Review
We conducted our reviews in accordance with Statement of Auditing Standards No. 65 “Review of Financial Information Performed by the Independent Auditor of the Entity”. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our reviews, nothing has come to our attention that caused us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects the consolidated financial position of the Company as of June 30, 2022 and 2021, its consolidated financial performance for the three months ended June 30, 2022 and 2021, and its consolidated financial performance and its consolidated cash flows for the six months then ended June 30, 2022 and 2021 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.
1
The engagement partners on the reviews resulting in this independent auditors’ review report are Mei Yen Chiang and Shang Chih Lin.
Deloitte & Touche
Taipei, Taiwan
Republic of China
August 9, 2022
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 review such consolidated financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors’ review 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’ review report and consolidated financial statements shall prevail.
2
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In Thousands of New Taiwan Dollars)
| June 30, 2022 (Reviewed) |
| December 31, 2021 (Audited) |
| June 30, 2021 (Reviewed) | |||||||||||||||||||||||||||||||||||||||
ASSETS |
| Amount |
| % |
| Amount |
| % |
| Amount |
| % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||
Cash and cash equivalents (Note 6) |
| $ | 1,253,189,197 |
|
|
| 29 |
|
| $ | 1,064,990,192 |
|
|
| 29 |
|
| $ | 747,982,082 |
|
|
| 24 |
| ||||||||||||||||||||
Financial assets at fair value through profit or loss (Note 7) |
|
| 214,215 |
|
|
| - |
|
|
| 159,048 |
|
|
| - |
|
|
| 58,325 |
|
|
| - |
| ||||||||||||||||||||
Financial assets at fair value through other comprehensive income (Note 8) |
|
| 120,954,506 |
|
|
| 3 |
|
|
| 119,519,251 |
|
|
| 3 |
|
|
| 122,794,529 |
|
|
| 4 |
| ||||||||||||||||||||
Financial assets at amortized cost (Note 9) |
|
| 51,165,762 |
|
|
| 1 |
|
|
| 3,773,571 |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||||||||||||||||||
Hedging financial assets (Note 10) |
|
| 44,686 |
|
|
| - |
|
|
| 13,468 |
|
|
| - |
|
|
| 310 |
|
|
| - |
| ||||||||||||||||||||
Notes and accounts receivable, net (Note 11) |
|
| 220,996,537 |
|
|
| 5 |
|
|
| 197,586,109 |
|
|
| 5 |
|
|
| 177,475,493 |
|
|
| 6 |
| ||||||||||||||||||||
Receivables from related parties (Note 31) |
|
| 1,072,699 |
|
|
| - |
|
|
| 715,324 |
|
|
| - |
|
|
| 784,397 |
|
|
| - |
| ||||||||||||||||||||
Other receivables from related parties (Note 31) |
|
| 2,518,059 |
|
|
| - |
|
|
| 61,531 |
|
|
| - |
|
|
| 1,711,652 |
|
|
| - |
| ||||||||||||||||||||
Inventories (Note 12) |
|
| 217,438,091 |
|
|
| 5 |
|
|
| 193,102,321 |
|
|
| 5 |
|
|
| 170,438,686 |
|
|
| 6 |
| ||||||||||||||||||||
Other financial assets (Note 32) |
|
| 24,931,373 |
|
|
| 1 |
|
|
| 16,630,611 |
|
|
| 1 |
|
|
| 12,450,123 |
|
|
| - |
| ||||||||||||||||||||
Other current assets |
|
| 13,341,271 |
|
|
| - |
|
|
| 10,521,481 |
|
|
| - |
|
|
| 7,408,426 |
|
|
| - |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Total current assets |
|
| 1,905,866,396 |
|
|
| 44 |
|
|
| 1,607,072,907 |
|
|
| 43 |
|
|
| 1,241,104,023 |
|
|
| 40 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
NONCURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Financial assets at fair value through other comprehensive income (Note 8) |
|
| 6,503,252 |
|
|
| - |
|
|
| 5,887,892 |
|
|
| - |
|
|
| 5,389,958 |
|
|
| - |
| ||||||||||||||||||||
Financial assets at amortized cost (Note 9) |
|
| 34,139,722 |
|
|
| 1 |
|
|
| 1,533,391 |
|
|
| - |
|
|
| 4,336,636 |
|
|
| - |
| ||||||||||||||||||||
Investments accounted for using equity method (Note 13) |
|
| 23,797,518 |
|
|
| - |
|
|
| 21,963,418 |
|
|
| 1 |
|
|
| 19,336,878 |
|
|
| 1 |
| ||||||||||||||||||||
Property, plant and equipment (Note 14) |
|
| 2,248,318,787 |
|
|
| 52 |
|
|
| 1,975,118,704 |
|
|
| 53 |
|
|
| 1,722,679,133 |
|
|
| 56 |
| ||||||||||||||||||||
Right-of-use assets (Note 15) |
|
| 34,293,532 |
|
|
| 1 |
|
|
| 32,734,537 |
|
|
| 1 |
|
|
| 32,619,272 |
|
|
| 1 |
| ||||||||||||||||||||
Intangible assets (Note 16) |
|
| 27,208,993 |
|
|
| 1 |
|
|
| 26,821,697 |
|
|
| 1 |
|
|
| 26,535,043 |
|
|
| 1 |
| ||||||||||||||||||||
Deferred income tax assets (Note 4) |
|
| 57,848,313 |
|
|
| 1 |
|
|
| 49,153,886 |
|
|
| 1 |
|
|
| 36,180,371 |
|
|
| 1 |
| ||||||||||||||||||||
Refundable deposits |
|
| 4,125,907 |
|
|
| - |
|
|
| 2,624,854 |
|
|
| - |
|
|
| 2,513,142 |
|
|
| - |
| ||||||||||||||||||||
Other noncurrent assets |
|
| 3,838,915 |
|
|
| - |
|
|
| 2,592,169 |
|
|
| - |
|
|
| 2,120,733 |
|
|
| - |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Total noncurrent assets |
|
| 2,440,074,939 |
|
|
| 56 |
|
|
| 2,118,430,548 |
|
|
| 57 |
|
|
| 1,851,711,166 |
|
|
| 60 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
TOTAL |
| $ | 4,345,941,335 |
|
|
| 100 |
|
| $ | 3,725,503,455 |
|
|
| 100 |
|
| $ | 3,092,815,189 |
|
|
| 100 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Short-term loans (Notes 17 and 29) |
| $ | 115,584,794 |
|
|
| 3 |
|
| $ | 114,921,333 |
|
|
| 3 |
|
| $ | 139,380,910 |
|
|
| 5 |
| ||||||||||||||||||||
Financial liabilities at fair value through profit or loss (Note 7) |
|
| 716,981 |
|
|
| - |
|
|
| 681,914 |
|
|
| - |
|
|
| 1,828,338 |
|
|
| - |
| ||||||||||||||||||||
Hedging financial liabilities (Note 10) |
|
| - |
|
|
| - |
|
|
| 9,642 |
|
|
| - |
|
|
| 10,216 |
|
|
| - |
| ||||||||||||||||||||
Accounts payable |
|
| 58,024,952 |
|
|
| 1 |
|
|
| 47,285,603 |
|
|
| 1 |
|
|
| 39,725,757 |
|
|
| 1 |
| ||||||||||||||||||||
Payables to related parties (Note 31) |
|
| 1,793,114 |
|
|
| - |
|
|
| 1,437,186 |
|
|
| - |
|
|
| 1,504,156 |
|
|
| - |
| ||||||||||||||||||||
Salary and bonus payable |
|
| 25,716,367 |
|
|
| 1 |
|
|
| 23,802,100 |
|
|
| 1 |
|
|
| 17,148,913 |
|
|
| 1 |
| ||||||||||||||||||||
Accrued profit sharing bonus to employees and compensation to directors (Note 28) |
|
| 63,171,737 |
|
|
| 1 |
|
|
| 36,524,741 |
|
|
| 1 |
|
|
| 52,328,940 |
|
|
| 2 |
| ||||||||||||||||||||
Payables to contractors and equipment suppliers |
|
| 160,489,081 |
|
|
| 4 |
|
|
| 145,742,148 |
|
|
| 4 |
|
|
| 107,146,153 |
|
|
| 3 |
| ||||||||||||||||||||
Cash dividends payable (Note 20) |
|
| 142,805,490 |
|
|
| 3 |
|
|
| 142,617,093 |
|
|
| 4 |
|
|
| 136,134,497 |
|
|
| 4 |
| ||||||||||||||||||||
Income tax payable (Note 4) |
|
| 62,063,783 |
|
|
| 1 |
|
|
| 59,647,152 |
|
|
| 2 |
|
|
| 40,022,662 |
|
|
| 1 |
| ||||||||||||||||||||
Long-term liabilities - current portion (Notes 18, 19 and 29) |
|
| 17,059,167 |
|
|
| - |
|
|
| 4,566,667 |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||||||||||||||||||
Accrued expenses and other current liabilities (Notes 15, 21, 29 and 31) |
|
| 197,815,515 |
|
|
| 5 |
|
|
| 162,267,779 |
|
|
| 4 |
|
|
| 112,518,405 |
|
|
| 4 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Total current liabilities |
|
| 845,240,981 |
|
|
| 19 |
|
|
| 739,503,358 |
|
|
| 20 |
|
|
| 647,748,947 |
|
|
| 21 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
NONCURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Bonds payable (Notes 18 and 29) |
|
| 753,889,823 |
|
|
| 17 |
|
|
| 610,070,652 |
|
|
| 16 |
|
|
| 410,464,857 |
|
|
| 13 |
| ||||||||||||||||||||
Long-term bank loans (Notes 19 and 29) |
|
| 3,318,773 |
|
|
| - |
|
|
| 3,309,131 |
|
|
| - |
|
|
| 3,171,331 |
|
|
| - |
| ||||||||||||||||||||
Deferred income tax liabilities (Note 4) |
|
| 940,675 |
|
|
| - |
|
|
| 1,873,877 |
|
|
| - |
|
|
| 2,142,797 |
|
|
| - |
| ||||||||||||||||||||
Lease liabilities (Notes 15 and 29) |
|
| 22,510,412 |
|
|
| 1 |
|
|
| 20,764,214 |
|
|
| 1 |
|
|
| 21,030,441 |
|
|
| 1 |
| ||||||||||||||||||||
Net defined benefit liability (Note 4) |
|
| 8,513,260 |
|
|
| - |
|
|
| 11,036,879 |
|
|
| - |
|
|
| 11,285,520 |
|
|
| 1 |
| ||||||||||||||||||||
Guarantee deposits |
|
| 834,170 |
|
|
| - |
|
|
| 686,762 |
|
|
| - |
|
|
| 392,398 |
|
|
| - |
| ||||||||||||||||||||
Others (Note 21) |
|
| 200,231,116 |
|
|
| 5 |
|
|
| 167,525,377 |
|
|
| 5 |
|
|
| 2,608,325 |
|
|
| - |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Total noncurrent liabilities |
|
| 990,238,229 |
|
|
| 23 |
|
|
| 815,266,892 |
|
|
| 22 |
|
|
| 451,095,669 |
|
|
| 15 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Total liabilities |
|
| 1,835,479,210 |
|
|
| 42 |
|
|
| 1,554,770,250 |
|
|
| 42 |
|
|
| 1,098,844,616 |
|
|
| 36 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Capital stock (Notes 4 and 20) |
|
| 259,303,805 |
|
|
| 6 |
|
|
| 259,303,805 |
|
|
| 7 |
|
|
| 259,303,805 |
|
|
| 8 |
| ||||||||||||||||||||
Capital surplus (Notes 4, 20 and 27) |
|
| 69,333,650 |
|
|
| 1 |
|
|
| 64,761,602 |
|
|
| 2 |
|
|
| 64,753,836 |
|
|
| 2 |
| ||||||||||||||||||||
Retained earnings (Notes 4 and 20) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Appropriated as legal capital reserve |
|
| 311,146,899 |
|
|
| 7 |
|
|
| 311,146,899 |
|
|
| 8 |
|
|
| 311,146,899 |
|
|
| 10 |
| ||||||||||||||||||||
Appropriated as special capital reserve |
|
| 47,067,461 |
|
|
| 1 |
|
|
| 59,304,212 |
|
|
| 2 |
|
|
| 48,392,823 |
|
|
| 2 |
| ||||||||||||||||||||
Unappropriated earnings |
|
| 1,844,911,241 |
|
|
| 43 |
|
|
| 1,536,378,550 |
|
|
| 41 |
|
|
| 1,366,782,481 |
|
|
| 44 |
| ||||||||||||||||||||
|
|
| 2,203,125,601 |
|
|
| 51 |
|
|
| 1,906,829,661 |
|
|
| 51 |
|
|
| 1,726,322,203 |
|
|
| 56 |
| ||||||||||||||||||||
Others (Notes 4, 20 and 27) |
|
| (35,409,864 | ) |
|
| (1 | ) |
|
| (62,608,515 | ) |
|
| (2 | ) |
|
| (58,594,043 | ) |
|
| (2 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Equity attributable to shareholders of the parent |
|
| 2,496,353,192 |
|
|
| 57 |
|
|
| 2,168,286,553 |
|
|
| 58 |
|
|
| 1,991,785,801 |
|
|
| 64 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
NON - CONTROLLING INTERESTS |
|
| 14,108,933 |
|
|
| 1 |
|
|
| 2,446,652 |
|
|
| - |
|
|
| 2,184,772 |
|
|
| - |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Total equity |
|
| 2,510,462,125 |
|
|
| 58 |
|
|
| 2,170,733,205 |
|
|
| 58 |
|
|
| 1,993,970,573 |
|
|
| 64 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
TOTAL |
| $ | 4,345,941,335 |
|
|
| 100 |
|
| $ | 3,725,503,455 |
|
|
| 100 |
|
| $ | 3,092,815,189 |
|
|
| 100 |
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
3
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
(Reviewed, Not Audited)
| For the Three Months Ended June 30 |
| For the Six Months Ended June 30 | |||||||||||||||||||||||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||||||||||||||||||||||
|
| Amount |
| % |
| Amount |
| % |
| Amount |
| % |
| Amount |
| % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
NET REVENUE (Notes 21, 31 and 36) |
| $ | 534,140,808 |
|
|
| 100 |
|
| $ | 372,145,122 |
|
|
| 100 |
|
| $ | 1,025,216,681 |
|
|
| 100 |
|
| $ | 734,555,352 |
|
|
| 100 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
COST OF REVENUE (Notes 12, 28 and 31) |
|
| 218,672,814 |
|
|
| 41 |
|
|
| 185,948,304 |
|
|
| 50 |
|
|
| 436,545,521 |
|
|
| 43 |
|
|
| 358,519,104 |
|
|
| 49 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
GROSS PROFIT |
|
| 315,467,994 |
|
|
| 59 |
|
|
| 186,196,818 |
|
|
| 50 |
|
|
| 588,671,160 |
|
|
| 57 |
|
|
| 376,036,248 |
|
|
| 51 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
OPERATING EXPENSES (Notes 28 and 31) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Research and development |
|
| 39,649,130 |
|
|
| 8 |
|
|
| 30,873,376 |
|
|
| 8 |
|
|
| 75,697,670 |
|
|
| 7 |
|
|
| 61,629,734 |
|
|
| 8 |
| ||||
General and administrative |
|
| 11,568,594 |
|
|
| 2 |
|
|
| 7,826,613 |
|
|
| 2 |
|
|
| 22,068,621 |
|
|
| 2 |
|
|
| 14,350,858 |
|
|
| 2 |
| ||||
Marketing |
|
| 2,156,794 |
|
|
| - |
|
|
| 1,883,434 |
|
|
| 1 |
|
|
| 4,219,417 |
|
|
| 1 |
|
|
| 3,714,664 |
|
|
| 1 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total operating expenses |
|
| 53,374,518 |
|
|
| 10 |
|
|
| 40,583,423 |
|
|
| 11 |
|
|
| 101,985,708 |
|
|
| 10 |
|
|
| 79,695,256 |
|
|
| 11 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
OTHER OPERATING INCOME AND EXPENSES, NET (Notes 14, 15 and 28) |
|
| 30,273 |
|
|
| - |
|
|
| 53,810 |
|
|
| - |
|
|
| (771,585 | ) |
|
| - |
|
|
| (135,597 | ) |
|
| - |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
INCOME FROM OPERATIONS (Note 36) |
|
| 262,123,749 |
|
|
| 49 |
|
|
| 145,667,205 |
|
|
| 39 |
|
|
| 485,913,867 |
|
|
| 47 |
|
|
| 296,205,395 |
|
|
| 40 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
NON-OPERATING INCOME AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Share of profits of associates |
|
| 2,258,005 |
|
|
| - |
|
|
| 1,171,888 |
|
|
| - |
|
|
| 3,983,495 |
|
|
| - |
|
|
| 2,439,000 |
|
|
| - |
| ||||
Interest income (Note 22) |
|
| 3,545,945 |
|
|
| 1 |
|
|
| 1,428,681 |
|
|
| 1 |
|
|
| 5,219,824 |
|
|
| 1 |
|
|
| 2,889,585 |
|
|
| - |
| ||||
Other income |
|
| 512,177 |
|
|
| - |
|
|
| 349,186 |
|
|
| - |
|
|
| 820,560 |
|
|
| - |
|
|
| 657,270 |
|
|
| - |
| ||||
Foreign exchange gain, net (Note 34) |
|
| 7,864,798 |
|
|
| 2 |
|
|
| 649,882 |
|
|
| - |
|
|
| 9,607,686 |
|
|
| 1 |
|
|
| 6,123,871 |
|
|
| 1 |
| ||||
Finance costs (Note 23) |
|
| (2,904,231 | ) |
|
| (1 | ) |
|
| (1,134,399 | ) |
|
| - |
|
|
| (5,044,997 | ) |
|
| - |
|
|
| (1,906,494 | ) |
|
| - |
| ||||
Other gains and losses, net (Note 24) |
|
| (7,402,162 | ) |
|
| (1 | ) |
|
| 1,258,632 |
|
|
| - |
|
|
| (7,670,458 | ) |
|
| (1 | ) |
|
| (1,953,163 | ) |
|
| - |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total non-operating income and expenses |
|
| 3,874,532 |
|
|
| 1 |
|
|
| 3,723,870 |
|
|
| 1 |
|
|
| 6,916,110 |
|
|
| 1 |
|
|
| 8,250,069 |
|
|
| 1 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
INCOME BEFORE INCOME TAX |
|
| 265,998,281 |
|
|
| 50 |
|
|
| 149,391,075 |
|
|
| 40 |
|
|
| 492,829,977 |
|
|
| 48 |
|
|
| 304,455,464 |
|
|
| 41 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
INCOME TAX EXPENSE (Notes 4 and 25) |
|
| 28,818,029 |
|
|
| 6 |
|
|
| 14,909,359 |
|
|
| 4 |
|
|
| 52,776,351 |
|
|
| 5 |
|
|
| 30,234,999 |
|
|
| 4 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
NET INCOME |
|
| 237,180,252 |
|
|
| 44 |
|
|
| 134,481,716 |
|
|
| 36 |
|
|
| 440,053,626 |
|
|
| 43 |
|
|
| 274,220,465 |
|
|
| 37 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
OTHER COMPREHENSIVE INCOME (LOSS) (Notes 20 and 25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Items that will not be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Unrealized gain/(loss) on investments in equity instruments at fair value through other comprehensive income |
|
| (143,758 | ) |
|
| - |
|
|
| 926,525 |
|
|
| - |
|
|
| 172,201 |
|
|
| - |
|
|
| 817,336 |
|
|
| - |
| ||||
Loss on hedging instruments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (41,416 | ) |
|
| - |
| ||||
Share of other comprehensive income (loss) of associates |
|
| 11,248 |
|
|
| - |
|
|
| (3,645 | ) |
|
| - |
|
|
| 55,087 |
|
|
| - |
|
|
| 4,502 |
|
|
| - |
| ||||
Income tax benefit (expense) related to items that will not be reclassified subsequently |
|
| 246 |
|
|
| - |
|
|
| (74 | ) |
|
| - |
|
|
| 231 |
|
|
| - |
|
|
| (55,845 | ) |
|
| - |
| ||||
|
|
| (132,264 | ) |
|
| - |
|
|
| 922,806 |
|
|
| - |
|
|
| 227,519 |
|
|
| - |
|
|
| 724,577 |
|
|
| - |
| ||||
Items that may be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Exchange differences arising on translation of foreign operations |
|
| 13,866,707 |
|
|
| 2 |
|
|
| (10,901,084 | ) |
|
| (3 | ) |
|
| 33,212,298 |
|
|
| 4 |
|
|
| (3,095,279 | ) |
|
| - |
| ||||
Unrealized loss on investments in debt instruments at fair value through other comprehensive income |
|
| (3,184,221 | ) |
|
| 1 |
|
|
| (124,148 | ) |
|
| - |
|
|
| (8,289,365 | ) |
|
| (1 | ) |
|
| (1,790,169 | ) |
|
| - |
| ||||
Gain on hedging instruments |
|
| 648,756 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 1,342,584 |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||
Share of other comprehensive income (loss) of associates |
|
| 127,191 |
|
|
| - |
|
|
| (99,112 | ) |
|
| - |
|
|
| 291,650 |
|
|
| - |
|
|
| (73,657 | ) |
|
| - |
| ||||
Income tax benefit related to items that may be reclassified subsequently |
|
| 53,336 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 6,036 |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||
|
|
| 11,511,769 |
|
|
| 3 |
|
|
| (11,124,344 | ) |
|
| (3 | ) |
|
| 26,563,203 |
|
|
| 3 |
|
|
| (4,959,105 | ) |
|
| - |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Other comprehensive income (loss) for the period, net of income tax |
|
| 11,379,505 |
|
|
| 3 |
|
|
| (10,201,538 | ) |
|
| (3 | ) |
|
| 26,790,722 |
|
|
| 3 |
|
|
| (4,234,528 | ) |
|
| - |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
| $ | 248,559,757 |
|
|
| 47 |
|
| $ | 124,280,178 |
|
|
| 33 |
|
| $ | 466,844,348 |
|
|
| 46 |
|
| $ | 269,985,937 |
|
|
| 37 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
NET INCOME ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Shareholders of the parent |
| $ | 237,027,317 |
|
|
| 44 |
|
| $ | 134,358,942 |
|
|
| 36 |
|
| $ | 439,760,292 |
|
|
| 43 |
|
| $ | 274,049,435 |
|
|
| 37 |
| ||||
Non-controlling interests |
|
| 152,935 |
|
|
| - |
|
|
| 122,774 |
|
|
| - |
|
|
| 293,334 |
|
|
| - |
|
|
| 171,030 |
|
|
| - |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 237,180,252 |
|
|
| 44 |
|
| $ | 134,481,716 |
|
|
| 36 |
|
| $ | 440,053,626 |
|
|
| 43 |
|
| $ | 274,220,465 |
|
|
| 37 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Shareholders of the parent |
| $ | 249,048,661 |
|
|
| 47 |
|
| $ | 124,157,722 |
|
|
| 33 |
|
| $ | 467,332,315 |
|
|
| 46 |
|
| $ | 269,815,033 |
|
|
| 37 |
| ||||
Non-controlling interests |
|
| (488,904 | ) |
|
| - |
|
|
| 122,456 |
|
|
| - |
|
|
| (487,967 | ) |
|
| - |
|
|
| 170,904 |
|
|
| - |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 248,559,757 |
|
|
| 47 |
|
| $ | 124,280,178 |
|
|
| 33 |
|
| $ | 466,844,348 |
|
|
| 46 |
|
| $ | 269,985,937 |
|
|
| 37 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
EARNINGS PER SHARE (NT$, Note 26) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share |
| $ | 9.14 |
|
|
|
|
|
| $ | 5.18 |
|
|
|
|
|
| $ | 16.96 |
|
|
|
|
|
| $ | 10.57 |
|
|
|
|
| ||||
Diluted earnings per share |
| $ | 9.14 |
|
|
|
|
|
| $ | 5.18 |
|
|
|
|
|
| $ | 16.96 |
|
|
|
|
|
| $ | 10.57 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
4
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In Thousands of New Taiwan Dollars)
(Reviewed, Not Audited)
|
| 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 |
|
|
| Treasury |
|
|
| Non-controlling |
| Total | ||||||||||||||||||
|
| (In Thousands) |
| Amount |
| Capital Surplus |
| Reserve |
| Reserve |
| Earnings |
| Total |
| Reserve |
| Income |
| Instruments |
| Compensation |
| Total |
| Stock |
| Total |
| Interests |
| Equity | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
BALANCE, JANUARY 1, 2021 |
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appropriations of earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special capital reserve |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| 6,133,677 |
|
| (6,133,677 | ) |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Cash dividends to shareholders |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| (136,134,497 | ) |
| (136,134,497 | ) |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (136,134,497 | ) |
| - |
|
| (136,134,497 | ) |
Total |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| 6,133,677 |
|
| (142,268,174 | ) |
| (136,134,497 | ) |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (136,134,497 | ) |
| - |
|
| (136,134,497 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the six months ended June 30, 2021 |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| 274,049,435 |
|
| 274,049,435 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 274,049,435 |
|
| 171,030 |
|
| 274,220,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss for the six months ended |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (3,168,898 | ) |
| (1,024,088 | ) |
| (41,416 | ) |
| - |
|
| (4,234,402 | ) |
| - |
|
| (4,234,402 | ) |
| (126 | ) |
| (4,234,528 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the six months ended June 30, 2021 |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| 274,049,435 |
|
| 274,049,435 |
|
| (3,168,898 | ) |
| (1,024,088 | ) |
| (41,416 | ) |
| - |
|
| (4,234,402 | ) |
| - |
|
| 269,815,033 |
|
| 170,904 |
|
| 269,985,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposal of investments in equity instruments at fair value through other comprehensive income |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| (278,816 | ) |
| (278,816 | ) |
| - |
|
| 278,816 |
|
| - |
|
| - |
|
| 278,816 |
|
| - |
|
| - |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis adjustment for gain on hedging instruments |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 41,416 |
|
| - |
|
| 41,416 |
|
| - |
|
| 41,416 |
|
| - |
|
| 41,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to share of changes in equities of associates |
|
| - |
|
|
| - |
|
| 311 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 311 |
|
| - |
|
| 311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From difference between the consideration received and the carrying amount of the subsidiaries' net assets during actual disposal |
|
| - |
|
|
| - |
|
| 8,406,282 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 8,406,282 |
|
| 1,045,516 |
|
| 9,451,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in non-controlling interests |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 3,454 |
|
| 3,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of acquisition of subsidiary |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 155 |
|
| 155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, JUNE 30, 2021 |
|
| 25,930,380 |
|
| $ | 259,303,805 |
| $ | 64,753,836 |
| $ | 311,146,899 |
| $ | 48,392,823 |
| $ | 1,366,782,481 |
| $ | 1,726,322,203 |
| $ | (60,170,525 | ) | $ | 1,576,482 |
| $ | - |
| $ | - |
| $ | (58,594,043 | ) | $ | - |
| $ | 1,991,785,801 |
| $ | 2,184,772 |
| $ | 1,993,970,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, JANUARY 1, 2022 |
|
| 25,930,380 |
|
| $ | 259,303,805 |
| $ | 64,761,602 |
| $ | 311,146,899 |
| $ | 59,304,212 |
| $ | 1,536,378,550 |
| $ | 1,906,829,661 |
| $ | (63,303,361 | ) | $ | 574,310 |
| $ | 120,536 |
| $ | - |
| $ | (62,608,515 | ) | $ | - |
| $ | 2,168,286,553 |
| $ | 2,446,652 |
| $ | 2,170,733,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appropriations of earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special capital reserve |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| (12,236,751 | ) |
| 12,236,751 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
Cash dividends to shareholders |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| (142,617,092 | ) |
| (142,617,092 | ) |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (142,617,092 | ) |
| - |
|
| (142,617,092 | ) |
Total |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| (12,236,751 | ) |
| (130,380,341 | ) |
| (142,617,092 | ) |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (142,617,092 | ) |
| - |
|
| (142,617,092 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the six months ended June 30, 2022 |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| 439,760,292 |
|
| 439,760,292 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 439,760,292 |
|
| 293,334 |
|
| 440,053,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) for the six months ended June 30, 2022, net of income tax |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 34,285,148 |
|
| (8,118,334 | ) |
| 1,405,209 |
|
| - |
|
| 27,572,023 |
|
| - |
|
| 27,572,023 |
|
| (781,301 | ) |
| 26,790,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the six months ended June 30, 2022 |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| 439,760,292 |
|
| 439,760,292 |
|
| 34,285,148 |
|
| (8,118,334 | ) |
| 1,405,209 |
|
| - |
|
| 27,572,023 |
|
| - |
|
| 467,332,315 |
|
| (487,967 | ) |
| 466,844,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payment arrangements |
|
| 1,387 |
|
|
| 13,870 |
|
| 438,029 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (345,201 | ) |
| (345,201 | ) |
| - |
|
| 106,698 |
|
| - |
|
| 106,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury stock acquired |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (871,566 | ) |
| (871,566 | ) |
| - |
|
| (871,566 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury stock retired |
|
| (1,387 | ) |
|
| (13,870 | ) |
| (2,989 | ) |
| - |
|
| - |
|
| (854,707 | ) |
| (854,707 | ) |
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 871,566 |
|
| - |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposal of investments in equity instruments at fair value through other comprehensive income |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| 7,447 |
|
| 7,447 |
|
| - |
|
| (7,447 | ) |
| - |
|
| - |
|
| (7,447 | ) |
| - |
|
| - |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis adjustment for loss on hedging instruments |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (20,724 | ) |
| - |
|
| (20,724 | ) |
| - |
|
| (20,724 | ) |
| - |
|
| (20,724 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to share of changes in equities of associates |
|
| - |
|
|
| - |
|
| 1,616 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 1,616 |
|
| - |
|
| 1,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From share of changes in equities of subsidiaries |
|
| - |
|
|
| - |
|
| 4,135,392 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 4,135,392 |
|
| 12,330,767 |
|
| 16,466,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in non-controlling interests |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| - |
|
| (180,519 | ) |
| (180,519 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, JUNE 30, 2022 |
|
| 25,930,380 |
|
| $ | 259,303,805 |
| $ | 69,333,650 |
| $ | 311,146,899 |
| $ | 47,067,461 |
| $ | 1,844,911,241 |
| $ | 2,203,125,601 |
| $ | (29,018,213 | ) | $ | (7,551,471 | ) | $ | 1,505,021 |
| $ | (345,201 | ) | $ | (35,409,864 | ) | $ | - |
| $ | 2,496,353,192 |
| $ | 14,108,933 |
| $ | 2,510,462,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
5
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of New Taiwan Dollars)
(Reviewed, Not Audited)
|
| Six Months Ended June 30 | ||||||||
|
| 2022 |
| 2021 | ||||||
|
|
|
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| ||||||
Income before income tax |
| $ | 492,829,977 |
|
| $ | 304,455,464 |
| ||
Adjustments for: |
|
|
|
|
|
|
|
| ||
Depreciation expense |
|
| 219,975,000 |
|
|
| 200,697,053 |
| ||
Amortization expense |
|
| 4,351,710 |
|
|
| 4,008,423 |
| ||
Expected credit losses recognized (reversal) on investments in debt instruments |
|
| 22,878 |
|
|
| (3,284 | ) | ||
Finance costs |
|
| 5,044,997 |
|
|
| 1,906,494 |
| ||
Share of profits of associates |
|
| (3,983,495 | ) |
|
| (2,439,000 | ) | ||
Interest income |
|
| (5,219,824 | ) |
|
| (2,889,585 | ) | ||
Share-based compensation |
|
| 141,801 |
|
|
| 3,454 |
| ||
Loss on disposal or retirement of property, plant and equipment, net |
|
| 59,370 |
|
|
| 10,581 |
| ||
Loss on disposal or retirement of intangible assets, net |
|
| - |
|
|
| 1,228 |
| ||
Impairment loss on property, plant and equipment |
|
| 790,740 |
|
|
| 274,388 |
| ||
Loss (gain) on disposal of investments in debt instruments at fair value through other comprehensive income, net |
|
| 245,151 |
|
|
| (169,334 | ) | ||
Loss (gain) on foreign exchange, net |
|
| 1,760,843 |
|
|
| (7,684,209 | ) | ||
Dividend income |
|
| (240,840 | ) |
|
| (348,146 | ) | ||
Others |
|
| (260,642 | ) |
|
| (310,601 | ) | ||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| ||
Financial instruments at fair value through profit or loss |
|
| (22,297 | ) |
|
| 3,895,618 |
| ||
Notes and accounts receivable, net |
|
| (23,410,483 | ) |
|
| (31,995,213 | ) | ||
Receivables from related parties |
|
| (357,375 | ) |
|
| (226,266 | ) | ||
Other receivables from related parties |
|
| (33,677 | ) |
|
| (36,224 | ) | ||
Inventories |
|
| (24,335,770 | ) |
|
| (33,085,279 | ) | ||
Other financial assets |
|
| (2,794,688 | ) |
|
| (4,302,494 | ) | ||
Other current assets |
|
| (3,834,683 | ) |
|
| (835,489 | ) | ||
Accounts payable |
|
| 10,739,349 |
|
|
| 738,473 |
| ||
Payables to related parties |
|
| 355,928 |
|
|
| (603,562 | ) | ||
Salary and bonus payable |
|
| 1,914,267 |
|
|
| (2,922,328 | ) | ||
Accrued profit sharing bonus to employees and compensation to directors |
|
| 26,646,996 |
|
|
| 16,647,894 |
| ||
Accrued expenses and other current liabilities |
|
| 1,512,486 |
|
|
| 25,071,000 |
| ||
Other noncurrent liabilities |
|
| 71,747,862 |
|
|
| - |
| ||
Net defined benefit liability |
|
| (2,523,619 | ) |
|
| (628,554 | ) | ||
Cash generated from operations |
|
| 771,121,962 |
|
|
| 469,230,502 |
| ||
Income taxes paid |
|
| (60,102,845 | ) |
|
| (53,975,304 | ) | ||
|
|
|
|
|
|
|
|
| ||
Net cash generated by operating activities |
|
| 711,019,117 |
|
|
| 415,255,198 |
|
(Continued)
6
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of New Taiwan Dollars)
(Reviewed, Not Audited)
|
| Six Months Ended June 30 | ||||||||
|
| 2022 |
| 2021 | ||||||
|
|
|
|
| ||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| ||||||
Acquisitions of: |
|
|
|
| ||||||
Financial assets at fair value through other comprehensive income |
| $ | (40,949,130 | ) |
| $ | (151,585,404 | ) | ||
Financial assets at amortized cost |
|
| (80,240,090 | ) |
|
| - |
| ||
Property, plant and equipment |
|
| (479,857,668 | ) |
|
| (414,999,829 | ) | ||
Intangible assets |
|
| (3,805,347 | ) |
|
| (4,123,566 | ) | ||
Proceeds from disposal or redemption of: |
|
|
|
|
|
|
|
| ||
Financial assets at fair value through other comprehensive income |
|
| 32,886,262 |
|
|
| 148,593,456 |
| ||
Financial assets at amortized cost |
|
| 1,970,939 |
|
|
| 6,581,175 |
| ||
Property, plant and equipment |
|
| 672,885 |
|
|
| 116,857 |
| ||
Proceeds from return of capital of investments in equity instruments at fair value through other comprehensive income |
|
| 300 |
|
|
| 62,837 |
| ||
Derecognition of hedging financial instruments |
|
| 1,519,511 |
|
|
| 143,672 |
| ||
Interest received |
|
| 4,322,973 |
|
|
| 3,040,052 |
| ||
Proceeds from government grants - property, plant and equipment |
|
| 336,599 |
|
|
| - |
| ||
Proceeds from government grants - others |
|
| 874 |
|
|
| - |
| ||
Other dividends received |
|
| 204,090 |
|
|
| 318,746 |
| ||
Dividends received from investments accounted for using equity method |
|
| 326,816 |
|
|
| 233,439 |
| ||
Increase in prepayments for leases |
|
| - |
|
|
| (1,200,000 | ) | ||
Refundable deposits paid |
|
| (1,768,173 | ) |
|
| (1,553,689 | ) | ||
Refundable deposits refunded |
|
| 373,262 |
|
|
| 369,842 |
| ||
|
|
|
|
|
|
|
|
| ||
Net cash used in investing activities |
|
| (564,005,897 | ) |
|
| (414,002,412 | ) | ||
|
|
|
|
|
|
|
|
| ||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
| ||
Increase in short-term loans |
|
| 4,048,589 |
|
|
| 55,624,096 |
| ||
Proceeds from issuance of bonds |
|
| 128,442,844 |
|
|
| 157,809,507 |
| ||
Repayment of bonds |
|
| - |
|
|
| (2,600,000 | ) | ||
Proceeds from long-term bank loans |
|
| 500,000 |
|
|
| 1,210,000 |
| ||
Payments for transaction costs attributable to the issuance of bonds |
|
| (285,272 | ) |
|
| (278,805 | ) | ||
Treasury stock acquired |
|
| (871,566 | ) |
|
| - |
| ||
Repayment of the principal portion of lease liabilities |
|
| (1,122,427 | ) |
|
| (985,283 | ) | ||
Interest paid |
|
| (4,657,300 | ) |
|
| (1,046,295 | ) | ||
Guarantee deposits received |
|
| 123,240 |
|
|
| 151,226 |
| ||
Guarantee deposits refunded |
|
| (5,683 | ) |
|
| (35,358 | ) | ||
Cash dividends |
|
| (142,617,093 | ) |
|
| (129,651,902 | ) | ||
Disposal of ownership interests in subsidiaries (without losing control) |
|
| - |
|
|
| 9,451,798 |
| ||
Increase in non-controlling interests |
|
| 16,438,934 |
|
|
| 155 |
| ||
|
|
|
|
|
|
|
|
| ||
Net cash generated by (used in) financing activities |
|
| (5,734 | ) |
|
| 89,649,139 |
|
(Continued)
7
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of New Taiwan Dollars)
(Reviewed, Not Audited)
|
| Six Months Ended June 30 | ||||||||
|
| 2022 |
| 2021 | ||||||
|
|
|
|
| ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
| $ | 41,191,519 |
|
| $ | (3,090,490 | ) | ||
|
|
|
|
|
|
|
|
| ||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
| 188,199,005 |
|
|
| 87,811,435 |
| ||
|
|
|
|
|
|
|
|
| ||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
| 1,064,990,192 |
|
|
| 660,170,647 |
| ||
|
|
|
|
|
|
|
|
| ||
CASH AND CASH EQUIVALENTS, END OF PERIOD |
| $ | 1,253,189,197 |
|
| $ | 747,982,082 |
| ||
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
(Concluded)
8
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
(Reviewed, Not Audited)
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, sales, 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 August 9, 2022.
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 the accounting policies of TSMC and its subsidiaries (collectively as the “Company”).
| b. | The IFRSs issued by International Accounting Standards Board (IASB) and endorsed by FSC with effective date starting 2023 |
New, Revised or Amended Standards and Interpretations |
| Effective Date Issued |
|
|
|
Amendments to IAS 1 “Disclosure of Accounting Policies” |
| January 1, 2023 |
Amendments to IAS 8 “Definition of Accounting Estimates” |
| January 1, 2023 |
Amendments to IAS 12 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction” |
| January 1, 2023 |
9
| 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 |
|
|
|
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 |
As of the date the accompanying consolidated financial statements were issued, the Company continues in evaluating the impact on its financial position and financial performance from the initial adoption of the aforementioned standards or interpretations and related applicable period. The related impact will be disclosed when the Company completes its evaluation.
4. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Except for the following, the accounting policies applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2021.
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 IAS 34, “Interim Financial Reporting,” endorsed and issued into effect by the FSC. The consolidated financial statements do not present all the disclosures required for a complete set of annual consolidated financial statements prepared under the IFRSs endorsed and issued into effect by the FSC (collectively, “Taiwan-IFRSs”).
Basis of Consolidation
The basis of preparation and the basis for the consolidated financial statements
The basis of preparation and the basis for the consolidated financial statements applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2021.
The subsidiaries in the consolidated financial statements
The detail information of the subsidiaries at the end of reporting period is as follows:
|
|
|
|
|
| Establishment |
| Percentage of Ownership |
|
| ||||||||||
Name of Investor |
| Name of Investee |
| Main Businesses and Products |
| and Operating Location |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 |
| Note | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
TSMC |
| TSMC North America |
| Sales and marketing of integrated circuits and other semiconductor devices |
| San Jose, California, U.S.A. |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC Europe B.V. (TSMC Europe) |
| Customer service and supporting activities |
| Amsterdam, the Netherlands |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Japan Limited (TSMC Japan) |
| Customer service and supporting activities |
| Yokohama, Japan |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Design Technology Japan, Inc. (TSMC JDC) |
| Engineering support activities |
| Yokohama, Japan |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Japan 3DIC R&D Center, Inc. (TSMC 3DIC) |
| Engineering support activities |
| Yokohama, Japan |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Korea Limited (TSMC Korea) |
| Customer service and supporting activities |
| Seoul, Korea |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
(Continued)
10
|
|
|
|
|
| Establishment |
| Percentage of Ownership |
|
| ||||||||||
Name of Investor |
| Name of Investee |
| Main Businesses and Products |
| and Operating Location |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 |
| Note | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
TSMC
|
| TSMC Partners, Ltd. (TSMC Partners) |
| Investing in companies involved in the semiconductor design and manufacturing, and other investment activities |
| Tortola, British Virgin Islands |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Global, Ltd. (TSMC Global) |
| Investment activities |
| Tortola, British Virgin Islands |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC China Company Limited (TSMC China) |
| Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices |
| Shanghai, China |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC Nanjing Company Limited (TSMC Nanjing) |
| Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices |
| Nanjing, China |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
|
| VisEra Technologies Company Ltd. (VisEra Tech) |
| Research, design, development, manufacturing, sales, packaging and test of color filter |
| Hsin-Chu, Taiwan |
|
| 68% |
|
|
| 73% |
|
|
| 73% |
|
| b) |
|
| TSMC Arizona Corporation (TSMC Arizona) |
| Manufacturing, sales and testing of integrated circuits and other semiconductor devices |
| Phoenix, Arizona, U.S.A. |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a), c) |
|
| Japan Advanced Semiconductor Manufacturing, Inc.(JASM) |
| Manufacturing, sales, testing and computer aided design of integrated circuits and other semiconductor devices |
| Kumamoto, Japan |
|
| 71% |
|
|
| 100% |
|
|
| - |
|
| a), d) |
|
| VentureTech Alliance Fund II, L.P. (VTAF II) |
| Investing in technology start-up companies |
| Cayman Islands |
|
| 98% |
|
|
| 98% |
|
|
| 98% |
|
| a) |
|
| VentureTech Alliance Fund III, L.P. (VTAF III) |
| Investing in technology start-up companies |
| Cayman Islands |
|
| 98% |
|
|
| 98% |
|
|
| 98% |
|
| a) |
|
| Emerging Fund L.P. (Emerging Fund) |
| Investing in technology start-up companies |
| Cayman Islands |
|
| 99.9% |
|
|
| 99.9% |
|
|
| 99.9% |
|
| a) |
TSMC Partners |
| TSMC Development, Inc. (TSMC Development) |
| Investing in companies involved in semiconductor manufacturing |
| Delaware, U.S.A. |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC Technology, Inc. (TSMC Technology) |
| Engineering support activities |
| Delaware, U.S.A. |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Design Technology Canada Inc. (TSMC Canada) |
| Engineering support activities |
| Ontario, Canada |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
TSMC Development |
| WaferTech, LLC (WaferTech) |
| Manufacturing, sales and testing of integrated circuits and other semiconductor devices |
| Washington, U.S.A. |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
VTAF III |
| Growth Fund Limited (Growth Fund) |
| Investing in technology start-up companies |
| Cayman Islands |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
(Concluded)
| Note a: | This is an immaterial subsidiary for which the consolidated financial statements are neither reviewed nor audited by the Company’s independent auditors. |
| Note b: | VisEra has increased its capital in June 2022. After the increase in capital, TSMC’s shareholding in VisEra decreased from 73% to 68%. This transaction was accounted for as an equity transaction since the transaction did not change TSMC’s control over VisEra. |
| Note c: | TSMC Arizona is established in November 2020. Under the terms of the development agreement entered into between TSMC Arizona and the City of Phoenix, the City of Phoenix commits approximately US$205 million toward various public infrastructure projects in the area of the proposed manufacturing facility, conditioned on TSMC Arizona’s achieving a minimum project scale with defined spending and job-creation thresholds. |
| Note d: | JASM is established in December 2021 and has increased its capital in January 2022. After the increase in capital, TSMC’s shareholding in JASM decreased from 100% to 81%. In addition, JASM increased its capital by issuing noncumulative preferred shares and common shares in April 2022, TSMC’s shareholding in JASM decreased from 81% to 71% and the proportion of voting right remain 81%. The aforementioned transactions were accounted for as an equity transaction since the transaction did not change TSMC’s control over JASM. |
Retirement Benefits
Pension cost for an interim period is calculated on a year-to-date basis by using the actuarially determined pension cost rate at the end of the prior financial year.
Treasury Stock
Treasury stock represents the outstanding shares that the Company buys back from market, which is stated at cost and shown as a deduction in shareholders’ equity. When the Company retires treasury stock, the treasury stock account is reduced and the common stock as well as the capital surplus - additional paid-in capital are reversed on a pro rata basis. When the book value of the treasury stock exceeds the sum of the par value and additional paid-in capital, the difference is charged to capital surplus - treasury stock transactions and to retained earnings for any remaining amount.
Share-based payment arrangements
| a. | Equity-settled share-based payment arrangements |
Restricted shares for employees are expensed on a straight-line basis over the vesting period, based on the fair value at the grant date and the Company’s best estimate of the number expected to ultimately vest, with a corresponding increase in other equity - unearned employee benefits.
11
When restricted shares for employees are issued, other equity - unearned employee benefits is recognized on the grant date, with a corresponding increase in capital surplus - restricted shares for employees. Dividends paid to employees on restricted shares which do not need to be returned if employees resign in the vesting period are recognized as expenses upon the dividend declaration with a corresponding adjustment in retained earnings.
At the end of each reporting period, the Company revises its estimate of the number of restricted shares for employees that are expected to vest. The impact from such revision is recognized in profit or loss so that the cumulative expenses reflect the revised estimate, with a corresponding adjustment to capital surplus - restricted shares for employees.
| b. | Cash-settled share-based payment arrangements |
For cash-settled share-based payments, a liability is recognized for the services acquired, measured at the fair value of the liability incurred. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The interim period income tax expense is accrued using the tax rate that would be applicable to expected total annual earnings, that is, the estimated average annual effective income tax rate applied to the pre-tax income of the interim period.
5. | CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY |
The Company has considered the economic implications of COVID-19 on critical accounting estimations and will continue evaluating the impact on its financial position and financial performance as a result of the pandemic. In addition, the same critical accounting judgments and key sources of estimates and uncertainty have been followed in these consolidated financial statements as were applied in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2021.
6. | CASH AND CASH EQUIVALENTS |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 1,244,241,282 |
|
| $ | 1,058,808,104 |
|
| $ | 745,313,161 |
| |||||
| 5,192,945 |
|
|
| - |
|
|
| - |
| |||||
| 3,754,970 |
|
|
| 906,743 |
|
|
| 2,668,921 |
| |||||
| - |
|
|
| 5,275,345 |
|
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 1,253,189,197 |
|
| $ | 1,064,990,192 |
|
| $ | 747,982,082 |
|
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.
12
7. | FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
Financial assets |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
| |||||||||
Mandatorily measured at FVTPL |
|
|
|
|
|
| |||||||||
| 214,215 |
|
| $ | 159,048 |
|
| $ | 58,325 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Held for trading |
|
|
|
|
|
|
|
|
|
|
|
| |||
| 716,981 |
|
| $ | 681,914 |
|
| $ | 1,828,338 |
|
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) | ||
|
|
|
|
| ||
June 30, 2022 |
|
|
|
| ||
|
|
|
|
| ||
Sell NT$ |
| July 2022 to August 2022 |
| NT$ | 97,269,884 |
|
Sell US$ |
| July 2022 to September 2022 |
| US$ | 1,313,561 |
|
Sell RMB |
| July 2022 to August 2022 |
| RMB | 1,484,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Sell NT$ |
| January 2022 to March 2022 |
| NT$ | 132,734,482 |
|
Sell US$ |
| January 2022 to March 2022 |
| US$ | 2,009,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Sell NT$ |
| July 2021 to September 2021 |
| NT$ | 153,952,400 |
|
Sell US$ |
| July 2021 to September 2021 |
| US$ | 1,738,658 |
|
8. | FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
Investments in debt instruments at FVTOCI |
|
|
|
|
|
| |||||||||
| 61,646,977 |
|
| $ | 57,253,161 |
|
| $ | 58,907,886 |
| |||||
| 30,123,385 |
|
|
| 32,070,114 |
|
|
| 32,188,798 |
| |||||
| 20,142,297 |
|
|
| 21,345,794 |
|
|
| 24,121,903 |
| |||||
| 8,642,271 |
|
|
| 8,660,424 |
|
|
| 7,523,443 |
| |||||
| 120,554,930 |
|
|
| 119,329,493 |
|
|
| 122,742,030 |
|
(Continued)
13
|
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| ||||||||||
Investments in equity instruments at FVTOCI |
|
|
|
|
|
| ||||||||||
| 6,503,252 |
|
| $ | 5,887,892 |
|
| $ | 5,389,958 |
| ||||||
| 399,576 |
|
|
| 189,758 |
|
|
| 52,499 |
| ||||||
| 6,902,828 |
|
|
| 6,077,650 |
|
|
| 5,442,457 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 127,457,758 |
|
| $ | 125,407,143 |
|
| $ | 128,184,487 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 120,954,506 |
|
| $ | 119,519,251 |
|
| $ | 122,794,529 |
| ||||||
| 6,503,252 |
|
|
| 5,887,892 |
|
|
| 5,389,958 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 127,457,758 |
|
| $ | 125,407,143 |
|
| $ | 128,184,487 |
|
(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 of the dividends are mainly from investments held at the end of the reporting period.
For the six months ended June 30, 2022, as the Company adjusted its investment portfolios, equity investments designated at FVTOCI were divested for NT$36,025 thousand. The related other equity-unrealized gain/loss on financial assets at FVTOCI of NT$7,447 thousand was transferred to increase retained earnings.
As of June 30, 2022 and 2021, the cumulative loss allowance for expected credit loss of NT$35,164 thousand and NT$33,850 thousand was recognized under investments in debt instruments at FVTOCI, respectively. Refer to Note 30 for information relating to the credit risk management and expected credit loss.
9. | FINANCIAL ASSETS AT AMORTIZED COST |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 48,153,344 |
|
| $ | 5,310,039 |
|
| $ | 4,338,802 |
| |||||
| 37,179,685 |
|
|
| - |
|
|
| - |
| |||||
|
| (27,545 | ) |
|
| (3,077 | ) |
|
| (2,166 | ) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 85,305,484 |
|
| $ | 5,306,962 |
|
| $ | 4,336,636 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 51,165,762 |
|
| $ | 3,773,571 |
|
| $ | - |
| |||||
| 34,139,722 |
|
|
| 1,533,391 |
|
|
| 4,336,636 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 85,305,484 |
|
| $ | 5,306,962 |
|
| $ | 4,336,636 |
|
Refer to Note 30 for information relating to credit risk management and expected credit loss for financial assets at amortized cost.
14
10. | HEDGING FINANCIAL INSTRUMENTS |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
Financial assets - current |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
| |||||||||
Fair value hedges |
|
|
|
|
|
| |||||||||
| 44,686 |
|
| $ | - |
|
| $ | 310 |
| |||||
Cash flow hedges |
|
|
|
|
|
|
|
|
|
|
|
| |||
| - |
|
|
| 13,468 |
|
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| 44,686 |
|
| $ | 13,468 |
|
| $ | 310 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Financial liabilities - current |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
| |||
| - |
|
| $ | 9,642 |
|
| $ | 10,216 |
|
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 value of the interest rate futures contracts and the value of the hedged financial assets 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, net.
The following tables summarize the information relating to the hedges of interest rate risk.
June 30, 2022
| Contract Amount (US$ in Thousands) |
| Maturity | |||
|
|
|
|
| ||
Interest rate futures contracts - US Treasury futures |
| US$ | 83,800 |
|
| September 2022 |
| Asset Carrying Amount |
| Accumulated Amount of Fair Value Hedge Adjustments | |||||
|
|
|
|
| ||||
Financial assets at FVTOCI |
| $ | 4,199,391 |
|
| $ | (44,686 | ) |
15
December 31, 2021
| Contract Amount (US$ in Thousands) |
| Maturity | |||
|
|
|
|
| ||
Interest rate futures contracts - US Treasury futures |
| US$ | 53,900 |
|
| March 2022 |
| Asset Carrying Amount |
| Accumulated Amount of Fair Value Hedge Adjustments | |||||
|
|
|
|
| ||||
Financial assets at FVTOCI |
| $ | 4,079,274 |
|
| $ | 9,642 |
|
June 30, 2021
| Contract Amount (US$ in Thousands) |
| Maturity | |||
|
|
|
|
| ||
Interest rate futures contracts - US Treasury futures |
| US$ | 74,200 |
|
| September 2021 |
| Asset Carrying Amount |
| Accumulated Amount of Fair Value Hedge Adjustments | |||||
|
|
|
|
| ||||
Financial assets at FVTOCI |
| $ | 5,707,978 |
|
| $ | 9,906 |
|
The effect for the six months ended June 30, 2022 and 2021 is detailed below:
| Change in Value Used for Calculating Hedge Ineffectiveness | |||||||||
|
| Six Months Ended June 30 | ||||||||
|
| 2022 |
| 2021 | ||||||
|
|
|
|
| ||||||
Hedging Instruments |
|
|
|
| ||||||
| 188,504 |
|
| $ | 134,956 |
| ||||
Hedged Items |
|
|
|
|
|
|
|
| ||
|
| (188,504 | ) |
|
| (134,956 | ) | |||
|
|
|
|
|
|
|
|
| ||
| - |
|
| $ | - |
|
Cash flow hedge
The Company entered into forward contracts to partially hedge foreign exchange rate risks or interest rate risks associated with certain highly probable forecast transactions (capital expenditures or issuance of debts). The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%. The forward contracts have maturities of 12 months or less.
On the basis of economic relationships, the Company expects that the value of forward contracts and the value of hedged transactions will change in opposite directions in response to movements in foreign exchange rates or interest 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 contracts. No other sources of ineffectiveness emerged from these hedging relationships during the hedging period. For the six months ended June 30, 2022
16
and 2021, refer to Note 20(d) for gain or loss arising from changes in the fair value of hedging instruments, the amount transferred to initial carrying amount of hedged items and the amount reclassified to finance costs of hedged items.
The following tables summarize the information relating to the hedges of interest rate risks.
December 31, 2021
| Contract Amount (In Thousands) |
| Maturity |
| Balance in Other Equity (Continuing Hedges) | |||||
|
|
|
|
|
|
| ||||
Forward interest rate contracts |
| US$ | 328,000 |
|
| January 2022 |
| $ | 128,165 |
|
The effect for the six months ended June 30, 2022 and 2021 is detailed below:
| Change in Value Used for Calculating Hedge Ineffectiveness | |||||||||
|
| Six Months Ended June 30 | ||||||||
|
| 2022 |
| 2021 | ||||||
|
|
|
|
| ||||||
Hedging Instruments |
|
|
|
| ||||||
| - |
|
| $ | (41,416 | ) | ||||
| 1,356,697 |
|
| $ | - |
| ||||
|
|
|
|
|
|
|
|
| ||
Hedged Items |
|
|
|
|
|
|
|
| ||
| - |
|
| $ | 41,416 |
| ||||
| $ | (1,356,697 | ) |
| $ | - |
|
11. | NOTES AND ACCOUNTS RECEIVABLE, NET |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
At amortized cost |
|
|
|
|
|
| |||||||||
| 215,927,656 |
|
| $ | 193,733,220 |
|
| $ | 174,586,830 |
| |||||
|
| (302,959 | ) |
|
| (347,020 | ) |
|
| (291,142 | ) | ||||
| 215,624,697 |
|
|
| 193,386,200 |
|
|
| 174,295,688 |
| |||||
| 5,371,840 |
|
|
| 4,199,909 |
|
|
| 3,179,805 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 220,996,537 |
|
| $ | 197,586,109 |
|
| $ | 177,475,493 |
|
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.
17
Aging analysis of notes and accounts receivable
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 215,112,852 |
|
| $ | 191,740,045 |
|
| $ | 169,954,907 |
| |||||
Past due |
|
|
|
|
|
|
|
|
|
|
|
| |||
| 6,180,424 |
|
|
| 6,186,814 |
|
|
| 7,811,444 |
| |||||
| 4,724 |
|
|
| 6,182 |
|
|
| 220 |
| |||||
| 1,496 |
|
|
| 88 |
|
|
| 64 |
| |||||
|
| (302,959 | ) |
|
| (347,020 | ) |
|
| (291,142 | ) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 220,996,537 |
|
| $ | 197,586,109 |
|
| $ | 177,475,493 |
|
All of the Company’s accounts receivable classified as at FVTOCI were not past due.
Movements of the loss allowance for accounts receivable
| Six Months Ended June 30 | |||||||||
|
| 2022 |
| 2021 | ||||||
|
|
|
|
| ||||||
| 347,020 |
|
| $ | 246,626 |
| ||||
|
| (44,116 | ) |
|
| 44,524 |
| |||
| 55 |
|
|
| (8 | ) | ||||
|
|
|
|
|
|
|
|
| ||
| 302,959 |
|
| $ | 291,142 |
|
For the six months ended June 30, 2022 and 2021, the changes in loss allowance were mainly due to the variations in the balance of accounts receivable of different risk levels.
12. | INVENTORIES |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 37,577,314 |
|
| $ | 32,562,750 |
|
| $ | 21,358,612 |
| |||||
| 150,299,451 |
|
|
| 137,700,402 |
|
|
| 126,550,888 |
| |||||
| 11,536,389 |
|
|
| 11,111,122 |
|
|
| 12,991,522 |
| |||||
| 18,024,937 |
|
|
| 11,728,047 |
|
|
| 9,537,664 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 217,438,091 |
|
| $ | 193,102,321 |
|
| $ | 170,438,686 |
|
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 during reporting period. The amounts are illustrated below:
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Inventory losses (reversal of write-down of inventories) |
| 1,318,633 |
|
| $ | (469,648 | ) |
| 1,257,466 |
|
| $ | (946,047 | ) |
18
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 |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks |
| Hsinchu, Taiwan |
| 11,387,537 |
|
| $ | 10,613,127 |
|
| $ | 8,702,574 |
|
| 28% |
|
|
| 28% |
|
|
| 28% |
| ||||||
| Manufacturing and sales of integrated circuits and other semiconductor devices |
| Singapore |
| 7,914,636 |
|
|
| 6,795,699 |
|
|
| 6,409,172 |
|
| 39% |
|
|
| 39% |
|
|
| 39% |
| ||||||
| Wafer level chip size packaging and wafer level post passivation interconnection service |
| Taoyuan, Taiwan |
| 3,092,962 |
|
|
| 3,046,961 |
|
|
| 2,898,577 |
|
| 41% |
|
|
| 41% |
|
|
| 41% |
| ||||||
| Researching, developing, manufacturing, testing and marketing of integrated circuits |
| Hsinchu, Taiwan |
| 1,381,336 |
|
|
| 1,484,683 |
|
|
| 1,300,841 |
|
| 35% |
|
|
| 35% |
|
|
| 35% |
| ||||||
| Manufacturing of electronic parts, wholesaling and retailing of electronic materials, and researching, developing and testing of RFID |
| New Taipei, Taiwan |
| 21,047 |
|
|
| 22,948 |
|
|
| 25,714 |
|
| 28% |
|
|
| 28% |
|
|
| 28% |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
| 23,797,518 |
|
| $ | 21,963,418 |
|
| $ | 19,336,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The market prices of the associates’ ownership held by the Company 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.
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | |||||||
|
|
|
|
|
|
| ||||||
| 35,652,364 |
|
| $ | 73,347,312 |
|
| $ | 54,778,372 |
| ||
| 22,456,860 |
|
| $ | 27,359,085 |
|
| $ | 19,282,086 |
| ||
| 14,299,727 |
|
| $ | 15,913,315 |
|
| $ | 18,806,645 |
|
14. | PROPERTY, PLANT AND EQUIPMENT |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 2,248,294,450 |
|
| $ | 1,975,113,974 |
|
| $ | 1,722,112,116 |
| |||||
| 24,337 |
|
|
| 4,730 |
|
|
| 567,017 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 2,248,318,787 |
|
| $ | 1,975,118,704 |
|
| $ | 1,722,679,133 |
|
19
| 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, 2022 |
| 6,488,230 |
|
| 576,597,777 |
|
| 3,984,749,236 |
|
| 76,154,170 |
|
| 593,155,733 |
|
| 5,237,145,146 |
| ||||||||||||
Additions |
| 702,377 |
|
| 17,408,443 |
|
| 189,771,300 |
|
| 3,934,410 |
|
| 277,066,417 |
|
| 488,882,947 |
| ||||||||||||
Disposals or retirements |
| - |
|
|
| (59,270 | ) |
|
| (12,787,092 | ) |
|
| (104,176 | ) |
| - |
|
|
| (12,950,538 | ) | ||||||||
Transfers to assets subject to operating leases |
|
| - |
|
|
| - |
|
|
| (54,042 | ) |
|
| - |
|
|
| - |
|
|
| (54,042 | ) | ||||||
Effect of exchange rate changes |
| 191,565 |
|
| 1,189,079 |
|
| 5,660,892 |
|
| 192,520 |
|
| 3,371,590 |
|
| 10,605,646 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at June 30, 2022 |
| 7,382,172 |
|
| 595,136,029 |
|
| 4,167,340,294 |
|
| 80,176,924 |
|
| 873,593,740 |
|
| 5,723,629,159 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Accumulated depreciation and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at January 1, 2022 |
| 499,826 |
|
| 306,165,242 |
|
| 2,903,539,441 |
|
| 51,826,663 |
|
| - |
|
| 3,262,031,172 |
| ||||||||||||
Additions |
| 682 |
|
| 17,675,386 |
|
| 196,242,367 |
|
| 4,643,691 |
|
| - |
|
| 218,562,126 |
| ||||||||||||
Disposals or retirements |
| - |
|
|
| (48,143 | ) |
|
| (12,076,798 | ) |
|
| (103,804 | ) |
| - |
|
|
| (12,228,745 | ) | ||||||||
Transfers to assets subject to operating leases |
|
| - |
|
|
| - |
|
|
| (32,245 | ) |
|
| - |
|
|
| - |
|
|
| (32,245 | ) | ||||||
Impairment |
| - |
|
| - |
|
| - |
|
| - |
|
| 790,740 |
|
| 790,740 |
| ||||||||||||
Effect of exchange rate changes |
| 37,014 |
|
| 878,755 |
|
| 5,142,161 |
|
| 153,731 |
|
| - |
|
| 6,211,661 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at June 30, 2022 |
| 537,522 |
|
| 324,671,240 |
|
| 3,092,814,926 |
|
| 56,520,281 |
|
| 790,740 |
|
| 3,475,334,709 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Carrying amounts at |
| $ | 5,988,404 |
|
| $ | 270,432,535 |
|
| $ | 1,081,209,795 |
|
| $ | 24,327,507 |
|
| $ | 593,155,733 |
|
| $ | 1,975,113,974 |
| ||||||
Carrying amounts at June 30, 2022 |
| 6,844,650 |
|
| 270,464,789 |
|
| 1,074,525,368 |
|
| 23,656,643 |
|
| 872,803,000 |
|
| 2,248,294,450 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at January 1, 2021 |
| $ | 3,942,625 |
|
| $ | 522,447,474 |
|
| $ | 3,607,005,732 |
|
| $ | 68,862,648 |
|
| $ | 223,965,360 |
|
| $ | 4,426,223,839 |
| ||||||
Additions |
|
| 2,587,183 |
|
|
| 34,524,307 |
|
|
| 217,478,898 |
|
|
| 3,799,491 |
|
|
| 108,588,607 |
|
|
| 366,978,486 |
| ||||||
Disposals or retirements |
|
| - |
|
|
| (19,921 | ) |
|
| (6,882,015 | ) |
|
| (124,755 | ) |
|
| - |
|
|
| (7,026,691 | ) | ||||||
Transfers from assets subject to operating leases |
|
| - |
|
|
| 35,478 |
|
|
| 656,218 |
|
|
| - |
|
|
| - |
|
|
| 691,696 |
| ||||||
Transfers to assets subject to operating leases |
|
| - |
|
|
| - |
|
|
| (244,579 | ) |
|
| - |
|
|
| - |
|
|
| (244,579 | ) | ||||||
Effect of exchange rate changes |
|
| (16,125 | ) |
|
| 86,018 |
|
|
| 672,170 |
|
|
| (7,391 | ) |
|
| (81,621 | ) |
|
| 653,051 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at June 30, 2021 |
| $ | 6,513,683 |
|
| $ | 557,073,356 |
|
| $ | 3,818,686,424 |
|
| $ | 72,529,993 |
|
| $ | 332,472,346 |
|
| $ | 4,787,275,802 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Accumulated depreciation and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at January 1, 2021 |
| $ | 506,129 |
|
| $ | 271,799,471 |
|
| $ | 2,555,529,969 |
|
| $ | 43,802,332 |
|
| $ | - |
|
| $ | 2,871,637,901 |
| ||||||
Additions |
|
| 667 |
|
|
| 16,942,317 |
|
|
| 178,535,517 |
|
|
| 3,863,440 |
|
|
| - |
|
|
| 199,341,941 |
| ||||||
Disposals or retirements |
|
| - |
|
|
| (17,118 | ) |
|
| (6,695,391 | ) |
|
| (123,997 | ) |
|
| - |
|
|
| (6,836,506 | ) | ||||||
Transfers from assets subject to operating leases |
|
| - |
|
|
| 15,646 |
|
|
| 197,639 |
|
|
| - |
|
|
| - |
|
|
| 213,285 |
| ||||||
Transfers to assets subject to operating leases |
|
| - |
|
|
| - |
|
|
| (68,279 | ) |
|
| - |
|
|
| - |
|
|
| (68,279 | ) | ||||||
Impairment |
|
| - |
|
|
| - |
|
|
| 274,388 |
|
|
| - |
|
|
| - |
|
|
| 274,388 |
| ||||||
Effect of exchange rate changes |
|
| (3,750 | ) |
|
| 21,534 |
|
|
| 590,342 |
|
|
| (7,170 | ) |
|
| - |
|
|
| 600,956 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at June 30, 2021 |
| $ | 503,046 |
|
| $ | 288,761,850 |
|
| $ | 2,728,364,185 |
|
| $ | 47,534,605 |
|
| $ | - |
|
| $ | 3,065,163,686 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Carrying amounts at |
| $ | 3,436,496 |
|
| $ | 250,648,003 |
|
| $ | 1,051,475,763 |
|
| $ | 25,060,316 |
|
| $ | 223,965,360 |
|
| $ | 1,554,585,938 |
| ||||||
Carrying amounts at June 30, 2021 |
| $ | 6,010,637 |
|
| $ | 268,311,506 |
|
| $ | 1,090,322,239 |
|
| $ | 24,995,388 |
|
| $ | 332,472,346 |
|
| $ | 1,722,112,116 |
|
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 2022 and 2021, the Company recognized an impairment loss of NT$790,740 thousand and NT$274,388 thousand for certain equipment under machinery and equipment that were assessed to have no future use, and the recoverable amounts of the aforementioned assets were nil. Such impairment loss was recognized in other operating income and expenses.
Information about capitalized interest is set out in Note 23.
20
| b. | Assets subject to operating leases |
|
| Buildings |
| Machinery and Equipment |
| Total | |||||||||
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
| |||||||||
Balance at January 1, 2022 |
| 192,051 |
|
| - |
|
| 192,051 |
| ||||||
Disposals or retirements |
|
| (63,727 | ) |
|
| - |
|
|
| (63,727 | ) | |||
|
| - |
|
|
| 54,042 |
|
|
| 54,042 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at June 30, 2022 |
| 128,324 |
|
| 54,042 |
|
| 182,366 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at January 1, 2022 |
| 187,321 |
|
| - |
|
| 187,321 |
| ||||||
Additions |
| 389 |
|
| 1,801 |
|
| 2,190 |
| ||||||
Disposals or retirements |
|
| (63,727 | ) |
|
| - |
|
|
| (63,727 | ) | |||
|
| - |
|
| 32,245 |
|
| 32,245 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at June 30, 2022 |
| 123,983 |
|
| 34,046 |
|
| 158,029 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Carrying amounts at January 1, 2022 |
| $ | 4,730 |
|
| $ | - |
|
| $ | 4,730 |
| |||
Carrying amounts at June 30, 2022 |
| 4,341 |
|
| 19,996 |
|
| 24,337 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at January 1, 2021 |
| $ | 227,529 |
|
| $ | 1,199,011 |
|
| $ | 1,426,540 |
| |||
Transfers to assets used by the Company |
|
| (35,478 | ) |
|
| (656,218 | ) |
|
| (691,696 | ) | |||
Transfers from assets used by the Company |
|
| - |
|
|
| 244,579 |
|
|
| 244,579 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at June 30, 2021 |
| $ | 192,051 |
|
| $ | 787,372 |
|
| $ | 979,423 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at January 1, 2021 |
| $ | 201,366 |
|
| $ | 221,992 |
|
| $ | 423,358 |
| |||
Additions |
|
| 632 |
|
|
| 133,422 |
|
|
| 134,054 |
| |||
Transfers to assets used by the Company |
|
| (15,646 | ) |
|
| (197,639 | ) |
|
| (213,285 | ) | |||
Transfers from assets used by the Company |
|
| - |
|
|
| 68,279 |
|
|
| 68,279 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at June 30, 2021 |
| $ | 186,352 |
|
| $ | 226,054 |
|
| $ | 412,406 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Carrying amounts at January 1, 2021 |
| $ | 26,163 |
|
| $ | 977,019 |
|
| $ | 1,003,182 |
| |||
Carrying amounts at June 30, 2021 |
| $ | 5,699 |
|
| $ | 561,318 |
|
| $ | 567,017 |
|
Operating leases relate to leases of buildings and leases of machinery and equipment with lease terms ranging between approximately 1 to 5 years. The lessees do not have purchase options to acquire the assets at the expiration of the lease periods.
21
The maturity analysis of operating lease payments receivable from the buildings and machinery and equipment is as follows:
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 19,279 |
|
| $ | 17,978 |
|
| $ | 22,011 |
| |||||
| - |
|
|
| - |
|
|
| 8,496 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 19,279 |
|
| $ | 17,978 |
|
| $ | 30,507 |
|
15. | LEASE ARRANGEMENTS |
| a. | Right-of-use assets |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
Carrying amounts |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
| |||||||||
| 31,286,996 |
|
| $ | 29,778,636 |
|
| $ | 30,256,923 |
| |||||
| 2,972,876 |
|
|
| 2,918,133 |
|
|
| 2,323,733 |
| |||||
| 3,301 |
|
|
| 3,474 |
|
|
| 3,905 |
| |||||
| 30,359 |
|
|
| 34,294 |
|
|
| 34,711 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 34,293,532 |
|
| $ | 32,734,537 |
|
| $ | 32,619,272 |
|
22
| b. | Lease liabilities |
Ranges of discount rates for lease liabilities are as follows:
|
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 |
|
|
|
|
|
|
|
Land |
| 0.39%-1.78% |
| 0.39%-2.14% |
| 0.39%-2.14% |
Buildings |
| 0.39%-3.88% |
| 0.39%-3.88% |
| 0.39%-3.88% |
Machinery and equipment |
| 0.71% |
| 0.71% |
| 0.71% |
Office equipment |
| 0.28%-3.88% |
| 0.28%-3.88% |
| 0.28%-3.88% |
| 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.
| 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 |
23
16. | INTANGIBLE ASSETS |
| Goodwill |
| Technology License Fees |
| Software and System Design Costs |
| Patent and Others |
|
Total | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Cost |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Balance at January 1, 2022 |
| 5,379,164 |
|
| 23,533,959 |
|
| 43,650,957 |
|
| 11,497,309 |
|
| 84,061,389 |
| ||||||||||
Additions |
| - |
|
| 1,945,779 |
|
| 2,342,902 |
|
| 169,692 |
|
| 4,458,373 |
| ||||||||||
Disposals or retirements |
| - |
|
| - |
|
|
| (51,896 | ) |
| - |
|
|
| (51,896 | ) | ||||||||
Effect of exchange rate changes |
| 278,092 |
|
| 2,933 |
|
| 12,201 |
|
| 1,975 |
|
| 295,201 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at June 30, 2022 |
| 5,657,256 |
|
| 25,482,671 |
|
| 45,954,164 |
|
| 11,668,976 |
|
| 88,763,067 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Accumulated amortization and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at January 1, 2022 |
| - |
|
| 14,912,293 |
|
| 34,121,578 |
|
| 8,205,821 |
|
| 57,239,692 |
| ||||||||||
Additions |
| - |
|
| 1,358,008 |
|
| 2,402,246 |
|
| 591,456 |
|
| 4,351,710 |
| ||||||||||
Disposals or retirements |
| - |
|
| - |
|
|
| (51,896 | ) |
| - |
|
|
| (51,896 | ) | ||||||||
Effect of exchange rate changes |
| - |
|
| 2,933 |
|
| 10,729 |
|
| 906 |
|
| 14,568 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at June 30, 2022 |
| - |
|
| 16,273,234 |
|
| 36,482,657 |
|
| 8,798,183 |
|
| 61,554,074 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Carrying amounts at January 1, 2022 |
| $ | 5,379,164 |
|
| $ | 8,621,666 |
|
| $ | 9,529,379 |
|
| $ | 3,291,488 |
|
| $ | 26,821,697 |
| |||||
Carrying amounts at June 30, 2022 |
| 5,657,256 |
|
| 9,209,437 |
|
| 9,471,507 |
|
| 2,870,793 |
|
| 27,208,993 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at January 1, 2021 |
| $ | 5,436,602 |
|
| $ | 22,161,712 |
|
| $ | 36,238,967 |
|
| $ | 11,277,701 |
|
| $ | 75,114,982 |
| |||||
Additions |
|
| - |
|
|
| 1,004,974 |
|
|
| 3,708,226 |
|
|
| 90,702 |
|
|
| 4,803,902 |
| |||||
Disposals or retirements |
|
| - |
|
|
| - |
|
|
| (13,779 | ) |
|
| - |
|
|
| (13,779 | ) | |||||
Effect of exchange rate changes |
|
| (28,244 | ) |
|
| 1,071 |
|
|
| 2,079 |
|
|
| 185 |
|
|
| (24,909 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at June 30, 2021 |
| $ | 5,408,358 |
|
| $ | 23,167,757 |
|
| $ | 39,935,493 |
|
| $ | 11,368,588 |
|
| $ | 79,880,196 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Accumulated amortization and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at January 1, 2021 |
| $ | - |
|
| $ | 12,226,066 |
|
| $ | 30,111,759 |
|
| $ | 7,008,978 |
|
| $ | 49,346,803 |
| |||||
Additions |
|
| - |
|
|
| 1,334,121 |
|
|
| 2,068,523 |
|
|
| 605,779 |
|
|
| 4,008,423 |
| |||||
Disposals or retirements |
|
| - |
|
|
| - |
|
|
| (12,551 | ) |
|
| - |
|
|
| (12,551 | ) | |||||
Effect of exchange rate changes |
|
| - |
|
|
| 1,071 |
|
|
| 1,266 |
|
|
| 141 |
|
|
| 2,478 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at June 30, 2021 |
| $ | - |
|
| $ | 13,561,258 |
|
| $ | 32,168,997 |
|
| $ | 7,614,898 |
|
| $ | 53,345,153 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Carrying amounts at January 1, 2021 |
| $ | 5,436,602 |
|
| $ | 9,935,646 |
|
| $ | 6,127,208 |
|
| $ | 4,268,723 |
|
| $ | 25,768,179 |
| |||||
Carrying amounts at June 30, 2021 |
| $ | 5,408,358 |
|
| $ | 9,606,499 |
|
| $ | 7,766,496 |
|
| $ | 3,753,690 |
|
| $ | 26,535,043 |
|
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 rate of 8.0% in its test of impairment as of December 31, 2021 to reflect the relevant specific risk in the cash-generating unit.
24
17. | SHORT-TERM LOANS |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
Unsecured loans |
|
|
|
|
|
| |||||||||
| 115,584,794 |
|
| $ | 114,921,333 |
|
| $ | 139,380,910 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Loan content |
|
|
|
|
|
|
|
|
|
|
|
| |||
EUR (in thousands) |
| $ | 3,694,575 |
|
| $ | 3,652,935 |
|
| $ | 4,195,819 |
| |||
Annual interest rate |
|
| (0.28)%-0% |
|
|
| (0.73)%-0% |
|
|
| (0.25)%-0.01% |
| |||
Maturity date |
|
| Due by September 2022 |
|
|
| Due by June 2022 |
|
|
| Due by September 2021 |
|
18. | BONDS PAYABLE |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 342,244,000 |
|
| $ | 312,448,000 |
|
| $ | 230,389,000 |
| |||||
| 430,969,000 |
|
|
| 304,414,000 |
|
|
| 181,278,500 |
| |||||
|
| (2,923,177 | ) |
|
| (2,391,348 | ) |
|
| (1,202,643 | ) | ||||
|
| (16,400,000 | ) |
|
| (4,400,000 | ) |
|
| - |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 753,889,823 |
|
| $ | 610,070,652 |
|
| $ | 410,464,857 |
|
The Company issued domestic unsecured bonds for the six months ended June 30, 2022, the major terms are as follows:
Issuance |
| Tranche |
| Issuance Period |
| Total Amount |
| Coupon Rate |
| Repayment and Interest Payment | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
NT$ unsecured bonds |
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||
111-1 |
| A |
| January 2022 to January 2027 |
| $ | 2,100,000 |
|
|
| 0.63% |
|
| Bullet repayment; interest payable annually | |
|
| B |
| January 2022 to January 2029 |
|
| 3,300,000 |
|
|
| 0.72% |
|
| The same as above | |
111-2 |
| A |
| March 2022 to September 2026 |
|
| 3,000,000 |
|
|
| 0.84% |
|
| The same as above | |
|
| B |
| March 2022 to March 2027 |
|
| 9,600,000 |
|
|
| 0.85% |
|
| The same as above | |
|
| C |
| March 2022 to March 2029 |
|
| 1,600,000 |
|
|
| 0.90% |
|
| The same as above | |
111-3 |
|
|
| May 2022 to May 2027
|
|
| 6,100,000 |
|
|
| 1.50%
|
|
| The same as above
|
25
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 | |
April 2021 to April 2026 |
|
| 1,100,000 |
|
|
| 1.25% |
|
| The same as above | |
April 2021 to April 2028 |
|
| 900,000 |
|
|
| 1.75% |
|
| The same as above
| |
April 2021 to April 2031 |
|
| 1,500,000 |
|
|
| 2.25% |
|
| The same as above | |
October 2021 to October 2026 |
|
| 1,250,000 |
|
|
| 1.75% |
|
| The same as above | |
October 2021 to October 2031 |
|
| 1,250,000 |
|
|
| 2.50% |
|
| The same as above | |
October 2021 to October 2041 |
|
| 1,000,000 |
|
|
| 3.125% |
|
| The same as above | |
October 2021 to October 2051 |
|
| 1,000,000 |
|
|
| 3.25% |
|
| The same as above | |
April 2022 to April 2027 |
|
| 1,000,000 |
|
|
| 3.875% |
|
| The same as above | |
April 2022 to April 2029 |
|
| 500,000 |
|
|
| 4.125% |
|
| The same as above | |
April 2022 to April 2032 |
|
| 1,000,000 |
|
|
| 4.25% |
|
| The same as above | |
April 2022 to April 2052 |
|
| 1,000,000 |
|
|
| 4.50% |
|
| The same as above |
The company issued domestic unsecured bonds during the period from July 1, 2022 to August 9, 2022, the major terms are as follows:
Issuance |
| Tranche |
| Issuance Period |
| Total Amount |
| Coupon Rate |
| Repayment and Interest Payment | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
NT$ unsecured bonds |
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||
111-4
|
| A |
| July 2022 to July 2026 |
| $ | 1,200,000 |
|
|
| 1.60% |
|
| Bullet repayment; interest payable annually | |
|
| B |
| July 2022 to July 2027 |
|
| 10,100,000 |
|
|
| 1.70% |
|
| The same as above
| |
|
| C |
| July 2022 to July 2029 |
|
| 1,200,000 |
|
|
| 1.75% |
|
| The same as above
| |
|
| D |
| July 2022 to July 2032 |
|
| 1,400,000 |
|
|
| 1.95% |
|
| The same as above
|
26
The major terms of overseas unsecured bonds are as follows:
Issuance Period |
| Total Amount (US$ in Thousands) |
| Coupon Rate |
| Repayment and Interest Payment | |||||
|
|
|
|
|
|
| |||||
July 2022 to July 2027 |
| US$ | 400,000 |
|
|
| 4.375% |
|
| Bullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annually | |
July 2022 to July 2032 |
|
| 600,000 |
|
|
| 4.625% |
|
| The same as above |
19. | LONG-TERM BANK LOANS |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
| $ | 4,010,000 |
|
| $ | 3,510,000 |
|
| $ | 3,210,000 |
| ||||
|
| (32,060 | ) |
|
| (34,202 | ) |
|
| (38,669 | ) | ||||
|
| (659,167 | ) |
|
| (166,667 | ) |
|
| - |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 3,318,773 |
|
| $ | 3,309,131 |
|
| $ | 3,171,331 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Loan content |
|
|
|
|
|
|
|
|
|
|
|
| |||
Annual interest rate |
|
| 0.40%-0.98% |
|
|
| 0.40%-0.90% |
|
|
| 0.40%-0.60% |
| |||
Maturity date |
|
| Due by May 2027 |
|
|
| Due by September 2026 |
|
|
| Due by March 2026 |
|
The long-term bank loans of the Company are with preferential interest rates subsidized by the government, and the loans are used to fund capital expenditure qualifying for the subsidy.
20. | EQUITY |
| a. | Capital stock |
|
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||
|
|
|
|
|
|
| ||||||
Authorized shares (in thousands) |
|
| 28,050,000 |
|
|
| 28,050,000 |
|
|
| 28,050,000 |
|
Authorized capital |
| $ | 280,500,000 |
|
| $ | 280,500,000 |
|
| $ | 280,500,000 |
|
Issued and paid shares (in thousands) |
|
| 25,930,380 |
|
|
| 25,930,380 |
|
|
| 25,930,380 |
|
Issued capital |
| $ | 259,303,805 |
|
| $ | 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.
The authorized shares include 500,000 thousand shares allocated for the exercise of employee stock options.
On March 1, 2022, the Company issued employee restricted stocks awards (RSAs) for its employees in a total of 1,387 thousand shares with a par value of NT$10 each. The aforementioned issuance of new shares was approved by the relevant authority and the registration has been completed. Refer to Note 27 for the information on RSAs.
27
On May 10, 2022, TSMC’s Board of Directors resolved to cancel 1,387 thousand treasury shares. Refer to Note 20(e) for the information.
As of the end of reporting period, 1,064,049 thousand ADSs of TSMC were traded on the NYSE. The number of common shares represented by the ADSs was 5,320,243 thousand shares (one ADS represents five common shares).
| b. | Capital surplus |
Under the relevant laws, the capital surplus generated from the excess of the issuance price over the par value of capital stock (including the stock issued for new capital, mergers and convertible bonds), the difference between the consideration received and the carrying amount of the subsidiaries’ net assets during actual disposal and donations 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 |
TSMC’s Articles of Incorporation provide 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. 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 legal capital 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.
28
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 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 2022, 2021 and 2020 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:
|
|
|
|
|
| Second Quarter |
| First Quarter | ||||
Resolution Date of TSMC’s |
|
|
|
|
| of 2022 |
| of 2022 | ||||
Board of Directors in its |
|
|
|
|
| August 9, |
| May 10, | ||||
meeting |
|
|
|
|
| 2022 |
| 2022 | ||||
|
|
|
|
|
|
|
|
| ||||
Special capital reserve |
|
|
|
|
| $ | (12,002,798 | ) |
| $ | (15,541,054 | ) |
Cash dividends to shareholders |
|
|
|
|
| $ | 71,308,546 |
|
| $ | 71,308,546 |
|
Cash dividends per share (NT$) |
|
|
|
|
| $ | 2.75 |
|
| $ | 2.75 |
|
|
| Fourth Quarter |
| Third Quarter |
| Second Quarter |
| First Quarter | ||||||||
Resolution Date of TSMC’s |
| of 2021 |
| of 2021 |
| of 2021 |
| of 2021 | ||||||||
Board of Directors in its |
| February 15, |
| November 9, |
| August 10, |
| June 9, | ||||||||
meeting |
| 2022 |
| 2021 |
| 2021 |
| 2021 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Special capital reserve |
| $ | 3,304,303 |
|
| $ | 710,169 |
|
| $ | 10,201,220 |
|
| $ | (6,287,050 | ) |
Cash dividends to shareholders |
| $ | 71,308,546 |
|
| $ | 71,308,547 |
|
| $ | 71,308,546 |
|
| $ | 71,308,546 |
|
Cash dividends per share (NT$) |
| $ | 2.75 |
|
| $ | 2.75 |
|
| $ | 2.75 |
|
| $ | 2.75 |
|
|
| 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 |
|
| d. | Others |
Changes in others were as follows:
| Six Months Ended June 30, 2022 | ||||||||||||||||||||||||
|
| 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 period |
| $ | (63,303,361 | ) |
| 574,310 |
|
| 120,536 |
|
| - |
|
| $ | (62,608,515 | ) | ||||||||
Exchange differences arising on translation of foreign operations |
| 33,993,498 |
|
| - |
|
| - |
|
|
| - |
|
| 33,993,498 |
| |||||||||
Unrealized gain (loss) on financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity instruments |
| - |
|
| 172,302 |
|
| - |
|
|
| - |
|
| 172,302 |
| |||||||||
Debt instruments |
| - |
|
| (8,533,984 | ) |
| - |
|
|
| - |
|
|
| (8,533,984 | ) |
29
|
| Six Months Ended June 30, 2022 | |||||||||||||||||||||||
|
| 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 equity instruments transferred to retained earnings due to disposal |
| $ | - |
|
| (7,447 | ) |
| $ | - |
|
| $ | - |
|
| $ | (7,447 | ) | ||||||
Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to disposal |
|
| - |
|
| 245,151 |
|
|
| - |
|
|
| - |
|
|
| 245,151 |
| ||||||
Loss allowance adjustments from debt instruments |
|
| - |
|
| (532 | ) |
|
| - |
|
|
| - |
|
|
| (532 | ) | ||||||
Gain (loss) arising on changes in the fair value of hedging instruments |
|
| - |
|
| - |
|
|
| 1,342,584 |
|
|
| - |
|
|
| 1,342,584 |
| ||||||
Transferred to initial carrying amount of hedged items |
|
| - |
|
|
| - |
|
|
| (20,724 | ) |
|
| - |
|
|
| (20,724 | ) | |||||
Issuance of shares |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (451,899 | ) |
|
| (451,899 | ) | |||||
Share-based payment expenses recognized |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 106,698 |
|
|
| 106,698 |
| |||||
Share of other comprehensive income (loss) of associates |
| 291,650 |
|
| (1,502 | ) |
| 56,589 |
|
|
| - |
|
| 346,737 |
| |||||||||
Income tax effect |
| - |
|
| 231 |
|
| 6,036 |
|
|
| - |
|
| 6,267 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance, end of period |
| $ | (29,018,213 | ) |
| (7,551,471 | ) |
| 1,505,021 |
|
| $ | (345,201 | ) |
| $ | (35,409,864 | ) |
(Concluded)
|
| Six Months Ended June 30, 2021 | |||||||||||||||||||||||
|
| 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 period |
| $ | (57,001,627 | ) |
| $ | 2,321,754 |
|
| $ | - |
|
| $ | - |
|
| $ | (54,679,873 | ) | |||||
Exchange differences arising on translation of foreign operations |
|
| (3,095,241 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (3,095,241 | ) | |||||
Unrealized gain (loss) on financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity instruments |
|
| - |
|
|
| 817,424 |
|
|
| - |
|
|
| - |
|
|
| 817,424 |
| |||||
Debt instruments |
|
| - |
|
|
| (1,622,452 | ) |
|
| - |
|
|
| - |
|
|
| (1,622,452 | ) | |||||
Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to disposal |
|
| - |
|
|
| 278,816 |
|
|
| - |
|
|
| - |
|
|
| 278,816 |
| |||||
Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to disposal |
|
| - |
|
|
| (169,334 | ) |
|
| - |
|
|
| - |
|
|
| (169,334 | ) | |||||
Loss allowance adjustments from debt instruments |
|
| - |
|
|
| 1,617 |
|
|
| - |
|
|
| - |
|
|
| 1,617 |
| |||||
Gain (loss) arising on changes in the fair value of hedging instruments |
|
| - |
|
|
| - |
|
|
| (41,416 | ) |
|
| - |
|
|
| (41,416 | ) | |||||
Transferred to initial carrying amount of hedged items |
|
| - |
|
|
| - |
|
|
| 41,416 |
|
|
| - |
|
|
| 41,416 |
| |||||
Share of other comprehensive income (loss) of associates |
|
| (73,657 | ) |
|
| 4,502 |
|
|
| - |
|
|
| - |
|
|
| (69,155 | ) | |||||
Income tax effect |
|
| - |
|
|
| (55,845 | ) |
|
| - |
|
|
| - |
|
|
| (55,845 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance, end of period |
| $ | (60,170,525 | ) |
| $ | 1,576,482 |
|
| $ | - |
|
| $ | - |
|
| $ | (58,594,043 | ) |
The aforementioned other equity includes the changes in other equities of TSMC and TSMC’s share of its subsidiaries and associates.
| e. | Treasury stock |
For TSMC’s shareholders’ interests, TSMC’s Board of Directors approved a share buyback program on February 15, 2022 to repurchase 1,387 thousand shares. TSMC has completed this share buyback program during the first quarter of 2022. On May 10, 2022, TSMC’s Board of Directors resolved to cancel the 1,387 thousand shares and set May 10, 2022 as the record date for capital reduction. The registration for share cancellation was completed on May 20, 2022.
30
21. | NET REVENUE |
| a. | Disaggregation of revenue from contracts with customers |
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||||||
Product |
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
| 475,781,237 |
|
| $ | 332,005,700 |
|
| 914,417,988 |
|
| $ | 654,477,956 |
| |||||||
| 58,359,571 |
|
|
| 40,139,422 |
|
| 110,798,693 |
|
|
| 80,077,396 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 534,140,808 |
|
| $ | 372,145,122 |
|
| 1,025,216,681 |
|
| $ | 734,555,352 |
|
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||||||
Geography |
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
| 57,220,955 |
|
| $ | 41,751,615 |
|
| 121,529,972 |
|
| $ | 99,480,649 |
| |||||||
| 334,036,299 |
|
|
| 218,814,409 |
|
| 640,162,981 |
|
|
| 456,177,680 |
| |||||||
| 67,466,165 |
|
|
| 55,029,691 |
|
| 122,802,779 |
|
|
| 78,239,433 |
| |||||||
| 30,516,978 |
|
|
| 25,148,209 |
|
| 56,397,199 |
|
|
| 45,022,267 |
| |||||||
| 27,232,242 |
|
|
| 19,424,581 |
|
| 51,803,418 |
|
|
| 34,380,749 |
| |||||||
| 17,668,169 |
|
|
| 11,976,617 |
|
| 32,520,332 |
|
|
| 21,254,574 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 534,140,808 |
|
| $ | 372,145,122 |
|
| 1,025,216,681 |
|
| $ | 734,555,352 |
|
The Company categorized the net revenue mainly based on the countries where the customers are headquartered.
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||||||
Platform |
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
| 201,555,759 |
|
| $ | 157,744,895 |
|
| 397,555,653 |
|
| $ | 320,952,692 |
| |||||||
| 228,940,670 |
|
|
| 143,391,014 |
|
| 431,185,832 |
|
|
| 271,234,401 |
| |||||||
| 44,648,551 |
|
|
| 29,391,787 |
|
| 83,694,326 |
|
|
| 59,514,518 |
| |||||||
| 27,041,397 |
|
|
| 16,395,914 |
|
| 50,772,615 |
|
|
| 31,001,454 |
| |||||||
| 15,245,696 |
|
|
| 13,540,616 |
|
| 29,724,532 |
|
|
| 28,954,701 |
| |||||||
| 16,708,735 |
|
|
| 11,680,896 |
|
| 32,283,723 |
|
|
| 22,897,586 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 534,140,808 |
|
| $ | 372,145,122 |
|
| 1,025,216,681 |
|
| $ | 734,555,352 |
|
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||||||
Resolution |
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
| 100,729,723 |
|
| $ | 61,189,745 |
|
| 187,021,513 |
|
| $ | 106,802,946 |
| |||||||
| 142,919,242 |
|
|
| 101,327,247 |
|
| 275,244,347 |
|
|
| 212,348,622 |
| |||||||
| 10,212 |
|
|
| 171,448 |
|
| 13,357 |
|
|
| 628,486 |
| |||||||
| 64,478,129 |
|
|
| 45,342,157 |
|
| 125,345,668 |
|
|
| 90,649,739 |
| |||||||
| 2,129,924 |
|
|
| 1,329,397 |
|
| 4,284,389 |
|
|
| 2,530,800 |
| |||||||
| 49,533,008 |
|
|
| 37,518,815 |
|
| 96,980,103 |
|
|
| 74,182,990 |
| |||||||
| 36,441,273 |
|
|
| 23,604,843 |
|
| 70,471,243 |
|
|
| 46,795,800 |
| |||||||
| 22,537,887 |
|
|
| 16,335,174 |
|
| 43,724,793 |
|
|
| 31,958,401 |
| |||||||
| 10,513,833 |
|
|
| 9,031,280 |
|
| 19,778,329 |
|
|
| 17,755,720 |
| |||||||
| 12,701,869 |
|
|
| 9,307,618 |
|
| 26,078,454 |
|
|
| 18,005,084 |
| |||||||
| 27,207,891 |
|
|
| 20,997,915 |
|
| 52,731,689 |
|
|
| 41,607,465 |
| |||||||
| 6,578,246 |
|
|
| 5,850,061 |
|
| 12,744,103 |
|
|
| 11,211,903 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 475,781,237 |
|
| $ | 332,005,700 |
|
| 914,417,988 |
|
| $ | 654,477,956 |
|
31
| b. | Contract balances |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 |
| January 1, 2021 | |||||||||
|
|
|
|
|
|
|
|
| ||||||||
Contract liabilities (classified under accrued expenses and other current liabilities) |
| 36,370,599 |
|
| $ | 39,762,588 |
|
| $ | 28,707,650 |
|
| $ | 13,775,088 |
|
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$4,816,703 thousand and NT$1,790,629 thousand for the three months ended June 30, 2022 and 2021, respectively; and NT$35,695,115 thousand and NT$10,804,405 thousand for the six months ended June 30, 2022 and 2021, respectively.
| c. | Temporary receipts from customers |
The Company’s temporary receipts from customer are payments made by customers to the Company to retain the Company’s capacity. When the terms and conditions set forth in the agreements are subsequently satisfied, the treatment of temporary receipts, either by refund or by accounts receivable offsetting, will be determined by mutual consent.
22.INTEREST INCOME
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Interest income |
|
|
|
|
|
|
|
| ||||||||||||
| 2,673,691 |
|
| $ | 708,406 |
|
| 3,665,684 |
|
| $ | 1,339,467 |
| |||||||
| 602,121 |
|
|
| 548,760 |
|
| 1,142,611 |
|
|
| 1,175,467 |
| |||||||
| 270,133 |
|
|
| 171,515 |
|
| 411,529 |
|
|
| 374,651 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 3,545,945 |
|
| $ | 1,428,681 |
|
| 5,219,824 |
|
| $ | 2,889,585 |
|
32
23.FINANCE COSTS
Information about capitalized interest is as follows:
|
| Three Months Ended June 30, 2022 |
| Six Months Ended June 30, 2022 |
|
|
|
|
|
Capitalization rate |
| 0.72%-3.36% |
| 0.56%-3.36% |
24. | OTHER GAINS AND LOSSES, NET |
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Gain (loss) on disposal of financial assets, net |
|
|
|
|
|
|
|
| ||||||||||||
| $ | (104,373 | ) |
| $ | 166,348 |
|
| $ | (245,151 | ) |
| $ | 169,334 |
| |||||
Gain (loss) on financial instruments at FVTPL, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| (7,049,073 | ) |
|
| 955,618 |
|
|
| (7,421,976 | ) |
|
| (2,398,909 | ) | |||||
The reversal (accrual) of expected credit loss of financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 1,171 |
|
|
| (1,861 | ) |
| 532 |
|
|
| (1,617 | ) | |||||||
|
| (12,281 | ) |
|
| 4,648 |
|
|
| (23,410 | ) |
|
| 4,901 |
| |||||
|
| (237,606 | ) |
|
| 133,879 |
|
| 19,547 |
|
|
| 273,128 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| $ | (7,402,162 | ) |
| $ | 1,258,632 |
|
| $ | (7,670,458 | ) |
| $ | (1,953,163 | ) |
33
25. | INCOME TAX |
| a. | Income tax expense recognized in profit or loss |
Income tax expense consisted of the following:
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Current income tax expense |
|
|
|
|
|
|
|
| ||||||||||||
| 34,088,064 |
|
| $ | 19,420,622 |
|
| 62,764,254 |
|
| $ | 39,877,578 |
| |||||||
|
| (489,636 | ) |
|
| 158,443 |
|
|
| (523,244 | ) |
|
| 158,443 |
| |||||
| 46,337 |
|
|
| 31,501 |
|
| 86,804 |
|
|
| 69,886 |
| |||||||
| 33,644,765 |
|
|
| 19,610,566 |
|
| 62,327,814 |
|
|
| 40,105,907 |
| |||||||
Deferred income tax benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| (5,754,159 | ) |
|
| (3,383,430 | ) |
|
| (9,528,886 | ) |
|
| (7,238,311 | ) | |||||
| 927,423 |
|
|
| (1,317,777 | ) |
|
| (22,577 | ) |
|
| (2,632,597 | ) | ||||||
|
| (4,826,736 | ) |
|
| (4,701,207 | ) |
|
| (9,551,463 | ) |
|
| (9,870,908 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 28,818,029 |
|
| $ | 14,909,359 |
|
| 52,776,351 |
|
| $ | 30,234,999 |
|
b.Income tax expense recognized in other comprehensive income
| c. | Income tax examination |
The tax authorities have examined income tax returns of TSMC through 2020. All investment tax credit adjustments assessed by the tax authorities have been recognized accordingly.
34
26. | EARNINGS PER SHARE |
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
| 9.14 |
|
| $ | 5.18 |
|
| 16.96 |
|
| $ | 10.57 |
| |||
| 9.14 |
|
| $ | 5.18 |
|
| 16.96 |
|
| $ | 10.57 |
|
EPS is computed as follows:
The issuance of RSAs for year 2021 (2021 RSAs) of no more than 2,600 thousand common shares has been approved by TSMC’s shareholders’ meeting held on July 26, 2021. The grants will be made free of charge. Under the aforementioned resolution, TSMC’s Board of Directors approved the issuance of RSAs of 1,387 thousand shares. The grant date and the issuance date were both March 1, 2022.
Vesting conditions of the aforementioned arrangement are as follow:
| 1) | The RSAs granted to key management personnel can only be vested if |
| ● | the key management personnel remain employed by TSMC on the last date of each vesting period; |
| ● | during the vesting period, the key management personnel may not breach any agreement with the TSMC or violate the TSMC’s work rules; and |
35
| ● | certain key management personnel performance metrics and the TSMC’s business performance metrics are met. |
| 2) | The maximum percentage of granted RSAs that may be vested each year shall be as follows: one-year anniversary of the grant: 50%; two-year anniversary of the grant: 25%; and three-year anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be vested in each year will be calculated based on the achievement of the TSMC’s business performance metrics. |
| 3) | The maximum number of RSAs that may be vested in each year will be set as 110%, among which 100% will be subject to a calculation based on the TSMC’s relative Total Shareholder Return (”TSR”, including capital gains and dividends) achievement to determine the number of RSAs to be vested; this number will be further subject to a modifier to increase or decrease up to 10% based on the Compensation Committee’s evaluation of the TSMC’s Environmental, Social, and Governance (”ESG”) achievements. The number of shares so calculated should be rounded down to the nearest integral. |
TSMC’s TSR relative to the TSR of S&P 500 IT Index |
| Ratio of Shares to be Vested |
|
|
|
Above the Index by X percentage points |
| 50% + X * 2.5%, with the maximum of 100% |
Equal to the Index |
| 50% |
Below the Index by X percentage points |
| 50% - X * 2.5%, with the minimum of 0% |
Restrictions imposed on the key management personnel’ rights in the RSAs before the vesting conditions are fulfilled:
| 1) | During each vesting period, no key management personnel granted RSAs, except for inheritance, may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares under the unvested RSAs. |
| 2) | Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting rights and etc. shall be exercised by the engaged trustee/custodian on the key management personnel’s behalf. Any other shareholder rights including but not limited to the entitlement to any distribution regarding dividends, bonuses and capital reserve, and the subscription right of the new shares issued for any capital increase, are the same as those of holders of common shares of TSMC. |
| 3) | Details of granted 2021 RSAs are as follows: |
|
| Six Months Ended June 30, 2022 | ||||
|
| Number of Stocks (In Thousands) | ||||
|
|
| ||||
Balance, beginning of period |
|
| - |
| ||
Issuance of stocks |
|
| 1,387 |
| ||
|
|
|
|
| ||
Balance, end of period |
|
| 1,387 |
| ||
|
|
|
|
| ||
Weighted-average fair value of RSAs (in dollars) |
| $ | 325.81 |
|
36
The 2021 RSAs is measured at fair value at grant date using the binominal tree approach. Relevant information is as follows:
|
| March 1, 2022 | |||
|
|
| |||
Stock price at grant date (in dollars) |
| $ | 604 |
| |
Expected price volatility |
|
| 25.34%-28.28% |
| |
Expected option life |
|
| 1-3years |
| |
Risk-free interest rate |
|
| 0.57% |
|
Refer to Note 28 for the compensation costs of the 2021 RSAs recognized by TSMC.
The issuance of RSAs for year 2022 (2022 RSAs) of no more than 3,065 thousand common shares has been approved by TSMC’s shareholders’ meeting held on June 8, 2022. The grants will be made free of charge.
| b. | Cash-settled share-based payment arrangements |
On March 1, 2022, TSMC executed a compensation plan to grant 236 thousand units of employee cash-settled share-based payment arrangement. One unit of the right represents a right to the market value of one TSMC’s common share when vested. The vesting conditions and the ratio of units to be vested for key management personnel of the plan are the same as the aforementioned 2021 RSAs.
The compensation cost for the cash-settled share-based payment was measured at fair value by using binominal tree approach and will be measured at the end of each reporting period until settlement. Relevant information is as follows:
|
| June 30, 2022 | |||
|
|
| |||
Stock price at measurement date (in dollars) |
| $ | 501 |
| |
Expected price volatility |
|
| 25.85%-29.88% |
| |
Expected option life |
|
| 1-3years |
| |
Risk-free interest rate |
|
| 0.96% |
|
Refer to Note 28 for the compensation costs of the cash-settled share-based payment recognized by TSMC. The liabilities under cash-settle share-based payment arrangement amounted to NT$16,650 thousands as of the end of reporting period.
37
28. | ADDITIONAL INFORMATION OF EXPENSES BY NATURE |
| Three Months Ended June 30 |
| Six Months Ended June 30 | ||||||||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | |||||||||||||
|
|
|
|
|
|
|
|
| |||||||||||||
a.Depreciation of property, plant and equipment and right-of-use assets |
|
|
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
| |||||||||||||
| 103,802,522 |
|
| $ | 94,713,022 |
|
| 205,460,210 |
|
| $ | 186,947,097 |
| ||||||||
| 7,236,218 |
|
|
| 6,949,727 |
|
| 14,512,600 |
|
|
| 13,615,902 |
| ||||||||
| 1,995 |
|
|
| 61,437 |
|
| 2,190 |
|
|
| 134,054 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| 111,040,735 |
|
| $ | 101,724,186 |
|
| 219,975,000 |
|
| $ | 200,697,053 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
b.Amortization of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Recognized in cost of revenue |
| $ | 1,509,549 |
|
| $ | 1,394,961 |
|
| $ | 3,011,624 |
|
| $ | 2,681,865 |
| |||||
Recognized in operating expenses |
|
| 674,363 |
|
|
| 686,011 |
|
|
| 1,340,086 |
|
|
| 1,326,558 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | 2,183,912 |
|
| $ | 2,080,972 |
|
| $ | 4,351,710 |
|
| $ | 4,008,423 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
c.Employee benefits expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Post-employment benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| 1,106,462 |
|
| $ | 943,574 |
|
| 2,147,764 |
|
| $ | 1,713,829 |
| ||||||||
| 52,387 |
|
|
| 48,121 |
|
| 104,561 |
|
|
| 96,232 |
| ||||||||
|
| 1,158,849 |
|
|
| 991,695 |
|
|
| 2,252,325 |
|
|
| 1,810,061 |
| ||||||
Share-based payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| 114,348 |
|
|
| 1,750 |
|
| 141,801 |
|
|
| 3,454 |
| ||||||||
|
| 11,899 |
|
|
| - |
|
| 17,299 |
|
|
| - |
| |||||||
|
|
| 126,247 |
|
|
| 1,750 |
|
|
| 159,100 |
|
|
| 3,454 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| 56,010,143 |
|
|
| 38,416,215 |
|
| 104,931,140 |
|
|
| 75,678,609 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| 57,295,239 |
|
| $ | 39,409,660 |
|
| 107,342,565 |
|
| $ | 77,492,124 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Employee benefits expense summarized by function |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| 33,789,220 |
|
| $ | 23,513,793 |
|
| 63,515,083 |
|
| $ | 46,320,240 |
| ||||||||
| 23,506,019 |
|
|
| 15,895,867 |
|
| 43,827,482 |
|
|
| 31,171,884 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | 57,295,239 |
|
| $ | 39,409,660 |
|
| $ | 107,342,565 |
|
| $ | 77,492,124 |
|
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
38
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:
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
| $ | 14,149,316 |
|
| $ | 8,020,534 |
|
| $ | 26,260,235 |
|
| $ | 16,358,834 |
|
TSMC’s profit sharing bonus to employees and compensation to directors for 2021 and 2020 had been approved by the Board of Directors of TSMC, as illustrated below:
|
| Years Ended December 31 | ||||||
|
| 2021 |
| 2020 | ||||
|
| February 15, |
| February 9, | ||||
Resolution Date of TSMC’s Board of Directors in its meeting |
| 2022 |
| 2021 | ||||
|
|
|
|
| ||||
Profit sharing bonus to employees |
| $ | 35,601,449 |
|
| $ | 34,753,184 |
|
Compensation to directors |
| $ | 487,537 |
|
| $ | 509,753 |
|
There is no significant difference between the aforementioned approved amounts and the amounts charged against earnings of 2021 and 2020, 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.
29.CASH FLOW INFORMATION
| a. | Non-cash transactions |
| Six Months Ended June 30 | |||||||||
|
| 2022 |
| 2021 | ||||||
|
|
|
|
| ||||||
| 34,590,360 |
|
| $ | 148,920,027 |
| ||||
| 6,359,987 |
|
|
| 2,665,377 |
| ||||
Changes in other financial assets |
|
| (1,217 | ) |
|
| - |
| ||
|
|
|
|
|
|
|
|
| ||
| 40,949,130 |
|
| $ | 151,585,404 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 32,801,826 |
|
| $ | 145,602,717 |
| ||||
| 84,436 |
|
|
| 2,990,739 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 32,886,262 |
|
| $ | 148,593,456 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 488,882,947 |
|
| $ | 366,978,486 |
| ||||
| 5,256,973 |
|
|
| 364,946 |
| ||||
|
| (13,790,015 | ) |
|
| 47,697,813 |
| |||
Changes in accrued expenses and other current liabilities |
|
| 305,328 |
|
|
| - |
| ||
| - |
|
|
| (41,416 | ) | ||||
|
| (797,565 | ) |
|
| - |
| |||
|
|
|
|
|
|
|
|
| ||
| 479,857,668 |
|
| $ | 414,999,829 |
|
(Continued)
39
|
| Six Months Ended June 30 | ||||||||||||
|
| 2022 |
| 2021 | ||||||||||
|
|
|
|
| ||||||||||
| 4,458,373 |
|
| $ | 4,803,902 |
| ||||||||
| 7,584 |
|
|
| 2,442 |
| ||||||||
|
| (660,610 | ) |
|
| (682,778 | ) | |||||||
|
|
|
|
|
|
|
|
| ||||||
| 3,805,347 |
|
| $ | 4,123,566 |
|
(Concluded)
| b. | Reconciliation of liabilities arising from financing activities |
|
|
|
|
| Non-cash Changes |
|
| |||||||||||||||||||||||
|
| Balance as of January 1, 2022 |
| Financing Cash Flow |
| Foreign Exchange Movement |
| Leases Modifications |
| Other Changes (Note) |
| Balance as of June 30, 2022 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Short-term loans |
| $ | 114,921,333 |
|
| 4,048,589 |
|
| $ | (2,888,343 | ) |
| - |
|
| $ | (496,785 | ) |
| 115,584,794 |
| |||||||||
Bonds payable |
|
| 614,470,652 |
|
| 128,157,572 |
|
| 27,528,871 |
|
| - |
|
| 132,728 |
|
| 770,289,823 |
| |||||||||||
Long-term bank loans |
|
| 3,475,798 |
|
| 500,000 |
|
| - |
|
| - |
|
| 2,142 |
|
| 3,977,940 |
| |||||||||||
Lease liabilities |
|
| 22,940,665 |
|
|
| (1,219,517 | ) |
| 52,785 |
|
| 2,879,439 |
|
| 97,303 |
|
| 24,750,675 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| $ | 755,808,448 |
|
| 131,486,644 |
|
| 24,693,313 |
|
| 2,879,439 |
|
| $ | (264,612 | ) |
| 914,603,232 |
|
|
|
|
|
|
| Non-cash Changes |
|
| ||||||||||||||||||||||
|
| Balance as of January 1, 2021 |
| Financing Cash Flow |
| Foreign Exchange Movement |
| Leases Modifications |
| Other Changes (Note) |
| Balance as of June 30, 2021 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Short-term loans |
| $ | 88,559,026 |
|
| $ | 55,624,096 |
|
| $ | (4,518,505 | ) |
| $ | - |
|
| $ | (283,707 | ) |
| $ | 139,380,910 |
| ||||||
Bonds payable |
|
| 256,705,084 |
|
|
| 154,930,702 |
|
|
| (1,231,552 | ) |
|
| - |
|
|
| 60,623 |
|
|
| 410,464,857 |
| ||||||
Long-term bank loans |
|
| 1,967,611 |
|
|
| 1,210,000 |
|
|
| - |
|
|
| - |
|
|
| (6,280 | ) |
|
| 3,171,331 |
| ||||||
Lease liabilities |
|
| 22,388,674 |
|
|
| (1,082,055 | ) |
|
| (33,211 | ) |
|
| 1,521,387 |
|
|
| 96,927 |
|
|
| 22,891,722 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
| $ | 369,620,395 |
|
| $ | 210,682,743 |
|
| $ | (5,783,268 | ) |
| $ | 1,521,387 |
|
| $ | (132,437 | ) |
| $ | 575,908,820 |
|
| Note: | Other changes include discounts on short-term loans, amortization of bonds payable, amortization of long-term bank loan interest subsidy and financial cost of lease liabilities. |
30.FINANCIAL INSTRUMENTS
| a. | Categories of financial instruments |
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
| |||||||||
Financial assets |
|
|
|
|
|
| |||||||||
| 214,215 |
|
| $ | 159,048 |
|
| $ | 58,325 |
| |||||
| 132,829,598 |
|
|
| 129,607,052 |
|
|
| 131,364,292 |
| |||||
| 44,686 |
|
|
| 13,468 |
|
|
| 310 |
| |||||
| 1,586,767,416 |
|
|
| 1,283,715,674 |
|
|
| 944,073,720 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,719,855,915 |
|
| $ | 1,413,495,242 |
|
| $ | 1,075,496,647 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
| |||
| 716,981 |
|
| $ | 681,914 |
|
| $ | 1,828,338 |
| |||||
| - |
|
|
| 9,642 |
|
|
| 10,216 |
| |||||
| 1,610,885,645 |
|
|
| 1,355,957,244 |
|
|
| 919,869,533 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,611,602,626 |
|
| $ | 1,356,648,800 |
|
| $ | 921,708,087 |
|
| Note 1: | Financial assets mandatorily measured at FVTPL. |
| Note 2: | Including notes and accounts receivable (net), equity and debt investments. |
40
| 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, guarantee deposits and other noncurrent liabilities. |
| 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 the 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
Substantially all the Company’s sales are denominated in U.S. dollars and over half of its capital expenditures are denominated in currencies other than NT dollars, primarily in U.S. dollars, Japanese yen and Euros. As a result, any significant fluctuations to its disadvantage in the 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 dollars. 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 six months ended June 30, 2022 and 2021, a hypothetical adverse foreign currency exchange rate change of 10% would have decreased its net income by NT$1,748,402 thousand and NT$519,643 thousand respectively, after taking into account hedges and offsetting positions.
Interest rate risk
The Company is exposed to interest rate risks primarily in relation 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 their fair value adversely affected due to a rise in interest rates. At the same time, if interest rates 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 derivatives to partially
41
hedge the interest rate risk on its fixed income investments and anticipated debt issuance. However, these hedges can offset only a limited 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 Company’s other comprehensive income by NT$3,945,980 thousand and NT$3,713,054 thousand for the six months ended June 30, 2022 and 2021, respectively.
All of the Company’s short-term debt is floating-rate, hence a rise in interest rates may result in higher interest expense than expected. 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 future cash flows or 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 six months ended June 30, 2022 and 2021, the other comprehensive income would have decreased by NT$677,684 thousand and NT$532,912 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 June 30, 2022, December 31, 2021 and June 30, 2021, the Company’s ten largest customers accounted for 78%, 79% and 78% of accounts receivable, respectively. 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 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.
42
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 |
|
| 0-0.09% |
|
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 six months ended June 30, 2022 and 2021, the expected credit loss increased NT$26,423 thousand and decrease NT$3,563 thousand, respectively. The changes were mainly due to investment portfolio adjustment.
| 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, 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 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
June 30, 2022 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Short-term loans |
| 115,485,709 |
|
| - |
|
| - |
|
| - |
|
| 115,485,709 |
| ||||||||||
Accounts payable (including related parties) |
| 59,818,066 |
|
| - |
|
| - |
|
| - |
|
| 59,818,066 |
| ||||||||||
Payables to contractors and equipment suppliers |
| 160,489,081 |
|
| - |
|
| - |
|
| - |
|
| 160,489,081 |
| ||||||||||
Accrued expenses and other current liabilities |
| 159,093,063 |
|
| - |
|
| - |
|
| - |
|
| 159,093,063 |
| ||||||||||
Bonds payable |
| 30,642,237 |
|
| 54,419,617 |
|
| 276,477,181 |
|
| 617,066,414 |
|
| 978,605,449 |
| ||||||||||
Long-term bank loans |
| 692,634 |
|
| 2,535,527 |
|
| 860,476 |
|
| - |
|
| 4,088,637 |
| ||||||||||
Lease liabilities (including those classified under accrued expenses and other current liabilities) (Note) |
| 2,481,460 |
|
| 4,272,205 |
|
| 3,758,566 |
|
| 15,972,231 |
|
| 26,484,462 |
| ||||||||||
Others |
| - |
|
| 196,206,050 |
|
| 1,675,578 |
|
| - |
|
| 197,881,628 |
| ||||||||||
|
| 528,702,250 |
|
| 257,433,399 |
|
| 282,771,801 |
|
| 633,038,645 |
|
| 1,701,946,095 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Forward exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Outflows |
| 142,903,327 |
|
|
| - |
|
|
| - |
|
|
| - |
|
| 142,903,327 |
| |||||||
Inflows |
|
| (142,478,581 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (142,478,581 | ) | |||||
|
| 424,746 |
|
|
| - |
|
|
| - |
|
|
| - |
|
| 424,746 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| 529,126,996 |
|
| 257,433,399 |
|
| 282,771,801 |
|
| 633,038,645 |
|
| 1,702,370,841 |
|
(Continued)
43
|
| Less Than |
| 1-3 Years |
| 3-5 Years |
| More Than 5 Years |
| Total | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
December 31, 2021 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Short-term loans |
| $ | 114,767,034 |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | 114,767,034 |
| |||||
Accounts payable (including related parties) |
|
| 48,722,789 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 48,722,789 |
| |||||
Payables to contractors and equipment suppliers |
|
| 145,742,148 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 145,742,148 |
| |||||
Accrued expenses and other current liabilities |
|
| 120,240,359 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 120,240,359 |
| |||||
Bonds payable |
|
| 13,580,628 |
|
|
| 42,801,397 |
|
|
| 191,458,126 |
|
|
| 506,504,958 |
|
|
| 754,345,109 |
| |||||
Long-term bank loans |
|
| 183,671 |
|
|
| 2,217,112 |
|
|
| 1,153,900 |
|
|
| - |
|
|
| 3,554,683 |
| |||||
Lease liabilities (including those classified under accrued expenses and other current liabilities) (Note) |
|
| 2,371,568 |
|
|
| 3,896,249 |
|
|
| 3,385,295 |
|
|
| 14,649,235 |
|
|
| 24,302,347 |
| |||||
Others |
|
| - |
|
|
| 164,991,929 |
|
|
| - |
|
|
| - |
|
|
| 164,991,929 |
| |||||
|
|
| 445,608,197 |
|
|
| 213,906,687 |
|
|
| 195,997,321 |
|
|
| 521,154,193 |
|
|
| 1,376,666,398 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Forward exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Outflows |
|
| 187,708,035 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 187,708,035 |
| |||||
Inflows |
|
| (187,631,930 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (187,631,930 | ) | |||||
|
|
| 76,105 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 76,105 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | 445,684,302 |
|
| $ | 213,906,687 |
|
| $ | 195,997,321 |
|
| $ | 521,154,193 |
|
| $ | 1,376,742,503 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Short-term loans |
| $ | 139,286,411 |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | 139,286,411 |
| |||||
Accounts payable (including related parties) |
|
| 41,229,913 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 41,229,913 |
| |||||
Payables to contractors and equipment suppliers |
|
| 107,146,153 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 107,146,153 |
| |||||
Accrued expenses and other current liabilities |
|
| 81,877,944 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 81,877,944 |
| |||||
Bonds payable |
|
| 4,695,789 |
|
|
| 31,393,955 |
|
|
| 111,057,181 |
|
|
| 321,209,197 |
|
|
| 468,356,122 |
| |||||
Long-term bank loans |
|
| 15,145 |
|
|
| 1,711,443 |
|
|
| 1,529,118 |
|
|
| - |
|
|
| 3,255,706 |
| |||||
Lease liabilities (including those classified under accrued expenses and other current liabilities) (Note) |
|
| 2,056,447 |
|
|
| 3,547,598 |
|
|
| 3,254,813 |
|
|
| 15,437,513 |
|
|
| 24,296,371 |
| |||||
|
|
| 376,307,802 |
|
|
| 36,652,996 |
|
|
| 115,841,112 |
|
|
| 336,646,710 |
|
|
| 865,448,620 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Forward exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Outflows |
|
| 202,441,828 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 202,441,828 |
| |||||
Inflows |
|
| (201,256,293 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (201,256,293 | ) | |||||
|
|
| 1,185,535 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 1,185,535 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | 377,493,337 |
|
| $ | 36,652,996 |
|
| $ | 115,841,112 |
|
| $ | 336,646,710 |
|
| $ | 866,634,155 |
|
(Concluded)
Note: 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 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Lease liabilities |
| 8,067,028 |
|
| 5,391,697 |
|
| 2,267,302 |
|
| 246,204 |
|
| 15,972,231 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Lease liabilities |
| $ | 7,513,939 |
|
| $ | 5,043,067 |
|
| $ | 1,972,740 |
|
| $ | 119,489 |
|
| $ | 14,649,235 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Lease liabilities |
| $ | 7,658,578 |
|
| $ | 5,300,326 |
|
| $ | 2,290,803 |
|
| $ | 187,806 |
|
| $ | 15,437,513 |
|
44
| 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:
| June 30, 2022 | |||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Financial assets at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Mandatorily measured at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
| $ | - |
|
| 214,215 |
|
| $ | - |
|
| $ | 214,215 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investments in debt instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
| - |
|
| 61,646,977 |
|
| - |
|
| 61,646,977 |
| ||||||||
|
| - |
|
| 30,123,385 |
|
|
| - |
|
| 30,123,385 |
| |||||||
| 20,060,391 |
|
| 81,906 |
|
|
| - |
|
| 20,142,297 |
| ||||||||
|
| - |
|
| 8,642,271 |
|
|
| - |
|
| 8,642,271 |
| |||||||
Investments in equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| - |
|
| - |
|
| 6,503,252 |
|
| 6,503,252 |
| ||||||||
| 399,576 |
|
|
| - |
|
| - |
|
| 399,576 |
| ||||||||
|
| - |
|
| 5,371,840 |
|
|
| - |
|
| 5,371,840 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 20,459,967 |
|
| 105,866,379 |
|
| 6,503,252 |
|
| 132,829,598 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures contracts |
| 44,686 |
|
| - |
|
| - |
|
| 44,686 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial liabilities at FVTPL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Held for trading |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Forward exchange contracts |
| - |
|
| 716,981 |
|
| - |
|
| 716,981 |
|
45
| December 31, 2021 | |||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Financial assets at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Mandatorily measured at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
Forward exchange contracts |
| $ | - |
|
| $ | 159,048 |
|
| $ | - |
|
| $ | 159,048 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investments in debt instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
| $ | - |
|
| $ | 57,253,161 |
|
| $ | - |
|
| $ | 57,253,161 |
| ||||
Agency bonds/Agency mortgage-backed securities |
|
| - |
|
|
| 32,070,114 |
|
|
| - |
|
|
| 32,070,114 |
| ||||
Government bonds |
|
| 21,267,002 |
|
|
| 78,792 |
|
|
| - |
|
|
| 21,345,794 |
| ||||
Asset-backed securities |
|
| - |
|
|
| 8,660,424 |
|
|
| - |
|
|
| 8,660,424 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investments in equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Non-publicly traded equity investments |
|
| - |
|
|
| - |
|
|
| 5,887,892 |
|
|
| 5,887,892 |
| ||||
Publicly traded stocks |
|
| 189,758 |
|
|
| - |
|
|
| - |
|
|
| 189,758 |
| ||||
Notes and accounts receivable, net |
|
| - |
|
|
| 4,199,909 |
|
|
| - |
|
|
| 4,199,909 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 21,456,760 |
|
| $ | 102,262,400 |
|
| $ | 5,887,892 |
|
| $ | 129,607,052 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash flow hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Forward interest rate contracts |
| $ | - |
|
| $ | 13,468 |
|
| $ | - |
|
| $ | 13,468 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial liabilities at FVTPL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Held for trading |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Forward exchange contracts |
| $ | - |
|
| $ | 681,914 |
|
| $ | - |
|
| $ | 681,914 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures contracts |
| $ | 9,642 |
|
| $ | - |
|
| $ | - |
|
| $ | 9,642 |
|
| June 30, 2021 | |||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Financial assets at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Mandatorily measured at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
Forward exchange contracts |
| $ | - |
|
| $ | 58,325 |
|
| $ | - |
|
| $ | 58,325 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investments in debt instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
| $ | - |
|
| $ | 58,907,886 |
|
| $ | - |
|
| $ | 58,907,886 |
| ||||
Agency bonds/Agency mortgage-backed securities |
|
| - |
|
|
| 32,188,798 |
|
|
| - |
|
|
| 32,188,798 |
| ||||
Government bonds |
|
| 24,041,328 |
|
|
| 80,575 |
|
|
| - |
|
|
| 24,121,903 |
| ||||
Asset-backed securities |
|
| - |
|
|
| 7,523,443 |
|
|
| - |
|
|
| 7,523,443 |
| ||||
Investments in equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Non-publicly traded equity investments |
|
| - |
|
|
| - |
|
|
| 5,389,958 |
|
|
| 5,389,958 |
| ||||
Publicly traded stocks |
|
| 52,499 |
|
|
| - |
|
|
| - |
|
|
| 52,499 |
| ||||
Notes and accounts receivable, net |
|
| - |
|
|
| 3,179,805 |
|
|
| - |
|
|
| 3,179,805 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 24,093,827 |
|
| $ | 101,880,507 |
|
| $ | 5,389,958 |
|
| $ | 131,364,292 |
|
(Continued)
46
| June 30, 2021 | |||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
Hedging financial assets |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Fair value hedges |
|
|
|
|
|
|
|
| ||||||||||||
Interest rate futures contracts |
| $ | 310 |
|
| $ | - |
|
| $ | - |
|
| $ | 310 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial liabilities at FVTPL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Held for trading |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Forward exchange contracts |
| $ | - |
|
| $ | 1,828,338 |
|
| $ | - |
|
| $ | 1,828,338 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures contracts |
| $ | 10,216 |
|
| $ | - |
|
| $ | - |
|
| $ | 10,216 |
|
(Concluded)
Reconciliation of Level 3 fair value measurements of financial assets
The financial assets measured at Level 3 fair value were equity investments classified as financial assets at FVTOCI. Reconciliations for the six months ended June 30, 2022 and 2021 are as follows:
| Note: | The transfer from level 3 to level 1 is because quoted prices (unadjusted) in active markets data became available for the equity investments. |
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 and government bonds are determined by quoted market prices provided by third party pricing services. |
| ● | The fair values of forward contracts are measured using forward 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.
47
The asset approach takes into account the net asset value measured at the fair value by independent parties. On June 30, 2022, December 31, 2021 and June 30, 2021, the Company uses unobservable inputs derived from discount for lack of marketability of 10%. When other inputs remain equal, the fair value will decrease by NT$53,415 thousand, NT$51,372 thousand and NT$46,218 thousand, respectively, 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.
| 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 be measured at fair value:
| June 30, 2022 | |||||||||
|
| Carrying |
| Level 2 | ||||||
|
| Amount |
| Fair Value | ||||||
|
|
|
|
| ||||||
Financial assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Financial assets at amortized costs |
|
|
|
| ||||||
Corporate bonds |
| 48,125,799 |
|
| 47,626,708 |
| ||||
Commercial paper |
| 37,179,685 |
|
| 37,215,645 |
| ||||
|
|
|
|
|
|
|
|
| ||
|
| 85,305,484 |
|
| 84,842,353 |
| ||||
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities at amortized costs |
|
|
|
|
|
|
|
| ||
Bonds payable |
| 770,289,823 |
|
| 708,469,501 |
|
| December 31, 2021 | |||||||||
|
| Carrying |
| Level 2 | ||||||
|
| Amount |
| Fair Value | ||||||
Financial assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Financial assets at amortized costs |
|
|
|
| ||||||
Corporate bonds |
| $ | 5,306,962 |
|
| $ | 5,317,957 |
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities at amortized costs |
|
|
|
|
|
|
|
| ||
Bonds payable |
| $ | 614,470,652 |
|
| $ | 613,514,692 |
|
48
| June 30, 2021 | |||||||||
|
| Carrying |
| Level 2 | ||||||
|
| Amount |
| Fair Value | ||||||
Financial assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Financial assets at amortized costs |
|
|
|
| ||||||
Corporate bonds |
| $ | 4,336,636 |
|
| $ | 4,373,891 |
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities at amortized costs |
|
|
|
|
|
|
|
| ||
Bonds payable |
| $ | 410,464,857 |
|
| $ | 407,330,000 |
|
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.
The fair value of commercial paper is determined by the present value of future cash flows based on the discounted curves that are derived from the quoted market prices.
31. | 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 |
|
|
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||
|
|
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Item |
| Related Party Categories |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Associates |
| 3,686,117 |
|
| $ | 1,816,016 |
|
| 5,970,321 |
|
| $ | 3,447,107 |
|
49
| c. | Purchases |
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Related Party Categories |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
| ||||||||
| 1,620,327 |
|
| $ | 2,006,612 |
|
| 3,098,068 |
|
| $ | 3,903,133 |
|
| d. | Receivables from related parties |
|
|
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
|
|
| |||||||||
Item |
| Related Party Name/Categories |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
| |||||||||
| GUC |
| 899,746 |
|
| $ | 597,836 |
|
| $ | 675,490 |
| |||||
| Xintec |
| 172,953 |
|
|
| 117,488 |
|
|
| 108,907 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| 1,072,699 |
|
| $ | 715,324 |
|
| $ | 784,397 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| VIS |
| $ | 2,117,731 |
|
| $ | 11,156 |
|
| $ | 1,639,722 |
| ||||
from related |
| Xintec |
|
| 335,526 |
|
|
| - |
|
|
| 1,273 |
| |||
| SSMC |
|
| 64,802 |
|
|
| 50,375 |
|
|
| 48,879 |
| ||||
| Others |
|
| - |
|
|
| - |
|
|
| 21,778 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| 2,518,059 |
|
| $ | 61,531 |
|
| $ | 1,711,652 |
|
| e. | Payables to related parties |
|
|
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | ||||||||||
|
|
|
|
|
|
|
|
| |||||||||
Item |
| Related Party Name/Categories |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
| |||||||||
| Xintec |
| 1,159,136 |
|
| $ | 725,325 |
|
| $ | 727,551 |
| |||||
| SSMC |
| 454,451 |
|
|
| 349,211 |
|
|
| 412,226 |
| |||||
| VIS |
| 164,527 |
|
|
| 357,151 |
|
|
| 334,046 |
| |||||
| Others |
| 15,000 |
|
|
| 5,499 |
|
|
| 30,333 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| 1,793,114 |
|
| $ | 1,437,186 |
|
| $ | 1,504,156 |
|
| f. | Accrued expenses and other current liabilities |
|
|
| June 30, 2022 |
| December 31, 2021 |
| June 30, 2021 | |||||||
|
|
|
|
|
|
|
|
| ||||||
Item |
| Related Party Categories |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| ||||||
| Associates |
| 289,699 |
|
| $ | 726,350 |
|
| $ | 333,101 |
|
| g. | Others |
|
|
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||
|
|
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Item |
| Related Party Categories |
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Associates |
| 1,589,885 |
|
| $ | 949,613 |
|
| 2,864,454 |
|
| $ | 2,566,519 |
|
50
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.
| h. | Compensation of key management personnel |
The compensation to directors and other key management personnel were as follows:
| Three Months Ended June 30 |
| Six Months Ended June 30 | |||||||||||||||||
|
| 2022 |
| 2021 |
| 2022 |
| 2021 | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
| $ | 1,103,526 |
|
| $ | 689,912 |
|
| $ | 1,984,710 |
|
| $ | 1,302,471 |
| |||||
|
| 863 |
|
|
| 776 |
|
|
| 1,675 |
|
|
| 1,495 |
| |||||
|
| 88,527 |
|
|
| - |
|
|
| 120,121 |
|
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| $ | 1,192,916 |
|
| $ | 690,688 |
|
| $ | 2,106,506 |
|
| $ | 1,303,966 |
|
The compensation to directors and other key management personnel were determined by the Compensation Committee of TSMC in accordance with the individual performance and market trends.
32. | PLEDGED ASSETS |
The Company provided certificate of deposits recorded in other financial assets as collateral mainly for building construction, building lease agreements and energy purchase agreements. As of June 30, 2022, December 31, 2021 and June 30, 2021, the aforementioned other financial assets amounted to NT$110,306 thousand, NT$210,235 thousand and NT$264,553 thousand, respectively.
33. | 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 the end of reporting period, 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 |
51
| SSMC for all related unavoidable costs. There was no default from the aforementioned commitment as of the end of reporting period |
| c. | TSMC entered into long-term purchase agreements of materials and supplies and agreements of waste disposal with multiple suppliers. The relative minimum fulfillment quantity and price are specified in the agreements. |
| d. | TSMC entered into a long-term purchase agreement of equipment. The relative fulfillment quantity and price are specified in the agreement. |
| e. | TSMC entered into long-term energy purchase agreements with multiple suppliers. The relative fulfillment period, quantity and price are specified in the agreements. |
| f. | Amounts available under unused letters of credit as of June 30, 2022, December 31, 2021 and June 30, 2021 were NT$59,444 thousand, NT$136,710 thousand and NT$137,772 thousand, respectively. |
34. | 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) | |||||||||
|
|
|
|
|
|
| ||||||||
June 30, 2022 |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
| ||||||||
Financial assets |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
| ||||||||
Monetary items |
|
|
|
|
|
| ||||||||
USD |
| 13,813,698 |
|
| 29.722 |
|
| 410,570,726 |
| |||||
USD |
| 1,264,759 |
|
|
| 6.694 | (Note 2) |
| 37,591,153 |
| ||||
EUR |
| 10,838 |
|
| 31.285 |
|
| 339,070 |
| |||||
EUR |
|
| 94,588 |
|
|
| 7.046 | (Note 3) |
|
| 2,959,174 |
| ||
JPY |
| 6,882,030 |
|
| 0.2178 |
|
| 1,498,906 |
| |||||
JPY |
|
| 10,526,806 |
|
|
| 0.0491 | (Note 4) |
|
| 2,292,738 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||
USD |
| 14,709,129 |
|
| 29.722 |
|
| 437,184,740 |
| |||||
EUR |
| 2,538,611 |
|
| 31.285 |
|
| 79,420,443 |
| |||||
JPY |
| 100,738,182 |
|
| 0.2178 |
|
| 21,940,776 |
| |||||
|
| 12,327,338 |
|
|
| 0.0491 | (Note 4) |
|
| 2,684,894 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||
USD |
|
| 11,445,396 |
|
|
| 27.674 |
|
|
| 316,739,883 |
| ||
USD |
|
| 2,023,233 |
|
|
| 6.379 | (Note 2) |
|
| 55,990,951 |
|
(Continued)
52
|
| Foreign Currencies (In Thousands) |
| Exchange Rate (Note 1) |
| Carrying Amount (In Thousands) | ||||||||
|
|
|
|
|
|
| ||||||||
EUR |
| $ | 14,964 |
|
|
| 31.460 |
|
| $ | 470,776 |
| ||
EUR |
|
| 40,326 |
|
|
| 7.252 | (Note 4) |
|
| 1,268,665 |
| ||
JPY |
|
| 10,921,880 |
|
|
| 0.2414 |
|
|
| 2,636,542 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||
USD |
|
| 11,958,503 |
|
|
| 27.674 |
|
|
| 330,939,620 |
| ||
EUR |
|
| 3,539,320 |
|
|
| 31.460 |
|
|
| 111,347,020 |
| ||
JPY |
|
| 112,456,908 |
|
|
| 0.2414 |
|
|
| 27,147,098 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||
USD |
|
| 7,172,316 |
|
|
| 27.889 |
|
|
| 200,028,730 |
| ||
USD |
|
| 1,749,810 |
|
|
| 6.461 | (Note 2) |
|
| 48,800,457 |
| ||
EUR |
|
| 6,811 |
|
|
| 33.219 |
|
|
| 226,248 |
| ||
JPY |
|
| 22,225,973 |
|
|
| 0.2526 |
|
|
| 5,614,281 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||
USD |
|
| 7,022,872 |
|
|
| 27.889 |
|
|
| 195,860,888 |
| ||
EUR |
|
| 4,287,817 |
|
|
| 33.219 |
|
|
| 142,436,982 |
| ||
JPY |
|
| 78,286,201 |
|
|
| 0.2526 |
|
|
| 19,775,094 |
|
(Concluded)
| 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. |
| Note 3: | The exchange rate represents the number of RMB for which one Euro could be exchanged. |
| Note 4: | The exchange rate represents the number of RMB for which one Japanese yen 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 three months and the six months ended June 30, 2022 and 2021, 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.
35. | ADDITIONAL DISCLOSURES |
Following are the additional disclosures required by the Securities and Futures Bureau for TSMC:
| a. | Financings provided: See Table 1 attached; |
53
| 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. |
| m. | Information of major shareholders |
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.
36. | OPERATING SEGMENTS INFORMATION |
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, sales, 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.
54
TABLE 1
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
FINANCINGS PROVIDED
FOR THE SIX MONTHS ENDED JUNE 30, 2022
(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 2) | Ending Balance (Foreign Currencies in Thousands) (Note 2) | 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) | Financing Company’s Total Financing Amount Limits (Notes 1) | |||||||||||||||||||||||||
Item | Value | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
1 | TSMC China | TSMC Nanjing
| Other receivables from related parties | Yes | $ (RMB (US$ | 68,811,520 7,800,000 1,150,000 |
)& ) | $ (RMB (US$ | 68,811,520 7,800,000 1,150,000 |
)& ) | $ (RMB (US$ | 38,818,060 6,400,000 350,000 |
)& ) | 0.75%-1.50% | The need for short-term and long-term financing | $ | - |
| Operating capital | $ | - |
| - | $ | - |
| 81,306,164 |
| $ | 81,306,164 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 maximum balance for the period and ending balance represent the amounts approved by the Board of Directors. |
- 55 -
TABLE 2
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
ENDORSEMENTS/GUARANTEES PROVIDED
FOR THE SIX MONTHS ENDED JUNE 30, 2022
(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 (Notes 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 | $ | 624,088,298 |
| $ (US$ | 2,473,266 83,213 |
) | $ (US$ | 2,473,266 83,213 |
) | $ (US$ | 2,473,266 83,213 |
) | $ | - |
|
| 0.10% |
| $ | 624,088,298 |
| Yes | No | No | ||||||
|
| TSMC Global | Subsidiary |
| 624,088,298 |
|
(US$ | 222,915,000 7,500,000 |
) |
(US$ | 222,915,000 7,500,000 |
) |
(US$ | 193,193,000 6,500,000 |
) |
| - |
|
| 8.93% |
|
| 624,088,298 |
| Yes | No | No | ||||||
|
| TSMC Arizona | Subsidiary |
| 624,088,298 |
|
(US$ | 238,739,587 8,032,420 |
) |
(US$ | 238,739,587 8,032,420 |
) |
(US$ | 238,739,587 8,032,420 |
) |
| - |
|
| 9.56% |
|
| 624,088,298 |
| Yes | No | No | ||||||
1 | TSMC Japan | TSMC JDC | The same parent company |
| 306,156 |
|
(JPY | 287,496 1,320,000 |
) |
(JPY | 287,496 1,320,000 |
) |
(JPY | 287,496 1,320,000 |
) |
| - |
|
| 0.01% |
|
| 306,156 |
| No | No | No | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: | The total amount of the endorsement/guarantee provided by TSMC to TSMC North America, TSMC Global and TSMC Arizona 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 two hundred and fifty percent (250%) of TSMC Japan’s net worth. |
Note 3: | The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors. |
- 56 -
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 | Note | |||||||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
TSMC | Commercial paper |
|
|
|
|
|
|
| ||||||||||||
| Taiwan Power Company | - | Financial assets at amortized cost |
| 2,260 |
| $ | 22,512,288 |
|
| N/A |
| $ | 22,532,862 |
|
| ||||
| CPC Corporation, Taiwan | - | 〃 |
| 1,472 |
|
| 14,667,397 |
|
| N/A |
|
| 14,682,783 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Shin-Etsu Handotai Taiwan Co., Ltd. | - | Financial assets at fair value through other comprehensive income |
| 10,500 |
|
| 487,788 |
|
| 7 |
|
| 487,788 |
|
| ||||
| United Industrial Gases Co., Ltd. | - | 〃 |
| 21,230 |
|
| 466,050 |
|
| 10 |
|
| 466,050 |
|
| ||||
| Global Investment Holding Inc. | - | 〃 |
| 10,442 |
|
| 94,284 |
|
| 6 |
|
| 94,284 |
|
| ||||
| Crimson Asia Capital | - | 〃 |
| - |
|
| 1,090 |
|
| 1 |
|
| 1,090 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC Partners | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Shanghai Walden Venture Capital Enterprise | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 39,760 |
|
| 6 |
| US$ | 39,760 |
|
| ||||
| China Walden Venture Investments II, L.P. | - | 〃 |
| - |
| US$ | 21,048 |
|
| 9 |
| US$ | 21,048 |
|
| ||||
| China Walden Venture Investments III, L.P. | - | 〃 |
| - |
| US$ | 12,496 |
|
| 4 |
| US$ | 12,496 |
|
| ||||
| Tela Innovations | - | 〃 |
| 6,942 |
|
| - |
|
| 22 |
|
| - |
|
| ||||
| Movella Inc. | - | 〃 |
| 6,333 |
|
| - |
|
| 9 |
|
| - |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC Global | Corporate bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Bank of America Corporation | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 77,008 |
|
| N/A |
| US$ | 77,008 |
|
| ||||
| Morgan Stanley | - | 〃 |
| - |
| US$ | 73,091 |
|
| N/A |
| US$ | 73,091 |
|
| ||||
| Citigroup Inc. | - | 〃 |
| - |
| US$ | 60,548 |
|
| N/A |
| US$ | 60,548 |
|
| ||||
| The Goldman Sachs Group, Inc. | - | 〃 |
| - |
| US$ | 56,253 |
|
| N/A |
| US$ | 56,253 |
|
| ||||
| JPMorgan Chase & Co. | - | 〃 |
| - |
| US$ | 42,364 |
|
| N/A |
| US$ | 42,364 |
|
| ||||
| Wells Fargo & Company | - | 〃 |
| - |
| US$ | 41,266 |
|
| N/A |
| US$ | 41,266 |
|
| ||||
| Mitsubishi UFJ Financial Group, Inc. | - | 〃 |
| - |
| US$ | 32,576 |
|
| N/A |
| US$ | 32,576 |
|
| ||||
| AbbVie Inc. | - | 〃 |
| - |
| US$ | 32,269 |
|
| N/A |
| US$ | 32,269 |
|
| ||||
| Sumitomo Mitsui Financial Group, Inc. | - | 〃 |
| - |
| US$ | 29,023 |
|
| N/A |
| US$ | 29,023 |
|
| ||||
| HSBC Holdings plc | - | 〃 |
| - |
| US$ | 27,277 |
|
| N/A |
| US$ | 27,277 |
|
| ||||
| Banco Santander, S.A. | - | 〃 |
| - |
| US$ | 26,065 |
|
| N/A |
| US$ | 26,065 |
|
| ||||
| The Toronto-Dominion Bank | - | 〃 |
| - |
| US$ | 23,933 |
|
| N/A |
| US$ | 23,933 |
|
| ||||
| Athene Global Funding | - | 〃 |
| - |
| US$ | 23,474 |
|
| N/A |
| US$ | 23,474 |
|
| ||||
| Metropolitan Life Global Funding I | - | 〃 |
| - |
| US$ | 19,562 |
|
| N/A |
| US$ | 19,562 |
|
| ||||
| BNP Paribas SA | - | 〃 |
| - |
| US$ | 19,106 |
|
| N/A |
| US$ | 19,106 |
|
| ||||
| Volkswagen Group of America Finance, LLC | - | 〃 |
| - |
| US$ | 18,092 |
|
| N/A |
| US$ | 18,092 |
|
| ||||
| Oracle Corporation | - | 〃 |
| - |
| US$ | 17,306 |
|
| N/A |
| US$ | 17,306 |
|
| ||||
| Nordea Bank Abp | - | 〃 |
| - |
| US$ | 16,702 |
|
| N/A |
| US$ | 16,702 |
|
| ||||
| Hyundai Capital America, Inc. | - | 〃 |
| - |
| US$ | 16,593 |
|
| N/A |
| US$ | 16,593 |
|
| ||||
| Principal Life Global Funding II | - | 〃 |
| - |
| US$ | 16,162 |
|
| N/A |
| US$ | 16,162 |
|
| ||||
| Lloyds Banking Group plc | - | 〃 |
| - |
| US$ | 15,984 |
|
| N/A |
| US$ | 15,984 |
|
| ||||
| Deutsche Bank AG - New York Branch | - | 〃 |
| - |
| US$ | 15,733 |
|
| N/A |
| US$ | 15,733 |
|
| ||||
| NatWest Markets Plc | - | 〃 |
| - |
| US$ | 15,668 |
|
| N/A |
| US$ | 15,668 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 57 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Sumitomo Mitsui Trust Bank, Limited | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 15,463 |
|
| N/A |
| US$ | 15,463 |
|
| ||
| Toyota Motor Credit Corporation | - | 〃 |
| - |
| US$ | 15,118 |
|
| N/A |
| US$ | 15,118 |
|
| ||
| Mizuho Financial Group, Inc. | - | 〃 |
| - |
| US$ | 14,245 |
|
| N/A |
| US$ | 14,245 |
|
| ||
| Capital One Financial Corporation | - | 〃 |
| - |
| US$ | 14,194 |
|
| N/A |
| US$ | 14,194 |
|
| ||
| Credit Suisse AG, New York Branch | - | 〃 |
| - |
| US$ | 14,070 |
|
| N/A |
| US$ | 14,070 |
|
| ||
| Apple Inc. | - | 〃 |
| - |
| US$ | 14,031 |
|
| N/A |
| US$ | 14,031 |
|
| ||
| ING Groep N.V. | - | 〃 |
| - |
| US$ | 13,942 |
|
| N/A |
| US$ | 13,942 |
|
| ||
| Svenska Handelsbanken AB (publ) | - | 〃 |
| - |
| US$ | 13,665 |
|
| N/A |
| US$ | 13,665 |
|
| ||
| The Bank of Nova Scotia | - | 〃 |
| - |
| US$ | 13,055 |
|
| N/A |
| US$ | 13,055 |
|
| ||
| Standard Chartered PLC | - | 〃 |
| - |
| US$ | 12,780 |
|
| N/A |
| US$ | 12,780 |
|
| ||
| Protective Life Global Funding | - | 〃 |
| - |
| US$ | 12,659 |
|
| N/A |
| US$ | 12,659 |
|
| ||
| AIG Global Funding | - | 〃 |
| - |
| US$ | 12,609 |
|
| N/A |
| US$ | 12,609 |
|
| ||
| Royal Bank of Canada | - | 〃 |
| - |
| US$ | 12,186 |
|
| N/A |
| US$ | 12,186 |
|
| ||
| Macquarie Group Limited | - | 〃 |
| - |
| US$ | 12,144 |
|
| N/A |
| US$ | 12,144 |
|
| ||
| Société Générale Société anonyme | - | 〃 |
| - |
| US$ | 12,111 |
|
| N/A |
| US$ | 12,111 |
|
| ||
| BPCE SA | - | 〃 |
| - |
| US$ | 11,701 |
|
| N/A |
| US$ | 11,701 |
|
| ||
| Equitable Financial Life Global Funding | - | 〃 |
| - |
| US$ | 11,440 |
|
| N/A |
| US$ | 11,440 |
|
| ||
| NTT Finance Corporation | - | 〃 |
| - |
| US$ | 11,279 |
|
| N/A |
| US$ | 11,279 |
|
| ||
| Banque Fédérative du Crédit Mutuel Société anonyme | - | 〃 |
| - |
| US$ | 11,227 |
|
| N/A |
| US$ | 11,227 |
|
| ||
| Bank of Montreal | - | 〃 |
| - |
| US$ | 11,213 |
|
| N/A |
| US$ | 11,213 |
|
| ||
| Barclays PLC | - | 〃 |
| - |
| US$ | 11,009 |
|
| N/A |
| US$ | 11,009 |
|
| ||
| National Securities Clearing Corporation | - | 〃 |
| - |
| US$ | 10,998 |
|
| N/A |
| US$ | 10,998 |
|
| ||
| AT&T Inc. | - | 〃 |
| - |
| US$ | 10,639 |
|
| N/A |
| US$ | 10,639 |
|
| ||
| S&P Global Inc. | - | 〃 |
| - |
| US$ | 10,454 |
|
| N/A |
| US$ | 10,454 |
|
| ||
| Nomura Holdings, Inc. | - | 〃 |
| - |
| US$ | 10,281 |
|
| N/A |
| US$ | 10,281 |
|
| ||
| Verizon Communications Inc. | - | 〃 |
| - |
| US$ | 9,915 |
|
| N/A |
| US$ | 9,915 |
|
| ||
| Chevron Corporation | - | 〃 |
| - |
| US$ | 9,599 |
|
| N/A |
| US$ | 9,599 |
|
| ||
| UBS Group AG | - | 〃 |
| - |
| US$ | 9,410 |
|
| N/A |
| US$ | 9,410 |
|
| ||
| Fédération des caisses Desjardins du Québec | - | 〃 |
| - |
| US$ | 9,401 |
|
| N/A |
| US$ | 9,401 |
|
| ||
| Credit Agricole SA London Branch | - | 〃 |
| - |
| US$ | 9,389 |
|
| N/A |
| US$ | 9,389 |
|
| ||
| American Express Company | - | 〃 |
| - |
| US$ | 9,358 |
|
| N/A |
| US$ | 9,358 |
|
| ||
| U.S. Bancorp | - | 〃 |
| - |
| US$ | 9,176 |
|
| N/A |
| US$ | 9,176 |
|
| ||
| Roper Technologies, Inc. | - | 〃 |
| - |
| US$ | 9,098 |
|
| N/A |
| US$ | 9,098 |
|
| ||
| Equinor ASA | - | 〃 |
| - |
| US$ | 8,996 |
|
| N/A |
| US$ | 8,996 |
|
| ||
| Amazon.com, Inc. | - | 〃 |
| - |
| US$ | 8,943 |
|
| N/A |
| US$ | 8,943 |
|
| ||
| Merck & Co., Inc. | - | 〃 |
| - |
| US$ | 8,773 |
|
| N/A |
| US$ | 8,773 |
|
| ||
| Canadian Imperial Bank of Commerce | - | 〃 |
| - |
| US$ | 8,757 |
|
| N/A |
| US$ | 8,757 |
|
| ||
| Santander UK Group Holdings plc | - | 〃 |
| - |
| US$ | 8,655 |
|
| N/A |
| US$ | 8,655 |
|
| ||
| Bristol-Myers Squibb Company | - | 〃 |
| - |
| US$ | 8,529 |
|
| N/A |
| US$ | 8,529 |
|
| ||
| Enel Finance International N.V. | - | 〃 |
| - |
| US$ | 8,518 |
|
| N/A |
| US$ | 8,518 |
|
| ||
| Roche Holdings, Inc. | - | 〃 |
| - |
| US$ | 8,306 |
|
| N/A |
| US$ | 8,306 |
|
| ||
| New York Life Global Funding | - | 〃 |
| - |
| US$ | 8,286 |
|
| N/A |
| US$ | 8,286 |
|
| ||
| Northwestern Mutual Global Funding | - | 〃 |
| - |
| US$ | 8,133 |
|
| N/A |
| US$ | 8,133 |
|
| ||
| Truist Financial Corporation | - | 〃 |
| - |
| US$ | 8,017 |
|
| N/A |
| US$ | 8,017 |
|
| ||
| Nationwide Building Society | - | 〃 |
| - |
| US$ | 7,838 |
|
| N/A |
| US$ | 7,838 |
|
| ||
| International Bank for Reconstruction and Development | - | 〃 |
| - |
| US$ | 7,745 |
|
| N/A |
| US$ | 7,745 |
|
| ||
| KfW | - | 〃 |
| - |
| US$ | 7,735 |
|
| N/A |
| US$ | 7,735 |
|
| ||
| Guardian Life Global Funding | - | 〃 |
| - |
| US$ | 7,692 |
|
| N/A |
| US$ | 7,692 |
|
| ||
| UnitedHealth Group Incorporated | - | 〃 |
| - |
| US$ | 7,600 |
|
| N/A |
| US$ | 7,600 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 58 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | AstraZeneca Finance LLC | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 7,527 |
|
| N/A |
| US$ | 7,527 |
|
| ||
| Inter-American Development Bank | - | 〃 |
| - |
| US$ | 7,485 |
|
| N/A |
| US$ | 7,485 |
|
| ||
| Great-West Lifeco U.S. Finance 2020, Lp | - | 〃 |
| - |
| US$ | 7,420 |
|
| N/A |
| US$ | 7,420 |
|
| ||
| Suncorp-Metway Limited | - | 〃 |
| - |
| US$ | 7,400 |
|
| N/A |
| US$ | 7,400 |
|
| ||
| Equifax Inc. | - | 〃 |
| - |
| US$ | 7,247 |
|
| N/A |
| US$ | 7,247 |
|
| ||
| SMBC Aviation Capital Finance DAC | - | 〃 |
| - |
| US$ | 6,619 |
|
| N/A |
| US$ | 6,619 |
|
| ||
| Prudential Funding Corp. | - | 〃 |
| - |
| US$ | 6,604 |
|
| N/A |
| US$ | 6,604 |
|
| ||
| AstraZeneca PLC | - | 〃 |
| - |
| US$ | 6,546 |
|
| N/A |
| US$ | 6,546 |
|
| ||
| Daimler Trucks Finance North America LLC | - | 〃 |
| - |
| US$ | 6,467 |
|
| N/A |
| US$ | 6,467 |
|
| ||
| Intuit Inc. | - | 〃 |
| - |
| US$ | 6,449 |
|
| N/A |
| US$ | 6,449 |
|
| ||
| Jackson National Life Global Funding | - | 〃 |
| - |
| US$ | 6,385 |
|
| N/A |
| US$ | 6,385 |
|
| ||
| Cargill, Incorporated | - | 〃 |
| - |
| US$ | 6,382 |
|
| N/A |
| US$ | 6,382 |
|
| ||
| Montpelier Re Holdings Ltd. | - | 〃 |
| - |
| US$ | 6,217 |
|
| N/A |
| US$ | 6,217 |
|
| ||
| Danske Bank A/S | - | 〃 |
| - |
| US$ | 6,190 |
|
| N/A |
| US$ | 6,190 |
|
| ||
| Banco Bilbao Vizcaya Argentaria, S.A. | - | 〃 |
| - |
| US$ | 6,167 |
|
| N/A |
| US$ | 6,167 |
|
| ||
| Discover Bank (New Castle, Delaware) | - | 〃 |
| - |
| US$ | 5,962 |
|
| N/A |
| US$ | 5,962 |
|
| ||
| Huntington Bancshares Incorporated | - | 〃 |
| - |
| US$ | 5,917 |
|
| N/A |
| US$ | 5,917 |
|
| ||
| Exxon Mobil Corporation | - | 〃 |
| - |
| US$ | 5,865 |
|
| N/A |
| US$ | 5,865 |
|
| ||
| Swedbank AB (publ) | - | 〃 |
| - |
| US$ | 5,739 |
|
| N/A |
| US$ | 5,739 |
|
| ||
| ANZ New Zealand (Int'l) Limited | - | 〃 |
| - |
| US$ | 5,699 |
|
| N/A |
| US$ | 5,699 |
|
| ||
| Fox Corporation | - | 〃 |
| - |
| US$ | 5,687 |
|
| N/A |
| US$ | 5,687 |
|
| ||
| Exelon Corporation | - | 〃 |
| - |
| US$ | 5,678 |
|
| N/A |
| US$ | 5,678 |
|
| ||
| Scentre Group Trust 1 | - | 〃 |
| - |
| US$ | 5,634 |
|
| N/A |
| US$ | 5,634 |
|
| ||
| GSK Consumer Healthcare Capital US LLC | - | 〃 |
| - |
| US$ | 5,631 |
|
| N/A |
| US$ | 5,631 |
|
| ||
| Macquarie Bank Limited | - | 〃 |
| - |
| US$ | 5,597 |
|
| N/A |
| US$ | 5,597 |
|
| ||
| Huntington National Bank | - | 〃 |
| - |
| US$ | 5,560 |
|
| N/A |
| US$ | 5,560 |
|
| ||
| WPP Finance 2010 | - | 〃 |
| - |
| US$ | 5,511 |
|
| N/A |
| US$ | 5,511 |
|
| ||
| Intercontinental Exchange, Inc. | - | 〃 |
| - |
| US$ | 5,461 |
|
| N/A |
| US$ | 5,461 |
|
| ||
| UBS AG, London Branch | - | 〃 |
| - |
| US$ | 5,428 |
|
| N/A |
| US$ | 5,428 |
|
| ||
| Pacific Life Global Funding II | - | 〃 |
| - |
| US$ | 5,403 |
|
| N/A |
| US$ | 5,403 |
|
| ||
| The Charles Schwab Corporation | - | 〃 |
| - |
| US$ | 5,391 |
|
| N/A |
| US$ | 5,391 |
|
| ||
| Siemens Financieringsmaatschappij N.V. | - | 〃 |
| - |
| US$ | 5,373 |
|
| N/A |
| US$ | 5,373 |
|
| ||
| Alabama Power Company | - | 〃 |
| - |
| US$ | 5,358 |
|
| N/A |
| US$ | 5,358 |
|
| ||
| ASB Bank Limited | - | 〃 |
| - |
| US$ | 5,330 |
|
| N/A |
| US$ | 5,330 |
|
| ||
| Pioneer Natural Resources Company | - | 〃 |
| - |
| US$ | 5,250 |
|
| N/A |
| US$ | 5,250 |
|
| ||
| USAA Capital Corp. | - | 〃 |
| - |
| US$ | 5,236 |
|
| N/A |
| US$ | 5,236 |
|
| ||
| Intel Corporation | - | 〃 |
| - |
| US$ | 5,228 |
|
| N/A |
| US$ | 5,228 |
|
| ||
| Cox Communications, Inc. | - | 〃 |
| - |
| US$ | 5,219 |
|
| N/A |
| US$ | 5,219 |
|
| ||
| Capital One, National Association | - | 〃 |
| - |
| US$ | 5,150 |
|
| N/A |
| US$ | 5,150 |
|
| ||
| Fiserv, Inc. | - | 〃 |
| - |
| US$ | 5,047 |
|
| N/A |
| US$ | 5,047 |
|
| ||
| Five Corners Funding Trust | - | 〃 |
| - |
| US$ | 5,022 |
|
| N/A |
| US$ | 5,022 |
|
| ||
| Credit Suisse Group Funding (Guernsey) Limited | - | 〃 |
| - |
| US$ | 4,880 |
|
| N/A |
| US$ | 4,880 |
|
| ||
| CVS Health Corporation | - | 〃 |
| - |
| US$ | 4,837 |
|
| N/A |
| US$ | 4,837 |
|
| ||
| Brookfield Finance Inc. | - | 〃 |
| - |
| US$ | 4,733 |
|
| N/A |
| US$ | 4,733 |
|
| ||
| CGI Inc. | - | 〃 |
| - |
| US$ | 4,677 |
|
| N/A |
| US$ | 4,677 |
|
| ||
| Lowe's Companies, Inc. | - | 〃 |
| - |
| US$ | 4,618 |
|
| N/A |
| US$ | 4,618 |
|
| ||
| Virginia Electric and Power Company | - | 〃 |
| - |
| US$ | 4,597 |
|
| N/A |
| US$ | 4,597 |
|
| ||
| Eversource Energy | - | 〃 |
| - |
| US$ | 4,544 |
|
| N/A |
| US$ | 4,544 |
|
| ||
| NextEra Energy Capital Holdings, Inc. | - | 〃 |
| - |
| US$ | 4,541 |
|
| N/A |
| US$ | 4,541 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 59 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Thermo Fisher Scientific Inc. | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 4,534 |
|
| N/A |
| US$ | 4,534 |
|
| ||
| W. P. Carey Inc. | - | 〃 |
| - |
| US$ | 4,495 |
|
| N/A |
| US$ | 4,495 |
|
| ||
| DNB Bank ASA | - | 〃 |
| - |
| US$ | 4,470 |
|
| N/A |
| US$ | 4,470 |
|
| ||
| Ryder System, Inc. | - | 〃 |
| - |
| US$ | 4,442 |
|
| N/A |
| US$ | 4,442 |
|
| ||
| HP Inc. | - | 〃 |
| - |
| US$ | 4,410 |
|
| N/A |
| US$ | 4,410 |
|
| ||
| CenterPoint Energy, Inc. | - | 〃 |
| - |
| US$ | 4,389 |
|
| N/A |
| US$ | 4,389 |
|
| ||
| Penske Truck Leasing Co., L.P. | - | 〃 |
| - |
| US$ | 4,325 |
|
| N/A |
| US$ | 4,325 |
|
| ||
| Comcast Corporation | - | 〃 |
| - |
| US$ | 4,319 |
|
| N/A |
| US$ | 4,319 |
|
| ||
| Bank of New Zealand | - | 〃 |
| - |
| US$ | 4,293 |
|
| N/A |
| US$ | 4,293 |
|
| ||
| MPLX LP | - | 〃 |
| - |
| US$ | 4,237 |
|
| N/A |
| US$ | 4,237 |
|
| ||
| Brighthouse Financial Global Funding | - | 〃 |
| - |
| US$ | 4,143 |
|
| N/A |
| US$ | 4,143 |
|
| ||
| Florida Power & Light Company | - | 〃 |
| - |
| US$ | 4,115 |
|
| N/A |
| US$ | 4,115 |
|
| ||
| Daimler Finance North America LLC | - | 〃 |
| - |
| US$ | 4,085 |
|
| N/A |
| US$ | 4,085 |
|
| ||
| Sprint Spectrum Co Llc | - | 〃 |
| - |
| US$ | 4,032 |
|
| N/A |
| US$ | 4,032 |
|
| ||
| F&G Global Funding | - | 〃 |
| - |
| US$ | 4,027 |
|
| N/A |
| US$ | 4,027 |
|
| ||
| 7-Eleven, Inc. | - | 〃 |
| - |
| US$ | 3,988 |
|
| N/A |
| US$ | 3,988 |
|
| ||
| AvalonBay Communities, Inc. | - | 〃 |
| - |
| US$ | 3,950 |
|
| N/A |
| US$ | 3,950 |
|
| ||
| Element Fleet Management Corp. | - | 〃 |
| - |
| US$ | 3,931 |
|
| N/A |
| US$ | 3,931 |
|
| ||
| Coöperatieve Rabobank U.A. | - | 〃 |
| - |
| US$ | 3,902 |
|
| N/A |
| US$ | 3,902 |
|
| ||
| CNO Global Funding | - | 〃 |
| - |
| US$ | 3,876 |
|
| N/A |
| US$ | 3,876 |
|
| ||
| European Bank for Reconstruction and Development | - | 〃 |
| - |
| US$ | 3,866 |
|
| N/A |
| US$ | 3,866 |
|
| ||
| Coca-Cola Europacific Partners PLC | - | 〃 |
| - |
| US$ | 3,845 |
|
| N/A |
| US$ | 3,845 |
|
| ||
| Fidelity National Information Services, Inc. | - | 〃 |
| - |
| US$ | 3,843 |
|
| N/A |
| US$ | 3,843 |
|
| ||
| Mondelez International, Inc. | - | 〃 |
| - |
| US$ | 3,785 |
|
| N/A |
| US$ | 3,785 |
|
| ||
| Ameren Corporation | - | 〃 |
| - |
| US$ | 3,771 |
|
| N/A |
| US$ | 3,771 |
|
| ||
| Dominion Energy, Inc. | - | 〃 |
| - |
| US$ | 3,697 |
|
| N/A |
| US$ | 3,697 |
|
| ||
| Appalachian Power Company | - | 〃 |
| - |
| US$ | 3,689 |
|
| N/A |
| US$ | 3,689 |
|
| ||
| B.A.T. International Finance p.l.c. | - | 〃 |
| - |
| US$ | 3,616 |
|
| N/A |
| US$ | 3,616 |
|
| ||
| V.F. Corporation | - | 〃 |
| - |
| US$ | 3,558 |
|
| N/A |
| US$ | 3,558 |
|
| ||
| Public Storage | - | 〃 |
| - |
| US$ | 3,529 |
|
| N/A |
| US$ | 3,529 |
|
| ||
| Fifth Third Bancorp | - | 〃 |
| - |
| US$ | 3,506 |
|
| N/A |
| US$ | 3,506 |
|
| ||
| BorgWarner Inc. | - | 〃 |
| - |
| US$ | 3,487 |
|
| N/A |
| US$ | 3,487 |
|
| ||
| Monongahela Power Company | - | 〃 |
| - |
| US$ | 3,467 |
|
| N/A |
| US$ | 3,467 |
|
| ||
| Public Service Electric and Gas Company | - | 〃 |
| - |
| US$ | 3,446 |
|
| N/A |
| US$ | 3,446 |
|
| ||
| Kimco Realty Corporation | - | 〃 |
| - |
| US$ | 3,441 |
|
| N/A |
| US$ | 3,441 |
|
| ||
| Welltower Inc. | - | 〃 |
| - |
| US$ | 3,436 |
|
| N/A |
| US$ | 3,436 |
|
| ||
| Truist Bank | - | 〃 |
| - |
| US$ | 3,427 |
|
| N/A |
| US$ | 3,427 |
|
| ||
| Diageo Capital plc | - | 〃 |
| - |
| US$ | 3,369 |
|
| N/A |
| US$ | 3,369 |
|
| ||
| OGE Energy Corp. | - | 〃 |
| - |
| US$ | 3,361 |
|
| N/A |
| US$ | 3,361 |
|
| ||
| American Honda Finance Corporation | - | 〃 |
| - |
| US$ | 3,348 |
|
| N/A |
| US$ | 3,348 |
|
| ||
| HSBC Bank Canada | - | 〃 |
| - |
| US$ | 3,331 |
|
| N/A |
| US$ | 3,331 |
|
| ||
| Ross Stores, Inc. | - | 〃 |
| - |
| US$ | 3,321 |
|
| N/A |
| US$ | 3,321 |
|
| ||
| Credit Suisse Group AG | - | 〃 |
| - |
| US$ | 3,297 |
|
| N/A |
| US$ | 3,297 |
|
| ||
| Highmark Inc. | - | 〃 |
| - |
| US$ | 3,242 |
|
| N/A |
| US$ | 3,242 |
|
| ||
| Realty Income Corporation | - | 〃 |
| - |
| US$ | 3,226 |
|
| N/A |
| US$ | 3,226 |
|
| ||
| Pfizer Inc. | - | 〃 |
| - |
| US$ | 3,222 |
|
| N/A |
| US$ | 3,222 |
|
| ||
| Verisk Analytics, Inc. | - | 〃 |
| - |
| US$ | 3,210 |
|
| N/A |
| US$ | 3,210 |
|
| ||
| ERAC USA Finance LLC | - | 〃 |
| - |
| US$ | 3,199 |
|
| N/A |
| US$ | 3,199 |
|
| ||
| Anheuser-Busch Companies, LLC | - | 〃 |
| - |
| US$ | 3,093 |
|
| N/A |
| US$ | 3,093 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 60 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Xcel Energy Inc. | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 3,082 |
|
| N/A |
| US$ | 3,082 |
|
| ||
| ONE Gas, Inc. | - | 〃 |
| - |
| US$ | 3,057 |
|
| N/A |
| US$ | 3,057 |
|
| ||
| The Western Union Company | - | 〃 |
| - |
| US$ | 3,018 |
|
| N/A |
| US$ | 3,018 |
|
| ||
| Simon Property Group, L.P. | - | 〃 |
| - |
| US$ | 3,003 |
|
| N/A |
| US$ | 3,003 |
|
| ||
| CNA Financial Corporation | - | 〃 |
| - |
| US$ | 2,999 |
|
| N/A |
| US$ | 2,999 |
|
| ||
| Nestlé Holdings, Inc. | - | 〃 |
| - |
| US$ | 2,976 |
|
| N/A |
| US$ | 2,976 |
|
| ||
| Johnson & Johnson | - | 〃 |
| - |
| US$ | 2,961 |
|
| N/A |
| US$ | 2,961 |
|
| ||
| Oncor Electric Delivery Company LLC | - | 〃 |
| - |
| US$ | 2,951 |
|
| N/A |
| US$ | 2,951 |
|
| ||
| Southern California Gas Company | - | 〃 |
| - |
| US$ | 2,913 |
|
| N/A |
| US$ | 2,913 |
|
| ||
| Avangrid, Inc. | - | 〃 |
| - |
| US$ | 2,909 |
|
| N/A |
| US$ | 2,909 |
|
| ||
| The Bank of New York Mellon Corporation | - | 〃 |
| - |
| US$ | 2,907 |
|
| N/A |
| US$ | 2,907 |
|
| ||
| BOC Aviation Limited | - | 〃 |
| - |
| US$ | 2,893 |
|
| N/A |
| US$ | 2,893 |
|
| ||
| Air Lease Corporation | - | 〃 |
| - |
| US$ | 2,878 |
|
| N/A |
| US$ | 2,878 |
|
| ||
| Hewlett Packard Enterprise Company | - | 〃 |
| - |
| US$ | 2,834 |
|
| N/A |
| US$ | 2,834 |
|
| ||
| Parker-Hannifin Corporation | - | 〃 |
| - |
| US$ | 2,826 |
|
| N/A |
| US$ | 2,826 |
|
| ||
| Take-Two Interactive Software, Inc. | - | 〃 |
| - |
| US$ | 2,821 |
|
| N/A |
| US$ | 2,821 |
|
| ||
| National Bank of Canada | - | 〃 |
| - |
| US$ | 2,818 |
|
| N/A |
| US$ | 2,818 |
|
| ||
| TORONTO-DOMINION BANK/THE | - | 〃 |
| - |
| US$ | 2,801 |
|
| N/A |
| US$ | 2,801 |
|
| ||
| Novartis Capital Corporation | - | 〃 |
| - |
| US$ | 2,779 |
|
| N/A |
| US$ | 2,779 |
|
| ||
| Baxalta Incorporated | - | 〃 |
| - |
| US$ | 2,775 |
|
| N/A |
| US$ | 2,775 |
|
| ||
| AMAZON.COM INC | - | 〃 |
| - |
| US$ | 2,770 |
|
| N/A |
| US$ | 2,770 |
|
| ||
| MIZUHO FINANCIAL GROUP INC FXD-FXD | - | 〃 |
| - |
| US$ | 2,759 |
|
| N/A |
| US$ | 2,759 |
|
| ||
| Phillips 66 | - | 〃 |
| - |
| US$ | 2,751 |
|
| N/A |
| US$ | 2,751 |
|
| ||
| Ameriprise Financial, Inc. | - | 〃 |
| - |
| US$ | 2,712 |
|
| N/A |
| US$ | 2,712 |
|
| ||
| PPL Electric Utilities Corporation | - | 〃 |
| - |
| US$ | 2,705 |
|
| N/A |
| US$ | 2,705 |
|
| ||
| B.A.T Capital Corporation | - | 〃 |
| - |
| US$ | 2,693 |
|
| N/A |
| US$ | 2,693 |
|
| ||
| Chevron Phillips Chemical Company LLC | - | 〃 |
| - |
| US$ | 2,658 |
|
| N/A |
| US$ | 2,658 |
|
| ||
| Eastern Energy Gas Holdings, LLC | - | 〃 |
| - |
| US$ | 2,656 |
|
| N/A |
| US$ | 2,656 |
|
| ||
| Ventas Realty, Limited Partnership | - | 〃 |
| - |
| US$ | 2,624 |
|
| N/A |
| US$ | 2,624 |
|
| ||
| Gilead Sciences, Inc. | - | 〃 |
| - |
| US$ | 2,583 |
|
| N/A |
| US$ | 2,583 |
|
| ||
| Public Service Enterprise Group Incorporated | - | 〃 |
| - |
| US$ | 2,577 |
|
| N/A |
| US$ | 2,577 |
|
| ||
| GA Global Funding Trust | - | 〃 |
| - |
| US$ | 2,503 |
|
| N/A |
| US$ | 2,503 |
|
| ||
| UBS Group Funding (Switzerland) AG | - | 〃 |
| - |
| US$ | 2,499 |
|
| N/A |
| US$ | 2,499 |
|
| ||
| International Business Machines Corporation | - | 〃 |
| - |
| US$ | 2,492 |
|
| N/A |
| US$ | 2,492 |
|
| ||
| NBN Co Limited | - | 〃 |
| - |
| US$ | 2,492 |
|
| N/A |
| US$ | 2,492 |
|
| ||
| Air Products and Chemicals, Inc. | - | 〃 |
| - |
| US$ | 2,492 |
|
| N/A |
| US$ | 2,492 |
|
| ||
| Baxter International Inc. | - | 〃 |
| - |
| US$ | 2,483 |
|
| N/A |
| US$ | 2,483 |
|
| ||
| Nuveen Finance, LLC | - | 〃 |
| - |
| US$ | 2,482 |
|
| N/A |
| US$ | 2,482 |
|
| ||
| Cigna Corporation | - | 〃 |
| - |
| US$ | 2,464 |
|
| N/A |
| US$ | 2,464 |
|
| ||
| The PNC Financial Services Group, Inc. | - | 〃 |
| - |
| US$ | 2,457 |
|
| N/A |
| US$ | 2,457 |
|
| ||
| CRH America, Inc. | - | 〃 |
| - |
| US$ | 2,438 |
|
| N/A |
| US$ | 2,438 |
|
| ||
| Santander UK plc | - | 〃 |
| - |
| US$ | 2,436 |
|
| N/A |
| US$ | 2,436 |
|
| ||
| Bayer US Finance II LLC | - | 〃 |
| - |
| US$ | 2,421 |
|
| N/A |
| US$ | 2,421 |
|
| ||
| AutoZone, Inc. | - | 〃 |
| - |
| US$ | 2,404 |
|
| N/A |
| US$ | 2,404 |
|
| ||
| CMS Energy Corporation | - | 〃 |
| - |
| US$ | 2,401 |
|
| N/A |
| US$ | 2,401 |
|
| ||
| Pinnacle West Capital Corporation | - | 〃 |
| - |
| US$ | 2,400 |
|
| N/A |
| US$ | 2,400 |
|
| ||
| Workday, Inc. | - | 〃 |
| - |
| US$ | 2,374 |
|
| N/A |
| US$ | 2,374 |
|
| ||
| Southern California Edison Company | - | 〃 |
| - |
| US$ | 2,365 |
|
| N/A |
| US$ | 2,365 |
|
| ||
| American Electric Power Company, Inc. | - | 〃 |
| - |
| US$ | 2,357 |
|
| N/A |
| US$ | 2,357 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 61 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Magellan Midstream Partners, L.P. | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 2,348 |
|
| N/A |
| US$ | 2,348 |
|
| ||
| BP Capital Markets America, Inc. | - | 〃 |
| - |
| US$ | 2,337 |
|
| N/A |
| US$ | 2,337 |
|
| ||
| Texas Instruments Incorporated | - | 〃 |
| - |
| US$ | 2,304 |
|
| N/A |
| US$ | 2,304 |
|
| ||
| Georgia Power Company | - | 〃 |
| - |
| US$ | 2,301 |
|
| N/A |
| US$ | 2,301 |
|
| ||
| John Deere Capital Corporation | - | 〃 |
| - |
| US$ | 2,293 |
|
| N/A |
| US$ | 2,293 |
|
| ||
| Chevron U.S.A. Inc. | - | 〃 |
| - |
| US$ | 2,292 |
|
| N/A |
| US$ | 2,292 |
|
| ||
| Yara International ASA | - | 〃 |
| - |
| US$ | 2,292 |
|
| N/A |
| US$ | 2,292 |
|
| ||
| Shire Acquisitions Investments Ireland Designated Activity Company | - | 〃 |
| - |
| US$ | 2,279 |
|
| N/A |
| US$ | 2,279 |
|
| ||
| RGA Global Funding | - | 〃 |
| - |
| US$ | 2,272 |
|
| N/A |
| US$ | 2,272 |
|
| ||
| Crédit Agricole S.A. | - | 〃 |
| - |
| US$ | 2,266 |
|
| N/A |
| US$ | 2,266 |
|
| ||
| Reynolds American Inc. | - | 〃 |
| - |
| US$ | 2,256 |
|
| N/A |
| US$ | 2,256 |
|
| ||
| National Australia Bank - New York Branch | - | 〃 |
| - |
| US$ | 2,254 |
|
| N/A |
| US$ | 2,254 |
|
| ||
| WEC Energy Group, Inc. | - | 〃 |
| - |
| US$ | 2,253 |
|
| N/A |
| US$ | 2,253 |
|
| ||
| O'Reilly Automotive, Inc. | - | 〃 |
| - |
| US$ | 2,234 |
|
| N/A |
| US$ | 2,234 |
|
| ||
| Berkshire Hathaway Inc. | - | 〃 |
| - |
| US$ | 2,200 |
|
| N/A |
| US$ | 2,200 |
|
| ||
| Empower Finance 2020, LP | - | 〃 |
| - |
| US$ | 2,178 |
|
| N/A |
| US$ | 2,178 |
|
| ||
| NiSource Inc. | - | 〃 |
| - |
| US$ | 2,166 |
|
| N/A |
| US$ | 2,166 |
|
| ||
| CNH Industrial Capital LLC | - | 〃 |
| - |
| US$ | 2,126 |
|
| N/A |
| US$ | 2,126 |
|
| ||
| Union Pacific Corporation | - | 〃 |
| - |
| US$ | 2,119 |
|
| N/A |
| US$ | 2,119 |
|
| ||
| Health Care Service Corporation, a Mutual Legal Reserve Company | - | 〃 |
| - |
| US$ | 2,066 |
|
| N/A |
| US$ | 2,066 |
|
| ||
| DTE Energy Company | - | 〃 |
| - |
| US$ | 2,054 |
|
| N/A |
| US$ | 2,054 |
|
| ||
| Georgia-Pacific LLC | - | 〃 |
| - |
| US$ | 2,044 |
|
| N/A |
| US$ | 2,044 |
|
| ||
| The East Ohio Gas Company | - | 〃 |
| - |
| US$ | 2,038 |
|
| N/A |
| US$ | 2,038 |
|
| ||
| Mead Johnson Nutrition Company | - | 〃 |
| - |
| US$ | 2,014 |
|
| N/A |
| US$ | 2,014 |
|
| ||
| Baidu, Inc. | - | 〃 |
| - |
| US$ | 2,002 |
|
| N/A |
| US$ | 2,002 |
|
| ||
| Magna International Inc. | - | 〃 |
| - |
| US$ | 2,000 |
|
| N/A |
| US$ | 2,000 |
|
| ||
| Amphenol Corporation | - | 〃 |
| - |
| US$ | 1,986 |
|
| N/A |
| US$ | 1,986 |
|
| ||
| Citizens Bank, National Association | - | 〃 |
| - |
| US$ | 1,971 |
|
| N/A |
| US$ | 1,971 |
|
| ||
| General Electric Company | - | 〃 |
| - |
| US$ | 1,968 |
|
| N/A |
| US$ | 1,968 |
|
| ||
| Reliance Standard Life Global Funding II | - | 〃 |
| - |
| US$ | 1,967 |
|
| N/A |
| US$ | 1,967 |
|
| ||
| Tucson Electric Power Company | - | 〃 |
| - |
| US$ | 1,952 |
|
| N/A |
| US$ | 1,952 |
|
| ||
| Gulf Power Company | - | 〃 |
| - |
| US$ | 1,922 |
|
| N/A |
| US$ | 1,922 |
|
| ||
| Olympus Corporation | - | 〃 |
| - |
| US$ | 1,906 |
|
| N/A |
| US$ | 1,906 |
|
| ||
| Otis Worldwide Corporation | - | 〃 |
| - |
| US$ | 1,871 |
|
| N/A |
| US$ | 1,871 |
|
| ||
| Shinhan Financial Group Co., Ltd. | - | 〃 |
| - |
| US$ | 1,831 |
|
| N/A |
| US$ | 1,831 |
|
| ||
| Kinder Morgan, Inc. | - | 〃 |
| - |
| US$ | 1,803 |
|
| N/A |
| US$ | 1,803 |
|
| ||
| NBK SPC Limited | - | 〃 |
| - |
| US$ | 1,783 |
|
| N/A |
| US$ | 1,783 |
|
| ||
| Mitsubishi Corporation | - | 〃 |
| - |
| US$ | 1,777 |
|
| N/A |
| US$ | 1,777 |
|
| ||
| Kentucky Utilities Company | - | 〃 |
| - |
| US$ | 1,768 |
|
| N/A |
| US$ | 1,768 |
|
| ||
| Sydney Airport Finance Company Pty Ltd | - | 〃 |
| - |
| US$ | 1,767 |
|
| N/A |
| US$ | 1,767 |
|
| ||
| DuPont de Nemours, Inc. | - | 〃 |
| - |
| US$ | 1,760 |
|
| N/A |
| US$ | 1,760 |
|
| ||
| Caterpillar Financial Services Corporation | - | 〃 |
| - |
| US$ | 1,741 |
|
| N/A |
| US$ | 1,741 |
|
| ||
| Evergy Kansas Central, Inc. | - | 〃 |
| - |
| US$ | 1,713 |
|
| N/A |
| US$ | 1,713 |
|
| ||
| Wipro IT Services LLC | - | 〃 |
| - |
| US$ | 1,703 |
|
| N/A |
| US$ | 1,703 |
|
| ||
| Enbridge Inc. | - | 〃 |
| - |
| US$ | 1,695 |
|
| N/A |
| US$ | 1,695 |
|
| ||
| Infor, Inc. | - | 〃 |
| - |
| US$ | 1,677 |
|
| N/A |
| US$ | 1,677 |
|
| ||
| Gulfstream Natural Gas System, L.L.C. | - | 〃 |
| - |
| US$ | 1,664 |
|
| N/A |
| US$ | 1,664 |
|
| ||
| Burlington Northern Santa Fe, LLC | - | 〃 |
| - |
| US$ | 1,654 |
|
| N/A |
| US$ | 1,654 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 62 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | 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$ | 1,649 |
|
| N/A |
| US$ | 1,649 |
|
| ||
| Tyson Foods, Inc. | - | 〃 |
| - |
| US$ | 1,647 |
|
| N/A |
| US$ | 1,647 |
|
| ||
| PayPal Holdings, Inc. | - | 〃 |
| - |
| US$ | 1,646 |
|
| N/A |
| US$ | 1,646 |
|
| ||
| Quest Diagnostics Incorporated | - | 〃 |
| - |
| US$ | 1,627 |
|
| N/A |
| US$ | 1,627 |
|
| ||
| CSL Finance plc | - | 〃 |
| - |
| US$ | 1,621 |
|
| N/A |
| US$ | 1,621 |
|
| ||
| Berkshire Hathaway Energy Company | - | 〃 |
| - |
| US$ | 1,613 |
|
| N/A |
| US$ | 1,613 |
|
| ||
| Walmart Inc. | - | 〃 |
| - |
| US$ | 1,609 |
|
| N/A |
| US$ | 1,609 |
|
| ||
| NatWest Group plc | - | 〃 |
| - |
| US$ | 1,606 |
|
| N/A |
| US$ | 1,606 |
|
| ||
| University of California | - | 〃 |
| - |
| US$ | 1,596 |
|
| N/A |
| US$ | 1,596 |
|
| ||
| Raytheon Technologies Corporation | - | 〃 |
| - |
| US$ | 1,590 |
|
| N/A |
| US$ | 1,590 |
|
| ||
| Midwest Connector Capital Company LLC | - | 〃 |
| - |
| US$ | 1,568 |
|
| N/A |
| US$ | 1,568 |
|
| ||
| eBay Inc. | - | 〃 |
| - |
| US$ | 1,546 |
|
| N/A |
| US$ | 1,546 |
|
| ||
| MetLife, Inc. | - | 〃 |
| - |
| US$ | 1,532 |
|
| N/A |
| US$ | 1,532 |
|
| ||
| Elevance Health Inc. | - | 〃 |
| - |
| US$ | 1,530 |
|
| N/A |
| US$ | 1,530 |
|
| ||
| Emerson Electric Co. | - | 〃 |
| - |
| US$ | 1,529 |
|
| N/A |
| US$ | 1,529 |
|
| ||
| UBS AG (LONDON BRANCH) | - | 〃 |
| - |
| US$ | 1,527 |
|
| N/A |
| US$ | 1,527 |
|
| ||
| Westpac Banking Corporation | - | 〃 |
| - |
| US$ | 1,517 |
|
| N/A |
| US$ | 1,517 |
|
| ||
| APA Infrastructure Limited | - | 〃 |
| - |
| US$ | 1,515 |
|
| N/A |
| US$ | 1,515 |
|
| ||
| Glencore Funding LLC | - | 〃 |
| - |
| US$ | 1,505 |
|
| N/A |
| US$ | 1,505 |
|
| ||
| KEB Hana Bank | - | 〃 |
| - |
| US$ | 1,501 |
|
| N/A |
| US$ | 1,501 |
|
| ||
| Brookfield Finance LLC | - | 〃 |
| - |
| US$ | 1,493 |
|
| N/A |
| US$ | 1,493 |
|
| ||
| CK Hutchison International (19) Limited | - | 〃 |
| - |
| US$ | 1,490 |
|
| N/A |
| US$ | 1,490 |
|
| ||
| Mondelez International Holdings Netherlands B.V. | - | 〃 |
| - |
| US$ | 1,483 |
|
| N/A |
| US$ | 1,483 |
|
| ||
| Amcor Flexibles North America Inc. | - | 〃 |
| - |
| US$ | 1,479 |
|
| N/A |
| US$ | 1,479 |
|
| ||
| Commonwealth Bank of Australia | - | 〃 |
| - |
| US$ | 1,479 |
|
| N/A |
| US$ | 1,479 |
|
| ||
| UBS Group Funding (Jersey) Ltd. | - | 〃 |
| - |
| US$ | 1,474 |
|
| N/A |
| US$ | 1,474 |
|
| ||
| NSTAR Electric Company | - | 〃 |
| - |
| US$ | 1,467 |
|
| N/A |
| US$ | 1,467 |
|
| ||
| Microchip Technology Incorporated | - | 〃 |
| - |
| US$ | 1,465 |
|
| N/A |
| US$ | 1,465 |
|
| ||
| Duke Energy Florida, LLC | - | 〃 |
| - |
| US$ | 1,456 |
|
| N/A |
| US$ | 1,456 |
|
| ||
| Marsh & McLennan Companies, Inc. | - | 〃 |
| - |
| US$ | 1,449 |
|
| N/A |
| US$ | 1,449 |
|
| ||
| Essex Portfolio Limited Partnership | - | 〃 |
| - |
| US$ | 1,444 |
|
| N/A |
| US$ | 1,444 |
|
| ||
| The Southern Company | - | 〃 |
| - |
| US$ | 1,440 |
|
| N/A |
| US$ | 1,440 |
|
| ||
| Marathon Petroleum Corporation | - | 〃 |
| - |
| US$ | 1,432 |
|
| N/A |
| US$ | 1,432 |
|
| ||
| Alimentation Couche-Tard Inc. | - | 〃 |
| - |
| US$ | 1,394 |
|
| N/A |
| US$ | 1,394 |
|
| ||
| National Rural Utilities Cooperative Finance Corporation | - | 〃 |
| - |
| US$ | 1,372 |
|
| N/A |
| US$ | 1,372 |
|
| ||
| Alliant Energy Finance, LLC | - | 〃 |
| - |
| US$ | 1,342 |
|
| N/A |
| US$ | 1,342 |
|
| ||
| Eastern Gas Transmission and Storage, Inc. | - | 〃 |
| - |
| US$ | 1,327 |
|
| N/A |
| US$ | 1,327 |
|
| ||
| NetApp, Inc. | - | 〃 |
| - |
| US$ | 1,280 |
|
| N/A |
| US$ | 1,280 |
|
| ||
| Entergy Arkansas, LLC | - | 〃 |
| - |
| US$ | 1,273 |
|
| N/A |
| US$ | 1,273 |
|
| ||
| AmerisourceBergen Corporation | - | 〃 |
| - |
| US$ | 1,253 |
|
| N/A |
| US$ | 1,253 |
|
| ||
| Met Tower Global Funding | - | 〃 |
| - |
| US$ | 1,239 |
|
| N/A |
| US$ | 1,239 |
|
| ||
| Andrew W. Mellon Foundation, The | - | 〃 |
| - |
| US$ | 1,236 |
|
| N/A |
| US$ | 1,236 |
|
| ||
| PACCAR Financial Corp. | - | 〃 |
| - |
| US$ | 1,236 |
|
| N/A |
| US$ | 1,236 |
|
| ||
| State Of Tennessee | - | 〃 |
| - |
| US$ | 1,221 |
|
| N/A |
| US$ | 1,221 |
|
| ||
| Corebridge Financial, Inc. | - | 〃 |
| - |
| US$ | 1,172 |
|
| N/A |
| US$ | 1,172 |
|
| ||
| Ferguson Finance PLC | - | 〃 |
| - |
| US$ | 1,099 |
|
| N/A |
| US$ | 1,099 |
|
| ||
| Skandinaviska Enskilda Banken AB (publ) | - | 〃 |
| - |
| US$ | 1,096 |
|
| N/A |
| US$ | 1,096 |
|
| ||
| Nucor Corporation | - | 〃 |
| - |
| US$ | 1,082 |
|
| N/A |
| US$ | 1,082 |
|
| ||
| The Curators of the University of Missouri | - | 〃 |
| - |
| US$ | 1,080 |
|
| N/A |
| US$ | 1,080 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 63 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | IBERDROLA INTL BV | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 1,056 |
|
| N/A |
| US$ | 1,056 |
|
| ||
| State Street Corporation | - | 〃 |
| - |
| US$ | 1,052 |
|
| N/A |
| US$ | 1,052 |
|
| ||
| Baker Hughes Holdings LLC | - | 〃 |
| - |
| US$ | 1,043 |
|
| N/A |
| US$ | 1,043 |
|
| ||
| Enterprise Products Operating LLC | - | 〃 |
| - |
| US$ | 1,042 |
|
| N/A |
| US$ | 1,042 |
|
| ||
| The Cleveland Electric Illuminating Company | - | 〃 |
| - |
| US$ | 1,031 |
|
| N/A |
| US$ | 1,031 |
|
| ||
| Foxconn (Far East) Limited | - | 〃 |
| - |
| US$ | 1,025 |
|
| N/A |
| US$ | 1,025 |
|
| ||
| Sinopec Group Overseas Development (2014) Ltd. | - | 〃 |
| - |
| US$ | 1,014 |
|
| N/A |
| US$ | 1,014 |
|
| ||
| Panasonic Holdings Corporation | - | 〃 |
| - |
| US$ | 1,000 |
|
| N/A |
| US$ | 1,000 |
|
| ||
| Texas Eastern Transmission, LP | - | 〃 |
| - |
| US$ | 998 |
|
| N/A |
| US$ | 998 |
|
| ||
| Baltimore Gas and Electric Company | - | 〃 |
| - |
| US$ | 997 |
|
| N/A |
| US$ | 997 |
|
| ||
| Loews Corporation | - | 〃 |
| - |
| US$ | 995 |
|
| N/A |
| US$ | 995 |
|
| ||
| Entergy Mississippi, LLC | - | 〃 |
| - |
| US$ | 994 |
|
| N/A |
| US$ | 994 |
|
| ||
| BBVA México, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA México | - | 〃 |
| - |
| US$ | 993 |
|
| N/A |
| US$ | 993 |
|
| ||
| MassMutual Global Funding II | - | 〃 |
| - |
| US$ | 986 |
|
| N/A |
| US$ | 986 |
|
| ||
| Denver City & County Housing Authority | - | 〃 |
| - |
| US$ | 983 |
|
| N/A |
| US$ | 983 |
|
| ||
| Pricoa Global Funding I | - | 〃 |
| - |
| US$ | 977 |
|
| N/A |
| US$ | 977 |
|
| ||
| Board of Regents, State of Iowa | - | 〃 |
| - |
| US$ | 976 |
|
| N/A |
| US$ | 976 |
|
| ||
| Kansas City Southern | - | 〃 |
| - |
| US$ | 960 |
|
| N/A |
| US$ | 960 |
|
| ||
| Suntory Holdings Limited | - | 〃 |
| - |
| US$ | 953 |
|
| N/A |
| US$ | 953 |
|
| ||
| American International Group, Inc. | - | 〃 |
| - |
| US$ | 892 |
|
| N/A |
| US$ | 892 |
|
| ||
| Unilever Capital Corporation | - | 〃 |
| - |
| US$ | 886 |
|
| N/A |
| US$ | 886 |
|
| ||
| Aflac Incorporated | - | 〃 |
| - |
| US$ | 873 |
|
| N/A |
| US$ | 873 |
|
| ||
| QNB Finance Ltd. | - | 〃 |
| - |
| US$ | 872 |
|
| N/A |
| US$ | 872 |
|
| ||
| KeyBank National Association | - | 〃 |
| - |
| US$ | 857 |
|
| N/A |
| US$ | 857 |
|
| ||
| Hormel Foods Corporation | - | 〃 |
| - |
| US$ | 829 |
|
| N/A |
| US$ | 829 |
|
| ||
| BHP Billiton Finance (USA) Limited | - | 〃 |
| - |
| US$ | 818 |
|
| N/A |
| US$ | 818 |
|
| ||
| Palm Beach County, Florida | - | 〃 |
| - |
| US$ | 804 |
|
| N/A |
| US$ | 804 |
|
| ||
| Sinopec Capital (2013) Ltd. | - | 〃 |
| - |
| US$ | 799 |
|
| N/A |
| US$ | 799 |
|
| ||
| Aetna Inc. | - | 〃 |
| - |
| US$ | 796 |
|
| N/A |
| US$ | 796 |
|
| ||
| BMW US Capital, LLC | - | 〃 |
| - |
| US$ | 795 |
|
| N/A |
| US$ | 795 |
|
| ||
| TransCanada PipeLines Limited | - | 〃 |
| - |
| US$ | 791 |
|
| N/A |
| US$ | 791 |
|
| ||
| Oregon Health & Science University | - | 〃 |
| - |
| US$ | 778 |
|
| N/A |
| US$ | 778 |
|
| ||
| CubeSmart, L.P. | - | 〃 |
| - |
| US$ | 755 |
|
| N/A |
| US$ | 755 |
|
| ||
| Niagara Mohawk Power Corporation | - | 〃 |
| - |
| US$ | 755 |
|
| N/A |
| US$ | 755 |
|
| ||
| The Walt Disney Company | - | 〃 |
| - |
| US$ | 754 |
|
| N/A |
| US$ | 754 |
|
| ||
| Tencent Holdings Limited | - | 〃 |
| - |
| US$ | 748 |
|
| N/A |
| US$ | 748 |
|
| ||
| Visa Inc. | - | 〃 |
| - |
| US$ | 729 |
|
| N/A |
| US$ | 729 |
|
| ||
| Southern Power Company | - | 〃 |
| - |
| US$ | 725 |
|
| N/A |
| US$ | 725 |
|
| ||
| Canadian Natural Resources Limited | - | 〃 |
| - |
| US$ | 700 |
|
| N/A |
| US$ | 700 |
|
| ||
| Sinopec Group Overseas Development (2017) Limited | - | 〃 |
| - |
| US$ | 699 |
|
| N/A |
| US$ | 699 |
|
| ||
| Sky Limited | - | 〃 |
| - |
| US$ | 696 |
|
| N/A |
| US$ | 696 |
|
| ||
| Hyundai Capital Services, Inc. | - | 〃 |
| - |
| US$ | 672 |
|
| N/A |
| US$ | 672 |
|
| ||
| Masco Corporation | - | 〃 |
| - |
| US$ | 667 |
|
| N/A |
| US$ | 667 |
|
| ||
| Abbott Laboratories | - | 〃 |
| - |
| US$ | 652 |
|
| N/A |
| US$ | 652 |
|
| ||
| Sodexo, Inc. | - | 〃 |
| - |
| US$ | 651 |
|
| N/A |
| US$ | 651 |
|
| ||
| Norsk Hydro ASA | - | 〃 |
| - |
| US$ | 650 |
|
| N/A |
| US$ | 650 |
|
| ||
| Automatic Data Processing, Inc. | - | 〃 |
| - |
| US$ | 644 |
|
| N/A |
| US$ | 644 |
|
| ||
| AIA Group Limited | - | 〃 |
| - |
| US$ | 642 |
|
| N/A |
| US$ | 642 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 64 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | State Of Washington | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 639 |
|
| N/A |
| US$ | 639 |
|
| ||
| Stryker Corporation | - | 〃 |
| - |
| US$ | 635 |
|
| N/A |
| US$ | 635 |
|
| ||
| Bell Canada, Inc. | - | 〃 |
| - |
| US$ | 618 |
|
| N/A |
| US$ | 618 |
|
| ||
| QUALCOMM Incorporated | - | 〃 |
| - |
| US$ | 597 |
|
| N/A |
| US$ | 597 |
|
| ||
| Intact U.S. Holdings Inc. | - | 〃 |
| - |
| US$ | 597 |
|
| N/A |
| US$ | 597 |
|
| ||
| DH Europe Finance II S.a.r.l. | - | 〃 |
| - |
| US$ | 597 |
|
| N/A |
| US$ | 597 |
|
| ||
| Keurig Dr Pepper Inc. | - | 〃 |
| - |
| US$ | 594 |
|
| N/A |
| US$ | 594 |
|
| ||
| Florida Hurricane Catastrophe Fund Finance Corporation | - | 〃 |
| - |
| US$ | 583 |
|
| N/A |
| US$ | 583 |
|
| ||
| Republic Services, Inc. | - | 〃 |
| - |
| US$ | 582 |
|
| N/A |
| US$ | 582 |
|
| ||
| Lincoln National Corporation | - | 〃 |
| - |
| US$ | 577 |
|
| N/A |
| US$ | 577 |
|
| ||
| Port of Morrow | - | 〃 |
| - |
| US$ | 569 |
|
| N/A |
| US$ | 569 |
|
| ||
| American Water Capital Corp. | - | 〃 |
| - |
| US$ | 566 |
|
| N/A |
| US$ | 566 |
|
| ||
| Duke Energy Progress, LLC | - | 〃 |
| - |
| US$ | 550 |
|
| N/A |
| US$ | 550 |
|
| ||
| Fifth Third Bank, National Association | - | 〃 |
| - |
| US$ | 545 |
|
| N/A |
| US$ | 545 |
|
| ||
| Shell International Finance B.V. | - | 〃 |
| - |
| US$ | 533 |
|
| N/A |
| US$ | 533 |
|
| ||
| Arizona Public Service Company | - | 〃 |
| - |
| US$ | 514 |
|
| N/A |
| US$ | 514 |
|
| ||
| State of Hawaii | - | 〃 |
| - |
| US$ | 506 |
|
| N/A |
| US$ | 506 |
|
| ||
| ConocoPhillips Company | - | 〃 |
| - |
| US$ | 506 |
|
| N/A |
| US$ | 506 |
|
| ||
| United Parcel Service, Inc. | - | 〃 |
| - |
| US$ | 503 |
|
| N/A |
| US$ | 503 |
|
| ||
| Hanwha Energy USA Holdings Corporation | - | 〃 |
| - |
| US$ | 500 |
|
| N/A |
| US$ | 500 |
|
| ||
| SOCIETE GENERALE SA | - | 〃 |
| - |
| US$ | 489 |
|
| N/A |
| US$ | 489 |
|
| ||
| Gsk Consumer Healthcare Capital Uk Plc | - | 〃 |
| - |
| US$ | 486 |
|
| N/A |
| US$ | 486 |
|
| ||
| Trane Technologies Luxembourg Finance S.A. | - | 〃 |
| - |
| US$ | 485 |
|
| N/A |
| US$ | 485 |
|
| ||
| Ecolab Inc. | - | 〃 |
| - |
| US$ | 478 |
|
| N/A |
| US$ | 478 |
|
| ||
| McCormick & Company, Incorporated | - | 〃 |
| - |
| US$ | 477 |
|
| N/A |
| US$ | 477 |
|
| ||
| Genuine Parts Company | - | 〃 |
| - |
| US$ | 470 |
|
| N/A |
| US$ | 470 |
|
| ||
| Altria Group, Inc. | - | 〃 |
| - |
| US$ | 466 |
|
| N/A |
| US$ | 466 |
|
| ||
| DENSO Corporation | - | 〃 |
| - |
| US$ | 443 |
|
| N/A |
| US$ | 443 |
|
| ||
| Brazos Higher Education Authority Inc | - | 〃 |
| - |
| US$ | 435 |
|
| N/A |
| US$ | 435 |
|
| ||
| The Home Depot, Inc. | - | 〃 |
| - |
| US$ | 418 |
|
| N/A |
| US$ | 418 |
|
| ||
| Target Corporation | - | 〃 |
| - |
| US$ | 410 |
|
| N/A |
| US$ | 410 |
|
| ||
| National Australia Bank Limited | - | 〃 |
| - |
| US$ | 401 |
|
| N/A |
| US$ | 401 |
|
| ||
| Komatsu Finance America, Inc. | - | 〃 |
| - |
| US$ | 399 |
|
| N/A |
| US$ | 399 |
|
| ||
| Boston Properties Limited Partnership | - | 〃 |
| - |
| US$ | 397 |
|
| N/A |
| US$ | 397 |
|
| ||
| University of Massachusetts Building Authority | - | 〃 |
| - |
| US$ | 397 |
|
| N/A |
| US$ | 397 |
|
| ||
| Comerica Bank | - | 〃 |
| - |
| US$ | 388 |
|
| N/A |
| US$ | 388 |
|
| ||
| Entergy Corporation | - | 〃 |
| - |
| US$ | 381 |
|
| N/A |
| US$ | 381 |
|
| ||
| Banco del Estado de Chile | - | 〃 |
| - |
| US$ | 379 |
|
| N/A |
| US$ | 379 |
|
| ||
| Sierra Pacific Power Company | - | 〃 |
| - |
| US$ | 379 |
|
| N/A |
| US$ | 379 |
|
| ||
| McKesson Corporation | - | 〃 |
| - |
| US$ | 377 |
|
| N/A |
| US$ | 377 |
|
| ||
| Honeywell International Inc. | - | 〃 |
| - |
| US$ | 376 |
|
| N/A |
| US$ | 376 |
|
| ||
| Duke Energy Corporation | - | 〃 |
| - |
| US$ | 374 |
|
| N/A |
| US$ | 374 |
|
| ||
| StanCorp Financial Group, Inc. | - | 〃 |
| - |
| US$ | 366 |
|
| N/A |
| US$ | 366 |
|
| ||
| PepsiCo, Inc. | - | 〃 |
| - |
| US$ | 364 |
|
| N/A |
| US$ | 364 |
|
| ||
| NIKE, Inc. | - | 〃 |
| - |
| US$ | 364 |
|
| N/A |
| US$ | 364 |
|
| ||
| The Norinchukin Bank | - | 〃 |
| - |
| US$ | 354 |
|
| N/A |
| US$ | 354 |
|
| ||
| Principal Financial Group, Inc. | - | 〃 |
| - |
| US$ | 348 |
|
| N/A |
| US$ | 348 |
|
| ||
| First Republic Bank | - | 〃 |
| - |
| US$ | 346 |
|
| N/A |
| US$ | 346 |
|
| ||
| Pernod Ricard SA | - | 〃 |
| - |
| US$ | 345 |
|
| N/A |
| US$ | 345 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 65 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Aon Corporation | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 341 |
|
| N/A |
| US$ | 341 |
|
| ||
| Rabobank Nederland - New York Branch | - | 〃 |
| - |
| US$ | 333 |
|
| N/A |
| US$ | 333 |
|
| ||
| Amgen Inc. | - | 〃 |
| - |
| US$ | 314 |
|
| N/A |
| US$ | 314 |
|
| ||
| BP Capital Markets p.l.c. | - | 〃 |
| - |
| US$ | 303 |
|
| N/A |
| US$ | 303 |
|
| ||
| Philip Morris International Inc. | - | 〃 |
| - |
| US$ | 297 |
|
| N/A |
| US$ | 297 |
|
| ||
| Mid-America Apartments, L.P. | - | 〃 |
| - |
| US$ | 297 |
|
| N/A |
| US$ | 297 |
|
| ||
| The Allstate Corporation | - | 〃 |
| - |
| US$ | 296 |
|
| N/A |
| US$ | 296 |
|
| ||
| Alabama State Federal Aid Highway Finance Authority | - | 〃 |
| - |
| US$ | 291 |
|
| N/A |
| US$ | 291 |
|
| ||
| TotalEnergies Capital International | - | 〃 |
| - |
| US$ | 291 |
|
| N/A |
| US$ | 291 |
|
| ||
| BOC Aviation (USA) Corporation | - | 〃 |
| - |
| US$ | 287 |
|
| N/A |
| US$ | 287 |
|
| ||
| Aptiv PLC | - | 〃 |
| - |
| US$ | 286 |
|
| N/A |
| US$ | 286 |
|
| ||
| Salesforce, Inc. | - | 〃 |
| - |
| US$ | 283 |
|
| N/A |
| US$ | 283 |
|
| ||
| Barclays Bank PLC | - | 〃 |
| - |
| US$ | 273 |
|
| N/A |
| US$ | 273 |
|
| ||
| Johnson Controls International plc | - | 〃 |
| - |
| US$ | 272 |
|
| N/A |
| US$ | 272 |
|
| ||
| QatarEnergy | - | 〃 |
| - |
| US$ | 270 |
|
| N/A |
| US$ | 270 |
|
| ||
| Southern Natural Gas Company, L.L.C. | - | 〃 |
| - |
| US$ | 267 |
|
| N/A |
| US$ | 267 |
|
| ||
| Sales Tax Securitization Corporation Of Chicago | - | 〃 |
| - |
| US$ | 248 |
|
| N/A |
| US$ | 248 |
|
| ||
| Equitable Holdings, Inc. | - | 〃 |
| - |
| US$ | 245 |
|
| N/A |
| US$ | 245 |
|
| ||
| Starbucks Corporation | - | 〃 |
| - |
| US$ | 239 |
|
| N/A |
| US$ | 239 |
|
| ||
| E. I. du Pont de Nemours and Company | - | 〃 |
| - |
| US$ | 230 |
|
| N/A |
| US$ | 230 |
|
| ||
| Waste Management, Inc. | - | 〃 |
| - |
| US$ | 227 |
|
| N/A |
| US$ | 227 |
|
| ||
| Entergy Louisiana, LLC | - | 〃 |
| - |
| US$ | 218 |
|
| N/A |
| US$ | 218 |
|
| ||
| Nasdaq, Inc. | - | 〃 |
| - |
| US$ | 217 |
|
| N/A |
| US$ | 217 |
|
| ||
| Children's Hospital Of Orange County | - | 〃 |
| - |
| US$ | 213 |
|
| N/A |
| US$ | 213 |
|
| ||
| The Pennsylvania State University | - | 〃 |
| - |
| US$ | 206 |
|
| N/A |
| US$ | 206 |
|
| ||
| Martin Marietta Materials, Inc. | - | 〃 |
| - |
| US$ | 204 |
|
| N/A |
| US$ | 204 |
|
| ||
| Oregon Education Districts | - | 〃 |
| - |
| US$ | 201 |
|
| N/A |
| US$ | 201 |
|
| ||
| Suncor Energy Inc. | - | 〃 |
| - |
| US$ | 199 |
|
| N/A |
| US$ | 199 |
|
| ||
| Riverside County Infrastructure Financing Authority | - | 〃 |
| - |
| US$ | 197 |
|
| N/A |
| US$ | 197 |
|
| ||
| Deere & Company | - | 〃 |
| - |
| US$ | 195 |
|
| N/A |
| US$ | 195 |
|
| ||
| Los Angeles Department of Water and Power, California | - | 〃 |
| - |
| US$ | 194 |
|
| N/A |
| US$ | 194 |
|
| ||
| Saudi Arabian Oil Company | - | 〃 |
| - |
| US$ | 193 |
|
| N/A |
| US$ | 193 |
|
| ||
| NongHyup Bank | - | 〃 |
| - |
| US$ | 188 |
|
| N/A |
| US$ | 188 |
|
| ||
| San Francisco Public Utilities Commission | - | 〃 |
| - |
| US$ | 181 |
|
| N/A |
| US$ | 181 |
|
| ||
| Hoover Alabama Board Of Education | - | 〃 |
| - |
| US$ | 174 |
|
| N/A |
| US$ | 174 |
|
| ||
| Dormitory Authority of the State of New York | - | 〃 |
| - |
| US$ | 152 |
|
| N/A |
| US$ | 152 |
|
| ||
| Electricité de France S.A. | - | 〃 |
| - |
| US$ | 98 |
|
| N/A |
| US$ | 98 |
|
| ||
| Beth Israel Deaconess Medical Center, Inc. | - | 〃 |
| - |
| US$ | 87 |
|
| N/A |
| US$ | 87 |
|
| ||
| Municipal Improvement Corporation of Los Angeles | - | 〃 |
| - |
| US$ | 79 |
|
| N/A |
| US$ | 79 |
|
| ||
| Pima County, Arizona | - | 〃 |
| - |
| US$ | 76 |
|
| N/A |
| US$ | 76 |
|
| ||
| State of Wisconsin | - | 〃 |
| - |
| US$ | 62 |
|
| N/A |
| US$ | 62 |
|
| ||
| Huntington Beach California | - | 〃 |
| - |
| US$ | 48 |
|
| N/A |
| US$ | 48 |
|
| ||
| City of Worcester, MA | - | 〃 |
| - |
| US$ | 30 |
|
| N/A |
| US$ | 30 |
|
| ||
| Nueces County | - | 〃 |
| - |
| US$ | 24 |
|
| N/A |
| US$ | 24 |
|
| ||
| The Goldman Sachs Group, Inc. | - | Financial assets at amortized cost |
| - |
| US$ | 336,727 |
|
| N/A |
| US$ | 334,554 |
|
| ||
| Citigroup Global Markets Inc. | - | 〃 |
| - |
| US$ | 249,919 |
|
| N/A |
| US$ | 244,004 |
|
| ||
| Bank of America Corporation | - | 〃 |
| - |
| US$ | 207,110 |
|
| N/A |
| US$ | 205,745 |
|
| ||
| Citigroup Global Markets Holdings Inc. | - | 〃 |
| - |
| US$ | 149,951 |
|
| N/A |
| US$ | 148,098 |
|
| ||
| Goldman Sachs Finance Corp International Ltd. | - | 〃 |
| - |
| US$ | 149,870 |
|
| N/A |
| US$ | 147,966 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 66 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | Note | ||||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | JPMorgan Chase & Co. | - | Financial assets at amortized cost |
| - |
| US$ | 128,545 |
|
| N/A |
| US$ | 127,025 |
|
| ||
| Citigroup Inc. | - | 〃 |
| - |
| US$ | 119,794 |
|
| N/A |
| US$ | 118,863 |
|
| ||
| Wells Fargo & Company | - | 〃 |
| - |
| US$ | 61,759 |
|
| N/A |
| US$ | 60,981 |
|
| ||
| Jpmorgan LLC | - | 〃 |
| - |
| US$ | 49,984 |
|
| N/A |
| US$ | 49,743 |
|
| ||
| GOLDMAN SACHS GROUP INC | - | 〃 |
| - |
| US$ | 49,957 |
|
| N/A |
| US$ | 49,992 |
|
| ||
| Swedbank AB (publ) | - | 〃 |
| - |
| US$ | 5,181 |
|
| N/A |
| US$ | 5,149 |
|
| ||
| BP Capital Markets America, Inc. | - | 〃 |
| - |
| US$ | 5,022 |
|
| N/A |
| US$ | 5,035 |
|
| ||
| Sumitomo Mitsui Trust Bank, Limited | - | 〃 |
| - |
| US$ | 4,862 |
|
| N/A |
| US$ | 4,832 |
|
| ||
| Ecolab Inc. | - | 〃 |
| - |
| US$ | 4,816 |
|
| N/A |
| US$ | 4,834 |
|
| ||
| Bristol-Myers Squibb Company | - | 〃 |
| - |
| US$ | 4,606 |
|
| N/A |
| US$ | 4,628 |
|
| ||
| Toyota Motor Credit Corporation | - | 〃 |
| - |
| US$ | 4,496 |
|
| N/A |
| US$ | 4,505 |
|
| ||
| Five Corners Funding Trust | - | 〃 |
| - |
| US$ | 4,428 |
|
| N/A |
| US$ | 4,412 |
|
| ||
| Svenska Handelsbanken AB (publ) | - | 〃 |
| - |
| US$ | 4,052 |
|
| N/A |
| US$ | 4,015 |
|
| ||
| National Australia Bank - New York Branch | - | 〃 |
| - |
| US$ | 4,011 |
|
| N/A |
| US$ | 4,010 |
|
| ||
| Société Générale Société anonyme | - | 〃 |
| - |
| US$ | 4,010 |
|
| N/A |
| US$ | 4,003 |
|
| ||
| Daimler Finance North America LLC | - | 〃 |
| - |
| US$ | 4,007 |
|
| N/A |
| US$ | 4,005 |
|
| ||
| Mizuho Financial Group, Inc. | - | 〃 |
| - |
| US$ | 4,002 |
|
| N/A |
| US$ | 4,011 |
|
| ||
| BMW US Capital, LLC | - | 〃 |
| - |
| US$ | 4,001 |
|
| N/A |
| US$ | 3,999 |
|
| ||
| Coöperatieve Rabobank U.A. | - | 〃 |
| - |
| US$ | 3,998 |
|
| N/A |
| US$ | 4,005 |
|
| ||
| Bayer US Finance II LLC | - | 〃 |
| - |
| US$ | 3,989 |
|
| N/A |
| US$ | 3,993 |
|
| ||
| Simon Property Group, L.P. | - | 〃 |
| - |
| US$ | 3,974 |
|
| N/A |
| US$ | 3,969 |
|
| ||
| NatWest Markets Plc | - | 〃 |
| - |
| US$ | 3,965 |
|
| N/A |
| US$ | 3,946 |
|
| ||
| Volkswagen Group of America Finance, LLC | - | 〃 |
| - |
| US$ | 3,948 |
|
| N/A |
| US$ | 3,927 |
|
| ||
| Philip Morris International Inc. | - | 〃 |
| - |
| US$ | 3,925 |
|
| N/A |
| US$ | 3,928 |
|
| ||
| Komatsu Finance America, Inc. | - | 〃 |
| - |
| US$ | 3,850 |
|
| N/A |
| US$ | 3,869 |
|
| ||
| Kinder Morgan, Inc. | - | 〃 |
| - |
| US$ | 3,702 |
|
| N/A |
| US$ | 3,703 |
|
| ||
| CREDIT SUISSE AG (NEW YORK BRANCH) | - | 〃 |
| - |
| US$ | 3,640 |
|
| N/A |
| US$ | 3,616 |
|
| ||
| Enbridge Inc. | - | 〃 |
| - |
| US$ | 3,375 |
|
| N/A |
| US$ | 3,366 |
|
| ||
| GA Global Funding Trust | - | 〃 |
| - |
| US$ | 3,291 |
|
| N/A |
| US$ | 3,267 |
|
| ||
| Nestlé Holdings, Inc. | - | 〃 |
| - |
| US$ | 3,277 |
|
| N/A |
| US$ | 3,281 |
|
| ||
| Danske Bank A/S | - | 〃 |
| - |
| US$ | 3,268 |
|
| N/A |
| US$ | 3,255 |
|
| ||
| Ryder System, Inc. | - | 〃 |
| - |
| US$ | 2,551 |
|
| N/A |
| US$ | 2,555 |
|
| ||
| Deutsche Bank AG - New York Branch | - | 〃 |
| - |
| US$ | 1,935 |
|
| N/A |
| US$ | 1,920 |
|
| ||
| Hyundai Capital Services, Inc. | - | 〃 |
| - |
| US$ | 1,916 |
|
| N/A |
| US$ | 1,922 |
|
| ||
| Reliance Standard Life Global Funding II | - | 〃 |
| - |
| US$ | 1,599 |
|
| N/A |
| US$ | 1,596 |
|
| ||
| Nordea Bank Abp | - | 〃 |
| - |
| US$ | 1,180 |
|
| N/A |
| US$ | 1,174 |
|
| ||
| Abbott Laboratories | - | 〃 |
| - |
| US$ | 362 |
|
| N/A |
| US$ | 363 |
|
| ||
| Canadian Imperial Bank of Commerce | - | 〃 |
| - |
| US$ | 198 |
|
| N/A |
| US$ | 197 |
|
| ||
| Metropolitan Life Global Funding I | - | 〃 |
| - |
| US$ | 146 |
|
| N/A |
| US$ | 145 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Government bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| United States Department of The Treasury | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 674,934 |
|
| N/A |
| US$ | 674,934 |
|
| ||
| Emirate of Abu Dhabi | - | 〃 |
| - |
| US$ | 1,451 |
|
| N/A |
| US$ | 1,451 |
|
| ||
| Qatar | - | 〃 |
| - |
| US$ | 1,304 |
|
| N/A |
| US$ | 1,304 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Agency bonds/Agency mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| FEDERAL NATIONAL MORTGAGE ASSOCIATION | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 518,089 |
|
| N/A |
| US$ | 518,089 |
|
| ||
| Federal Home Loan Mortgage Corporation | - | 〃 |
| - |
| US$ | 300,125 |
|
| N/A |
| US$ | 300,125 |
|
| ||
| Government National Mortgage Association | - | 〃 |
| - |
| US$ | 195,290 |
|
| N/A |
| US$ | 195,290 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 67 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global |
|
|
|
|
|
|
|
| ||||||||||
| Asset-backed securities |
|
|
|
|
|
|
| ||||||||||
| Hyundai Auto Receivables Trust 2021-C | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 10,492 |
|
| N/A |
| US$ | 10,492 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2014-C24 | - | 〃 |
| - |
| US$ | 9,760 |
|
| N/A |
| US$ | 9,760 |
|
| ||
| BX Trust 2022-LBA6 | - | 〃 |
| - |
| US$ | 9,609 |
|
| N/A |
| US$ | 9,609 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2016-Bnk1 | - | 〃 |
| - |
| US$ | 9,172 |
|
| N/A |
| US$ | 9,172 |
|
| ||
| Ford Credit Auto Owner Trust 2021-Rev2 | - | 〃 |
| - |
| US$ | 7,608 |
|
| N/A |
| US$ | 7,608 |
|
| ||
| Citigroup Commercial Mortgage Trust 2015-GC33 | - | 〃 |
| - |
| US$ | 7,440 |
|
| N/A |
| US$ | 7,440 |
|
| ||
| Ford Credit Auto Owner Trust 2020-REV2 | - | 〃 |
| - |
| US$ | 6,634 |
|
| N/A |
| US$ | 6,634 |
|
| ||
| Morgan Stanley Capital I Trust 2021-L6 | - | 〃 |
| - |
| US$ | 6,340 |
|
| N/A |
| US$ | 6,340 |
|
| ||
| Morgan Stanley Bank America Merrill Lynch Trust 2016-C30 | - | 〃 |
| - |
| US$ | 6,216 |
|
| N/A |
| US$ | 6,216 |
|
| ||
| Bank 2020-BNK26 | - | 〃 |
| - |
| US$ | 5,974 |
|
| N/A |
| US$ | 5,974 |
|
| ||
| Benchmark 2019-B11 Mortgage Trust | - | 〃 |
| - |
| US$ | 5,767 |
|
| N/A |
| US$ | 5,767 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2016-C35 | - | 〃 |
| - |
| US$ | 5,447 |
|
| N/A |
| US$ | 5,447 |
|
| ||
| Bank 2017-Bnk6 | - | 〃 |
| - |
| US$ | 5,416 |
|
| N/A |
| US$ | 5,416 |
|
| ||
| Citigroup Commercial Mortgage Trust 2021-PRM2 | - | 〃 |
| - |
| US$ | 5,413 |
|
| N/A |
| US$ | 5,413 |
|
| ||
| BBCMS 2018-Tall Mortgage Trust | - | 〃 |
| - |
| US$ | 5,246 |
|
| N/A |
| US$ | 5,246 |
|
| ||
| WFRBS Commercial Mortgage Trust 2013-C13 | - | 〃 |
| - |
| US$ | 5,071 |
|
| N/A |
| US$ | 5,071 |
|
| ||
| Hudson Yards 2016-10HY Mortgage Trust | - | 〃 |
| - |
| US$ | 5,065 |
|
| N/A |
| US$ | 5,065 |
|
| ||
| CSAIL 2018-CX11 | - | 〃 |
| - |
| US$ | 4,836 |
|
| N/A |
| US$ | 4,836 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2021-C59 | - | 〃 |
| - |
| US$ | 4,832 |
|
| N/A |
| US$ | 4,832 |
|
| ||
| Morgan Stanley Bank America Merrill Lynch Trust 2013-C10 | - | 〃 |
| - |
| US$ | 4,715 |
|
| N/A |
| US$ | 4,715 |
|
| ||
| Citigroup Commercial Mortgage Trust 2014-GC21 | - | 〃 |
| - |
| US$ | 4,562 |
|
| N/A |
| US$ | 4,562 |
|
| ||
| GM Financial Revolving Receivables Trust 2021-1 | - | 〃 |
| - |
| US$ | 4,455 |
|
| N/A |
| US$ | 4,455 |
|
| ||
| MRCD 2019-Prkc Mortgage Trust | - | 〃 |
| - |
| US$ | 4,440 |
|
| N/A |
| US$ | 4,440 |
|
| ||
| GM Financial Consumer Automobile Receivables Trust 2021-4 | - | 〃 |
| - |
| US$ | 4,386 |
|
| N/A |
| US$ | 4,386 |
|
| ||
| Commerce 2015-CCRE24 Mortgage Trust | - | 〃 |
| - |
| US$ | 4,369 |
|
| N/A |
| US$ | 4,369 |
|
| ||
| Honda Auto Receivables 2021 - 4 Owner Trust | - | 〃 |
| - |
| US$ | 4,341 |
|
| N/A |
| US$ | 4,341 |
|
| ||
| Bank 2017 - BNK7 | - | 〃 |
| - |
| US$ | 4,083 |
|
| N/A |
| US$ | 4,083 |
|
| ||
| JPMCC 2017-JP7 | - | 〃 |
| - |
| US$ | 3,913 |
|
| N/A |
| US$ | 3,913 |
|
| ||
| Bank 2019-Bnk17 | - | 〃 |
| - |
| US$ | 3,895 |
|
| N/A |
| US$ | 3,895 |
|
| ||
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 | - | 〃 |
| - |
| US$ | 3,626 |
|
| N/A |
| US$ | 3,626 |
|
| ||
| BANK 2017-BNK5 | - | 〃 |
| - |
| US$ | 3,611 |
|
| N/A |
| US$ | 3,611 |
|
| ||
| Bank 2019-Bnk22 | - | 〃 |
| - |
| US$ | 3,525 |
|
| N/A |
| US$ | 3,525 |
|
| ||
| Msbam 2016-C29 | - | 〃 |
| - |
| US$ | 3,509 |
|
| N/A |
| US$ | 3,509 |
|
| ||
| Msbam 2016-C31 | - | 〃 |
| - |
| US$ | 3,324 |
|
| N/A |
| US$ | 3,324 |
|
| ||
| UBS Barclays Commercial Mortgage Trust 2013-C6 | - | 〃 |
| - |
| US$ | 3,099 |
|
| N/A |
| US$ | 3,099 |
|
| ||
| Ford Credit Auto Owner Trust 2022-B | - | 〃 |
| - |
| US$ | 2,998 |
|
| N/A |
| US$ | 2,998 |
|
| ||
| WFRBS Commercial Mortgage Trust 2014-C25 | - | 〃 |
| - |
| US$ | 2,955 |
|
| N/A |
| US$ | 2,955 |
|
| ||
| GS Mortgage Securities Trust 2015-GC32 | - | 〃 |
| - |
| US$ | 2,931 |
|
| N/A |
| US$ | 2,931 |
|
| ||
| GS Mortgage Securities Corporation Trust 2018-RIVR | - | 〃 |
| - |
| US$ | 2,865 |
|
| N/A |
| US$ | 2,865 |
|
| ||
| Sreit Commercial Mortgage Trust 2021-Mfp | - | 〃 |
| - |
| US$ | 2,755 |
|
| N/A |
| US$ | 2,755 |
|
| ||
| JPMDB 2017-C7 | - | 〃 |
| - |
| US$ | 2,697 |
|
| N/A |
| US$ | 2,697 |
|
| ||
| GS Mortgage Securities Trust 2013-GCJ12 | - | 〃 |
| - |
| US$ | 2,558 |
|
| N/A |
| US$ | 2,558 |
|
| ||
| Benchmark 2018-B3 Commercial Mortgage Trust | - | 〃 |
| - |
| US$ | 2,548 |
|
| N/A |
| US$ | 2,548 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2017-C40 | - | 〃 |
| - |
| US$ | 2,487 |
|
| N/A |
| US$ | 2,487 |
|
| ||
| Ford Credit Auto Owner Trust 2020-Rev1 | - | 〃 |
| - |
| US$ | 2,383 |
|
| N/A |
| US$ | 2,383 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 | - | 〃 |
| - |
| US$ | 2,274 |
|
| N/A |
| US$ | 2,274 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 68 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Mhc Commercial Mortgage Trust 2021-Mhc | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 2,231 |
|
| N/A |
| US$ | 2,231 |
|
| ||
| Citigroup Commercial Mortgage Trust 2015-P1 | - | 〃 |
| - |
| US$ | 2,210 |
|
| N/A |
| US$ | 2,210 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2020-C55 | - | 〃 |
| - |
| US$ | 2,133 |
|
| N/A |
| US$ | 2,133 |
|
| ||
| BBCMS Mortgage Trust 2020-C8 | - | 〃 |
| - |
| US$ | 2,118 |
|
| N/A |
| US$ | 2,118 |
|
| ||
| Citigroup Commercial Mortgage Trust 2015-GC27 | - | 〃 |
| - |
| US$ | 2,101 |
|
| N/A |
| US$ | 2,101 |
|
| ||
| Bank 2021-bnk33 | - | 〃 |
| - |
| US$ | 2,004 |
|
| N/A |
| US$ | 2,004 |
|
| ||
| Morgan Stanley Capital I Trust 2018-H3 | - | 〃 |
| - |
| US$ | 2,004 |
|
| N/A |
| US$ | 2,004 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2015-C28 | - | 〃 |
| - |
| US$ | 2,001 |
|
| N/A |
| US$ | 2,001 |
|
| ||
| UBS Commercial Mortgage Trust 2018-C11 | - | 〃 |
| - |
| US$ | 1,995 |
|
| N/A |
| US$ | 1,995 |
|
| ||
| Commerce 2013-CCRE12 Mortgage Trust | - | 〃 |
| - |
| US$ | 1,987 |
|
| N/A |
| US$ | 1,987 |
|
| ||
| Benchmark 2018-B4 Mortgage Trust | - | 〃 |
| - |
| US$ | 1,985 |
|
| N/A |
| US$ | 1,985 |
|
| ||
| CGCMT 2017-P8 Mortgage Trust | - | 〃 |
| - |
| US$ | 1,927 |
|
| N/A |
| US$ | 1,927 |
|
| ||
| Dolp Trust 2021-NYC | - | 〃 |
| - |
| US$ | 1,920 |
|
| N/A |
| US$ | 1,920 |
|
| ||
| Morgan Stanley Capital I Trust | - | 〃 |
| - |
| US$ | 1,864 |
|
| N/A |
| US$ | 1,864 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-C30 | - | 〃 |
| - |
| US$ | 1,589 |
|
| N/A |
| US$ | 1,589 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2015-C27 | - | 〃 |
| - |
| US$ | 1,525 |
|
| N/A |
| US$ | 1,525 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2018-C44 | - | 〃 |
| - |
| US$ | 1,496 |
|
| N/A |
| US$ | 1,496 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2013-C12 | - | 〃 |
| - |
| US$ | 1,457 |
|
| N/A |
| US$ | 1,457 |
|
| ||
| COMM 2020-CBM Mortgage Trust | - | 〃 |
| - |
| US$ | 1,454 |
|
| N/A |
| US$ | 1,454 |
|
| ||
| Morgan Stanley Capital I Trust 2021-L5 | - | 〃 |
| - |
| US$ | 1,394 |
|
| N/A |
| US$ | 1,394 |
|
| ||
| Dbgs 2018-Biod Mortgage Trust | - | 〃 |
| - |
| US$ | 1,261 |
|
| N/A |
| US$ | 1,261 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-C29 | - | 〃 |
| - |
| US$ | 1,261 |
|
| N/A |
| US$ | 1,261 |
|
| ||
| Honda Auto Receivables 2021-2 Owner Trust | - | 〃 |
| - |
| US$ | 1,256 |
|
| N/A |
| US$ | 1,256 |
|
| ||
| WFRBS Commercial Mortgage Trust 2013-UBS1 | - | 〃 |
| - |
| US$ | 1,245 |
|
| N/A |
| US$ | 1,245 |
|
| ||
| Toyota Auto Receivables 2021-D Owner Trust | - | 〃 |
| - |
| US$ | 1,141 |
|
| N/A |
| US$ | 1,141 |
|
| ||
| UBS Commercial Mortgage Trust 2018-C10 | - | 〃 |
| - |
| US$ | 1,103 |
|
| N/A |
| US$ | 1,103 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 | - | 〃 |
| - |
| US$ | 1,001 |
|
| N/A |
| US$ | 1,001 |
|
| ||
| Morgan Stanley Capital I Trust 2015 - UBS8 | - | 〃 |
| - |
| US$ | 979 |
|
| N/A |
| US$ | 979 |
|
| ||
| JPMCC Commercial Mortgage Securities Trust 2016 - JP3 | - | 〃 |
| - |
| US$ | 945 |
|
| N/A |
| US$ | 945 |
|
| ||
| Citigroup Commercial Mortgage Trust 2013-GCJ11 | - | 〃 |
| - |
| US$ | 938 |
|
| N/A |
| US$ | 938 |
|
| ||
| Toyota Auto Receivables 2018-D Owner Trust | - | 〃 |
| - |
| US$ | 905 |
|
| N/A |
| US$ | 905 |
|
| ||
| Morgan Stanley Bank Of America Merrill Lynch Trust 2013-C13 | - | 〃 |
| - |
| US$ | 877 |
|
| N/A |
| US$ | 877 |
|
| ||
| COMM 2012-CCRE5 Mortgage Trust | - | 〃 |
| - |
| US$ | 864 |
|
| N/A |
| US$ | 864 |
|
| ||
| 280 Park Avenue Trust 2017 - 280P | - | 〃 |
| - |
| US$ | 814 |
|
| N/A |
| US$ | 814 |
|
| ||
| BX Trust 2021-BXMF | - | 〃 |
| - |
| US$ | 813 |
|
| N/A |
| US$ | 813 |
|
| ||
| Commerce 2014-Ccre17 Mortgage Trust | - | 〃 |
| - |
| US$ | 766 |
|
| N/A |
| US$ | 766 |
|
| ||
| Elp Commercial Mortgage Trust 2021-Elp | - | 〃 |
| - |
| US$ | 764 |
|
| N/A |
| US$ | 764 |
|
| ||
| Bx 2021-21M Mortgage Trust | - | 〃 |
| - |
| US$ | 761 |
|
| N/A |
| US$ | 761 |
|
| ||
| COMM 2013-LC6 Mortgage Trust | - | 〃 |
| - |
| US$ | 755 |
|
| N/A |
| US$ | 755 |
|
| ||
| Benchmark 2019-B14 Mortgage Trust | - | 〃 |
| - |
| US$ | 732 |
|
| N/A |
| US$ | 732 |
|
| ||
| GS Mortgage Securities Trust 2014-GC22 | - | 〃 |
| - |
| US$ | 712 |
|
| N/A |
| US$ | 712 |
|
| ||
| Morgan Stanley Capital I Trust 2019-H6 | - | 〃 |
| - |
| US$ | 705 |
|
| N/A |
| US$ | 705 |
|
| ||
| GS Mortgage Securities Trust 2014-GC24 | - | 〃 |
| - |
| US$ | 642 |
|
| N/A |
| US$ | 642 |
|
| ||
| WFRBSCommercial Mortgage Trust 2013-C17 | - | 〃 |
| - |
| US$ | 640 |
|
| N/A |
| US$ | 640 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2012-LC5 | - | 〃 |
| - |
| US$ | 601 |
|
| N/A |
| US$ | 601 |
|
| ||
| Equs 2021-Eqaz Mortgage Trust | - | 〃 |
| - |
| US$ | 573 |
|
| N/A |
| US$ | 573 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-LC20 | - | 〃 |
| - |
| US$ | 569 |
|
| N/A |
| US$ | 569 |
|
| ||
| Gs Mortgage Securities Corporation Trust 2020-Uptn | - | 〃 |
| - |
| US$ | 558 |
|
| N/A |
| US$ | 558 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2014-C19 | - | 〃 |
| - |
| US$ | 549 |
|
| N/A |
| US$ | 549 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 69 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Wells Fargo Commercial Mortgage Trust 2015-C28 | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 543 |
|
| N/A |
| US$ | 543 |
|
| ||
| GS Mortgage Securities Trust 2019-GSA1 | - | 〃 |
| - |
| US$ | 536 |
|
| N/A |
| US$ | 536 |
|
| ||
| Bx Commercial Mortgage Trust 2021-CIP | - | 〃 |
| - |
| US$ | 531 |
|
| N/A |
| US$ | 531 |
|
| ||
| Benchmark 2019-B15 Mortgage Trust | - | 〃 |
| - |
| US$ | 521 |
|
| N/A |
| US$ | 521 |
|
| ||
| Bbcms Mortgage Trust 2017-C1 | - | 〃 |
| - |
| US$ | 516 |
|
| N/A |
| US$ | 516 |
|
| ||
| Benchmark 2019-B9 Mortgage Trust | - | 〃 |
| - |
| US$ | 516 |
|
| N/A |
| US$ | 516 |
|
| ||
| Citigroup Commercial Mortgage Trust 2018-C5 | - | 〃 |
| - |
| US$ | 497 |
|
| N/A |
| US$ | 497 |
|
| ||
| CF 2019-CF1 Mortgage Trust | - | 〃 |
| - |
| US$ | 478 |
|
| N/A |
| US$ | 478 |
|
| ||
| Bank 2019-BNK23 | - | 〃 |
| - |
| US$ | 477 |
|
| N/A |
| US$ | 477 |
|
| ||
| UBS-Barclays Commercial Mortgage Trust 2012-C2 | - | 〃 |
| - |
| US$ | 469 |
|
| N/A |
| US$ | 469 |
|
| ||
| Morgan Stanley Capital I Trust 2019-H7 | - | 〃 |
| - |
| US$ | 462 |
|
| N/A |
| US$ | 462 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-NXS3 | - | 〃 |
| - |
| US$ | 439 |
|
| N/A |
| US$ | 439 |
|
| ||
| Morgan Stanley Bank Of America Merrill Lynch Trust 2013-C12 | - | 〃 |
| - |
| US$ | 424 |
|
| N/A |
| US$ | 424 |
|
| ||
| Citigroup Commercial Mortgage Trust 2014-GC23 | - | 〃 |
| - |
| US$ | 410 |
|
| N/A |
| US$ | 410 |
|
| ||
| COMM 2015-CCRE22 Mortgage Trust | - | 〃 |
| - |
| US$ | 368 |
|
| N/A |
| US$ | 368 |
|
| ||
| JPMCC 2015 - JP1 | - | 〃 |
| - |
| US$ | 316 |
|
| N/A |
| US$ | 316 |
|
| ||
| JPMDB Commercial Mortgage Securities Trust 2019-COR6 | - | 〃 |
| - |
| US$ | 300 |
|
| N/A |
| US$ | 300 |
|
| ||
| Citigroup Commercial Mortgage Trust 2016-C3 | - | 〃 |
| - |
| US$ | 240 |
|
| N/A |
| US$ | 240 |
|
| ||
| Citigroup Commercial Mortgage Trust 2014-GC19 | - | 〃 |
| - |
| US$ | 218 |
|
| N/A |
| US$ | 218 |
|
| ||
| GS Mortgage Securities Trust 2014-GC26 | - | 〃 |
| - |
| US$ | 216 |
|
| N/A |
| US$ | 216 |
|
| ||
| Citigroup Commercial Mortgage Trust 2015-GC35 | - | 〃 |
| - |
| US$ | 214 |
|
| N/A |
| US$ | 214 |
|
| ||
| Bank 2020-BNK28 | - | 〃 |
| - |
| US$ | 112 |
|
| N/A |
| US$ | 112 |
|
| ||
| COMM 2013-CCRE8 Mortgage Trust | - | 〃 |
| - |
| US$ | 107 |
|
| N/A |
| US$ | 107 |
|
| ||
| BBCMS Mortgage Trust 2020-C7 | - | 〃 |
| - |
| US$ | 79 |
|
| N/A |
| US$ | 79 |
|
| ||
| Ford Credit Auto Owner Trust 2019-A | - | 〃 |
| - |
| US$ | 8 |
|
| N/A |
| US$ | 8 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-NXS1 | - | 〃 |
| - |
| US$ | 3 |
|
| N/A |
| US$ | 3 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Primavera Capital Fund II L.P. | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 85,231 |
|
| 4 |
| US$ | 85,231 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
VTAF II | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Aether Systems, Inc. | - | Financial assets at fair value through other comprehensive income |
| 1,085 |
|
| - |
|
| 20 |
|
| - |
|
| ||
| 5V Technologies, Inc. | - | 〃 |
| 4 |
|
| - |
|
| - |
|
| - |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Publicly traded stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Sentelic Corporation | - | Financial assets at fair value through other comprehensive income |
| 971 |
| US$ | 2,095 |
|
| 3 |
| US$ | 2,095 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Astera Labs, Inc. | - | Financial assets at fair value through other comprehensive income |
| 637 |
| US$ | 4,146 |
|
| - |
| US$ | 4,146 |
|
| ||
| CNEX Labs, Inc. | - | 〃 |
| 33 |
| US$ | 166 |
|
| - |
| US$ | 166 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 70 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | June 30, 2022 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
Growth Fund | Publicly traded stocks |
|
|
|
|
|
|
| ||||||||||
| Marvell Technology Group Ltd. | - | Financial assets at fair value through other comprehensive income |
| 30 |
| US$ | 1,289 |
|
| - |
| US$ | 1,289 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
EmergingFund | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Astera Labs, Inc. | - | Financial assets at fair value through other comprehensive income |
| 1,487 |
| US$ | 9,680 |
|
| - |
| US$ | 9,680 |
|
| ||
| Solanium Labs, Ltd. | - | 〃 |
| 1,429 |
| US$ | 5,000 |
|
| 2 |
| US$ | 5,000 |
|
| ||
| Kinara, Inc. | - | 〃 |
| 2,015 |
| US$ | 3,000 |
|
| 2 |
| US$ | 3,000 |
|
| ||
| RiVos, Inc. | - | 〃 |
| 750 |
| US$ | 2,000 |
|
| - |
| US$ | 2,000 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Publicly traded stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Credo Technology Group Holding Ltd | - | Financial assets at fair value through other comprehensive income |
| 861 |
| US$ | 10,060 |
|
| 1 |
| US$ | 10,060 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 71 -
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 SIX MONTHS ENDED JUNE 30, 2022
(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 Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Carrying Value (Foreign Currencies in Thousands) | Gain/Loss on Disposal (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
TSMC | Commercial paper |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
| Taiwan Power Company | Financial assets at amortized cost | - |
| - |
|
| - |
|
| 2,260 |
| $ | 22,512,288 |
|
| - |
| $ | - |
| $ | - |
| $ | - |
|
| 2,260 |
| $ | 22,512,288 |
| |
| CPC Corporation, Taiwan | 〃 | - | - |
| - |
|
| - |
|
| 1,472 |
|
| 14,667,397 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 1,472 |
|
| 14,667,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| �� |
|
|
| Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| JASM | Investments accounted for using equity method | - | - |
| 58 |
|
| 1,383,554 |
|
| 962 |
|
| 23,150,164 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 1,020 |
|
| 22,098,454 |
|
| TSMC 3DIC | 〃 | - | - |
| 11 |
|
| 270,513 |
|
| 24 |
|
| 556,490 |
|
| - |
|
| - |
|
| - |
|
| - |
|
| 35 |
|
| 773,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Global | Corporate bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bank of America Corporation | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ | 75,265 |
|
| - |
| US$ | 12,769 |
|
| - |
| US$ | 6,140 |
| US$ | 6,093 |
| US$ | 47 |
|
| - |
| US$ | 77,008 |
|
| Morgan Stanley | 〃 | - | - |
| - |
| US$ | 65,115 |
|
| - |
| US$ | 17,148 |
|
| - |
| US$ | 4,750 |
| US$ | 4,678 |
| US$ | 72 |
|
| - |
| US$ | 73,091 |
|
| Citigroup Inc. | 〃 | - | - |
| - |
| US$ | 49,298 |
|
| - |
| US$ | 15,620 |
|
| - |
| US$ | 1,286 |
| US$ | 1,278 |
| US$ | 8 |
|
| - |
| US$ | 60,548 |
|
| The Toronto-Dominion Bank | 〃 | - | - |
| - |
| US$ | 14,786 |
|
| - |
| US$ | 12,178 |
|
| - |
| US$ | 1,910 |
| US$ | 1,999 |
| US$ | (89 | ) |
| - |
| US$ | 23,933 |
|
| Bank of Montreal | 〃 | - | - |
| - |
| US$ | 6,295 |
|
| - |
| US$ | 10,734 |
|
| - |
| US$ | 5,076 |
| US$ | 4,999 |
| US$ | 77 |
|
| - |
| US$ | 11,213 |
|
| S&P Global Inc. | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 14,096 |
|
| - |
| US$ | 2,893 |
| US$ | 2,934 |
| US$ | (41 | ) |
| - |
| US$ | 10,454 |
|
| The Goldman Sachs Group, Inc. | Financial assets at amortized cost | - | - |
| - |
| US$ | 51,347 |
|
| - |
| US$ | 353,589 |
|
| - |
| US$ | 67,000 |
| US$ | 67,000 |
| US$ | - |
|
| - |
| US$ | 336,727 |
|
| Citigroup Global Markets Inc. | 〃 | - | - |
| - |
| US$ | 99,968 |
|
| - |
| US$ | 150,000 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 249,919 |
|
| Bank of America Corporation | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 207,192 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 207,110 |
|
| Citigroup Global Markets Holdings Inc. | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 150,000 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 149,951 |
|
| Goldman Sachs Finance Corp International Ltd. | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 150,000 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 149,870 |
|
| JPMorgan Chase & Co. | 〃 | - | - |
| - |
| US$ | 10,054 |
|
| - |
| US$ | 118,353 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 128,545 |
|
| Citigroup Inc. | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 119,897 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 119,794 |
|
| Wells Fargo & Company | 〃 | - | - |
| - |
| US$ | 30,399 |
|
| - |
| US$ | 31,484 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 61,759 |
|
| Jpmorgan LLC | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 50,000 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 49,984 |
|
| GOLDMAN SACHS GROUP INC | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 50,000 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 49,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Government bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| United States Department of The Treasury | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ | 768,483 |
|
| - |
| US$ | 92,255 |
|
| - |
| US$ | 142,601 |
| US$ | 143,820 |
| US$ | (1,219 | ) |
| - |
| US$ | 674,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agency bonds/Agency mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FEDERAL NATIONAL MORTGAGE ASSOCIATION | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ | 460,205 |
|
| - |
| US$ | 247,694 |
|
| - |
| US$ | 132,440 |
| US$ | 134,734 |
| US$ | (2,294 | ) |
| - |
| US$ | 518,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 72 -
Company Name | Marketable Securities | Financial Statement Account | Counterparty | Nature of Relationship | Beginning Balance | Acquisition | Disposal | Ending Balance (Note) | ||||||||||||||||||||||||||||||||
Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | Carrying Value (Foreign Currencies in Thousands) | Gain/Loss on Disposal (Foreign Currencies in Thousands) | Shares/Units (In Thousands) | Amount (Foreign Currencies in Thousands) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
TSMC Global | Federal Home Loan Mortgage Corporation | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ | 253,075 |
|
| - |
| US$ | 128,263 |
|
| - |
| US$ | 51,677 |
| US$ | 52,581 |
| US$ | (904 | ) |
| - |
| US$ | 300,125 |
| ||||||
| Government National Mortgage Association | 〃 | - | - |
| - |
| US$ | 285,581 |
|
| - |
| US$ | 75,453 |
|
| - |
| US$ | 145,816 |
| US$ | 148,688 |
| US$ | (2,872 | ) |
| - |
| US$ | 195,290 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: | The ending balance includes the realized gain/loss on equity investment, the amortization of premium/discount on bonds investments and other related adjustment. |
- 73 -
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 SIX MONTHS ENDED JUNE 30, 2022
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms | ||||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Real estate | February 15, 2022 (Note) | $213,300,000 (Note) | Based on the terms in the purchase order | 122 counterparties(Note), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None |
|
|
|
|
| ABB Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Accudevice Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Addtron Technology (Japan), Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Aegis Technology Co. |
|
|
|
|
|
|
|
|
|
|
|
|
| Air Liquid Japan G.K. |
|
|
|
|
|
|
|
|
|
|
|
|
| Air Liquide Far Eastern Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Air Water Plant Engineering Co., 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 74 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms | |||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Real estate |
|
|
| Chun Yuan Steel Industry Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Chung-Lin General Contractors, Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Chunghwa Telecom Japan Co.,Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Cica-Huntek Chemical Technology Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Confederate Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Da-Cin Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Desiccant Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Eaton Electric Japan |
|
|
|
|
|
|
|
|
|
|
|
|
| Evergreen Steel Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Exyte Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fortune Electric Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fu Tsu Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fuji Electric Co., Ltd |
|
|
|
|
|
|
|
|
|
|
|
|
| Fuji Furukawa E&C Co., Ltd |
|
|
|
|
| �� |
|
|
|
|
|
|
| Green Partners Industry Co., Ltd |
|
|
|
|
|
|
|
|
|
|
|
|
| Hantech Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Hitachi Energy 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 |
|
|
|
|
|
|
|
|
|
|
|
|
| Japan Material Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| JG Environmental Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 75 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms | |||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Real estate |
|
|
| Jienshian Information Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| JJmr-Clean-Air Solution Tech.Services Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Johnson Controls York Taiwan Co, Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Jusun Instruments Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kajima Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Kanto Chemical Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kao Hsin Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kedge Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kinetics Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Koei International Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kuken Kogyo Co., Ltd. |
|
|
|
|
| �� |
|
|
|
|
|
|
| Kurita Water Industries Ltd., Taiwan |
|
|
|
|
|
|
|
|
|
|
|
|
| Kyudenko Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| L&K Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Lead-Fu Industrials Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Lee Ming Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Lumax International Corp., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Mandartech Interiors Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Marketech International Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Mega Union Technology Incorporated |
|
|
|
|
|
|
|
|
|
|
|
|
| Mitsubishi Heavy Industries Air-Conditioning & Refrigeration Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Mitsubishi Heavy Industries, Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| NAGASE & CO. LTD. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 76 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms | |||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Real estate |
|
|
| NEC Facilities, Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Organo Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Organo Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Ovivo Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Pan Asia (Engineers & Constructors) Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Quicken System Integration Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Ruentex Engineering & Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| SACHEM Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| San Fu Chemical Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Schneider Electric Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Seibu Giken Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Shihlin Electric & Engineering Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Shimizu Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Siemens Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| SN Tech Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Solomon Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Sumitomo Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Swift Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Taikisha Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Taisei Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Taiwan Gleno Enterprise Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Taiwan Obayashi Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Taiwan Puritic Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Taiyo Nippon Sanso Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| TASA Construction Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 77 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counterparty | Nature of Relationships | Prior Transaction of Related Counterparty | Price Reference | Purpose of Acquisition | Other Terms | |||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Real estate |
|
|
| Techgo Industrial Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Toshiba Mitsubishi-Electric Industrial Systems Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Toyoko Kagaku Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Trane Taiwan Distribution Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| 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. |
|
|
|
|
|
|
|
|
|
|
|
|
| Vertiv |
|
|
|
|
|
|
|
|
|
|
|
|
| Weltall Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Wholetech System Hitech Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| Yangtech Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Yankey Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Ying Pao Technology Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Zhao-Cheng Corp. |
|
|
|
|
|
|
|
|
| Real estate | May 10, 2022 (Note) | US$2,147,000 (Note) | Based on the terms in the purchase order | 19 counterparties(Note), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None |
|
|
|
|
| Southern Taiwan Science Park Bureau, Ministry of Science and Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: | 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)
- 78 -
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 SIX MONTHS ENDED JUNE 30, 2022
(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 | $ | 657,714,427 |
|
| 65 |
| Net 30 days from invoice date (Note) | - | (Note) | $ | 159,621,137 |
|
| 76 |
|
| ||||
| TSMC Nanjing | Subsidiary | Sales |
| 133,564 |
|
| - |
| Net 30 days from the end of the month of when invoice is issued | - | - | - |
|
| - |
|
| |||||
| GUC | Associate | Sales |
| 4,169,696 |
|
| - |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| 631,508 |
|
| - |
|
| ||||
| TSMC Nanjing | Subsidiary | Purchases |
| 19,680,540 |
|
| 26 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (3,006,492 | ) |
| 5 |
|
| ||||
| TSMC China | Subsidiary | Purchases |
| 13,370,220 |
|
| 17 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (2,267,737 | ) |
| 4 |
|
| ||||
| WaferTech | Indirect subsidiary | Purchases |
| 4,777,184 |
|
| 6 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (927,103 | ) |
| 2 |
|
| ||||
| SSMC | Associate | Purchases |
| 2,233,261 |
|
| 3 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (453,376 | ) |
| 1 |
|
| ||||
| VIS | Associate | Purchases |
| 863,725 |
|
| 1 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (164,527 | ) |
| - |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC North America | GUC | Associate of TSMC | Sales |
| 1,390,233 |
|
| - |
| Net 30 days from invoice date | - | - |
| 267,983 |
|
| - |
|
| ||||
|
|
|
| (US$ | 48,153 | ) |
|
|
|
|
|
| (US$ | 9,016 | ) |
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
VisEra Tech | Xintec | Associate of TSMC | Sales |
| 402,330 |
|
| 8 |
| Net 60 days from the end of the month of when invoice is issued | - | - |
| 172,953 |
|
| 12 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 79 -
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 | $ | 167,125,795 |
| 41 | $ | - |
| - | $ | - |
| $ | - |
| |||||
| VisEra Tech | Subsidiary |
| 401,871 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
| TSMC Nanjing | Subsidiary |
| 132,660 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
| VIS | Associate |
| 2,117,731 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
| GUC | Associate |
| 631,508 |
| 22 |
| - |
| - |
| - |
|
| - |
| |||||
| Xintec | Associate |
| 335,526 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC North America | GUC | Associate of TSMC |
(US$ | 267,983 9,016 |
) | 31 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC Nanjing | The same parent company |
| 39,050,560 |
|
| - |
| - |
| - |
|
| - |
| |||||||
|
|
| (RMB | 8,795,369 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
| TSMC | Parent company |
| 2,267,737 |
| 28 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
| (RMB | 510,763 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC Nanjing | TSMC | Parent company |
| 3,006,492 |
| 27 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
| (RMB | 677,154 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
VisEra Tech | Xintec | Associate of TSMC |
| 172,953 |
| 66 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC Technology | TSMC | The ultimate parent of the Company |
(US$ | 419,754 14,123 |
) | Note 2 |
| - |
| - |
| - |
|
| -- |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
WaferTech | TSMC | The ultimate parent of the Company |
(US$ | 927,103 31,192 |
) | 32 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| TSMC Development | Parent company |
(US$ | 147,123 4,950 |
) | Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: | The calculation of turnover days excludes other receivables from related parties. |
Note 2: | The ending balance is primarily consisted of other receivables, which is not applicable for the calculation of turnover days. |
- 80 -
TABLE 8
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT INTERCOMPANY TRANSACTIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2022
(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 | $ | 657,714,427 |
| - |
| 64% |
| |
|
|
|
| Receivables from related parties |
| 159,621,137 |
| - |
| 4% |
| |
|
|
|
| Other receivables from related parties |
| 7,504,658 |
| - |
| - |
| |
|
|
|
| Accrued expenses and other current liabilities |
| 57,568,913 |
| - |
| 1% |
| |
|
|
|
| Other noncurrent liabilities |
| 163,163,035 |
| - |
| 4% |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| JASM | 1 | Other noncurrent assets |
| 1,675,578 |
| - |
| - |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| TSMC 3DIC | 1 | Research and development expenses |
| 461,841 |
| - |
| - |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| TSMC China | 1 | Purchases |
| 13,370,220 |
| - |
| 1% |
| |
|
|
|
| Payables to related parties |
| 2,267,737 |
| - |
| - |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| TSMC Nanjing | 1 | Purchases |
| 19,680,540 |
| - |
| 2% |
| |
|
|
|
| Proceeds from disposal of property, plant and equipment |
| 567,969 |
| - |
| - |
| |
|
|
|
| Payables to related parties |
| 3,006,492 |
| - |
| - |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| TSMC Technology | 1 | Research and development expenses |
| 1,616,178 |
| - |
| - |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| WaferTech | 1 | Purchases |
| 4,777,184 |
| - |
| - |
| |
|
|
|
| Payables to related parties |
| 927,103 |
| - |
| - |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
1 | TSMC China | TSMC Nanjing | 3 | Other receivables from related parties |
| 39,050,560 |
| - |
| 1% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: | No. 1 represents the transactions from parent company to subsidiary. |
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. |
- 81 -
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 SIX MONTHS ENDED JUNE 30, 2022
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Investee Company | Location | Main Businesses and Products | Original Investment Amount | Net Income (Losses) of the Investee | Share of Profits/Losses of Investee (Note 1) (Foreign Currencies in Thousands) | Note | ||||||||||||||||||||||||||||
June 30, 2022 (Foreign Currencies in Thousands) | December 31, 2021 (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 |
| $ | 394,617,644 |
| $ | 1,009,425 |
| $ | 1,009,425 |
| Subsidiary | |||||||||
| TSMC Partners | Tortola, British Virgin Islands | Investing in companies involved in the semiconductor design and manufacturing, and other investment activities |
| 31,456,130 |
|
| 31,456,130 |
|
| 988,268 |
|
| 100 |
|
| 60,266,359 |
|
| 1,251,696 |
|
| 1,251,696 |
| Subsidiary | |||||||||
| JASM | Kumamoto, Japan | Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices |
| 24,567,085 |
|
| 1,416,921 |
|
| 1,020 |
|
| 71 |
|
| 22,098,454 |
|
| (164,746 | ) |
| (146,069 | ) | Subsidiary | |||||||||
| TSMC Arizona | Phoenix, Arizona, U.S.A. | Manufacturing, sales and testing of integrated circuits and other semiconductor devices |
| 21,643,300 |
|
| 21,643,300 |
|
| 770 |
|
| 100 |
|
| 15,718,207 |
|
| (3,470,683 | ) |
| (3,470,683 | ) | Subsidiary | |||||||||
| VIS | Hsin-Chu, Taiwan | Manufacturing, sales, 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 |
|
| 11,387,537 |
|
| 8,978,208 |
|
| 2,540,468 |
| Associate | |||||||||
| VisEra Tech | Hsin-Chu, Taiwan | Research, design, development, manufacturing, sales, packaging and test of color filter |
| 4,224,082 |
|
| 4,224,082 |
|
| 213,619 |
|
| 68 |
|
| 11,066,280 |
|
| 1,146,923 |
|
| 834,826 |
| Subsidiary | |||||||||
| SSMC | Singapore | Manufacturing and sales of integrated circuits and other semiconductor devices |
| 5,120,028 |
|
| 5,120,028 |
|
| 314 |
|
| 39 |
|
| 7,914,636 |
|
| 1,572,917 |
|
| 610,134 |
| Associate | |||||||||
| TSMC North America | San Jose, California, U.S.A | Sales and marketing of integrated circuits and other semiconductor devices |
| 333,718 |
|
| 333,718 |
|
| 11,000 |
|
| 100 |
|
| 4,961,129 |
|
| (263,452 | ) |
| (263,452 | ) | 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 |
|
| 3,092,962 |
|
| 926,266 |
|
| 379,848 |
| Associate | |||||||||
| GUC | Hsin-Chu, Taiwan | Researching, developing, manufacturing, testing and marketing of integrated circuits |
| 386,568 |
|
| 386,568 |
|
| 46,688 |
|
| 35 |
|
| 1,381,336 |
|
| 1,305,851 |
|
| 454,945 |
| Associate | |||||||||
| Emerging Fund | Cayman Islands | Investing in technology start-up companies |
| 589,419 |
|
| 298,618 |
|
| - |
|
| 99.9 |
|
| 895,626 |
|
| (3,986 | ) |
| (3,982 | ) | Subsidiary | |||||||||
| TSMC 3DIC | Yokohama, Japan | Engineering support activities |
| 835,476 |
|
| 278,986 |
|
| 35 |
|
| 100 |
|
| 773,554 |
|
| 19,270 |
|
| 19,270 |
| Subsidiary | |||||||||
| TSMC Europe | Amsterdam, the Netherlands | Customer service and supporting activities |
| 15,749 |
|
| 15,749 |
|
| - |
|
| 100 |
|
| 519,567 |
|
| 12,613 |
|
| 12,613 |
| Subsidiary | |||||||||
| TSMC JDC | Yokohama, Japan | Engineering support activities |
| 410,680 |
|
| 410,680 |
|
| 15 |
|
| 100 |
|
| 341,842 |
|
| 10,444 |
|
| 10,444 |
| Subsidiary | |||||||||
| VTAF III | Cayman Islands | Investing in technology start-up companies |
| 1,321,594 |
|
| 1,321,594 |
|
| - |
|
| 98 |
|
| 328,369 |
|
| (3,158 | ) |
| (3,095 | ) | Subsidiary | |||||||||
| TSMC Japan | Yokohama, Japan | Customer service and supporting activities |
| 83,760 |
|
| 83,760 |
|
| 6 |
|
| 100 |
|
| 122,462 |
|
| 3,236 |
|
| 3,236 |
| Subsidiary | |||||||||
| VTAF II | Cayman Islands | Investing in technology start-up companies |
| 260,300 |
|
| 260,300 |
|
| - |
|
| 98 |
|
| 87,705 |
|
| (921 | ) |
| (903 | ) | Subsidiary | |||||||||
| TSMC Korea | Seoul, Korea | Customer service and supporting activities |
| 13,656 |
|
| 13,656 |
|
| 80 |
|
| 100 |
|
| 40,829 |
|
| 863 |
|
| 863 |
| Subsidiary | |||||||||
TSMC Partners | TSMC Development | Delaware, U.S.A | Investing in companies involved in semiconductor manufacturing |
(US$ | 17,444,995 586,939 |
) |
(US$ | 17,444,995 586,939 |
) |
| - |
|
| 100 |
|
(US$ | 34,018,370 1,144,552 |
) |
(US$ | 1,156,507 40,359 |
) |
| Note2 |
| Subsidiary | |||||||||
| TSMC Technology | Delaware, U.S.A | Engineering support activities |
| 424,490 |
|
| 424,490 |
|
| - |
|
| 100 |
|
| 890,112 |
|
| (7,717 | ) |
| Note2 |
| Subsidiary | |||||||||
|
|
|
| (US$ | 14,282 | ) | (US$ | 14,282 | ) |
|
|
|
|
|
| (US$ | 29,948 | ) | (US$ | (257 | )) |
|
|
|
| |||||||||
| TSMC Canada | Ontario, Canada | Engineering support activities |
| 68,361 |
|
| 68,361 |
|
| 2,300 |
|
| 100 |
|
| 309,249 |
|
| 14,102 |
|
| Note2 |
| Subsidiary | |||||||||
|
|
|
| (US$ | 2,300 | ) | (US$ | 2,300 | ) |
|
|
|
|
|
| (US$ | 10,405 | ) | (US$ | 490 | ) |
|
|
|
| |||||||||
VTAF III | Growth Fund | Cayman Islands | Investing in technology start-up companies |
| 77,389 |
|
| 77,389 |
|
| - |
|
| 100 |
|
| 248,035 |
|
| (327 | ) |
| Note2 |
| Subsidiary | |||||||||
|
|
|
| (US$ | 2,604 | ) | (US$ | 2,604 | ) |
|
|
|
|
|
| (US$ | 8,345 | ) | (US$ | (11 | )) |
|
|
|
| |||||||||
| Mutual-Pak | New Taipei, Taiwan | Manufacturing of electronic parts, wholesaling and retailing of electronic materials, and researching, developing and testing of RFID |
(US$ | 47,358 1,593 |
) |
(US$ | 47,358 1,593 |
) |
| 4,693 |
|
| 28 |
|
(US$ | 21,047 708 |
) |
(US$ | (6,706 (235 | ) )) |
| Note2 |
| Associate | |||||||||
TSMC Development | WaferTech | Washington, U.S.A | Manufacturing, sales and testing of integrated circuits and other semiconductor devices |
| - |
|
| - |
|
| 293,637 |
|
| 100 |
|
(US$ | 5,784,843 194,632 |
) |
(US$ | 1,099,876 38,402 |
) |
| 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. |
- 82 -
TABLE 10
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
INFORMATION ON INVESTMENT IN MAINLAND CHINA
FOR THE YEAR ENDED JUNE 30, 2022
(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, 2022(US$ in Thousands) | Investment Flows | Accumulated Outflow of Investment from Taiwan as of June 30, 2022(US$ in Thousands) | Net Income (Losses) of the Investee Company | Percentage of Ownership | Share of Profits/Losses | Carrying Amount as of June 30, 2022 | Accumulated Inward Remittance of Earnings as of June 30, 2022 | |||
Outflow (US$ in Thousands) | Inflow | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||
TSMC China | Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices | $18,939,667 (RMB4,502,080) | Note 1 | $18,939,667 (US$596,000) | $- | $- | $18,939,667 (US$596,000) | $5,878,507 |
| 100% |
| $5,803,735 (Note 2) | $81,005,130 | $- |
TSMC Nanjing | Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices | 30,521,412 (RMB6,650,119) | Note 1 | 30,521,412 (US$1,000,000) | - | - | 30,521,412 (US$1,000,000) | 10,507,674 |
| 100% |
| 10,501,499 (Note 2) | 57,625,261 | - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Investment in Mainland China as of June 30, 2022 (US$ in Thousands) | Investment Amounts Authorized by Investment Commission, MOEA (US$ in Thousands) | Upper Limit on Investment |
|
|
|
$49,461,079 (US$1,596,000) | $119,412,667 (US$3,596,000) | $ 1,506,277,275 (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 reviewed 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. |
- 83 -
TABLE 11
Taiwan Semiconductor Manufacturing Company Limited
INFORMATION ON MAJOR SHAREHOLDERS
JUNE 30, 2022
Shareholders (Note) | Shares | |||||
Total Shares Owned | Ownership Percentage | |||||
|
|
| ||||
ADR-Taiwan Semiconductor Manufacturing Company, Ltd. |
| 5,320,242,653 |
|
| 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. |
- 84 -