Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Document Shell Company Report | false |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-40974 |
Entity Registrant Name | GLOBALFOUNDRIES Inc. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 400 Stonebreak Road Extension |
Entity Address, City or Town | Malta |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 12020 |
Title of 12(b) Security | Ordinary shares, par value US$0.02 per share |
Trading Symbol | GFS |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 531,845,744 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001709048 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 400 Stonebreak Road Extension |
Entity Address, City or Town | Malta |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 12020 |
City Area Code | (518) |
Local Phone Number | 305-9013 |
Contact Personnel Name | Dr. Thomas Caulfield |
Contact Personnel Email Address | ir@gf.com |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Auditor Information [Abstract] | ||
Auditor Firm ID | 1051 | 42 |
Auditor Name | KPMG LLP | Ernst & Young LLP |
Auditor Location | Singapore, Singapore | San Jose, California |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Net revenue | $ 6,585,079 | $ 4,850,505 | $ 5,812,788 |
Cost of revenue | 5,571,810 | 5,563,225 | 6,345,032 |
Gross (loss) profit | 1,013,269 | (712,720) | (532,244) |
Research and development expenses | 478,161 | 475,769 | 582,974 |
Selling, general and administrative expenses | 594,920 | 444,860 | 445,628 |
Operating expenses | 1,073,081 | 920,629 | 1,028,602 |
Impairment charges | 0 | 22,672 | 63,950 |
Other operating charges | 0 | 22,672 | 63,950 |
Loss from operations | (59,812) | (1,656,021) | (1,624,796) |
Finance income | 5,703 | 3,098 | 11,379 |
Finance expenses | (113,705) | (154,387) | (230,176) |
Share of profit of joint ventures and associates | 3,631 | 3,876 | 7,859 |
Gain on sale of a fabrication facility and application specific integrated circuit business | 0 | 0 | 614,554 |
Other income (expense), net | (11,481) | 440,307 | 74,055 |
Loss before income taxes | (175,664) | (1,363,127) | (1,147,125) |
Income tax (expense) benefit | (78,267) | 12,267 | (224,061) |
Net loss for the year | (253,931) | (1,350,860) | (1,371,186) |
Attributable to: | |||
Shareholder of GLOBALFOUNDRIES INC. | (250,313) | (1,347,571) | (1,371,186) |
Non-controlling interest | (3,618) | (3,289) | 0 |
Net loss for the year | $ (253,931) | $ (1,350,860) | $ (1,371,186) |
Net loss per share attributable to the equity holders of the Company: | |||
Basic weighted average common shares outstanding (in shares) | 505,758,409,000 | 500,000,000 | 504,003,126 |
Diluted weighted average common shares outstanding | 505,758,409,000 | 500,000,000 | 504,003,126 |
Basic loss per share (in USD per share) | $ (0.49) | $ (2.70) | $ (2.72) |
Diluted loss per share (in USD per share) | $ (0.49) | $ (2.70) | $ (2.72) |
CONSOLIDATED STATEMENTS OF OTHE
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of comprehensive income [abstract] | |||
Net loss for the year | $ (253,931) | $ (1,350,860) | $ (1,371,186) |
Attributable to: | |||
Shareholder of GLOBALFOUNDRIES INC. | (250,313) | (1,347,571) | (1,371,186) |
Non-controlling interest | (3,618) | (3,289) | 0 |
Net loss for the year | (253,931) | (1,350,860) | (1,371,186) |
Components of other comprehensive income that will be reclassified to profit or loss, net of tax [abstract] | |||
Share of foreign exchange fluctuation reserve of joint ventures and associates | (11,993) | 0 | 0 |
Effective portion of changes in the fair value of cash flow hedges | (45,132) | (22,802) | 12,351 |
Income tax effect | 2,788 | (2,106) | (1,081) |
Total other comprehensive income that will be reclassified to profit or loss, net of tax | (54,337) | (24,908) | 11,270 |
Components of other comprehensive income that will not be reclassified to profit or loss, before tax [abstract] | |||
Remeasurement of existing equity interests | 0 | 6,553 | 0 |
Other comprehensive income, before tax, exchange differences on translation, other than translation of foreign operations | 0 | 13,890 | (566) |
Other comprehensive income (loss), net of tax: | |||
Shareholder of GLOBALFOUNDRIES INC. | (50,433) | (9,165) | 10,704 |
Total other comprehensive income (loss) for the year | (3,904) | 4,700 | 0 |
Total other comprehensive income (loss) for the year | (54,337) | (4,465) | 10,704 |
Comprehensive income [abstract] | |||
Shareholder of GLOBALFOUNDRIES INC. | (300,746) | (1,356,736) | (1,360,482) |
Non-controlling interest | (7,522) | 1,411 | 0 |
Total comprehensive loss for the year | $ (308,268) | $ (1,355,325) | $ (1,360,482) |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noncurrent assets: | ||
Property, plant and equipment | $ 8,712,978 | $ 8,226,202 |
Goodwill and intangible assets, net | 376,749 | 547,942 |
Investments in joint ventures | 37,938 | 36,702 |
Other noncurrent financial assets | 2,317 | 34,054 |
Deferred tax assets | 352,770 | 443,566 |
Receivables, prepayments and other assets | 253,511 | 46,443 |
Total noncurrent assets | 9,736,263 | 9,334,909 |
Current assets: | ||
Inventories | 1,121,251 | 919,519 |
Other current financial assets | 23,183 | 50,534 |
Receivables from government grants | 45,806 | 51,660 |
Receivables, prepayments and other assets | 1,161,912 | 1,056,934 |
Cash and cash equivalents | 2,939,187 | 908,077 |
Total current assets | 5,291,339 | 2,986,724 |
Total Assets | 15,027,602 | 12,321,633 |
Equity: | ||
Ordinary shares, $0.02 par value, 500,000 thousand and 531,846 thousand shares issued and outstanding as of December 31, 2020 and 2021, respectively | 10,637 | 10,000 |
Additional paid-in capital | 23,487,463 | 11,707,515 |
Loan from shareholder | 0 | 10,680,687 |
Accumulated deficit | (15,468,822) | (15,218,509) |
Accumulated other comprehensive loss | (53,752) | (3,319) |
Equity attributable to the shareholder of GLOBALFOUNDRIES INC. | 7,975,526 | 7,176,374 |
Non-controlling interest | 57,606 | 65,128 |
Total equity | 8,033,132 | 7,241,502 |
Noncurrent liabilities: | ||
Term loans | 1,715,833 | 1,956,148 |
Noncurrent portion of lease obligations | 290,547 | 333,242 |
Other noncurrent liabilities | 1,445,324 | 412,666 |
Provisions | 232,536 | 353,308 |
Noncurrent portion of deferred income from government grants | 147,371 | 128,697 |
Total noncurrent liabilities | 3,831,611 | 3,184,061 |
Current liabilities: | ||
Term loans | 297,266 | 381,807 |
Current portion of lease obligations | 134,971 | 131,270 |
Current portion of deferred income from government grants | 28,926 | 40,505 |
Trade payables and other current liabilities | 2,585,750 | 1,342,488 |
Provisions | 115,946 | 0 |
Total current liabilities | 3,162,859 | 1,896,070 |
Total liabilities | 6,994,470 | 5,080,131 |
Total liabilities and equity | $ 15,027,602 | $ 12,321,633 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of financial position [abstract] | ||
Par value per share (in dollars per share) | $ 0.02 | $ 0.02 |
Number of shares issued (in shares) | 531,846,000 | 500,000,000 |
Number of shares outstanding (in shares) | 531,846,000 | 500,000,000 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Total | Common Share | Additional Paid-In Capital | Loan from Shareholder | Accumulated Deficit | Hedging Reserve | Foreign Currency Translation Reserve | Non- controlling Interest |
Beginning balance | $ 10,779,612 | $ 10,779,612 | $ 11,538 | $ 11,704,997 | $ 11,567,687 | $ (12,499,752) | $ (1,303) | $ (3,555) | $ 0 |
Beginning balance (in shares) at Dec. 31, 2018 | 576,902,150,000 | ||||||||
Surrender of issued shares (in shares) | (76,902,150,000) | ||||||||
Surrender of issued shares | $ (1,538) | 1,538 | |||||||
Repayment of loan from shareholder | (400,000) | (400,000) | (400,000) | ||||||
Net loss | (1,371,186) | (1,371,186) | (1,371,186) | ||||||
Other comprehensive loss | 10,704 | 10,704 | 11,270 | (566) | |||||
Ending balance (in shares) at Dec. 31, 2019 | 500,000,000,000 | ||||||||
Ending balance at Dec. 31, 2019 | 9,019,130 | 9,019,130 | $ 10,000 | 11,706,535 | 11,167,687 | (13,870,938) | 9,967 | (4,121) | 0 |
Beginning balance | 9,019,130 | 9,019,130 | $ 10,000 | 11,706,535 | 11,167,687 | (13,870,938) | 9,967 | (4,121) | 0 |
Share-based payments | 980 | 980 | 980 | ||||||
Acquisition of subsidiaries | 63,717 | 63,717 | |||||||
Repayment of loan from shareholder | (487,000) | (487,000) | (487,000) | ||||||
Net loss | (1,350,860) | (1,347,571) | (1,347,571) | (3,289) | |||||
Other comprehensive loss | $ (4,465) | (9,165) | (24,908) | 15,743 | 4,700 | ||||
Ending balance (in shares) at Dec. 31, 2020 | 500,000,000 | 500,000,000,000 | |||||||
Ending balance at Dec. 31, 2020 | $ 7,241,502 | 7,176,374 | $ 10,000 | 11,707,515 | 10,680,687 | (15,218,509) | (14,941) | 11,622 | 65,128 |
Beginning balance | 7,241,502 | 7,176,374 | $ 10,000 | 11,707,515 | 10,680,687 | (15,218,509) | (14,941) | 11,622 | 65,128 |
Proceeds from issuance of equity instruments (in shares) | 31,845,744,000 | ||||||||
Proceeds from issuance of equity instruments | 1,444,496 | 1,444,496 | $ 637 | 1,443,859 | |||||
Share-based payments | 223,402 | 223,402 | 223,402 | ||||||
Repayment of loan from shareholder | (568,000) | (568,000) | (568,000) | ||||||
Conversion of loan from shareholder | 10,112,687 | (10,112,687) | |||||||
Net loss | (253,931) | (250,313) | (250,313) | (3,618) | |||||
Other comprehensive loss | $ (54,337) | (50,433) | (42,344) | (8,089) | (3,904) | ||||
Ending balance (in shares) at Dec. 31, 2021 | 531,846,000 | 531,845,744,000 | |||||||
Ending balance at Dec. 31, 2021 | $ 8,033,132 | 7,975,526 | $ 10,637 | 23,487,463 | 0 | (15,468,822) | (57,285) | 3,533 | 57,606 |
Beginning balance | $ 8,033,132 | $ 7,975,526 | $ 10,637 | $ 23,487,463 | $ 0 | $ (15,468,822) | $ (57,285) | $ 3,533 | $ 57,606 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (253,931) | $ (1,350,860) | $ (1,371,186) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation | 1,411,418 | 2,238,405 | 2,435,899 |
Amortization of intangible assets | 207,426 | 284,109 | 242,325 |
Share-based payments | 223,402 | 980 | 0 |
Impairment charges | 0 | 22,672 | 63,950 |
Finance income | (5,703) | (3,098) | (11,379) |
Finance expenses | 113,705 | 154,387 | 230,176 |
Amortization of deferred income from government grants | (33,366) | (51,043) | (156,793) |
Deferred income taxes | 92,994 | (37,749) | 214,272 |
Gain on disposal of property, plant and equipment | (19,103) | (79,266) | (88,319) |
Gain on sale of fabrication facilities | 0 | 0 | (614,554) |
Other operating activities | (20,853) | (62,146) | 20,232 |
Change in assets and liabilities: | |||
Receivables, prepayments and other assets | (387,448) | 752,862 | (143,710) |
Inventories | (201,732) | (559,876) | (42,325) |
Trade and other payables | 1,828,946 | (154,514) | (96,868) |
Income tax payable | (9,954) | 20,920 | (1,942) |
Cash flows from (used in) operations | 2,945,801 | 1,175,783 | 679,778 |
Interest received | 700 | 3,886 | 15,196 |
Interest paid | (100,693) | (145,528) | (196,351) |
Income tax paid | (6,778) | (28,244) | (1,804) |
Cash flows from (used in) operating activities | 2,839,030 | 1,005,897 | 496,819 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of property, plant and equipment | (1,661,565) | (449,288) | (587,934) |
Purchases of intangible assets | (104,771) | (143,200) | (184,884) |
Loans issued to related parties | 0 | 0 | (22,386) |
Advances and proceeds from sale of property, plant and equipment and intangible assets | 323,665 | 109,052 | 252,158 |
Proceeds from sale of fabrication facilities and ASIC business | 0 | 110,851 | 832,627 |
Proceeds from settlement of loans issued to joint ventures and associates | 0 | 0 | 49,568 |
Other investing activities | (7,615) | 6,420 | 4,600 |
Net cash provided by (used in) investing activities | (1,450,286) | (366,165) | 343,749 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of equity instruments | 1,444,496 | 0 | 0 |
Repayments of shareholder loan | (568,000) | (487,000) | (400,000) |
Repayments of borrowings from shareholder | 0 | (111,516) | (246,984) |
Net proceeds from borrowings | 617,064 | 2,800,789 | 2,814,827 |
Repayments of debt and finance lease obligations | (960,451) | (3,245,594) | (3,158,861) |
Proceeds from government grants | 82,832 | 311,833 | 335,222 |
Decrease (increase) in restricted cash | 34,499 | (1,255) | (28,036) |
Net cash (used in) provided by financing activities | 650,440 | (732,743) | (683,832) |
Effect of exchange rate changes on cash and cash equivalents | (8,074) | 3,773 | (3,399) |
Net increase (decrease) in cash and cash equivalents | 2,031,110 | (89,238) | 153,337 |
Cash and cash equivalents at the beginning of the year | 908,077 | 997,315 | 843,978 |
Cash and cash equivalents at the end of the year | 2,939,187 | 908,077 | 997,315 |
Noncash investing and financing activities: | |||
Amounts payable for property, plant and equipment | 427,772 | 201,745 | 19,644 |
Property, plant and equipment acquired through lease | 97,298 | 8,933 | 74,592 |
Amounts payable for intangible assets | $ 89,039 | $ 159,295 | $ 81,024 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Organization | Organization GLOBALFOUNDRIES Inc. (“GLOBALFOUNDRIES”) is an exempted company with limited liability incorporated under the laws of the Cayman Islands. The address of GLOBALFOUNDRIES’ registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104 Cayman Islands. GLOBALFOUNDRIES and its subsidiaries (together referred to as the “Company”) is one of the world’s largest pure-play semiconductor foundries and offer a full range of mainstream wafer fabrication services and technologies. The Company manufactures a broad range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units. GLOBALFOUNDRIES is a majority owned subsidiary of Mubadala Technology Investments LLC (“Shareholder”) through its subsidiaries, Mubadala Technology Investment Company and MTI International Investment Company LLC. Mubadala Technology Investments LLC is a subsidiary of Mamoura Diversified Global Holding PJSC (“MDGH”). Mubadala Investment Company PJSC (“MIC”) is the ultimate parent company. See Note 29 for further discussion of the Company’s related party disclosures. On April 15, 2019, the Company entered into an agreement with Semiconductor Components Industries, LLC (“ON Semiconductor”) to sell the Company’s facility in East Fishkill, New York for $400,000, including buildings, facilities, certain equipment, inventories, certain contracts, furniture, employees and $30,000 for a technology license. Under the agreement the Company will manufacture 300mm wafers for ON Semiconductor until the end of 2022 for additional fees, allowing ON Semiconductor to increase its 300mm production at the East Fishkill fab over several years. Under the agreement, ON Semiconductor committed to minimum fixed cost payments in each year from 2020 through 2022. The agreement also includes a technology transfer and development agreement and a technology license agreement. The Company received $100,000 and recognized license revenue of $30,000 for the technology license in 2019. On October 1, 2020, the Company entered into an amendment to the agreement with ON Semiconductor Corporation. On Semiconductor Corporation agreed to pay the Company an additional $100,000 non-refundable deposit on the purchase price in exchange for a reduction in the minimum fixed cost commitment for 2021. On October 5, 2020, the Company received $100,000 and recorded it as a deposit received. The Company continues to operate the facility until the sale is closed. The consolidated financial statements were authorized by the GLOBALFOUNDRIES’ Board of Directors on March 30, |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of Presentaion | Basis of Preparation Statement of Compliance —The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. The consolidated financial statements comprise the financial statements of GLOBALFOUNDRIES and its subsidiaries. Basis of Measurement —These financial statements have been prepared on the historical cost basis except as otherwise described in the notes below. Functional and Presentation Currency —The consolidated financial statements are presented in United States (U.S.) dollars ($), which is the Company’s functional and presentation currency. Foreign Currency Translation —Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenue and expenses at the rate of exchange prevailing at the dates of the transactions during the period. Gains or losses on translation of foreign subsidiaries are included in other comprehensive income (loss). In preparing the consolidated financial statements of the company, foreign currency-denominated monetary assets and liabilities are translated into the functional currency using the closing rate at the applicable consolidated statement of financial position dates. Non-monetary assets and liabilities, denominated in a foreign currency and measured at fair value, are translated at the rate of exchange prevailing at the date when the fair value was determined and non-monetary assets measured at historical cost are translated at the historical rate. Revenue and expenses are measured in the functional currency at the rates of exchange prevailing at the dates of the transactions with gains or losses included in income. Basis of Consolidation —The consolidated financial statements comprise the financial statements of GLOBALFOUNDRIES and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GLOBALFOUNDRIES obtains control, and continue to be consolidated until the date when such control ceases. All intercompany transactions, balances, income and expenses are eliminated in full on consolidation. Wholly owned subsidiaries and controlled entities included in these consolidated financial statements are disclosed in Note 14. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. Specifically, the Company controls a subsidiary if, and only if, the Company (a) has a power over the subsidiary, (b) is exposed, or has rights, to variable returns from its involvement with subsidiary, and (c) has the ability to use the power to affect its returns. Profit or loss and each component of other comprehensive income (loss) (“OCI”) are attributed to the equity holder of the Company and to the non-controlling interests. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. |
Summary of Significant Accounti
Summary of Significant Accounting Policies, Judgements, Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Summary of Significant Accounting Policies, Judgements, Estimates and Assumptions | Summary of Accounting Policies, Judgements, Estimates and Assumptions Business Combinations —Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Company elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in selling, general and administrative expenses. When the Company acquires a business, assets acquired and liabilities assumed are measured at their respective fair values on the acquisition date. The Company assesses the assets acquired and liabilities assumed for appropriate classification in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Investments in Joint Ventures —Joint ventures are those entities over whose activities the Company has joint control, established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions. Investments in jointly controlled entities are accounted for using the equity method of accounting (herein after referred to as “equity accounted investees”) and are recognized initially at cost. The consolidated financial statements include the Company’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that joint control commences until the date that joint control ceases. The most recent available financial statements of the equity accounted investees are used in applying the equity method. When the end of the reporting period of the equity accounted investees is different from the Company, and it is impracticable for the equity accounted investees to prepare financial statements as of the same date as the Company, the Company’s share of the income and expenses and equity movements of equity accounted investees may be recorded with up to a one-month lag. After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Company determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognizes the loss as share of profit (loss) of joint ventures and associates in the consolidated statements of operations and comprehensive loss. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company has an obligation on behalf of the investee. Cash and Cash Equivalents —Cash and cash equivalents includes cash on hand and balances at banks, deposits held on call with banks, and financial instruments that are not subject to significant risk of changes in value, are readily convertible into cash and have original maturities of three months or less at the time of purchase. Trade Accounts Receivable —Trade accounts receivable are recognized initially at fair value. A provision for impairment of trade accounts receivable is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Financial Instruments: Category of financial instruments and measurement Recognition and Initial Measurement—Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component), or financial liability is initially measured at fair value plus, in the case of a financial asset not at fair value recognized in profit and loss (“FVPL”), transaction costs that are directly attributable to its acquisition or issue. Transaction costs of a financial assets carried at FVPL are expensed in profit and loss. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and Measurement—All recognized financial assets are measured based on amortized cost or fair value. The classification is based on two criteria, the Company’s business model for managing the assets and whether the instrument’s contractual cash flows represent solely payments of principal and interest (“SPPI”). The assessment of whether contractual cash flows on debt instruments are solely comprised of principal and interest is made based on the facts and circumstances as at the initial recognition of assets. Financial assets are recorded at amortized cost when such financial assets are held with the objective to collect contract cash flows that meet the SPPI criterion. This category includes debt, trade and other receivables and loans to related parties included under receivables, prepayments and other assets. Financial assets recorded at FVPL comprise unquoted equity instruments which the Company had not irrevocably elected, at initial recognition, to classify at fair value through other comprehensive income (“FVOCI”). This category would also include debt instruments (including loans to related parties) whose cash flow characteristics fail the SPPI criterion or are not held to either collect contractual cash flows or to both collect contractual cash flows and sell financial assets. Financial assets recorded at FVOCI comprise unquoted equity investments which the Company irrevocably elects, at initial recognition, to classify at fair value through OCI when they meet the definition of equity and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recorded to profit or loss. Dividends are recognized as other income in the consolidated statements of operations and comprehensive income when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at FVOCI are not subject to impairment assessment. Derecognition—The company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or transfer. The company derecognizes a financial liability when its contractual obligations are discharged, cancelled or expired. The difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit and loss. Impairment of financial assets The Company will record an allowance for expected credit losses (“ECL”) for all loans, contract assets, and other debt financial assets not recorded at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. The Company estimated its expected credit losses for its contract assets, loans to related parties, trade receivables and other receivables and other receivables at an amount equal to lifetime credit losses. Offsetting of Financial Instruments —Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position when there is an enforceable legal right to offset the recognized amounts, and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Fair Value of Financial Instruments —The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include using recent arm’s-length market transactions; reference to the current fair value of another instrument that is substantially the same; a discounted cash flow analysis or other valuation models. Derivative Financial Instruments and Hedge Accounting —The Company uses derivative financial instruments, such as foreign currency forward contracts, interest rate swaps, cross currency swaps and commodity forward contracts to mitigate the risks associated with changes in foreign currency exchange, interest rates and commodity price. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. In applying its strategy, from time to time, the Company uses foreign currency forward contracts to hedge certain forecasted expenses denominated in foreign currencies, primarily the Euro and Singapore Dollar. The Company hedges future cash flows for capital expenditures denominated in foreign currencies, primarily the Euro and Yen. In addition, the Company uses pay-fixed/receive-float interest rate swaps and cross-currency swaps to protect the Company against adverse fluctuations in interest rates and foreign currency rates and to reduce its exposure to variability in cash flows on the Company’s forecasted floating-rate debts and foreign currency- denominated debts. The Company also uses commodity forward contracts to hedge forecasted electricity consumption to minimize the impact of commodity price movements on the reported earnings of the Company and on future cash flows related to fluctuations of the contractually specified, separately identifiable and reliably measurable commodity risk component. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. The Company designates these contracts and swaps as cash flow hedges of forecasted expenses, capital expenditures or floating-rate and foreign currency denominated debts, as applicable, and evaluates hedge effectiveness prospectively. As such, the effective portion of the gain or loss on these contracts and swaps is reported as a component of OCI and reclassified to the consolidated statements of operations and comprehensive loss in the same line item as the associated forecasted transaction for expenses and in the same period during which the hedged item affects earnings. For hedges of capital expenditures, the amount in OCI is incorporated into the initial carrying amounts of the non-financial assets and depreciated over the average useful life of the underlying assets. Any ineffective portion of hedges for expenses or capital expenditures is immediately recorded in the consolidated statements of operations and comprehensive loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognized in the cash flow hedge reserve remains in equity and is recognized in profit or loss when the forecast transaction is ultimately recognized in profit or loss. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss. Derecognition of financial assets The Company derecognizes a financial asset only when the contractual rights to the cash flows from the financial asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the financial asset to another entity. On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. On derecognition of an investment in a debt instrument at FVOCI, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. However, on derecognition of an investment in an equity instrument at FVOCI, the cumulative gain or loss that had been recognized in OCI is transferred directly to retained earnings, without recycling through profit or loss. Current versus noncurrent classification of derivative instruments—Derivative instruments are classified as current or noncurrent or separated into a current and noncurrent portion based on an assessment of the facts and circumstances. Derivative financial instruments are classified as a current asset or liability when they have a maturity period within 12 months. Where derivative financial instruments have a maturity period greater than 12 months, they are classified within either noncurrent assets or liabilities. Where the Company will hold a derivative as an economic hedge (and does not apply hedge accounting) for a period beyond 12 months after the reporting date, the derivative is classified as noncurrent (or separated into current and noncurrent portions) consistent with the classification of the underlying item. Derivative instruments that are designated as, and are effective hedging instruments, are classified based on the settlement date. Intangible Assets —Technology, patent, software licenses and similar rights acquired separately are stated at cost or are adjusted to fair value when impaired. Intangible assets acquired through business combinations which include customer relationships and manufacturing and process technology, are recorded at estimated fair values at the date of acquisition. Intangible assets are amortized based on the pattern in which the economic benefits of the respective intangible asset are consumed, which is in general on a straight-line basis over their estimated useful lives of between three Impairment of Non-Financial Assets —The Company reviews, at each reporting date, the carrying amount of the Company’s property, plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Factors that the Company considers important in deciding when to perform an impairment review include, but are not limited to: • Significant underperformance relative to historical or projected future operating results; • Significant changes in the manner of the Company’s use of the acquired assets or the Company’s overall business strategy; and • Significant unfavorable industry or economic trends. If any indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual assets, The Company estimates the recoverable amount of the cash generating unit (“CGU”) to which the asset belongs. The recoverable amount of an asset or CGU is estimated to be the higher of an asset’s or CGU’s fair value less costs to dispose and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset or CGU is considered impaired and is written down to its recoverable amount. The Company also evaluates, and adjusts if appropriate, the asset’s useful lives, at each reporting date or when impairment indicators exist. In assessing value in use, the estimated future post-tax cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The Company bases its impairment calculation on detailed budgets and forecast calculations, which may include an approved formal five-year management plan for each of the CGUs to which the individual assets are allocated. In determining fair value less costs to sell, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. Impairment losses are recognized in the consolidated statements of operations and comprehensive loss to the extent of the recoverable amount, measured at the present value of discounted cash flows attributable to the assets, is less than their carrying value. The Company also performs periodic reviews to identify assets that are no longer used and are not expected to be used in future periods and record an impairment charge to the extent that the carrying amount of the tangible and intangible assets exceeds the recoverable amount. If the recoverable amount subsequently increases, the impairment loss previously recognized will be reversed to the extent of the increase in the recoverable amount, provided that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. The impairment loss reversal is recognized immediately in the consolidated statements of operations and comprehensive loss. Provisions —Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are mainly made up of site restoration obligations. The associated site restoration costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the related long-lived assets. The Company records site restoration obligations in the period in which they are incurred at their estimated fair value. Site restoration obligations consist of the present value of the estimated costs of dismantlement, removal, site reclamation and similar activities associated with facilities built on land held under long-term operating leases. The site restoration obligations are recorded as a liability at the estimated present value as of the related long-lived asset’s inception discounted using a pre-tax rate that reflects the current market assessment of the time value of money and risks specific to the site restoration obligations. After initial recognition, the liability is increased for the passage of time, with the increase being reflected as accretion expense in the line item “finance expenses” in the consolidated statements of operations and comprehensive loss. The associated site restoration costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the related long-lived asset. Subsequent adjustments in the discount rates, estimated amounts, timing and probability of the estimated future costs and changes resulting from the passage of time are recognized as an increase or decrease in the carrying amount of the liability and the related site restoration cost capitalized as part of the carrying amount of the related long-lived asset on a prospective basis. If the decrease in the liability exceeds the remaining carrying amount of the related long-lived assets, the excess is recognized in the consolidated statements of operations. Leasing —On January 1, 2019, the Company adopted IFRS 16, Leases , using the modified retrospective approach by applying the new standard to all leases existing at the adoption date and not restating comparative periods. The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use assets —The Company recognizes right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are reported within property, plant and equipment, and are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. Lease liabilities —At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. Only lease payments that are fixed and determinable are considered at the time of commencement. The lease payment includes fixed payments (including in-substance fixed payments) less any lease incentives, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments ( e.g. , changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying assets. The Company’s lease liabilities are separately reported in the consolidated statements of financial position under noncurrent portion of lease obligations and current portion of lease obligations. Short-term leases and leases of low-value assets —The Company applies the short-term lease recognition exemption to leases that have a lease term not exceeding 12 months, or for leases of low-value assets. The payment for such leases is recognized in the Company’s consolidated statement of operations and comprehensive loss on a straight-line basis over the lease term. Earnings Per Share —Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding, adjusted for the effects of all dilutive potential ordinary shares. The weighted average number of ordinary shares outstanding is increased by the number of additional ordinary shares that would have been issued by the Company assuming exercise of all options with exercise prices below the average market price for the year. Government Grants —The Company has received investment grants from the Federal Republic of Germany, the State of Saxony, various agencies of the Government of Singapore and the Empire State Development Corporation in New York (collectively referred to as “Government Grants”). These grants are primarily provided in connection with construction and operation of the Company’s wafer manufacturing facilities, employment and research and development. In 2020, the Company has received non-refundable cash grants from the Government of Singapore as part of the Government’s relief measures to help businesses deal with the impact from the COVID-19 pandemic under the Job Support Scheme totaling $29,113, which was recorded as a reduction of staff costs. The Company has received $26,313 in 2020 and $2,996 in 2021. Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as deferred income and released to the consolidated statements of operations and comprehensive loss over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate, and is presented as a reduction of those costs. Where the grant relates to an asset, it is recognized as a reduction in the basis of the asset and released as a reduction to depreciation expense in equal amounts over the expected useful life of the related asset. Research and Development Costs —Research costs are expensed as incurred. Development costs are recognized as intangible assets only when it is probable that expected future economic benefits, attributable to the development activities, will accrue to the Company. Borrowing Costs —Borrowing costs directly attributable to the construction phase of property, plant and equipment are capitalized as part of the cost of assets which are constructed by the Company and for which a considerable period of time (at least six months) is planned for construction. Borrowing costs are capitalized from the start of construction until the date the asset is ready for its intended use. All other borrowing costs are recognized as an expense in the period in which they are incurred. Current Income Tax —Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Current versus noncurrent classification — Current assets are assets held for trading purposes and assets expected to be converted to cash, sold or consumed within one year from the end of the reporting period. Current liabilities are obligations incurred for trading purposes and obligations expected to be settled within one year from the end of the reporting period. Assets and liabilities that are not classified as current are noncurrent assets and liabilities, respectively. Recent Accounting Pronouncements, Adopted: Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform (“IBOR”) — Phase 1 Amendments - On 1 January 2020, the Company adopted the Phase 1 amendments arising from the IBOR reform amendments issued in September 2019, which provides temporary relief from applying specific hedge accounting requirements to hedge relationships directly affected by IBOR reform, such that the effect is that IBOR reform should not generally cause hedge accounting to terminate. Phase 2 Amendments - On 1 January 2021, the Company adopted the Phase 2 amendments arising from the IBOR reform issued in August 2020. The Phase 2 amendments address issues that arise from the implementation of the IBOR reform, including the replacement of an interest rate benchmark with an alternative benchmark rate. The key reliefs provided to the Company are as follows: • financial instruments measured at amortized cost are allowed to account for changes in the basis for determining contractual cash flows as a direct consequence of the IBOR reform by updating the effective interest rate, provided that the new basis is economically equivalent to the previous basis, such that there is no immediate gain or loss recognized; and • most IFRS 9 hedge relationships that are directly affected by the IBOR reform are allowed to continue. The Company has evaluated the extent to which its cash flow hedging relationships are subject to uncertainty driven by IBOR reform as at December 31, 2021. The Company’s hedged items and hedging instruments continue to be indexed to EURIBOR and LIBOR. These benchmark rates are quoted each day and the IBOR cash flows are exchanged with counterparties as usual. The Company has also evaluated the extent to which contracts reference IBOR cash flows, whether such contracts will need to be amended as a result of IBOR reform. There has been communication about IBOR reform with the counterparties. However, no amendments has been to made to the Company’s existing IBOR-referenced loan and derivative contracts as of December 31, 2021. As of December 31, 2021, there is still uncertainty about when and how replacement may occur with respect to the relevant hedged items and hedging instruments. Accordingly, the Company will continue to apply the Phase 1 amendments until the uncertainty arising from the IBOR reform with respect to the timing and the amount of the underlying cash flows that the Company is exposed to is no longer present. This uncertainty will not end until the Company’s contracts that reference IBOR are amended to specify the alternative benchmark rate and the relevant adjustment, if any. This will, in part, be dependent on the negotiation with the counterparties and the introduction of fall back clauses which have yet to be added to the Company’s contracts. The Company has a limited exposure to changes in the IBOR benchmark. The Company has $992,867 of interest rate swaps which are in a cash flow hedge relationship of USD Equipment Financing and USD Term Loan A. Also, the Company has EUR 488,993 thousand of cross currency swaps which are in cash flow hedge relationships of EUR Equipment Financing and EUR Term Loan A. The table below indicates the nominal amount and weighted average maturity of derivatives in hedging relationships that will be affected by IBOR reform as financial instruments transition to risk-free rates, analyzed by interest rate basis. The derivative hedging instruments provide a close approximation to the extent of the risk exposure the Company manages through hedging relationships. As of December 31, 2021 Interest rate swaps Currency Nominal amount Maturity Three-month LIBOR USD 93,750 2023 Three-month LIBOR USD 709,688 2024 Six-month LIBOR USD 189,429 2026 Total 992,867 Cross currency swaps (in thousand Euro) Three-month LIBOR EUR 83,000 2024 Six-month LIBOR EUR 334,564 2024 Six-month LIBOR EUR 71,429 2026 Total 488,993 Recent Accounting Pronouncements, Not Adopted: The Company has not adopted the following new, revised or amended IFRS standards that have been issued by the IASB but not yet effective: • COVID-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16); • Annual Improvements to IFRS Standards 2018–2020; • Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); • Reference to Conceptual Framework (Amendments to IFRS 3); • Classification of Liabilities as Current or Non-current (Amendments to IAS 1); • Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); • Definiti |
Net Revenues
Net Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Net Revenues | Net Revenue The following table presents the Company’s revenue disaggregated based on revenue source and timing of revenue recognition. The Company believes these categories best depict how the nature, timing, and uncertainty of revenue cash flows are affected by economic factors. 2019 2020 2021 Type of goods and services: Wafer fabrication $ 5,442,550 $ 4,440,291 $ 6,204,068 Engineering and other pre-fabrication services 370,238 410,214 381,011 $ 5,812,788 $ 4,850,505 $ 6,585,079 Timing of revenue recognition: Revenue recognized over time $ 5,736,926 $ 4,227,448 $ 356,862 Revenue recognized at a point in time 75,862 623,057 6,228,217 $ 5,812,788 $ 4,850,505 $ 6,585,079 During the year ended December 31, 2020, due to operational and commercial reasons, the Company modified the cancellation terms of its contracts with customers that are applicable to wafer fabrication products. As a result, the Company no longer has an enforceable right to payment covering cost incurred plus a reasonable profit margin for work completed to date when a customer cancels its wafers purchase order at any stage of production. The change was effective to all wafer outstanding purchase orders as at the date of contract modification and future purchase orders thereafter. The contract modification had no impact on the originally agreed wafer volume, the related wafer price, and other terms and conditions of its existing contracts with customers. Likewise, the modification did not have an impact to its contracts to provide NRE services to the customers’ specifications; therefore, the Company continuously recognizes revenue as it delivers the NRE service as a percentage of costs incurred over total expected costs. Prior to the contract modification, the Company satisfied its performance obligations over time because of the customer’s contractual obligation to pay for work completed to date with a reasonable profit. The change in cancellation terms substantively modified the contracts with customers. As a result, the Company no longer meets the criteria to account for revenue recognition from contracts with customers over time on the outstanding purchase orders at the contract modification date and future orders thereafter. Consequently, the Company recognizes revenue on the impacted outstanding wafers orders and future orders at the point at which control of the wafers is transferred to the customer, which is determined to be at the point of wafer shipment from the Company’s facilities or delivery to the customer location, as determined by the agreed shipping terms. In 2020, the Company recognized a cumulative decrease in revenue of $315,308 and a corresponding decrease in unbilled accounts receivable, and a cumulative decrease in cost of revenue of $255,557 and a corresponding increase in inventories, with a net decrease in gross margin of $59,751 on the impacted outstanding purchase orders on the date of contract modification. |
Cost of Revenues
Cost of Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Cost of Revenues | Cost of Revenue 2019 2020 2021 Depreciation of PPE and amortization of intangible assets (1) $ 2,382,199 $ 2,186,957 $ 1,421,798 Inventory changes and materials costs 1,796,906 1,098,318 1,725,374 Staff costs, maintenance costs, and utilities 2,121,007 2,189,481 2,423,744 Other 44,920 88,469 894 $ 6,345,032 $ 5,563,225 $ 5,571,810 (1) Amounts are net of amortization of government grants relating to assets. See Note 12 for the detailed movements of property, plant and equipment. |
Research and development Expens
Research and development Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Research and development Expenses | Research and Development Expenses 2019 2020 2021 Staff costs, maintenance costs, and utilities $ 300,124 $ 229,996 $ 256,715 Depreciation of PPE and amortization of intangible assets 209,339 220,475 147,157 Other (1) 73,511 25,298 74,289 $ 582,974 $ 475,769 $ 478,161 |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses 2019 2020 2021 Staff costs, maintenance costs, and utilities (1) $ 343,005 $ 339,728 $ 536,803 Depreciation of PPE and amortization of intangible assets 86,686 115,082 49,889 Other (2) $ 15,937 $ (9,950) 8,228 $ 445,628 $ 444,860 $ 594,920 (1) Staff costs, maintenance costs, and utilities costs include share-based payments of $0, $980 and $151,730 for share options for the year ended December 31, 2019, 2020 and 2021, respectively. See Note 3 for further discussion on the timing of expense recognition. |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2021 | |
Impairment of assets [Abstract] | |
Impairment Charges | Impairment Charges The Company recorded the following impairment charges: 2019 2020 2021 Equipment $ 17,886 $ 22,672 $ — Equipment held for sale (1) 43,880 — — Intellectual property and other 2,184 — — Total impairment charges $ 63,950 $ 22,672 $ — (1) In the year ended December 31, 2019, the Company identified certain underutilized fabrication tools and also offered them for sale. These assets were no longer being depreciated while awaiting sale. The carrying values of these assets exceeded the recoverable values based on agreements to sell or a valuation report obtained from a third-party valuation firm. |
Finance Expenses
Finance Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Finance Expenses | Finance Expenses 2019 2020 2021 Interest on long-term debt $ 159,114 $ 97,855 $ 71,991 Interest on lease obligations 43,666 34,807 26,859 Commitment fees and amortization of debt issuance costs 23,457 18,366 12,442 Accretion costs and other 3,939 3,359 2,413 Total Finance Expenses $ 230,176 $ 154,387 $ 113,705 |
Gain on Sale of a Fabrication F
Gain on Sale of a Fabrication Facility and Application Specific Integrated Circuit Business | 12 Months Ended |
Dec. 31, 2021 | |
Non-Current Asset Held For Sale And Discontinued Operations [Abstract] | |
Gain on Sale of a Fabrication Facility and Application Specific Integrated Circuit Business | Gain on Sale of a Fabrication Facility and Application Specific Integrated Circuit Business For the year ended December 31, 2019, the Company recognized the following gain from sale of a fabrication facility and Application Specific Integrated Circuit (“ASIC”) business-related assets: 2019 Facility in Tampines, Singapore $ 196,554 ASIC Business 418,000 Total gain on sale of a fabrication facility and ASIC business $ 614,554 Facility in Tampines, Singapore On January 31, 2019, the Company entered into an agreement with Vanguard International Semiconductor Corporation (“VIS”) to sell the Company’s facility in Tampines, Singapore for $236,000, including buildings, facilities, equipment and intellectual properties associated with the Company’s Micro Electro Mechanical Systems, or MEMS, business. Under the terms of the agreement, the Company continued to operate the facility through the end of 2019, providing a transition period to facilitate technology transfers for VIS and the Company’s remaining customers. The sale closed on December 31, 2019 and the Company recognized a gain upon the completion of the sale amounting to $196,554 after derecognition of net assets of $39,446. The following is the breakdown of the net assets that were derecognized: December 31, Property, plant and equipment $ 54,061 Inventories 1,908 Receivables 800 Total Assets 56,769 Lease liabilities (9,681) Other current and noncurrent liabilities (6,739) Other (903) Total Liabilities (17,323) Net Assets $ 39,446 ASIC Business On May 20, 2019, the Company entered into an agreement with Marvell Technology Group Ltd. to sell certain ASIC assets, contracts, intellectual properties, inventories and employees. On November 5, 2019, the sale closed for a consideration of $555,977. The Company recognized a gain of $418,000 after derecognition of net assets of $124,067, and commission and termination costs of $13,900. Under the agreement, the Company will manufacture wafers for Marvell Technology Group Ltd for additional fees and the Company received advanced fees of $40,000 in 2019. As of December 31, 2020, $28,766 of advanced fees continue to be recorded in trade and other payables and other noncurrent liabilities. The following is the breakdown of the net assets that were derecognized: December 31, Property, plant and equipment $ 18,894 Intangible assets 10,239 Unbilled accounts receivable 95,857 Inventories 30,285 Other current and noncurrent assets 8,039 Total Assets 163,314 Lease liabilities (619) Deferred revenue (36,417) Other current and noncurrent liabilities (2,211) Total Liabilities (39,247) Net Assets $ 124,067 |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Other Income (Expense), Net | Other Income (Expense), Net 2019 2020 2021 Gain on legal settlement (2) $ — $ 294,217 $ — Gain on remeasurement of existing equity interests (Note 14) — 38,470 — Other (1) 74,055 107,620 (11,481) Total other income, net $ 74,055 $ 440,307 $ (11,481) (1) Relate primarily to gains on the sales of property, plant and equipment and intangible assets. (2) On April 10, 2020, under the terms of a settlement agreement, the Company received a settlement and recorded total gains of $294,217 related to this settlement for the year ended December 31, 2020. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant And Equipment | Property, Plant And Equipment Land and Land Improvements Building and Leasehold Improvements Equipment Computer Construction in Progress Total Cost As of December 31, 2019 $ 107,011 $ 7,330,889 $ 21,750,367 $ 403,774 $ 232,378 $ 29,824,419 Additions (1) — 15,016 31,494 276 570,576 617,362 Transfers from construction in progress — 43,833 373,359 7,928 (425,120) — Transfers from assets held for sale — — 75,158 — — 75,158 Acquisition of subsidiaries 9,362 57,426 167,509 — 76,491 310,788 Disposals (11,926) (6,781) (358,502) (1,266) (3,538) (382,013) As of December 31, 2020 104,447 7,440,383 22,039,385 410,712 450,787 30,445,714 Additions (1) 25,615 70,831 32,608 969 1,794,343 1,924,366 Transfers from construction in progress — 116,406 676,866 27,514 (820,786) — Disposals — (45,864) (371,007) (4,717) (717) (422,305) Effect of exchange rate changes 105 (5,990) (27,544) — (325) (33,754) As of December 31, 2021 $ 130,167 $ 7,575,766 $ 22,350,308 $ 434,478 $ 1,423,302 $ 31,914,021 Accumulated Depreciation and Impairment As of December 31, 2019 $ 27,909 $ 3,438,689 $ 16,401,216 $ 338,701 $ 6,635 $ 20,213,150 Additions (1) 3,960 424,304 1,783,572 26,569 — 2,238,405 Impairments — 5,331 18,786 — — 24,117 Transfers from assets held for sale — — 71,681 — — 71,681 Disposals (582) (2,172) (323,916) (1,171) — (327,841) As of December 31, 2020 31,287 3,866,152 17,951,339 364,099 6,635 22,219,512 Additions (1) 5,622 444,417 936,797 24,582 — 1,411,418 Disposals 68 (44,286) (361,589) (4,706) — (410,513) Effect of exchange rate changes — 4 (19,378) — — (19,374) As of December 31, 2021 $ 36,977 $ 4,266,287 $ 18,507,169 $ 383,975 $ 6,635 $ 23,201,043 Net book value as of December 31, 2020 $ 73,160 $ 3,574,231 $ 4,088,046 $ 46,613 $ 444,152 $ 8,226,202 Net book value as of December 31, 2021 $ 93,190 $ 3,309,479 $ 3,843,139 $ 50,503 $ 1,416,667 $ 8,712,978 (1) The Company earned investment tax credits related to the Company’s construction of a wafer fabrication facility in Saratoga County, New York (which were netted against additions relating to Building and Leasehold Improvements and Equipment). These credits were generally earned based on when the related assets were placed in service. The Company recorded the investment tax credits as a reduction of property and equipment costs. As of December 31, 2020, and 2021, the investment tax credits included in property and equipment amounted to $259,969 and $214,282, respectively. The Company has lease contracts for various facilities, plant, machinery, vehicles and other equipment. Before the adoption of the new standard on January 1, 2019, the Company classified each of its leases (as lessee) at the inception date as either a finance lease or an operating lease. A lease was classified as a finance lease if it transferred substantially all of the risk and profit incidentals of the leased asset to the Company; otherwise it was classified as an operating lease. Upon adoption of the new standard the Company applied a single recognition and measurement approach for all leases that it is the lessee, except for leases with terms of 12 months or less, and leases of low value items. The Company recognized lease liabilities for lease payments and right of use (“ROU”) assets representing the right to use the underlying assets. On January 1, 2019, the Company recognized total ROU assets of $358,518 with corresponding liabilities of $525,543 on the consolidated financial position, which includes $280,415 of pre-existing ROU assets and $417,850 of pre-existing lease liabilities. The gross amount of assets recorded under ROU leases, which are included in property, plant and equipment amounted to $858,138 and $906,831 as of December 31, 2020 and 2021, respectively. The net carrying value of ROU leases amounted to $292,193 and $305,277 as of December 31, 2020 and 2021, respectively. Amortization of ROU assets is included in depreciation expense. Depreciation expense for the years ended December 31, 2019, 2020 and 2021 for all ROU assets was $55,798, $56,964 and $80,689 respectively. Depreciation expenses on property, plant and equipment are as follows: 2019 2020 2021 Cost of revenue $ 2,290,531 $ 2,087,376 $ 1,308,777 Research and development expenses 105,113 121,078 73,161 Selling, general and administrative expenses 40,255 29,951 29,480 Total $ 2,435,899 $ 2,238,405 $ 1,411,418 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Cost Technology, Licenses and Similar Rights Software Patents Goodwill Others Total As of December 31, 2019 $ 1,274,547 $ 270,844 $ 264,826 $ 5,477 $ 131,200 $ 1,946,894 Additions 192,507 12,323 — — 610 205,440 Acquisitions of subsidiaries — 326 — 12,547 — 12,873 Disposals (217,825) (4,192) (30,349) — — (252,366) As of December 31, 2020 1,249,229 279,301 234,477 18,024 131,810 1,912,841 Additions 32,471 4,300 — — — 36,771 Disposals (79,958) (32) (4,554) — — (84,544) As of December 31, 2021 $ 1,201,742 $ 283,569 $ 229,923 $ 18,024 $ 131,810 $ 1,865,068 Accumulated Amortization As of December 31, 2019 $ 821,298 $ 243,738 $ 173,057 $ — $ 74,020 $ 1,312,113 Additions 166,707 20,748 39,474 — 57,180 284,109 Impairments (1,445) — — — — (1,445) Disposals (201,674) (1,891) (26,313) — — (229,878) As of December 31, 2020 784,886 262,595 186,218 — 131,200 1,364,899 Additions 162,066 14,629 30,731 — — 207,426 Disposals (79,958) 129 (4,177) — — (84,006) As of December 31, 2021 $ 866,994 $ 277,353 $ 212,772 $ — $ 131,200 $ 1,488,319 Net book value as of December 31, 2020 $ 464,343 $ 16,706 $ 48,259 $ 18,024 $ 610 $ 547,942 Net book value as of December 31, 2021 $ 334,748 $ 6,216 $ 17,151 $ 18,024 $ 610 $ 376,749 Amortization expenses on intangible assets are as follows: 2019 2020 2021 Cost of revenue $ 91,668 $ 99,581 $ 113,021 Research and development expenses 104,226 99,397 73,996 Selling, general and administrative expenses 46,431 85,131 20,409 Total $ 242,325 $ 284,109 $ 207,426 |
Investments in joint Ventures
Investments in joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
Interests in other entities [Abstract] | |
Investments in joint Ventures | Investments in Joint Ventures The Company has the following investments and voting rights in joint venture: Country of Incorporation December 31, December 31, Silicon Manufacturing Partners Pte Ltd. (“SMP”) Singapore 49% 49% Sensry GmbH (“Sensry”) Germany 25% 25% • SMP is an independent foundry that fabricates semiconductor integrated circuits on silicon wafers using advanced production facilities and the propriety integrated circuit designs of its customers in the semiconductor industry. • Sensry manufactures customized industrial sensor modules. On January 1, 2020, the Company executed amendments to its joint venture agreement and limited partnership agreements related Advanced Mask Technology Centre GmbH & Co. KG (“AMTC”) and Maskhouse Building Administration GmbH & Co. KH (“BAC”) under which the terms of the agreements were extended to March 31, 2022 and the Company obtained the determining vote over changes in the business plans of AMTC and BAC. The Company has concluded that it has obtained control over the AMTC and BAC joint venture and has consolidated the joint venture effective January 1, 2020. The Company evaluated whether the legal form of joint ventures gave the owning parties rights to the underlying assets and liabilities of the joint ventures and concluded that the Company only had access to its net investment (and not a specific share of the assets and liabilities). Further, the Company evaluated the associated joint ventures agreements to support the acquisition of output noting that the agreements allowed external third parties to acquire the output. Considering these factors, the Company has concluded that these entities would be classified as joint ventures. According to the provisions of IAS 28 (revised 2011) and IFRS 11, the joint ventures have been recognized through the equity method of accounting. The following table presents the movement in investment in joint ventures: 2020 2021 Beginning balance $ 77,331 $ 36,702 Share of profits for the period 3,876 3,631 Capital reduction (50) — Dividends declared during the period (2,586) (2,395) Reduction in investments due to the consolidation of AMTC and BAC (41,869) — Ending balance $ 36,702 $ 37,938 As part of a cost reduction strategy, the Company decided in 2019 to wind down its mask production operations at its Burlington, Vermont location and transfer those operations to its joint venture mask house, AMTC in Dresden, Germany and increase its share of the joint venture mask house’s productive capacity. On January 1, 2020, the Company obtained control of the AMTC and BAC joint ventures through an amendment of the joint venture agreement granting the Company the determining vote over changes in the business plans of AMTC and BAC. The Company consolidated the joint venture effective January 1, 2020. No consideration was paid to the non-controlling shareholder as a result of the amendment to the joint venture agreement. The Company recognized a non-operating gain on remeasurement of existing equity interest of $38,470 upon the remeasurement of its previously held ownership interest to fair value, which was $86,896 and release of the foreign currency translation reserve related to its ownership interest of $6,553. The Company has elected to measure the non-controlling interests in the acquiree at fair value. The Company has made an assessment of the fair value of assets and liabilities of AMTC and BAC at the date control was obtained as follows: Fair value recognized on deemed acquisition AMTC BAC Total Assets: Property, plant and equipment $ 243,974 $ 66,815 $ 310,789 Intangible assets 310 16 326 Inventories 7,720 — 7,720 Receivables from government grants 161 — 161 Receivables, prepayments and other assets 31,022 1,335 32,357 Cash and cash equivalents 1,812 2,321 4,133 284,999 70,487 355,486 Liabilities: Debt $ 179,217 $ 9,071 $ 188,288 Deferred tax liabilities 3,370 7,009 10,379 Deferred income from government grants 3,143 3,039 6,182 Trade and other payables 9,866 1,800 11,666 Income taxes payable 865 — 865 196,461 20,919 217,380 Total identifiable net assets acquired at fair value 88,538 49,568 138,106 Goodwill arising on acquisition 5,498 7,009 12,507 Less: Non-controlling interest measured at fair value (35,411) (28,306) (63,717) Fair value of equity interest held $ 58,625 $ 28,271 $ 86,896 Receivables, prepayments and other assets include the fair value of trade receivables amounting to $31,079. The gross amount of trade receivables is $31,079 and it is expected that the full contractual amounts will be collected. The goodwill is attributed to the synergies expected to arise after the acquisition and is allocated to the Company’s mask house cash generating unit, AMTC. None of the goodwill recognized is expected to be deductible for income tax purposes. The fair value of the non-controlling interest has been estimated based on a proportional allocation of the fair value of the net tangible assets based on a valuation obtained by the Company from a third party valuation firm. The fair value measurements are based on significant inputs that are not observable in the market. The fair value estimate is based on: • An assumed discount rate of 8.5% to 9.0%. • A terminal value, calculated based on the Gordon Growth Model with a perpetual growth rate of 3.0%. During the year ended December 31, 2021, AMTC contributed $39,822 of net revenue after intercompany eliminations and $8,122 to loss before income taxes from operations of the Company, while BAC contributed $0 of revenue and $(3,088) to loss before income taxes from operations of the Company. The Company has allocated $(3,618) in the statements of operations and comprehensive loss for the year ended December 31, 2021 to the non-controlling interest. Analysis of cash flows on acquisition: AMTC BAC Total Net cash acquired with the subsidiary (included in cash flows from investing activities) $ 1,812 $ 2,321 $ 4,133 Net cash flow on acquisition $ 1,812 $ 2,321 $ 4,133 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes [Abstract] | |
Income Taxes | Income Taxes For tax reporting purposes, the Company consolidates its entities under GLOBALFOUNDRIES Inc., a Cayman Islands entity as described in Note 1. Accordingly, the Company has presented the domestic portion of the disclosures below based on its country of domicile in the Cayman Islands. As a Cayman Islands corporation, the Company’s domestic statutory income tax rate is 0.0%. The difference between the Company’s domestic statutory income tax rate and its (provision) benefit for income taxes is due to the effect of the tax rates in the other jurisdictions in which the Company operates. Principally, for the years ended December 31, 2020 and 2021, the Company is subject to United States’ federal and state taxes with a combined statutory tax rate of 22.05% and 22.10%, respectively; German corporation and trade taxes with a combined statutory tax rate of 31.58%; and Singapore’s statutory tax rate of 17%. Income tax benefit (expense) consisted of the following: December 31, December 31, December 31, Current income tax expense: Current income tax benefit (expense) $ (6,205) $ (28,713) $ 1,686 Adjustments in respect of current income tax of previous year 103 98 (872) Deferred tax Net operating and investment allowance carryforwards (216,582) 34,561 (78,043) Currency effect on non-monetary assets of subsidiary 8,961 43,155 (36,859) Other change in temporary differences (10,338) (36,834) 35,821 Income tax benefit (expense) reported in the consolidated statements of operations and comprehensive loss (224,061) 12,267 (78,267) A reconciliation between tax benefit and accounting profit multiplied by the Company’s statutory rate of 0% is as follows: December 31, December 31, December 31, Loss before income taxes $ (1,147,125) $ (1,363,127) $ (175,664) Foreign tax rate differential 10,567 58,505 (74,664) Adjustments in respect to current income tax of previous years 103 98 (972) Government grants exempt from tax 20,094 12,950 4,735 Deductible expense for tax purpose 1,944 (8,033) (1,499) Impact of unrecognized deferred tax assets (246,465) (62,734) 9,481 Non-deductible expenses for tax purposes 569 — (4,067) Effects of foreign exchange gains (loss) (10,347) 40,256 (22,021) Impact of change in liability for uncertain tax positions (77) 8,922 6,992 Withholding Tax — (33,504) — Other effects (449) (4,193) 3,748 Income tax benefit (expense) $ (224,061) $ 12,267 $ (78,267) Effective income tax rate 19.53 % (0.90) % 44.55 % The Company has determined that it is probable that 100% of deferred tax assets can be realized in Singapore. The Company has determined that realization of deferred taxes associated with loss carryforwards is limited to reserves for uncertain tax positions in the United States that would generate future taxable income, and deferred tax assets resulting from consolidation of AMTC and BAC. In 2019, a decrease in net deferred tax assets of $189,614 was recorded for the Company’s German subsidiary mainly due to a write-down of deferred tax assets on loss carryforwards because the Company has changed how the German operations are compensated from a cost-plus-reimbursement approach to a resale, or buy-sell compensation arrangement. The ability to forecast future profit under the new intercompany pricing approach is less certain compared to prior cost plus concept, which requires an incremental tax expense write-down of German deferred tax assets. In 2020, Singapore recorded a tax benefit of $63,655 (included under “Foreign tax rate differential” of $58,505) relating to a revaluation of deferred tax liabilities after satisfying investment conditions necessary for an extension of a lower tax rate incentive during the year. The conditions that were required for the reduced tax rate related to fixed asset investment, increased wafer production, targeted research projects, and increased employment. In 2020, the Company recorded withholding tax amounting to $33,504, triggered primarily from a legal settlement. Components of the Company’s deferred tax assets and liabilities are attributable as follows: December 31, December 31, Accelerated depreciation on property, plant and equipment $ (589,699) $ (458,482) Losses, credits and investment allowances available for offsetting against future taxable income 648,141 394,021 Accrued expenses 313,404 348,710 Inventory 67,692 65,084 Other comprehensive income (2,677) 111 Currency effect (718) (8,386) Deferred income 13,363 9,657 Other (14,362) (249) Net deferred tax assets $ 435,144 $ 350,466 The classification of the net deferred tax assets (liabilities) in the statements of financial position is as follows: December 31, December 31, Deferred tax assets $ 443,566 $ 352,770 Deferred tax liabilities (8,422) (2,304) Net deferred tax assets $ 435,144 $ 350,466 Total unrecognized deferred tax assets as of December 31, 2020 and 2021 was $3,231,522 and $3,355,488, respectively. The Company does not anticipate any significant changes to the total amounts of unrecognized deferred tax assets within the next 12 months of the reporting date. As of December 31, 2020 and 2021, the Company has accumulated corporate losses in Germany of $1,305,372 and $1,182,005, respectively, and trade tax losses in Germany of $998,114 and $897,586, respectively. Except for a fully deductible base amount, utilization of German net operating loss carryforwards is limited to 60% of taxable income in any one year. German net operating losses do not expire with the passage of time, but may forfeit partially or completely as a result of legal entity restructurings. As of December 31, 2020 and 2021, the Company has unutilized capital allowances on the property and equipment held in Singapore of $1,609,695 and $1,168,847, respectively, and unutilized tax losses available for carryforward of $58,484 and $58,484, respectively. Under Singapore tax law, unutilized capital allowances and unutilized tax losses are deductible to the extent of income available. Unutilized capital allowances and unutilized tax losses can be carried forward indefinitely subject to compliance with the conditions that there is no substantial change in shareholders and no change in the Company’s principal activities, where applicable. As of December 31, 2020 and 2021, the Company has investment allowances of $843,336 and $843,336, respectively in Singapore which can be carried forward indefinitely. These carryforward tax attributes have been fully recognized as deferred tax assets. As of December 31, 2020 and 2021, the Company has gross operating loss carryforwards in the United States of $8,095,256 and $8,065,586, respectively; $6,532,886 will expire in years 2029 through 2037. As of December 31, 2020 and 2021, the Company has $853,519 and $853,519, respectively of California gross operating loss carryforwards and, in the other states in which it operates, it has gross operating loss carryforwards of $970,016 and $963,307, respectively. The state carryforwards expire beginning in 2023. In addition, the Company has U.S. research and development tax credit carryforwards of $144,282 and $145,683 for the years December 31, 2020 and 2021, respectively, that will expire in years 2030 through 2041. The Company has California research and development tax credits of $14,889 and $15,412 as of December 31, 2020 and 2021, respectively, that do not expire. In addition, the Company has nonrefundable New York Empire Zone credit carryforwards of $1,115,078 and $1,115,078 as of December 31, 2020 and 2021, respectively, that do not expire. Five other states have research and development tax credits, Texas, Minnesota, Vermont, North Carolina, and New Jersey for which the Company has calculated a total credit carryforward of $8,132 and $8,217 for the years December 31, 2020 and 2021, respectively. These credits have a carryforward that expire between 2030 through 2039. These carryforward attributes have not been recognized as deferred tax assets. At December 31, 2020 and 2021, no deferred tax liabilities were recorded for taxes that would be payable on the undistributed earnings of certain of the Company’s subsidiaries as the Company is able to control the timing of the distributions and does not anticipate requiring any distributions for the foreseeable future. A reconciliation of deferred taxes, net is as follows: December 31, December 31, Beginning balance $ 407,459 $ 435,144 Tax expense recognized to consolidated statements of operations 40,882 (79,081) Tax benefit (expense) recognized to other comprehensive loss (2,106) 2,788 Tax benefit (expense) recognized from acquisition of subsidiaries (10,379) — Uncertain tax positions and others (712) (8,385) Ending balance $ 435,144 $ 350,466 As of December 31, 2020 and 2021, the Company’s current tax receivables were $113 and $267, respectively, related to its subsidiaries in Europe. |
Receivables, Prepayments and Ot
Receivables, Prepayments and Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other current receivables [abstract] | |
Receivables, Prepayments and Other Assets | Receivables, Prepayments and Other Assets December 31, 2020 December 31, 2021 Noncurrent: Advances to suppliers (1) $ — $ 199,199 Non-trade receivables 11,993 12,914 Payment in Lieu of Tax (“PILOT”’) Bonds 20,037 8,045 Prepaid expenses — 10,658 Other 14,413 22,695 Total $ 46,443 $ 253,511 Current: Trade receivables, other than related parties (2) $ 767,257 $ 872,362 Unbilled accounts receivable (3) 62,226 42,953 Other receivables 218,717 238,464 Receivables from related parties (Note 29) 8,734 8,133 $ 1,056,934 $ 1,161,912 (1) Primarily represents advances to supplier to offset against future purchases. (2) The Company’s trade receivables, other than related parties, are all classified as current and are expected to be collected within one year. The Company’s provision for sales returns was not material for either for the years ended December 31, 2020 or 2021. See the table below for the aging of the Company’s trade receivables, other than related parties. (3) Unbilled accounts receivable represents amounts recognized on revenue contracts less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms or upon shipment of products or rendering services. The following table presents the activities in unbilled accounts receivable as of December 31, 2020 and 2021: December 31, December 31, Beginning balance $ 956,663 $ 62,226 Revenue recognized during the year 4,548,456 44,148 Cumulative catch-up adjustment to revenue (Note 4) (315,308) — Amounts invoiced (5,127,585) (69,421) Other — 6,000 Ending balance $ 62,226 $ 42,953 December 31, December 31, Receivables neither past due nor impaired $ 754,308 $ 830,098 Receivables past due—not impaired individually: Less than 30 days 12,706 40,927 31 to 60 days 198 528 61 to 90 days — 22 90 to 120 days 45 787 $ 767,257 $ 872,362 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Inventories | Inventories December 31, December 31, Work in progress $ 930,107 $ 961,590 Raw materials and supplies 232,407 259,581 Inventory reserve (242,995) (99,920) Total $ 919,519 $ 1,121,251 The following table presents the movement in the inventory reserve: December 31, December 31, Beginning balance $ 143,193 $ 242,995 Additions (1) 228,559 125,727 Written-off and scrapped (96,972) (29,243) Elimination of reserve upon sale of inventory (31,785) (239,559) Ending balance $ 242,995 $ 99,920 (1) This includes additional inventory reserve of $26,149 arising from the adjustment to cost of revenue recorded by the Company in 2020 in conjunction with the modification of its customer contracts as discussed in Note 4. |
Other Financial Assets And Liab
Other Financial Assets And Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Other Financial Assets And Liabilities | Other Financial Assets And Liabilities The following foreign currency forward contracts are outstanding at December 31, 2020 and 2021 (in thousands, except average foreign currency/US$): Fair Value of Derivative Instruments Derivative Instruments Other Current Financial Assets Other Noncurrent Financial Assets Other Current Financial Liabilities Other Noncurrent Financial Liabilities Notional Amount Average Foreign Currency/ US$ Average Strike Price Maturity Outstanding as of December 31, 2020: Forward contracts: Euro forward contracts (receive euros/pay US$) $ 28,489 $ — $ (818) $ — $ 594,169 0.85 — 2021 Singapore dollar forward contracts (receive Singapore$/pay US$) 13,266 — (439) — 360,328 1.37 — 2021 Japanese yen forward contracts (receive Japanese yen/pay US$) 444 — (61) — 23,939 104.77 — 2021 Interest rate swaps — — — (33,287) 1,190,752 — 0.382% - 1.731% 2023 - 2026 Cross currency swaps (receive euros/pay US$) — 33,169 — — 566,497 0.89 3.834% - 4.182% 2024 - 2026 Commodity hedge 8,335 885 — (58) 56,262 235.2 — 2021 - 2022 Total $ 50,534 $ 34,054 $ (1,318) $ (33,345) $ 2,791,947 Outstanding as of December 31, 2021: Forward contracts: Euro forward contracts (receive Euros/Pay US$) $ 4,030 $ — $ (37,822) $ — $ 1,239,770 0.86 — 2022 - 2023 Singapore dollar forward contracts (receive Singapore$/pay US$) 3,359 — (2,755) — 858,227 1.35 — 2022 Japanese yen forward contracts (receive Japanese yen/pay US$) 1,700 — (7,308) — 300,158 112.77 — 2022 - 2023 Interest rate swaps — 628 — (7,803) 992,866 — 0.382% - 1.731% 2023 - 2026 Cross currency swaps (receive euros/pay US$) — 28 — (4,181) 550,580 0.89 3.834% - 4.182% 2024 - 2026 Cross currency swaps (receive Singapore $/pay US$) — 60 — (4,328) 109,612 1.37 1.830% - 1.941% 2028 Commodity hedge 14,094 1,601 (708) (664) 96,097 — — 2022 - 2023 Total $ 23,183 $ 2,317 $ (48,593) $ (16,976) $ 4,147,310 The following table presents the fair values and locations of these derivative instruments recorded in the consolidated statements of financial position: Fair Value of Derivative Instruments Assets Derivatives Liabilities Derivatives Statement of Financial Position Location Fair Value Statement of Financial Position Location Fair Value As of December 31, 2020: Derivatives designated as hedging instruments - foreign currency forward contracts Other current financial assets $ 37,602 Other current financial liabilities $ (375) - interest rate swaps Other noncurrent financial assets — Other noncurrent financial liabilities (33,287) - cross currency swaps Other noncurrent financial assets 33,169 Other noncurrent financial liabilities — - commodity hedge Other current financial assets 8,335 Other current financial liabilities — Other noncurrent financial assets 885 Other noncurrent financial liabilities (58) Derivatives not designated as hedging instruments - foreign currency forward contracts Other current financial assets 4,597 Other current financial liabilities (943) Total derivatives $ 84,588 $ (34,663) As of December 31, 2021: Derivatives designated as hedging instruments - foreign currency forward contracts Other current financial assets $ 6,029 Other current financial liabilities $ (45,695) - interest rate swaps Other noncurrent financial assets 628 Other noncurrent financial liabilities (7,803) - cross currency swaps Other noncurrent financial assets 88 Other noncurrent financial liabilities (8,509) - commodity hedge Other current financial assets 14,094 Other current financial liabilities (708) Other noncurrent financial assets 1,601 Other noncurrent financial liabilities (664) Derivatives not designated as hedging instruments - foreign currency forward contracts Other current financial assets 3,060 Other current financial liabilities (2,190) Total derivatives $ 25,500 $ (65,569) The following table presents the effect of derivatives designated as hedging instruments on the consolidated statements of operations and comprehensive loss (net of tax): As of December 31, 2021, the estimated amount of loss from cash flow hedges currently retained in consolidated statements of comprehensive loss expected to be reclassified into consolidated statements of operations within the next 12 months is approximately $(39,678). Amount of Gains (Losses) Recognized in Accumulated OCI on Derivatives (effective Portion) Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment Location of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gains (Losses) Recognized into Income (Ineffective Portion) Amount of Gain (Losses) Recognized into income (Ineffective Portion) Year ended December 31, 2020 Derivatives designated as hedging instruments— Forward currency forward contracts $ 37,481 $ (470) Cost of revenue and operating expenses $ 12,294 Selling, general and administrative expenses $ 40 Derivatives designated as hedging instruments— Interest rate swaps $ (36,726) $ — Finance expense $ — Selling, general and administrative expenses $ (277) Derivatives designated as hedging instruments— Cross currency swaps $ (23,001) $ — Cost of revenue and operating expenses $ — Selling, general and administrative expenses $ 564 Derivatives designated as hedging instruments – Commodity hedge $ 9,162 $ — Cost of revenue and operating expenses $ — Selling, general and administrative expenses $ — Year ended December 31, 2021 Derivatives designated as hedging instruments— Forward currency forward contracts $ (76,101) $ (6,447) Cost of revenue and operating expenses $ 10,826 Selling, general and administrative expenses 1,066 Derivatives designated as hedging instruments— Interest rate swaps $ 20,655 $ — Finance expense $ (4,703) Selling, general and administrative expenses 267 Derivatives designated as hedging instruments— Cross currency swaps $ (2,146) $ — Cost of revenue and operating expenses $ (9,773) Selling, general and administrative expenses (1,201) Derivatives designated as hedging instruments – Commodity hedge $ 29,352 $ — Cost of revenue and operating expenses $ 24,201 Selling, general and administrative expenses $ 9 The following table presents the effect of derivatives not designated as hedging instruments on the consolidated statements of operations and comprehensive loss: Location of Gains (Losses) Recognized in Income on Derivative Amount of Gains (Losses) Recognized in Income on Derivative Year ended December 31, 2019 Derivatives not designed as hedging instruments—foreign currency forwards contracts Selling, general and administrative expenses $ (14,240) Year ended December 31, 2020 Derivatives not designed as hedging instruments—foreign currency forwards contracts Selling, general and administrative expenses $ 6,342 Year ended December 31, 2021 Derivatives not designed as hedging instruments—foreign currency forwards contracts Selling, general and administrative expenses $ (17,169) |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Statement of cash flows [abstract] | |
Cash and Cash Equivalents | Cash And Cash Equivalents December 31, December 31, Cash balances on hand and at banks $ 347,879 $ 764,185 Investments in money market funds 560,198 2,150,002 Time deposits — 25,000 Total $ 908,077 $ 2,939,187 Movements in cash and cash equivalents are presented in the Company’s consolidated statements of cash flows. The following are the reconciliation of assets and liabilities arising from financing activities: Non-cash changes As of December 31, 2019 Assets (Liabilities) Cash Flows (Inflows)/ Outflows Addition Foreign exchange movement Others As of December 31, 2020 Assets (Liabilities) Restricted cash $ 34,399 $ 1,255 $ — $ — $ — $ 35,654 Government grants receivable (1) 126,140 (177,322) 80,065 720 — 29,603 Other receivables 175,298 (134,511) 448 — — 41,235 Debt (2,729,167) 483,072 (13,529) (64,473) (13,858) (2,337,955) Lease obligations (519,169) 73,249 (623) (19,236) 1,267 (464,512) Loan from shareholder (11,167,687) 487,000 — — — (10,680,687) Share capital (10,000) — — — — (10,000) Additional Paid-In Capital (11,706,535) — (980) — — (11,707,515) Total $ (25,796,721) $ 732,743 $ 65,381 $ (82,989) $ (12,591) $ (25,094,177) Non-cash changes As of December 31, 2020 Assets (Liabilities) Cash Flows (Inflows)/ Outflows Addition Foreign exchange movement Others As of December 31, 2021 Assets (Liabilities) Restricted cash $ 35,654 $ (34,499) $ — $ — $ — $ 1,155 Government grants receivable (2) 29,603 (40,600) 60,176 (2,317) — 46,862 Other receivables 41,235 (42,232) 899 — 98 — Debt (2,337,955) 265,127 (5) 50,714 9,020 (2,013,099) Lease obligations (464,512) 78,260 (52,472) 11,936 1,270 (425,518) Loan from shareholder (10,680,687) 568,000 — — 10,112,687 — Share capital (10,000) (637) — — — (10,637) Additional Paid-In Capital (3) (11,707,515) (1,443,859) (10,112,687) — (223,402) (23,487,463) Total $ (25,094,177) $ (650,440) $ (10,104,089) $ 60,333 $ 9,899,673 $ (25,888,700) (1) Government grant receivable and the current portion of the employee incentive credits amounting to $29,603 and $22,057 (See Note 16), respectively, are reflected in the Receivables from government grants in the consolidated statements of financial position amounting to $51,660, as of December 31, 2020. (2) Government grant receivable amounting to $46,862 is reflected in the Receivables from government grants and noncurrent receivables, prepayments and other assets in the consolidated statements of financial position amounting to $45,806 and $1,056 respectively, as of December 31, 2021. (3) On October 1, 2021, the Company’s board approved the conversion of the Shareholder Loans (defined below) to additional paid-in-capital, and on October 3, 2021, the Company executed an agreement with Mubadala Investment Company PJSC (“Mubadala”) to convert the remaining $10,112,687 of the Shareholder Loan balance into additional paid-in-capital (“the Conversion”). The Conversion did not have an impact on shares outstanding or have any dilutive effects, as no additional shares were issued. Geographical concentration of cash and cash equivalents is as follows: December 31, December 31, United States of America $ 632,707 $ 1,357,062 Republic of Singapore 207,031 1,484,972 Other 68,339 97,153 Total $ 908,077 $ 2,939,187 |
Issued Capital and Reserves
Issued Capital and Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves, and Other Equity Interest [Abstract] | |
Issued Capital and Reserves | Issued Capital and Reserves Share Capital —On January 20, 2019, the Company accepted the surrender of 76,902,150 shares for no consideration from MIC. The Company cancelled the shares and transferred $1,538 from common shares to additional paid-in capital. On September 12, 2021, The Company effected a 1-for-2 reverse share split, which was approved by our board of directors on September 9, 2021. On October 27, 2021, the Company completed an initial public offering, issuing 30,250,000 ordinary shares, as well as 1,595,744 ordinary shares in a concurrent private placement agreement. As of December 31, 2021, there were 1,300,000 thousand ordinary shares and 200,000 thousand shares preferred shares with a par value of $0.02 authorized, and 531,846 thousand ordinary shares issued and outstanding. Additional Paid-In Capital —Additional paid-in capital represents the excess of assets less liabilities contributed to GLOBALFOUNDRIES by shareholders over the share capital issued in exchange for those contributions and share-based compensation charges for share-based payments. Reserves All other reserves as stated in the consolidated statements of changes in equity: Hedging Reserve —The cash flow hedge reserve contains the effective portion of the cash flow hedge relationships incurred as at the reporting date. Foreign Currency Translation Reserve —The foreign currency translation reserve is used to record exchange differences arising from the translation of AMTC and BAC’s financial statements for consolidation purpose. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Borrowing costs Abstract [Abstract] | |
Long-Term Debt | Long-Term Debt December 31, December 31, Noncurrent: Term loans $ 1,956,148 $ 1,715,833 Current: Term loans 381,807 297,266 Total $ 2,337,955 $ 2,013,099 The above balances are net of $19,106 and $17,710 of unamortized debt issuance costs for the years ended December 31, 2020 and 2021, respectively. Movements in interest bearing borrowings during the reporting period were as follows: December 31, 2020 December 31, 2021 Opening balance $ 2,729,167 $ 2,337,955 New loans and borrowings 2,816,871 618,414 Repayments (3,283,861) (882,191) Other 75,778 (61,079) Ending balance $ 2,337,955 $ 2,013,099 Terms and Debt Repayment Schedule The following table summarizes term loan facilities. The below arrangements are all considered to be secured with the exception of the Mubadala Treasury Holding Company Loan Facility, which is unsecured. Description Currency Nominal Interest Interest Payment Terms Principal Payment Terms Year of Maturity 2020 Carrying Amount 2021 Carrying Amount PILOT Bonds (1) USD Variable Rate Note (1) Monthly Annually 2021 10,457 — Accounts Receivable Factoring USD LIBOR + 0.60% - 0.90% Monthly Monthly 2022 86,944 16,345 2018 Tool Equipment Purchase and Lease Financing (2) USD LIBOR + 1.60% Quarterly Quarterly 2023 74,250 74,668 2019 Tool Equipment Purchase and Lease Financing (3) USD LIBOR + 1.75% Quarterly Quarterly 2024 83,812 84,251 2019 USD Dresden Equipment Financing (4) USD LIBOR + 1.75% Semi-Annual Semi-Annual 2024 35,473 35,628 2018 IKB Term Loan EUR EURIBOR + 2.50% Semi-annual Semi-annual 2024 12,240 11,283 2020 USD Equipment Financing (5) USD LIBOR + 1.90% Quarterly Quarterly 2025 58,539 58,893 2019 EUR Dresden Equipment Financing (4) EUR EURIBOR + 1.75% Semi-Annual Semi-Annual 2026 15,366 14,096 TPI Loan EUR 2.60% Quarterly Monthly 2026 2,687 1,962 i. Park East Fishkill (6) USD 0.30% Monthly Monthly 2027 2,039 140 Current total 381,807 297,266 Noncurrent: 2018 Tool Equipment Purchase and Lease Financing (2) USD LIBOR + 1.60% Quarterly Quarterly 2023 93,401 18,733 2019 Tool Equipment Purchase and Lease Financing (3) USD LIBOR + 1.75% Quarterly Quarterly 2024 190,186 105,935 2019 USD Dresden Equipment Financing (4) USD LIBOR + 1.75% Semi-Annual Semi-Annual 2024 179,779 144,151 2018 IKB Term Loan EUR EURIBOR + 2.50% Semi-annual Semi-annual 2024 36,815 22,613 2020 USD Equipment Financing (5) USD LIBOR + 1.90% Quarterly Quarterly 2025 211,382 152,493 USD Term Loan A USD LIBOR + 2.90% Quarterly Semi-Annual 2025 646,005 647,287 EUR Term Loan A EUR EURIBOR + 2.60% Quarterly Semi-Annual 2025 101,380 93,529 2019 EUR Dresden Equipment Financing (4) EUR EURIBOR + 1.75% Semi-Annual Semi-Annual 2026 474,522 422,908 TPI Loan EUR 2.60% At Maturity At Maturity 2026 11,053 8,238 i. Park East Fishkill (6) USD 0.30% Monthly Monthly 2027 11,625 9,619 2021 SGD EDB Loan SGD 1.40% Semi-annual Semi-annual 2041 — 90,327 Noncurrent total 1,956,148 1,715,833 Total $ 2,337,955 $ 2,013,099 (1) The interest rate for the PILOT bonds is reset on a weekly basis by the bank based on prevailing market conditions, not to exceed 12% per annum. The weighted average interest rates were 0.91% and 0.14% for 2020 and 2021, respectively. (2) On March 2, 2018, GLOBALFOUNDRIES SINGAPORE PTE, LTD. (“GFS”) entered into several Equipment Purchase and Lease Agreements with 4 banks to sell and leaseback certain semiconductor manufacturing equipment located in GFS’ Fabs in Singapore for a total of $375,000. The total minimum lease payments amount to $375,000, to be paid in equal quarterly installments through March 1, 2023. (3) On January 21, 2019, GFS entered into several Equipment Purchase Agreements and Lease Agreements with five banks to sell and leaseback certain semiconductor manufacturing equipment located in GFS’ Fabs in Singapore for a total of $425,000. (4) On October 31, 2019, the Company, GLOBALFOUNDRIES Dresden Module One Limited Liability Company & Co., KG. and GLOBALFOUNDRIES Dresden Module Two Limited Liability Company & Co. KG. entered into a term facilities agreement with Bank of America Merrill Lynch International Designated Activity Company and ING Bank, a branch of ING-DIBA AG, as coordinating mandated lead arrangers, and Bank of America Merrill Lynch International Designated Activity Company as facility and security agent, which provides a maximum incremental facility commitment totaling $750,000 secured by certain qualifying equipment assets. (5) On April 23, 2020, GLOBALFOUNDRIES SINGAPORE PTE, LTD. entered into several Equipment Purchase Agreements and Lease Agreements with four banks to sell and leaseback certain semiconductor manufacturing equipment located in GFS’ fabrication facilities in Singapore for a total of $300,000. (6) On September 1, 2017, the Company completed a sale and partial leaseback transaction of a portion of its facilities in East Fishkill, New York to i. Park East Fishkill LLC and ii. Park East Fishkill I LLC. Due to the Company’s ongoing involvement with the properties sold and leased back, the transaction has been accounted for as financing. The total transaction amounted to $22,950, which consists of $17,150 cash and buyer’s assumption of certain liabilities of $5,800. Accounts Receivable Factoring —On February 17, 2021, the Company entered into agreements to amend and restate the terms of the original Accounts Receivable Factoring arrangements to factor certain of its accounts receivable up to a maximum outstanding amount of $91,700. The Company agreed to pay financing costs of LIBOR plus 0.90%. 2021 SGD EDB Loan —On September 3, 2021, the Company entered into a loan agreement with Singapore Economic Development Board (EDB), which provided loan facilities with maximum drawdown of $1,148,500 (SGD1,541,000) at a fixed nominal interest rate of 1.4%. The difference between the nominal interest rate of the loan and the market interest rate for an equivalent loan is recognized as a government grant. The loan matures on June 1, 2041, with interest-only payments for the first 5 years and principal repayments commence thereafter, payable on a semi-annual basis. As of December 31, 2021 $110,769 was drawn down of which $90,327 was recorded in long-term debt based on an effective interest rate of 3.2% and $19,821 was recorded in deferred income from government grants. Five-year Revolving and Letter of Credit Facilities Agreement —On October 13, 2021, the Company entered into an amendment to the Five-year Revolving and Letter of Credit Facilities Agreement to increase the commitment to $1,000,000. Mubadala Development Corporation Revolving Credit Facility —On November 11, 2021, the Company terminated the undrawn $400 million revolving credit agreement with Mubadala Treasury Holding Company LLC (“MTHC”). The following table summarizes unutilized credit facilities available to the Company to maintain liquidity to fund operations: December 31, 2020 December 31, 2021 SGD EDB Loan Committed $ — $ 1,028,602 Citibank Revolving Credit Facility Committed 403,271 1,009,505 Societe Generale Singapore Factoring Committed 34,756 75,355 Societe Generale Singapore Revolving Credit Facility Uncommitted* 23,958 27,150 Deutsche Bank Uncommitted* 3,122 3,163 Citibank—USD Uncommitted* 780 806 JPMorgan Chase PILOT Letter of Credit Committed 12,211 — Mubadala Development Corporation Revolving Credit Facility Committed 400,000 — Total $ 878,098 $ 2,144,581 *Uncommitted facility is a facility is a credit facility made available to the Company but the lender is not obligated to loan funds. Assets pledged as security— Various assets have been pledged to secure borrowings under mortgages for the Company. Cash and cash equivalents, trade accounts receivables, property, plant and equipment, inventories, and financial assets have been pledged to secure borrowings u nder mortgages for the Company. The Company is not allowed to pledge these assets as security for other borrowings or to sell them outside normal course of business. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company has various lease agreements for certain of its offices, facilities, and equipment. Leases may include one or more options to renew. Renewals are not in the determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. All leases were measured under a single criterion with the exception of those with terms not exceeding 12 months and low-value leases. December 31, December 31, Amortization of right-of-use assets $ 56,964 $ 80,689 Interest expense on lease liabilities 34,807 26,859 Short-term and low-value leases expense 1,409 1,195 Total net lease cost $ 93,180 $ 108,743 Weighted average remaining lease term 7.35 years 6.51 years Weighted average discount rate 7.99 % 6.65 % The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2020 and 2021: December 31, 2020 December 31, 2021 Minimum Lease Payments Present Value of Payments Minimum Lease Payments Present Value of Payments Within 1 year $ 165,621 $ 131,270 $ 156,784 $ 134,971 2-5 years 256,597 185,261 231,819 190,801 After 5 years 175,778 147,981 123,298 99,746 597,996 464,512 511,901 425,518 Less: amounts representing finance charges (133,484) — $ (86,383) — Present value of minimum lease payments $ 464,512 $ 464,512 $ 425,518 $ 425,518 Noncurrent $ 333,242 $ 290,547 Current 131,270 134,971 $ 464,512 $ 425,518 Supplemental cash flow information related to leases is as follows: December 31, December 31, Cash flows used in operating activities: Payments of short-term and low-value leases $ (1,409) (1,195) Interest paid (34,807) (26,859) Cash flows used in financing activities: Payment of lease obligations (73,249) (78,260) The following table summarizes the movement of right-of-use assets which primarily relates to building and leasehold improvements during the years ended December 31, 2020 and 2021 is as follows: December 31, December 31, Beginning balance $ 348,163 $ 292,193 Additions 994 93,773 Amortization (56,964) (80,689) Ending balance $ 292,193 $ 305,277 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract] | |
Provisions | Provisions The movement in provision for asset retirement obligations during the years ended December 31, 2020 and 2021 is as follows: December 31, December 31, Beginning balance $ 337,765 $ 353,308 Arising during the period 14,888 431 Accretion cost 655 (2,160) Utilized — (3,097) Ending balance $ 353,308 $ 348,482 The Company records a provision for site restoration costs as required by legal and contractual obligations if assessed to be probable that it will incur such costs. Because of the long-term nature of the liability, the greatest uncertainty in estimating the provision is the costs that will be incurred. The Company has estimated costs based on currently available information provided by experts about the extent of restoration work required. |
Government Grants
Government Grants | 12 Months Ended |
Dec. 31, 2021 | |
Government grants [Abstract] | |
Government Grants | Government Grants The following table presents the movement in deferred income from government grants for the years ended December 31, 2020 and 2021: December 31, December 31, Beginning balance $ 194,209 $ 169,202 Received/receivable during the period 19,854 40,461 Acquisition of subsidiaries 6,182 — Released to the consolidated statements of operations and comprehensive loss (51,043) (33,366) Ending balance $ 169,202 $ 176,297 Noncurrent 128,697 147,371 Current 40,505 28,926 $ 169,202 $ 176,297 Government grants were recognized in the consolidated statements of operations and comprehensive loss as follows: December 31, December 31, December 31, Cost of revenue $ 155,451 $ 49,025 $ 33,031 Research and development expenses 1,342 2,018 335 Selling, general and administrative — — — Total balance $ 156,793 $ 51,043 $ 33,366 The Company has received government support in the form of investment grants, research and development subsidies, refundable credits and miscellaneous receipts for employee support. Amount receivable from government but not yet received has been included in receivables from government grants. Certain investment grants are subject to forfeiture in declining amounts over the life of the agreement if the Company does not maintain agreed upon conditions specified in the relevant subsidy agreements. The Company continues to comply with the government grant conditions mainly relating to qualifying property, plant and equipment and employment levels. |
Trade Payables and Other Liabil
Trade Payables and Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade Payables and Other Liabilities | Trade Payables and Other Liabilities December 31, December 31, Noncurrent: Advances and deposits $ 206,766 $ 11,116 Payable for Intangible Assets 109,451 44,667 Contract liabilities (1) 30,258 1,368,328 Deferred tax liabilities 8,422 2,304 Other (2) 57,769 18,909 $ 412,666 $ 1,445,324 Current: Trade payables $ 414,547 $ 551,138 Accrued expenses 470,800 602,495 Contract liabilities (1) 104,466 532,985 Advances and deposits (3) 68,026 309,129 Payable for PPE and Intangible Assets 235,789 472,144 Other (2) 48,860 117,859 $ 1,342,488 $ 2,585,750 (1) Contract liabilities comprises contract liabilities for payments received in advance of the satisfaction of performance obligations for wafers, as well as non-recurring engineering services. In 2021, the Company entered into multiple long-term supply agreements with customers. Many of these contracts include customer advanced payments and capacity reservation fees in order to secure future supply. (2) Other includes other financial liabilities. See Note 18 for further details on other financial liabilities. (3) Advances and deposits include advances from customers of $117,882 (2020: $34,713) collected for purchase orders. December 31, December 31, Beginning contract liabilities balance $ 144,562 $ 134,724 Cash receipts in advance of satisfaction of performance obligations 123,573 1,894,049 Released to the consolidated statements of operations and comprehensive loss (1) (133,411) (127,460) Ending contract liabilities balance $ 134,724 $ 1,901,313 Noncurrent $ 30,258 $ 1,368,328 Current 104,466 532,985 $ 134,724 $ 1,901,313 (1) Of revenue released to the consolidated statements of operations and comprehensive loss for the years ended December 31, 2020 and 2021, $73,435 and $48,363, respectively were included in the beginning balance of the contract liabilities. |
Employee Benefits Plans
Employee Benefits Plans | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefits [Abstract] | |
Employee Benefits Plans | Employee Benefits PlansRetirement Savings Plans—The Company has a retirement savings plan, commonly known as a 401(k) plan, that allows participating employees in the United States to contribute a portion of their pre-tax salary up to Internal Revenue Service limits. The Company matches employee contributions dollar for dollar for the first 3% of participants’ contributions and 50 cents on each dollar of additional 3% of participants’ contributions, to a maximum of 4.5% of eligible compensation. The Company’s contributions to the 401(k) plan were $33,809, $31,986 and $31,055 for the years ended December 31, 2019, 2020 and 2021, respectively. The Company also has an employee benefits plan that requires the Company to make monthly contributions based on the statutory funding requirement into a Central Provident Fund (“CPF”) for substantially all Singapore citizens and permanent residents. The Company’s contributions under this plan were $34,434, $22,023 and $29,295 for the years ended December 31, 2019, 2020 and 2021, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments —The Company’s unconditional purchase commitments are as follows: December 31, December 31, Contracts for capital expenditures $ 952,604 $ 2,994,554 Contracts for operating expenditures 1,044,560 3,404,865 $ 1,997,164 $ 6,399,419 Due within the next 12 months $ 1,316,090 $ 3,542,823 In addition to the above, the Company obtained letters of credit to primarily guarantee the PILOT bonds’ interest payments, payments for utility supplies and foreign statutory payroll related charges. The Company has obtained letters of credit of $36,211 and $20,000 at December 31, 2020 and 2021, respectively, and bank guarantees of $3,098 and $3,239 at December 31, 2020 and 2021, respectively. Leases of low-value items and short-term leases that do not meet the capitalization criteria under the Company’s lease policy are treated as operating expenses. The following summarizes the Company’s non-cancellable operating lease arrangements which were not capitalized and the minimum future rental payments under these arrangements: December 31, December 31, Within one year $ 1,409 $ 1,195 After one year but not more than five years 1,557 548 $ 2,966 $ 1,743 The Company has a patent license agreement with LSI Technology Corporation (“LSI”) under which the parties grant to one another a license to use certain of each other’s patents. Under the terms of the patent license agreement, the Company may provide wafer capacity in lieu of payment for royalties. Such royalties under the patent license agreement are waived until such time the interest of LSI in SMP falls below 49%. In exchange, the Company has waived capacity shortfall obligations from LSI. Should the interest of LSI in SMP fall below 49%, the Company may be required to make royalty payments to LSI under this patent license agreement. The Company has not made any royalty payments to LSI. The patent license agreement continues for as long as the joint venture agreement between the parties remains. In 2017, we entered into a set of agreements with a joint venture partner related to the establishment of a joint venture in China to establish and operate a greenfield wafer production site. The parties contemplated that the manufacturing operations would be implemented in two p hases. Due to a variety of factors, including unanticipated market conditions, the manufacturing operations did not proceed as planned and the parties have been working to wind-down operations of the joint venture. On April 26, 2021, we received a letter from our joint venture partner requesting that we share in its alleged losses and related costs incurred to support the joint venture. We recorded a provision of $34,000 in June 2021. We engaged in negotiations with our joint venture partner to settle the claim and on November 15, 2021 we resolved the claims consistent with the recorded provision. On April 28, 2021, International Business Machines (“IBM”) sent the Company a letter alleging for the first time that the Company did not fulfill the Company’s obligations under the contracts the Company entered into with IBM in 2014 associated with the Company’s acquisition of IBM’s Microelectronics business. IBM asserted that the Company engaged in fraudulent misrepresentations during the underlying negotiations, and claimed the Company owed them $2,500,000 in damages and restitution. On June 7, 2021, the Company filed a complaint with the New York State Supreme Court (the “Court”) seeking a declaratory judgment that the Company did not breach the relevant contracts. IBM subsequently filed its complaint with the Court on June 8, 2021. On September 14, 2021, the Court granted our motion to dismiss IBM’s claims of fraud, unjust enrichment and breach of the implied covenant of good faith and fair dealing. Our complaint seeking declaratory judgment was dismissed. The case will proceed based on IBM’s breach of contract and promissory estoppel claims. The Company believes, based on discussions with legal counsel, that we have meritorious defenses against IBM’s claims. The Company disputes IBM’s claims and intend to vigorously defend against them. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted loss per share have been calculated for the years ended December 31, 2019, 2020, and 2021 as follows: 2019 2020 2021 (in thousands, except for share amounts) Net loss available to equity shareholder of the Company $ (1,371,186) $ (1,347,571) $ (250,313) Weighted average common shares outstanding 504,003,126 500,000,000 505,758,409 Total basic and diluted earnings per share attributable to equity shareholders $ (2.72) $ (2.70) $ (0.49) For the years ended December 31, 2019, 2020 and 2021, there were 32,560,289, 22,286,278 and 21,749,558 share options outstanding, respectively, which were not included in the calculation of diluted earnings per share as their inclusion would have been anti-dilutive. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Related party [Abstract] | |
Related Party Disclosures | Related Party DisclosuresThe consolidated financial statements include the following subsidiaries which are all wholly owned, except for GLOBALFOUNDRIES (Chengdu) Integrated Circuit Manufacturing Co., Limited, Advanced Mask Technology Centre GmbH & Co. KG, Maskhouse Building Administration GmbH & Co. KH, Advanced Mask Technology Center Verwaltungs GmbH, and Maskhouse Building Administration Verwaltungs GmbH: Subsidiary Jurisdiction of Incorporation or Organization December 31, 2019 December 31, 2020 December 31, 2021 GLOBALFOUNDRIES Dresden Module One LLC United States X X X GLOBALFOUNDRIES Dresden Module Two LLC United States X X X GLOBALFOUNDRIES Innovation Investments LLC United States X X X GLOBALFOUNDRIES Investments LLC United States X X X GLOBALFOUNDRIES U.S. Inc. United States X X X GLOBALFOUNDRIES U.S. 2 LLC United States X X X GLOBALFOUNDRIES Borrower LLC United States X X X Hudson Valley Research Park Sewage Works Corporation United States X X X GLOBALFOUNDRIES Dresden Module One Holding GmbH Germany X X X GLOBALFOUNDRIES Dresden Module One LLC & Co. KG Germany X X X GLOBALFOUNDRIES Dresden Module Two LLC & Co. KG Germany X X X GLOBALFOUNDRIES Dresden Module Two Holding GmbH Germany X X X GLOBALFOUNDRIES Management Services LLC & Co. KG Germany X X X Advanced Mask Technology Centre GmbH & Co. KG (50%) Germany N/A X X Maskhouse Building Administration GmbH & Co. KH (50%) Germany N/A X X Advanced Mask Technology Center Verwaltungs GmbH (50%) Germany N/A X X Maskhouse Building Administration Verwaltungs GmbH (50%) Germany N/A X X GLOBALFOUNDRIES Europe Sales & Support GmbH Germany N/A X X GLOBALFOUNDRIES Engineering Private Limited India X X X GLOBALFOUNDRIES Japan Ltd. Japan X X X GLOBALFOUNDRIES Netherlands Cooperatief U.A. The Netherlands X X X GLOBALFOUNDRIES Netherlands Holding B.V. The Netherlands X X X GLOBALFOUNDRIES Netherlands B.V. The Netherlands X X N/A GLOBALFOUNDRIES Bulgaria EAD Bulgaria X X X GF Asia Investments Pte. Ltd. Singapore X X X GF Asia Sales Pte. Ltd. Singapore N/A N/A X GLOBALFOUNDRIES Singapore Pte. Ltd. Singapore X X X GLOBALFOUNDRIES Taiwan Ltd. Taiwan X X X GLOBALFOUNDRIES Europe Ltd. United Kingdom X X X GLOBALFOUNDRIES (Chengdu) Integrated Circuit Manufacturing Co., Limited (51%) China X X X GLOBALFOUNDRIES China (Beijing) Co., Limited China X X X GLOBALFOUNDRIES China (Shanghai) Co., Limited China X X X Nanjing APD Technologies Co. Ltd. China X X X Related parties represent associated companies, the shareholder, directors and key management personnel of the Company and entities controlled, or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the audit, risk and compliance committee or the Company’s management, as applicable. Below are the related parties which the Company has entered into transactions with: December 31, December 31, Related Party Name SMP Joint venture Joint venture Mubadala Treasury Holding Company (“MTHC”) Shareholder entity Shareholder entity Mubadala Technology Investments LLC (“Mubadala Technology”) Shareholder entity Shareholder entity Related parties represent associated companies, the shareholder, directors and key management personnel of the Company and entities controlled, or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Company’s management. Balances with related parties included in the consolidated statements of financial positions are as follows: December 31, 2020 December 31, 2021 Due from Due to Due from Due to SMP $ 8,734 10,480 $ 8,133 $ 9,025 Mubadala Technology — 313 — 96 Total (1) $ 8,734 10,793 $ 8,133 9,121 (1) The total amounts of $8,734 and $8,133 due from related parties as of the years ended December 31, 2020 and 2021, respectively, has been included in receivables, prepayments and other assets (see Note 16). The total amounts of $10,793 and $9,121 due to related parties’ balance for the years ended December 2020 and 2021, respectively, has been included in trade and other payables (see Note 25). The following table presents the related party transactions included in the consolidated statements of operations and comprehensive loss: December 31, December 31, December 31, Purchases and recharges from: SMP (1) $ 61,950 $ 57,579 $ 59,596 AMTC 124,196 — — $ 186,146 $ 57,579 $ 59,596 Other transactions with: SMP (reimbursement of expenses and contribution of tools) $ 51,251 $ 47,065 $ 44,808 AMTC 27,527 — — Mubadala Technology (reimbursement of expenses) 496 618 2,602 BAC 263 — — $ 79,537 $ 47,683 $ 47,410 (1) Purchases from SMP were primarily comprised of wafers. Terms and Conditions of Transactions with Related Parties Outstanding balances at the year-end are unsecured, interest free, repayable on demand and settlement occurs in cash. The Company has not recorded any allowance of receivables relating to amounts owed by related parties for the years ended December 31, 2020 and 2021. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. Transactions with Shareholder: Shareholder Loan Agreement—The Company, as a borrower, entered into loan facilities with its shareholder in 2012 to 2016 (collectively the “Shareholder Loans”). The Shareholder Loans are non-interest bearing and principal repayment, in whole or in part, is entirely at the Company’s discretion as explicitly stated in the loan agreement. The Shareholder Loans are subordinated to any claims of other unsubordinated and subordinated creditors, including beneficiaries under guarantees issued, of the Company. The loans have no maturity date and remain outstanding until the loans are paid in full. Further, there are no contingent settlements in the agreements. Since the Shareholder Loans do not contain any contractual obligations to deliver cash, but rather allows the Company to make repayment at its absolute discretion and further prohibits the shareholder from demanding repayment, the Company treated the Shareholder Loans as equity. The Company repaid $487,000 and $568,000 during the years ended December 31, 2020 and 2021, respectively. On October 1, 2021, the Company’s board approved the conversion of the Shareholder Loans to additional paid-in-capital, and on October 3, 2021, the Company executed an agreement with Mubadala Investment Company PJSC (“Mubadala”) to convert the remaining $10,112,687 of the Shareholder Loan balance into additional paid-in-capital (“the Conversion”). The Conversion did not have an impact on shares outstanding or have any dilutive effects, as no additional shares were issued. Compensation of Key Management Personnel The compensation of key management personnel during the following years were as follows: 2020 2021 Chief Executive Officer and Chief Financial Officer Short-term benefits $ 11,260 $ 8,316 Share-based payments (1) — 42,034 Board of Directors 800 2,887 $ 12,060 $ 53,237 |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2021 | |
Share-based payment arrangements [Abstract] | |
Share-Based Payments | Share-Based Payments RSUs In 2021, the Company granted restricted share units (“RSUs”) under the 2018 Share Incentive Plan. The RSUs have a time-based vesting requirement, which provides that the RSUs will generally vest in four annual installments, with 25% vesting on each one-year anniversary of the vesting commencement date subject to the employee’s continued employment with the Company. In addition, the RSUs have a liquidity event vesting requirement which is satisfied on the earlier of the six-month anniversary of a qualified IPO, or a change in control event (the “Liquidity Trigger”). Both of the liquidity event vesting requirements are subject to the participant’s continued employment with the Company. RSUs will continue to vest under the time-based vesting requirement if a Liquidity Trigger occurs prior to the time-based vesting requirement having been satisfied. Number of RSUs Weighted average grant date fair value Outstanding as of December 31, 2020 — $ — Granted 851,530 $ 39.56 Forfeited (4,100) $ 34.46 Outstanding as of December 31, 2021 847,430 $ 39.59 Prior to the IPO, the value of the RSUs was determined by the Company’s Board of Directors. Because there had been no public market for the ordinary shares, the Board of Directors determined the fair value at the time of grant of the RSU by contemporaneous valuations performed by unrelated third-party valuation firms as well as a number of objective and subjective factors including valuation of comparable companies, operating and financial performance, the lack of liquidity of capital stock and general and industry specific economic outlook, among other factors. As of December 31, 2019, 2020 and 2021, there was $0, $0, and $25,704, respectively, of total unrecognized compensation cost related to outstanding RSUs. Share Options In 2017, the Company approved the Share Incentive Plan, which is intended to attract and retain talented employees and align shareholder and employee interests. Share options under the Share Incentive Plan will be deemed vested shares over a five-year period. In 2019, the Company offered to exchange the share options under the Share Incentive Plan with new share options under the “2018 Share Incentive Plan,” under which the Company may grant up to 25 million options to purchase shares in the Company with an exercise price of $10.00 per share. The options vest based on service over four The share options are effective for a term of ten years from the grant date. Because the vesting and exercisability of these share options are dependent on a qualified liquidity event, the Company had to assess the probability of such an event in order to determine the expenses related to the share-based payments for the period. On June 30, 2021, the Company deemed an IPO to be probable under IFRS. Upon the tender offer, the Company measured the pre-modification value of the old share options and compared that to the fair value of the new share options using the Black-Scholes option pricing model. The equity volatility was determined based on the historical volatilities of comparable publicly traded companies over a period equal to the expected average share-based payments life. The risk-free rate of interest was interpolated from the U.S. Constant Maturity Treasury rate curve to reflect the remaining expected life of share options. The fair value of the ordinary shares underlying the stock options has historically been determined by the Company’s Board of Directors. Because there had been no public market for the ordinary shares, the Board of Directors determined the fair value of the ordinary shares at the time of grant of the option by contemporaneous valuations performed by unrelated third-party valuation firms as well as a number of objective and subjective factors including valuation of comparable companies, operating and financial performance, the lack of liquidity of capital stock and general and industry specific economic outlook, among other factors. The assumptions used to value the Company’s options granted during the period presented and their expected lives were as follows: December 31, 2019 2020 2021 Expected dividend yield 0.00 % 0.00 % 0.00 % Expected volatility 40.90 % 43.50 % 45.0 % Expected term 6.0 years 5.5 years 4.5 years Risk-free interest rate 1.59%—2.41% 0.32%—1.46% 0.56 % Estimated ordinary shares valuation $18.52—$20.48 $20.48—$24.62 $24.64—$26.04 As of December 31, 2020 and 2021, the additional paid-in capital related to the share options amounted to $34,572, and $0, respectively. The share-based payment expenses amounted to $0, $980, and $223,402 for the years ended December 31, 2019, 2020 and 2021, respectively. The Company incurred $4,672 of payroll taxes associated with the share-based compensation expense for the year ended December 31, 2021. Number of Share options Weighted average exercise price per Share Balance as of December 31, 2018 34,305,235 $ 21.54 Exchanged (18,837,010) $ 21.54 Granted 19,954,794 $ 10.00 Forfeited (2,862,730) $ 17.69 Outstanding as of December 31, 2019 32,560,289 $ 14.80 Granted 5,078,456 $ 10.00 Forfeited (15,352,467) $ 20.14 Outstanding as of December 31, 2020 22,286,278 $ 10.04 Granted 995,409 $ 10.00 Forfeited (1,532,129) $ 10.00 Outstanding as of December 31, 2021 21,749,558 $ 10.03 The following table summarizes information about employees’ share options outstanding as of December 31, 2021: Outstanding Range of exercise prices Number Outstanding Weighted average remaining contractual life (in years) $10.00 21,694,907 2.89 $19.07 23,422 5.04 $22.54 23,422 5.04 $26.00 7,807 5.04 The weighted average remaining contractual life is calculated based on the 10-year contract terms of the options. And the weighted average exercise price is calculated using the exercise price of the outstanding options, which pertain to the 2018 Share Incentive Plan. As of December 31, 2019, 2020 and 2021, there was $200,591, $251,483 and $62,680, respectively, of total unrecognized compensation cost related to outstanding stock options. |
Financial Risk Management Objec
Financial Risk Management Objectives and Policies | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Financial Risk Management Objectives and Policies | Financial Risk Management Objectives and Policies GLOBALFOUNDRIES has implemented a cash investment policy which determines the overall objectives of the Company’s investment strategy. This policy is aimed to ensure the preservation of capital and the maintenance of sufficient liquidity necessary to fund operations while balancing the needs for appropriate returns. The cash investment policy limits permissible investments and credit quality. The primary objective of the Company’s capital management is to ensure that it maintains a healthy capital ratio in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions. There are no regulatory imposed requirements on the level of share capital which the Company has to maintain. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company’s policy is to keep the gearing ratio within a range to meet the business needs of the Company. The Company includes within net debt, interest bearing loans and borrowings and obligations under lease less bank balances and cash. Capital includes total equity including non-controlling interests less cumulative changes in fair value. The Company’s interest-bearing loans and borrowings have certain financial covenants. Restrictive covenants in the Company’s credit facilities may prevent the Company from pursuing certain transactions or business strategies, including by limiting the Company’s ability to, in certain circumstances: • incur additional indebtedness; • pay dividends or make distributions; • acquire assets or make investments outside of the ordinary course of business; • sell, lease, license, transfer or otherwise dispose of assets; • enter into transactions with the affiliates; • create or permit liens; • guarantee indebtedness; and • engage in certain extraordinary transactions. As of December 31, 2021, the Company is in compliance with the financial covenants. Risks Arising from Financial Instruments —The main risks arising from the Company’s financial instruments are market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. The Board of Directors reviews and approves policies for managing each of these risks which are summarized below. Market Risk —Market price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise the following types of risk: interest rate risk, foreign currency risk and equity price risk. Interest Rate Risk —The Company’s exposure to market risk for changes in interest rates relates primarily to interest-earning financial assets and interest-bearing financial liabilities. The Company’s interest-earning financial assets are mostly highly liquid investments and consist of primarily money market funds and time deposits. As these financial assets are mainly short-term in nature, the Company’s exposure to mark-to-market risk is limited. The Company’s interest-bearing financial liabilities include fixed and floating rate loans and lease obligations. Floating rate loans bear interest at Base Rate or LIBOR or EURIBOR plus a premium, which is fixed. The Company uses pay-fixed / receive-float interest rate swaps to protect the Company against adverse fluctuations in interest rates and to reduce its exposure to variability in cash flows on the Company’s forecasted floating-rate debt facility to the extent that it is practicable and cost effective to do so. Cash Flow Sensitivity Analysis for Variable Rate Instruments — The sensitivity of profit or loss in the consolidated statement of comprehensive income is the effect of the assumed changes in interest rates on the Company’s profit or loss for one year, based on the floating rate financial assets and financial liabilities held on December 31, 2020. The following table demonstrates the sensitivity of profit or loss in the consolidated statement of operations to reasonably possible changes in interest rates, with all other variables held constant. Increase/ (Decrease) in Percentages Effects on Loss before Tax December 31, 2019 10 % $ 2,164 (10) % $ (2,164) December 31, 2020 10 % $ 19,194 (10 %) $ (19,194) December 31, 2021 10 % $ 2 (10) % $ (2) Foreign Currency Risk — As a result of foreign operations, the Company has costs, assets and liabilities that are denominated in foreign currencies, primarily the Euro, the Japanese Yen and the Singapore Dollar. Therefore, movements in exchange rates could cause foreign currency denominated expenses to increase as a percentage of net revenue, affecting profitability and cash flows. The Company uses foreign currency forward contracts to reduce exposure to foreign currency fluctuations. The Company also incurs certain portion of its interest expense in Euro and Singapore Dollars, exposing the Company to exchange rate fluctuations between USD and EUR and SGD. The Company uses cross-currency swaps to reduce its exposure to variability from foreign exchange impacting cash flows arising from Company’s foreign currency denominated debt cash flows to the extent than it is practicable and cost effective to do so. Exposure to Currency Risk — The Company’s exposure to foreign currency risk against financial assets and financial liabilities was as follows, based on notional amounts: EUR JPY SGD December 31, 2020 Receivables and prepayments $ 141,603 $ 353 $ 12,020 Cash and cash equivalents 54,043 2,150 8,531 Loans and borrowings (26,992) — 42 Trade and other payables (150,127) (13,820) (65,966) $ 18,527 $ (11,317) $ (45,373) December 31, 2021 Receivables and prepayments $ 160,684 $ 315 $ 12,573 Cash and cash equivalents 45,178 1,922 3,924 Loans and borrowings (14,361) — (90,912) Trade and other payables (253,558) (72,867) (147,284) $ (62,057) $ (70,630) $ (221,699) Credit Risk —Credit risk can be defined as the risk of suffering financial loss from financial instruments due to the failure by a counterparty to fulfill an obligation. Financial instruments that subject the Company to concentrations of credit risk include investments and cash equivalents and foreign exchange transactions. With respect to credit risk arising from the Company’s cash and cash equivalents, the Company’s exposure to credit risk arises from default of the counterparty, with maximum exposure equal to the carrying amount of these instruments. The Company generally does not require collateral to secure accounts receivable. The risk with respect to trade receivables is mitigated by credit evaluations the Company performs on the Company’s customers, the short duration of the Company’s payments terms for the significant majority of the Company’s customer contracts and by the diversification of the Company’s customer base. The expected credit losses of trade and other receivables are not significant. The Company’s five largest customers account for approximately 63% and 61% of the outstanding trade receivables balance as of December 31, 2020 and 2021, respectively. Exposure to Credit Risk— The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: The aging of financial assets including trade receivables is as follows: Past Due but Not Impaired Total Neither part < 30 Days 31-90 Days 91-120 Days Great December 31, 2020 $ 1,041,389 $ 1,026,367 $ 14,795 $ 197 $ 30 $ — December 31, 2021 $ 1,067,350 $ 1,023,506 $ 42,507 $ 550 $ 787 $ — Liquidity Risk— The Company monitors its risk to a shortage of funds by monitoring its cash flow situation. Ongoing cash forecasting and review processes have been set up to determine the amount of external funding needed. The Company has set up a process of mid- and long-term financial planning. The Company’s financing structure, including maturities of debt, is determined in response to the financing requirements identified with the long-term business planning process. The table below summarizes the maturity profile of the Company’s financial liabilities: Carrying Contractual Cash Flows 1 Year or Less 1 to 5 Years Greater than 5 Years Total December 31, 2020 Loans and borrowings $ 2,337,955 $ 2,507,456 $ 447,490 $ 2,000,928 $ 59,038 $ 2,507,456 Lease obligations 464,512 597,996 165,621 256,597 175,778 597,996 Derivative financial liability 34,663 34,663 1,318 33,345 — 34,663 Trade payables and other liabilities 1,271,944 1,271,944 1,138,069 133,875 — 1,271,944 $ 4,109,074 $ 4,412,059 $ 1,752,498 $ 2,424,745 $ 234,816 $ 4,412,059 December 31, 2021 Loans and borrowings $ 2,013,099 $ 2,204,618 $ 349,373 $ 1,735,562 $ 119,683 2,204,618 Lease obligations 425,518 511,901 156,784 231,820 123,297 511,901 Derivative financial liability 65,569 65,569 48,593 16,976 — 65,569 Trade payables and other liabilities 1,894,595 1,894,595 1,848,083 46,512 — 1,894,595 $ 4,398,781 $ 4,676,683 $ 2,402,833 $ 2,030,870 $ 242,980 $ 4,676,683 In preparing the maturity profile, undiscounted payments are calculated based on contractually agreed interest rates where these are fixed, or, in the case of discounted liabilities for leases, where the interest rate is implicit in the financing arrangement. For variable interest arrangements undiscounted payments are determined based on the interest rate prevailing at the reporting date. Assets and Liabilities Measured at Fair Value —The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1— Quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2— Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3— Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data Time deposits and money market funds are primarily classified within Level 1 or Level 2 because time deposits and money market funds are valued primarily using quoted market prices of similar instruments or alternative pricing sources and models utilizing market observable inputs. For assets and liabilities that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Foreign currency forward contracts are classified within Level 2. The fair values of foreign currency forward contracts are determined using quantitative models that require the use of multiple market inputs, including interest rates, prices and maturity dates to generate pricing curves, which are used to value the positions. The market inputs are generally actively quoted and can be validated through external sources. For foreign currency forward contract asset and liability positions with maturity dates which fall between the dates of quoted prices, interpolation of rate or maturity scenarios are used in determining fair values. During the years ended December 31, 2020 and 2021, there were no transfers between Level 1 and Level 2 fair value measurements. Financial Instruments Measured at Fair Value on a Recurring Basis The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis: Fair Value Measurement at Reporting Date Using Total Quoted Significant Significant December 31, 2020 Assets: Cash equivalents (1) $ 560,198 $ 560,198 $ — $ — Investments in equity instruments (2) $ 12,737 $ — $ — $ 12,737 Derivatives (3) $ 84,588 $ — $ 84,588 $ — Liabilities: Derivatives (4) $ 34,663 $ — $ 34,663 $ — Fair Value Measurement at Reporting Date Using Total Quoted Significant Significant December 31, 2021 Assets: Cash equivalents (1) $ 2,175,002 $ 2,150,002 $ 25,000 $ — Investments in equity instruments (2) $ 16,806 $ 770 $ — $ 16,036 Derivatives (3) $ 25,500 $ — $ 25,500 $ — Liabilities: Derivatives (4) $ 65,569 $ — $ 65,569 $ — (1) Included in cash and cash equivalents on the Company’s consolidated statements of financial position. (2) Included in current and noncurrent receivables, prepayments and other assets on the Company’s consolidated statements of financial position. (3) Consists of foreign currency forward contracts, interest rate swaps, cross currency swaps and commodity hedge. Included in other current and noncurrent financial assets on the Company’s consolidated statements of financial position. (4) Consists of foreign currency forward contracts, interest rate swaps, cross currency swaps and commodity hedge. Included in other current and noncurrent financial liabilities on the Company’s consolidated statements of financial position. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Financial instruments not recorded at fair value on a recurring basis include non-marketable equity securities (that have not been re-measured or impaired in the current period), grants receivable, loans receivable, lease obligations and the Company’s short-term and long-term debt. The carrying and fair values of the Company’s financial instruments not recorded at fair value on a recurring basis are presented in the following table, classified according to the categories of loans and receivables (“LaR”) and financial liabilities at amortized cost (“FLAC”): December 31, 2020 December 31, 2021 Financial Liability Category Carrying Fair Value Carrying Fair Value Other long-term debt FLAC 2,337,955 2,336,114 2,013,099 2,005,999 Total $ 2,337,955 $ 2,336,114 $ 2,013,099 $ 2,005,999 |
Operating Segments Information
Operating Segments Information | 12 Months Ended |
Dec. 31, 2021 | |
Operating Segments [Abstract] | |
Operating Segments Information | Operating Segments Information (a) Operating segments, segment revenue, operating results The Company’s chief operating decision-maker is the Company’s Chief Executive Officer who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis. There are no segment managers who are held accountable by the chief operating decision-maker, or anyone else, for operations, operating results, and planning for levels or components below the consolidated unit level. Accordingly, the Company has determined that the Company has a single reportable segment and operating segment structure. (b) Revenue and non-current assets by geography and major customers’ representing at least 10% of revenue based on customer’s headquarters were as follows: For the year ended December 31, Revenue by Geography 2019 2020 2021 United States $ 4,140,201 $ 3,368,262 $ 3,975,215 Europe, the Middle East, and Africa 695,193 451,283 805,226 Other 977,394 1,030,960 1,804,638 $ 5,812,788 $ 4,850,505 $ 6,585,079 Noncurrent Assets by Geography 2020 2021 United States $ 5,843,023 $ 5,433,410 Germany 1,404,202 1,989,121 Singapore 1,114,603 1,547,094 Other 495,461 411,551 Total $ 8,857,289 $ 9,381,176 Non-current assets include property, plant, equipment, right-of-use assets, intangible assets, investments in joint venture and associates, restricted cash (non-current) and receivables, prepayments and other assets (non-current). For the year ended December 31, Major Customer 2019 2020 2021 Amount % Amount % Amount % Customer A $ 1,600,750 28 $ 1,000,750 21 $ 811,304 12 Customer B $ 442,537 8 $ 536,915 11 $ 995,241 15 |
Customer And Supplier Concentra
Customer And Supplier Concentration | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Customer And Supplier Concentration | Customer And Supplier Concentration Significant customers and suppliers are those that account for greater than 10% of the Company’s revenue and purchases. The Company earned a substantial portion of revenue from two customers in 2019, 2020 and 2021: Customer A amounted to 28%, 21% and 12% of total revenue, respectively, and Customer B amounted to 8%, 11%, and 15% of total revenue, respectively. As of December 31, 2020 and 2021, the amounts due from Customer A included in accounts receivable were $129,895 and $178,506, respectively, and the amounts due from Customer B included in accounts receivable were $100,410 and $159,597, respectively. The loss of the significant customers or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition for the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies, Judgements, Estimates and Assumptions (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Basis of Measurement | Basis of Measurement —These financial statements have been prepared on the historical cost basis except as otherwise described in the notes below. |
Functional and Presentation Currency | Functional and Presentation Currency —The consolidated financial statements are presented in United States (U.S.) dollars ($), which is the Company’s functional and presentation currency. |
Foreign Currency Translation | Foreign Currency Translation —Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenue and expenses at the rate of exchange prevailing at the dates of the transactions during the period. Gains or losses on translation of foreign subsidiaries are included in other comprehensive income (loss). In preparing the consolidated financial statements of the company, foreign currency-denominated monetary assets and liabilities are translated into the functional currency using the closing rate at the applicable consolidated statement of financial position dates. Non-monetary assets and liabilities, denominated in a foreign currency and measured at fair value, are translated at the rate of exchange prevailing at the date when the fair value was determined and non-monetary assets measured at historical cost are translated at the historical rate. Revenue and expenses are measured in the functional currency at the rates of exchange prevailing at the dates of the transactions with gains or losses included in income. |
Basis of Consolidation | Basis of Consolidation —The consolidated financial statements comprise the financial statements of GLOBALFOUNDRIES and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GLOBALFOUNDRIES obtains control, and continue to be consolidated until the date when such control ceases. All intercompany transactions, balances, income and expenses are eliminated in full on consolidation. Wholly owned subsidiaries and controlled entities included in these consolidated financial statements are disclosed in Note 14. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. Specifically, the Company controls a subsidiary if, and only if, the Company (a) has a power over the subsidiary, (b) is exposed, or has rights, to variable returns from its involvement with subsidiary, and (c) has the ability to use the power to affect its returns. Profit or loss and each component of other comprehensive income (loss) (“OCI”) are attributed to the equity holder of the Company and to the non-controlling interests. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. |
Revenue Recognition | Revenue Recognition —The Company derives revenue primarily from fabricating semiconductor wafers using the Company’s manufacturing processes for the Company’s customers based on their own or third parties’ proprietary integrated circuit designs and, to a lesser extent, from design, mask making, bumping, probing, assembly and testing services. The Company recognizes revenue from contracts with customers by applying the following steps: (i) identify the contracts with the customers; (ii) identify performance obligations in the contracts; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations per the contracts; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The majority of the Company’s revenue is derived from contracts with customers for wafer fabrication and engineering and other pre-fabrication services such as rendering of non-recurring engineering (“NRE”) services and mask production. The Company accounts for a contract with a customer when it has approval and commitment from parties, the rights and obligations of the parties are identified, payments terms are identified, the contract has commercial substance, and collectability of consideration is probable. The Company generally requires a purchase order from all of its customers, to which the Company responds with an order acknowledgement and a copy of the Company’s standard terms and conditions. The Company also enters into master supply agreements (“MSA”) with certain of its customers that may specify additional terms and conditions, such as pricing formulas based on volume, volume discounts, calculation of yield adjustments, indemnifications, transfer of title and risk of loss, and payment terms. Under these agreements, volumes are usually not guaranteed. The Company also requires a purchase order from its customers with which it has MSAs for specific products and quantities. As a result, the Company has concluded that the combination of a purchase order and order acknowledgement, including the Company’s standard terms and conditions, and the MSA, if applicable, create enforceable rights and obligations between the Company and its customers. Typically, goods and services provided under the Company’s contracts are accounted for as a single performance obligation. However, in some contracts, the Company provides multiple distinct goods or services to a customer. In those cases, the Company accounts for the distinct contract deliverables as separate performance obligations at the stated contract value, which appropriately represents the individual performance obligation’s estimated standalone selling price. The Company fabricates wafers for its customers to the customers’ specifications. Since the wafers in process have no alternative use, and the Company has an enforceable right to payment including a reasonable profit (due to the existence of cancellation clauses for each arrangement), the Company concluded that it met the criteria to recognize revenue over time as a percentage of costs incurred over total expected costs. As discussed in Note 4, a change in cancellation terms in certain wafer orders during the year ended December 31, 2020 resulted in the Company no longer meeting the criteria to account for revenue recognition from contracts with customers over time. As such, the Company recognizes revenue for such modified wafer orders at the point at which control of the wafers is transferred to the customer, which is determined to be at the point of wafer shipment from the Company’s facilities or delivery to the customer location. This modification did not have an impact to its contracts to provide NRE services. For its contracts to provide NRE services to the customers’ specifications, the Company recognizes revenue as it delivers the service as a percentage of costs incurred over total expected costs. Certain of the Company’s contracts with its customers include potential price adjustments such as volume rebates and yield adjustments that may be refundable to customers. The Company estimates the variable consideration related to these price adjustments as part of the total transaction price and recognizes revenue in accordance with the pattern applicable to the performance obligation, subject to a constraint. The Company constrains the amount of revenue recognized for these contractual provisions based on its best estimate of the amount which will not result in a significant reversal of revenue in a future period. The Company determines the amounts to be recognized based on the amount of potential refund required by the contract, historical experience and other surrounding facts and circumstances. These obligations are typically settled with the customer after shipment through the issuance of a credit note applied against the customer’s accounts receivable balance. Any difference between the amount accrued upon shipment for potential refunds and the actual amount agreed to with the customer is recorded as an increase or decrease in revenue. These potential price adjustments are accrued and netted against accounts receivable on the consolidated statements of financial position. The Company’s contracts with its customers also warrant that products and services will meet the specified functionality. Defective products returned by customers are compensated through replacements, repairs or credit notes. A contract asset (“unbilled accounts receivables”) is recognized when the Company has recognized revenue, but not issued an invoice for payment. The Company has determined that unbilled receivables are not considered a significant financing component of the Company’s contracts. Contract assets are included in receivables, prepayments and other assets and transferred to receivables when invoiced (See Note 16). A contract liability is recognized when the Company receives payments in advance of the satisfaction of performance obligations and are included in deferred revenue on the consolidated statements of financial position (See Note 25). Costs to obtain a contract are incremental direct costs incurred to obtain a contract with a customer, including sales commissions, and are capitalized if material. Costs to fulfill a contract include costs directly related to a contract or specific anticipated contract (e.g., certain design costs) that generate or enhance the Company’s ability to satisfy the Company’s performance obligations under these contracts. These costs are capitalized to the extent they are expected to be recovered from the associated contract and are material. |
Business Combinations | Business Combinations —Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Company elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in selling, general and administrative expenses. When the Company acquires a business, assets acquired and liabilities assumed are measured at their respective fair values on the acquisition date. The Company assesses the assets acquired and liabilities assumed for appropriate classification in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. |
Investments in Joint Ventures | Investments in Joint Ventures —Joint ventures are those entities over whose activities the Company has joint control, established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions. Investments in jointly controlled entities are accounted for using the equity method of accounting (herein after referred to as “equity accounted investees”) and are recognized initially at cost. The consolidated financial statements include the Company’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that joint control commences until the date that joint control ceases. The most recent available financial statements of the equity accounted investees are used in applying the equity method. When the end of the reporting period of the equity accounted investees is different from the Company, and it is impracticable for the equity accounted investees to prepare financial statements as of the same date as the Company, the Company’s share of the income and expenses and equity movements of equity accounted investees may be recorded with up to a one-month lag. After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss on its investment in its joint venture. At each reporting date, the Company determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognizes the loss as share of profit (loss) of joint ventures and associates in the consolidated statements of operations and comprehensive loss. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company has an obligation on behalf of the investee. |
Cash and Cash Equivalents | Cash and Cash Equivalents —Cash and cash equivalents includes cash on hand and balances at banks, deposits held on call with banks, and financial instruments that are not subject to significant risk of changes in value, are readily convertible into cash and have original maturities of three months or less at the time of purchase. |
trade Accounts Receivable | Trade Accounts Receivable —Trade accounts receivable are recognized initially at fair value. A provision for impairment of trade accounts receivable is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. |
Financial Instruments | Financial Instruments: Category of financial instruments and measurement Recognition and Initial Measurement—Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component), or financial liability is initially measured at fair value plus, in the case of a financial asset not at fair value recognized in profit and loss (“FVPL”), transaction costs that are directly attributable to its acquisition or issue. Transaction costs of a financial assets carried at FVPL are expensed in profit and loss. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and Measurement—All recognized financial assets are measured based on amortized cost or fair value. The classification is based on two criteria, the Company’s business model for managing the assets and whether the instrument’s contractual cash flows represent solely payments of principal and interest (“SPPI”). The assessment of whether contractual cash flows on debt instruments are solely comprised of principal and interest is made based on the facts and circumstances as at the initial recognition of assets. Financial assets are recorded at amortized cost when such financial assets are held with the objective to collect contract cash flows that meet the SPPI criterion. This category includes debt, trade and other receivables and loans to related parties included under receivables, prepayments and other assets. Financial assets recorded at FVPL comprise unquoted equity instruments which the Company had not irrevocably elected, at initial recognition, to classify at fair value through other comprehensive income (“FVOCI”). This category would also include debt instruments (including loans to related parties) whose cash flow characteristics fail the SPPI criterion or are not held to either collect contractual cash flows or to both collect contractual cash flows and sell financial assets. Financial assets recorded at FVOCI comprise unquoted equity investments which the Company irrevocably elects, at initial recognition, to classify at fair value through OCI when they meet the definition of equity and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recorded to profit or loss. Dividends are recognized as other income in the consolidated statements of operations and comprehensive income when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at FVOCI are not subject to impairment assessment. Derecognition—The company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or transfer. The company derecognizes a financial liability when its contractual obligations are discharged, cancelled or expired. The difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit and loss. Impairment of financial assets The Company will record an allowance for expected credit losses (“ECL”) for all loans, contract assets, and other debt financial assets not recorded at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. The Company estimated its expected credit losses for its contract assets, loans to related parties, trade receivables and other receivables and other receivables at an amount equal to lifetime credit losses. Offsetting of Financial Instruments —Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position when there is an enforceable legal right to offset the recognized amounts, and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Fair Value of Financial Instruments —The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include using recent arm’s-length market transactions; reference to the current fair value of another instrument that is substantially the same; a discounted cash flow analysis or other valuation models. Derivative Financial Instruments and Hedge Accounting —The Company uses derivative financial instruments, such as foreign currency forward contracts, interest rate swaps, cross currency swaps and commodity forward contracts to mitigate the risks associated with changes in foreign currency exchange, interest rates and commodity price. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. In applying its strategy, from time to time, the Company uses foreign currency forward contracts to hedge certain forecasted expenses denominated in foreign currencies, primarily the Euro and Singapore Dollar. The Company hedges future cash flows for capital expenditures denominated in foreign currencies, primarily the Euro and Yen. In addition, the Company uses pay-fixed/receive-float interest rate swaps and cross-currency swaps to protect the Company against adverse fluctuations in interest rates and foreign currency rates and to reduce its exposure to variability in cash flows on the Company’s forecasted floating-rate debts and foreign currency- denominated debts. The Company also uses commodity forward contracts to hedge forecasted electricity consumption to minimize the impact of commodity price movements on the reported earnings of the Company and on future cash flows related to fluctuations of the contractually specified, separately identifiable and reliably measurable commodity risk component. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. The Company designates these contracts and swaps as cash flow hedges of forecasted expenses, capital expenditures or floating-rate and foreign currency denominated debts, as applicable, and evaluates hedge effectiveness prospectively. As such, the effective portion of the gain or loss on these contracts and swaps is reported as a component of OCI and reclassified to the consolidated statements of operations and comprehensive loss in the same line item as the associated forecasted transaction for expenses and in the same period during which the hedged item affects earnings. For hedges of capital expenditures, the amount in OCI is incorporated into the initial carrying amounts of the non-financial assets and depreciated over the average useful life of the underlying assets. Any ineffective portion of hedges for expenses or capital expenditures is immediately recorded in the consolidated statements of operations and comprehensive loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognized in the cash flow hedge reserve remains in equity and is recognized in profit or loss when the forecast transaction is ultimately recognized in profit or loss. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss. Derecognition of financial assets The Company derecognizes a financial asset only when the contractual rights to the cash flows from the financial asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the financial asset to another entity. On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. On derecognition of an investment in a debt instrument at FVOCI, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. However, on derecognition of an investment in an equity instrument at FVOCI, the cumulative gain or loss that had been recognized in OCI is transferred directly to retained earnings, without recycling through profit or loss. Current versus noncurrent classification of derivative instruments—Derivative instruments are classified as current or noncurrent or separated into a current and noncurrent portion based on an assessment of the facts and circumstances. Derivative financial instruments are classified as a current asset or liability when they have a maturity period within 12 months. Where derivative financial instruments have a maturity period greater than 12 months, they are classified within either noncurrent assets or liabilities. Where the Company will hold a derivative as an economic hedge (and does not apply hedge accounting) for a period beyond 12 months after the reporting date, the derivative is classified as noncurrent (or separated into current and noncurrent portions) consistent with the classification of the underlying item. Derivative instruments that are designated as, and are effective hedging instruments, are classified based on the settlement date. |
Inventories and Inventory Valuation | Inventory Valuation —Inventories are stated at standard cost adjusted to the lower of cost or net realizable value. The company measures the cost of its inventory based on a standard cost process with appropriate adjustments for purchasing and manufacturing variances, which approximates weighted average cost. The cost of raw materials is determined using applicable raw material purchase prices. The cost of supplies is determined based on a weighted-average cost formula. Work in process and finished goods are valued at the cost of direct materials and a proportion of manufacturing labor and overhead costs based on normal operating capacity. Inventory allowances are made on an item-by-item basis, except where it may be appropriate to group similar or related items. An allowance is made for the estimated losses due to obsolescence based on expected future demand and market conditions. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. |
Property, Plant, and Equipment | Property, Plant and Equipment —Construction in progress, property, plant and equipment are stated at historical cost, net of accumulated depreciation and accumulated impairment losses. The assets’ residual values and useful life are reviewed, and adjusted if appropriate, at each balance sheet date. Major additions and improvements are capitalized as appropriate, only when it is probable that future economic benefits associated with the item and the cost of the item can be measured reliably; minor replacements and repairs are charged to the consolidated statement of operations and comprehensive loss. The Company also capitalizes interest on borrowings related to eligible capital expenditures. Capitalized interest is added to the cost of qualified assets and depreciated together with that asset cost. The Company also records capital-related government grants, not subject to forfeiture, as a reduction to property, plant and equipment. Depreciation begins when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by management (available for use). Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows: five |
Intangible Assets | Intangible Assets —Technology, patent, software licenses and similar rights acquired separately are stated at cost or are adjusted to fair value when impaired. Intangible assets acquired through business combinations which include customer relationships and manufacturing and process technology, are recorded at estimated fair values at the date of acquisition. Intangible assets are amortized based on the pattern in which the economic benefits of the respective intangible asset are consumed, which is in general on a straight-line basis over their estimated useful lives of between three Impairment of Non-Financial Assets —The Company reviews, at each reporting date, the carrying amount of the Company’s property, plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Factors that the Company considers important in deciding when to perform an impairment review include, but are not limited to: • Significant underperformance relative to historical or projected future operating results; • Significant changes in the manner of the Company’s use of the acquired assets or the Company’s overall business strategy; and • Significant unfavorable industry or economic trends. If any indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual assets, The Company estimates the recoverable amount of the cash generating unit (“CGU”) to which the asset belongs. The recoverable amount of an asset or CGU is estimated to be the higher of an asset’s or CGU’s fair value less costs to dispose and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset or CGU is considered impaired and is written down to its recoverable amount. The Company also evaluates, and adjusts if appropriate, the asset’s useful lives, at each reporting date or when impairment indicators exist. In assessing value in use, the estimated future post-tax cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The Company bases its impairment calculation on detailed budgets and forecast calculations, which may include an approved formal five-year management plan for each of the CGUs to which the individual assets are allocated. In determining fair value less costs to sell, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. Impairment losses are recognized in the consolidated statements of operations and comprehensive loss to the extent of the recoverable amount, measured at the present value of discounted cash flows attributable to the assets, is less than their carrying value. The Company also performs periodic reviews to identify assets that are no longer used and are not expected to be used in future periods and record an impairment charge to the extent that the carrying amount of the tangible and intangible assets exceeds the recoverable amount. If the recoverable amount subsequently increases, the impairment loss previously recognized will be reversed to the extent of the increase in the recoverable amount, provided that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. The impairment loss reversal is recognized immediately in the consolidated statements of operations and comprehensive loss. |
Provisions | Provisions —Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are mainly made up of site restoration obligations. The associated site restoration costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the related long-lived assets. |
Leasing | Leasing —On January 1, 2019, the Company adopted IFRS 16, Leases , using the modified retrospective approach by applying the new standard to all leases existing at the adoption date and not restating comparative periods. The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use assets —The Company recognizes right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are reported within property, plant and equipment, and are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. Lease liabilities —At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. Only lease payments that are fixed and determinable are considered at the time of commencement. The lease payment includes fixed payments (including in-substance fixed payments) less any lease incentives, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments ( e.g. , changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying assets. The Company’s lease liabilities are separately reported in the consolidated statements of financial position under noncurrent portion of lease obligations and current portion of lease obligations. Short-term leases and leases of low-value assets —The Company applies the short-term lease recognition exemption to leases that have a lease term not exceeding 12 months, or for leases of low-value assets. The payment for such leases is recognized in the Company’s consolidated statement of operations and comprehensive loss on a straight-line basis over the lease term. |
Share-based payments | Share-based payments —Share-based payment expense related to share awards is recognized based on the fair value of the awards granted. The fair value of each option award is estimated on the grant date using the Black-Scholes option pricing model. The option pricing model requires the input of highly subjective assumptions, including the estimated fair value of the Company’s stock, expected term of the option, expected volatility of the price of the Company’s shares, risk free interest rate and the expected dividend yield of ordinary shares. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company estimates the expected forfeiture for options utilizing historical data, and only recognizes expense when a defined liquidity event (change in control or IPO) is deemed probable on the number of awards that are expected to vest. After applying a forfeiture estimate during each reporting period for when the options are probable of vesting, the Company recognizes expense on a graded attribution basis for each tranche of the award over the period from the grant date to the later of the one-year anniversary of estimated time following a liquidity event or the legal vesting dates (see Note 30). The grant date fair value of equity-settles share-based payment awards granted to employee is recognized as an employee benefit expense, with a corresponding increase in equity, over the vesting period of the awards, The amount recognized as an expense is adjusted to reflected the number of awards for which the service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of wards that meet the service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual performance. The principles of modification accounting are applied when new share-based payment is granted as a replacement for another share-based payment that is cancelled. When modification accounting is applied, the entity accounts for any incremental fair value in addition to the grant-date fair value of the original award. In the case of a replacement, the incremental fair value is the difference between the fair value of the replacement award and the net fair value of the cancelled award, both measured at the date on which the replacement award is issued. The net fair value is the fair value of the cancelled award measured immediately before the cancellation, less any payment made to the employees on cancellation. A package of modifications might include several changes to the terms of a grant, some of which are favorable to the employee and some not. In the event if the net effect is not beneficial to the employee, cancellation accounting will be applied. Cancellations or settlements of equity-settled share-based payments during the vesting period by the Company are accounted for as accelerated vesting; therefore, the amount that would otherwise have been recognized for services received is recognized immediately. The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses as well as the disclosure of commitments and contingencies. Actual results may differ from these estimates and such differences may be material to the consolidated financial statements. Enterprise Value —Given the absence of a public trading market of the Company’s ordinary shares prior to the initial public offering, and in accordance with the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, the Company’s board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of the Company’s ordinary shares at each grant date. These factors include: • valuations of the Company’s ordinary shares performed by independent third-party specialists; • lack of marketability of the Company’s ordinary shares; • the Company’s actual operating and financial performance; • current business conditions and projections; • hiring of key personnel and the experience of the Company’s management; • the history of the Company and the introduction of new products; • the Company’s stage of development; • the market performance of comparable publicly traded companies; and • the U.S. and global capital market conditions. In valuing the Company’s ordinary shares, the Company’s board of directors determined the equity value of the Company’s business using various valuation methods including combinations of income and market approaches with input from management. The income approach estimates value based on the expectation of future cash flows that a company will generate. These future cash flows are discounted to their present values using a discount rate derived from an analysis of the cost of capital of comparable publicly traded companies in the Company’s industry or similar business operations as of each valuation date and is adjusted to reflect the risks inherent in the Company’s cash flows. For the market approach, the Company reviews the performance of a set of guideline comparable public companies, and considers the guideline companies’ various financial characteristics, including size, profitability, balance sheet strength, and diversification as compared to the Company. Subsequent to IPO, the fair value of the ordinary shares is determined based on market share price. Application of these approaches involves the use of estimates, judgment, and assumptions that are highly complex and subjective, such as those regarding the Company’s expected future revenue, expenses, and future cash flows, discount rates, market multiples, and the selection of comparable companies. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact the Company’s valuations as of each valuation date and may have a material impact on the valuation of the Company’s ordinary shares. Impairment Assessment of Non-Financial Assets —Impairment exists when the carrying value of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs to sell calculation is based on a discounted cash flow analysis that a potential buyer would perform in determining a transaction value of the CGU less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. When preparing the discounted cash flow analysis, the Company makes subjective judgments in determining the independent cash flows that can be related to a specific CGU based on its asset usage model and manufacturing capabilities in addition to the discount rate used in the analysis. In addition, because subjective judgments are made regarding the remaining useful lives of assets and expected future revenue and expenses associated with the assets, changes in these estimates based on changes in economic conditions or business strategies could result in material impairment charges in future periods. The key assumptions used to determine the recoverable amount for the different CGUs, including sensitivity analysis, are disclosed and further explained in Note 14. |
Earnings Per Share | Earnings Per Share —Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding, adjusted for the effects of all dilutive potential ordinary shares. The weighted average number of ordinary shares outstanding is increased by the number of additional ordinary shares that would have been issued by the Company assuming exercise of all options with exercise prices below the average market price for the year. |
Government Grants | Government Grants —The Company has received investment grants from the Federal Republic of Germany, the State of Saxony, various agencies of the Government of Singapore and the Empire State Development Corporation in New York (collectively referred to as “Government Grants”). These grants are primarily provided in connection with construction and operation of the Company’s wafer manufacturing facilities, employment and research and development. In 2020, the Company has received non-refundable cash grants from the Government of Singapore as part of the Government’s relief measures to help businesses deal with the impact from the COVID-19 pandemic under the Job Support Scheme totaling $29,113, which was recorded as a reduction of staff costs. The Company has received $26,313 in 2020 and $2,996 in 2021. Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as deferred income and released to the consolidated statements of operations and comprehensive loss over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate, and is presented as a reduction of those costs. Where the grant relates to an asset, it is recognized as a reduction in the basis of the asset and released as a reduction to depreciation expense in equal amounts over the expected useful life of the related asset. |
Research and Development Costs | Research and Development Costs —Research costs are expensed as incurred. Development costs are recognized as intangible assets only when it is probable that expected future economic benefits, attributable to the development activities, will accrue to the Company. |
Borrowing Costs | Borrowing Costs —Borrowing costs directly attributable to the construction phase of property, plant and equipment are capitalized as part of the cost of assets which are constructed by the Company and for which a considerable period of time (at least six months) is planned for construction. Borrowing costs are capitalized from the start of construction until the date the asset is ready for its intended use. All other borrowing costs are recognized as an expense in the period in which they are incurred. |
Current and Deferred Income Tax | Current Income Tax —Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Realization of Deferred Income Tax Asset —Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except: • Where the deferred income tax liability arises from the initial recognition of goodwill or of an asset acquired or liability assumed in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized except in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in profit or loss. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Income Taxes —In determining taxable income for financial statement reporting purposes, management makes certain estimates and judgments specific to taxation issues. These estimates and judgments are applied in the calculation of certain tax liabilities and in the determination of the recoverability of deferred tax assets, which arise from temporary differences between the recognition of assets and liabilities for income tax and financial statement reporting purposes. Deferred taxes are recognized for unused losses, among other events, to the extent that it is probable that taxable profit will be available against which the losses can be utilized. This evaluation requires the exercise of judgment with respect to, among other things, benefits that could be realized from available tax strategies and future taxable income, as well as other positive and negative factors. The ultimate realization of deferred tax assets is dependent upon, among other things, the Company’s ability to generate future taxable income that is sufficient to utilize loss carry-forwards or tax credits before their expiration or the Company’s ability to implement prudent and feasible tax planning strategies. If estimates of projected future taxable income and benefits from available tax strategies are reduced as a result of a change in the assessment or due to other factors, or if changes in current tax regulations are enacted that impose restrictions on the timing or extent of the Company’s ability to utilize net operating losses and tax credit carry-forwards in the future, the Company may be required to reduce the amount of total deferred tax assets resulting in a decrease of total assets. Likewise, a change in the tax rates applicable in the various jurisdictions or unfavorable outcomes of any ongoing tax audits could have a material impact on the future tax provisions in the periods in which these changes could occur. In addition, the calculation of tax liabilities involves dealing with uncertainties in the application of complex tax rules and the potential for future adjustment of uncertain tax positions by the tax authorities in the countries in which the Company operates. If estimates of these taxes are greater or less than actual results, an additional tax benefit or charge may result. |
Current versus noncurrent classification | Current versus noncurrent classification — Current assets are assets held for trading purposes and assets expected to be converted to cash, sold or consumed within one year from the end of the reporting period. Current liabilities are obligations incurred for trading purposes and obligations expected to be settled within one year from the end of the reporting period. Assets and liabilities that are not classified as current are noncurrent assets and liabilities, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements, Adopted: Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform (“IBOR”) — Phase 1 Amendments - On 1 January 2020, the Company adopted the Phase 1 amendments arising from the IBOR reform amendments issued in September 2019, which provides temporary relief from applying specific hedge accounting requirements to hedge relationships directly affected by IBOR reform, such that the effect is that IBOR reform should not generally cause hedge accounting to terminate. Phase 2 Amendments - On 1 January 2021, the Company adopted the Phase 2 amendments arising from the IBOR reform issued in August 2020. The Phase 2 amendments address issues that arise from the implementation of the IBOR reform, including the replacement of an interest rate benchmark with an alternative benchmark rate. The key reliefs provided to the Company are as follows: • financial instruments measured at amortized cost are allowed to account for changes in the basis for determining contractual cash flows as a direct consequence of the IBOR reform by updating the effective interest rate, provided that the new basis is economically equivalent to the previous basis, such that there is no immediate gain or loss recognized; and • most IFRS 9 hedge relationships that are directly affected by the IBOR reform are allowed to continue. The Company has evaluated the extent to which its cash flow hedging relationships are subject to uncertainty driven by IBOR reform as at December 31, 2021. The Company’s hedged items and hedging instruments continue to be indexed to EURIBOR and LIBOR. These benchmark rates are quoted each day and the IBOR cash flows are exchanged with counterparties as usual. The Company has also evaluated the extent to which contracts reference IBOR cash flows, whether such contracts will need to be amended as a result of IBOR reform. There has been communication about IBOR reform with the counterparties. However, no amendments has been to made to the Company’s existing IBOR-referenced loan and derivative contracts as of December 31, 2021. As of December 31, 2021, there is still uncertainty about when and how replacement may occur with respect to the relevant hedged items and hedging instruments. Accordingly, the Company will continue to apply the Phase 1 amendments until the uncertainty arising from the IBOR reform with respect to the timing and the amount of the underlying cash flows that the Company is exposed to is no longer present. This uncertainty will not end until the Company’s contracts that reference IBOR are amended to specify the alternative benchmark rate and the relevant adjustment, if any. This will, in part, be dependent on the negotiation with the counterparties and the introduction of fall back clauses which have yet to be added to the Company’s contracts. The Company has a limited exposure to changes in the IBOR benchmark. The Company has $992,867 of interest rate swaps which are in a cash flow hedge relationship of USD Equipment Financing and USD Term Loan A. Also, the Company has EUR 488,993 thousand of cross currency swaps which are in cash flow hedge relationships of EUR Equipment Financing and EUR Term Loan A. The table below indicates the nominal amount and weighted average maturity of derivatives in hedging relationships that will be affected by IBOR reform as financial instruments transition to risk-free rates, analyzed by interest rate basis. The derivative hedging instruments provide a close approximation to the extent of the risk exposure the Company manages through hedging relationships. Recent Accounting Pronouncements, Not Adopted: The Company has not adopted the following new, revised or amended IFRS standards that have been issued by the IASB but not yet effective: • COVID-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16); • Annual Improvements to IFRS Standards 2018–2020; • Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); • Reference to Conceptual Framework (Amendments to IFRS 3); • Classification of Liabilities as Current or Non-current (Amendments to IAS 1); • Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); • Definition of Accounting Estimates (Amendments to IAS 8); As of the date the accompanying financial statements were authorized for issue, the Company continues in evaluating the impact on its financial position and performance as a result of the initial adoption of the aforementioned standards or interpretations and related applicable period. |
Changes in estimates | Changes in estimates — |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies, Judgements, Estimates and Assumptions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Summary of property, plant and equipment | Land and Land Improvements Building and Leasehold Improvements Equipment Computer Construction in Progress Total Cost As of December 31, 2019 $ 107,011 $ 7,330,889 $ 21,750,367 $ 403,774 $ 232,378 $ 29,824,419 Additions (1) — 15,016 31,494 276 570,576 617,362 Transfers from construction in progress — 43,833 373,359 7,928 (425,120) — Transfers from assets held for sale — — 75,158 — — 75,158 Acquisition of subsidiaries 9,362 57,426 167,509 — 76,491 310,788 Disposals (11,926) (6,781) (358,502) (1,266) (3,538) (382,013) As of December 31, 2020 104,447 7,440,383 22,039,385 410,712 450,787 30,445,714 Additions (1) 25,615 70,831 32,608 969 1,794,343 1,924,366 Transfers from construction in progress — 116,406 676,866 27,514 (820,786) — Disposals — (45,864) (371,007) (4,717) (717) (422,305) Effect of exchange rate changes 105 (5,990) (27,544) — (325) (33,754) As of December 31, 2021 $ 130,167 $ 7,575,766 $ 22,350,308 $ 434,478 $ 1,423,302 $ 31,914,021 Accumulated Depreciation and Impairment As of December 31, 2019 $ 27,909 $ 3,438,689 $ 16,401,216 $ 338,701 $ 6,635 $ 20,213,150 Additions (1) 3,960 424,304 1,783,572 26,569 — 2,238,405 Impairments — 5,331 18,786 — — 24,117 Transfers from assets held for sale — — 71,681 — — 71,681 Disposals (582) (2,172) (323,916) (1,171) — (327,841) As of December 31, 2020 31,287 3,866,152 17,951,339 364,099 6,635 22,219,512 Additions (1) 5,622 444,417 936,797 24,582 — 1,411,418 Disposals 68 (44,286) (361,589) (4,706) — (410,513) Effect of exchange rate changes — 4 (19,378) — — (19,374) As of December 31, 2021 $ 36,977 $ 4,266,287 $ 18,507,169 $ 383,975 $ 6,635 $ 23,201,043 Net book value as of December 31, 2020 $ 73,160 $ 3,574,231 $ 4,088,046 $ 46,613 $ 444,152 $ 8,226,202 Net book value as of December 31, 2021 $ 93,190 $ 3,309,479 $ 3,843,139 $ 50,503 $ 1,416,667 $ 8,712,978 |
Disclosure of financial instruments | As of December 31, 2021 Interest rate swaps Currency Nominal amount Maturity Three-month LIBOR USD 93,750 2023 Three-month LIBOR USD 709,688 2024 Six-month LIBOR USD 189,429 2026 Total 992,867 Cross currency swaps (in thousand Euro) Three-month LIBOR EUR 83,000 2024 Six-month LIBOR EUR 334,564 2024 Six-month LIBOR EUR 71,429 2026 Total 488,993 The following foreign currency forward contracts are outstanding at December 31, 2020 and 2021 (in thousands, except average foreign currency/US$): Fair Value of Derivative Instruments Derivative Instruments Other Current Financial Assets Other Noncurrent Financial Assets Other Current Financial Liabilities Other Noncurrent Financial Liabilities Notional Amount Average Foreign Currency/ US$ Average Strike Price Maturity Outstanding as of December 31, 2020: Forward contracts: Euro forward contracts (receive euros/pay US$) $ 28,489 $ — $ (818) $ — $ 594,169 0.85 — 2021 Singapore dollar forward contracts (receive Singapore$/pay US$) 13,266 — (439) — 360,328 1.37 — 2021 Japanese yen forward contracts (receive Japanese yen/pay US$) 444 — (61) — 23,939 104.77 — 2021 Interest rate swaps — — — (33,287) 1,190,752 — 0.382% - 1.731% 2023 - 2026 Cross currency swaps (receive euros/pay US$) — 33,169 — — 566,497 0.89 3.834% - 4.182% 2024 - 2026 Commodity hedge 8,335 885 — (58) 56,262 235.2 — 2021 - 2022 Total $ 50,534 $ 34,054 $ (1,318) $ (33,345) $ 2,791,947 Outstanding as of December 31, 2021: Forward contracts: Euro forward contracts (receive Euros/Pay US$) $ 4,030 $ — $ (37,822) $ — $ 1,239,770 0.86 — 2022 - 2023 Singapore dollar forward contracts (receive Singapore$/pay US$) 3,359 — (2,755) — 858,227 1.35 — 2022 Japanese yen forward contracts (receive Japanese yen/pay US$) 1,700 — (7,308) — 300,158 112.77 — 2022 - 2023 Interest rate swaps — 628 — (7,803) 992,866 — 0.382% - 1.731% 2023 - 2026 Cross currency swaps (receive euros/pay US$) — 28 — (4,181) 550,580 0.89 3.834% - 4.182% 2024 - 2026 Cross currency swaps (receive Singapore $/pay US$) — 60 — (4,328) 109,612 1.37 1.830% - 1.941% 2028 Commodity hedge 14,094 1,601 (708) (664) 96,097 — — 2022 - 2023 Total $ 23,183 $ 2,317 $ (48,593) $ (16,976) $ 4,147,310 |
Net Revenues (Tables)
Net Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Schedule of disaggregation of revenue | The following table presents the Company’s revenue disaggregated based on revenue source and timing of revenue recognition. The Company believes these categories best depict how the nature, timing, and uncertainty of revenue cash flows are affected by economic factors. 2019 2020 2021 Type of goods and services: Wafer fabrication $ 5,442,550 $ 4,440,291 $ 6,204,068 Engineering and other pre-fabrication services 370,238 410,214 381,011 $ 5,812,788 $ 4,850,505 $ 6,585,079 Timing of revenue recognition: Revenue recognized over time $ 5,736,926 $ 4,227,448 $ 356,862 Revenue recognized at a point in time 75,862 623,057 6,228,217 $ 5,812,788 $ 4,850,505 $ 6,585,079 |
Cost of Revenues (Tables)
Cost of Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contracts with Customers [Abstract] | |
Schedule of cost of revenues | 2019 2020 2021 Depreciation of PPE and amortization of intangible assets (1) $ 2,382,199 $ 2,186,957 $ 1,421,798 Inventory changes and materials costs 1,796,906 1,098,318 1,725,374 Staff costs, maintenance costs, and utilities 2,121,007 2,189,481 2,423,744 Other 44,920 88,469 894 $ 6,345,032 $ 5,563,225 $ 5,571,810 (1) Amounts are net of amortization of government grants relating to assets. See Note 12 for the detailed movements of property, plant and equipment. |
Research and development Expe_2
Research and development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of research and development expenses | 2019 2020 2021 Staff costs, maintenance costs, and utilities $ 300,124 $ 229,996 $ 256,715 Depreciation of PPE and amortization of intangible assets 209,339 220,475 147,157 Other (1) 73,511 25,298 74,289 $ 582,974 $ 475,769 $ 478,161 |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of selling, general and administrative expenses | 2019 2020 2021 Staff costs, maintenance costs, and utilities (1) $ 343,005 $ 339,728 $ 536,803 Depreciation of PPE and amortization of intangible assets 86,686 115,082 49,889 Other (2) $ 15,937 $ (9,950) 8,228 $ 445,628 $ 444,860 $ 594,920 (1) Staff costs, maintenance costs, and utilities costs include share-based payments of $0, $980 and $151,730 for share options for the year ended December 31, 2019, 2020 and 2021, respectively. See Note 3 for further discussion on the timing of expense recognition. |
Impairment Charges (Tables)
Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Impairment of assets [Abstract] | |
Schedule of impairment charges | The Company recorded the following impairment charges: 2019 2020 2021 Equipment $ 17,886 $ 22,672 $ — Equipment held for sale (1) 43,880 — — Intellectual property and other 2,184 — — Total impairment charges $ 63,950 $ 22,672 $ — (1) In the year ended December 31, 2019, the Company identified certain underutilized fabrication tools and also offered them for sale. These assets were no longer being depreciated while awaiting sale. The carrying values of these assets exceeded the recoverable values based on agreements to sell or a valuation report obtained from a third-party valuation firm. |
Finance Expenses (Tables)
Finance Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of finance expenses | 2019 2020 2021 Interest on long-term debt $ 159,114 $ 97,855 $ 71,991 Interest on lease obligations 43,666 34,807 26,859 Commitment fees and amortization of debt issuance costs 23,457 18,366 12,442 Accretion costs and other 3,939 3,359 2,413 Total Finance Expenses $ 230,176 $ 154,387 $ 113,705 |
Gain on Sale of a Fabrication_2
Gain on Sale of a Fabrication Facility and Application Specific Integrated Circuit Business (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Non-Current Asset Held For Sale And Discontinued Operations [Abstract] | |
Schedule of sale of facility and business | For the year ended December 31, 2019, the Company recognized the following gain from sale of a fabrication facility and Application Specific Integrated Circuit (“ASIC”) business-related assets: 2019 Facility in Tampines, Singapore $ 196,554 ASIC Business 418,000 Total gain on sale of a fabrication facility and ASIC business $ 614,554 December 31, Property, plant and equipment $ 54,061 Inventories 1,908 Receivables 800 Total Assets 56,769 Lease liabilities (9,681) Other current and noncurrent liabilities (6,739) Other (903) Total Liabilities (17,323) Net Assets $ 39,446 The following is the breakdown of the net assets that were derecognized: December 31, Property, plant and equipment $ 18,894 Intangible assets 10,239 Unbilled accounts receivable 95,857 Inventories 30,285 Other current and noncurrent assets 8,039 Total Assets 163,314 Lease liabilities (619) Deferred revenue (36,417) Other current and noncurrent liabilities (2,211) Total Liabilities (39,247) Net Assets $ 124,067 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of other (income) expense, net | 2019 2020 2021 Gain on legal settlement (2) $ — $ 294,217 $ — Gain on remeasurement of existing equity interests (Note 14) — 38,470 — Other (1) 74,055 107,620 (11,481) Total other income, net $ 74,055 $ 440,307 $ (11,481) (1) Relate primarily to gains on the sales of property, plant and equipment and intangible assets. (2) On April 10, 2020, under the terms of a settlement agreement, the Company received a settlement and recorded total gains of $294,217 related to this settlement for the year ended December 31, 2020. |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of property, plant and equipment | Land and Land Improvements Building and Leasehold Improvements Equipment Computer Construction in Progress Total Cost As of December 31, 2019 $ 107,011 $ 7,330,889 $ 21,750,367 $ 403,774 $ 232,378 $ 29,824,419 Additions (1) — 15,016 31,494 276 570,576 617,362 Transfers from construction in progress — 43,833 373,359 7,928 (425,120) — Transfers from assets held for sale — — 75,158 — — 75,158 Acquisition of subsidiaries 9,362 57,426 167,509 — 76,491 310,788 Disposals (11,926) (6,781) (358,502) (1,266) (3,538) (382,013) As of December 31, 2020 104,447 7,440,383 22,039,385 410,712 450,787 30,445,714 Additions (1) 25,615 70,831 32,608 969 1,794,343 1,924,366 Transfers from construction in progress — 116,406 676,866 27,514 (820,786) — Disposals — (45,864) (371,007) (4,717) (717) (422,305) Effect of exchange rate changes 105 (5,990) (27,544) — (325) (33,754) As of December 31, 2021 $ 130,167 $ 7,575,766 $ 22,350,308 $ 434,478 $ 1,423,302 $ 31,914,021 Accumulated Depreciation and Impairment As of December 31, 2019 $ 27,909 $ 3,438,689 $ 16,401,216 $ 338,701 $ 6,635 $ 20,213,150 Additions (1) 3,960 424,304 1,783,572 26,569 — 2,238,405 Impairments — 5,331 18,786 — — 24,117 Transfers from assets held for sale — — 71,681 — — 71,681 Disposals (582) (2,172) (323,916) (1,171) — (327,841) As of December 31, 2020 31,287 3,866,152 17,951,339 364,099 6,635 22,219,512 Additions (1) 5,622 444,417 936,797 24,582 — 1,411,418 Disposals 68 (44,286) (361,589) (4,706) — (410,513) Effect of exchange rate changes — 4 (19,378) — — (19,374) As of December 31, 2021 $ 36,977 $ 4,266,287 $ 18,507,169 $ 383,975 $ 6,635 $ 23,201,043 Net book value as of December 31, 2020 $ 73,160 $ 3,574,231 $ 4,088,046 $ 46,613 $ 444,152 $ 8,226,202 Net book value as of December 31, 2021 $ 93,190 $ 3,309,479 $ 3,843,139 $ 50,503 $ 1,416,667 $ 8,712,978 |
Schedule of depreciation expense | Depreciation expenses on property, plant and equipment are as follows: 2019 2020 2021 Cost of revenue $ 2,290,531 $ 2,087,376 $ 1,308,777 Research and development expenses 105,113 121,078 73,161 Selling, general and administrative expenses 40,255 29,951 29,480 Total $ 2,435,899 $ 2,238,405 $ 1,411,418 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
Schedule of goodwill and intangible assets rollforward | Cost Technology, Licenses and Similar Rights Software Patents Goodwill Others Total As of December 31, 2019 $ 1,274,547 $ 270,844 $ 264,826 $ 5,477 $ 131,200 $ 1,946,894 Additions 192,507 12,323 — — 610 205,440 Acquisitions of subsidiaries — 326 — 12,547 — 12,873 Disposals (217,825) (4,192) (30,349) — — (252,366) As of December 31, 2020 1,249,229 279,301 234,477 18,024 131,810 1,912,841 Additions 32,471 4,300 — — — 36,771 Disposals (79,958) (32) (4,554) — — (84,544) As of December 31, 2021 $ 1,201,742 $ 283,569 $ 229,923 $ 18,024 $ 131,810 $ 1,865,068 Accumulated Amortization As of December 31, 2019 $ 821,298 $ 243,738 $ 173,057 $ — $ 74,020 $ 1,312,113 Additions 166,707 20,748 39,474 — 57,180 284,109 Impairments (1,445) — — — — (1,445) Disposals (201,674) (1,891) (26,313) — — (229,878) As of December 31, 2020 784,886 262,595 186,218 — 131,200 1,364,899 Additions 162,066 14,629 30,731 — — 207,426 Disposals (79,958) 129 (4,177) — — (84,006) As of December 31, 2021 $ 866,994 $ 277,353 $ 212,772 $ — $ 131,200 $ 1,488,319 Net book value as of December 31, 2020 $ 464,343 $ 16,706 $ 48,259 $ 18,024 $ 610 $ 547,942 Net book value as of December 31, 2021 $ 334,748 $ 6,216 $ 17,151 $ 18,024 $ 610 $ 376,749 |
Schedule of amortization expense | Amortization expenses on intangible assets are as follows: 2019 2020 2021 Cost of revenue $ 91,668 $ 99,581 $ 113,021 Research and development expenses 104,226 99,397 73,996 Selling, general and administrative expenses 46,431 85,131 20,409 Total $ 242,325 $ 284,109 $ 207,426 |
Investments in joint Ventures (
Investments in joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests in other entities [Abstract] | |
Disclosure of reconciliation of summarised financial information of joint venture accounted for using equity method to carrying amount of interest in joint venture | The following table presents the movement in investment in joint ventures: 2020 2021 Beginning balance $ 77,331 $ 36,702 Share of profits for the period 3,876 3,631 Capital reduction (50) — Dividends declared during the period (2,586) (2,395) Reduction in investments due to the consolidation of AMTC and BAC (41,869) — Ending balance $ 36,702 $ 37,938 |
Disclosure of joint ventures | The Company has the following investments and voting rights in joint venture: Country of Incorporation December 31, December 31, Silicon Manufacturing Partners Pte Ltd. (“SMP”) Singapore 49% 49% Sensry GmbH (“Sensry”) Germany 25% 25% Analysis of cash flows on acquisition: AMTC BAC Total Net cash acquired with the subsidiary (included in cash flows from investing activities) $ 1,812 $ 2,321 $ 4,133 Net cash flow on acquisition $ 1,812 $ 2,321 $ 4,133 |
Disclosure of joint ventures | The Company has made an assessment of the fair value of assets and liabilities of AMTC and BAC at the date control was obtained as follows: Fair value recognized on deemed acquisition AMTC BAC Total Assets: Property, plant and equipment $ 243,974 $ 66,815 $ 310,789 Intangible assets 310 16 326 Inventories 7,720 — 7,720 Receivables from government grants 161 — 161 Receivables, prepayments and other assets 31,022 1,335 32,357 Cash and cash equivalents 1,812 2,321 4,133 284,999 70,487 355,486 Liabilities: Debt $ 179,217 $ 9,071 $ 188,288 Deferred tax liabilities 3,370 7,009 10,379 Deferred income from government grants 3,143 3,039 6,182 Trade and other payables 9,866 1,800 11,666 Income taxes payable 865 — 865 196,461 20,919 217,380 Total identifiable net assets acquired at fair value 88,538 49,568 138,106 Goodwill arising on acquisition 5,498 7,009 12,507 Less: Non-controlling interest measured at fair value (35,411) (28,306) (63,717) Fair value of equity interest held $ 58,625 $ 28,271 $ 86,896 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income taxes [Abstract] | |
Schedule of components of income tax benefit (expense) | Income tax benefit (expense) consisted of the following: December 31, December 31, December 31, Current income tax expense: Current income tax benefit (expense) $ (6,205) $ (28,713) $ 1,686 Adjustments in respect of current income tax of previous year 103 98 (872) Deferred tax Net operating and investment allowance carryforwards (216,582) 34,561 (78,043) Currency effect on non-monetary assets of subsidiary 8,961 43,155 (36,859) Other change in temporary differences (10,338) (36,834) 35,821 Income tax benefit (expense) reported in the consolidated statements of operations and comprehensive loss (224,061) 12,267 (78,267) |
Reconciliation between tax benefit and accounting profit multiplied by the Company's tax rate | A reconciliation between tax benefit and accounting profit multiplied by the Company’s statutory rate of 0% is as follows: December 31, December 31, December 31, Loss before income taxes $ (1,147,125) $ (1,363,127) $ (175,664) Foreign tax rate differential 10,567 58,505 (74,664) Adjustments in respect to current income tax of previous years 103 98 (972) Government grants exempt from tax 20,094 12,950 4,735 Deductible expense for tax purpose 1,944 (8,033) (1,499) Impact of unrecognized deferred tax assets (246,465) (62,734) 9,481 Non-deductible expenses for tax purposes 569 — (4,067) Effects of foreign exchange gains (loss) (10,347) 40,256 (22,021) Impact of change in liability for uncertain tax positions (77) 8,922 6,992 Withholding Tax — (33,504) — Other effects (449) (4,193) 3,748 Income tax benefit (expense) $ (224,061) $ 12,267 $ (78,267) Effective income tax rate 19.53 % (0.90) % 44.55 % |
schedule of deferred tax assets and liabilities | Components of the Company’s deferred tax assets and liabilities are attributable as follows: December 31, December 31, Accelerated depreciation on property, plant and equipment $ (589,699) $ (458,482) Losses, credits and investment allowances available for offsetting against future taxable income 648,141 394,021 Accrued expenses 313,404 348,710 Inventory 67,692 65,084 Other comprehensive income (2,677) 111 Currency effect (718) (8,386) Deferred income 13,363 9,657 Other (14,362) (249) Net deferred tax assets $ 435,144 $ 350,466 The classification of the net deferred tax assets (liabilities) in the statements of financial position is as follows: December 31, December 31, Deferred tax assets $ 443,566 $ 352,770 Deferred tax liabilities (8,422) (2,304) Net deferred tax assets $ 435,144 $ 350,466 |
Schedule of deferred tax assets, net | A reconciliation of deferred taxes, net is as follows: December 31, December 31, Beginning balance $ 407,459 $ 435,144 Tax expense recognized to consolidated statements of operations 40,882 (79,081) Tax benefit (expense) recognized to other comprehensive loss (2,106) 2,788 Tax benefit (expense) recognized from acquisition of subsidiaries (10,379) — Uncertain tax positions and others (712) (8,385) Ending balance $ 435,144 $ 350,466 |
Receivables, Prepayments and _2
Receivables, Prepayments and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other current receivables [abstract] | |
Schedule of accounts receivable | December 31, 2020 December 31, 2021 Noncurrent: Advances to suppliers (1) $ — $ 199,199 Non-trade receivables 11,993 12,914 Payment in Lieu of Tax (“PILOT”’) Bonds 20,037 8,045 Prepaid expenses — 10,658 Other 14,413 22,695 Total $ 46,443 $ 253,511 Current: Trade receivables, other than related parties (2) $ 767,257 $ 872,362 Unbilled accounts receivable (3) 62,226 42,953 Other receivables 218,717 238,464 Receivables from related parties (Note 29) 8,734 8,133 $ 1,056,934 $ 1,161,912 (1) Primarily represents advances to supplier to offset against future purchases. (2) The Company’s trade receivables, other than related parties, are all classified as current and are expected to be collected within one year. The Company’s provision for sales returns was not material for either for the years ended December 31, 2020 or 2021. See the table below for the aging of the Company’s trade receivables, other than related parties. (3) Unbilled accounts receivable represents amounts recognized on revenue contracts less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms or upon shipment of products or rendering services. |
Schedule of unbilled accounts receivables | The following table presents the activities in unbilled accounts receivable as of December 31, 2020 and 2021: December 31, December 31, Beginning balance $ 956,663 $ 62,226 Revenue recognized during the year 4,548,456 44,148 Cumulative catch-up adjustment to revenue (Note 4) (315,308) — Amounts invoiced (5,127,585) (69,421) Other — 6,000 Ending balance $ 62,226 $ 42,953 December 31, December 31, Receivables neither past due nor impaired $ 754,308 $ 830,098 Receivables past due—not impaired individually: Less than 30 days 12,706 40,927 31 to 60 days 198 528 61 to 90 days — 22 90 to 120 days 45 787 $ 767,257 $ 872,362 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Schedule of inventories | December 31, December 31, Work in progress $ 930,107 $ 961,590 Raw materials and supplies 232,407 259,581 Inventory reserve (242,995) (99,920) Total $ 919,519 $ 1,121,251 The following table presents the movement in the inventory reserve: December 31, December 31, Beginning balance $ 143,193 $ 242,995 Additions (1) 228,559 125,727 Written-off and scrapped (96,972) (29,243) Elimination of reserve upon sale of inventory (31,785) (239,559) Ending balance $ 242,995 $ 99,920 (1) This includes additional inventory reserve of $26,149 arising from the adjustment to cost of revenue recorded by the Company in 2020 in conjunction with the modification of its customer contracts as discussed in Note 4. |
Other Financial Assets And Li_2
Other Financial Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of financial assets and liabilities | The following foreign currency forward contracts are outstanding at December 31, 2020 and 2021 (in thousands, except average foreign currency/US$): Fair Value of Derivative Instruments Derivative Instruments Other Current Financial Assets Other Noncurrent Financial Assets Other Current Financial Liabilities Other Noncurrent Financial Liabilities Notional Amount Average Foreign Currency/ US$ Average Strike Price Maturity Outstanding as of December 31, 2020: Forward contracts: Euro forward contracts (receive euros/pay US$) $ 28,489 $ — $ (818) $ — $ 594,169 0.85 — 2021 Singapore dollar forward contracts (receive Singapore$/pay US$) 13,266 — (439) — 360,328 1.37 — 2021 Japanese yen forward contracts (receive Japanese yen/pay US$) 444 — (61) — 23,939 104.77 — 2021 Interest rate swaps — — — (33,287) 1,190,752 — 0.382% - 1.731% 2023 - 2026 Cross currency swaps (receive euros/pay US$) — 33,169 — — 566,497 0.89 3.834% - 4.182% 2024 - 2026 Commodity hedge 8,335 885 — (58) 56,262 235.2 — 2021 - 2022 Total $ 50,534 $ 34,054 $ (1,318) $ (33,345) $ 2,791,947 Outstanding as of December 31, 2021: Forward contracts: Euro forward contracts (receive Euros/Pay US$) $ 4,030 $ — $ (37,822) $ — $ 1,239,770 0.86 — 2022 - 2023 Singapore dollar forward contracts (receive Singapore$/pay US$) 3,359 — (2,755) — 858,227 1.35 — 2022 Japanese yen forward contracts (receive Japanese yen/pay US$) 1,700 — (7,308) — 300,158 112.77 — 2022 - 2023 Interest rate swaps — 628 — (7,803) 992,866 — 0.382% - 1.731% 2023 - 2026 Cross currency swaps (receive euros/pay US$) — 28 — (4,181) 550,580 0.89 3.834% - 4.182% 2024 - 2026 Cross currency swaps (receive Singapore $/pay US$) — 60 — (4,328) 109,612 1.37 1.830% - 1.941% 2028 Commodity hedge 14,094 1,601 (708) (664) 96,097 — — 2022 - 2023 Total $ 23,183 $ 2,317 $ (48,593) $ (16,976) $ 4,147,310 |
Disclosure of financial assets and liabilities | As of December 31, 2021 Interest rate swaps Currency Nominal amount Maturity Three-month LIBOR USD 93,750 2023 Three-month LIBOR USD 709,688 2024 Six-month LIBOR USD 189,429 2026 Total 992,867 Cross currency swaps (in thousand Euro) Three-month LIBOR EUR 83,000 2024 Six-month LIBOR EUR 334,564 2024 Six-month LIBOR EUR 71,429 2026 Total 488,993 The following foreign currency forward contracts are outstanding at December 31, 2020 and 2021 (in thousands, except average foreign currency/US$): Fair Value of Derivative Instruments Derivative Instruments Other Current Financial Assets Other Noncurrent Financial Assets Other Current Financial Liabilities Other Noncurrent Financial Liabilities Notional Amount Average Foreign Currency/ US$ Average Strike Price Maturity Outstanding as of December 31, 2020: Forward contracts: Euro forward contracts (receive euros/pay US$) $ 28,489 $ — $ (818) $ — $ 594,169 0.85 — 2021 Singapore dollar forward contracts (receive Singapore$/pay US$) 13,266 — (439) — 360,328 1.37 — 2021 Japanese yen forward contracts (receive Japanese yen/pay US$) 444 — (61) — 23,939 104.77 — 2021 Interest rate swaps — — — (33,287) 1,190,752 — 0.382% - 1.731% 2023 - 2026 Cross currency swaps (receive euros/pay US$) — 33,169 — — 566,497 0.89 3.834% - 4.182% 2024 - 2026 Commodity hedge 8,335 885 — (58) 56,262 235.2 — 2021 - 2022 Total $ 50,534 $ 34,054 $ (1,318) $ (33,345) $ 2,791,947 Outstanding as of December 31, 2021: Forward contracts: Euro forward contracts (receive Euros/Pay US$) $ 4,030 $ — $ (37,822) $ — $ 1,239,770 0.86 — 2022 - 2023 Singapore dollar forward contracts (receive Singapore$/pay US$) 3,359 — (2,755) — 858,227 1.35 — 2022 Japanese yen forward contracts (receive Japanese yen/pay US$) 1,700 — (7,308) — 300,158 112.77 — 2022 - 2023 Interest rate swaps — 628 — (7,803) 992,866 — 0.382% - 1.731% 2023 - 2026 Cross currency swaps (receive euros/pay US$) — 28 — (4,181) 550,580 0.89 3.834% - 4.182% 2024 - 2026 Cross currency swaps (receive Singapore $/pay US$) — 60 — (4,328) 109,612 1.37 1.830% - 1.941% 2028 Commodity hedge 14,094 1,601 (708) (664) 96,097 — — 2022 - 2023 Total $ 23,183 $ 2,317 $ (48,593) $ (16,976) $ 4,147,310 |
Disclosure of fair value of financial instruments | The following table presents the fair values and locations of these derivative instruments recorded in the consolidated statements of financial position: Fair Value of Derivative Instruments Assets Derivatives Liabilities Derivatives Statement of Financial Position Location Fair Value Statement of Financial Position Location Fair Value As of December 31, 2020: Derivatives designated as hedging instruments - foreign currency forward contracts Other current financial assets $ 37,602 Other current financial liabilities $ (375) - interest rate swaps Other noncurrent financial assets — Other noncurrent financial liabilities (33,287) - cross currency swaps Other noncurrent financial assets 33,169 Other noncurrent financial liabilities — - commodity hedge Other current financial assets 8,335 Other current financial liabilities — Other noncurrent financial assets 885 Other noncurrent financial liabilities (58) Derivatives not designated as hedging instruments - foreign currency forward contracts Other current financial assets 4,597 Other current financial liabilities (943) Total derivatives $ 84,588 $ (34,663) As of December 31, 2021: Derivatives designated as hedging instruments - foreign currency forward contracts Other current financial assets $ 6,029 Other current financial liabilities $ (45,695) - interest rate swaps Other noncurrent financial assets 628 Other noncurrent financial liabilities (7,803) - cross currency swaps Other noncurrent financial assets 88 Other noncurrent financial liabilities (8,509) - commodity hedge Other current financial assets 14,094 Other current financial liabilities (708) Other noncurrent financial assets 1,601 Other noncurrent financial liabilities (664) Derivatives not designated as hedging instruments - foreign currency forward contracts Other current financial assets 3,060 Other current financial liabilities (2,190) Total derivatives $ 25,500 $ (65,569) |
Sensitivity analysis for types of market risk | Amount of Gains (Losses) Recognized in Accumulated OCI on Derivatives (effective Portion) Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment Location of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gains (Losses) Recognized into Income (Ineffective Portion) Amount of Gain (Losses) Recognized into income (Ineffective Portion) Year ended December 31, 2020 Derivatives designated as hedging instruments— Forward currency forward contracts $ 37,481 $ (470) Cost of revenue and operating expenses $ 12,294 Selling, general and administrative expenses $ 40 Derivatives designated as hedging instruments— Interest rate swaps $ (36,726) $ — Finance expense $ — Selling, general and administrative expenses $ (277) Derivatives designated as hedging instruments— Cross currency swaps $ (23,001) $ — Cost of revenue and operating expenses $ — Selling, general and administrative expenses $ 564 Derivatives designated as hedging instruments – Commodity hedge $ 9,162 $ — Cost of revenue and operating expenses $ — Selling, general and administrative expenses $ — Year ended December 31, 2021 Derivatives designated as hedging instruments— Forward currency forward contracts $ (76,101) $ (6,447) Cost of revenue and operating expenses $ 10,826 Selling, general and administrative expenses 1,066 Derivatives designated as hedging instruments— Interest rate swaps $ 20,655 $ — Finance expense $ (4,703) Selling, general and administrative expenses 267 Derivatives designated as hedging instruments— Cross currency swaps $ (2,146) $ — Cost of revenue and operating expenses $ (9,773) Selling, general and administrative expenses (1,201) Derivatives designated as hedging instruments – Commodity hedge $ 29,352 $ — Cost of revenue and operating expenses $ 24,201 Selling, general and administrative expenses $ 9 The following table presents the effect of derivatives not designated as hedging instruments on the consolidated statements of operations and comprehensive loss: Location of Gains (Losses) Recognized in Income on Derivative Amount of Gains (Losses) Recognized in Income on Derivative Year ended December 31, 2019 Derivatives not designed as hedging instruments—foreign currency forwards contracts Selling, general and administrative expenses $ (14,240) Year ended December 31, 2020 Derivatives not designed as hedging instruments—foreign currency forwards contracts Selling, general and administrative expenses $ 6,342 Year ended December 31, 2021 Derivatives not designed as hedging instruments—foreign currency forwards contracts Selling, general and administrative expenses $ (17,169) |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement of cash flows [abstract] | |
Disclosure of cash and cash equivalents | December 31, December 31, Cash balances on hand and at banks $ 347,879 $ 764,185 Investments in money market funds 560,198 2,150,002 Time deposits — 25,000 Total $ 908,077 $ 2,939,187 |
Disclosure of reconciliation of assets and liabilities arising from financing activities | The following are the reconciliation of assets and liabilities arising from financing activities: Non-cash changes As of December 31, 2019 Assets (Liabilities) Cash Flows (Inflows)/ Outflows Addition Foreign exchange movement Others As of December 31, 2020 Assets (Liabilities) Restricted cash $ 34,399 $ 1,255 $ — $ — $ — $ 35,654 Government grants receivable (1) 126,140 (177,322) 80,065 720 — 29,603 Other receivables 175,298 (134,511) 448 — — 41,235 Debt (2,729,167) 483,072 (13,529) (64,473) (13,858) (2,337,955) Lease obligations (519,169) 73,249 (623) (19,236) 1,267 (464,512) Loan from shareholder (11,167,687) 487,000 — — — (10,680,687) Share capital (10,000) — — — — (10,000) Additional Paid-In Capital (11,706,535) — (980) — — (11,707,515) Total $ (25,796,721) $ 732,743 $ 65,381 $ (82,989) $ (12,591) $ (25,094,177) Non-cash changes As of December 31, 2020 Assets (Liabilities) Cash Flows (Inflows)/ Outflows Addition Foreign exchange movement Others As of December 31, 2021 Assets (Liabilities) Restricted cash $ 35,654 $ (34,499) $ — $ — $ — $ 1,155 Government grants receivable (2) 29,603 (40,600) 60,176 (2,317) — 46,862 Other receivables 41,235 (42,232) 899 — 98 — Debt (2,337,955) 265,127 (5) 50,714 9,020 (2,013,099) Lease obligations (464,512) 78,260 (52,472) 11,936 1,270 (425,518) Loan from shareholder (10,680,687) 568,000 — — 10,112,687 — Share capital (10,000) (637) — — — (10,637) Additional Paid-In Capital (3) (11,707,515) (1,443,859) (10,112,687) — (223,402) (23,487,463) Total $ (25,094,177) $ (650,440) $ (10,104,089) $ 60,333 $ 9,899,673 $ (25,888,700) (1) Government grant receivable and the current portion of the employee incentive credits amounting to $29,603 and $22,057 (See Note 16), respectively, are reflected in the Receivables from government grants in the consolidated statements of financial position amounting to $51,660, as of December 31, 2020. (2) Government grant receivable amounting to $46,862 is reflected in the Receivables from government grants and noncurrent receivables, prepayments and other assets in the consolidated statements of financial position amounting to $45,806 and $1,056 respectively, as of December 31, 2021. (3) On October 1, 2021, the Company’s board approved the conversion of the Shareholder Loans (defined below) to additional paid-in-capital, and on October 3, 2021, the Company executed an agreement with Mubadala Investment Company PJSC (“Mubadala”) to convert the remaining $10,112,687 of the Shareholder Loan balance into additional paid-in-capital (“the Conversion”). The Conversion did not have an impact on shares outstanding or have any dilutive effects, as no additional shares were issued. |
Disclosure of geographical concentration of cash and cash equivalents | Geographical concentration of cash and cash equivalents is as follows: December 31, December 31, United States of America $ 632,707 $ 1,357,062 Republic of Singapore 207,031 1,484,972 Other 68,339 97,153 Total $ 908,077 $ 2,939,187 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowing costs Abstract [Abstract] | |
Disclosure of detailed information about borrowings | December 31, December 31, Noncurrent: Term loans $ 1,956,148 $ 1,715,833 Current: Term loans 381,807 297,266 Total $ 2,337,955 $ 2,013,099 Movements in interest bearing borrowings during the reporting period were as follows: December 31, 2020 December 31, 2021 Opening balance $ 2,729,167 $ 2,337,955 New loans and borrowings 2,816,871 618,414 Repayments (3,283,861) (882,191) Other 75,778 (61,079) Ending balance $ 2,337,955 $ 2,013,099 The following table summarizes term loan facilities. The below arrangements are all considered to be secured with the exception of the Mubadala Treasury Holding Company Loan Facility, which is unsecured. Description Currency Nominal Interest Interest Payment Terms Principal Payment Terms Year of Maturity 2020 Carrying Amount 2021 Carrying Amount PILOT Bonds (1) USD Variable Rate Note (1) Monthly Annually 2021 10,457 — Accounts Receivable Factoring USD LIBOR + 0.60% - 0.90% Monthly Monthly 2022 86,944 16,345 2018 Tool Equipment Purchase and Lease Financing (2) USD LIBOR + 1.60% Quarterly Quarterly 2023 74,250 74,668 2019 Tool Equipment Purchase and Lease Financing (3) USD LIBOR + 1.75% Quarterly Quarterly 2024 83,812 84,251 2019 USD Dresden Equipment Financing (4) USD LIBOR + 1.75% Semi-Annual Semi-Annual 2024 35,473 35,628 2018 IKB Term Loan EUR EURIBOR + 2.50% Semi-annual Semi-annual 2024 12,240 11,283 2020 USD Equipment Financing (5) USD LIBOR + 1.90% Quarterly Quarterly 2025 58,539 58,893 2019 EUR Dresden Equipment Financing (4) EUR EURIBOR + 1.75% Semi-Annual Semi-Annual 2026 15,366 14,096 TPI Loan EUR 2.60% Quarterly Monthly 2026 2,687 1,962 i. Park East Fishkill (6) USD 0.30% Monthly Monthly 2027 2,039 140 Current total 381,807 297,266 Noncurrent: 2018 Tool Equipment Purchase and Lease Financing (2) USD LIBOR + 1.60% Quarterly Quarterly 2023 93,401 18,733 2019 Tool Equipment Purchase and Lease Financing (3) USD LIBOR + 1.75% Quarterly Quarterly 2024 190,186 105,935 2019 USD Dresden Equipment Financing (4) USD LIBOR + 1.75% Semi-Annual Semi-Annual 2024 179,779 144,151 2018 IKB Term Loan EUR EURIBOR + 2.50% Semi-annual Semi-annual 2024 36,815 22,613 2020 USD Equipment Financing (5) USD LIBOR + 1.90% Quarterly Quarterly 2025 211,382 152,493 USD Term Loan A USD LIBOR + 2.90% Quarterly Semi-Annual 2025 646,005 647,287 EUR Term Loan A EUR EURIBOR + 2.60% Quarterly Semi-Annual 2025 101,380 93,529 2019 EUR Dresden Equipment Financing (4) EUR EURIBOR + 1.75% Semi-Annual Semi-Annual 2026 474,522 422,908 TPI Loan EUR 2.60% At Maturity At Maturity 2026 11,053 8,238 i. Park East Fishkill (6) USD 0.30% Monthly Monthly 2027 11,625 9,619 2021 SGD EDB Loan SGD 1.40% Semi-annual Semi-annual 2041 — 90,327 Noncurrent total 1,956,148 1,715,833 Total $ 2,337,955 $ 2,013,099 (1) The interest rate for the PILOT bonds is reset on a weekly basis by the bank based on prevailing market conditions, not to exceed 12% per annum. The weighted average interest rates were 0.91% and 0.14% for 2020 and 2021, respectively. (2) On March 2, 2018, GLOBALFOUNDRIES SINGAPORE PTE, LTD. (“GFS”) entered into several Equipment Purchase and Lease Agreements with 4 banks to sell and leaseback certain semiconductor manufacturing equipment located in GFS’ Fabs in Singapore for a total of $375,000. The total minimum lease payments amount to $375,000, to be paid in equal quarterly installments through March 1, 2023. (3) On January 21, 2019, GFS entered into several Equipment Purchase Agreements and Lease Agreements with five banks to sell and leaseback certain semiconductor manufacturing equipment located in GFS’ Fabs in Singapore for a total of $425,000. (4) On October 31, 2019, the Company, GLOBALFOUNDRIES Dresden Module One Limited Liability Company & Co., KG. and GLOBALFOUNDRIES Dresden Module Two Limited Liability Company & Co. KG. entered into a term facilities agreement with Bank of America Merrill Lynch International Designated Activity Company and ING Bank, a branch of ING-DIBA AG, as coordinating mandated lead arrangers, and Bank of America Merrill Lynch International Designated Activity Company as facility and security agent, which provides a maximum incremental facility commitment totaling $750,000 secured by certain qualifying equipment assets. (5) On April 23, 2020, GLOBALFOUNDRIES SINGAPORE PTE, LTD. entered into several Equipment Purchase Agreements and Lease Agreements with four banks to sell and leaseback certain semiconductor manufacturing equipment located in GFS’ fabrication facilities in Singapore for a total of $300,000. (6) On September 1, 2017, the Company completed a sale and partial leaseback transaction of a portion of its facilities in East Fishkill, New York to i. Park East Fishkill LLC and ii. Park East Fishkill I LLC. Due to the Company’s ongoing involvement with the properties sold and leased back, the transaction has been accounted for as financing. The total transaction amounted to $22,950, which consists of $17,150 cash and buyer’s assumption of certain liabilities of $5,800. The following table summarizes unutilized credit facilities available to the Company to maintain liquidity to fund operations: December 31, 2020 December 31, 2021 SGD EDB Loan Committed $ — $ 1,028,602 Citibank Revolving Credit Facility Committed 403,271 1,009,505 Societe Generale Singapore Factoring Committed 34,756 75,355 Societe Generale Singapore Revolving Credit Facility Uncommitted* 23,958 27,150 Deutsche Bank Uncommitted* 3,122 3,163 Citibank—USD Uncommitted* 780 806 JPMorgan Chase PILOT Letter of Credit Committed 12,211 — Mubadala Development Corporation Revolving Credit Facility Committed 400,000 — Total $ 878,098 $ 2,144,581 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of leases | December 31, December 31, Amortization of right-of-use assets $ 56,964 $ 80,689 Interest expense on lease liabilities 34,807 26,859 Short-term and low-value leases expense 1,409 1,195 Total net lease cost $ 93,180 $ 108,743 Weighted average remaining lease term 7.35 years 6.51 years Weighted average discount rate 7.99 % 6.65 % |
Schedule of lease liabilities | The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2020 and 2021: December 31, 2020 December 31, 2021 Minimum Lease Payments Present Value of Payments Minimum Lease Payments Present Value of Payments Within 1 year $ 165,621 $ 131,270 $ 156,784 $ 134,971 2-5 years 256,597 185,261 231,819 190,801 After 5 years 175,778 147,981 123,298 99,746 597,996 464,512 511,901 425,518 Less: amounts representing finance charges (133,484) — $ (86,383) — Present value of minimum lease payments $ 464,512 $ 464,512 $ 425,518 $ 425,518 Noncurrent $ 333,242 $ 290,547 Current 131,270 134,971 $ 464,512 $ 425,518 Supplemental cash flow information related to leases is as follows: December 31, December 31, Cash flows used in operating activities: Payments of short-term and low-value leases $ (1,409) (1,195) Interest paid (34,807) (26,859) Cash flows used in financing activities: Payment of lease obligations (73,249) (78,260) |
Disclosure of lease liabilities | The following table summarizes the movement of right-of-use assets which primarily relates to building and leasehold improvements during the years ended December 31, 2020 and 2021 is as follows: December 31, December 31, Beginning balance $ 348,163 $ 292,193 Additions 994 93,773 Amortization (56,964) (80,689) Ending balance $ 292,193 $ 305,277 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract] | |
Schedule of movement in provision for asset retirement obligation | The movement in provision for asset retirement obligations during the years ended December 31, 2020 and 2021 is as follows: December 31, December 31, Beginning balance $ 337,765 $ 353,308 Arising during the period 14,888 431 Accretion cost 655 (2,160) Utilized — (3,097) Ending balance $ 353,308 $ 348,482 |
Government Grants (Tables)
Government Grants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Government grants [Abstract] | |
Disclosure of movement in deferred income from government grants | The following table presents the movement in deferred income from government grants for the years ended December 31, 2020 and 2021: December 31, December 31, Beginning balance $ 194,209 $ 169,202 Received/receivable during the period 19,854 40,461 Acquisition of subsidiaries 6,182 — Released to the consolidated statements of operations and comprehensive loss (51,043) (33,366) Ending balance $ 169,202 $ 176,297 Noncurrent 128,697 147,371 Current 40,505 28,926 $ 169,202 $ 176,297 |
Disclosure of government grants recognized in consolidated statement of operations | Government grants were recognized in the consolidated statements of operations and comprehensive loss as follows: December 31, December 31, December 31, Cost of revenue $ 155,451 $ 49,025 $ 33,031 Research and development expenses 1,342 2,018 335 Selling, general and administrative — — — Total balance $ 156,793 $ 51,043 $ 33,366 |
Trade Payables and Other Liab_2
Trade Payables and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of current and noncurrent trade and other payables | December 31, December 31, Noncurrent: Advances and deposits $ 206,766 $ 11,116 Payable for Intangible Assets 109,451 44,667 Contract liabilities (1) 30,258 1,368,328 Deferred tax liabilities 8,422 2,304 Other (2) 57,769 18,909 $ 412,666 $ 1,445,324 Current: Trade payables $ 414,547 $ 551,138 Accrued expenses 470,800 602,495 Contract liabilities (1) 104,466 532,985 Advances and deposits (3) 68,026 309,129 Payable for PPE and Intangible Assets 235,789 472,144 Other (2) 48,860 117,859 $ 1,342,488 $ 2,585,750 (1) Contract liabilities comprises contract liabilities for payments received in advance of the satisfaction of performance obligations for wafers, as well as non-recurring engineering services. In 2021, the Company entered into multiple long-term supply agreements with customers. Many of these contracts include customer advanced payments and capacity reservation fees in order to secure future supply. (2) Other includes other financial liabilities. See Note 18 for further details on other financial liabilities. (3) Advances and deposits include advances from customers of $117,882 (2020: $34,713) collected for purchase orders. |
Explanation of significant changes in contract assets and contract liabilities | December 31, December 31, Beginning contract liabilities balance $ 144,562 $ 134,724 Cash receipts in advance of satisfaction of performance obligations 123,573 1,894,049 Released to the consolidated statements of operations and comprehensive loss (1) (133,411) (127,460) Ending contract liabilities balance $ 134,724 $ 1,901,313 Noncurrent $ 30,258 $ 1,368,328 Current 104,466 532,985 $ 134,724 $ 1,901,313 (1) Of revenue released to the consolidated statements of operations and comprehensive loss for the years ended December 31, 2020 and 2021, $73,435 and $48,363, respectively were included in the beginning balance of the contract liabilities. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract] | |
Summary of commitments | The Company’s unconditional purchase commitments are as follows: December 31, December 31, Contracts for capital expenditures $ 952,604 $ 2,994,554 Contracts for operating expenditures 1,044,560 3,404,865 $ 1,997,164 $ 6,399,419 Due within the next 12 months $ 1,316,090 $ 3,542,823 December 31, December 31, Within one year $ 1,409 $ 1,195 After one year but not more than five years 1,557 548 $ 2,966 $ 1,743 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Schedule of basic and diluted earnings per share | Basic and diluted loss per share have been calculated for the years ended December 31, 2019, 2020, and 2021 as follows: 2019 2020 2021 (in thousands, except for share amounts) Net loss available to equity shareholder of the Company $ (1,371,186) $ (1,347,571) $ (250,313) Weighted average common shares outstanding 504,003,126 500,000,000 505,758,409 Total basic and diluted earnings per share attributable to equity shareholders $ (2.72) $ (2.70) $ (0.49) |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party [Abstract] | |
Company's which have entered into related party transaction with | The consolidated financial statements include the following subsidiaries which are all wholly owned, except for GLOBALFOUNDRIES (Chengdu) Integrated Circuit Manufacturing Co., Limited, Advanced Mask Technology Centre GmbH & Co. KG, Maskhouse Building Administration GmbH & Co. KH, Advanced Mask Technology Center Verwaltungs GmbH, and Maskhouse Building Administration Verwaltungs GmbH: Subsidiary Jurisdiction of Incorporation or Organization December 31, 2019 December 31, 2020 December 31, 2021 GLOBALFOUNDRIES Dresden Module One LLC United States X X X GLOBALFOUNDRIES Dresden Module Two LLC United States X X X GLOBALFOUNDRIES Innovation Investments LLC United States X X X GLOBALFOUNDRIES Investments LLC United States X X X GLOBALFOUNDRIES U.S. Inc. United States X X X GLOBALFOUNDRIES U.S. 2 LLC United States X X X GLOBALFOUNDRIES Borrower LLC United States X X X Hudson Valley Research Park Sewage Works Corporation United States X X X GLOBALFOUNDRIES Dresden Module One Holding GmbH Germany X X X GLOBALFOUNDRIES Dresden Module One LLC & Co. KG Germany X X X GLOBALFOUNDRIES Dresden Module Two LLC & Co. KG Germany X X X GLOBALFOUNDRIES Dresden Module Two Holding GmbH Germany X X X GLOBALFOUNDRIES Management Services LLC & Co. KG Germany X X X Advanced Mask Technology Centre GmbH & Co. KG (50%) Germany N/A X X Maskhouse Building Administration GmbH & Co. KH (50%) Germany N/A X X Advanced Mask Technology Center Verwaltungs GmbH (50%) Germany N/A X X Maskhouse Building Administration Verwaltungs GmbH (50%) Germany N/A X X GLOBALFOUNDRIES Europe Sales & Support GmbH Germany N/A X X GLOBALFOUNDRIES Engineering Private Limited India X X X GLOBALFOUNDRIES Japan Ltd. Japan X X X GLOBALFOUNDRIES Netherlands Cooperatief U.A. The Netherlands X X X GLOBALFOUNDRIES Netherlands Holding B.V. The Netherlands X X X GLOBALFOUNDRIES Netherlands B.V. The Netherlands X X N/A GLOBALFOUNDRIES Bulgaria EAD Bulgaria X X X GF Asia Investments Pte. Ltd. Singapore X X X GF Asia Sales Pte. Ltd. Singapore N/A N/A X GLOBALFOUNDRIES Singapore Pte. Ltd. Singapore X X X GLOBALFOUNDRIES Taiwan Ltd. Taiwan X X X GLOBALFOUNDRIES Europe Ltd. United Kingdom X X X GLOBALFOUNDRIES (Chengdu) Integrated Circuit Manufacturing Co., Limited (51%) China X X X GLOBALFOUNDRIES China (Beijing) Co., Limited China X X X GLOBALFOUNDRIES China (Shanghai) Co., Limited China X X X Nanjing APD Technologies Co. Ltd. China X X X Below are the related parties which the Company has entered into transactions with: December 31, December 31, Related Party Name SMP Joint venture Joint venture Mubadala Treasury Holding Company (“MTHC”) Shareholder entity Shareholder entity Mubadala Technology Investments LLC (“Mubadala Technology”) Shareholder entity Shareholder entity |
Schedule of related party transactions | The following table presents the related party transactions included in the consolidated statements of operations and comprehensive loss: December 31, December 31, December 31, Purchases and recharges from: SMP (1) $ 61,950 $ 57,579 $ 59,596 AMTC 124,196 — — $ 186,146 $ 57,579 $ 59,596 Other transactions with: SMP (reimbursement of expenses and contribution of tools) $ 51,251 $ 47,065 $ 44,808 AMTC 27,527 — — Mubadala Technology (reimbursement of expenses) 496 618 2,602 BAC 263 — — $ 79,537 $ 47,683 $ 47,410 |
Schedule of balances with related parties included in the consolidated statements of financial position | Balances with related parties included in the consolidated statements of financial positions are as follows: December 31, 2020 December 31, 2021 Due from Due to Due from Due to SMP $ 8,734 10,480 $ 8,133 $ 9,025 Mubadala Technology — 313 — 96 Total (1) $ 8,734 10,793 $ 8,133 9,121 |
Schedule of compensation to key management personnel | The compensation of key management personnel during the following years were as follows: 2020 2021 Chief Executive Officer and Chief Financial Officer Short-term benefits $ 11,260 $ 8,316 Share-based payments (1) — 42,034 Board of Directors 800 2,887 $ 12,060 $ 53,237 (1) 2021 amount represents the share-based payment expense for all vested options that were issued prior to 2021. The Company started recognizing share-based payment expense in the second quarter of 2021 when an IPO became probable. See Note 30 for more information on share-based payment expense recognition. |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based payment arrangements [Abstract] | |
Disclosure of number and weighted average exercise prices of RSUs | Number of RSUs Weighted average grant date fair value Outstanding as of December 31, 2020 — $ — Granted 851,530 $ 39.56 Forfeited (4,100) $ 34.46 Outstanding as of December 31, 2021 847,430 $ 39.59 |
Schedule of fair value assumptions | The assumptions used to value the Company’s options granted during the period presented and their expected lives were as follows: December 31, 2019 2020 2021 Expected dividend yield 0.00 % 0.00 % 0.00 % Expected volatility 40.90 % 43.50 % 45.0 % Expected term 6.0 years 5.5 years 4.5 years Risk-free interest rate 1.59%—2.41% 0.32%—1.46% 0.56 % Estimated ordinary shares valuation $18.52—$20.48 $20.48—$24.62 $24.64—$26.04 |
Disclosure of number and weighted average exercise prices of share options | Number of Share options Weighted average exercise price per Share Balance as of December 31, 2018 34,305,235 $ 21.54 Exchanged (18,837,010) $ 21.54 Granted 19,954,794 $ 10.00 Forfeited (2,862,730) $ 17.69 Outstanding as of December 31, 2019 32,560,289 $ 14.80 Granted 5,078,456 $ 10.00 Forfeited (15,352,467) $ 20.14 Outstanding as of December 31, 2020 22,286,278 $ 10.04 Granted 995,409 $ 10.00 Forfeited (1,532,129) $ 10.00 Outstanding as of December 31, 2021 21,749,558 $ 10.03 |
Disclosure of range of exercise prices of outstanding share options | The following table summarizes information about employees’ share options outstanding as of December 31, 2021: Outstanding Range of exercise prices Number Outstanding Weighted average remaining contractual life (in years) $10.00 21,694,907 2.89 $19.07 23,422 5.04 $22.54 23,422 5.04 $26.00 7,807 5.04 |
Disclosure of number and weighted average remaining contractual life of outstanding share options | The following table summarizes information about employees’ share options outstanding as of December 31, 2021: Outstanding Range of exercise prices Number Outstanding Weighted average remaining contractual life (in years) $10.00 21,694,907 2.89 $19.07 23,422 5.04 $22.54 23,422 5.04 $26.00 7,807 5.04 |
Financial Risk Management Obj_2
Financial Risk Management Objectives and Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of nature and extent of risks arising from financial instruments | The following table demonstrates the sensitivity of profit or loss in the consolidated statement of operations to reasonably possible changes in interest rates, with all other variables held constant. Increase/ (Decrease) in Percentages Effects on Loss before Tax December 31, 2019 10 % $ 2,164 (10) % $ (2,164) December 31, 2020 10 % $ 19,194 (10 %) $ (19,194) December 31, 2021 10 % $ 2 (10) % $ (2) |
Disclosure of derivative financial liabilities | The Company’s exposure to foreign currency risk against financial assets and financial liabilities was as follows, based on notional amounts: EUR JPY SGD December 31, 2020 Receivables and prepayments $ 141,603 $ 353 $ 12,020 Cash and cash equivalents 54,043 2,150 8,531 Loans and borrowings (26,992) — 42 Trade and other payables (150,127) (13,820) (65,966) $ 18,527 $ (11,317) $ (45,373) December 31, 2021 Receivables and prepayments $ 160,684 $ 315 $ 12,573 Cash and cash equivalents 45,178 1,922 3,924 Loans and borrowings (14,361) — (90,912) Trade and other payables (253,558) (72,867) (147,284) $ (62,057) $ (70,630) $ (221,699) |
Disclosure of maturity analysis for derivative financial liabilities | The aging of financial assets including trade receivables is as follows: Past Due but Not Impaired Total Neither part < 30 Days 31-90 Days 91-120 Days Great December 31, 2020 $ 1,041,389 $ 1,026,367 $ 14,795 $ 197 $ 30 $ — December 31, 2021 $ 1,067,350 $ 1,023,506 $ 42,507 $ 550 $ 787 $ — The table below summarizes the maturity profile of the Company’s financial liabilities: Carrying Contractual Cash Flows 1 Year or Less 1 to 5 Years Greater than 5 Years Total December 31, 2020 Loans and borrowings $ 2,337,955 $ 2,507,456 $ 447,490 $ 2,000,928 $ 59,038 $ 2,507,456 Lease obligations 464,512 597,996 165,621 256,597 175,778 597,996 Derivative financial liability 34,663 34,663 1,318 33,345 — 34,663 Trade payables and other liabilities 1,271,944 1,271,944 1,138,069 133,875 — 1,271,944 $ 4,109,074 $ 4,412,059 $ 1,752,498 $ 2,424,745 $ 234,816 $ 4,412,059 December 31, 2021 Loans and borrowings $ 2,013,099 $ 2,204,618 $ 349,373 $ 1,735,562 $ 119,683 2,204,618 Lease obligations 425,518 511,901 156,784 231,820 123,297 511,901 Derivative financial liability 65,569 65,569 48,593 16,976 — 65,569 Trade payables and other liabilities 1,894,595 1,894,595 1,848,083 46,512 — 1,894,595 $ 4,398,781 $ 4,676,683 $ 2,402,833 $ 2,030,870 $ 242,980 $ 4,676,683 |
Disclosure of fair value measurement of assets | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis: Fair Value Measurement at Reporting Date Using Total Quoted Significant Significant December 31, 2020 Assets: Cash equivalents (1) $ 560,198 $ 560,198 $ — $ — Investments in equity instruments (2) $ 12,737 $ — $ — $ 12,737 Derivatives (3) $ 84,588 $ — $ 84,588 $ — Liabilities: Derivatives (4) $ 34,663 $ — $ 34,663 $ — Fair Value Measurement at Reporting Date Using Total Quoted Significant Significant December 31, 2021 Assets: Cash equivalents (1) $ 2,175,002 $ 2,150,002 $ 25,000 $ — Investments in equity instruments (2) $ 16,806 $ 770 $ — $ 16,036 Derivatives (3) $ 25,500 $ — $ 25,500 $ — Liabilities: Derivatives (4) $ 65,569 $ — $ 65,569 $ — (1) Included in cash and cash equivalents on the Company’s consolidated statements of financial position. (2) Included in current and noncurrent receivables, prepayments and other assets on the Company’s consolidated statements of financial position. (3) Consists of foreign currency forward contracts, interest rate swaps, cross currency swaps and commodity hedge. Included in other current and noncurrent financial assets on the Company’s consolidated statements of financial position. |
Disclosure of financial assets | The carrying and fair values of the Company’s financial instruments not recorded at fair value on a recurring basis are presented in the following table, classified according to the categories of loans and receivables (“LaR”) and financial liabilities at amortized cost (“FLAC”): December 31, 2020 December 31, 2021 Financial Liability Category Carrying Fair Value Carrying Fair Value Other long-term debt FLAC 2,337,955 2,336,114 2,013,099 2,005,999 Total $ 2,337,955 $ 2,336,114 $ 2,013,099 $ 2,005,999 |
Operating Segments Information
Operating Segments Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Segments [Abstract] | |
Disclosure of geographical areas | For the year ended December 31, Revenue by Geography 2019 2020 2021 United States $ 4,140,201 $ 3,368,262 $ 3,975,215 Europe, the Middle East, and Africa 695,193 451,283 805,226 Other 977,394 1,030,960 1,804,638 $ 5,812,788 $ 4,850,505 $ 6,585,079 Noncurrent Assets by Geography 2020 2021 United States $ 5,843,023 $ 5,433,410 Germany 1,404,202 1,989,121 Singapore 1,114,603 1,547,094 Other 495,461 411,551 Total $ 8,857,289 $ 9,381,176 |
Disclosure of major customers | For the year ended December 31, Major Customer 2019 2020 2021 Amount % Amount % Amount % Customer A $ 1,600,750 28 $ 1,000,750 21 $ 811,304 12 Customer B $ 442,537 8 $ 536,915 11 $ 995,241 15 |
Organization (Details)
Organization (Details) - USD ($) | Apr. 15, 2019 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 05, 2020 |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||
Gains on disposals of property, plant and equipment | $ 400,000 | ||||
Gain on sale of technology license | 30,000 | $ 30,000 | |||
Gain on technology transfer, development agreement, and technology license agreement | $ 100,000 | ||||
Non-refundable deposit | $ 100,000 | ||||
Deposits from customers | $ 117,882,000 | $ 34,713,000 | $ 100,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies, Judgements, Estimates and Assumptions - Schedule of Property, Plant, and Equipment (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life (in years) | 10 years | 10 years | |
Computer | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life (in years) | 5 years | ||
Maximum | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life (in years) | 8 years | 8 years | |
Maximum | Building and Leasehold Improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life (in years) | 26 years | ||
Maximum | Equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life (in years) | 10 years | ||
Minimum | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life (in years) | 5 years | 5 years | |
Minimum | Equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life (in years) | 2 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies, Judgements, Estimates and Assumptions - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Disclosure of changes in accounting estimates [line items] | |
Useful life (in years) | 3 years |
Maximum | |
Disclosure of changes in accounting estimates [line items] | |
Useful life (in years) | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies, Judgements, Estimates and Assumptions - government grants (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of changes in accounting estimates [line items] | |||
Total balance | $ 33,366 | $ 51,043 | $ 156,793 |
Singapore | |||
Disclosure of changes in accounting estimates [line items] | |||
Government grants receivable | 29,113 | ||
Total balance | $ 2,996 | $ 26,313 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies, Judgements, Estimates and Assumptions - Recent Accounting Pronouncements, Adopted (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020 | Dec. 31, 2021EUR (€) | |
Disclosure of financial assets [line items] | ||||
Useful life (in years) | 10 years | 10 years | ||
Increase (decrease) in accounting estimate | $ 628,000 | |||
Increase in basic earnings per share (in USD per share) | $ / shares | $ 1.24 | |||
Increase in diluted earnings per share (in USD per share) | $ / shares | $ 1.24 | |||
Minimum | ||||
Disclosure of financial assets [line items] | ||||
Useful life (in years) | 5 years | 5 years | ||
Maximum | ||||
Disclosure of financial assets [line items] | ||||
Useful life (in years) | 8 years | 8 years | ||
Interest rate swaps | ||||
Disclosure of financial assets [line items] | ||||
Nominal amount | $ 992,867,000 | |||
Interest rate swaps | Interest Rate Swap Maturing 2023 | ||||
Disclosure of financial assets [line items] | ||||
Nominal amount | 93,750,000 | |||
Interest rate swaps | Interest Rate Swap Maturing 2024 | ||||
Disclosure of financial assets [line items] | ||||
Nominal amount | 709,688,000 | |||
Interest rate swaps | Interest Rate Swap Maturing 2026 | ||||
Disclosure of financial assets [line items] | ||||
Nominal amount | $ 189,429,000 | |||
Cross currency swaps | ||||
Disclosure of financial assets [line items] | ||||
Nominal amount | € | € 488,993,000 | |||
Cross currency swaps | Cross Currency Swap, Three-Month LIBOR, Maturing 2024 | ||||
Disclosure of financial assets [line items] | ||||
Nominal amount | € | 83,000,000 | |||
Cross currency swaps | Cross Currency Swap, Six-Month LIBOR, Maturing 2024 | ||||
Disclosure of financial assets [line items] | ||||
Nominal amount | € | 334,564,000 | |||
Cross currency swaps | Cross Currency Swap Maturing 2026 | ||||
Disclosure of financial assets [line items] | ||||
Nominal amount | € | € 71,429,000 |
Net Revenues - Disaggregated Re
Net Revenues - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 6,585,079 | $ 4,850,505 | $ 5,812,788 |
Revenue recognized over time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 356,862 | 4,227,448 | 5,736,926 |
Revenue recognized at a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 6,228,217 | 623,057 | 75,862 |
Wafer fabrication | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 6,204,068 | 4,440,291 | 5,442,550 |
Engineering and other pre-fabrication services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 381,011 | $ 410,214 | $ 370,238 |
Net Revenues - Narrative (Detai
Net Revenues - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Revenue from Contracts with Customers [Abstract] | |
Change in revenue through contract modification | $ 315,308 |
Change in cost of sales through contract modification | 255,557 |
Change in gross profit through contract modification | $ 59,751 |
Cost of Revenues (Details)
Cost of Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contracts with Customers [Abstract] | |||
Depreciation of PPE and amortization of intangible assets | $ 1,421,798 | $ 2,186,957 | $ 2,382,199 |
Inventory changes and materials costs | 1,725,374 | 1,098,318 | 1,796,906 |
Staff costs, maintenance costs, and utilities | 2,423,744 | 2,189,481 | 2,121,007 |
Other | 894 | 88,469 | 44,920 |
Total cost of revenues | $ 5,571,810 | $ 5,563,225 | $ 6,345,032 |
Research and development Expe_3
Research and development Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Staff costs, maintenance costs, and utilities | $ 256,715 | $ 229,996 | $ 300,124 |
Depreciation of PPE and amortization of intangible assets | 147,157 | 220,475 | 209,339 |
Other | 74,289 | 25,298 | 73,511 |
Research and development expense | $ 478,161 | $ 475,769 | $ 582,974 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Staff costs, maintenance costs, and utilities | $ 536,803 | $ 339,728 | $ 343,005 |
Depreciation of PPE and amortization of intangible assets | 49,889 | 115,082 | 86,686 |
Other | 8,228 | (9,950) | 15,937 |
Selling, general and administrative expense | 594,920 | 444,860 | 445,628 |
Expense from share-based payment transactions with employees | $ 151,730 | $ 980 | $ 0 |
Impairment Charges (Details)
Impairment Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total impairment charges | $ 0 | $ 22,672 | $ 63,950 |
Property, plant and equipment [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total impairment charges | 0 | 22,672 | 17,886 |
Equipment held for sale | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total impairment charges | 0 | 0 | 43,880 |
Intellectual property and other | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Total impairment charges | $ 0 | $ 0 | $ 2,184 |
Finance Expenses (Details)
Finance Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Interest on long-term debt | $ 71,991 | $ 97,855 | $ 159,114 |
Interest on lease obligations | 26,859 | 34,807 | 43,666 |
Commitment fees and amortization of debt issuance costs | 12,442 | 18,366 | 23,457 |
Accretion costs and other | 2,413 | 3,359 | 3,939 |
Finance costs | $ 113,705 | $ 154,387 | $ 230,176 |
Gain on Sale of a Fabrication_3
Gain on Sale of a Fabrication Facility and Application Specific Integrated Circuit Business - Schedule of Gain on Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Nov. 05, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Total gain on sale of a fabrication facility and ASIC business | $ 0 | $ 0 | $ 614,554 | ||
Facility in Tampines, Singapore | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Total gain on sale of a fabrication facility and ASIC business | $ 196,554 | 196,554 | |||
ASIC Business | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Total gain on sale of a fabrication facility and ASIC business | $ 418,000 | $ 418,000 |
Gain on Sale of a Fabrication_4
Gain on Sale of a Fabrication Facility and Application Specific Integrated Circuit Business - Narrative (Details) - USD ($) | Dec. 31, 2019 | Nov. 05, 2019 | Jan. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 05, 2020 |
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Gain on sale of a fabrication facility and application specific integrated circuit business | $ 0 | $ 0 | $ 614,554,000 | ||||
Deposits from customers | $ 117,882,000 | 34,713,000 | $ 100,000 | ||||
Facility in Tampines, Singapore | |||||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Consideration received | $ 236,000,000 | ||||||
Gain on sale of a fabrication facility and application specific integrated circuit business | $ 196,554,000 | 196,554,000 | |||||
Net assets | 39,446,000 | 39,446,000 | |||||
ASIC Business | |||||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Consideration received | $ 555,977,000 | ||||||
Gain on sale of a fabrication facility and application specific integrated circuit business | 418,000,000 | 418,000,000 | |||||
Net assets | 124,067,000 | 124,067,000 | 124,067,000 | ||||
Commission and termination costs | $ 13,900,000 | ||||||
Deposits from customers | $ 40,000,000 | $ 28,766,000 | $ 40,000,000 |
Gain on Sale of a Fabrication_5
Gain on Sale of a Fabrication Facility and Application Specific Integrated Circuit Business - Schedule of Net Assets Derecognized (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 05, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||
Property, plant and equipment | $ 8,712,978 | $ 8,226,202 | ||||
Total Assets | 15,027,602 | 12,321,633 | ||||
Lease liabilities | (425,518) | (464,512) | $ (525,543) | $ (417,850) | ||
Deferred revenue | (1,901,313) | (134,724) | $ (144,562) | |||
Total Liabilities | $ (6,994,470) | $ (5,080,131) | ||||
Facility in Tampines, Singapore | ||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||
Property, plant and equipment | 54,061 | |||||
Inventories | 1,908 | |||||
Receivables | 800 | |||||
Total Assets | 56,769 | |||||
Lease liabilities | (9,681) | |||||
Other current and noncurrent liabilities | (6,739) | |||||
Other | (903) | |||||
Total Liabilities | (17,323) | |||||
Net Assets | 39,446 | |||||
ASIC Business | ||||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||||
Property, plant and equipment | 18,894 | |||||
Intangible assets | 10,239 | |||||
Unbilled accounts receivable | 95,857 | |||||
Inventories | 30,285 | |||||
Other current and noncurrent assets | 8,039 | |||||
Total Assets | 163,314 | |||||
Lease liabilities | (619) | |||||
Deferred revenue | (36,417) | |||||
Other current and noncurrent liabilities | (2,211) | |||||
Total Liabilities | (39,247) | |||||
Net Assets | $ 124,067 | $ 124,067 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Gain on legal settlement | $ 0 | $ 294,217 | $ 0 |
Gain on remeasurement of existing equity interests (Note 14) | 0 | 38,470 | 0 |
Other | (11,481) | 107,620 | 74,055 |
Miscellaneous other operating expense | $ (11,481) | $ 440,307 | $ 74,055 |
Property, Plant And Equipment -
Property, Plant And Equipment - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Right-of-use assets | $ 305,277 | $ 292,193 | $ 348,163 | $ 358,518 | $ 280,415 |
Lease obligations | 425,518 | 464,512 | $ 525,543 | $ 417,850 | |
Cost | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Right-of-use assets | 906,831 | 858,138 | |||
Accumulated Amortization | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Right-of-use assets | $ (80,689) | $ (56,964) | $ (55,798) |
Property, Plant And Equipment_2
Property, Plant And Equipment - Summary of Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | $ 8,226,202 | |
Property, plant and equipment at end of period | 8,712,978 | $ 8,226,202 |
Investment tax credits, property plant and equipment | 214,282 | 259,969 |
Land and Land Improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 73,160 | |
Property, plant and equipment at end of period | 93,190 | 73,160 |
Building and Leasehold Improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 3,574,231 | |
Property, plant and equipment at end of period | 3,309,479 | 3,574,231 |
Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 4,088,046 | |
Property, plant and equipment at end of period | 3,843,139 | 4,088,046 |
Computer | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 46,613 | |
Property, plant and equipment at end of period | 50,503 | 46,613 |
Construction in Progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 444,152 | |
Property, plant and equipment at end of period | 1,416,667 | 444,152 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 30,445,714 | 29,824,419 |
Additions | 1,924,366 | 617,362 |
Transfers from construction in progress | 0 | 0 |
Transfers from assets held for sale | 75,158 | |
Acquisition of subsidiaries | 310,788 | |
Disposals | (422,305) | (382,013) |
Effect of exchange rate changes | (33,754) | |
Property, plant and equipment at end of period | 31,914,021 | 30,445,714 |
Cost | Land and Land Improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 104,447 | 107,011 |
Additions | 25,615 | 0 |
Transfers from construction in progress | 0 | 0 |
Transfers from assets held for sale | 0 | |
Acquisition of subsidiaries | 9,362 | |
Disposals | 0 | (11,926) |
Effect of exchange rate changes | 105 | |
Property, plant and equipment at end of period | 130,167 | 104,447 |
Cost | Building and Leasehold Improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 7,440,383 | 7,330,889 |
Additions | 70,831 | 15,016 |
Transfers from construction in progress | 116,406 | 43,833 |
Transfers from assets held for sale | 0 | |
Acquisition of subsidiaries | 57,426 | |
Disposals | (45,864) | (6,781) |
Effect of exchange rate changes | (5,990) | |
Property, plant and equipment at end of period | 7,575,766 | 7,440,383 |
Cost | Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 22,039,385 | 21,750,367 |
Additions | 32,608 | 31,494 |
Transfers from construction in progress | 676,866 | 373,359 |
Transfers from assets held for sale | 75,158 | |
Acquisition of subsidiaries | 167,509 | |
Disposals | (371,007) | (358,502) |
Effect of exchange rate changes | (27,544) | |
Property, plant and equipment at end of period | 22,350,308 | 22,039,385 |
Cost | Computer | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 410,712 | 403,774 |
Additions | 969 | 276 |
Transfers from construction in progress | 27,514 | 7,928 |
Transfers from assets held for sale | 0 | |
Acquisition of subsidiaries | 0 | |
Disposals | (4,717) | (1,266) |
Effect of exchange rate changes | 0 | |
Property, plant and equipment at end of period | 434,478 | 410,712 |
Cost | Construction in Progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 450,787 | 232,378 |
Additions | 1,794,343 | 570,576 |
Transfers from construction in progress | (820,786) | (425,120) |
Transfers from assets held for sale | 0 | |
Acquisition of subsidiaries | 76,491 | |
Disposals | (717) | (3,538) |
Effect of exchange rate changes | (325) | |
Property, plant and equipment at end of period | 1,423,302 | 450,787 |
Accumulated Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | (22,219,512) | (20,213,150) |
Additions | (1,411,418) | (2,238,405) |
Impairments | (24,117) | |
Transfers from assets held for sale | (71,681) | |
Disposals | 410,513 | 327,841 |
Effect of exchange rate changes | 19,374 | |
Property, plant and equipment at end of period | (23,201,043) | (22,219,512) |
Accumulated Amortization | Land and Land Improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | (31,287) | (27,909) |
Additions | (5,622) | (3,960) |
Impairments | 0 | |
Transfers from assets held for sale | 0 | |
Disposals | 68 | 582 |
Effect of exchange rate changes | 0 | |
Property, plant and equipment at end of period | (36,977) | (31,287) |
Accumulated Amortization | Building and Leasehold Improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | (3,866,152) | (3,438,689) |
Additions | (444,417) | (424,304) |
Impairments | (5,331) | |
Transfers from assets held for sale | 0 | |
Disposals | 44,286 | 2,172 |
Effect of exchange rate changes | (4) | |
Property, plant and equipment at end of period | (4,266,287) | (3,866,152) |
Accumulated Amortization | Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | (17,951,339) | (16,401,216) |
Additions | (936,797) | (1,783,572) |
Impairments | (18,786) | |
Transfers from assets held for sale | (71,681) | |
Disposals | 361,589 | 323,916 |
Effect of exchange rate changes | 19,378 | |
Property, plant and equipment at end of period | (18,507,169) | (17,951,339) |
Accumulated Amortization | Computer | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | (364,099) | (338,701) |
Additions | (24,582) | (26,569) |
Impairments | 0 | |
Transfers from assets held for sale | 0 | |
Disposals | 4,706 | 1,171 |
Effect of exchange rate changes | 0 | |
Property, plant and equipment at end of period | (383,975) | (364,099) |
Accumulated Amortization | Construction in Progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | (6,635) | (6,635) |
Additions | 0 | 0 |
Impairments | 0 | |
Transfers from assets held for sale | 0 | |
Disposals | 0 | 0 |
Effect of exchange rate changes | 0 | |
Property, plant and equipment at end of period | $ (6,635) | $ (6,635) |
Property, plant and equipment_3
Property, plant and equipment - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation expense | $ 1,411,418 | $ 2,238,405 | $ 2,435,899 |
Cost of revenue | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation expense | 1,308,777 | 2,087,376 | 2,290,531 |
Research and development expenses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation expense | 73,161 | 121,078 | 105,113 |
Selling, general and administrative expenses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation expense | $ 29,480 | $ 29,951 | $ 40,255 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill and Intangible Assets Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | $ 547,942 | |
Intangible assets and goodwill at end of period | 376,749 | $ 547,942 |
Technology, Licenses and Similar Rights | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 464,343 | |
Intangible assets and goodwill at end of period | 334,748 | 464,343 |
Software | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 16,706 | |
Intangible assets and goodwill at end of period | 6,216 | 16,706 |
Patents | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 48,259 | |
Intangible assets and goodwill at end of period | 17,151 | 48,259 |
Goodwill | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 18,024 | |
Intangible assets and goodwill at end of period | 18,024 | 18,024 |
Others | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 610 | |
Intangible assets and goodwill at end of period | 610 | 610 |
Cost | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 1,912,841 | 1,946,894 |
Additions | 36,771 | 205,440 |
Acquisitions of subsidiaries | 12,873 | |
Disposals | (84,544) | (252,366) |
Intangible assets and goodwill at end of period | 1,865,068 | 1,912,841 |
Cost | Technology, Licenses and Similar Rights | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 1,249,229 | 1,274,547 |
Additions | 32,471 | 192,507 |
Acquisitions of subsidiaries | 0 | |
Disposals | (79,958) | (217,825) |
Intangible assets and goodwill at end of period | 1,201,742 | 1,249,229 |
Cost | Software | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 279,301 | 270,844 |
Additions | 4,300 | 12,323 |
Acquisitions of subsidiaries | 326 | |
Disposals | (32) | (4,192) |
Intangible assets and goodwill at end of period | 283,569 | 279,301 |
Cost | Patents | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 234,477 | 264,826 |
Additions | 0 | 0 |
Acquisitions of subsidiaries | 0 | |
Disposals | (4,554) | (30,349) |
Intangible assets and goodwill at end of period | 229,923 | 234,477 |
Cost | Goodwill | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 18,024 | 5,477 |
Additions | 0 | 0 |
Acquisitions of subsidiaries | 12,547 | |
Disposals | 0 | 0 |
Intangible assets and goodwill at end of period | 18,024 | 18,024 |
Cost | Others | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 131,810 | 131,200 |
Additions | 0 | 610 |
Acquisitions of subsidiaries | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill at end of period | 131,810 | 131,810 |
Accumulated Amortization | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | (1,364,899) | (1,312,113) |
Additions | (207,426) | (284,109) |
Impairments | (1,445) | |
Disposals | 84,006 | 229,878 |
Intangible assets and goodwill at end of period | (1,488,319) | (1,364,899) |
Accumulated Amortization | Technology, Licenses and Similar Rights | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | (784,886) | (821,298) |
Additions | (162,066) | (166,707) |
Impairments | (1,445) | |
Disposals | 79,958 | 201,674 |
Intangible assets and goodwill at end of period | (866,994) | (784,886) |
Accumulated Amortization | Software | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | (262,595) | (243,738) |
Additions | (14,629) | (20,748) |
Impairments | 0 | |
Disposals | 129 | 1,891 |
Intangible assets and goodwill at end of period | (277,353) | (262,595) |
Accumulated Amortization | Patents | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | (186,218) | (173,057) |
Additions | (30,731) | (39,474) |
Impairments | 0 | |
Disposals | 4,177 | 26,313 |
Intangible assets and goodwill at end of period | (212,772) | (186,218) |
Accumulated Amortization | Goodwill | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Additions | 0 | 0 |
Impairments | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill at end of period | 0 | 0 |
Accumulated Amortization | Others | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | (131,200) | (74,020) |
Additions | 0 | (57,180) |
Impairments | 0 | |
Disposals | 0 | 0 |
Intangible assets and goodwill at end of period | $ (131,200) | $ (131,200) |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Amortization expenses | $ 207,426,000 | $ 284,109,000 | $ 242,325,000 |
Cost of revenue | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization expenses | 113,021,000 | 99,581,000 | 91,668,000 |
Research and development expenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization expenses | 73,996,000 | 99,397,000 | 104,226,000 |
Selling, general and administrative expenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization expenses | $ 20,409,000 | $ 85,131,000 | $ 46,431,000 |
Investments in joint Ventures -
Investments in joint Ventures - Schedule of Voting Rights in Joint Ventures (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Silicon Manufacturing Partners Pte Ltd. (“SMP”) | ||
Disclosure of joint ventures [line items] | ||
Voting rights (as a percent) | 49.00% | 49.00% |
Sensry GmbH (“Sensry”) | ||
Disclosure of joint ventures [line items] | ||
Voting rights (as a percent) | 25.00% | 25.00% |
Investments in joint Ventures_2
Investments in joint Ventures - Schedule of Movements in Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of joint ventures [line items] | ||
Beginning balance | $ 36,702 | |
Ending balance | 37,938 | $ 36,702 |
Joint operations | ||
Disclosure of joint ventures [line items] | ||
Beginning balance | 36,702 | 77,331 |
Share of profits for the period | 3,631 | 3,876 |
Capital reduction | 0 | (50) |
Dividends received | (2,395) | (2,586) |
Reduction in investments due to the consolidation of AMTC and BAC | 0 | (41,869) |
Ending balance | $ 37,938 | $ 36,702 |
Investments in joint Ventures_3
Investments in joint Ventures - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of detailed information about business combination [line items] | |||
Gain on remeasurement of existing equity interests (Note 14) | $ 0 | $ 38,470,000 | $ 0 |
Fair value of held ownership | 86,896,000 | ||
Foreign currency translation reserve | 6,553,000 | ||
Fair value of acquired receivables | 31,079,000 | ||
Goodwill expected to be deductible for tax purposes | 0 | ||
Non-controlling interest | $ (3,618,000) | $ (3,289,000) | $ 0 |
Perpetual Growth Rate | Acquired Business | |||
Disclosure of detailed information about business combination [line items] | |||
Significant unobservable input, assets | 0.030 | ||
Minimum | Discount rate, measurement input [member] | Acquired Business | |||
Disclosure of detailed information about business combination [line items] | |||
Significant unobservable input, assets | 0.085 | ||
Maximum | Discount rate, measurement input [member] | Acquired Business | |||
Disclosure of detailed information about business combination [line items] | |||
Significant unobservable input, assets | 0.090 | ||
AMTC | |||
Disclosure of detailed information about business combination [line items] | |||
Revenue of acquiree since acquisition date | $ 39,822,000 | ||
Profit (loss) of acquiree since acquisition date | 8,122,000 | ||
BAC | |||
Disclosure of detailed information about business combination [line items] | |||
Revenue of acquiree since acquisition date | 0 | ||
Profit (loss) of acquiree since acquisition date | (3,088,000) | ||
Total | |||
Disclosure of detailed information about business combination [line items] | |||
Non-controlling interest | $ (3,618) |
Investments in joint Ventures_4
Investments in joint Ventures - Schedule of Acquired Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
AMTC | |
Assets: | |
Property, plant and equipment | $ 243,974 |
Intangible assets | 310 |
Inventories | 7,720 |
Receivables from government grants | 161 |
Receivables, prepayments and other assets | 31,022 |
Cash and cash equivalents | 1,812 |
Total assets as of acquisition date | 284,999 |
Liabilities: | |
Debt | 179,217 |
Deferred tax liabilities | 3,370 |
Deferred income from government grants | 3,143 |
Trade and other payables | 9,866 |
Income taxes payable | 865 |
Liabilities Recognised As Of Acquisition Date | 196,461 |
Total identifiable net assets acquired at fair value | 88,538 |
Goodwill arising on acquisition | 5,498 |
Less: Non-controlling interest measured at fair value | (35,411) |
Fair value of equity interest held | 58,625 |
BAC | |
Assets: | |
Property, plant and equipment | 66,815 |
Intangible assets | 16 |
Inventories | 0 |
Receivables from government grants | 0 |
Receivables, prepayments and other assets | 1,335 |
Cash and cash equivalents | 2,321 |
Total assets as of acquisition date | 70,487 |
Liabilities: | |
Debt | 9,071 |
Deferred tax liabilities | 7,009 |
Deferred income from government grants | 3,039 |
Trade and other payables | 1,800 |
Income taxes payable | 0 |
Liabilities Recognised As Of Acquisition Date | 20,919 |
Total identifiable net assets acquired at fair value | 49,568 |
Goodwill arising on acquisition | 7,009 |
Less: Non-controlling interest measured at fair value | (28,306) |
Fair value of equity interest held | 28,271 |
Total | |
Assets: | |
Property, plant and equipment | 310,789 |
Intangible assets | 326 |
Inventories | 7,720 |
Receivables from government grants | 161 |
Receivables, prepayments and other assets | 32,357 |
Cash and cash equivalents | 4,133 |
Total assets as of acquisition date | 355,486 |
Liabilities: | |
Debt | 188,288 |
Deferred tax liabilities | 10,379 |
Deferred income from government grants | 6,182 |
Trade and other payables | 11,666 |
Income taxes payable | 865 |
Liabilities Recognised As Of Acquisition Date | 217,380 |
Total identifiable net assets acquired at fair value | 138,106 |
Goodwill arising on acquisition | 12,507 |
Less: Non-controlling interest measured at fair value | (63,717) |
Fair value of equity interest held | $ 86,896 |
Investments in joint Ventures_5
Investments in joint Ventures - Schedule of Cash Flows (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
AMTC | |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | $ 1,812 |
Net cash flow on acquisition | 1,812 |
BAC | |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | 2,321 |
Net cash flow on acquisition | 2,321 |
Total | |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | 4,133 |
Net cash flow on acquisition | $ 4,133 |
Income Taxes - Income tax benef
Income Taxes - Income tax benefit (expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current income tax expense: | |||
Current income tax benefit (expense) | $ 1,686 | $ (28,713) | $ (6,205) |
Adjustments in respect of current income tax of previous year | (872) | 98 | 103 |
Deferred tax | |||
Net operating and investment allowance carryforwards | (78,043) | 34,561 | (216,582) |
Currency effect on non-monetary assets of subsidiary | (36,859) | 43,155 | 8,961 |
Other change in temporary differences | 35,821 | (36,834) | (10,338) |
Income tax benefit (expense) reported in the consolidated statements of operations and comprehensive loss | $ (78,267) | $ 12,267 | $ (224,061) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of income tax expense applying statutory tax and effective tax rates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income taxes [Abstract] | |||
Loss before income taxes | $ (175,664) | $ (1,363,127) | $ (1,147,125) |
Foreign tax rate differential | (74,664) | 58,505 | 10,567 |
Adjustments in respect to current income tax of previous years | (972) | 98 | 103 |
Government grants exempt from tax | 4,735 | 12,950 | 20,094 |
Deductible expense for tax purpose | (1,499) | (8,033) | 1,944 |
Impact of unrecognized deferred tax assets | 9,481 | (62,734) | (246,465) |
Non-deductible expenses for tax purposes | (4,067) | 0 | 569 |
Effects of foreign exchange gains (loss) | (22,021) | 40,256 | (10,347) |
Impact of change in liability for uncertain tax positions | 6,992 | 8,922 | (77) |
Withholding Tax | 0 | (33,504) | 0 |
Other effects | 3,748 | (4,193) | (449) |
Income tax benefit (expense) reported in the consolidated statements of operations and comprehensive loss | $ (78,267) | $ 12,267 | $ (224,061) |
Effective income tax rate | 44.55% | (0.90%) | 19.53% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Uncertain tax positions and others | $ 8,385 | $ 712 | $ (189,614) |
Foreign tax rate differential | 74,664 | (58,505) | (10,567) |
Withholding tax | 0 | 33,504 | 0 |
Unrecognized deferred tax asset | 3,355,488 | 3,231,522 | |
Net loss available to equity shareholder of the Company | 250,313 | 1,347,571 | $ 1,371,186 |
Deferred tax assets | 352,770 | 443,566 | |
Deferred tax liabilities with joint ventrures | 0 | 0 | |
Deferred tax liabilities | 2,304 | 8,422 | |
Current income tax receivable | 267 | 113 | |
Current income tax payable | 13,884 | 30,609 | |
Unused Capital Allowances | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,168,847 | 1,609,695 | |
Unused tax losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 58,484 | 58,484 | |
Unused Investment Allowances | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 843,336 | 843,336 | |
Singapore | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets realized (as a percent) | 100.00% | ||
Foreign tax rate differential | 63,655 | ||
Current income tax payable | $ 9,364 | 16,282 | |
Uncertain tax provisions | 9,159 | 16,175 | |
Germany | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net loss available to equity shareholder of the Company | 1,182,005 | 1,305,372 | |
Trade tax losses | $ 897,586 | 998,114 | |
Maximum operating loss carryforwards (as a percent) | 60.00% | ||
United States | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Current income tax payable | $ 2,519 | 11,836 | |
Uncertain tax provisions | 0 | 9,276 | |
United States | Operating Loss Carryforward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Operating loss carryforward | 8,065,586 | 8,095,256 | |
United States | Unused Tax Credits Due to Expire | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Operating loss carryforward | 6,532,886 | ||
United States | Unused Research and Development Tax Credits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 145,683 | 144,282 | |
CALIFORNIA | Operating Loss Carryforward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Operating loss carryforward | 853,519 | 853,519 | |
CALIFORNIA | Unused Research and Development Tax Credits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 15,412 | 14,889 | |
Other states | Operating Loss Carryforward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Operating loss carryforward | 963,307 | 970,016 | |
NEW YORK | Nonrefundable New York Empire Zone | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 1,115,078 | 1,115,078 | |
Texas, Minnesota, Vermont, North Carolina, and New Jersey | Operating Loss Carryforward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 8,217 | 8,132 | |
Europe | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Current income tax payable | 2,001 | 2,491 | |
Uncertain tax provisions | $ 0 | $ 0 |
Income Taxes - schedule of Defe
Income Taxes - schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets | $ 350,466 | $ 435,144 | $ 407,459 |
Accelerated depreciation on property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets | (458,482) | (589,699) | |
Losses, credits and investment allowances available for offsetting against future taxable income | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets | 394,021 | 648,141 | |
Accrued expenses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets | 348,710 | 313,404 | |
Inventory | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets | 65,084 | 67,692 | |
Other comprehensive income | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets | 111 | (2,677) | |
Currency effect | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets | (8,386) | (718) | |
Deferred income | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets | 9,657 | 13,363 | |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax assets | $ (249) | $ (14,362) |
Income Taxes - Classification o
Income Taxes - Classification of deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income taxes [Abstract] | |||
Deferred tax assets | $ 352,770 | $ 443,566 | |
Deferred tax liabilities | (2,304) | (8,422) | |
Net deferred tax assets | $ 350,466 | $ 435,144 | $ 407,459 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Deferred Tax assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | $ (435,144) | $ (407,459) | |
Tax expense recognized to consolidated statements of operations | (79,081) | 40,882 | |
Tax benefit (expense) recognized to other comprehensive loss | 2,788 | (2,106) | |
Tax benefit (expense) recognized from acquisition of subsidiaries | 0 | (10,379) | |
Uncertain tax positions and others | (8,385) | (712) | $ 189,614 |
Ending balance | $ (350,466) | $ (435,144) | $ (407,459) |
Receivables, Prepayments and _3
Receivables, Prepayments and Other Assets - Summary of Receivables, Prepayments and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets [abstract] | |||
Advances to suppliers | $ 199,199 | $ 0 | |
Non-trade receivables | 12,914 | 11,993 | |
Payment in Lieu of Tax (“PILOT”’) Bonds | 8,045 | 20,037 | |
Prepaid expenses | 10,658 | 0 | |
Other | 22,695 | 14,413 | |
Total | 253,511 | 46,443 | |
Current: | |||
Trade receivables, other than related parties | 872,362 | 767,257 | |
Beginning balance | 42,953 | 62,226 | $ 956,663 |
Other receivables | 238,464 | 218,717 | |
Receivables from related parties (Note 29) | 8,133 | 8,734 | |
Current prepayments and other current assets | $ 1,161,912 | $ 1,056,934 |
Receivables, Prepayments and _4
Receivables, Prepayments and Other Assets - Schedule of Unbilled Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade and other current receivables [abstract] | |||
Beginning balance | $ 42,953 | $ 62,226 | $ 956,663 |
Revenue recognized during the year | 44,148 | 4,548,456 | |
Cumulative catch-up adjustment to revenue (Note 4) | 0 | (315,308) | |
Amounts invoiced | (69,421) | (5,127,585) | |
Other | 6,000 | 0 | |
Current Unbilled Receivables | $ 42,953 | $ 62,226 |
Receivables, Prepayments and _5
Receivables, Prepayments and Other Assets - Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of provision matrix [line items] | ||
Trade receivables, other than related parties | $ 872,362 | $ 767,257 |
Receivables neither past due nor impaired | ||
Disclosure of provision matrix [line items] | ||
Trade receivables, other than related parties | 830,098 | 754,308 |
Not later than one month [member] | ||
Disclosure of provision matrix [line items] | ||
Trade receivables, other than related parties | 40,927 | 12,706 |
31 to 60 days | ||
Disclosure of provision matrix [line items] | ||
Trade receivables, other than related parties | 528 | 198 |
61 to 90 days | ||
Disclosure of provision matrix [line items] | ||
Trade receivables, other than related parties | 22 | 0 |
90 to 120 days | ||
Disclosure of provision matrix [line items] | ||
Trade receivables, other than related parties | $ 787 | $ 45 |
Inventory - Summary of Inventor
Inventory - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | |||
Work in progress | $ 961,590 | $ 930,107 | |
Raw materials and supplies | 259,581 | 232,407 | |
Inventory reserve | (99,920) | (242,995) | $ (143,193) |
Total | $ 1,121,251 | $ 919,519 |
Inventories - Inventory Reserve
Inventories - Inventory Reserve Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Inventories [Abstract] | ||
Beginning balance | $ 99,920 | $ 242,995 |
Additions | 125,727 | 228,559 |
Written-off and scrapped | (29,243) | (96,972) |
Elimination of reserve upon sale of inventory | (239,559) | (31,785) |
Ending balance | $ 242,995 | 143,193 |
Additions during period arising from adjustment to cost of revenues | $ 26,149 |
Other Financial Assets And Li_3
Other Financial Assets And Liabilities - Financial Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | $ 2,005,999,000 | $ 2,336,114,000 |
Currency risk | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Nominal amount | 4,147,310,000 | $ 2,791,947,000 |
Average Foreign Currency/ US$ | ||
Average Strike Price | ||
Currency risk | Euro forward contracts (receive euros/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Nominal amount | $ 1,239,770,000 | $ 594,169,000 |
Average Foreign Currency/ US$ | $ 860 | $ 0.85 |
Average Strike Price | 0.00% | 0.00% |
Currency risk | Singapore dollar forward contracts (receive Singapore$/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Nominal amount | $ 858,227,000 | $ 360,328,000 |
Average Foreign Currency/ US$ | $ 1,350 | $ 1.37 |
Average Strike Price | 0.00% | 0.00% |
Currency risk | Japanese yen forward contracts (receive Japanese yen/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Nominal amount | $ 300,158,000 | $ 23,939,000 |
Average Foreign Currency/ US$ | $ 112,770 | $ 104.77 |
Average Strike Price | 0.00% | 0.00% |
Currency risk | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Nominal amount | $ 992,866,000 | $ 1,190,752,000 |
Average Foreign Currency/ US$ | $ 0 | $ 0 |
Currency risk | Interest rate swaps | Minimum | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Average Strike Price | 0.382% | 0.382% |
Currency risk | Interest rate swaps | Maximum | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Average Strike Price | 1.731% | 1.731% |
Currency risk | Cross currency swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Nominal amount | $ 550,580,000 | $ 566,497,000 |
Average Foreign Currency/ US$ | $ 890 | $ 0.89 |
Currency risk | Cross currency swaps | Minimum | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Average Strike Price | 3.834% | 3.834% |
Currency risk | Cross currency swaps | Maximum | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Average Strike Price | 4.182% | 4.182% |
Currency risk | Cross currency swaps (receive Singapore $/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Nominal amount | $ 109,612,000 | |
Average Foreign Currency/ US$ | $ 1,370 | |
Currency risk | Cross currency swaps (receive Singapore $/pay US$) | Minimum | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Average Strike Price | 1.83% | |
Currency risk | Cross currency swaps (receive Singapore $/pay US$) | Maximum | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Average Strike Price | 1.941% | |
Currency risk | Commodity hedge | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Nominal amount | $ 96,097,000 | $ 56,262,000 |
Average Foreign Currency/ US$ | $ 0 | $ 235.2 |
Average Strike Price | 0.00% | 0.00% |
Currency risk | Other Current Financial Liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | $ (48,593,000) | $ (1,318,000) |
Currency risk | Other Current Financial Liabilities | Euro forward contracts (receive euros/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | (37,822,000) | (818,000) |
Currency risk | Other Current Financial Liabilities | Singapore dollar forward contracts (receive Singapore$/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | (2,755,000) | (439,000) |
Currency risk | Other Current Financial Liabilities | Japanese yen forward contracts (receive Japanese yen/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | (7,308,000) | (61,000) |
Currency risk | Other Current Financial Liabilities | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | 0 |
Currency risk | Other Current Financial Liabilities | Cross currency swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | 0 |
Currency risk | Other Current Financial Liabilities | Cross currency swaps (receive Singapore $/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | |
Currency risk | Other Current Financial Liabilities | Commodity hedge | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | (708,000) | 0 |
Currency risk | Other Noncurrent Financial Liabilities | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | (16,976,000) | (33,345,000) |
Currency risk | Other Noncurrent Financial Liabilities | Euro forward contracts (receive euros/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | 0 |
Currency risk | Other Noncurrent Financial Liabilities | Singapore dollar forward contracts (receive Singapore$/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | 0 |
Currency risk | Other Noncurrent Financial Liabilities | Japanese yen forward contracts (receive Japanese yen/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | 0 |
Currency risk | Other Noncurrent Financial Liabilities | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | (7,803,000) | (33,287,000) |
Currency risk | Other Noncurrent Financial Liabilities | Cross currency swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | (4,181,000) | 0 |
Currency risk | Other Noncurrent Financial Liabilities | Cross currency swaps (receive Singapore $/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | (4,328,000) | |
Currency risk | Other Noncurrent Financial Liabilities | Commodity hedge | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | (664,000) | (58,000) |
Currency risk | Other Current Financial Assets | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 23,183,000 | 50,534,000 |
Currency risk | Other Current Financial Assets | Euro forward contracts (receive euros/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 4,030,000 | 28,489,000 |
Currency risk | Other Current Financial Assets | Singapore dollar forward contracts (receive Singapore$/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 3,359,000 | 13,266,000 |
Currency risk | Other Current Financial Assets | Japanese yen forward contracts (receive Japanese yen/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 1,700,000 | 444,000 |
Currency risk | Other Current Financial Assets | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | 0 |
Currency risk | Other Current Financial Assets | Cross currency swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | 0 |
Currency risk | Other Current Financial Assets | Cross currency swaps (receive Singapore $/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | |
Currency risk | Other Current Financial Assets | Commodity hedge | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 14,094,000 | 8,335,000 |
Currency risk | Other Noncurrent Financial Assets | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 2,317,000 | 34,054,000 |
Currency risk | Other Noncurrent Financial Assets | Euro forward contracts (receive euros/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | 0 |
Currency risk | Other Noncurrent Financial Assets | Singapore dollar forward contracts (receive Singapore$/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | 0 |
Currency risk | Other Noncurrent Financial Assets | Japanese yen forward contracts (receive Japanese yen/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 0 | 0 |
Currency risk | Other Noncurrent Financial Assets | Interest rate swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 628,000 | 0 |
Currency risk | Other Noncurrent Financial Assets | Cross currency swaps | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 28,000 | 33,169,000 |
Currency risk | Other Noncurrent Financial Assets | Cross currency swaps (receive Singapore $/pay US$) | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | 60,000 | |
Currency risk | Other Noncurrent Financial Assets | Commodity hedge | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Fair Value of Derivative Instruments | $ 1,601,000 | $ 885,000 |
Other Financial Assets And Li_4
Other Financial Assets And Liabilities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of financial assets and liabilities [Line Items] | |||
Other comprehensive income that will be reclassified to profit or loss, net of tax | $ (54,337) | $ (24,908) | $ 11,270 |
Cash flow hedges [member] | |||
Disclosure of financial assets and liabilities [Line Items] | |||
Other comprehensive income that will be reclassified to profit or loss, net of tax | $ (39,678) |
Other Financial Assets And Li_5
Other Financial Assets And Liabilities - Fair Value and Location of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives designated as hedging instruments | ||
Assets Derivatives | $ 25,500 | $ 84,588 |
Derivative financial liability | (65,569) | (34,663) |
- foreign currency forward contracts | ||
Derivatives not designated as hedging instruments | ||
Assets Derivatives | 3,060 | 4,597 |
Liabilities Derivatives | (2,190) | (943) |
- foreign currency forward contracts | ||
Derivatives designated as hedging instruments | ||
Assets Derivatives | 6,029 | 37,602 |
Derivative financial liability | (45,695) | (375) |
Interest rate swaps | ||
Derivatives designated as hedging instruments | ||
Assets Derivatives | 628 | 0 |
Derivative financial liability | (7,803) | (33,287) |
Cross currency swaps | ||
Derivatives designated as hedging instruments | ||
Assets Derivatives | 88 | 33,169 |
Derivative financial liability | (8,509) | 0 |
Commodity hedge | ||
Derivatives designated as hedging instruments | ||
Assets Derivatives | 14,094 | 8,335 |
Derivative financial liability | (708) | 0 |
Other Hedging Instrument | ||
Derivatives designated as hedging instruments | ||
Assets Derivatives | 1,601 | 885 |
Derivative financial liability | $ (664) | $ (58) |
Other Financial Assets And Li_6
Other Financial Assets And Liabilities - Effect on Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
- foreign currency forward contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Share of foreign exchange fluctuation reserve of joint ventures and associates | $ (76,101) | $ 37,481 |
Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment | (6,447) | (470) |
Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | 10,826 | 12,294 |
Amount of Gain (Losses) Recognized into income (Ineffective Portion) | 1,066 | 40 |
Interest rate swaps | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Share of foreign exchange fluctuation reserve of joint ventures and associates | 20,655 | (36,726) |
Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment | 0 | 0 |
Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | (4,703) | 0 |
Amount of Gain (Losses) Recognized into income (Ineffective Portion) | 267 | (277) |
Cross currency swaps | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Share of foreign exchange fluctuation reserve of joint ventures and associates | (2,146) | (23,001) |
Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment | 0 | 0 |
Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | (9,773) | 0 |
Amount of Gain (Losses) Recognized into income (Ineffective Portion) | (1,201) | 564 |
Commodity hedge | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Share of foreign exchange fluctuation reserve of joint ventures and associates | 29,352 | 9,162 |
Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment | 0 | 0 |
Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | 24,201 | 0 |
Amount of Gain (Losses) Recognized into income (Ineffective Portion) | $ 9 | $ 0 |
Other Financial Assets And Li_7
Other Financial Assets And Liabilities - Effect of Derivatives on Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments [Abstract] | |||
Amount of Gains (Losses) Recognized in Income on Derivative | $ (17,169) | $ 6,342 | $ (14,240) |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of cash flows [abstract] | ||||
Cash balances on hand and at banks | $ 764,185 | $ 347,879 | ||
Investments in money market funds | 2,150,002 | 560,198 | ||
Time deposits | 25,000 | 0 | ||
Total | $ 2,939,187 | $ 908,077 | $ 997,315 | $ 843,978 |
Cash and Cash Equivalents - Rec
Cash and Cash Equivalents - Reconciliation of Assets and Liabilities Arising from Financing Activities (Details) - USD ($) $ in Thousands | Oct. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | $ (25,094,177) | $ (25,796,721) | |
Cash Flows (Inflows)/ Outflows | (650,440) | 732,743 | |
Addition | (10,104,089) | 65,381 | |
Foreign exchange movement | 60,333 | (82,989) | |
Others | 9,899,673 | (12,591) | |
Liabilities arising from financing activities at end of period | (25,888,700) | (25,094,177) | |
Cash and cash equivalents at the end of the year | 2,939,187 | 908,077 | |
Receivables from government grants | 45,806 | 51,660 | |
Receivables, prepayments and other assets | 1,056 | ||
Debt | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | (2,337,955) | (2,729,167) | |
Cash Flows (Inflows)/ Outflows | 265,127 | 483,072 | |
Addition | (5) | (13,529) | |
Foreign exchange movement | 50,714 | (64,473) | |
Others | 9,020 | (13,858) | |
Liabilities arising from financing activities at end of period | (2,013,099) | (2,337,955) | |
Lease obligations | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | (464,512) | (519,169) | |
Cash Flows (Inflows)/ Outflows | 78,260 | 73,249 | |
Addition | (52,472) | (623) | |
Foreign exchange movement | 11,936 | (19,236) | |
Others | 1,270 | 1,267 | |
Liabilities arising from financing activities at end of period | (425,518) | (464,512) | |
Loan from Shareholder | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | (10,680,687) | (11,167,687) | |
Cash Flows (Inflows)/ Outflows | 568,000 | 487,000 | |
Others | 10,112,687 | ||
Liabilities arising from financing activities at end of period | 0 | (10,680,687) | |
Share capital | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | (10,000) | (10,000) | |
Cash Flows (Inflows)/ Outflows | (637) | ||
Liabilities arising from financing activities at end of period | (10,637) | (10,000) | |
Additional Paid-In Capital | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities at beginning of period | (11,707,515) | (11,706,535) | |
Cash Flows (Inflows)/ Outflows | (1,443,859) | ||
Addition | $ 10,112,687 | ||
Addition | (10,112,687) | (980) | |
Others | (223,402) | ||
Liabilities arising from financing activities at end of period | (23,487,463) | (11,707,515) | |
Employee Incentive Credits | |||
Changes in liabilities arising from financing activities [abstract] | |||
Cash and cash equivalents at the end of the year | 22,057 | ||
Restricted cash | |||
Changes in liabilities arising from financing activities [abstract] | |||
Assets arising from financing activities at beginning of period | 35,654 | 34,399 | |
Cash Flows (Inflows)/ Outflows | (34,499) | 1,255 | |
Assets arising from financing activities at beginning of period | 1,155 | 35,654 | |
Government grants receivable | |||
Changes in liabilities arising from financing activities [abstract] | |||
Assets arising from financing activities at beginning of period | 29,603 | 126,140 | |
Cash Flows (Inflows)/ Outflows | (40,600) | (177,322) | |
Addition | 60,176 | 80,065 | |
Foreign exchange movement | (2,317) | 720 | |
Assets arising from financing activities at beginning of period | 46,862 | 29,603 | |
Cash and cash equivalents at the end of the year | 46,862 | 29,603 | |
Other receivables | |||
Changes in liabilities arising from financing activities [abstract] | |||
Assets arising from financing activities at beginning of period | 41,235 | 175,298 | |
Cash Flows (Inflows)/ Outflows | (42,232) | (134,511) | |
Addition | 899 | 448 | |
Others | 98 | ||
Assets arising from financing activities at beginning of period | $ 0 | $ 41,235 |
Cash and Cash Equivalents - con
Cash and Cash Equivalents - concentration of Cash and Cash Equivalents by Geography (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of geographical areas [line items] | ||||
Cash and cash equivalents | $ 2,939,187 | $ 908,077 | $ 997,315 | $ 843,978 |
United States | ||||
Disclosure of geographical areas [line items] | ||||
Cash and cash equivalents | 1,357,062 | 632,707 | ||
Singapore | ||||
Disclosure of geographical areas [line items] | ||||
Cash and cash equivalents | 1,484,972 | 207,031 | ||
Other | ||||
Disclosure of geographical areas [line items] | ||||
Cash and cash equivalents | $ 97,153 | $ 68,339 |
Issued Capital and Reserves (De
Issued Capital and Reserves (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 12, 2021 | Jan. 20, 2019 | Dec. 31, 2021 | Oct. 27, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of classes of share capital [line items] | |||||||
Number of shares surrendered (in shares) | 76,902,150 | ||||||
Stock split (in shares) | 0.5 | ||||||
Number of shares issued (in shares) | 531,846,000 | 500,000,000 | |||||
Par value per share (in dollars per share) | $ 0.02 | $ 0.02 | |||||
Number of shares outstanding (in shares) | 531,846,000 | 500,000,000 | |||||
Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued (in shares) | 531,846 | ||||||
Number of shares authorised (in shares) | 1,300,000 | ||||||
Par value per share (in dollars per share) | $ 0.02 | ||||||
Number of shares outstanding (in shares) | 531,846 | ||||||
Preference shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised (in shares) | 200,000 | ||||||
Par value per share (in dollars per share) | $ 0.02 | ||||||
Common Share | |||||||
Disclosure of classes of share capital [line items] | |||||||
Surrender of issued shares | $ (1,538) | ||||||
Number of shares outstanding (in shares) | 531,845,744,000 | 500,000,000,000 | 500,000,000,000 | 576,902,150,000 | |||
Additional Paid-In Capital | |||||||
Disclosure of classes of share capital [line items] | |||||||
Surrender of issued shares | $ 1,538 | ||||||
IPO | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued (in shares) | 30,250,000 | ||||||
Private Placement | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued (in shares) | 1,595,744 |
Long-Term Debt - Schedule of No
Long-Term Debt - Schedule of Noncurrent and Current Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Noncurrent: | |||
Term loans | $ 1,715,833 | $ 1,956,148 | |
Current: | |||
Term loans | 297,266 | 381,807 | |
Total | $ 2,013,099 | $ 2,337,955 | $ 2,729,167 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands | Oct. 13, 2021 | Sep. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 11, 2021 | Feb. 17, 2021 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | |||||||
Loans and borrowings | $ 2,013,099 | $ 2,337,955 | $ 2,729,167 | ||||
New loans and borrowings | 618,414 | 2,816,871 | |||||
Term loans | $ 1,715,833 | 1,956,148 | |||||
Accounts Receivable Factoring | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Loans and borrowings | $ 91,700 | ||||||
Interest rate (as a percent) | 0.90% | ||||||
2021 SGD EDB Loan | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Interest rate (as a percent) | 1.40% | 1.40% | |||||
Maximum borrowing capacity | $ 1,148,500 | ||||||
New loans and borrowings | $ 110,769 | ||||||
Term loans | 90,327 | 0 | |||||
Borrowing term (in years) | 5 years | ||||||
Five-year Revolving and Letter of Credit Facilities Agreement | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Maximum borrowing capacity | $ 1,000,000 | ||||||
Borrowing term (in years) | 5 years | ||||||
Mubadala Development Corporation Revolving Credit Facility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Terminated borrowings | $ 400,000 | ||||||
Deferred Financing costs Netting | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Loans and borrowings | 17,710 | $ 19,106 | |||||
Deferred Income From Government Grants | 2021 SGD EDB Loan | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Loans and borrowings | $ 19,821 | ||||||
Interest rate (as a percent) | 3.20% |
Long-Term Debt - Movements in I
Long-Term Debt - Movements in Interest bearing Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Borrowing costs Abstract [Abstract] | ||
Opening balance | $ 2,337,955 | $ 2,729,167 |
New loans and borrowings | 618,414 | 2,816,871 |
Repayments | (882,191) | (3,283,861) |
Other | (61,079) | 75,778 |
Ending balance | $ 2,013,099 | $ 2,337,955 |
Long-Term Debt - Summary of Ter
Long-Term Debt - Summary of Term Loan Facilities (Details) $ in Thousands | Apr. 23, 2020USD ($) | Jan. 21, 2019USD ($) | Mar. 02, 2018USD ($)bank | Sep. 01, 2017USD ($) | Dec. 31, 2021USD ($) | Sep. 03, 2021USD ($) | Feb. 17, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 31, 2019USD ($)bank | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Current total | $ 297,266 | $ 381,807 | ||||||||||
Noncurrent total | 1,715,833 | 1,956,148 | ||||||||||
Total | 2,013,099 | 2,337,955 | $ 2,729,167 | |||||||||
Lease obligations | $ 425,518 | $ 464,512 | $ 525,543 | $ 417,850 | ||||||||
Number of banks | bank | 4 | 5 | ||||||||||
Disposal group, consideration | $ 22,950 | |||||||||||
Proceeds from sales of property, plant and equipment | $ 300,000 | $ 425,000 | $ 375,000 | 17,150 | ||||||||
Assumption of certain liabilities | $ 5,800 | |||||||||||
Equipment | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Lease obligations | $ 375,000 | |||||||||||
PILOT Bonds | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 0.14% | 0.91% | ||||||||||
Current total | $ 0 | $ 10,457 | ||||||||||
Borrowings, adjustment to interest rate basis | 12.00% | |||||||||||
Accounts Receivable Factoring | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 0.90% | |||||||||||
Current total | $ 16,345 | 86,944 | ||||||||||
Total | $ 91,700 | |||||||||||
Accounts Receivable Factoring | Minimum | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 0.60% | |||||||||||
Accounts Receivable Factoring | Maximum | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 0.90% | |||||||||||
2018 Tool Equipment Purchase and Lease Financing | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 1.60% | |||||||||||
Current total | $ 74,668 | 74,250 | ||||||||||
Noncurrent total | $ 18,733 | 93,401 | ||||||||||
2019 Tool Equipment Purchase and Lease Financing | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 1.75% | |||||||||||
Current total | $ 84,251 | 83,812 | ||||||||||
Noncurrent total | 105,935 | 190,186 | ||||||||||
2019 USD Dresden Equipment Financing | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Current total | 35,628 | 35,473 | ||||||||||
Noncurrent total | $ 144,151 | 179,779 | ||||||||||
2018 IKB Term Loan | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 2.50% | |||||||||||
Current total | $ 11,283 | 12,240 | ||||||||||
Noncurrent total | $ 22,613 | 36,815 | ||||||||||
2020 USD Equipment Financing | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 1.90% | |||||||||||
Current total | $ 58,893 | 58,539 | ||||||||||
Noncurrent total | $ 152,493 | 211,382 | ||||||||||
USD Term Loan A | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 2.90% | |||||||||||
Noncurrent total | $ 647,287 | 646,005 | ||||||||||
EUR Term Loan A | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 2.60% | |||||||||||
Noncurrent total | $ 93,529 | 101,380 | ||||||||||
2019 EUR Dresden Equipment Financing | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 1.75% | |||||||||||
Current total | $ 14,096 | 15,366 | ||||||||||
Noncurrent total | $ 422,908 | 474,522 | ||||||||||
Maximum borrowing capacity | $ 750,000 | |||||||||||
TPI Loan | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 2.60% | |||||||||||
Current total | $ 1,962 | 2,687 | ||||||||||
Noncurrent total | $ 8,238 | 11,053 | ||||||||||
i. Park East Fishkill | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 0.30% | |||||||||||
Current total | $ 140 | 2,039 | ||||||||||
Noncurrent total | $ 9,619 | 11,625 | ||||||||||
2021 SGD EDB Loan | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Nominal Interest Rate | 1.40% | 1.40% | ||||||||||
Noncurrent total | $ 90,327 | $ 0 | ||||||||||
Maximum borrowing capacity | $ 1,148,500 |
Long-Term Debt - Summary of Unu
Long-Term Debt - Summary of Unutilized Credit Facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | $ 2,144,581 | $ 878,098 |
2021 SGD EDB Loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 1,028,602 | 0 |
Citibank Revolving Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 1,009,505 | 403,271 |
Societe Generale Singapore Factoring | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 75,355 | 34,756 |
Societe Generale Singapore Revolving Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 27,150 | 23,958 |
Deutsche Bank | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 3,163 | 3,122 |
Citibank—USD | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 806 | 780 |
JPMorgan Chase PILOT Letter of Credit | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 0 | 12,211 |
Mubadala Development Corporation Revolving Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | $ 0 | $ 400,000 |
Leases - Additional Information
Leases - Additional Information about Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Amortization of right-of-use assets | $ 80,689 | $ 56,964 | |
Interest expense on lease liabilities | 26,859 | 34,807 | $ 43,666 |
Short-term and low-value leases expense | 1,195 | 1,409 | |
Total net lease cost | $ 108,743 | $ 93,180 | |
Weighted average remaining lease term | 6 years 6 months 3 days | 7 years 4 months 6 days | |
Weighted average discount rate | 6.65% | 7.99% |
Leases - Maturity of Lease Paym
Leases - Maturity of Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Minimum Lease Payments | $ 511,901 | $ 597,996 | ||
Present Value of Payments | 425,518 | 464,512 | ||
finance charges | (86,383) | (133,484) | ||
Present value of minimum lease payments | 425,518 | 464,512 | ||
Present value of minimum lease payments | 425,518 | 464,512 | ||
Noncurrent | 290,547 | 333,242 | ||
Current | 134,971 | 131,270 | ||
Total lease liabilities | 425,518 | 464,512 | $ 525,543 | $ 417,850 |
Within 1 year | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Minimum Lease Payments | 156,784 | 165,621 | ||
Present Value of Payments | 134,971 | 131,270 | ||
2-5 years | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Minimum Lease Payments | 231,819 | 256,597 | ||
Present Value of Payments | 190,801 | 185,261 | ||
After 5 years | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Minimum Lease Payments | 123,298 | 175,778 | ||
Present Value of Payments | $ 99,746 | $ 147,981 |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows used in operating activities: | |||
Payments of short-term and low-value leases | $ (1,195) | $ (1,409) | |
Interest paid | (26,859) | (34,807) | $ (43,666) |
Cash flows used in financing activities: | |||
Payment of lease obligations | $ (78,260) | $ (73,249) |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Beginning balance | $ 292,193 | $ 348,163 |
Additions | 93,773 | 994 |
Amortization | (80,689) | (56,964) |
Ending balance | $ 305,277 | $ 292,193 |
Provisions - Movement in Provis
Provisions - Movement in Provision for Asset Retirement Obligations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in other provisions [abstract] | ||
Provisions at beginning of period | $ 353,308,000 | $ 337,765,000 |
Arising during the period | 431,000 | 14,888,000 |
Accretion cost | (2,160,000) | 655,000 |
Utilized | (3,097,000) | 0 |
Provisions at end of period | $ 348,482,000 | $ 353,308,000 |
Provisions - Narrative (Details
Provisions - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum | ||
Disclosure of other provisions [line items] | ||
Discount rate (as a percent) | (1.59%) | (1.61%) |
Maximum | ||
Disclosure of other provisions [line items] | ||
Discount rate (as a percent) | 1.95% | 0.77% |
Government Grants - Roll forwar
Government Grants - Roll forward of Government Grants (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Government grants [Abstract] | ||
Beginning balance | $ 169,202 | $ 194,209 |
Received/receivable during the period | 40,461 | 19,854 |
Acquisition of subsidiaries | 0 | 6,182 |
Released to the consolidated statements of operations and comprehensive loss | (33,366) | (51,043) |
Ending balance | 176,297 | 169,202 |
Noncurrent | 147,371 | 128,697 |
Current | 28,926 | 40,505 |
Total government grants | $ 176,297 | $ 169,202 |
Government Grants - Located in
Government Grants - Located in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Government Grants [Line Items] | |||
Total balance | $ 33,366 | $ 51,043 | $ 156,793 |
Cost of revenue | |||
Government Grants [Line Items] | |||
Total balance | 33,031 | 49,025 | 155,451 |
Research and development expenses | |||
Government Grants [Line Items] | |||
Total balance | 335 | 2,018 | 1,342 |
Selling, general and administrative expenses | |||
Government Grants [Line Items] | |||
Total balance | $ 0 | $ 0 | $ 0 |
Trade Payables and Other Liab_3
Trade Payables and Other Liabilities - Schedule of Noncurrent and Current Trade and Other Payables (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 05, 2020 |
Noncurrent: | |||
Advances and deposits | $ 11,116,000 | $ 206,766,000 | |
Payable for Intangible Assets | 44,667,000 | 109,451,000 | |
Contract liabilities | 1,368,328,000 | 30,258,000 | |
Deferred tax liabilities | 2,304,000 | 8,422,000 | |
Other(2) | 18,909,000 | 57,769,000 | |
Non-current trade payables | 1,445,324,000 | 412,666,000 | |
Current: | |||
Trade payables | 551,138,000 | 414,547,000 | |
Accrued expenses | 602,495,000 | 470,800,000 | |
Current contract liabilities | 532,985,000 | 104,466,000 | |
Advances and deposits(3) | 309,129,000 | 68,026,000 | |
Payable for PPE and Intangible Assets | 472,144,000 | 235,789,000 | |
Other | 117,859,000 | 48,860,000 | |
Current payables | 2,585,750,000 | 1,342,488,000 | |
Deposits from customers | $ 117,882,000 | $ 34,713,000 | $ 100,000 |
Trade Payables and Other Liab_4
Trade Payables and Other Liabilities - Reconciliation of Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Beginning contract liabilities balance | $ 134,724 | $ 144,562 |
Cash receipts in advance of satisfaction of performance obligations | 1,894,049 | 123,573 |
Released to the consolidated statements of operations and comprehensive loss | (127,460) | (133,411) |
Ending contract liabilities balance | 1,901,313 | 134,724 |
Noncurrent | 1,368,328 | 30,258 |
Current | 532,985 | 104,466 |
Deferred revenue | $ 73,435 | $ 48,363 |
Employee Benefits Plans (Detail
Employee Benefits Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefits [Abstract] | |||
Employee contributions matched by employer (as a percent) | 3.00% | ||
Additional employee contributions matched by employer | 50.00% | ||
Additional employee contributions matched by employer (as a percent) | 3.00% | ||
Maximum employee contributions matched by employer (as a percent) | 4.50% | ||
Contribution 401(K) expense | $ 31,055 | $ 31,986 | $ 33,809 |
Contribution expense | $ 29,295 | $ 22,023 | $ 34,434 |
Commitments and Contingencies -
Commitments and Contingencies - Unconditional Purchase Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract] | ||
Contracts for capital expenditures | $ 2,994,554 | $ 952,604 |
Contracts for operating expenditures | 3,404,865 | 1,044,560 |
Contractual capital and operating commitments | 6,399,419 | 1,997,164 |
Due within the next 12 months | $ 3,542,823 | $ 1,316,090 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Jun. 30, 2021 | Apr. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of contingent liabilities [line items] | |||||
Loans and borrowings | $ 2,013,099,000 | $ 2,337,955,000 | $ 2,729,167,000 | ||
Bank guarantees | $ 3,239,000 | 3,098,000 | |||
Minimum interest on license agreement | 49.00% | ||||
Provisions | $ 348,482,000 | $ 34,000 | $ 2,500,000 | 353,308,000 | $ 337,765,000 |
PILOT Bonds, Letters Of Credit | |||||
Disclosure of contingent liabilities [line items] | |||||
Loans and borrowings | $ 20,000,000 | $ 36,211,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of contingent liabilities [line items] | ||
Undiscounted Operating Lease Payments To Be Paid | $ 1,743 | $ 2,966 |
Within 1 year | ||
Disclosure of contingent liabilities [line items] | ||
Undiscounted Operating Lease Payments To Be Paid | 1,195 | 1,409 |
2-5 years | ||
Disclosure of contingent liabilities [line items] | ||
Undiscounted Operating Lease Payments To Be Paid | $ 548 | $ 1,557 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [abstract] | |||
Corporate losses | $ 250,313 | $ 1,347,571 | $ 1,371,186 |
Weighted average common shares outstanding (in shares) | 505,758,409,000 | 500,000,000 | 504,003,126 |
Total basic and diluted earnings per share attributable to equity shareholders (in USD per share) | $ (0.49) | $ (2.70) | $ (2.72) |
Total basic and diluted earnings per share attributable to equity shareholders (in USD per share) | $ (0.49) | $ (2.70) | $ (2.72) |
Antidilutive securities (in shares) | 21,749,558 | 22,286,278 | 32,560,289 |
Related Party Disclosures - Bal
Related Party Disclosures - Balances in the Consolidated Statement of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of transactions between related parties [line items] | ||
Due from Related Parties | $ 8,133 | $ 8,734 |
Due to Related Parties | 9,121 | 10,793 |
SMP | ||
Disclosure of transactions between related parties [line items] | ||
Due from Related Parties | 8,133 | 8,734 |
Due to Related Parties | 9,025 | 10,480 |
Mubadala Technology | ||
Disclosure of transactions between related parties [line items] | ||
Due from Related Parties | 0 | 0 |
Due to Related Parties | $ 96 | $ 313 |
Related Party Disclosures - Tra
Related Party Disclosures - Transactions with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Purchases from | $ 59,596 | $ 57,579 | $ 186,146 |
Other transactions with | 47,410 | 47,683 | 79,537 |
SMP | |||
Disclosure of transactions between related parties [line items] | |||
Purchases from | 59,596 | 57,579 | 61,950 |
Other transactions with | 44,808 | 47,065 | 51,251 |
AMTC | |||
Disclosure of transactions between related parties [line items] | |||
Purchases from | 0 | 0 | 124,196 |
Other transactions with | 0 | 0 | 27,527 |
Mubadala Technology | |||
Disclosure of transactions between related parties [line items] | |||
Other transactions with | 2,602 | 618 | 496 |
BAC | |||
Disclosure of transactions between related parties [line items] | |||
Other transactions with | $ 0 | $ 0 | $ 263 |
Related Party Disclosures - Nar
Related Party Disclosures - Narrative (Details) - USD ($) $ in Thousands | Oct. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Related party [Abstract] | |||
Payments to related parties | $ 568,000 | $ 487,000 | |
Additional Paid-In Capital | |||
Disclosure of transactions between related parties [line items] | |||
Addition | $ 10,112,687 |
Related Party Disclosures - Com
Related Party Disclosures - Compensation to Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Amount incurred by entity for provision of key management personnel services provided by separate management entity | $ 53,237 | $ 12,060 |
Short-term benefits | ||
Disclosure of transactions between related parties [line items] | ||
Amount incurred by entity for provision of key management personnel services provided by separate management entity | 8,316 | 11,260 |
Share-based payments(1) | ||
Disclosure of transactions between related parties [line items] | ||
Amount incurred by entity for provision of key management personnel services provided by separate management entity | 42,034 | 0 |
Board of Directors | ||
Disclosure of transactions between related parties [line items] | ||
Amount incurred by entity for provision of key management personnel services provided by separate management entity | $ 2,887 | $ 800 |
Share-Based Payments - Narrativ
Share-Based Payments - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)yrcustomershares | Dec. 31, 2020USD ($)yrshares | Dec. 31, 2019USD ($)yr$ / shares | Dec. 31, 2017 | Dec. 31, 2018USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Term (in years) | 10 years | |||||
Granted (in shares) | yr | 995,409 | 5,078,456 | 19,954,794 | |||
Additional-paid in capital | $ 8,033,132 | $ 7,241,502 | $ 9,019,130 | $ 10,779,612 | ||
Share-based payment expenses | 62,680 | 251,483 | 200,591 | |||
Expense from share-based payment transactions with employees | $ 151,730 | $ 980 | 0 | |||
Share options available for future grant (in shares) | shares | 2,457,663 | 2,790,590 | ||||
Additional Paid-In Capital | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Additional-paid in capital | $ 23,487,463 | $ 11,707,515 | 11,706,535 | $ 11,704,997 | ||
RSUs | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of annual installments | customer | 4 | |||||
Vesting percentage | 25.00% | |||||
Vesting period (in years) | 1 year | |||||
Unrecognized compensation costs | $ 25,704 | 0 | $ 0 | |||
Share Options | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price of outstanding share options (in dollars per share) | $ / shares | $ 10 | |||||
Fair value of options | $ 39,180 | $ 63,974 | ||||
Share-based payment expenses | 223,402 | 980 | $ 0 | |||
Expense from share-based payment transactions with employees | 4,672 | |||||
Share Options | Additional Paid-In Capital | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Additional-paid in capital | $ 0 | $ 34,572 | ||||
Share Options | Maximum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period (in years) | 5 years | 5 years | ||||
Granted (in shares) | yr | 25,000,000 | |||||
Share Options | Minimum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period (in years) | 4 years |
Share-Based Payments - RSUs Act
Share-Based Payments - RSUs Activity (Details) - Restricted Share Units (RSU) | 12 Months Ended |
Dec. 31, 2021shares$ / shares | |
Number of RSUs | |
Outstanding at beginning of period (in shares) | shares | 0 |
Granted (in shares) | shares | 851,530 |
Forfeited (in shares) | shares | (4,100) |
Outstanding at end of period (in shares) | shares | 847,430 |
Weighted average grant date fair value | |
Outstanding at beginning of period (in USD per share) | $ / shares | $ 0 |
Granted (in USD per share) | $ / shares | 39.56 |
Forfeited (in USD per share) | $ / shares | 34.46 |
Outstanding at end of period (in USD per share) | $ / shares | $ 39.59 |
Share-Based Payments - Fair Val
Share-Based Payments - Fair Value Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2021yr$ / shares | Dec. 31, 2020yr$ / shares | Dec. 31, 2019yr$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 45.00% | 43.50% | 40.90% |
Expected term | yr | 4.5 | 5.5 | 6 |
Risk-free interest rate | 0.56% | ||
Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Risk-free interest rate | 0.32% | 1.59% | |
Estimated ordinary shares valuation | $ 24,640 | $ 20,480 | $ 18,520 |
Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Risk-free interest rate | 1.46% | 2.41% | |
Estimated ordinary shares valuation | $ 26,040 | $ 24,620 | $ 20,480 |
Share-Based Payments - Stock Op
Share-Based Payments - Stock Option Activity (Details) | 12 Months Ended | ||
Dec. 31, 2021yr$ / shares | Dec. 31, 2020yr$ / shares | Dec. 31, 2019yr$ / shares | |
Number of Share options | |||
Beginning balance (in shares) | yr | 22,286,278 | 32,560,289 | 34,305,235 |
Exchanged (in shares) | yr | (18,837,010) | ||
Granted (in shares) | yr | 995,409 | 5,078,456 | 19,954,794 |
Forfeited (in shares) | yr | (1,532,129) | (15,352,467) | (2,862,730) |
Ending balance (in shares) | yr | 21,749,558 | 22,286,278 | 32,560,289 |
Weighted average exercise price per Share | |||
Beginning balance (in dollars per share) | $ / shares | $ 10.04 | $ 14.80 | $ 21.54 |
Exchanged (in dollars per share) | $ / shares | 21.54 | ||
Granted (in dollars per share) | $ / shares | 10 | 10 | 10 |
Forfeited (in dollars per share) | $ / shares | 10 | 20.14 | 17.69 |
Ending balance (in dollars per share) | $ / shares | $ 10.03 | $ 10.04 | $ 14.80 |
Share-Based Payments - Range of
Share-Based Payments - Range of Exercise Prices, Options Outstanding, and Contractual Life (Details) | 12 Months Ended | |||
Dec. 31, 2021yr$ / shares | Dec. 31, 2020yr | Dec. 31, 2019yr | Dec. 31, 2018yr | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding | 21,749,558 | 22,286,278 | 32,560,289 | 34,305,235 |
$10.00 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in dollars per share) | $ / shares | $ 10 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding | 21,694,907 | |||
Weighted average remaining contractual life (in years) | 2 years 10 months 20 days | |||
$19.07 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in dollars per share) | $ / shares | $ 19.07 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding | 23,422 | |||
Weighted average remaining contractual life (in years) | 5 years 14 days | |||
$22.54 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in dollars per share) | $ / shares | $ 22.54 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding | 23,422 | |||
Weighted average remaining contractual life (in years) | 5 years 14 days | |||
$26.00 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in dollars per share) | $ / shares | $ 26 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding | 7,807 | |||
Weighted average remaining contractual life (in years) | 5 years 14 days |
Financial Risk Management Obj_3
Financial Risk Management Objectives and Policies - Sensitivity of Profit or Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Instruments [Abstract] | |||
Effects on Loss before Tax | $ 2 | $ 19,194 | $ 2,164 |
Effects on Loss before Tax | $ (2) | $ (19,194) | $ (2,164) |
Financial Risk Management Obj_4
Financial Risk Management Objectives and Policies - Foreign Currency Risk Exposure (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash and cash equivalents | $ 2,939,187 | $ 908,077 | $ 997,315 | $ 843,978 |
Loans and borrowings | (2,013,099) | (2,337,955) | $ (2,729,167) | |
Currency risk | EUR | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Receivables and prepayments | 160,684 | 141,603 | ||
Cash and cash equivalents | 45,178 | 54,043 | ||
Loans and borrowings | (14,361) | (26,992) | ||
Trade and other payables | (253,558) | (150,127) | ||
Total financial liabilities | (62,057) | 18,527 | ||
Currency risk | JPY | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Receivables and prepayments | 315 | 353 | ||
Cash and cash equivalents | 1,922 | 2,150 | ||
Loans and borrowings | 0 | 0 | ||
Trade and other payables | (72,867) | (13,820) | ||
Total financial liabilities | (70,630) | (11,317) | ||
Currency risk | Singapore, Dollars | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Receivables and prepayments | 12,573 | 12,020 | ||
Cash and cash equivalents | 3,924 | 8,531 | ||
Loans and borrowings | (90,912) | 42 | ||
Trade and other payables | (147,284) | (65,966) | ||
Total financial liabilities | $ (221,699) | $ (45,373) |
Financial Risk Management Obj_5
Financial Risk Management Objectives and Policies - Narrative (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Five Largest Customers | Customer Risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Customer concentration risk (as a percent) | 61.00% | 63.00% |
Financial Risk Management Obj_6
Financial Risk Management Objectives and Policies - Aging of Financial assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Carrying Amount | $ 2,013,099 | $ 2,337,955 |
Credit risk | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Carrying Amount | 1,067,350 | 1,041,389 |
Credit risk | Receivables neither past due nor impaired | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Carrying Amount | 1,023,506 | 1,026,367 |
Credit risk | Not later than one month [member] | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Carrying Amount | 42,507 | 14,795 |
Credit risk | 31-90 Days | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Carrying Amount | 550 | 197 |
Credit risk | 91-120 Days | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Carrying Amount | 787 | 30 |
Credit risk | Great than 120 days | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Carrying Amount | $ 0 | $ 0 |
Financial Risk Management Obj_7
Financial Risk Management Objectives and Policies - Maturity of Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Carrying Value | |||||
Loans and borrowings | $ 2,013,099 | $ 2,337,955 | $ 2,729,167 | ||
Lease obligations | 425,518 | 464,512 | $ 525,543 | $ 417,850 | |
Derivative financial liability | (65,569) | (34,663) | |||
Liquidity risk | |||||
Carrying Value | |||||
Loans and borrowings | 2,013,099 | 2,337,955 | |||
Lease obligations | 425,518 | 464,512 | |||
Derivative financial liability | 65,569 | 34,663 | |||
Neither part Due Nor Impaired | 1,894,595 | 1,271,944 | |||
Trade and other payables | 1,894,595 | 1,271,944 | |||
Total financial liabilities | 4,398,781 | 4,109,074 | |||
Contractual Cash Flows | |||||
Loans and borrowings | 2,204,618 | 2,507,456 | |||
Lease obligations | 511,901 | 597,996 | |||
Derivative financial liability | 65,569 | 34,663 | |||
total financial liabilities | 4,676,683 | 4,412,059 | |||
Liquidity risk | Within 1 year | |||||
Carrying Value | |||||
Neither part Due Nor Impaired | 1,848,083 | 1,138,069 | |||
Contractual Cash Flows | |||||
Loans and borrowings | 349,373 | 447,490 | |||
Lease obligations | 156,784 | 165,621 | |||
Derivative financial liability | 48,593 | 1,318 | |||
total financial liabilities | 2,402,833 | 1,752,498 | |||
Liquidity risk | 2-5 years | |||||
Carrying Value | |||||
Neither part Due Nor Impaired | 46,512 | 133,875 | |||
Contractual Cash Flows | |||||
Loans and borrowings | 1,735,562 | 2,000,928 | |||
Lease obligations | 231,820 | 256,597 | |||
Derivative financial liability | 16,976 | 33,345 | |||
total financial liabilities | 2,030,870 | 2,424,745 | |||
Liquidity risk | After 5 years | |||||
Carrying Value | |||||
Neither part Due Nor Impaired | 0 | 0 | |||
Contractual Cash Flows | |||||
Loans and borrowings | 119,683 | 59,038 | |||
Lease obligations | 123,297 | 175,778 | |||
Derivative financial liability | 0 | 0 | |||
total financial liabilities | $ 242,980 | $ 234,816 |
Financial Risk Management Obj_8
Financial Risk Management Objectives and Policies - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Instruments [Abstract] | ||
Assets | $ 15,027,602 | $ 12,321,633 |
Liabilities | 6,994,470 | 5,080,131 |
Recurring fair value measurement [member] | Cash equivalents | ||
Financial Instruments [Abstract] | ||
Assets | 2,175,002 | 560,198 |
Recurring fair value measurement [member] | Investments in equity instruments | ||
Financial Instruments [Abstract] | ||
Assets | 16,806 | 12,737 |
Recurring fair value measurement [member] | Derivatives | ||
Financial Instruments [Abstract] | ||
Assets | 25,500 | 84,588 |
Liabilities | 65,569 | 34,663 |
Recurring fair value measurement [member] | Quoted Prices Identical Assets/ Liabilities (Level 1) | Cash equivalents | ||
Financial Instruments [Abstract] | ||
Assets | 2,150,002 | 560,198 |
Recurring fair value measurement [member] | Quoted Prices Identical Assets/ Liabilities (Level 1) | Investments in equity instruments | ||
Financial Instruments [Abstract] | ||
Assets | 770 | 0 |
Recurring fair value measurement [member] | Quoted Prices Identical Assets/ Liabilities (Level 1) | Derivatives | ||
Financial Instruments [Abstract] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Recurring fair value measurement [member] | Significant Other Inputs (Level 2) | Cash equivalents | ||
Financial Instruments [Abstract] | ||
Assets | 25,000 | 0 |
Recurring fair value measurement [member] | Significant Other Inputs (Level 2) | Investments in equity instruments | ||
Financial Instruments [Abstract] | ||
Assets | 0 | 0 |
Recurring fair value measurement [member] | Significant Other Inputs (Level 2) | Derivatives | ||
Financial Instruments [Abstract] | ||
Assets | 25,500 | 84,588 |
Liabilities | 65,569 | 34,663 |
Recurring fair value measurement [member] | Significant Unobservable Inputs (Level 3) | Cash equivalents | ||
Financial Instruments [Abstract] | ||
Assets | 0 | 0 |
Recurring fair value measurement [member] | Significant Unobservable Inputs (Level 3) | Investments in equity instruments | ||
Financial Instruments [Abstract] | ||
Assets | 16,036 | 12,737 |
Recurring fair value measurement [member] | Significant Unobservable Inputs (Level 3) | Derivatives | ||
Financial Instruments [Abstract] | ||
Assets | 0 | 0 |
Liabilities | $ 0 | $ 0 |
Financial Risk Management Obj_9
Financial Risk Management Objectives and Policies - Assets and Liabilities not Measured at a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying Amount | $ 2,013,099 | $ 2,337,955 |
Fair Value | 2,005,999 | 2,336,114 |
Other long-term debt | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Carrying Amount | 2,013,099 | 2,337,955 |
Fair Value | $ 2,005,999 | $ 2,336,114 |
Operating Segments Informatio_2
Operating Segments Information - Revenue by Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of geographical areas [line items] | |||
Revenue | $ 6,585,079 | $ 4,850,505 | $ 5,812,788 |
United States | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,975,215 | 3,368,262 | 4,140,201 |
Europe, the Middle East, and Africa | |||
Disclosure of geographical areas [line items] | |||
Revenue | 805,226 | 451,283 | 695,193 |
Other | |||
Disclosure of geographical areas [line items] | |||
Revenue | $ 1,804,638 | $ 1,030,960 | $ 977,394 |
Operating Segments Informatio_3
Operating Segments Information - Noncurrent Assets by Geography (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of geographical areas [line items] | ||
Certain non-current assets | $ 9,381,176 | $ 8,857,289 |
United States | ||
Disclosure of geographical areas [line items] | ||
Certain non-current assets | 5,433,410 | 5,843,023 |
Germany | ||
Disclosure of geographical areas [line items] | ||
Certain non-current assets | 1,989,121 | 1,404,202 |
Singapore | ||
Disclosure of geographical areas [line items] | ||
Certain non-current assets | 1,547,094 | 1,114,603 |
Other | ||
Disclosure of geographical areas [line items] | ||
Certain non-current assets | $ 411,551 | $ 495,461 |
Operating Segments Informatio_4
Operating Segments Information - Revenue by Major Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of major customers [line items] | |||
Amount | $ 6,585,079 | $ 4,850,505 | $ 5,812,788 |
Customer A | |||
Disclosure of major customers [line items] | |||
Amount | $ 811,304 | $ 1,000,750 | $ 1,600,750 |
% | 12.00% | 21.00% | 28.00% |
Customer B | |||
Disclosure of major customers [line items] | |||
Amount | $ 995,241 | $ 536,915 | $ 442,537 |
% | 15.00% | 11.00% | 8.00% |
Customer And Supplier Concent_2
Customer And Supplier Concentration (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
SOI Wafers | |||
Concentration Risk [Line Items] | |||
Amount due to supplier | $ 63,237 | $ 32,450 | |
Customer A | |||
Concentration Risk [Line Items] | |||
Trade receivables | 178,506 | 129,895 | |
Customer B | |||
Concentration Risk [Line Items] | |||
Trade receivables | $ 159,597 | $ 100,410 | |
Customer Risk | Customer A | |||
Concentration Risk [Line Items] | |||
Customer concentration risk (as a percent) | 12.00% | 21.00% | 28.00% |
Customer Risk | Customer B | |||
Concentration Risk [Line Items] | |||
Customer concentration risk (as a percent) | 15.00% | 11.00% | 8.00% |
Supplier Risk | SOI Wafers | |||
Concentration Risk [Line Items] | |||
Supplier concentration risk (as a percent) | 46.00% | 52.00% | 42.00% |