GLOBALFOUNDRIES Inc. | |||||||||||
Date: November 22, 2022 | By: | /s/ Dr. Thomas Caulfield | |||||||||
Name: | Dr. Thomas Caulfield | ||||||||||
Title: | President & Chief Executive Officer |
Unaudited Statements | Page | ||||
Notes to Interim Condensed Consolidated Financial Statements |
As of | |||||||||||
(in millions except for share amounts) | September 30, 2022 | December 31, 2021 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Marketable securities | |||||||||||
Receivables, prepayments and other assets | |||||||||||
Inventories | |||||||||||
Total current assets | |||||||||||
Noncurrent assets: | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill and intangible assets, net | |||||||||||
Marketable securities | |||||||||||
Other noncurrent financial assets | |||||||||||
Deferred tax assets | |||||||||||
Receivables, prepayments and other assets | |||||||||||
Total noncurrent assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Trade payables and other current liabilities | $ | $ | |||||||||
Provisions | |||||||||||
Current portion of deferred income from government grants | |||||||||||
Current portion of lease obligations | |||||||||||
Current portion of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Noncurrent liabilities | |||||||||||
Noncurrent portion of deferred income from government grants | |||||||||||
Provisions | |||||||||||
Noncurrent portion of lease obligations | |||||||||||
Noncurrent portion of long-term debt | |||||||||||
Other noncurrent liabilities | |||||||||||
Total noncurrent liabilities | |||||||||||
Total liabilities | $ | $ | |||||||||
Equity: | |||||||||||
Share capital | |||||||||||
Ordinary shares, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Equity attributable to the shareholders of GLOBALFOUNDRIES INC. | |||||||||||
Non-controlling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
(in millions except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Research and development expenses | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Profit (loss) from operations | ( | ||||||||||||||||||||||
Finance expenses, net | ( | ( | ( | ( | |||||||||||||||||||
Share of profit of joint ventures | |||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||
Profit (loss) before income taxes | ( | ||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) for the period | $ | $ | $ | $ | ( | ||||||||||||||||||
Attributable to: | |||||||||||||||||||||||
Shareholders of GLOBALFOUNDRIES INC. | ( | ||||||||||||||||||||||
Non-controlling interest | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) for the period | $ | $ | $ | $ | ( | ||||||||||||||||||
Net earnings (loss) per share attributable to the equity holders of the Company: | |||||||||||||||||||||||
Basic weighted average common shares outstanding | |||||||||||||||||||||||
Diluted weighted average common shares outstanding | |||||||||||||||||||||||
Basic earnings (loss) per share | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted earnings (loss) per share | $ | $ | $ | $ | ( |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income (loss) for the period | |||||||||||||||||||||||
Attributable to: | |||||||||||||||||||||||
Shareholders of GLOBALFOUNDRIES INC. | ( | ||||||||||||||||||||||
Non-controlling interest | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) for the period | $ | $ | $ | $ | ( | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss: | |||||||||||||||||||||||
Share of foreign exchange fluctuation reserve of joint ventures | ( | ( | ( | ( | |||||||||||||||||||
Effective portion of changes in the fair value of cash flow hedges | ( | ( | |||||||||||||||||||||
Fair value (loss) on investments measured at fair value through other comprehensive income | ( | ( | |||||||||||||||||||||
Income tax effect | ( | ||||||||||||||||||||||
Total other comprehensive income (loss) for the period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Attributable to: | |||||||||||||||||||||||
Shareholders of GLOBALFOUNDRIES INC. | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Non-controlling interest | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Total other comprehensive income (loss) for the period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Total comprehensive income (loss) for the period | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Attributable to: | |||||||||||||||||||||||
Shareholders of GLOBALFOUNDRIES INC. | ( | ( | |||||||||||||||||||||
Non-controlling interest | ( | ( | ( | ( | |||||||||||||||||||
Total comprehensive income (loss) for the period | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Equity Attributable to Shareholders of GLOBALFOUNDRIES Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except share amounts) | Common Shares | Additional Paid-In Capital | Loan from Shareholder | Accumulated Deficit | Hedging Reserve | Foreign Currency Translation and Investments Reserves | Total | Non Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Repayment of loan from shareholder | — | — | — | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2021 | $ | $ | $ | $ | $( | $( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of equity instruments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Nine Months Ended September 30, | |||||||||||||
2022 | 2021 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation | ||||||||||||||
Amortization of intangible assets | ||||||||||||||
Share-based compensation | ||||||||||||||
Interest and income taxes paid | ( | ( | ||||||||||||
Finance expenses, net | ||||||||||||||
Amortization of deferred income from government grants | ( | ( | ||||||||||||
Deferred income taxes, net | ||||||||||||||
Gain on disposal of property, plant and equipment and other | ( | ( | ||||||||||||
Change in assets and liabilities: | ||||||||||||||
Receivables, prepayments, other assets and other noncurrent assets | ( | |||||||||||||
Inventories | ( | ( | ||||||||||||
Trade and other payables | ||||||||||||||
Net cash provided by operating activities | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||
Purchases of property, plant and equipment | ( | ( | ||||||||||||
Purchase of investment in marketable securities | ( | |||||||||||||
Proceeds from sale of marketable securities | ||||||||||||||
Purchases of intangible assets | ( | ( | ||||||||||||
Advances and proceeds from sale of property, plant and equipment and intangible assets | ||||||||||||||
Other investing activities | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
Net proceeds from borrowings | ||||||||||||||
Repayments of debt and finance lease obligations | ( | ( | ||||||||||||
Proceeds from issuance of equity instruments and other | ||||||||||||||
Repayments of shareholder loan | ( | |||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | ||||||||||||
Net increase/(decrease) in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents at the beginning of the period | ||||||||||||||
Cash and cash equivalents at the end of the period | $ | $ | ||||||||||||
Noncash investing and financing activities: | ||||||||||||||
Amounts payable for property, plant and equipment | $ | $ | ||||||||||||
Property, plant and equipment acquired through lease | $ | $ | ||||||||||||
Amounts payable for intangible assets | $ | $ |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Type of goods and services: | |||||||||||||||||||||||
Wafer fabrication | $ | $ | $ | $ | |||||||||||||||||||
Engineering and other pre-fabrication services | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||
Revenue recognized over time | $ | $ | $ | $ | |||||||||||||||||||
Revenue recognized at a point in time | |||||||||||||||||||||||
$ | $ | $ | $ |
(in millions except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income (loss) attributable to equity shareholders of the Company | $ | $ | $ | $ | ( | ||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Total basic and diluted EPS attributable to equity shareholders | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | ( | ||||||||||||||||||
Diluted | $ | $ | $ | $ | ( |
(in millions) | September 30, 2022 | December 31, 2021 | |||||||||
Current: | |||||||||||
Trade receivables, other than related parties | $ | $ | |||||||||
Unbilled accounts receivable (1) | |||||||||||
Other receivables | |||||||||||
Receivables from government grants | |||||||||||
Receivables from related parties | |||||||||||
Derivative assets | |||||||||||
$ | $ | ||||||||||
Non-current: | |||||||||||
Advances to suppliers (2) | $ | $ | |||||||||
Non-trade receivables | |||||||||||
Other | |||||||||||
Total | $ | $ |
(in millions) | September 30, 2022 | December 31, 2021 | |||||||||
Balance, beginning of period | $ | $ | |||||||||
Revenue recognized during the period | |||||||||||
Amounts invoiced | ( | ( | |||||||||
Other | |||||||||||
Balance, end of period | $ | $ |
(in millions) | September 30, 2022 | December 31, 2021 | |||||||||
Work in progress, net | $ | $ | |||||||||
Raw materials and supplies, net | |||||||||||
Total | $ | $ |
Description | Currency | Nominal Interest Rate | Year of Maturity | September 30, 2022 | December 31, 2021 | |||||||||||||||
(in millions) | ||||||||||||||||||||
2018 Tool Equipment Purchase and Lease Financing | USD | LIBOR + | 2023 | |||||||||||||||||
2019 Tool Equipment Purchase and Lease Financing | USD | LIBOR + | 2024 | |||||||||||||||||
2019 USD Dresden Equipment Financing | USD | LIBOR + | 2024 | |||||||||||||||||
2020 USD Equipment Financing | USD | LIBOR + | 2025 | |||||||||||||||||
2019 EUR Dresden Equipment Financing | EUR | EURIBOR + | 2026 | |||||||||||||||||
Various | EUR, USD | Various | 2024-2026 | |||||||||||||||||
Current total | ||||||||||||||||||||
2019 Tool Equipment Purchase and Lease Financing | USD | LIBOR + | 2024 | |||||||||||||||||
2019 USD Dresden Equipment Financing | USD | LIBOR + | 2024 | |||||||||||||||||
2020 USD Equipment Financing | USD | LIBOR + | 2025 | |||||||||||||||||
USD Term Loan A | USD | LIBOR + | 2025 | |||||||||||||||||
EUR Term Loan A | EUR | EURIBOR + | 2025 | |||||||||||||||||
2019 EUR Dresden Equipment Financing | EUR | EURIBOR + | 2026 | |||||||||||||||||
2021 SGD EDB Loan | SGD | 2041 | ||||||||||||||||||
Various | EUR, USD | Various | 2024-2027 | |||||||||||||||||
Noncurrent total | ||||||||||||||||||||
Total | $ | $ |
(in millions) | September 30, 2022 | December 31, 2021 | |||||||||
Citibank Revolving Credit Facility | |||||||||||
SGD EDB Loan | $ | $ | |||||||||
Societe Generale Singapore Revolving Credit Facility(1) | |||||||||||
Societe Generale Singapore Factoring | |||||||||||
Other(1) | |||||||||||
Total | $ | $ |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
Purchases from: * | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||
SMP | $ | $ | $ | $ | ||||||||||||||||
Other transactions with: | ||||||||||||||||||||
SMP (reimbursement of expenses and contribution of tools) | $ | $ | $ | $ | ||||||||||||||||
$ | $ | $ | $ |
(in millions) | September 30, 2022 | December 31, 2021 | |||||||||
Contracts for capital expenditures | $ | $ | |||||||||
Contracts for operating expenditures | |||||||||||
$ | $ | ||||||||||
Due within the next 12 months | $ | $ |
(in millions) | Quoted Prices Identical Assets/ Liabilities | Significant Other Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents(1) | $ | $ | $ | $ | |||||||||||||||||||
Investments in equity instruments(2) | $ | $ | $ | $ | |||||||||||||||||||
Derivatives(3) | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives(3) | $ | $ | $ | $ | |||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents(1) | $ | $ | $ | $ | |||||||||||||||||||
Investments in equity instruments(2) | $ | $ | $ | $ | |||||||||||||||||||
Derivatives(3) | $ | $ | $ | $ | |||||||||||||||||||
Marketable securities | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives(3) | $ | $ | $ | $ |
(in millions) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Financial Liabilities | Category | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||
Long-term debt | FLAC | |||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net revenue | $ | 2,074 | $ | 1,700 | $ | 6,007 | $ | 4,738 | ||||||||||||||||||
Cost of revenue | 1,464 | 1,400 | 4,390 | 4,108 | ||||||||||||||||||||||
Gross profit | 610 | 300 | 1,617 | 630 | ||||||||||||||||||||||
Research and development expenses | 124 | 114 | 372 | 349 | ||||||||||||||||||||||
Selling, general and administrative expenses | 129 | 134 | 366 | 427 | ||||||||||||||||||||||
Operating expenses | 253 | 248 | 738 | 776 | ||||||||||||||||||||||
Income (Loss) from operations | 357 | 52 | 879 | (146) | ||||||||||||||||||||||
Finance expenses, net | (11) | (27) | (58) | (82) | ||||||||||||||||||||||
Share of profit of joint ventures and associates | 1 | 1 | 3 | 3 | ||||||||||||||||||||||
Other income (expense), net | 8 | 1 | 32 | (19) | ||||||||||||||||||||||
Income (Loss) before income taxes | 355 | 27 | 856 | (244) | ||||||||||||||||||||||
Income tax expense | (19) | (22) | (78) | (52) | ||||||||||||||||||||||
Net income (loss) for the period | $ | 336 | $ | 5 | $ | 778 | $ | (296) |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Net revenue | $ | 2,074 | $ | 1,700 | $ | 374 | 22.0 | % | $ | 6,007 | $ | 4,738 | $ | 1,269 | 26.8 | % |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 1,464 | $ | 1,400 | $ | 64 | 4.6 | % | $ | 4,390 | $ | 4,108 | $ | 282 | 6.9 | % | ||||||||||||||||||||||||||||||||||
Gross margin | 29.4 | % | 17.6 | % | +1,180bps | 26.9 | % | 13.3 | % | +136bps |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | $ | 124 | $ | 114 | $ | 10 | 8.8 | % | $ | 372 | $ | 349 | $ | 23 | 6.6 | % | ||||||||||||||||||||||||||||||||||
As a % of revenue | 6.0% | 6.7% | 6.2% | 7.4% |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 129 | $ | 134 | $ | (5) | (3.7) | % | $ | 366 | $ | 427 | $ | (61) | (14.3) | % | ||||||||||||||||||||||||||||||||||
As a % of revenue | 6.2 | % | 7.9 | % | 6.1 | % | 9.0 | % |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Finance expenses, net | $ | (11) | $ | (27) | $ | 16 | (59.3) | % | $ | (58) | $ | (82) | $ | 24 | (29.3) | % |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | $ | 8 | $ | 1 | $ | 7 | 700.0 | % | $ | 32 | $ | (19) | $ | 51 | 268.4 | % |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Income tax expense | $ | (19) | $ | (22) | $ | 3 | (13.6) | % | $ | (78) | $ | (52) | $ | (26) | (50.0) | % |
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net cash provided by operating activities | $ | 2,133 | $ | 1,692 | ||||||||||
Net cash used in investing activities | (3,007) | (824) | ||||||||||||
Net cash provided by (used in) by financing activities | 482 | (749) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | $ | (6) | $ | (8) | ||||||||||
Net increase/(decrease) in cash and cash equivalents | $ | (398) | $ | 111 |
Cover |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | GLOBALFOUNDRIES Inc. |
Document Period End Date | Sep. 30, 2022 |
Current Fiscal Year End Date | --12-31 |
Entity Central Index Key | 0001709048 |
Amendment Flag | false |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) shares in Thousands |
Sep. 30, 2022
$ / shares
shares
|
---|---|
Statement of financial position [abstract] | |
Par value per share (in dollars per share) | $ / shares | $ 0.02 |
Number of shares issued (in shares) | 545,073 |
Number of shares outstanding (in shares) | 531,846 |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands, shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Profit or loss [abstract] | ||||
Net revenue | $ 2,074,000 | $ 1,700,000 | $ 6,007,000 | $ 4,738,000 |
Cost of revenue | 1,464,000 | 1,400,000 | 4,390,000 | 4,108,000 |
Gross profit | 610,000 | 300,000 | 1,617,000 | 630,000 |
Research and development expenses | 124,000 | 114,000 | 372,000 | 349,000 |
Selling, general and administrative expenses | 129,000 | 134,000 | 366,000 | 427,000 |
Operating expenses | 253,000 | 248,000 | 738,000 | 776,000 |
Profit (loss) from operations | 357,000 | 52,000 | 879,000 | (146,000) |
Finance expenses, net | (11,000) | (27,000) | (58,000) | (82,000) |
Share of profit of joint ventures | 1,000 | 1,000 | 3,000 | 3,000 |
Other income (expense), net | 8,000 | 1,000 | 32,000 | (19,000) |
Profit (loss) before income taxes | 355,000 | 27,000 | 856,000 | (244,000) |
Income tax expense | (19,000) | (22,000) | (78,000) | (52,000) |
Net income (loss) for the period | 336,000 | 5,000 | 778,000 | (296,000) |
Attributable to: | ||||
Shareholders of GLOBALFOUNDRIES INC. | 337,000 | 6,000 | 780,000 | (293,000) |
Non-controlling interest | (1,000) | (1,000) | (2,000) | (3,000) |
Net income (loss) for the period | $ 336,000 | $ 5,000 | $ 778,000 | $ (296,000) |
Net earnings (loss) per share attributable to the equity holders of the Company: | ||||
Weighted average shares outstanding, basic (in shares) | 543 | 500 | 537 | 500 |
Diluted weighted average common shares outstanding (in shares) | 553 | 512 | 551 | 500 |
Basic loss per share (in USD per share) | $ 0.62 | $ 0.01 | $ 1.45 | $ (0.59) |
Diluted loss per share (in USD per share) | $ 0.61 | $ 0.01 | $ 1.42 | $ (0.59) |
UNAUDITED INTERIM CONDENSED 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 | $ 7,242,000 | $ 7,177,000 | $ 10,000 | $ 11,708,000 | $ 10,681,000 | $ (15,219,000) | $ (15,000) | $ 12,000 | $ 65,000 |
Beginning balance (in shares) at Dec. 31, 2020 | 500,000,000 | ||||||||
Repayment of loan from shareholder | (568,000) | (568,000) | (568,000) | ||||||
Share-based compensation | 169,000 | 169,000 | 169,000 | ||||||
Net income (loss) | (296,000) | (293,000) | (293,000) | (3,000) | |||||
Other comprehensive loss | (44,000) | (41,000) | (35,000) | (6,000) | (3,000) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 500,000,000 | ||||||||
Ending balance at Sep. 30, 2021 | 6,503,000 | 6,444,000 | $ 10,000 | 11,877,000 | 10,113,000 | (15,512,000) | (50,000) | 6,000 | 59,000 |
Beginning balance | 6,503,000 | 6,444,000 | 10,000 | 11,877,000 | 10,113,000 | (15,512,000) | (50,000) | 6,000 | 59,000 |
Beginning balance | 8,033,000 | 7,975,000 | $ 11,000 | 23,487,000 | 0 | (15,469,000) | (57,000) | 3,000 | 58,000 |
Beginning balance (in shares) at Dec. 31, 2021 | 531,845,744 | ||||||||
Proceeds from issuance of equity instruments (in shares) | 13,227,702 | ||||||||
Proceeds from issuance of equity instruments | 142,000 | 142,000 | 142,000 | ||||||
Share-based compensation | 137,000 | 137,000 | 137,000 | ||||||
Net income (loss) | 778,000 | 780,000 | 780,000 | (2,000) | |||||
Other comprehensive loss | $ (9,000) | 6,000 | 20,000 | (14,000) | (15,000) | ||||
Ending balance (in shares) at Sep. 30, 2022 | 531,846,000 | 545,073,446 | |||||||
Ending balance at Sep. 30, 2022 | $ 9,081,000 | 9,040,000 | $ 11,000 | 23,766,000 | 0 | (14,689,000) | (38,000) | (11,000) | 41,000 |
Beginning balance | $ 9,081,000 | $ 9,040,000 | $ 11,000 | $ 23,766,000 | $ 0 | $ (14,689,000) | $ (38,000) | $ (11,000) | $ 41,000 |
CORPORATE INFORMATION |
9 Months Ended |
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Sep. 30, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
CORPORATE INFORMATION | Corporate Information Company Operations 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”, “GlobalFoundries”, “GF”, “we”, or “us”) is one of the world’s leading semiconductor foundries and offers 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, microcontroller, and power management units.
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
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Sep. 30, 2022 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation and Summary of Significant Accounting Policies Statement of Compliance— The accompanying interim condensed consolidated financial statements have been prepared by management of the Company in accordance with the rules and regulations of the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements prepared in accordance with IFRS as issued by the IASB and should be read in conjunction with the Company’s annual consolidated financial statements, included in GLOBALFOUNDRIES' Annual Report on Form 20-F for the year ended December 31, 2021. The interim condensed consolidated financial statements were authorized by the Audit, Risk and Compliance Committee of GLOBALFOUNDRIES’ Board of Directors on November 21, 2022, to be issued and subsequent events have been evaluated for their potential effect on the interim condensed consolidated financial statements through November 22, 2022. Significant Accounting Judgments, Estimates and Assumptions — The preparation of financial statements in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting, requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three and nine month periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Change in Presentation — After a review of the Company’s financial statements, certain format changes have been made to the statements of financial position as of December 31, 2021. These format changes include the presentation of the Company’s current assets, noncurrent assets, current liability, noncurrent liability and equity based on degree of liquidity. IAS 1 does not mandate a specific order or classification of accounts on the statement of financial position. This change is not a change in estimate or a change in accounting policy. The format changes did not result in a change to the previously reported financial position. Significant Accounting Policies —The accounting policies (including accounting judgements, estimates and assumptions) adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company's annual audited consolidated financial statements contained in our Annual Report on Form 20-F for the year ended December 31, 2021. Recent Accounting Pronouncements, Adopted: Amendments to IFRS 9, IAS 39, IFRS 7 and IFRS 16 Interest Rate Benchmark Reform (“IBOR reform”) Refer to the audited consolidated financial statements included in the Company's Annual Report on Form 20-F for the year ended December 31, 2021.
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NET REVENUE |
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Revenue from Contracts with Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Revenues | Net Revenue On an ongoing basis the Company reviews the categories that best depict how the nature, timing and uncertainty of revenue cash flows are affected by economic factors. The following table presents the Company’s revenue disaggregated based on revenue source and timing of revenue recognition for the three and nine month periods ended September 30, 2022 and 2021. The Company believes these categories best depict the nature and timing of revenue:
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INCOME TAXES |
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Sep. 30, 2022 | |
Income taxes [Abstract] | |
Income Taxes | Income taxes For tax reporting purposes, the Company consolidates its entities under GLOBALFOUNDRIES Inc., a Cayman Islands entity. 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. The effective tax rate for the nine months ended September 30, 2022 and 2021 was 9.1% and (21.3)%, respectively. The increase for the nine months ended September 30, 2022 compared to the prior year was primarily due to a higher mix of income in jurisdictions with higher tax rates than the Cayman statutory tax rate and incremental withholding taxes incurred.
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EARNINGS PER SHARE |
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Earnings Per Share | Earnings (Loss) Per Share Basic earnings per share ("EPS") are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. The following table sets forth the computation of basic and diluted earnings per share:
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RECEIVABLES, REPAYMENTS AND OTHER ASSETS |
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Receivables, Prepayments and Other Assets | Receivables, Prepayments and Other Assets
(1) 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 rendering services. (2) Primarily represents advances to suppliers to offset against future purchases. The following table summarizes the activity in the Company’s unbilled accounts receivable for the nine months ended September 30, 2022 and the twelve months ended December 31, 2021, respectively:
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INVENTORIES |
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Inventories | Inventories The Company records inventories at the lower of cost or net realizable value for finished goods, work-in-progress, raw materials, and supplies. The Company makes inventory write-downs on an item-by-item basis, except where it may be appropriate to group similar or related items.
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LONG-TERM DEBT |
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Long-Term Debt | Long Term Debt The following table outlines the terms and amounts of the Company’s debt:
The following table summarizes unutilized credit facilities available to the Company to maintain liquidity necessary to fund operations:
(1) subject to lender approval before draw-down or being usable.
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RELATED PARTY DISCLOSURE |
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Related Party Disclosures | Related Party Disclosures Related party balances disclosed in the interim condensed consolidated statements of financial position relates to Silicon Manufacturing Partners Pte Ltd. ("SMP"). SMP is a joint venture with LSI Technology (Singapore) Pte. Ltd. The Company holds a 49% interest in SMP and manages all aspects of its manufacturing operations. The total amounts of $12 million and $8 million due from related parties as of September 30, 2022 and December 31, 2021, respectively, have been included in receivables, prepayments and other assets (see Note 6). The $12 million and $9 million due to related parties as of September 30, 2022 and December 31, 2021, respectively, have been included in trade and other payables. The following table presents the related party transactions included in the interim condensed consolidated statements of operations and comprehensive income (loss):
* Purchases from SMP were primarily comprised of wafer purchases.
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COMMITMENTS AND CONTINGENCIES |
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Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Commitments – The Company’s unconditional purchase commitments are as follows:
In addition to the above, the Company obtained letters of credit to primarily guarantee payments for utility supplies and foreign statutory payroll related charges. The Company has available letters of credit of $20 million September 30, 2022 and December 31, 2021 and has drawn down bank guarantees of $3 million as of September 30, 2022 and December 31, 2021. Contingencies — From time to time, the Company is a party to claims that arise in the normal course of business. These claims include allegations of infringement of intellectual property rights of others as well as other claims of liability. In addition, the Company, on a case by case basis, includes intellectual property indemnification provisions in the terms of sale and technology licenses with third parties. The Company is also subject to various taxes in the different jurisdictions in which it operates. These include property, goods and services, and other non-income taxes. The Company accrues costs associated with these matters when they become probable and reasonably estimable. The Company does not believe it is probable that losses associated with these matters beyond those already recognized will be incurred in amounts that would be material to the interim condensed consolidated statements of financial position or interim condensed consolidated statements of operations and comprehensive income (loss). On April 28, 2021, International Business Machines (“IBM”) sent the Company a letter alleging 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 at least $2.5 billion 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 the Company's motion to dismiss IBM’s claims of fraud, unjust enrichment and breach of the implied covenant of good faith and fair dealing. IBM appealed its fraud claim, and on April 7, 2022, the New York Appellate Division reversed the Court’s decision. The Company believes, based on discussions with legal counsel, that it has meritorious defenses against IBM’s claims. The Company disputes IBM’s claims and intends to vigorously defend against them.
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FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES |
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Fair value measurements of assets and liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurement | Fair Value Measurements The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: •Level 1: observable inputs such as quoted prices in active markets for identical assets or liabilities; •Level 2: inputs other than quoted prices in active markets in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for similar assets or liabilities that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability; and •Level 3: unobservable inputs for which little or no market data exists, therefore requiring management judgment to develop the Company’s own models with estimates and assumptions. Cash Equivalents - Cash equivalents include investments in government obligation-based money market funds, other money market instruments and interest-bearing deposits with initial or remaining terms of three months or less. The fair value of cash equivalents approximates its carrying value due to the short-term nature of these instruments. Marketable Securities - Marketable securities include U.S. Treasury Securities, U.S. Government Sponsored Enterprises, floating rate securities, money market mutual funds, corporate debt instruments and other Notes, bonds or debt securities issued by non-U.S. sovereign or multilateral entities, as these securities all have quoted prices in active markets. The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:
(1) Included in cash and cash equivalents on the Company’s interim condensed consolidated statements of financial position. (2) Included in current and non-current receivables, prepayments and other assets on the Company’s interim condensed 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 non-current financial assets on the Company’s interim condensed consolidated statements of financial position. During the nine months ended September 30, 2022 and 2021, there were no transfers between Level 1, Level 2 or Level 3 fair value measurements. Assets Measured and Recorded at Fair Value on a Non- Recurring Basis Certain assets and liabilities, such as equity method investments, intangible assets and property, plant and equipment, and other non-financial assets are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Financial instruments not recorded at fair value on a recurring basis include grants receivable, loans receivable, lease obligations and the Company’s current and noncurrent portion of 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 financial liabilities at amortized cost (“FLAC”):
Estimated fair values of long-term debt are based on quoted prices for similar liabilities for which significant inputs are observable and represents a Level 2 valuation. The fair values are estimated based on the type of debt and their maturities. The Company estimates the fair value using market interest rates of debts with similar maturities.
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SHARE-BASED PAYMENTS |
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Sep. 30, 2022 | |
Share-based payment arrangements [Abstract] | |
Share-Based Payments | Share-Based Compensation We measure and recognize compensation expense related to share-based transactions, including employee, consultant, and non-employee director share option awards, in our consolidated financial statements based on fair value. We estimate the share option fair value at the date of grant using the Black-Scholes option pricing model, which requires management to make certain assumptions of future expectations based on historical and current data. The assumptions include the expected term of the share option, expected volatility, dividend yield, and risk-free interest rate. The expected term represents the amount of time that options granted are expected to be outstanding, based on forecasted exercise behavior. The risk-free rate is based on the rate at grant date of zero- coupon Treasury notes with a term comparable to the expected term of the option. We estimate expected volatility based on the historical volatility of comparable public entities’ share price from the same industry. We base our dividend yield on forecasted expected payments, which we expect to be zero for the immediate future. We recognize compensation expense over the vesting period of the award on a graded attribution basis, and we estimate forfeitures. Employee Stock Purchase Plan In connection with, and prior to the consummation of, the Company's initial public offering, the Company's board of directors adopted the GLOBALFOUNDRIES Inc. 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP is administered by the Company's board of directors or, as applicable, its delegate (the “ESPP Administrator”). Subject to certain equitable adjustments in connection with certain events affecting the outstanding ordinary shares reserved for issuance as awards, the maximum aggregate number of our ordinary shares that may be issued or transferred under the ESPP with respect to awards is 7,500,000 ordinary shares; provided that the share reserve under the ESPP will, unless otherwise determined by our board of directors, automatically increase on January 1 of each year for 8 years commencing on January 1, 2023 and ending on (and including) January 1, 2031 in an amount equal to 0.25% of the total number of ordinary shares outstanding on December 31 of the preceding year. In no event will the number of ordinary shares that may be issued or transferred pursuant to rights granted under the ESPP exceed 18,750,000, in the aggregate, subject to the adjustments described above. Performance Stock Units During the second quarter of 2022, the Company awarded Performance Stock Units (“PSUs”) to certain senior level employees, which will vest if certain financial performance objectives are achieved over 2 years to 3 years performance periods and the grantee remains employed by the Company through that performance period. Each PSU represents a contingent right to receive shares of the Company’s stock if the Company meets certain performance measures over the requisite period. The PSU awards entitle recipients to receive, upon vesting, a number of shares that ranges from 0% to 200% of the number of PSUs awarded, depending on the level of achievement of the specified performance conditions.
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Sep. 30, 2022 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Earnings Per Share | Earnings (Loss) Per ShareBasic earnings per share ("EPS") are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. |
NET REVENUE (Tables) |
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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 for the three and nine month periods ended September 30, 2022 and 2021. The Company believes these categories best depict the nature and timing of revenue:
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EARNINGS PER SHARE (Tables) |
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Earnings per share [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share:
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RECEIVABLES, REPAYMENTS AND OTHER ASSETS (Tables) |
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Trade and other current receivables [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounts receivable |
(1) 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 rendering services. (2) Primarily represents advances to suppliers to offset against future purchases.
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Schedule of unbilled accounts receivables | The following table summarizes the activity in the Company’s unbilled accounts receivable for the nine months ended September 30, 2022 and the twelve months ended December 31, 2021, respectively:
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INVENTORIES (Tables) |
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Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories |
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LONG-TERM DEBT (Tables) |
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Borrowing costs Abstract [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings | The following table outlines the terms and amounts of the Company’s debt:
The following table summarizes unutilized credit facilities available to the Company to maintain liquidity necessary to fund operations:
(1) subject to lender approval before draw-down or being usable.
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RELATED PARTY DISCLOSURE (Tables) |
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Related party [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party transactions | The following table presents the related party transactions included in the interim condensed consolidated statements of operations and comprehensive income (loss):
* Purchases from SMP were primarily comprised of wafer purchases.
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COMMITMENTS AND CONTINGENCIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of commitments | Commitments – The Company’s unconditional purchase commitments are as follows:
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FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES (Tables) |
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Fair value measurements of assets and liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of fair value measurement of assets and liabilities | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:
(1) Included in cash and cash equivalents on the Company’s interim condensed consolidated statements of financial position. (2) Included in current and non-current receivables, prepayments and other assets on the Company’s interim condensed 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 non-current financial assets on the Company’s interim condensed consolidated statements of financial position.
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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 financial liabilities at amortized cost (“FLAC”):
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NET REVENUE - Disaggregated Revenues (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 2,074 | $ 1,700 | $ 6,007 | $ 4,738 |
Revenue recognized over time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 111 | 87 | 344 | 258 |
Revenue recognized at a point in time | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 1,963 | 1,613 | 5,663 | 4,480 |
Wafer fabrication | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 1,958 | 1,603 | 5,667 | 4,458 |
Engineering and other pre-fabrication services | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 116 | $ 97 | $ 340 | $ 280 |
INCOME TAXES - Narrative (Details) |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
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Income taxes [Abstract] | ||
Statutory income tax rate | 0.00% | |
Effective income tax rate | 9.10% | 21.30% |
EARNINGS PER SHARE - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Earnings per share [abstract] | ||||
Net income (loss) attributable to equity shareholders of the Company | $ (337) | $ (6) | $ (780) | $ 293 |
Weighted average shares outstanding, basic (in shares) | 543 | 500 | 537 | 500 |
Weighted average shares outstanding, diluted (in shares) | 553 | 512 | 551 | 500 |
Total basic EPS attributable to equity shareholders (in USD per share) | $ 0.62 | $ 0.01 | $ 1.45 | $ (0.59) |
Total basic diluted earnings per share attributable to equity shareholders (in USD per share) | $ 0.61 | $ 0.01 | $ 1.42 | $ (0.59) |
RECEIVABLES, REPAYMENTS AND OTHER ASSETS - Summary of Receivables, Prepayments and Other Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Current: | |||
Trade receivables, other than related parties | $ 798 | $ 872 | |
Unbilled accounts receivable | 24 | 43 | $ 62 |
Other receivables | 264 | 239 | |
Receivables from government grants | 48 | 46 | |
Receivables from related parties | 12 | 8 | |
Derivative assets | 23 | 23 | |
Current prepayments and other current assets | 1,169 | 1,231 | |
Non-current: | |||
Advances to suppliers | 241 | 199 | |
Non-trade receivables | 11 | 13 | |
Other | 41 | 42 | |
Total | $ 293 | $ 254 |
RECEIVABLES, REPAYMENTS AND OTHER ASSETS - Schedule of Unbilled Accounts Receivable (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
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Trade and other current receivables [abstract] | ||
Balance, beginning of period | $ 43 | $ 62 |
Revenue recognized during the period | 78 | 44 |
Amounts invoiced | (97) | (69) |
Other | 0 | 6 |
Balance, end of period | $ 24 | $ 43 |
INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventories [Abstract] | ||
Work in progress, net | $ 1,074 | $ 916 |
Raw materials and supplies, net | 268 | 205 |
Total | $ 1,342 | $ 1,121 |
LONG-TERM DEBT - Summary of Unutilized Credit Facilities (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
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Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | $ 1,395 | $ 2,145 |
Citibank Revolving Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 1,012 | 1,010 |
SGD EDB Loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 353 | 1,029 |
Societe Generale Singapore Revolving Credit Facility(1) | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 0 | 27 |
Societe Generale Singapore Factoring | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | 26 | 75 |
Other(1) | ||
Disclosure of detailed information about borrowings [line items] | ||
Unutilized borrowing facilities | $ 4 | $ 4 |
RELATED PARTY DISCLOSURE - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
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Disclosure of transactions between related parties [line items] | ||
Due from related parties | $ 12.0 | $ 8.0 |
Due to related parties | $ 12.0 | $ 9.0 |
Silicon Manufacturing Partners Pte Ltd. (“SMP”) | ||
Disclosure of transactions between related parties [line items] | ||
Voting rights (as a percent) | 49.00% |
RELATED PARTY DISCLOSURE - Transactions with Related Parties (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Disclosure of transactions between related parties [line items] | ||||
Other transactions with | $ 16 | $ 5 | $ 37 | $ 27 |
SMP | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases from | 15 | 13 | 42 | 42 |
Other transactions with | $ 16 | $ 5 | $ 37 | $ 27 |
COMMITMENTS AND CONTINGENCIES - Unconditional Purchase Commitments (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract] | ||
Contracts for capital expenditures | $ 3,332 | $ 2,995 |
Contracts for operating expenditures | 3,682 | 3,405 |
Contractual capital and operating commitments | 7,014 | 6,400 |
Due within the next 12 months | $ 3,656 | $ 3,543 |
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
Apr. 28, 2021 |
---|---|---|---|
Disclosure of contingent liabilities [line items] | |||
Loans and borrowings | $ 2,216,000,000 | $ 2,013,000,000 | |
Provisions | $ 2,500,000,000 | ||
PILOT Bonds, Letters Of Credit | |||
Disclosure of contingent liabilities [line items] | |||
Loans and borrowings | 20,000,000 | 20,000,000 | |
Bank guarantees | $ 3,000,000 | $ 3,000,000 |
FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES - Not Measured on a Recurring Basis (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Carrying Amount | $ 2,216 | $ 2,013 |
Fair Value | 2,138 | 2,006 |
Long-term debt | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Carrying Amount | 2,216 | 2,013 |
Fair Value | $ 2,138 | $ 2,006 |
SHARE-BASED PAYMENTS (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2022 |
|
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Risk-free interest rate (as a percent) | 0.00% | ||
Expected dividend payment | $ 0 | ||
Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
performance period (in years) | 2 years | ||
Vesting percentage (as a percent) | 0.00% | ||
Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
performance period (in years) | 3 years | ||
Vesting percentage (as a percent) | 200.00% | ||
Employee Share Purchase Plan | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Commencement period (in years) | 8 years | ||
Commencement percentage (as a percent) | 0.25% | ||
Shares available (in shares) | 7,500,000 | ||
Maximum shares issuable (in shares) | 18,750,000 |
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