English Translation of Financial Statements Originally Issued in Chinese
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
Consolidated Financial Statements for the
Three Months Ended March 31, 2021 and 2020 and
Independent Auditors’ Review Report
- 0 -
勤業眾信聯合會計師事務所
11073 台北市信義區松仁路100號20樓
Deloitte & Touche
20F, Taipei Nan Shan Plaza
No. 100, Songren Rd.,
Xinyi Dist., Taipei 11073, Taiwan
Tel :+886 (2) 2725-9988
Fax:+886 (2) 4051-6888
www.deloitte.com.tw
INDEPENDENT AUDITORS’ REVIEW REPOR
The Board of Directors and Shareholders
Taiwan Semiconductor Manufacturing Company Limited
Introduction
We have reviewed the accompanying consolidated balance sheets of Taiwan Semiconductor Manufacturing Company Limited and its subsidiaries (collectively, the “Company”) as of March 31, 2021 and 2020, the related consolidated statements of comprehensive income, of changes in equity, and of cash flows for the three months then ended, and the related notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as the “consolidated financial statements”). Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews.
Scope of Review
We conducted our reviews in accordance with Statement of Auditing Standards No. 65 “Review of Financial Information Performed by the Independent Auditor of the Entity”. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our reviews, nothing has come to our attention that caused us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects the consolidated financial position of the Company as of March 31, 2021 and 2020, and its consolidated financial performance and its consolidated cash flows for the three months then ended March 31, 2021 and 2020 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.
1
The engagement partners on the reviews resulting in this independent auditors’ review report are Mei Yen Chiang and Shang Chih Lin.
Deloitte & Touche
Taipei, Taiwan
Republic of China
April 22, 2021
Notice to Readers
The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to review such consolidated financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors’ review report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors’ review report and consolidated financial statements shall prevail.
2
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In Thousands of New Taiwan Dollars)
| March 31, 2021 (Reviewed) |
| December 31, 2020 (Audited) |
| March 31, 2020 (Reviewed) | ||||||||||||||||||||||
ASSETS |
| Amount |
| % |
| Amount |
| % |
| Amount |
| % | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Cash and cash equivalents (Note 6) |
| $ | 664,727,857 |
|
|
| 23 |
|
| $ | 660,170,647 |
|
|
| 24 |
|
| $ | 430,777,229 |
|
|
| 18 |
| |||
Financial assets at fair value through profit or loss (Note 7) |
|
| 26,897 |
|
|
| - |
|
|
| 2,259,412 |
|
|
| - |
|
|
| 1,254,253 |
|
|
| - |
| |||
Financial assets at fair value through other comprehensive income (Note 8) |
|
| 125,208,307 |
|
|
| 4 |
|
|
| 122,448,453 |
|
|
| 5 |
|
|
| 129,219,277 |
|
|
| 6 |
| |||
Financial assets at amortized cost (Note 9) |
|
| 6,694,422 |
|
|
| - |
|
|
| 6,597,992 |
|
|
| - |
|
|
| 302,393 |
|
|
| - |
| |||
Hedging financial assets (Note 10) |
|
| 64,349 |
|
|
| - |
|
|
| 47 |
|
|
| - |
|
|
| - |
|
|
| - |
| |||
Notes and accounts receivable, net (Note 11) |
|
| 167,143,336 |
|
|
| 6 |
|
|
| 145,480,272 |
|
|
| 5 |
|
|
| 145,992,744 |
|
|
| 6 |
| |||
Receivables from related parties (Note 31) |
|
| 335,572 |
|
|
| - |
|
|
| 558,131 |
|
|
| - |
|
|
| 427,888 |
|
|
| - |
| |||
Other receivables from related parties (Note 31) |
|
| 52,591 |
|
|
| - |
|
|
| 50,645 |
|
|
| - |
|
|
| 60,170 |
|
|
| - |
| |||
Inventories (Note 12) |
|
| 154,567,568 |
|
|
| 5 |
|
|
| 137,353,407 |
|
|
| 5 |
|
|
| 78,277,834 |
|
|
| 3 |
| |||
Other financial assets (Note 32) |
|
| 15,131,465 |
|
|
| 1 |
|
|
| 10,676,111 |
|
|
| 1 |
|
|
| 10,696,893 |
|
|
| 1 |
| |||
Other current assets |
|
| 5,834,459 |
|
|
| - |
|
|
| 6,590,191 |
|
|
| - |
|
|
| 5,461,359 |
|
|
| - |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total current assets |
|
| 1,139,786,823 |
|
|
| 39 |
|
|
| 1,092,185,308 |
|
|
| 40 |
|
|
| 802,470,040 |
|
|
| 34 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
NONCURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Financial assets at fair value through other comprehensive income (Note 8) |
|
| 4,401,224 |
|
|
| - |
|
|
| 4,514,940 |
|
|
| - |
|
|
| 4,241,324 |
|
|
| - |
| |||
Financial assets at amortized cost (Note 9) |
|
| 4,434,410 |
|
|
| - |
|
|
| 4,372,207 |
|
|
| - |
|
|
| 7,410,133 |
|
|
| - |
| |||
Investments accounted for using equity method (Note 13) |
|
| 20,294,816 |
|
|
| 1 |
|
|
| 18,841,061 |
|
|
| 1 |
|
|
| 19,381,760 |
|
|
| 1 |
| |||
Property, plant and equipment (Note 14) |
|
| 1,658,551,290 |
|
|
| 57 |
|
|
| 1,555,589,120 |
|
|
| 56 |
|
|
| 1,438,215,285 |
|
|
| 62 |
| |||
Right-of-use assets (Note 15) |
|
| 32,282,312 |
|
|
| 1 |
|
|
| 27,728,382 |
|
|
| 1 |
|
|
| 21,720,648 |
|
|
| 1 |
| |||
Intangible assets (Note 16) |
|
| 25,012,688 |
|
|
| 1 |
|
|
| 25,768,179 |
|
|
| 1 |
|
|
| 27,232,071 |
|
|
| 1 |
| |||
Deferred income tax assets (Note 4) |
|
| 31,254,225 |
|
|
| 1 |
|
|
| 25,958,184 |
|
|
| 1 |
|
|
| 19,309,120 |
|
|
| 1 |
| |||
Refundable deposits |
|
| 1,193,924 |
|
|
| - |
|
|
| 1,343,001 |
|
|
| - |
|
|
| 1,825,670 |
|
|
| - |
| |||
Other noncurrent assets |
|
| 1,919,749 |
|
|
| - |
|
|
| 4,411,023 |
|
|
| - |
|
|
| 1,489,645 |
|
|
| - |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total noncurrent assets |
|
| 1,779,344,638 |
|
|
| 61 |
|
|
| 1,668,526,097 |
|
|
| 60 |
|
|
| 1,540,825,656 |
|
|
| 66 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
TOTAL |
| $ | 2,919,131,461 |
|
|
| 100 |
|
| $ | 2,760,711,405 |
|
|
| 100 |
|
| $ | 2,343,295,696 |
|
|
| 100 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Short-term loans (Notes 17 and 29) |
| $ | 137,123,748 |
|
|
| 5 |
|
| $ | 88,559,026 |
|
|
| 3 |
|
| $ | 139,310,384 |
|
|
| 6 |
| |||
Short-term bills payable (Notes 18 and 29) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 2,992,858 |
|
|
| - |
| |||
Financial liabilities at fair value through profit or loss (Note 7) |
|
| 1,958,208 |
|
|
| - |
|
|
| 94,128 |
|
|
| - |
|
|
| 980,241 |
|
|
| - |
| |||
Hedging financial liabilities (Note 10) |
|
| - |
|
|
| - |
|
|
| 1,169 |
|
|
| - |
|
|
| 109,826 |
|
|
| - |
| |||
Accounts payable |
|
| 36,653,115 |
|
|
| 1 |
|
|
| 38,987,284 |
|
|
| 1 |
|
|
| 38,283,035 |
|
|
| 1 |
| |||
Payables to related parties (Note 31) |
|
| 1,944,990 |
|
|
| - |
|
|
| 2,107,718 |
|
|
| - |
|
|
| 1,491,179 |
|
|
| - |
| |||
Salary and bonus payable |
|
| 15,696,178 |
|
|
| 1 |
|
|
| 20,071,241 |
|
|
| 1 |
|
|
| 13,282,444 |
|
|
| 1 |
| |||
Accrued profit sharing bonus to employees and compensation to directors and supervisors (Note 28) |
|
| 44,149,585 |
|
|
| 1 |
|
|
| 35,681,046 |
|
|
| 1 |
|
|
| 31,720,142 |
|
|
| 1 |
| |||
Payables to contractors and equipment suppliers |
|
| 109,037,744 |
|
|
| 4 |
|
|
| 157,804,961 |
|
|
| 6 |
|
|
| 101,466,057 |
|
|
| 4 |
| |||
Cash dividends payable (Note 21) |
|
| 129,651,902 |
|
|
| 4 |
|
|
| 129,651,902 |
|
|
| 5 |
|
|
| 129,651,902 |
|
|
| 6 |
| |||
Income tax payable (Note 4) |
|
| 74,018,602 |
|
|
| 3 |
|
|
| 53,909,313 |
|
|
| 2 |
|
|
| 47,565,681 |
|
|
| 2 |
| |||
Long-term liabilities - current portion (Notes 19 and 29) |
|
| - |
|
|
| - |
|
|
| 2,600,000 |
|
|
| - |
|
|
| 12,800,000 |
|
|
| 1 |
| |||
Accrued expenses and other current liabilities (Notes 15, 22 and 29) |
|
| 111,414,540 |
|
|
| 4 |
|
|
| 87,683,260 |
|
|
| 3 |
|
|
| 69,814,310 |
|
|
| 3 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total current liabilities |
|
| 661,648,612 |
|
|
| 23 |
|
|
| 617,151,048 |
|
|
| 22 |
|
|
| 589,468,059 |
|
|
| 25 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
NONCURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Bonds payable (Notes 19 and 29) |
|
| 276,838,303 |
|
|
| 10 |
|
|
| 254,105,084 |
|
|
| 9 |
|
|
| 46,475,148 |
|
|
| 2 |
| |||
Long-term bank loans (Notes 20 and 29) |
|
| 2,623,824 |
|
|
| - |
|
|
| 1,967,611 |
|
|
| - |
|
|
| - |
|
|
| - |
| |||
Deferred income tax liabilities (Note 4) |
|
| 1,895,572 |
|
|
| - |
|
|
| 1,729,941 |
|
|
| - |
|
|
| 356,609 |
|
|
| - |
| |||
Lease liabilities (Notes 15 and 29) |
|
| 21,074,764 |
|
|
| 1 |
|
|
| 20,560,649 |
|
|
| 1 |
|
|
| 19,490,665 |
|
|
| 1 |
| |||
Net defined benefit liability (Note 4) |
|
| 11,294,513 |
|
|
| - |
|
|
| 11,914,074 |
|
|
| 1 |
|
|
| 8,377,553 |
|
|
| - |
| |||
Guarantee deposits |
|
| 349,500 |
|
|
| - |
|
|
| 265,599 |
|
|
| - |
|
|
| 176,664 |
|
|
| - |
| |||
Others |
|
| 2,409,411 |
|
|
| - |
|
|
| 2,395,400 |
|
|
| - |
|
|
| 1,922,467 |
|
|
| - |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total noncurrent liabilities |
|
| 316,485,887 |
|
|
| 11 |
|
|
| 292,938,358 |
|
|
| 11 |
|
|
| 76,799,106 |
|
|
| 3 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total liabilities |
|
| 978,134,499 |
|
|
| 34 |
|
|
| 910,089,406 |
|
|
| 33 |
|
|
| 666,267,165 |
|
|
| 28 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Capital stock (Note 21) |
|
| 259,303,805 |
|
|
| 9 |
|
|
| 259,303,805 |
|
|
| 9 |
|
|
| 259,303,805 |
|
|
| 11 |
| |||
Capital surplus (Note 21) |
|
| 64,753,607 |
|
|
| 2 |
|
|
| 56,347,243 |
|
|
| 2 |
|
|
| 56,339,785 |
|
|
| 3 |
| |||
Retained earnings (Note 21) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Appropriated as legal capital reserve |
|
| 311,146,899 |
|
|
| 11 |
|
|
| 311,146,899 |
|
|
| 11 |
|
|
| 311,146,899 |
|
|
| 13 |
| |||
Appropriated as special capital reserve |
|
| 54,679,873 |
|
|
| 2 |
|
|
| 42,259,146 |
|
|
| 2 |
|
|
| 27,568,179 |
|
|
| 1 |
| |||
Unappropriated earnings |
|
| 1,297,445,035 |
|
|
| 44 |
|
|
| 1,235,280,036 |
|
|
| 45 |
|
|
| 1,046,780,670 |
|
|
| 45 |
| |||
|
|
| 1,663,271,807 |
|
|
| 57 |
|
|
| 1,588,686,081 |
|
|
| 58 |
|
|
| 1,385,495,748 |
|
|
| 59 |
| |||
Others (Note 21) |
|
| (48,392,823 | ) |
|
| (2 | ) |
|
| (54,679,873 | ) |
|
| (2 | ) |
|
| (24,873,338 | ) |
|
| (1 | ) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Equity attributable to shareholders of the parent |
|
| 1,938,936,396 |
|
|
| 66 |
|
|
| 1,849,657,256 |
|
|
| 67 |
|
|
| 1,676,266,000 |
|
|
| 72 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
NON - CONTROLLING INTERESTS |
|
| 2,060,566 |
|
|
| - |
|
|
| 964,743 |
|
|
| - |
|
|
| 762,531 |
|
|
| - |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total equity |
|
| 1,940,996,962 |
|
|
| 66 |
|
|
| 1,850,621,999 |
|
|
| 67 |
|
|
| 1,677,028,531 |
|
|
| 72 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
TOTAL |
| $ | 2,919,131,461 |
|
|
| 100 |
|
| $ | 2,760,711,405 |
|
|
| 100 |
|
| $ | 2,343,295,696 |
|
|
| 100 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
- 3 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
(Reviewed, Not Audited)
|
| Three Months Ended March 31 | ||||||||||||||||
| 2021 |
| 2020 | |||||||||||||||
|
| Amount |
| % |
| Amount |
| % | ||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
NET REVENUE (Notes 22, 31 and 36) |
| $ | 362,410,230 |
|
|
| 100 |
|
| $ | 310,597,183 |
|
|
| 100 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
COST OF REVENUE (Notes 12, 28 and 31) |
|
| 172,635,011 |
|
|
| 48 |
|
|
| 149,813,002 |
|
|
| 48 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
GROSS PROFIT BEFORE REALIZED (UNREALIZED) GROSS PROFIT ON SALES TO ASSOCIATES |
|
| 189,775,219 |
|
|
| 52 |
|
|
| 160,784,181 |
|
|
| 52 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
REALIZED (UNREALIZED) GROSS PROFIT ON SALES TO ASSOCIATES |
|
| 64,211 |
|
|
| - |
|
|
| (7,673 | ) |
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
GROSS PROFIT |
|
| 189,839,430 |
|
|
| 52 |
|
|
| 160,776,508 |
|
|
| 52 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
OPERATING EXPENSES (Notes 28 and 31) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Research and development |
|
| 30,756,358 |
|
|
| 8 |
|
|
| 24,968,883 |
|
|
| 8 |
| ||
General and administrative |
|
| 6,524,245 |
|
|
| 2 |
|
|
| 5,903,061 |
|
|
| 2 |
| ||
Marketing |
|
| 1,831,230 |
|
|
| - |
|
|
| 1,451,102 |
|
|
| 1 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total operating expenses |
|
| 39,111,833 |
|
|
| 10 |
|
|
| 32,323,046 |
|
|
| 11 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
OTHER OPERATING INCOME AND EXPENSES, NET (Notes 14, 15 and 28) |
|
| (189,407 | ) |
|
| - |
|
|
| 68,175 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
INCOME FROM OPERATIONS (Note 36) |
|
| 150,538,190 |
|
|
| 42 |
|
|
| 128,521,637 |
|
|
| 41 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
NON-OPERATING INCOME AND EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Share of profits of associates |
|
| 1,267,112 |
|
|
| - |
|
|
| 725,968 |
|
|
| 1 |
| ||
Interest income (Note 23) |
|
| 1,460,904 |
|
|
| - |
|
|
| 2,989,069 |
|
|
| 1 |
| ||
Other income |
|
| 308,084 |
|
|
| - |
|
|
| 110,509 |
|
|
| - |
| ||
Foreign exchange gain, net (Note 34) |
|
| 5,473,989 |
|
|
| 2 |
|
|
| 375,791 |
|
|
| - |
| ||
Finance costs (Note 24) |
|
| (772,095 | ) |
|
| - |
|
|
| (530,564 | ) |
|
| - |
| ||
Other gains and losses, net (Note 25) |
|
| (3,211,795 | ) |
|
| (1 | ) |
|
| (45,232 | ) |
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total non-operating income and expenses |
|
| 4,526,199 |
|
|
| 1 |
|
|
| 3,625,541 |
|
|
| 2 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
INCOME BEFORE INCOME TAX |
|
| 155,064,389 |
|
|
| 43 |
|
|
| 132,147,178 |
|
|
| 43 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
INCOME TAX EXPENSE (Notes 4 and 26) |
|
| 15,325,640 |
|
|
| 4 |
|
|
| 15,084,285 |
|
|
| 5 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
NET INCOME |
|
| 139,738,749 |
|
|
| 39 |
|
|
| 117,062,893 |
|
|
| 38 |
|
(Continued)
- 4 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
(Reviewed, Not Audited)
|
| Three Months Ended March 31 | ||||||||||||||||
|
| 2021 |
| 2020 | ||||||||||||||
|
| Amount |
| % |
| Amount |
| % | ||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) (Notes 21 and 26) |
|
|
|
|
|
|
|
| ||||||||||
Items that will not be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
| ||||||||||
Unrealized loss on investments in equity instruments at fair value through other comprehensive income |
| $ | (109,189 | ) |
|
| - |
|
| $ | (44,047 | ) |
|
| - |
| ||
Loss on hedging instruments |
|
| (41,416 | ) |
|
| - |
|
|
| (42,749 | ) |
|
| - |
| ||
Share of other comprehensive income (loss) of associates |
|
| 8,147 |
|
|
| - |
|
|
| (3,317 | ) |
|
| - |
| ||
Income tax benefit (expense) related to items that will not be reclassified subsequently |
|
| (55,771 | ) |
|
| - |
|
|
| 114 |
|
|
| - |
| ||
|
|
| (198,229 | ) |
|
| - |
|
|
| (89,999 | ) |
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Items that may be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Exchange differences arising on translation of foreign operations |
|
| 7,805,805 |
|
|
| 2 |
|
|
| 3,035,024 |
|
|
| 1 |
| ||
Unrealized loss on investments in debt instruments at fair value through other comprehensive income |
|
| (1,666,021 | ) |
|
| (1 | ) |
|
| (210,748 | ) |
|
| - |
| ||
Share of other comprehensive income (loss) of associates |
|
| 25,455 |
|
|
| - |
|
|
| (86,359 | ) |
|
| - |
| ||
|
|
| 6,165,239 |
|
|
| 1 |
|
|
| 2,737,917 |
|
|
| 1 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Other comprehensive income for the period, net of income tax |
|
| 5,967,010 |
|
|
| 1 |
|
|
| 2,647,918 |
|
|
| 1 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
| $ | 145,705,759 |
|
|
| 40 |
|
| $ | 119,710,811 |
|
|
| 39 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
NET INCOME ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Shareholders of the parent |
| $ | 139,690,493 |
|
|
| 39 |
|
| $ | 116,986,720 |
|
|
| 38 |
| ||
Non-controlling interests |
|
| 48,256 |
|
|
| - |
|
|
| 76,173 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| $ | 139,738,749 |
|
|
| 39 |
|
| $ | 117,062,893 |
|
|
| 38 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 5 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
(Reviewed, Not Audited)
|
| Three Months Ended March 31 | ||||||||||||||||
|
| 2021 |
| 2020 | ||||||||||||||
|
| Amount |
| % |
| Amount |
| % | ||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: |
|
|
|
|
|
|
|
| ||||||||||
Shareholders of the parent |
| $ | 145,657,311 |
|
|
| 40 |
|
| $ | 119,634,992 |
|
|
| 39 |
| ||
Non-controlling interests |
|
| 48,448 |
|
|
| - |
|
|
| 75,819 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| $ | 145,705,759 |
|
|
| 40 |
|
| $ | 119,710,811 |
|
|
| 39 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
EARNINGS PER SHARE (NT, Note 27) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Basic earnings per share |
| $ | 5.39 |
|
|
|
|
|
| $ | 4.51 |
|
|
|
|
| ||
Diluted earnings per share |
| $ | 5.39 |
|
|
|
|
|
| $ | 4.51 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
(Concluded)
- 6 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In Thousands of New Taiwan Dollars)
(Reviewed, Not Audited)
| Equity Attributable to Shareholders of the Parent |
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Others |
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gain (Loss) on |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets at Fair |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign |
| Value Through |
|
|
| Unearned |
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
|
| Capital Stock - Common Stock |
|
|
| Retained Earnings |
| Currency |
| Other |
| Gain (Loss) on |
| Stock-Based |
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| Shares |
|
|
|
|
| Legal Capital |
| Special Capital |
| Unappropriated |
|
|
| Translation |
| Comprehensive |
| Hedging |
| Employee |
|
|
|
|
| Non-controlling |
| Total | ||||||||||||||||||||||||||||||||||||||||||||
|
| (In Thousands) |
| Amount |
| Capital Surplus |
| Reserve |
| Reserve |
| Earnings |
| Total |
| Reserve |
| Income |
| Instruments |
| Compensation |
| Total |
| Total |
| Interests |
| Equity | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2021 |
|
| 25,930,380 |
|
| $ | 259,303,805 |
|
| $ | 56,347,243 |
|
| $ | 311,146,899 |
|
| $ | 42,259,146 |
|
| $ | 1,235,280,036 |
|
| $ | 1,588,686,081 |
|
| $ | (57,001,627 | ) |
| $ | 2,321,754 |
|
| $ | - |
|
| $ | - |
|
| $ | (54,679,873 | ) |
| $ | 1,849,657,256 |
|
| $ | 964,743 |
|
| $ | 1,850,621,999 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Appropriations of earnings |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Special capital reserve |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 12,420,727 |
|
|
| (12,420,727 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||||||||||||
Cash dividends to shareholders |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (64,825,951 | ) |
|
| (64,825,951 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (64,825,951 | ) |
|
| - |
|
|
| (64,825,951 | ) | ||||||||||||||
Total |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 12,420,727 |
|
|
| (77,246,678 | ) |
|
| (64,825,951 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (64,825,951 | ) |
|
| - |
|
|
| (64,825,951 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net income for the three months ended March 31, 2021 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 139,690,493 |
|
|
| 139,690,493 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 139,690,493 |
|
|
| 48,256 |
|
|
| 139,738,749 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Other comprehensive income (loss) for the three months ended March 31, 2021, net of income tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 7,831,185 |
|
|
| (1,822,951 | ) |
|
| (41,416 | ) |
|
| - |
|
|
| 5,966,818 |
|
|
| 5,966,818 |
|
|
| 192 |
|
|
| 5,967,010 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Total comprehensive income (loss) for the three months ended March 31, 2021 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 139,690,493 |
|
|
| 139,690,493 |
|
|
| 7,831,185 |
|
|
| (1,822,951 | ) |
|
| (41,416 | ) |
|
| - |
|
|
| 5,966,818 |
|
|
| 145,657,311 |
|
|
| 48,448 |
|
|
| 145,705,759 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Disposal of investments in equity instruments at fair value through other comprehensive income |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (278,816 | ) |
|
| (278,816 | ) |
|
| - |
|
|
| 278,816 |
|
|
| - |
|
|
| - |
|
|
| 278,816 |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Basis adjustment for gain on hedging instruments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 41,416 |
|
|
| - |
|
|
| 41,416 |
|
|
| 41,416 |
|
|
| - |
|
|
| 41,416 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Adjustments to share of changes in equities of associates |
|
| - |
|
|
| - |
|
|
| 82 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 82 |
|
|
| - |
|
|
| 82 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
From difference between the consideration received and the carrying amount of the subsidiaries’ net assets during actual disposal |
|
| - |
|
|
| - |
|
|
| 8,406,282 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 8,406,282 |
|
|
| 1,045,516 |
|
|
| 9,451,798 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Increase in non-controlling interests |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 1,704 |
|
|
| 1,704 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Effect of acquisition of subsidiary |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 155 |
|
|
| 155 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| �� |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
BALANCE, MARCH 31, 2021 |
|
| 25,930,380 |
|
| $ | 259,303,805 |
|
| $ | 64,753,607 |
|
| $ | 311,146,899 |
|
| $ | 54,679,873 |
|
| $ | 1,297,445,035 |
|
| $ | 1,663,271,807 |
|
| $ | (49,170,442 | ) |
| $ | 777,619 |
|
| $ | - |
|
| $ | - |
|
| $ | (48,392,823 | ) |
| $ | 1,938,936,396 |
|
| $ | 2,060,566 |
|
| $ | 1,940,996,962 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
BALANCE, JANUARY 1, 2020 |
|
| 25,930,380 |
|
| $ | 259,303,805 |
|
| $ | 56,339,709 |
|
| $ | 311,146,899 |
|
| $ | 10,675,106 |
|
| $ | 1,011,512,974 |
|
| $ | 1,333,334,979 |
|
| $ | (26,871,400 | ) |
| $ | (692,959 | ) |
| $ | (3,820 | ) |
| $ | (190 | ) |
| $ | (27,568,369 | ) |
| $ | 1,621,410,124 |
|
| $ | 685,302 |
|
| $ | 1,622,095,426 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Appropriations of earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Special capital reserve |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 16,893,073 |
|
|
| (16,893,073 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
| ||||||||||||||
Cash dividends to shareholders |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (64,825,951 | ) |
|
| (64,825,951 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (64,825,951 | ) |
|
| - |
|
|
| (64,825,951 | ) | ||||||||||||||
Total |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 16,893,073 |
|
|
| (81,719,024 | ) |
|
| (64,825,951 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (64,825,951 | ) |
|
| - |
|
|
| (64,825,951 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net income for the three months ended March 31, 2020 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 116,986,720 |
|
|
| 116,986,720 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 116,986,720 |
|
|
| 76,173 |
|
|
| 117,062,893 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Other comprehensive income (loss) for the three months ended March 31, 2020, net of income tax |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 2,948,619 |
|
|
| (257,598 | ) |
|
| (42,749 | ) |
|
| - |
|
|
| 2,648,272 |
|
|
| 2,648,272 |
|
|
| (354 | ) |
|
| 2,647,918 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Total comprehensive income (loss) for the three months ended March 31, 2020 |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 116,986,720 |
|
|
| 116,986,720 |
|
|
| 2,948,619 |
|
|
| (257,598 | ) |
|
| (42,749 | ) |
|
| - |
|
|
| 2,648,272 |
|
|
| 119,634,992 |
|
|
| 75,819 |
|
|
| 119,710,811 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Basis adjustment for gain on hedging instruments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 46,569 |
|
|
| - |
|
|
| 46,569 |
|
|
| 46,569 |
|
|
| - |
|
|
| 46,569 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Adjustments to share of changes in equities of associates |
|
| - |
|
|
| - |
|
|
| 76 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 190 |
|
|
| 190 |
|
|
| 266 |
|
|
| - |
|
|
| 266 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Increase in non-controlling interests |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 1,410 |
|
|
| 1,410 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
BALANCE, MARCH 31, 2020 |
|
| 25,930,380 |
|
| $ | 259,303,805 |
|
| $ | 56,339,785 |
|
| $ | 311,146,899 |
|
| $ | 27,568,179 |
|
| $ | 1,046,780,670 |
|
| $ | 1,385,495,748 |
|
| $ | (23,922,781 | ) |
| $ | (950,557 | ) |
| $ | - |
|
| $ | - |
|
| $ | (24,873,338 | ) |
| $ | 1,676,266,000 |
|
| $ | 762,531 |
|
| $ | 1,677,028,531 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
- 7 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of New Taiwan Dollars)
(Reviewed, Not Audited)
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| ||||||
Income before income tax |
| $ | 155,064,389 |
|
| $ | 132,147,178 |
| ||
Adjustments for: |
|
|
|
|
|
|
|
| ||
Depreciation expense |
|
| 98,972,867 |
|
|
| 67,083,741 |
| ||
Amortization expense |
|
| 1,927,451 |
|
|
| 1,470,736 |
| ||
Expected credit losses recognized (reversal) on investments in debt instruments |
|
| (497 | ) |
|
| 1,626 |
| ||
Finance costs |
|
| 772,095 |
|
|
| 530,564 |
| ||
Share of profits of associates |
|
| (1,267,112 | ) |
|
| (725,968 | ) | ||
Interest income |
|
| (1,460,904 | ) |
|
| (2,989,069 | ) | ||
Discounts on short-term loans |
|
| (127,838 | ) |
|
| - |
| ||
Share-based compensation |
|
| 1,704 |
|
|
| 1,410 |
| ||
Gain on disposal or retirement of property, plant and equipment, net |
|
| (9,960 | ) |
|
| (35,390 | ) | ||
Impairment loss on property, plant and equipment |
|
| 274,388 |
|
|
| - |
| ||
Loss on financial instruments at fair value through profit or loss, net |
|
| - |
|
|
| 2,883 |
| ||
Gain on disposal of investments in debt instruments at fair value through other comprehensive income, net |
|
| (2,986 | ) |
|
| (179,412 | ) | ||
Unrealized (realized) gross profit on sales to associates |
|
| (64,211 | ) |
|
| 7,673 |
| ||
Loss (gain) on foreign exchange, net |
|
| (4,773,733 | ) |
|
| 804,399 |
| ||
Dividend income |
|
| (169,167 | ) |
|
| (110,509 | ) | ||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| ||
Financial instruments at fair value through profit or loss |
|
| 3,929,781 |
|
|
| (1,080,340 | ) | ||
Notes and accounts receivable, net |
|
| (21,663,073 | ) |
|
| (8,595,331 | ) | ||
Receivables from related parties |
|
| 222,559 |
|
|
| 434,182 |
| ||
Other receivables from related parties |
|
| (1,946 | ) |
|
| (8,517 | ) | ||
Inventories |
|
| (17,214,161 | ) |
|
| 4,703,362 |
| ||
Other financial assets |
|
| (2,917,033 | ) |
|
| 2,109,547 |
| ||
Other current assets |
|
| 771,765 |
|
|
| (111,469 | ) | ||
Accounts payable |
|
| (2,334,169 | ) |
|
| (296,602 | ) | ||
Payables to related parties |
|
| (162,728 | ) |
|
| 56,279 |
| ||
Salary and bonus payable |
|
| (4,375,063 | ) |
|
| (2,989,909 | ) | ||
Accrued profit sharing bonus to employees and compensation to directors and supervisors |
|
| 8,468,539 |
|
|
| 8,071,239 |
| ||
Accrued expenses and other current liabilities |
|
| 14,976,395 |
|
|
| 4,910,661 |
| ||
Net defined benefit liability |
|
| (619,561 | ) |
|
| (804,943 | ) | ||
Cash generated from operations |
|
| 228,217,791 |
|
|
| 204,408,021 |
| ||
Income taxes paid |
|
| (402,085 | ) |
|
| (1,378,579 | ) | ||
|
|
|
|
|
|
|
|
| ||
Net cash generated by operating activities |
|
| 227,815,706 |
|
|
| 203,029,442 |
| ||
|
|
|
|
|
|
|
|
|
(Continued)
- 8 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of New Taiwan Dollars)
(Reviewed, Not Audited)
|
| Three Months Ended March 31 | ||||||||
|
| 2021 |
| 2020 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| ||||||
Acquisitions of: |
|
|
|
| ||||||
Financial assets at fair value through other comprehensive income |
| $ | (77,662,402 | ) |
| $ | (56,528,394 | ) | ||
Property, plant and equipment |
|
| (248,028,725 | ) |
|
| (192,559,626 | ) | ||
Intangible assets |
|
| (580,694 | ) |
|
| (846,084 | ) | ||
Proceeds from disposal or redemption of: |
|
|
|
|
|
|
|
| ||
Financial assets at fair value through other comprehensive income |
|
| 81,167,791 |
|
|
| 57,185,928 |
| ||
Property, plant and equipment |
|
| 57,901 |
|
|
| 65,867 |
| ||
Proceeds from return of capital of investments in equity instruments at fair value through other comprehensive income |
|
| 62,837 |
|
|
| - |
| ||
Derecognition of hedging financial instruments |
|
| 112,133 |
|
|
| (225,847 | ) | ||
Interest received |
|
| 1,494,002 |
|
|
| 3,038,375 |
| ||
Proceeds from government grants - property, plant and equipment |
|
| - |
|
|
| 475,703 |
| ||
Proceeds from government grants - others |
|
| - |
|
|
| 20,077 |
| ||
Other dividends received |
|
| 169,167 |
|
|
| 110,509 |
| ||
Increase in prepayments for leases |
|
| (1,200,000 | ) |
|
| - |
| ||
Refundable deposits paid |
|
| (47,212 | ) |
|
| (69,469 | ) | ||
Refundable deposits refunded |
|
| 203,788 |
|
|
| 339,693 |
| ||
|
|
|
|
|
|
|
|
| ||
Net cash used in investing activities |
|
| (244,251,414 | ) |
|
| (188,993,268 | ) | ||
|
|
|
|
|
|
|
|
| ||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
| ||
Increase in short-term loans |
|
| 52,072,068 |
|
|
| 20,348,002 |
| ||
Proceeds from short-term bills payable |
|
| - |
|
|
| 3,992,197 |
| ||
Repayments of short-term bills payable |
|
| - |
|
|
| (1,000,000 | ) | ||
Proceeds from issuance of bonds |
|
| 21,100,000 |
|
|
| 24,000,000 |
| ||
Repayment of bonds |
|
| (2,600,000 | ) |
|
| (21,600,000 | ) | ||
Proceeds from long-term bank loans |
|
| 660,000 |
|
|
| - |
| ||
Payments for transaction costs attributable to the issuance of bonds |
|
| (21,702 | ) |
|
| (24,921 | ) | ||
Repayment of the principal portion of lease liabilities |
|
| (532,552 | ) |
|
| (683,072 | ) | ||
Interest paid |
|
| (772,710 | ) |
|
| (977,231 | ) | ||
Guarantee deposits received |
|
| 91,458 |
|
|
| 17,203 |
| ||
Guarantee deposits refunded |
|
| (4,107 | ) |
|
| (3,638 | ) | ||
Cash dividends |
|
| (64,825,951 | ) |
|
| (64,825,951 | ) | ||
Disposal of ownership interests in subsidiaries (without losing control) |
|
| 9,451,798 |
|
|
| - |
| ||
Increase in non-controlling interests |
|
| 155 |
|
|
| - |
| ||
|
|
|
|
|
|
|
|
| ||
Net cash generated (used) in financing activities |
|
| 14,618,457 |
|
|
| (40,757,411 | ) | ||
|
|
|
|
|
|
|
|
| ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
| 6,374,461 |
|
|
| 2,099,130 |
|
(Continued)
- 9 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands of New Taiwan Dollars)
(Reviewed, Not Audited)
|
| Three Months Ended March 31 | ||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| $ | 4,557,210 |
|
| $ | (24,622,107 | ) | ||
|
|
|
|
|
|
|
|
| ||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
| 660,170,647 |
|
|
| 455,399,336 |
| ||
|
|
|
|
|
|
|
|
| ||
CASH AND CASH EQUIVALENTS, END OF PERIOD |
| $ | 664,727,857 |
|
| $ | 430,777,229 |
| ||
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the consolidated financial statements.
(Concluded)
- 10 -
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
(Reviewed, Not Audited)
1. | GENERAL |
Taiwan Semiconductor Manufacturing Company Limited (TSMC), a Republic of China (R.O.C.) corporation, was incorporated on February 21, 1987. TSMC is a dedicated foundry in the semiconductor industry which engages mainly in the manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks.
On September 5, 1994, TSMC’s shares were listed on the Taiwan Stock Exchange (TWSE). On October 8, 1997, TSMC listed some of its shares of stock on the New York Stock Exchange (NYSE) in the form of American Depositary Shares (ADSs).
The address of its registered office and principal place of business is No. 8, Li-Hsin Rd. 6, Hsinchu Science Park, Taiwan. The principal operating activities of TSMC’s subsidiaries are described in Note 4.
2. | THE AUTHORIZATION OF FINANCIAL STATEMENTS |
The accompanying consolidated financial statements were reported to the Board of Directors and issued on April 22, 2021.
3. | APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS |
| a. | Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, “IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (FSC) |
The initial application of the amendments to the IFRSs endorsed and issued into effect by the FSC did not have a significant effect on the accounting policies of TSMC and its subsidiaries (collectively as the “Company”).
| b. | The IFRSs issued by the International Accounting Standards Board (IASB), but not yet endorsed and issued into effect by the FSC |
New, Revised or Amended Standards and Interpretations |
| Effective Date Issued |
|
|
|
Annual Improvements to IFRS Standards 2018 - 2020 Cycle |
| January 1, 2022 |
Amendments to IFRS 3 “Reference to the Conceptual Framework” |
| January 1, 2022 |
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture” |
| To be determined by IASB |
Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” |
| January 1, 2023 |
(Continued)
- 11 -
New, Revised or Amended Standards and Interpretations |
| Effective Date Issued |
|
|
|
Amendments to IAS 1 “Disclosure of Accounting Policies” |
| January 1, 2023 |
Amendments to IAS 8 “Definition of Accounting Estimates” |
| January 1, 2023 |
Amendments to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” |
| January 1, 2022 |
Amendments to IAS 37 “Onerous Contracts–Cost of Fulfilling a Contract” |
| January 1, 2022 |
(Concluded)
As of the date the accompanying consolidated financial statements were issued, the Company continues in evaluating the impact on its financial position and financial performance from the initial adoption of the aforementioned standards or interpretations and related applicable period. The related impact will be disclosed when the Company completes its evaluation.
4. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Except for the following, the accounting policies applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2020.
For the convenience of readers, the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the R.O.C. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language consolidated financial statements shall prevail.
Statement of Compliance
The accompanying consolidated financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IAS 34, “Interim Financial Reporting,” endorsed and issued into effect by the FSC. The consolidated financial statements do not present all the disclosures required for a complete set of annual consolidated financial statements prepared under the IFRSs endorsed and issued into effect by the FSC (collectively, “Taiwan-IFRSs”).
Basis of Consolidation
The basis of preparation and the basis for the consolidated financial statements
The basis of preparation and the basis for the consolidated financial statements applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2020.
The subsidiaries in the consolidated financial statements
The detail information of the subsidiaries at the end of reporting period is as follows:
|
|
|
|
|
| Establishment |
| Percentage of Ownership |
|
| ||||||||||
Name of Investor |
| Name of Investee |
| Main Businesses and Products |
| and Operating Location |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 |
| Note | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
TSMC |
| TSMC North America |
| Sales and marketing of integrated circuits and other semiconductor devices |
| San Jose, California, U.S.A. |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC Europe B.V. (TSMC Europe) |
| Customer service and supporting activities |
| Amsterdam, the Netherlands |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Japan Limited (TSMC Japan) |
| Customer service and supporting activities |
| Yokohama, Japan |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Design Technology Japan, Inc. (TSMC JDC) |
| Engineering support activities |
| Yokohama, Japan |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
(Continued)
- 12 -
|
|
|
|
|
| Establishment |
| Percentage of Ownership |
|
| ||||||||||
Name of Investor |
| Name of Investee |
| Main Businesses and Products |
| and Operating Location |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 |
| Note | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
TSMC |
| TSMC Japan 3DIC R&D Center, Inc. (TSMC 3DIC) |
| Engineering support activities |
| Yokohama, Japan |
|
| 100% |
|
|
| - |
|
|
| - |
|
| a), b) |
|
| TSMC Korea Limited (TSMC Korea) |
| Customer service and supporting activities |
| Seoul, Korea |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Partners, Ltd. (TSMC Partners) |
| Investing in companies involved in the semiconductor design and manufacturing, and other investment activities |
| Tortola, British Virgin Islands |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Global, Ltd. (TSMC Global) |
| Investment activities |
| Tortola, British Virgin Islands |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC China Company Limited (TSMC China) |
| Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices |
| Shanghai, China |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC Nanjing Company Limited (TSMC Nanjing) |
| Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices |
| Nanjing, China |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
|
| VisEra Technologies Company Ltd. (VisEra Tech) |
| Research, design, development, manufacturing, sales, packaging and test of color filter |
| Hsin-Chu, Taiwan |
|
| 73% |
|
|
| 87% |
|
|
| 87% |
|
| c) |
|
| TSMC Arizona Corporation (TSMC Arizona) |
| Manufacturing, sales and testing of integrated circuits and other semiconductor devices |
| Phoenix, Arizona, U.S.A. |
|
| 100% |
|
|
| 100% |
|
|
| - |
|
| a), d) |
|
| VentureTech Alliance Fund II, L.P. (VTAF II) |
| Investing in technology start-up companies |
| Cayman Islands |
|
| 98% |
|
|
| 98% |
|
|
| 98% |
|
| a) |
|
| VentureTech Alliance Fund III, L.P. (VTAF III) |
| Investing in technology start-up companies |
| Cayman Islands |
|
| 98% |
|
|
| 98% |
|
|
| 98% |
|
| a) |
|
| Emerging Fund L.P. (Emerging Fund) |
| Investing in technology start-up companies |
| Cayman Islands |
|
| 99.9% |
|
|
| - |
|
|
| - |
|
| a), e) |
TSMC Partners |
| TSMC Development, Inc. (TSMC Development) |
| Investing in companies involved in semiconductor manufacturing |
| Delaware, U.S.A. |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
|
| TSMC Technology, Inc. (TSMC Technology) |
| Engineering support activities |
| Delaware, U.S.A. |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| TSMC Design Technology Canada Inc. (TSMC Canada) |
| Engineering support activities |
| Ontario, Canada |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
|
| InveStar Semiconductor Development Fund, Inc. (ISDF) |
| Investing in technology start-up companies |
| Cayman Islands |
|
| - |
|
|
| - |
|
|
| 97% |
|
| a), f) |
|
| InveStar Semiconductor Development Fund, Inc. (II) LDC. (ISDF II) |
| Investing in technology start-up companies |
| Cayman Islands |
|
| - |
|
|
| - |
|
|
| 97% |
|
| a), f) |
TSMC Development |
| WaferTech, LLC (WaferTech) |
| Manufacturing, sales and testing of integrated circuits and other semiconductor devices |
| Washington, U.S.A. |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| - |
VTAF III |
| Growth Fund Limited (Growth Fund) |
| Investing in technology start-up companies |
| Cayman Islands |
|
| 100% |
|
|
| 100% |
|
|
| 100% |
|
| a) |
(Concluded)
| Note a: | This is an immaterial subsidiary for which the consolidated financial statements are neither reviewed nor audited by the Company’s independent auditors. |
| Note b: | TSMC 3DIC is established in March 2021. |
| Note c: | To facilitate VisEra���s IPO in Taiwan, 39,501 thousand common shares of VisEra at a price of NT$240 were sold by TSMC and an increase of NT$8,406,282 thousand in capital surplus was recognized. TSMC’s shareholding in VisEra decreased from 87% to 73%. This disposal was accounted for as an equity transaction since the transaction did not change TSMC’s control over VisEra. |
| Note d: | TSMC Arizona is established in November 2020. Under the terms of the development agreement entered into between TSMC Arizona and the City of Phoenix, the City of Phoenix commits approximately US$205 million toward various public infrastructure projects in the area of the proposed manufacturing facility, conditioned on TSMC Arizona’s achieving a minimum project scale with defined spending and job-creation thresholds. |
| Note e: | Emerging fund is established in January 2021. |
| Note f: | ISDF and ISDF II have completed the liquidation procedures in November 2020. |
Retirement Benefits
Pension cost for an interim period is calculated on a year-to-date basis by using the actuarially determined pension cost rate at the end of the prior financial year.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The interim period income tax expense is accrued using the tax rate that would be applicable to expected total annual earnings; that is, the estimated average annual effective income tax rate applied to the pre-tax income of the interim period.
- 13 -
5. | CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY |
The Company has considered the economic implications of COVID-19 on critical accounting estimates and will continue evaluating the impact on its financial position and financial performance as a result of the pandemic. In addition, the same critical accounting judgments and key sources of estimates and uncertainty have been followed in these consolidated financial statements as were applied in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2020.
6. | CASH AND CASH EQUIVALENTS |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 655,679,622 |
|
| $ | 653,580,548 |
|
| $ | 425,726,339 |
| |||||
| 4,236,566 |
|
|
| 3,716,119 |
|
|
| 1,958,260 |
| |||||
| 3,560,524 |
|
|
| 1,750,443 |
|
|
| 1,864,156 |
| |||||
| 1,139,850 |
|
|
| 1,123,537 |
|
|
| 1,204,342 |
| |||||
| 82,670 |
|
|
| - |
|
|
| 24,132 |
| |||||
Corporate bonds |
|
| 28,625 |
|
|
| - |
|
|
| - |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 664,727,857 |
|
| $ | 660,170,647 |
|
| $ | 430,777,229 |
|
Deposits in banks consisted of highly liquid time deposits that were readily convertible to known amounts of cash and were subject to an insignificant risk of changes in value.
7. | FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
Financial assets |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
| |||||||||
Mandatorily measured at FVTPL |
|
|
|
|
|
| |||||||||
| 26,897 |
|
| $ | 2,259,412 |
|
| $ | 1,216,560 |
| |||||
| - |
|
|
| - |
|
|
| 37,693 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 26,897 |
|
| $ | 2,259,412 |
|
| $ | 1,254,253 |
| |||||
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Held for trading |
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,958,208 |
|
| $ | 94,128 |
|
| $ | 980,241 |
|
The Company entered into forward exchange contracts to manage exposures due to fluctuations of foreign exchange rates. These forward exchange contracts did not meet the criteria for hedge accounting. Therefore, the Company did not apply hedge accounting treatment for these forward exchange contracts.
- 14 -
Outstanding forward exchange contracts consisted of the following:
|
|
| Contract Amount | ||||
|
| Maturity Date |
| (In Thousands) | |||
|
|
|
|
| |||
March 31, 2021 |
|
|
|
| |||
|
|
|
|
| |||
Sell NT$ |
| April 2021 to June 2021 |
| NT$ | 160,197,609 |
| |
Sell US$ |
| April 2021 to June 2021 |
| US$ | 1,516,973 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
| |
Sell NT$ |
| January 2021 to March 2021 |
| NT$ | 144,697,981 |
| |
Sell US$ |
| January 2021 to March 2021 |
| US$ | 1,176,858 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
| ||
|
|
|
|
|
|
| |
Sell NT$ |
| April 2020 to October 2020 |
| NT$ | 190,511,446 |
| |
Sell JPY |
| April 2020 to May 2020 |
| JPY | 75,527,269 |
| |
Sell US$ |
| April 2020 to June 2020 |
| US$ | 528,553 |
|
8. | FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
Investments in debt instruments at FVTOCI |
|
|
|
|
|
| |||||||||
| 56,344,907 |
|
| $ | 56,593,623 |
|
| $ | 56,092,287 |
| |||||
| 43,032,383 |
|
|
| 43,977,113 |
|
|
| 50,881,130 |
| |||||
| 18,512,796 |
|
|
| 13,459,503 |
|
|
| 11,127,278 |
| |||||
| 7,110,253 |
|
|
| 8,368,264 |
|
|
| 11,118,582 |
| |||||
Commercial paper |
|
| 151,187 |
|
|
| - |
|
|
| - |
| |||
| 125,151,526 |
|
|
| 122,398,503 |
|
|
| 129,219,277 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Investments in equity instruments at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
| |||
| 4,401,224 |
|
|
| 4,514,940 |
|
|
| 4,241,324 |
| |||||
| 56,781 |
|
|
| 49,950 |
|
|
| - |
| |||||
| 4,458,005 |
|
|
| 4,564,890 |
|
|
| 4,241,324 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 129,609,531 |
|
| $ | 126,963,393 |
|
| $ | 133,460,601 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 125,208,307 |
|
| $ | 122,448,453 |
|
| $ | 129,219,277 |
| |||||
| 4,401,224 |
|
|
| 4,514,940 |
|
|
| 4,241,324 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 129,609,531 |
|
| $ | 126,963,393 |
|
| $ | 133,460,601 |
|
These investments in equity instruments are held for medium to long-term purposes and therefore are accounted for as FVTOCI. For dividends recognized from these investments, please refer to consolidated statements of cash flows. All of the dividends are from investments held at the end of the reporting period.
As of March 31, 2021 and 2020, the cumulative loss allowance for expected credit loss of NT$32,705 thousand and NT$37,525 thousand was recognized under investments in debt instruments at FVTOCI, respectively. Refer to Note 30 for information relating to the credit risk management and expected credit loss.
- 15 -
9. | FINANCIAL ASSETS AT AMORTIZED COST |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 11,135,778 |
|
| $ | 10,977,298 |
|
| $ | 7,715,480 |
| |||||
|
| (6,946 | ) |
|
| (7,099 | ) |
|
| (2,954 | ) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 11,128,832 |
|
| $ | 10,970,199 |
|
| $ | 7,712,526 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 6,694,422 |
|
| $ | 6,597,992 |
|
| $ | 302,393 |
| |||||
| 4,434,410 |
|
|
| 4,372,207 |
|
|
| 7,410,133 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 11,128,832 |
|
| $ | 10,970,199 |
|
| $ | 7,712,526 |
|
Refer to Note 30 for information relating to credit risk management and expected credit loss for financial assets at amortized cost.
10. | HEDGING FINANCIAL INSTRUMENTS |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
Financial assets - current |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
| |||||||||
Fair value hedges |
|
|
|
|
|
| |||||||||
| 64,349 |
|
| $ | 47 |
|
| $ | - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Financial liabilities - current |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
| |||
| - |
|
| $ | 1,169 |
|
| $ | 109,826 |
|
Fair value hedge
The Company entered into interest rate futures contracts, which are used to partially hedge against the fair value changes caused by interest rate fluctuation in the Company’s fixed income investments. The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%.
On the basis of economic relationships, the value of the interest rate futures contracts and the value of the hedged financial assets will change in opposite directions in response to movements in interest rates.
The main source of hedge ineffectiveness in these hedging relationships is the credit risk of the hedged financial assets, which is not reflected in the fair value of the interest rate futures contracts. No other sources of ineffectiveness emerged from these hedging relationships during the hedging period. Amount of hedge ineffectiveness recognized in profit or loss is classified under other gains and losses, net.
- 16 -
The following tables summarize the information relating to the hedges of interest rate risk.
March 31, 2021
| Contract Amount (US$ in Thousands) |
| Maturity | |||
|
|
|
|
| ||
Interest rate futures contracts - US Treasury futures |
| US$ | 111,900 |
|
| June 2021 |
| Asset Carrying Amount |
| Accumulated Amount of Fair Value Hedge Adjustments | |||||
|
|
|
|
| ||||
Financial assets at FVTOCI |
| $ | 8,355,989 |
|
| $ | (64,349 | ) |
December 31, 2020
| Contract Amount (US$ in Thousands) |
| Maturity | |||
|
|
|
|
| ||
Interest rate futures contracts - US Treasury futures |
| US$ | 88,700 |
|
| March 2021 |
| Asset Carrying Amount |
| Accumulated Amount of Fair Value Hedge Adjustments | |||||
|
|
|
|
| ||||
Financial assets at FVTOCI |
| $ | 6,198,683 |
|
| $ | 1,122 |
|
March 31, 2020
| Contract Amount (US$ in Thousands) |
| Maturity | |||
|
|
|
|
| ||
Interest rate futures contracts - US Treasury futures |
| US$ | 124,300 |
|
| June 2020 |
| Asset Carrying Amount |
| Accumulated Amount of Fair Value Hedge Adjustments | |||||
|
|
|
|
| ||||
|
|
|
|
| ||||
Financial assets at FVTOCI |
| $ | 9,023,238 |
|
| $ | 109,826 |
|
The effect for the three months ended March 31, 2021 and 2020 is detailed below:
| Increase (Decrease) in Value Used for Calculating Hedge Ineffectiveness | |||||||||
|
| Three Months Ended March 31 | ||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
Hedging Instruments |
|
|
|
| ||||||
| 176,576 |
|
| $ | (345,536 | ) | ||||
Hedged Items |
|
|
|
|
|
|
|
| ||
|
| (176,576 | ) |
|
| 345,536 |
| |||
|
|
|
|
|
|
|
|
| ||
| - |
|
| $ | - |
|
- 17 -
Cash flow hedge
The Company entered into forward exchange contracts to partially hedge foreign exchange rate risks associated with certain highly probable forecast transactions (capital expenditures). The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%. The forward exchange contracts have maturities of 12 months or less.
On the basis of economic relationships, the Company expects that the value of forward exchange contracts and the value of hedged transactions will change in opposite directions in response to movements in foreign exchange rates.
The main source of hedge ineffectiveness in these hedging relationships is driven by the effect of the counterparty’s own credit risk on the fair value of forward exchange contracts. No other sources of ineffectiveness emerged from these hedging relationships. For the three months ended March 31, 2021 and 2020, refer to Note 21(d) for gain or loss arising from changes in the fair value of hedging instruments and the amount transferred to initial carrying amount of hedged items.
The effect for the three months ended March 31, 2021 and 2020 is detailed below:
| Increase Ineffectiveness | |||||||||
|
| Three Months Ended March 31 | ||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
Hedging Instruments |
|
|
|
| ||||||
| $ | (41,416 | ) |
| $ | (42,749 | ) | |||
|
|
|
|
|
|
|
|
| ||
Hedged Items |
|
|
|
|
|
|
|
| ||
| 41,416 |
|
| $ | 42,749 |
|
11. | NOTES AND ACCOUNTS RECEIVABLE, NET |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
At amortized cost |
|
|
|
|
|
| |||||||||
| 164,301,003 |
|
| $ | 142,771,597 |
|
| $ | 142,491,942 |
| |||||
|
| (319,588 | ) |
|
| (246,626 | ) |
|
| (330,882 | ) | ||||
| 163,981,415 |
|
|
| 142,524,971 |
|
|
| 142,161,060 |
| |||||
| 3,161,921 |
|
|
| 2,955,301 |
|
|
| 3,831,684 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 167,143,336 |
|
| $ | 145,480,272 |
|
| $ | 145,992,744 |
|
The Company signed a contract with the bank to sell certain accounts receivable without recourse and transaction cost required. These accounts receivable are classified as at FVTOCI because they are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
- 18 -
In principle, the payment term granted to customers is due 30 days from the invoice date or 30 days from the end of the month when the invoice is issued. Aside from recognizing impairment loss for credit-impaired accounts receivable, the Company recognizes loss allowance based on the expected credit loss ratio of customers by different risk levels with consideration of factors of historical loss ratios and customers’ financial conditions, competitiveness and business outlook. For accounts receivable past due over 90 days without collaterals or guarantees, the Company recognizes loss allowance at full amount.
Aging analysis of notes and accounts receivable
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 156,777,256 |
|
| $ | 140,933,622 |
|
| $ | 133,453,936 |
| |||||
Past due |
|
|
|
|
|
|
|
|
|
|
|
| |||
| 10,442,040 |
|
|
| 4,784,425 |
|
|
| 12,838,067 |
| |||||
| 243,554 |
|
|
| 8,708 |
|
|
| 21,279 |
| |||||
| 74 |
|
|
| 48 |
|
|
| 9,814 |
| |||||
| - |
|
|
| 95 |
|
|
| 530 |
| |||||
|
| (319,588 | ) |
|
| (246,626 | ) |
|
| (330,882 | ) | ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 167,143,336 |
|
| $ | 145,480,272 |
|
| $ | 145,992,744 |
|
All of the Company’s accounts receivable classified as at FVTOCI were not past due.
Movements of the loss allowance for accounts receivable
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
| 246,626 |
|
| $ | 325,325 |
| ||||
| 72,953 |
|
|
| 5,631 |
| ||||
| 9 |
|
|
| (74 | ) | ||||
|
|
|
|
|
|
|
|
| ||
| 319,588 |
|
| $ | 330,882 |
|
For the three months ended March 31, 2021 and 2020, the changes in loss allowance were mainly due to the variations in the balance of accounts receivable of different risk levels.
12. | INVENTORIES |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 23,486,808 |
|
| $ | 21,705,625 |
|
| $ | 5,917,835 |
| |||||
| 108,203,608 |
|
|
| 91,672,870 |
|
|
| 50,346,660 |
| |||||
| 13,742,135 |
|
|
| 14,715,963 |
|
|
| 15,300,850 |
| |||||
| 9,135,017 |
|
|
| 9,258,949 |
|
|
| 6,712,489 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 154,567,568 |
|
| $ | 137,353,407 |
|
| $ | 78,277,834 |
|
- 19 -
Reversal of write-down of inventories resulting from the increase in net realizable value were included in the cost of revenue, as illustrated below:
13. | INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD |
Associates consisted of the following:
|
|
| Place of |
| Carrying Amount |
| % of Ownership and Voting Rights Held by the Company | ||||||||||||||||||||||||
Name of Associate |
| Principal Activities |
| Incorporation and Operation |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| Manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks |
| Hsinchu, Taiwan |
| 9,691,577 |
|
| $ | 9,029,890 |
|
| $ | 9,339,016 |
|
| 28% |
|
|
| 28% |
|
|
| 28% |
| ||||||
| Manufacturing and sales of integrated circuits and other semiconductor devices |
| Singapore |
| 6,280,146 |
|
|
| 5,900,245 |
|
|
| 6,784,537 |
|
| 39% |
|
|
| 39% |
|
|
| 39% |
| ||||||
| Wafer level chip size packaging and wafer level post passivation interconnection service |
| Taoyuan, Taiwan |
| 2,796,080 |
|
|
| 2,554,123 |
|
|
| 1,912,235 |
|
| 41% |
|
|
| 41% |
|
|
| 41% |
| ||||||
| Researching, developing, manufacturing, testing and marketing of integrated circuits |
| Hsinchu, Taiwan |
| 1,497,735 |
|
|
| 1,328,620 |
|
|
| 1,310,591 |
|
| 35% |
|
|
| 35% |
|
|
| 35% |
| ||||||
| Manufacturing of electronic parts, wholesaling and retailing of electronic materials, and researching, developing and testing of RFID |
| New Taipei, Taiwan |
| 29,278 |
|
|
| 28,183 |
|
|
| 35,381 |
|
| 28% |
|
|
| 28% |
|
|
| 28% |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
| 20,294,816 |
|
| $ | 18,841,061 |
|
| $ | 19,381,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The market prices of the investments accounted for using the equity method in publicly traded stocks calculated by the closing price at the end of the reporting period are summarized as follows. The closing price represents the quoted price in active markets, the level 1 fair value measurement.
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | |||||||
|
|
|
|
|
|
| ||||||
| 50,136,137 |
|
| $ | 53,849,925 |
|
| $ | 27,528,453 |
| ||
| 20,142,028 |
|
| $ | 20,420,233 |
|
| $ | 6,565,634 |
| ||
| 18,605,112 |
|
| $ | 15,827,184 |
|
| $ | 8,567,222 |
|
14. | PROPERTY, PLANT AND EQUIPMENT |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 1,657,464,257 |
|
| $ | 1,554,585,938 |
|
| $ | 1,438,171,730 |
| |||||
| 1,087,033 |
|
|
| 1,003,182 |
|
|
| 43,555 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 1,658,551,290 |
|
| $ | 1,555,589,120 |
|
| $ | 1,438,215,285 |
|
- 20 -
| a. | Assets used by the Company |
| Land and Land Improvements |
| Buildings |
| Machinery and Equipment |
| Office Equipment |
| Equipment under Installation and Construction in Progress |
| Total | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Cost |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Balance at January 1, 2021 |
| 3,942,625 |
|
| 522,447,474 |
|
| 3,607,005,732 |
|
| 68,862,648 |
|
| 223,965,360 |
|
| 4,426,223,839 |
| ||||||||||||
Additions |
| - |
|
| 16,847,995 |
|
| 96,583,844 |
|
| 2,868,362 |
|
| 84,765,969 |
|
| 201,066,170 |
| ||||||||||||
Disposals or retirements |
| - |
|
|
| (3,903 | ) |
|
| (2,248,013 | ) |
|
| (24,549 | ) |
| - |
|
|
| (2,276,465 | ) | ||||||||
Transfers from assets subject to operating leases |
| - |
|
| 35,478 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 35,478 |
| ||||||||
Transfers to assets subject to operating leases |
|
| - |
|
|
| - |
|
|
| (244,579 | ) |
|
| - |
|
|
| - |
|
|
| (244,579 | ) | ||||||
Effect of exchange rate changes |
| 10,662 |
|
| 451,026 |
|
| 2,328,717 |
|
| 53,921 |
|
| 213,799 |
|
| 3,058,125 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at March 31, 2021 |
| 3,953,287 |
|
| 539,778,070 |
|
| 3,703,425,701 |
|
| 71,760,382 |
|
| 308,945,128 |
|
| 4,627,862,568 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Accumulated depreciation and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at January 1, 2021 |
| 506,129 |
|
| 271,799,471 |
|
| 2,555,529,969 |
|
| 43,802,332 |
|
| - |
|
| 2,871,637,901 |
| ||||||||||||
Additions |
| 334 |
|
| 8,107,322 |
|
| 88,029,504 |
|
| 2,159,047 |
|
| - |
|
| 98,296,207 |
| ||||||||||||
Disposals or retirements |
| - |
|
|
| (3,752 | ) |
|
| (2,174,066 | ) |
|
| (23,805 | ) |
| - |
|
|
| (2,201,623 | ) | ||||||||
Transfers from assets subject to operating leases |
|
| - |
|
|
| 15,646 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 15,646 |
| ||||||
Transfers to assets subject to operating leases |
|
| - |
|
|
| - |
|
|
| (68,279 | ) |
|
| - |
|
|
| - |
|
|
| (68,279 | ) | ||||||
Impairment |
| - |
|
| - |
|
| 274,388 |
|
| - |
|
| - |
|
| 274,388 |
| ||||||||||||
Effect of exchange rate changes |
| 7,391 |
|
| 282,148 |
|
| 2,115,572 |
|
| 38,960 |
|
| - |
|
| 2,444,071 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at March 31, 2021 |
| 513,854 |
|
| 280,200,835 |
|
| 2,643,707,088 |
|
| 45,976,534 |
|
| - |
|
| 2,970,398,311 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Carrying amounts at |
| $ | 3,436,496 |
|
| $ | 250,648,003 |
|
| $ | 1,051,475,763 |
|
| $ | 25,060,316 |
|
| $ | 223,965,360 |
|
| $ | 1,554,585,938 |
| ||||||
Carrying amounts at March 31, 2021 |
| 3,439,433 |
|
| 259,577,235 |
|
| 1,059,718,613 |
|
| 25,783,848 |
|
| 308,945,128 |
|
| 1,657,464,257 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at January 1, 2020 |
| $ | 3,991,798 |
|
| $ | 438,075,063 |
|
| $ | 2,886,622,968 |
|
| $ | 54,611,364 |
|
| $ | 528,295,086 |
|
| $ | 3,911,596,279 |
| ||||||
Additions |
|
| - |
|
|
| 5,510,376 |
|
|
| 66,788,413 |
|
|
| 1,948,267 |
|
|
| 78,315,261 |
|
|
| 152,562,317 |
| ||||||
Disposals or retirements |
|
| - |
|
|
| (16,162 | ) |
|
| (1,122,817 | ) |
|
| (76,319 | ) |
|
| - |
|
|
| (1,215,298 | ) | ||||||
Transfers from assets subject to operating leases |
|
| - |
|
|
| 22,323 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 22,323 |
| ||||||
Effect of exchange rate changes |
|
| 6,527 |
|
|
| (229,882 | ) |
|
| (42,273 | ) |
|
| (16,586 | ) |
|
| (66,226 | ) |
|
| (348,440 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at March 31, 2020 |
| $ | 3,998,325 |
|
| $ | 443,361,718 |
|
| $ | 2,952,246,291 |
|
| $ | 56,466,726 |
|
| $ | 606,544,121 |
|
| $ | 4,062,617,181 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Accumulated depreciation and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at January 1, 2020 |
| $ | 538,690 |
|
| $ | 243,059,390 |
|
| $ | 2,278,265,943 |
|
| $ | 37,418,395 |
|
| $ | - |
|
| $ | 2,559,282,418 |
| ||||||
Additions |
|
| 397 |
|
|
| 6,564,913 |
|
|
| 58,233,131 |
|
|
| 1,553,672 |
|
|
| - |
|
|
| 66,352,113 |
| ||||||
Disposals or retirements |
|
| - |
|
|
| (14,167 | ) |
|
| (1,111,272 | ) |
|
| (76,052 | ) |
|
| - |
|
|
| (1,201,491 | ) | ||||||
Transfers from assets subject to operating leases |
|
| - |
|
|
| 8,196 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 8,196 |
| ||||||
Effect of exchange rate changes |
|
| 4,510 |
|
|
| (81,532 | ) |
|
| 87,941 |
|
|
| (6,704 | ) |
|
| - |
|
|
| 4,215 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at March 31, 2020 |
| $ | 543,597 |
|
| $ | 249,536,800 |
|
| $ | 2,335,475,743 |
|
| $ | 38,889,311 |
|
| $ | - |
|
| $ | 2,624,445,451 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Carrying amounts at |
| $ | 3,453,108 |
|
| $ | 195,015,673 |
|
| $ | 608,357,025 |
|
| $ | 17,192,969 |
|
| $ | 528,295,086 |
|
| $ | 1,352,313,861 |
| ||||||
Carrying amounts at March 31, 2020 |
| $ | 3,454,728 |
|
| $ | 193,824,918 |
|
| $ | 616,770,548 |
|
| $ | 17,577,415 |
|
| $ | 606,544,121 |
|
| $ | 1,438,171,730 |
|
The significant part of the Company’s buildings includes main plants, mechanical and electrical power equipment and clean rooms, and the related depreciation is calculated using the estimated useful lives of 20 years, 10 years and 10 years, respectively.
- 21 -
In the first quarter of 2021, the Company recognized an impairment loss of NT$274,388 thousand for certain machinery and equipment that was assessed to have no future use, and the recoverable amount of certain machinery and equipment was nil. Such impairment loss was recognized in other operating income and expenses.
| b. | Assets subject to operating leases |
| Buildings |
| Machinery and Equipment |
| Total | ||||||||||
|
|
|
|
|
|
| |||||||||
Cost |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
| |||||||||
Balance at January 1, 2021 |
| 227,529 |
|
| 1,199,011 |
|
| 1,426,540 |
| ||||||
Transfers to assets used by the Company |
|
| (35,478 | ) |
|
| - |
|
|
| (35,478 | ) | |||
Transfers from assets used by the Company |
|
| - |
|
| 244,579 |
|
| 244,579 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at March 31, 2021 |
| 192,051 |
|
| 1,443,590 |
|
| 1,635,641 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at January 1, 2021 |
| 201,366 |
|
| 221,992 |
|
| 423,358 |
| ||||||
Additions |
| 437 |
|
| 72,180 |
|
| 72,617 |
| ||||||
Transfers to assets used by the Company |
|
| (15,646 | ) |
|
| - |
|
|
| (15,646 | ) | |||
Transfers from assets used by the Company |
|
| - |
|
|
| 68,279 |
|
|
| 68,279 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at March 31, 2021 |
| 186,157 |
|
| 362,451 |
|
| 548,608 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Carrying amounts at January 1, 2021 |
| $ | 26,163 |
|
| $ | 977,019 |
|
| $ | 1,003,182 |
| |||
Carrying amounts at March 31, 2021 |
| 5,894 |
|
| 1,081,139 |
|
| 1,087,033 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cost |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at January 1, 2020 |
| $ | 562,610 |
|
| $ | - |
|
| $ | 562,610 |
| |||
Transfers to assets used by the Company |
|
| (22,323 | ) |
|
| - |
|
|
| (22,323 | ) | |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at March 31, 2020 |
| $ | 540,287 |
|
| $ | - |
|
| $ | 540,287 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at January 1, 2020 |
| $ | 499,066 |
|
| $ | - |
|
| $ | 499,066 |
| |||
Additions |
|
| 5,862 |
|
|
| - |
|
|
| 5,862 |
| |||
Transfers to assets used by the Company |
|
| (8,196 | ) |
|
| - |
|
|
| (8,196 | ) | |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Balance at March 31, 2020 |
| $ | 496,732 |
|
| $ | - |
|
| $ | 496,732 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Carrying amounts at January 1, 2020 |
| $ | 63,544 |
|
| $ | - |
|
| $ | 63,544 |
| |||
Carrying amounts at March 31, 2020 |
| $ | 43,555 |
|
| $ | - |
|
| $ | 43,555 |
|
Operating leases relate to leases of buildings and leases of machinery and equipment with lease terms ranging between approximately 1 to 5 years. The lessees do not have purchase options to acquire the assets at the expiration of the lease periods.
- 22 -
The maturity analysis of operating lease payments receivable from the buildings and machinery and equipment is as follows:
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 144,893 |
|
| $ | 149,120 |
|
| $ | 17,587 |
| |||||
| 12,744 |
|
|
| 16,992 |
|
|
| 16,992 |
| |||||
| - |
|
|
| - |
|
|
| 12,744 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 157,637 |
|
| $ | 166,112 |
|
| $ | 47,323 |
|
15.LEASE ARRANGEMENTS
| a. | Right-of-use assets |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
Carrying amounts |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
| |||||||||
| 29,774,748 |
|
| $ | 25,141,908 |
|
| $ | 18,647,675 |
| |||||
| 2,469,406 |
|
|
| 2,544,742 |
|
|
| 2,549,108 |
| |||||
| - |
|
|
| - |
|
|
| 484,880 |
| |||||
| 38,158 |
|
|
| 41,732 |
|
|
| 38,985 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 32,282,312 |
|
| $ | 27,728,382 |
|
| $ | 21,720,648 |
|
- 23 -
| b. | Lease liabilities |
Ranges of discount rates for lease liabilities are as follows:
|
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 |
|
|
|
|
|
|
|
Land |
| 0.45%-2.14% |
| 0.48%-2.14% |
| 0.62%-2.14% |
Buildings |
| 0.54%-3.88% |
| 0.54%-3.88% |
| 0.69%-3.88% |
Machinery and equipment |
| - |
| - |
| 3.24% |
Office equipment |
| 0.28%-3.88% |
| 0.28%-3.88% |
| 0.64%-3.88% |
| c. | Material terms of right-of-use assets |
The Company leases land and buildings mainly for the use of plants and offices with lease terms of 1 to 36 years. The lease contracts for land located in the R.O.C. specify that lease payments will be adjusted every 2 years on the basis of changes in announced land value prices. The Company does not have purchase options to acquire the leasehold land and buildings at the end of the lease terms.
The Company leases machinery and equipment for use in operation with lease terms of 2 years. The Company has purchase options to acquire leasehold machinery and equipment at the end of the lease terms. As of September 30, 2020, the aforementioned lease contract has expired.
| d. | Subleases |
The Company subleases the right to use its buildings and machinery and equipment under operating leases with lease terms of 1 to 6 years.
The maturity analysis of lease payments receivable under operating subleases is as follows:
| e. | Other lease information |
|
| Three Months Ended March 31 | ||||||
|
| 2021 |
| 2020 | ||||
|
|
|
| |||||
| 1,279,409 |
|
| $ | 968,113 |
| ||
Expenses relating to variable lease payments not included in the measurement of lease liabilities |
| 67,572 |
|
| $ | 47,845 |
|
- 24 -
16. | INTANGIBLE ASSETS |
| Goodwill |
| Technology License Fees |
| Software and System Design Costs |
| Patent and Others |
|
Total | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Cost |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Balance at January 1, 2021 |
| 5,436,602 |
|
| 22,161,712 |
|
| 36,238,967 |
|
| 11,277,701 |
|
| 75,114,982 |
| ||||||||||
Additions |
| - |
|
| 471,970 |
|
| 642,617 |
|
| 42 |
|
| 1,114,629 |
| ||||||||||
Effect of exchange rate changes |
| 55,673 |
|
| 1,350 |
|
| 6,131 |
|
| 473 |
|
| 63,627 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at March 31, 2021 |
| 5,492,275 |
|
| 22,635,032 |
|
| 36,887,715 |
|
| 11,278,216 |
|
| 76,293,238 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Accumulated amortization and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at January 1, 2021 |
| - |
|
| 12,226,066 |
|
| 30,111,759 |
|
| 7,008,978 |
|
| 49,346,803 |
| ||||||||||
Additions |
| - |
|
| 659,640 |
|
| 963,616 |
|
| 304,195 |
|
| 1,927,451 |
| ||||||||||
Effect of exchange rate changes |
| - |
|
| 1,350 |
|
| 4,556 |
|
| 390 |
|
| 6,296 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at March 31, 2021 |
| - |
|
| 12,887,056 |
|
| 31,079,931 |
|
| 7,313,563 |
|
| 51,280,550 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Carrying amounts at January 1, 2021 |
| $ | 5,436,602 |
|
| $ | 9,935,646 |
|
| $ | 6,127,208 |
|
| $ | 4,268,723 |
|
| $ | 25,768,179 |
| |||||
Carrying amounts at March 31, 2021 |
| 5,492,275 |
|
| 9,747,976 |
|
| 5,807,784 |
|
| 3,964,653 |
|
| 25,012,688 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at January 1, 2020 |
| $ | 5,693,376 |
|
| $ | 15,854,951 |
|
| $ | 33,024,010 |
|
| $ | 8,302,996 |
|
| $ | 62,875,333 |
| |||||
Additions |
|
| - |
|
|
| 4,927,290 |
|
|
| 373,644 |
|
|
| 2,716,819 |
|
|
| 8,017,753 |
| |||||
Disposals or retirements |
|
| - |
|
|
| - |
|
|
| (48,828 | ) |
|
| - |
|
|
| (48,828 | ) | |||||
Effect of exchange rate changes |
|
| 34,083 |
|
|
| (3,794 | ) |
|
| (4,777 | ) |
|
| (383 | ) |
|
| 25,129 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at March 31, 2020 |
| $ | 5,727,459 |
|
| $ | 20,778,447 |
|
| $ | 33,344,049 |
|
| $ | 11,019,432 |
|
| $ | 70,869,387 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Accumulated amortization and impairment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at January 1, 2020 |
| $ | - |
|
| $ | 9,823,770 |
|
| $ | 26,502,067 |
|
| $ | 5,896,468 |
|
| $ | 42,222,305 |
| |||||
Additions |
|
| - |
|
|
| 367,942 |
|
|
| 926,104 |
|
|
| 176,690 |
|
|
| 1,470,736 |
| |||||
Disposals or retirements |
|
| - |
|
|
| - |
|
|
| (48,828 | ) |
|
| - |
|
|
| (48,828 | ) | |||||
Effect of exchange rate changes |
|
| - |
|
|
| (3,795 | ) |
|
| (2,826 | ) |
|
| (276 | ) |
|
| (6,897 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance at March 31, 2020 |
| $ | - |
|
| $ | 10,187,917 |
|
| $ | 27,376,517 |
|
| $ | 6,072,882 |
|
| $ | 43,637,316 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Carrying amounts at January 1, 2020 |
| $ | 5,693,376 |
|
| $ | 6,031,181 |
|
| $ | 6,521,943 |
|
| $ | 2,406,528 |
|
| $ | 20,653,028 |
| |||||
Carrying amounts at March 31, 2020 |
| $ | 5,727,459 |
|
| $ | 10,590,530 |
|
| $ | 5,967,532 |
|
| $ | 4,946,550 |
|
| $ | 27,232,071 |
|
The Company’s goodwill has been tested for impairment at the end of the annual reporting period and the recoverable amount is determined based on the value in use. The value in use was calculated based on the cash flow forecast from the financial budgets covering the future five-year period, and the Company used annual discount rate of 8.0% in its test of impairment as of December 31, 2020 to reflect the relevant specific risk in the cash-generating unit.
17. | SHORT-TERM LOANS |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
Unsecured loans |
|
|
|
|
|
| |||||||||
| 137,123,748 |
|
| $ | 88,559,026 |
|
| $ | 139,310,384 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 25 -
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
Loan content |
|
|
|
|
|
| |||||||||
US$ (in thousands) |
| $ | - |
|
| $ | 200,000 |
|
| $ | 1,360,000 |
| |||
EUR (in thousands) |
|
| 4,109,808 |
|
|
| 2,398,000 |
|
|
| 2,944,000 |
| |||
Annual interest rate |
|
| (0.26)%-0.01% |
|
|
| (0.54)%-0.33% |
|
|
| 0.00%-1.60% |
| |||
Maturity date |
|
| Due by July 2021 |
|
|
| Due by February 2021 |
|
|
| Due by May 2020 |
|
(Concluded)
18. | SHORT-TERM BILLS PAYABLE |
|
|
|
|
| March 31, 2020 | ||||
|
|
|
|
|
|
| |||
Commercial papers |
|
|
|
|
| $ | 3,000,000 |
| |
Less: Discounts on commercial papers |
|
|
|
|
|
| (7,142 | ) | |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
| $ | 2,992,858 |
| |
|
|
|
|
|
|
|
|
| |
Annual interest rate |
|
|
|
|
|
| 0.50%-0.52% |
|
19. | BONDS PAYABLE |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 192,107,000 |
|
| $ | 173,197,000 |
|
| $ | 59,300,000 |
| |||||
| 85,521,000 |
|
|
| 84,291,000 |
|
|
| - |
| |||||
|
| (789,697 | ) |
|
| (782,916 | ) |
|
| (24,852 | ) | ||||
| - |
|
|
| (2,600,000 | ) |
|
| (12,800,000 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 276,838,303 |
|
| $ | 254,105,084 |
|
| $ | 46,475,148 |
|
The Company issued domestic unsecured bonds for the three months ended March 31, 2021, the major terms are as follows:
Issuance |
| Tranche |
| Issuance Period |
| Total Amount |
| Coupon Rate |
| Repayment and Interest Payment | |||||
|
|
|
|
|
|
|
|
|
|
| |||||
NT$ unsecured bonds |
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||||
110-1 |
| A |
| March 2021 to March 2026 |
| $ | 4,800,000 |
|
|
| 0.50% |
|
| Bullet repayment; interest payable annually | |
|
| B |
| March 2021 to March 2028 |
|
| 11,400,000 |
|
|
| 0.55% |
|
| The same as above | |
|
| C |
| March 2021 to March 2031 |
|
| 4,900,000 |
|
|
| 0.60% |
|
| The same as above |
- 26 -
The major terms of overseas unsecured bonds are as follows:
Issuance Period |
| Total Amount (US$ in Thousands) |
| Coupon Rate |
| Repayment and Interest Payment | |||||
|
|
|
|
|
|
| |||||
September 2020 to September 2025 |
| US$ | 1,000,000 |
|
|
| 0.75% |
|
| Bullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annually | |
September 2020 to September 2027 |
|
| 750,000 |
|
|
| 1.00% |
|
| The same as above | |
September 2020 to September 2030 |
|
| 1,250,000 |
|
|
| 1.375% |
|
| The same as above |
20. | LONG-TERM BANK LOANS |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
| 2,660,000 |
|
| $ | 2,000,000 |
|
| $ | - |
| |||||
|
| (36,176 | ) |
|
| (32,389 | ) |
|
| - |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 2,623,824 |
|
| $ | 1,967,611 |
|
| $ | - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Loan content |
|
|
|
|
|
|
|
|
|
|
|
| |||
Annual interest rate |
|
| 0.4%-0.6% |
|
|
| 0.4% |
|
|
| - |
| |||
Maturity date |
|
| Due by March 2026 |
|
|
| Due by September 2025 |
|
|
| - |
|
The long-term bank loans of the Company are with preferential interest rates subsidized by the government, and the loan proceeds are used to fund qualifying capital expenditure.
21. | EQUITY |
| a. | Capital stock |
|
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | |||||||||
|
|
|
|
|
|
| |||||||||
Authorized shares (in thousands) |
|
| 28,050,000 |
|
|
| 28,050,000 |
|
|
| 28,050,000 |
| |||
Authorized capital |
| $ | 280,500,000 |
|
| $ | 280,500,000 |
|
| $ | 280,500,000 |
| |||
Issued and paid shares (in thousands) |
|
| 25,930,380 |
|
|
| 25,930,380 |
|
|
| 25,930,380 |
| |||
Issued capital |
| $ | 259,303,805 |
|
| $ | 259,303,805 |
|
| $ | 259,303,805 |
|
A holder of issued common shares with par value of NT$10 per share is entitled to vote and to receive dividends.
The authorized shares include 500,000 thousand shares allocated for the exercise of employee stock options.
As of March 31, 2021, 1,064,288 thousand ADSs of TSMC were traded on the NYSE. The number of common shares represented by the ADSs was 5,321,442 thousand shares (one ADS represents five common shares).
- 27 -
| b. | Capital surplus |
Under the relevant laws, the capital surplus generated from the excess of the issuance price over the par value of capital stock (including the stock issued for new capital, mergers and convertible bonds), the difference between the consideration received and the carrying amount of the subsidiaries’ net assets during actual disposal and donations may be used to offset a deficit; in addition, when the Company has no deficit, such capital surplus may be distributed as cash dividends or stock dividends up to a certain percentage of TSMC’s paid-in capital. The capital surplus from share of changes in equities of subsidiaries and associates and dividend of a claim extinguished by a prescription may be used to offset a deficit; however, when generated from issuance of restricted shares for employees, such capital surplus may not be used for any purpose.
| c. | Retained earnings and dividend policy |
TSMC’s Articles of Incorporation provide that, earnings distribution may be made on a quarterly basis after the close of each quarter. Distribution of earnings by way of cash dividends should be approved by TSMC’s Board of Directors and reported to TSMC’s shareholders in its meeting. When allocating earnings, TSMC shall first estimate and reserve the taxes to be paid, offset its losses, set aside a legal capital reserve at 10% of the remaining earnings (until the accumulated legal capital reserve equals TSMC’s paid-in capital), then set aside a special capital reserve in accordance with relevant laws or regulations or as requested by the authorities in charge. Any balance left over shall be allocated according to relevant laws and the TSMC’s Articles of Incorporation.
TSMC’s Articles of Incorporation also provide that profits of TSMC may be distributed by way of cash dividend and/or stock dividend. However, distribution of earnings shall be made preferably by way of cash dividend. Distribution of earnings may also be made by way of stock dividend, provided that the ratio for stock dividend shall not exceed 50% of the total distribution.
The legal capital reserve may be used to offset a deficit, or be distributed as dividends in cash or stocks for the portion in excess of 25% of the paid-in capital if the Company incurs no loss.
Pursuant to existing regulations, the Company is required to set aside additional special capital reserve equivalent to the net debit balance of the other components of stockholders’ equity, such as the accumulated balance of foreign currency translation reserve, unrealized valuation gain or loss from fair value through other comprehensive income financial assets, gain or loss from changes in fair value of hedging instruments in cash flow hedges, etc. For the subsequent decrease in the deduction amount to stockholders’ equity, any special reserve appropriated may be reversed to the extent that the net debit balance reverses.
The appropriations of 2020 and 2019 quarterly earnings have been approved by TSMC’s Board of
- 28 -
Directors in its meeting, respectively. The appropriations and cash dividends per share were as follows:
|
| Fourth Quarter |
| Third Quarter |
| Second Quarter |
| First Quarter | ||||||||
Resolution Date of TSMC’s |
| of 2020 |
| of 2020 |
| of 2020 |
| of 2020 | ||||||||
Board of Directors in its |
| February 9, |
| November 10, |
| August 11, |
| May 12, | ||||||||
meeting |
| 2021 |
| 2020 |
| 2020 |
| 2020 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Special capital reserve |
| $ | 12,420,727 |
|
| $ | 5,501,351 |
|
| $ | 11,884,457 |
|
| $ | (2,694,841 | ) |
Cash dividends to shareholders |
| $ | 64,825,951 |
|
| $ | 64,825,951 |
|
| $ | 64,825,951 |
|
| $ | 64,825,951 |
|
Cash dividends per share (NT$) |
| $ | 2.5 |
|
| $ | 2.5 |
|
| $ | 2.5 |
|
| $ | 2.5 |
|
|
| Fourth Quarter |
| Third Quarter |
| Second Quarter |
| First Quarter | ||||||||
Resolution Date of TSMC’s |
| of 2019 |
| of 2019 |
| of 2019 |
| of 2019 | ||||||||
Board of Directors in its meeting |
| February 11, 2020 |
| November 12, 2019 |
| August 13, 2019 |
| June 5, 2019 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
Special capital reserve |
| $ | 16,893,073 |
|
| $ | 3,289,166 |
|
| $ | (3,338,190 | ) |
| $ | (4,723,939 | ) |
Cash dividends to shareholders |
| $ | 64,825,951 |
|
| $ | 64,825,951 |
|
| $ | 64,825,951 |
|
| $ | 51,860,761 |
|
Cash dividends per share (NT$) |
| $ | 2.5 |
|
| $ | 2.5 |
|
| $ | 2.5 |
|
| $ | 2.0 |
|
The special capital reserve for 2020 is to be presented for approval in the TSMC’s shareholders’ meeting to be held on June 8, 2021 (expected).
| d. | Others |
Changes in others were as follows:
- 29 -
|
| Three Months Ended March 31, 2020 | |||||||||||||||||||||||
|
| Foreign Currency Translation Reserve |
| Unrealized Gain (Loss) on Financial Assets at FVTOCI |
| Gain (Loss) on Hedging Instruments |
| Unearned Stock-Based Employee Compensation |
| Total | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Balance, beginning of period |
| $ | (26,871,400 | ) |
| $ | (692,959 | ) |
| $ | (3,820 | ) |
| $ | (190 | ) |
| $ | (27,568,369 | ) | |||||
Exchange differences arising on translation of foreign operations |
|
| 3,034,978 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 3,034,978 |
| |||||
Unrealized gain (loss) on financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity instruments |
|
| - |
|
|
| (43,647 | ) |
|
| - |
|
|
| - |
|
|
| (43,647 | ) | |||||
Debt instruments |
|
| - |
|
|
| (32,962 | ) |
|
| - |
|
|
| - |
|
|
| (32,962 | ) | |||||
Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to disposal |
|
| - |
|
|
| (179,412 | ) |
|
| - |
|
|
| - |
|
|
| (179,412 | ) | |||||
Loss allowance adjustments from debt instruments |
|
| - |
|
|
| 1,626 |
|
|
| - |
|
|
| - |
|
|
| 1,626 |
| |||||
Gain (loss) arising on changes in the fair value of hedging instruments |
|
| - |
|
|
| - |
|
|
| (42,749 | ) |
|
| - |
|
|
| (42,749 | ) | |||||
Transferred to initial carrying amount of hedged items |
|
| - |
|
|
| - |
|
|
| 46,569 |
|
|
| - |
|
|
| 46,569 |
| |||||
Share of other comprehensive income (loss) of associates |
|
| (86,359 | ) |
|
| (3,317 | ) |
|
| - |
|
|
| - |
|
|
| (89,676 | ) | |||||
Share of unearned stock-based employee compensation of associates |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 190 |
|
|
| 190 |
| |||||
Income tax effect |
|
| - |
|
|
| 114 |
|
|
| - |
|
|
| - |
|
|
| 114 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Balance, end of period |
| $ | (23,922,781 | ) |
| $ | (950,557 | ) |
| $ | - |
|
| $ | - |
|
| $ | (24,873,338 | ) |
The aforementioned other equity includes the changes in other equities of TSMC and TSMC’s share of its subsidiaries and associates.
| e. | Employee restricted stock awards |
On April 22, 2021, TSMC’s Board of Directors approved the issuance of employee restricted stock awards (RSAs) for year 2021 of no more than 2,600 thousand common shares. The grants will be made free of charge. The actual number of shares to be issued will be resolved by the Board of Directors after the RSAs is approved at the shareholders' meeting and by the competent authority.
22. | NET REVENUE |
| a. | Disaggregation of revenue from contracts with customers |
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
| 322,472,256 |
|
| $ | 271,649,812 |
| ||||
| 39,937,974 |
|
|
| 38,947,371 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 362,410,230 |
|
| $ | 310,597,183 |
|
- 30 -
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
| $ | 57,729,034 |
|
| $ | 30,235,078 |
| |||
|
| 237,363,271 |
|
|
| 171,574,089 |
| |||
|
| 23,209,742 |
|
|
| 68,493,407 |
| |||
|
| 19,874,058 |
|
|
| 17,319,245 |
| |||
|
| 14,956,168 |
|
|
| 17,263,605 |
| |||
|
| 9,277,957 |
|
|
| 5,711,759 |
| |||
|
|
|
|
|
|
|
|
| ||
| $ | 362,410,230 |
|
| $ | 310,597,183 |
|
The Company categorized the net revenue mainly based on the countries where the customers are headquartered.
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
| $ | 163,207,797 |
|
| $ | 151,931,277 |
| |||
|
| 127,843,387 |
|
|
| 92,993,610 |
| |||
|
| 30,122,731 |
|
|
| 26,595,813 |
| |||
|
| 14,605,540 |
|
|
| 13,061,727 |
| |||
|
| 15,414,085 |
|
|
| 15,577,838 |
| |||
|
| 11,216,690 |
|
|
| 10,436,918 |
| |||
|
|
|
|
|
|
|
|
| ||
| $ | 362,410,230 |
|
| $ | 310,597,183 |
|
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
| $ | 45,613,201 |
|
| $ | - |
| |||
|
| 111,021,375 |
|
|
| 95,707,564 |
| |||
|
| 457,038 |
|
|
| 1,279,497 |
| |||
|
| 45,307,582 |
|
|
| 51,419,279 |
| |||
|
| 1,201,403 |
|
|
| 1,852,768 |
| |||
|
| 36,664,175 |
|
|
| 37,999,954 |
| |||
|
| 23,190,957 |
|
|
| 26,094,254 |
| |||
|
| 15,623,227 |
|
|
| 15,984,202 |
| |||
|
| 8,724,440 |
|
|
| 7,671,469 |
| |||
|
| 8,697,466 |
|
|
| 7,022,429 |
| |||
|
| 20,609,550 |
|
|
| 21,653,001 |
| |||
|
| 5,361,842 |
|
|
| 4,965,395 |
| |||
|
|
|
|
|
|
|
|
| ||
| 322,472,256 |
|
| $ | 271,649,812 |
|
| b. | Contract balances |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 |
| January 1, 2020 | |||||||||
|
|
|
|
|
|
|
|
| ||||||||
Contract liabilities (classified under accrued expenses and other current liabilities) |
| 25,383,112 |
|
| $ | 13,775,088 |
|
| $ | 8,404,051 |
|
| $ | 6,784,323 |
|
The changes in the contract liability balances primarily result from the timing difference between the satisfaction of performance obligation and the customer’s payment.
- 31 -
The Company recognized revenue from the beginning balance of contract liability, which amounted to NT$9,013,776 thousand and NT$3,469,918 thousand for the three months ended March 31, 2021 and 2020, respectively.
23.INTEREST INCOME
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
Interest income |
|
|
|
| ||||||
| 631,061 |
|
| $ | 1,913,071 |
| ||||
| - |
|
|
| 586 |
| ||||
| 626,707 |
|
|
| 883,976 |
| ||||
| 203,136 |
|
|
| 191,436 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 1,460,904 |
|
| $ | 2,989,069 |
|
24. | FINANCE COSTS |
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
Interest expense |
|
|
|
| ||||||
| 715,104 |
|
| $ | 168,442 |
| ||||
| 49,777 |
|
|
| 68,215 |
| ||||
| 7,129 |
|
|
| 293,066 |
| ||||
| 85 |
|
|
| 841 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 772,095 |
|
| $ | 530,564 |
|
25. | OTHER GAINS AND LOSSES, NET |
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
Gain on disposal of financial assets, net |
|
|
|
| ||||||
| 2,986 |
|
| $ | 179,412 |
| ||||
Loss on financial instruments at FVTPL, net |
|
|
|
|
|
|
|
| ||
|
| (3,354,527 | ) |
|
| (90,963 | ) | |||
The reversal (accrual) of expected credit loss of financial assets |
|
|
|
|
|
|
|
| ||
| 244 |
|
|
| (1,626 | ) | ||||
| 253 |
|
|
| - |
| ||||
| 139,249 |
|
|
| (132,055 | ) | ||||
|
|
|
|
|
|
|
|
| ||
| $ | (3,211,795 | ) |
| $ | (45,232 | ) |
- 32 -
26. | INCOME TAX |
| a. | Income tax expense recognized in profit or loss |
Income tax expense consisted of the following:
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
Current income tax expense |
|
|
|
| ||||||
| 20,456,956 |
|
| $ | 16,387,346 |
| ||||
| - |
|
|
| 28,402 |
| ||||
| 38,385 |
|
|
| 33,261 |
| ||||
| 20,495,341 |
|
|
| 16,449,009 |
| ||||
Deferred income tax benefit |
|
|
|
|
|
|
|
| ||
|
| (3,854,881 | ) |
|
| (1,364,724 | ) | |||
|
| (1,314,820 | ) |
|
| - |
| |||
|
|
| (5,169,701 | ) |
|
| (1,364,724 | ) | ||
| 15,325,640 |
|
| $ | 15,084,285 |
|
b.Income tax expense recognized in other comprehensive income
| Three Months Ended March 31 | |||||||
|
| 2021 |
| 2020 | ||||
|
|
|
|
| ||||
Deferred income tax benefit (expense) |
|
|
|
| ||||
Related to unrealized gain/loss on investments in equity instruments at FVTOCI |
| $ | (55,771 | ) |
| $ | 114 |
|
| c. | Income tax examination |
The tax authorities have examined income tax returns of TSMC through 2018. All investment tax credit adjustments assessed by the tax authorities have been recognized accordingly.
27. | EARNINGS PER SHARE |
- 33 -
EPS is computed as follows:
| Amounts (Numerator) |
| Number of Shares (Denominator) (In Thousands) |
| EPS (NT$) | |||||||
|
|
|
|
|
|
| ||||||
Three months ended March 31, 2021 |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||
Basic/Diluted EPS |
|
|
|
|
|
| ||||||
Net income available to common shareholders of the parent |
| 139,690,493 |
|
|
| 25,930,380 |
|
| 5.39 |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
| ||||||
Basic/Diluted EPS |
|
|
|
|
|
| ||||||
| $ | 116,986,720 |
|
|
| 25,930,380 |
|
| $ | 4.51 |
|
28. | ADDITIONAL INFORMATION OF EXPENSES BY NATURE |
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
a.Depreciation of property, plant and equipment and right-of-use assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
| 92,234,075 |
|
| $ | 60,839,984 |
| ||||
| 6,666,175 |
|
|
| 6,237,895 |
| ||||
| 72,617 |
|
|
| 5,862 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 98,972,867 |
|
| $ | 67,083,741 |
| ||||
|
|
|
|
|
|
|
|
| ||
b.Amortization of intangible assets |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
| 1,286,904 |
|
| $ | 895,398 |
| ||||
| 640,547 |
|
|
| 575,338 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 1,927,451 |
|
| $ | 1,470,736 |
| ||||
|
|
|
|
|
|
|
|
| ||
c.Employee benefits expenses |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Post-employment benefits |
|
|
|
|
|
|
|
| ||
| 770,255 |
|
| $ | 680,824 |
| ||||
| 48,111 |
|
|
| 51,215 |
| ||||
| 818,366 |
|
|
| 732,039 |
| ||||
| 37,264,098 |
|
|
| 31,787,671 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 38,082,464 |
|
| $ | 32,519,710 |
| ||||
|
|
|
|
|
|
|
|
| ||
Employee benefits expense summarized by function |
|
|
|
|
|
|
|
| ||
| 22,806,447 |
|
| $ | 19,444,500 |
| ||||
| 15,276,017 |
|
|
| 13,075,210 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 38,082,464 |
|
| $ | 32,519,710 |
|
- 34 -
According to TSMC’s Articles of Incorporation, TSMC shall allocate compensation to directors and profit sharing bonus to employees of TSMC not more than 0.3% and not less than 1% of annual profits during the period, respectively.
TSMC accrued profit sharing bonus to employees based on a percentage of net income before income tax, profit sharing bonus to employees and compensation to directors during the period; compensation to directors was expensed based on estimated amount payable. If there is a change in the proposed amounts after the annual consolidated financial statements are authorized for issue, the differences are recorded as a change in accounting estimate. Accrued profit sharing bonus to employees is illustrated below:
TSMC’s profit sharing bonus to employees and compensation to directors for 2020 and 2019 had been approved by the Board of Directors of TSMC, as illustrated below:
|
| Years Ended December 31 | ||||||
|
| 2020 |
| 2019 | ||||
|
| February 9, |
| February 11, | ||||
Resolution Date of TSMC’s Board of Directors in its meeting |
| 2021 |
| 2020 | ||||
|
|
|
|
| ||||
Profit sharing bonus to employees |
| $ | 34,753,184 |
|
| $ | 23,165,745 |
|
Compensation to directors |
| $ | 509,753 |
|
| $ | 360,404 |
|
There is no significant difference between the aforementioned approved amounts and the amounts charged against earnings of 2020 and 2019, respectively.
The information about the appropriations of TSMC’s profit sharing bonus to employees and compensation to directors is available at the Market Observation Post System website.
29.CASH FLOW INFORMATION
| a. | Non-cash transactions |
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
Additions of financial assets at FVTOCI |
| 85,487,657 |
|
| $ | 59,702,728 |
| |||
Conversion of convertible bonds into equity securities |
| - |
|
|
| (120,548 | ) | |||
Changes in accrued expenses and other current liabilities |
|
| (7,825,255 | ) |
|
| (3,053,786 | ) | ||
|
|
|
|
|
|
|
|
| ||
Payments for acquisition of financial assets at FVTOCI |
| 77,662,402 |
|
| $ | 56,528,394 |
| |||
|
|
|
|
|
|
|
|
| ||
Disposal of financial assets at FVTOCI |
| 82,609,350 |
|
| $ | 59,050,681 |
| |||
Changes in other financial assets |
|
| (1,441,559 | ) |
|
| (1,864,753 | ) | ||
|
|
|
|
|
|
|
|
| ||
Proceeds from disposal of financial assets at FVTOCI |
| 81,167,791 |
|
| $ | 57,185,928 |
|
(Continued)
- 35 -
|
| Three Months Ended March 31 | ||||||||||||||||||||||
|
| 2021 |
| 2020 | ||||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||
Additions of property, plant and equipment |
| 201,066,170 |
|
| $ | 152,562,317 |
| |||||||||||||||||
Changes in other financial assets |
| 25,275 |
|
|
| 381,464 |
| |||||||||||||||||
Changes in payables to contractors and equipment suppliers |
| 46,978,696 |
|
|
| 39,662,414 |
| |||||||||||||||||
Transferred to initial carrying amount of hedged items |
|
| (41,416 | ) |
|
| (46,569 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
Payments for acquisition of property, plant and equipment |
| 248,028,725 |
|
| $ | 192,559,626 |
| |||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
Additions of intangible assets |
| 1,114,629 |
|
| $ | 8,017,753 |
| |||||||||||||||||
Changes in other financial assets |
| 2,216 |
|
|
| 2,285 |
| |||||||||||||||||
Changes in account payable |
| - |
|
|
| 191,430 |
| |||||||||||||||||
Changes in accrued expenses and other current liabilities |
|
| (536,151 | ) |
|
| (7,365,384 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||||||
Payments for acquisition of intangible assets |
| 580,694 |
|
| $ | 846,084 |
|
(Concluded)
| b. | Reconciliation of liabilities arising from financing activities |
|
|
|
|
| Non-cash changes |
|
| |||||||||||||||||||||||
|
| Balance as of January 1, 2021 |
| Financing Cash Flow |
| Foreign Exchange Movement |
| Leases Modifications |
| Other Changes (Note) |
| Balance as of March 31, 2021 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Short-term loans |
| $ | 88,559,026 |
|
| 52,072,068 |
|
| $ | (3,379,508 | ) |
| - |
|
| $ | (127,838 | ) |
| 137,123,748 |
| |||||||||
Bonds payable |
|
| 256,705,084 |
|
| 18,478,298 |
|
| 1,630,604 |
|
| - |
|
| 24,317 |
|
| 276,838,303 |
| |||||||||||
Long-term bank loans |
|
| 1,967,611 |
|
| 660,000 |
|
| - |
|
| - |
|
|
| (3,787 | ) |
| 2,623,824 |
| ||||||||||
Lease liabilities |
|
| 22,388,674 |
|
|
| (569,543 | ) |
| 7,068 |
|
| 1,096,355 |
|
| 49,777 |
|
| 22,972,331 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| $ | 369,620,395 |
|
| 70,640,823 |
|
| $ | (1,741,836 | ) |
| 1,096,355 |
|
| $ | (57,531 | ) |
| 439,558,206 |
|
|
|
|
|
| Non-cash changes |
|
| |||||||||||||||||||||||
|
| Balance as of January 1, 2020 |
| Financing Cash Flow |
| Foreign Exchange Movement |
| Leases Modifications |
| Other Changes (Note) |
| Balance as of March 31, 2020 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
Short-term loans |
| $ | 118,522,290 |
|
| $ | 20,348,002 |
|
| $ | 440,092 |
|
| $ | - |
|
| $ | - |
|
| $ | 139,310,384 |
| ||||||
Short-term bills payable |
|
| - |
|
|
| 2,992,197 |
|
|
| - |
|
|
| - |
|
|
| 661 |
|
|
| 2,992,858 |
| ||||||
Bonds payable |
|
| 56,900,000 |
|
|
| 2,375,079 |
|
|
| - |
|
|
| - |
|
|
| 69 |
|
|
| 59,275,148 |
| ||||||
Lease liabilities |
|
| 17,316,917 |
|
|
| (784,284 | ) |
|
| 22,733 |
|
|
| 5,188,497 |
|
|
| 68,215 |
|
|
| 21,812,078 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
| $ | 192,739,207 |
|
| $ | 24,930,994 |
|
| $ | 462,825 |
|
| $ | 5,188,497 |
|
| $ | 68,945 |
|
| $ | 223,390,468 |
|
| Note: | Other changes include discounts on short-term loans, amortization of bonds payable, amortization of long-term bank loan interest subsidy, financial cost of lease liabilities and amortization of short-term bills payable. |
30.FINANCIAL INSTRUMENTS
| a. | Categories of financial instruments |
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
| |||||||||
Financial assets |
|
|
|
|
|
| |||||||||
| 26,897 |
|
| $ | 2,259,412 |
|
| $ | 1,254,253 |
| |||||
| 132,771,452 |
|
|
| 129,918,694 |
|
|
| 137,292,285 |
| |||||
| 64,349 |
|
|
| 47 |
|
|
| - |
| |||||
| 856,551,656 |
|
|
| 826,293,705 |
|
|
| 593,661,436 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 989,414,354 |
|
| $ | 958,471,858 |
|
| $ | 732,207,974 |
|
(Continued)
- 36 -
|
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | |||||||||
|
|
|
|
|
|
| |||||||||
Financial liabilities |
|
|
|
|
|
| |||||||||
| 1,958,208 |
|
| $ | 94,128 |
|
| $ | 980,241 |
| |||||
| - |
|
|
| 1,169 |
|
|
| 109,826 |
| |||||
| 778,356,988 |
|
|
| 748,129,332 |
|
|
| 531,736,073 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| 780,315,196 |
|
| $ | 748,224,629 |
|
| $ | 532,826,140 |
|
(Concluded)
| Note 1: | Financial assets mandatorily measured at FVTPL. |
| Note 2: | Including notes and accounts receivable (net), equity and debt investments. |
| Note 3: | Including cash and cash equivalents, financial assets at amortized cost, notes and accounts receivable (including related parties), other receivables and refundable deposits. |
| Note 4: | Held for trading. |
| Note 5: | Including short-term loans, short-term bills payable, accounts payable (including related parties), payables to contractors and equipment suppliers, cash dividends payable, accrued expenses and other current liabilities, bonds payable, long-term bank loans and guarantee deposits. |
| b. | Financial risk management objectives |
The Company manages its exposure to foreign currency risk, interest rate risk, equity price risk, credit risk and liquidity risk with the objective to reduce the potentially adverse effects the market uncertainties may have on its financial performance.
The plans for material treasury activities are reviewed by the Audit Committees and/or Board of Directors in accordance with procedures required by relevant regulations or internal controls. During the implementation of such plans, the Company must comply with certain treasury procedures that provide guiding principles for overall financial risk management and segregation of duties.
| c. | Market risk |
The Company is exposed to the financial market risks, primarily changes in foreign currency exchange rates, interest rates and equity investment prices. A portion of these risks is hedged.
Foreign currency risk
Substantially all the Company’s sales are denominated in U.S. dollars and over half of its capital expenditures are denominated in currencies other than NT dollars, primarily in U.S. dollars, Japanese yen and Euros. As a result, any significant fluctuations to its disadvantage in the exchanges rate of NT dollar against such currencies, in particular a weakening of U.S. dollar against NT dollar, would have an adverse impact on the revenue and operating profit as expressed in NT dollars. The Company uses foreign currency derivative contracts, such as currency forwards or currency swaps, to protect against currency exchange rate risks associated with non-NT dollar-denominated assets and liabilities and certain forecasted transactions. These hedges reduce, but do not entirely eliminate, the effect of foreign currency exchange rate movements on the assets and liabilities.
Based on a sensitivity analysis performed on the Company’s total monetary assets and liabilities for the three months ended March 31, 2021 and 2020, a hypothetical adverse foreign currency exchange rate change of 10% would have decreased its net income by NT$119,478 thousand and NT$714,775 thousand
- 37 -
for the three months ended March 31, 2021 and 2020, respectively, after taking into account hedges and offsetting positions.
Interest rate risk
The Company is exposed to interest rate risks primarily related to its investment portfolio and outstanding debt. Changes in interest rates affect the interest earned on the Company’s cash and cash equivalents and fixed income securities, the fair value of those securities, as well as the interest paid on its debt.
The Company’s cash and cash equivalents as well as fixed income investments in both fixed- and floating-rate securities carry a degree of interest rate risk. The majority of the Company’s fixed income investments are fixed-rate securities, which are classified as financial assets at FVTOCI, and may have their fair value adversely affected due to a rise in interest rates. At the same time, if interest rates fall, cash and cash equivalents as well as floating-rate securities may generate less interest income than expected. The Company has entered and may in the future enter into interest rate futures to partially hedge the interest rate risk on its fixed income investments. However, these hedges can offset only a small portion of the financial impact from movements in interest rates.
Based on a sensitivity analysis performed on the Company’s fixed income investments at the end of the reporting period, interest rates increase of 100 basis points (1.00%) across all maturities would have decreased the Company’s other comprehensive income by NT$3,830,396 thousand and NT$2,903,800 thousand for the three months ended March 31, 2021 and 2020, respectively.
The majority of the Company’s short-term debt is floating-rate, hence a rise in interest rates may result in higher interest expense than expected. The majority of the Company’s long-term debt is fixed-rate and measured at amortized cost and as such, changes in interest rates would not affect the future cash flows and the carrying amount.
Other price risk
The Company is exposed to equity price risk arising from financial assets at FVTOCI.
Assuming a hypothetical decrease of 10% in prices of the equity investments at the end of the reporting period for the three months ended March 31, 2021 and 2020, the other comprehensive income would have decreased by NT$435,500 thousand and NT$413,365 thousand, respectively.
| d. | Credit risk management |
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial losses to the Company. The Company is exposed to credit risks from operating activities, primarily accounts receivable, and from investing activities, primarily deposits, fixed-income investments and other financial instruments with banks. Credit risk is managed separately for business related and financial related exposures. As of the end of the reporting period, the Company’s maximum credit risk exposure is equal to the carrying amount of financial assets.
Business related credit risk
The Company’s accounts receivable is from its customers worldwide. The majority of the Company’s outstanding accounts receivable are not covered by collaterals or guarantees. While the Company has procedures to monitor and manage credit risk exposure on accounts receivable, there is no assurance such procedures will effectively eliminate losses resulting from its credit risk. This risk is heightened during periods when economic conditions worsen.
- 38 -
As of March 31, 2021, December 31, 2020 and March 31, 2020, the Company’s ten largest customers accounted for 81%, 79% and 78% of accounts receivable, respectively. The Company considers the concentration of credit risk for the remaining accounts receivable not material.
Financial credit risk
The Company mitigates its financial credit risk by selecting counterparties with investment grade credit ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and reviews the limit applied to counterparties and adjusts the limit according to market conditions and the credit standing of the counterparties.
The objective of the Company’s investment policy is to achieve a return that will allow the Company to preserve principal and support liquidity requirements. The policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The Company assesses whether there has been a significant increase in credit risk in the invested securities since initial recognition by reviewing changes in external credit ratings, financial market conditions and material information of the issuers.
The Company assesses the 12-month expected credit loss and lifetime expected credit loss based on the probability of default and loss given default provided by external credit rating agencies. The current credit risk assessment policies are as follows:
Category |
| Description |
| Basis for Recognizing Expected Credit Loss |
| Expected Credit Loss Ratio |
|
|
|
|
|
|
|
Performing |
| Credit rating is investment grade on valuation date |
| 12 months expected credit loss |
| 0-0.1% |
Doubtful |
| Credit rating is non-investment grade on valuation date |
| Lifetime expected credit loss-not credit impaired |
|
|
In default |
| Credit rating is CC or below on valuation date |
| Lifetime expected credit loss-credit impaired |
|
|
Write-off |
| There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery |
| Amount is written off |
|
|
For the three months ended March 31, 2021 and 2020, the expected credit loss increased NT$72 thousand and NT$1,954 thousand, respectively. The changes were mainly due to investment portfolio adjustment.
| e. | Liquidity risk management |
The objective of liquidity risk management is to ensure the Company has sufficient liquidity to fund its business operations over the next 12 months. The Company manages its liquidity risk by maintaining adequate cash and cash equivalents, financial assets at FVTOCI-current, financial assets at amortized cost-current and sufficient cost-efficient funding.
- 39 -
The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments, including principal and interest.
| Less Than |
| 1-3 Years |
| 3-5 Years |
| More Than 5 Years |
| Total | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
March 31, 2021 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Short-term loans |
| 137,010,603 |
|
| - |
|
| - |
|
| - |
|
| 137,010,603 |
| ||||||||||
Accounts payable (including related parties) |
| 38,598,105 |
|
| - |
|
| - |
|
| - |
|
| 38,598,105 |
| ||||||||||
Payables to contractors and equipment suppliers |
| 109,037,744 |
|
| - |
|
| - |
|
| - |
|
| 109,037,744 |
| ||||||||||
Accrued expenses and other current liabilities |
| 84,040,207 |
|
| - |
|
| - |
|
| - |
|
| 84,040,207 |
| ||||||||||
Bonds payable |
| 2,857,268 |
|
| 27,814,618 |
|
| 65,387,462 |
|
| 224,879,168 |
|
| 320,938,516 |
| ||||||||||
Long-term bank loans |
| 11,918 |
|
| 1,268,093 |
|
| 1,417,817 |
|
| - |
|
| 2,697,828 |
| ||||||||||
Lease liabilities (including those classified under accrued expenses and other current liabilities) |
| 2,066,589 |
|
| 3,531,137 |
|
| 3,255,856 |
|
| 15,547,402 |
|
| 24,400,984 |
| ||||||||||
|
| 373,622,434 |
|
| 32,613,848 |
|
| 70,061,135 |
|
| 240,426,570 |
|
| 716,723,987 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Forward exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Outflows |
| 202,369,428 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 202,369,428 |
| ||||||
Inflows |
|
| (201,120,385 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (201,120,385 | ) | |||||
|
|
| 1,249,043 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 1,249,043 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| 374,871,477 |
|
| 32,613,848 |
|
| 70,061,135 |
|
| 240,426,570 |
|
| 717,973,030 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Short-term loans |
| $ | 88,557,526 |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | 88,557,526 |
| |||||
Accounts payable (including related parties) |
|
| 41,095,002 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 41,095,002 |
| |||||
Payables to contractors and equipment suppliers |
|
| 157,804,961 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 157,804,961 |
| |||||
Accrued expenses and other current liabilities |
|
| 71,995,747 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 71,995,747 |
| |||||
Bonds payable |
|
| 5,327,971 |
|
|
| 27,631,589 |
|
|
| 59,986,812 |
|
|
| 207,152,135 |
|
|
| 300,098,507 |
| |||||
Long-term bank loans |
|
| 8,000 |
|
|
| 847,389 |
|
|
| 1,170,944 |
|
|
| - |
|
|
| 2,026,333 |
| |||||
Lease liabilities (including those classified under accrued expenses and other current liabilities) |
|
| 2,024,212 |
|
|
| 3,566,719 |
|
|
| 3,198,845 |
|
|
| 15,067,857 |
|
|
| 23,857,633 |
| |||||
|
|
| 366,813,419 |
|
|
| 32,045,697 |
|
|
| 64,356,601 |
|
|
| 222,219,992 |
|
|
| 685,435,709 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Forward exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Outflows |
|
| 177,764,155 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 177,764,155 |
| |||||
Inflows |
|
| (181,457,960 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (181,457,960 | ) | |||||
|
|
| (3,693,805 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (3,693,805 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | 363,119,614 |
|
| $ | 32,045,697 |
|
| $ | 64,356,601 |
|
| $ | 222,219,992 |
|
| $ | 681,741,904 |
|
(Continued)
- 40 -
|
| Less Than |
| 1-3 Years |
| 3-5 Years |
| More Than 5 Years |
| Total | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
March 31, 2020 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Non-derivative financial liabilities |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Short-term loans |
| $ | 139,328,860 |
|
| $ | - |
|
| $ | - |
|
| $ | - |
|
| $ | 139,328,860 |
| |||||
Short-term bills payable |
|
| 3,000,000 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 3,000,000 |
| |||||
Accounts payable (including related parties) |
|
| 39,774,214 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 39,774,214 |
| |||||
Payables to contractors and equipment suppliers |
|
| 101,466,057 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 101,466,057 |
| |||||
Accrued expenses and other current liabilities |
|
| 59,020,896 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 59,020,896 |
| |||||
Bonds payable |
|
| 13,432,174 |
|
|
| 17,428,125 |
|
|
| 9,442,842 |
|
|
| 21,463,355 |
|
|
| 61,766,496 |
| |||||
Lease liabilities (including those classified under accrued expenses and other current liabilities) |
|
| 2,524,171 |
|
|
| 3,475,775 |
|
|
| 3,156,510 |
|
|
| 14,299,301 |
|
|
| 23,455,757 |
| |||||
|
|
| 358,546,372 |
|
|
| 20,903,900 |
|
|
| 12,599,352 |
|
|
| 35,762,656 |
|
|
| 427,812,280 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Derivative financial instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Forward exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Outflows |
|
| 214,398,608 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 214,398,608 |
| |||||
Inflows |
|
| (215,631,561 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (215,631,561 | ) | |||||
|
|
| (1,232,953 | ) |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (1,232,953 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| $ | 357,313,419 |
|
| $ | 20,903,900 |
|
| $ | 12,599,352 |
|
| $ | 35,762,656 |
|
| $ | 426,579,327 |
|
(Concluded)
Information about the maturity analysis for lease liabilities more than 5 years:
| 5-10 Years |
| 10-15 Years |
| 15-20 Years |
| More Than 20 Years |
| Total | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
March 31, 2021 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Lease liabilities |
| 7,636,929 |
|
| 5,364,218 |
|
| 2,363,051 |
|
| 183,204 |
|
| 15,547,402 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Lease liabilities |
| $ | 7,401,969 |
|
| $ | 5,253,877 |
|
| $ | 2,255,185 |
|
| $ | 156,826 |
|
| $ | 15,067,857 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Lease liabilities |
| $ | 6,972,775 |
|
| $ | 5,045,286 |
|
| $ | 2,242,470 |
|
| $ | 38,770 |
|
| $ | 14,299,301 |
|
| f. | Fair value of financial instruments |
| 1) | Fair value measurements recognized in the consolidated balance sheets |
Fair value measurements are grouped into Levels 1 to 3 based on the degree to which the fair value is observable:
| ● | Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; |
| ● | Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and |
| ● | Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
The timing of transfers between levels within the fair value hierarchy is at the end of reporting period.
- 41 -
| 2) | Fair value of financial instruments that are measured at fair value on a recurring basis |
Fair value hierarchy
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis:
| March 31, 2021 | |||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Financial assets at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Mandatorily measured at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
Forward exchange contracts |
| - |
|
| 26,897 |
|
| - |
|
| 26,897 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investments in debt instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
| - |
|
| 56,344,907 |
|
| - |
|
| 56,344,907 |
| ||||||||
Agency bonds/Agency mortgage-backed securities |
|
| - |
|
| 43,032,383 |
|
|
| - |
|
| 43,032,383 |
| ||||||
Government bonds |
| 18,330,490 |
|
| 182,306 |
|
|
| - |
|
| 18,512,796 |
| |||||||
Asset-backed securities |
|
| - |
|
| 7,110,253 |
|
|
| - |
|
| 7,110,253 |
| ||||||
Commercial paper |
|
| - |
|
|
| 151,187 |
|
|
| - |
|
|
| 151,187 |
| ||||
Investments in equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Non-publicly traded equity investments |
|
| - |
|
| - |
|
| 4,401,224 |
|
| 4,401,224 |
| |||||||
Publicly traded stocks |
| 56,781 |
|
|
| - |
|
| - |
|
| 56,781 |
| |||||||
Notes and accounts receivable, net |
|
| - |
|
| 3,161,921 |
|
|
| - |
|
| 3,161,921 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| 18,387,271 |
|
| 109,982,957 |
|
| 4,401,224 |
|
| 132,771,452 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures contracts |
| 64,349 |
|
| - |
|
| - |
|
| 64,349 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial liabilities at FVTPL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Held for trading |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Forward exchange contracts |
| - |
|
| 1,958,208 |
|
| - |
|
| 1,958,208 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2020 | ||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Financial assets at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Mandatorily measured at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
Forward exchange contracts |
| $ | - |
|
| $ | 2,259,412 |
|
| $ | - |
|
| $ | 2,259,412 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investments in debt instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
| $ | - |
|
| $ | 56,593,623 |
|
| $ | - |
|
| $ | 56,593,623 |
| ||||
Agency bonds/Agency mortgage-backed securities |
|
| - |
|
|
| 43,977,113 |
|
|
| - |
|
|
| 43,977,113 |
| ||||
Government bonds |
|
| 13,279,154 |
|
|
| 180,349 |
|
|
| - |
|
|
| 13,459,503 |
| ||||
Asset-backed securities |
|
| - |
|
|
| 8,368,264 |
|
|
| - |
|
|
| 8,368,264 |
|
(Continued)
- 42 -
|
| December 31, 2020 | ||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Investments in equity instruments |
|
|
|
|
|
|
|
| ||||||||||||
Non-publicly traded equity investments |
| $ | - |
|
| $ | - |
|
| $ | 4,514,940 |
|
| $ | 4,514,940 |
| ||||
Publicly traded stocks |
|
| 49,950 |
|
|
| - |
|
|
| - |
|
|
| 49,950 |
| ||||
Notes and accounts receivable, net |
|
| - |
|
|
| 2,955,301 |
|
|
| - |
|
|
| 2,955,301 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 13,329,104 |
|
| $ | 112,074,650 |
|
| $ | 4,514,940 |
|
| $ | 129,918,694 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures contracts |
| $ | 47 |
|
| $ | - |
|
| $ | - |
|
| $ | 47 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial liabilities at FVTPL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Held for trading |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Forward exchange contracts |
| $ | - |
|
| $ | 94,128 |
|
| $ | - |
|
| $ | 94,128 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures contracts |
| $ | 1,169 |
|
| $ | - |
|
| $ | - |
|
| $ | 1,169 |
|
(Concluded)
Because certain equity investment’s quoted price (unadjusted) in active markets became available in the fourth quarter of 2020, its fair value hierarchy was transferred from Level 2 to Level 1.
| March 31, 2020 | |||||||||||||||||||
|
| Level 1 |
| Level 2 |
| Level 3 |
| Total | ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Financial assets at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
Mandatorily measured at FVTPL |
|
|
|
|
|
|
|
| ||||||||||||
Forward exchange contracts |
| $ | - |
|
| $ | 1,216,560 |
|
| $ | - |
|
| $ | 1,216,560 |
| ||||
Agency mortgage-backed securities |
|
| - |
|
|
| 37,693 |
|
|
| - |
|
|
| 37,693 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | - |
|
| $ | 1,254,253 |
|
| $ | - |
|
| $ | 1,254,253 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial assets at FVTOCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Investments in debt instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Corporate bonds |
| $ | - |
|
| $ | 56,092,287 |
|
| $ | - |
|
| $ | 56,092,287 |
| ||||
Agency bonds/Agency mortgage-backed securities |
|
| - |
|
|
| 50,881,130 |
|
|
| - |
|
|
| 50,881,130 |
| ||||
Government bonds |
|
| 10,981,492 |
|
|
| 145,786 |
|
|
| - |
|
|
| 11,127,278 |
| ||||
Asset-backed securities |
|
| - |
|
|
| 11,118,582 |
|
|
| - |
|
|
| 11,118,582 |
| ||||
Investments in equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Non-publicly traded equity investments |
|
| - |
|
|
| 28,492 |
|
|
| 4,212,832 |
|
|
| 4,241,324 |
| ||||
Notes and accounts receivable, net |
|
| - |
|
|
| 3,831,684 |
|
|
| - |
|
|
| 3,831,684 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 10,981,492 |
|
| $ | 122,097,961 |
|
| $ | 4,212,832 |
|
| $ | 137,292,285 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial liabilities at FVTPL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Held for trading |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Forward exchange contracts |
| $ | - |
|
| $ | 980,241 |
|
| $ | - |
|
| $ | 980,241 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Hedging financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Fair value hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest rate futures contracts |
| $ | 109,826 |
|
| $ | - |
|
| $ | - |
|
| $ | 109,826 |
|
- 43 -
Reconciliation of Level 3 fair value measurements of financial assets
The financial assets measured at Level 3 fair value were equity investments classified as financial assets at FVTOCI and financial assets at FVTPL. Reconciliations for the three months ended March 31, 2021 and 2020 are as follows:
Valuation techniques and assumptions used in Level 2 fair value measurement
The fair values of financial assets and financial liabilities are determined as follows:
| ● | The fair values of corporate bonds, agency bonds, agency mortgage-backed securities, asset-backed securities, government bonds, commercial paper and non-publicly traded equity investments - equity investments trading on the Emerging Stock Board are determined by quoted market prices provided by third party pricing services. |
| ● | The fair values of forward exchange contracts are measured using forward exchange rates and discount rates derived from quoted market prices. |
| ● | The fair value of accounts receivable classified as at FVTOCI is determined by the present value of future cash flows based on the discount rate that reflects the credit risk of counterparties. |
Valuation techniques and assumptions used in Level 3 fair value measurement
The fair values of non-publicly traded equity investments (excluding those trading on the Emerging Stock Board) are mainly determined by using the asset approach and market approach.
The asset approach takes into account the net asset value measured at the fair value by independent parties. On March 31, 2021, December 31, 2020 and March 31, 2020, the Company uses unobservable inputs derived from discount for lack of marketability by 10%. When other inputs remain equal, the fair value will decrease by NT$37,450 thousand, NT$39,006 thousand and NT$34,937 thousand, respectively, if discounts for lack of marketability increase by 1%.
For the remaining few investments, the market approach is used to arrive at their fair values, for which the recent financing activities of investees, the market transaction prices of the similar companies and market conditions are considered.
| 3) | Fair value of financial instruments that are not measured at fair value |
Except as detailed in the following table, the Company considers that the carrying amounts of financial instruments in the consolidated financial statements that are not measured at fair value approximate their fair values.
- 44 -
Fair value hierarchy
The table below sets out the fair value hierarchy for the Company’s financial assets and liabilities which are not required to be measured at fair value:
| March 31, 2021 | |||||||||
|
| Carrying |
| Level 2 | ||||||
|
| Amount |
| Fair Value | ||||||
|
|
|
|
| ||||||
Financial assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Financial assets at amortized costs |
|
|
|
| ||||||
Corporate bonds |
| 11,128,832 |
|
| 11,184,551 |
| ||||
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities at amortized costs |
|
|
|
|
|
|
|
| ||
Bonds payable |
| 276,838,303 |
|
| 271,608,448 |
|
| December 31, 2020 | |||||||||
|
| Carrying |
| Level 2 | ||||||
|
| Amount |
| Fair Value | ||||||
|
|
|
|
| ||||||
Financial assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Financial assets at amortized costs |
|
|
|
| ||||||
Corporate bonds |
| $ | 10,970,199 |
|
| $ | 11,053,550 |
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities at amortized costs |
|
|
|
|
|
|
|
| ||
Bonds payable |
| $ | 256,705,084 |
|
| $ | 257,551,196 |
|
| March 31, 2020 | |||||||||
|
| Carrying |
| Level 2 | ||||||
|
| Amount |
| Fair Value | ||||||
|
|
|
|
| ||||||
Financial assets |
|
|
|
| ||||||
|
|
|
|
| ||||||
Financial assets at amortized costs |
|
|
|
| ||||||
Corporate bonds |
| $ | 7,712,526 |
|
| $ | 7,623,253 |
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
Financial liabilities at amortized costs |
|
|
|
|
|
|
|
| ||
Bonds payable |
| $ | 59,275,148 |
|
| $ | 60,091,863 |
| ||
Short-term bills payable |
|
| 2,992,858 |
|
|
| 2,989,622 |
| ||
|
|
|
|
|
|
|
|
| ||
|
| $ | 62,268,006 |
|
| $ | 63,081,485 |
|
Valuation techniques and assumptions used in Level 2 fair value measurement
The fair values of corporate bonds and the Company’s bonds payable are determined by quoted market prices provided by third party pricing services.
The fair value of the Company’s short-term bills payable is determined by the present value of future cash flows based on the discounted curves that are derived from the quoted market prices.
- 45 -
31. | RELATED PARTY TRANSACTIONS |
Intercompany balances and transactions between TSMC and its subsidiaries, which are related parties of TSMC, have been eliminated upon consolidation; therefore, those items are not disclosed in this note. The following is a summary of significant transactions between the Company and other related parties:
| a. | Related party name and categories |
Related Party Name |
| Related Party Categories |
|
|
|
GUC |
| Associates |
VIS |
| Associates |
SSMC |
| Associates |
Xintec |
| Associates |
TSMC Education and Culture Foundation |
| Other related parties |
TSMC Charity Foundation |
| Other related parties |
| b. | Net revenue |
|
|
| Three Months Ended March 31 | |||||||||
|
|
|
| 2021 |
| 2020 | ||||||
|
|
|
|
|
|
| ||||||
Item |
| Related Party Categories |
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||
| Associates |
| 1,631,091 |
|
| $ | 1,817,399 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
| Associates |
| 51,982 |
|
| $ | 51,547 |
|
| c. | Purchases |
| d. | Receivables from related parties |
|
|
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
|
|
| |||||||||
Item |
| Related Party Name/Categories |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
| |||||||||
| GUC |
| 203,167 |
|
| $ | 370,643 |
|
| $ | 275,942 |
| |||||
| Xintec |
| 132,405 |
|
|
| 187,488 |
|
|
| 151,946 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| 335,572 |
|
| $ | 558,131 |
|
| $ | 427,888 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| SSMC |
| 48,552 |
|
| $ | 45,291 |
|
| $ | 48,461 |
| |||||
| VIS |
| 4,036 |
|
|
| 4,311 |
|
|
| 10,664 |
| |||||
| Other associates |
| 3 |
|
|
| 1,043 |
|
|
| 1,045 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| 52,591 |
|
| $ | 50,645 |
|
| $ | 60,170 |
|
- 46 -
| e. | Payables to related parties |
|
|
| March 31, 2021 |
| December 31, 2020 |
| March 31, 2020 | ||||||||||
|
|
|
|
|
|
|
|
| |||||||||
Item |
| Related Party Name/Categories |
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
| |||||||||
| Xintec |
| 1,086,853 |
|
| $ | 1,358,624 |
|
| $ | 793,763 |
| |||||
| SSMC |
| 463,966 |
|
|
| 400,819 |
|
|
| 430,648 |
| |||||
| VIS |
| 376,826 |
|
|
| 311,406 |
|
|
| 244,861 |
| |||||
| Others |
| 17,345 |
|
|
| 36,869 |
|
|
| 21,907 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| 1,944,990 |
|
| $ | 2,107,718 |
|
| $ | 1,491,179 |
|
| f. | Others |
|
|
| Three Months Ended March 31 | |||||||||
|
|
|
| 2021 |
| 2020 | ||||||
|
|
|
|
|
|
| ||||||
Item |
| Related Party Categories |
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||
| Associates |
| 1,616,906 |
|
| $ | 957,286 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
| Associates |
| 42,718 |
|
| $ | 21,602 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||
| Other related parties |
| 35,000 |
|
| $ | 30,000 |
|
The sales prices and payment terms to related parties were not significantly different from those of sales to third parties. For other related party transactions, price and terms were determined in accordance with mutual agreements.
The Company leased factory and office from associates. The lease terms and prices were both determined in accordance with mutual agreements. The rental expenses were paid to associates monthly; the related expenses were both classified under manufacturing expenses.
| g. | Compensation of key management personnel |
The compensation to directors and other key management personnel were as follows:
| Three Months Ended March 31 | |||||||||
|
| 2021 |
| 2020 | ||||||
|
|
|
|
| ||||||
| 612,559 |
|
| $ | 558,301 |
| ||||
| 719 |
|
|
| 652 |
| ||||
|
|
|
|
|
|
|
|
| ||
| 613,278 |
|
| $ | 558,953 |
|
The compensation to directors and other key management personnel were determined by the Compensation Committee of TSMC in accordance with the individual performance and market trends.
- 47 -
32. | PLEDGED ASSETS |
The Company provided certificate of deposits recorded in other financial assets as collateral mainly for building lease agreements and energy purchase agreements. As of March 31, 2021, December 31, 2020 and March 31, 2020, the aforementioned other financial assets amounted to NT$187,454 thousand, NT$135,375 thousand and NT$115,060 thousand, respectively.
33. | SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS |
Significant contingent liabilities and unrecognized commitments of the Company as of the end of the reporting period, excluding those disclosed in other notes, were as follows:
| a. | Under a technical cooperation agreement with Industrial Technology Research Institute, the R.O.C. Government or its designee approved by TSMC can use up to 35% of TSMC’s capacity provided TSMC’s outstanding commitments to its customers are not prejudiced. The term of this agreement is for five years beginning from January 1, 1987 and is automatically renewed for successive periods of five years unless otherwise terminated by either party with one year prior notice. As of March 31, 2021, the R.O.C. Government did not invoke such right. |
| b. | Under a Shareholders Agreement entered into with Philips and EDB Investments Pte Ltd. on March 30, 1999, the parties formed a joint venture company, SSMC, which is an integrated circuit foundry in Singapore. TSMC’s equity interest in SSMC was 32%. Nevertheless, in September 2006, Philips spun-off its semiconductor subsidiary which was renamed as NXP B.V. Further, TSMC and NXP B.V. purchased all the SSMC shares owned by EDB Investments Pte Ltd. pro rata according to the Shareholders Agreement on November 15, 2006. After the purchase, TSMC and NXP B.V. currently own approximately 39% and 61% of the SSMC shares, respectively. TSMC and NXP B.V. are required, in the aggregate, to purchase at least 70% of SSMC’s capacity, but TSMC alone is not required to purchase more than 28% of the capacity. If any party defaults on the commitment and the capacity utilization of SSMC falls below a specific percentage of its capacity, the defaulting party is required to compensate SSMC for all related unavoidable costs. There was no default from the aforementioned commitment as of March 31, 2021. |
| c. | TSMC entered into long-term purchase agreements of materials and supplies with multiple suppliers. The relative minimum purchase quantity and price are specified in the agreements. |
| d. | TSMC entered into a long-term purchase agreement of equipment. The relative purchase quantity and price are specified in the agreement. |
| e. | TSMC entered into long-term energy purchase agreements with multiple suppliers. The relative purchase period, quantity and price are specified in the agreements. |
| f. | Amounts available under unused letters of credit as of March 31, 2021, December 31, 2020 and March 31, 2020 were NT$57,014 thousand, NT$56,194 thousand and NT$60,478 thousand, respectively. |
- 48 -
34. | EXCHANGE RATE INFORMATION OF FOREIGN-CURRENCY FINANCIAL ASSETS AND LIABILITIES |
The following information was summarized according to the foreign currencies other than the functional currency of the Company. The exchange rates disclosed were used to translate the foreign currencies into the functional currency. The significant financial assets and liabilities denominated in foreign currencies were as follows:
| Foreign Currencies (In Thousands) |
| Exchange Rate (Note 1) |
| Carrying Amount (In Thousands) | |||||||||||
|
|
|
|
|
|
| ||||||||||
March 31, 2021 |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
| ||||||||||
Financial assets |
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
| ||||||||||
Monetary items |
|
|
|
|
|
| ||||||||||
USD |
| 6,540,695 |
|
| 28.507 |
|
| 186,455,585 |
| |||||||
USD |
| 1,463,976 |
|
|
| 6.557 | (Note 2) |
| 41,733,577 |
| ||||||
EUR |
| 7,432 |
|
| 33.365 |
|
| 247,962 |
| |||||||
JPY |
| 9,955,724 |
|
| 0.2578 |
|
| 2,566,586 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||||
USD |
| 6,463,941 |
|
| 28.507 |
|
| 184,267,559 |
| |||||||
EUR |
| 4,166,735 |
|
| 33.365 |
|
| 139,023,117 |
| |||||||
JPY |
| 93,826,378 |
|
| 0.2578 |
|
| 24,188,440 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial assets |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||||
USD |
|
| 6,984,545 |
|
|
| 28.097 |
|
|
| 196,244,748 |
| ||||
USD |
|
| 785,171 |
|
|
| 6.540 | (Note 2) |
|
| 22,060,962 |
| ||||
EUR |
|
| 13,820 |
|
|
| 34.587 |
|
|
| 478,002 |
| ||||
JPY |
|
| 83,593,234 |
|
|
| 0.2729 |
|
|
| 22,812,594 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
| ||||
USD |
|
| 6,966,889 |
|
|
| 28.097 |
|
|
| 195,748,671 |
| ||||
EUR |
|
| 4,150,215 |
|
|
| 34.587 |
|
|
| 143,543,499 |
| ||||
JPY |
|
| 105,112,663 |
|
|
| 0.2729 |
|
|
| 28,685,246 |
|
(Continued)
- 49 -
|
| Foreign Currencies (In Thousands) |
| Exchange Rate (Note 1) |
| Carrying Amount (In Thousands) | ||||||
|
|
|
|
|
| |||||||
March 31, 2020 |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||
Financial assets |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| ||||||
Monetary items |
|
|
|
|
|
| ||||||
USD |
|
| 4,894,616 |
|
|
| 30.239 |
|
|
| 148,008,282 |
|
USD |
|
| 440,722 |
|
|
| 7.093 | (Note 2) |
|
| 13,326,995 |
|
EUR |
|
| 9,063 |
|
|
| 33.351 |
|
|
| 302,276 |
|
JPY |
|
| 79,502,028 |
|
|
| 0.2796 |
|
|
| 22,228,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetary items |
|
|
|
|
|
|
|
|
|
|
|
|
USD |
|
| 7,142,327 |
|
|
| 30.239 |
|
|
| 215,976,813 |
|
EUR |
|
| 3,587,165 |
|
|
| 33.351 |
|
|
| 119,635,540 |
|
JPY |
|
| 76,647,662 |
|
|
| 0.2796 |
|
|
| 21,430,686 |
|
(Concluded)
| Note 1: | Except as otherwise noted, exchange rate represents the number of NT dollar for which one foreign currency could be exchanged. |
| Note 2: | The exchange rate represents the number of RMB for which one U.S. dollar could be exchanged. |
Please refer to the consolidated statements of comprehensive income for the total of realized and unrealized foreign exchange gain and loss for the three months ended March 31, 2021 and 2020, respectively. Since there were varieties of foreign currency transactions and functional currencies within the subsidiaries of the Company, the Company was unable to disclose foreign exchange gain (loss) towards each foreign currency with significant impact.
35. | ADDITIONAL DISCLOSURES |
Following are the additional disclosures required by the Securities and Futures Bureau for TSMC:
| a. | Financings provided: See Table 1 attached; |
| b. | Endorsement/guarantee provided: See Table 2 attached; |
| c. | Marketable securities held (excluding investments in subsidiaries and associates): See Table 3 attached; |
| d. | Marketable securities acquired and disposed of at costs or prices of at least NT$300 million or 20% of the paid-in capital: See Table 4 attached; |
| e. | Acquisition of individual real estate properties at costs of at least NT$300 million or 20% of the paid-in capital: See Table 5 attached; |
| f. | Disposal of individual real estate properties at prices of at least NT$300 million or 20% of the paid-in capital: None; |
| g. | Total purchases from or sales to related parties of at least NT$100 million or 20% of the paid-in capital: See Table 6 attached; |
- 50 -
| h. | Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: See Table 7 attached; |
| i. | Information about the derivative financial instruments transaction: See Notes 7 and 10; |
| j. | Others: The business relationship between the parent and the subsidiaries and significant transactions between them: See Table 8 attached; |
| k. | Names, locations, and related information of investees over which TSMC exercises significant influence (excluding information on investment in mainland China): See Table 9 attached; |
| l. | Information on investment in mainland China |
| 1) | The name of the investee in mainland China, the main businesses and products, its issued capital, method of investment, information on inflow or outflow of capital, percentage of ownership, income (losses) of the investee, share of profits/losses of investee, ending balance, amount received as dividends from the investee, and the limitation on investee: See Table 10 attached. |
| 2) | Significant direct or indirect transactions with the investee, its prices and terms of payment, unrealized gain or loss, and other related information which is helpful to understand the impact of investment in mainland China on financial reports: See Table 8 attached. |
| m. | Information of major shareholders |
List of all shareholders with ownership of 5 percent or greater showing the names and the number of shares and percentage of ownership held by each shareholder: See Table 11 attached.
36. | OPERATING SEGMENTS INFORMATION |
TSMC’s chief operating decision makers periodically review operating results, focusing on operating income generated by foundry segment. Operating results are used for resource allocation and/or performance assessment. As a result, the Company has only one operating segment, the foundry segment. The foundry segment engages mainly in the manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks.
The basis for the measurement of income from operations is the same as that for the preparation of financial statements. Please refer to the consolidated statements of comprehensive income for the related segment revenue and operating results.
- 51 -
TABLE 1
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
FINANCINGS PROVIDED
FOR THE THREE MONTHS ENDED MARCH 31, 2021
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
No. | Financing Company | Counterparty | Financial Statement Account | Related Party | Maximum Balance for the Period (Foreign Currencies in Thousands) (Note 3) | Ending Balance (Foreign Currencies in Thousands) (Note 3) | Amount Actually Drawn (Foreign Currencies in Thousands) | Interest Rate | Nature for Financing | Transaction Amounts | Reason for Financing | Allowance for Bad Debt | Collateral | Financing Limits for Each Borrowing Company (Notes 1 and 2) | Financing Company’s Total Financing Amount Limits (Notes 1 and 2) | |||||||||||||||||||||||||||
Item | Value | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
1 | TSMC China | TSMC Nanjing
| Other receivables from related parties | Yes | $ (RMB (US$ | 35,194,690 5,800,000 350,000 |
)& ) | $ (RMB (US$ | 35,194,690 5,800,000 350,000 |
)& ) | $ (RMB | 20,869,440 4,800,000 |
) |
| 1.50% |
| The need for long-term financing | $ | - |
| Operating capital | $ | - |
| - | $ | - |
| $ | 67,206,326 |
| $ | 67,206,326 |
| ||||||||
2 | TSMC Global | TSMC | Other receivables from related parties | Yes |
(US$ | 88,371,700 3,100,000 |
) |
(US$ | 88,371,700 3,100,000 |
) |
(US$ | 88,371,700 3,100,000 |
) |
| 0.00% |
| The need for short-term financing |
| - |
| Operating capital |
| - |
| - |
| - |
|
| 386,772,566 |
|
| 386,772,566 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: | The aggregate amount available for lending to TSMC Nanjing from TSMC China shall not exceed the net worth of TSMC China. |
Note 2: | The aggregate amount available for lending to TSMC from TSMC Global shall not exceed the net worth of TSMC Global. |
Note 3: | The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors. |
- 52 -
TABLE 2
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
ENDORSEMENTS/GUARANTEES PROVIDED
FOR THE THREE MONTHS ENDED MARCH 31, 2021
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
No. | Endorsement/ Guarantee Provider | Guaranteed Party | Limits on Endorsement/ Guarantee Amount Provided to Each Guaranteed Party (Notes 1 and 2) | Maximum Balance (Note 3) | Ending Balance (Note 3) | Amount Actually Drawn (US$ in Thousands) | Amount of Endorsement/ Guarantee Collateralized by Properties | Ratio of Accumulated Endorsement/ Guarantee to Net Equity per Latest Financial Statements | Maximum Endorsement/ Guarantee Amount Allowable (Note 1 and 2) | Guarantee Provided by Parent Company | Guarantee Provided by A Subsidiary | Guarantee Provided to Subsidiaries in Mainland China | |||||||||||||||||||||
Name | Nature of Relationship | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
0 | TSMC | TSMC North America | Subsidiary | $ | 484,734,099 |
| $ (US$ | 2,372,162 83,213 |
) | $ (US$ | 2,372,162 83,213 |
) | $ (US$ | 2,372,162 83,213 |
) | $ | - |
|
| 0.12% |
| $ | 484,734,099 |
| Yes | No | No | ||||||
|
| TSMC Global | Subsidiary |
| 484,734,099 |
|
(US$ | 213,802,500 7,500,000 |
) |
(US$ | 213,802,500 7,500,000 |
) |
(US$ | 85,521,000 3,000,000 |
) |
| - |
|
| 11.03% |
|
| 484,734,099 |
| Yes | No | No | ||||||
1 | TSMC Japan | TSMC JDC | The same parent company |
| 193,893,640 |
|
(JPY | 340,296 1,320,000 |
) |
(JPY | 340,296 1,320,000 |
) |
(JPY | 340,296 1,320,000 |
) |
| - |
|
| 0.02% |
|
| 193,893,640 |
| No | No | No | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: The total amount of the endorsement/guarantee provided by TSMC to TSMC North America and TSMC Global shall not exceed twenty-five percent (25%) of TSMC’s net worth.
Note 2: The total amount of the endorsement/guarantee provided by TSMC Japan to TSMC JDC shall not exceed ten percent (10%) of TSMC’s net worth.
Note 3: The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors.
- 53 -
TABLE 3
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
MARKETABLE SECURITIES HELD
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | ||||||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||||
TSMC | Non-publicly traded equity investments |
|
|
|
|
|
|
| ||||||||||||
| United Industrial Gases Co., Ltd. | - | Financial assets at fair value through other comprehensive income |
| 21,230 |
| $ | 441,762 |
|
| 10 |
| $ | 441,762 |
|
| ||||
| Shin-Etsu Handotai Taiwan Co., Ltd. | - | 〃 |
| 10,500 |
|
| 322,728 |
|
| 7 |
|
| 322,728 |
|
| ||||
| Global Investment Holdings Co., LTD | - | 〃 |
| 10,442 |
|
| 93,594 |
|
| 6 |
|
| 93,594 |
|
| ||||
| W.K. Technology Fund IV | - | 〃 |
| 202 |
|
| 262 |
|
| 2 |
|
| 262 |
|
| ||||
| Crimson Asia Capital | - | 〃 |
| - |
|
| - |
|
| 1 |
|
| - |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC Partners | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Shanghai Walden Venture Capital Enterprise | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 21,345 |
|
| 6 |
| US$ | 21,345 |
|
| ||||
| China Walden Venture Investments II, L.P. | - | 〃 |
| - |
| US$ | 11,957 |
|
| 9 |
| US$ | 11,957 |
|
| ||||
| China Walden Venture Investments III, L.P. | - | 〃 |
| - |
| US$ | 4,818 |
|
| 4 |
| US$ | 4,818 |
|
| ||||
| Inpria Corporation | - | 〃 |
| 1,778 |
| US$ | 3,600 |
|
| 4 |
| US$ | 3,600 |
|
| ||||
| Mcube Inc. | - | 〃 |
| 6,333 |
|
| - |
|
| 10 |
|
| - |
|
| ||||
| Tela Innovations | - | 〃 |
| 10,440 |
|
| - |
|
| 25 |
|
| - |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC Global | Corporate bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Bank of America Corp | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 58,881 |
|
| N/A |
| US$ | 58,881 |
|
| ||||
| Morgan Stanley | - | 〃 |
| - |
| US$ | 47,535 |
|
| N/A |
| US$ | 47,535 |
|
| ||||
| Goldman Sachs Group Inc/The | - | 〃 |
| - |
| US$ | 41,564 |
|
| N/A |
| US$ | 41,564 |
|
| ||||
| Citigroup Inc | - | 〃 |
| - |
| US$ | 34,922 |
|
| N/A |
| US$ | 34,922 |
|
| ||||
| JPMorgan Chase & Co | - | 〃 |
| - |
| US$ | 34,361 |
|
| N/A |
| US$ | 34,361 |
|
| ||||
| AbbVie Inc | - | 〃 |
| - |
| US$ | 33,150 |
|
| N/A |
| US$ | 33,150 |
|
| ||||
| Mitsubishi UFJ Financial Group Inc | - | 〃 |
| - |
| US$ | 33,140 |
|
| N/A |
| US$ | 33,140 |
|
| ||||
| Wells Fargo & Co | - | 〃 |
| - |
| US$ | 27,115 |
|
| N/A |
| US$ | 27,115 |
|
| ||||
| Sumitomo Mitsui Financial Group Inc | - | 〃 |
| - |
| US$ | 26,716 |
|
| N/A |
| US$ | 26,716 |
|
| ||||
| Lloyds Banking Group PLC | - | 〃 |
| - |
| US$ | 24,138 |
|
| N/A |
| US$ | 24,138 |
|
| ||||
| Mizuho Financial Group Inc | - | 〃 |
| - |
| US$ | 21,873 |
|
| N/A |
| US$ | 21,873 |
|
| ||||
| Oracle Corp | - | 〃 |
| - |
| US$ | 21,788 |
|
| N/A |
| US$ | 21,788 |
|
| ||||
| Apple Inc | - | 〃 |
| - |
| US$ | 21,271 |
|
| N/A |
| US$ | 21,271 |
|
| ||||
| Verizon Communications Inc | - | 〃 |
| - |
| US$ | 19,503 |
|
| N/A |
| US$ | 19,503 |
|
| ||||
| Athene Global Funding | - | 〃 |
| - |
| US$ | 18,467 |
|
| N/A |
| US$ | 18,467 |
|
| ||||
| AT&T Inc | - | 〃 |
| - |
| US$ | 17,810 |
|
| N/A |
| US$ | 17,810 |
|
| ||||
| HSBC Holdings PLC | - | 〃 |
| - |
| US$ | 17,364 |
|
| N/A |
| US$ | 17,364 |
|
| ||||
| NTT Finance Corp | - | 〃 |
| - |
| US$ | 16,046 |
|
| N/A |
| US$ | 16,046 |
|
| ||||
| Nordea Bank Abp | - | 〃 |
| - |
| US$ | 15,780 |
|
| N/A |
| US$ | 15,780 |
|
| ||||
| Hyundai Capital America | - | 〃 |
| - |
| US$ | 15,771 |
|
| N/A |
| US$ | 15,771 |
|
| ||||
| Volkswagen Group of America Finance LLC | - | 〃 |
| - |
| US$ | 15,592 |
|
| N/A |
| US$ | 15,592 |
|
| ||||
| BP Capital Markets America Inc | - | 〃 |
| - |
| US$ | 15,535 |
|
| N/A |
| US$ | 15,535 |
|
| ||||
| Metropolitan Life Global Funding I | - | 〃 |
| - |
| US$ | 14,853 |
|
| N/A |
| US$ | 14,853 |
|
| ||||
| Toyota Motor Credit Corp | - | 〃 |
| - |
| US$ | 14,734 |
|
| N/A |
| US$ | 14,734 |
|
| ||||
| Comcast Corp | - | 〃 |
| - |
| US$ | 14,649 |
|
| N/A |
| US$ | 14,649 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 54 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Banco Santander SA | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 14,195 |
|
| N/A |
| US$ | 14,195 |
|
| ||
| Toronto-Dominion Bank/The | - | 〃 |
| - |
| US$ | 13,709 |
|
| N/A |
| US$ | 13,709 |
|
| ||
| BNP Paribas SA | - | 〃 |
| - |
| US$ | 13,638 |
|
| N/A |
| US$ | 13,638 |
|
| ||
| NatWest Markets PLC | - | 〃 |
| - |
| US$ | 13,240 |
|
| N/A |
| US$ | 13,240 |
|
| ||
| Roper Technologies Inc | - | 〃 |
| - |
| US$ | 12,976 |
|
| N/A |
| US$ | 12,976 |
|
| ||
| Banque Federative du Credit Mutuel SA | - | 〃 |
| - |
| US$ | 12,936 |
|
| N/A |
| US$ | 12,936 |
|
| ||
| Sumitomo Mitsui Trust Bank Ltd | - | 〃 |
| - |
| US$ | 12,859 |
|
| N/A |
| US$ | 12,859 |
|
| ||
| Nationwide Building Society | - | 〃 |
| - |
| US$ | 12,794 |
|
| N/A |
| US$ | 12,794 |
|
| ||
| UBS Group Funding Switzerland AG | - | 〃 |
| - |
| US$ | 12,611 |
|
| N/A |
| US$ | 12,611 |
|
| ||
| Royal Bank of Canada | - | 〃 |
| - |
| US$ | 12,511 |
|
| N/A |
| US$ | 12,511 |
|
| ||
| Chevron Corp | - | 〃 |
| - |
| US$ | 12,492 |
|
| N/A |
| US$ | 12,492 |
|
| ||
| NextEra Energy Capital Holdings Inc | - | 〃 |
| - |
| US$ | 12,289 |
|
| N/A |
| US$ | 12,289 |
|
| ||
| Barclays PLC | - | 〃 |
| - |
| US$ | 11,888 |
|
| N/A |
| US$ | 11,888 |
|
| ||
| National Securities Clearing Corp | - | 〃 |
| - |
| US$ | 11,838 |
|
| N/A |
| US$ | 11,838 |
|
| ||
| Principal Life Global Funding II | - | 〃 |
| - |
| US$ | 11,604 |
|
| N/A |
| US$ | 11,604 |
|
| ||
| Bristol-Myers Squibb Co | - | 〃 |
| - |
| US$ | 11,542 |
|
| N/A |
| US$ | 11,542 |
|
| ||
| Equifax Inc | - | 〃 |
| - |
| US$ | 11,427 |
|
| N/A |
| US$ | 11,427 |
|
| ||
| Societe Generale SA | - | 〃 |
| - |
| US$ | 11,381 |
|
| N/A |
| US$ | 11,381 |
|
| ||
| Protective Life Global Funding | - | 〃 |
| - |
| US$ | 10,995 |
|
| N/A |
| US$ | 10,995 |
|
| ||
| Credit Suisse AG/New York NY | - | 〃 |
| - |
| US$ | 10,885 |
|
| N/A |
| US$ | 10,885 |
|
| ||
| BPCE SA | - | 〃 |
| - |
| US$ | 10,828 |
|
| N/A |
| US$ | 10,828 |
|
| ||
| American International Group Inc | - | 〃 |
| - |
| US$ | 10,800 |
|
| N/A |
| US$ | 10,800 |
|
| ||
| Amazon.com Inc | - | 〃 |
| - |
| US$ | 10,603 |
|
| N/A |
| US$ | 10,603 |
|
| ||
| TJX Cos Inc/The | - | 〃 |
| - |
| US$ | 10,261 |
|
| N/A |
| US$ | 10,261 |
|
| ||
| Cox Communications Inc | - | 〃 |
| - |
| US$ | 10,179 |
|
| N/A |
| US$ | 10,179 |
|
| ||
| Equinor ASA | - | 〃 |
| - |
| US$ | 10,139 |
|
| N/A |
| US$ | 10,139 |
|
| ||
| DTE Energy Co | - | 〃 |
| - |
| US$ | 10,087 |
|
| N/A |
| US$ | 10,087 |
|
| ||
| Bank of Montreal | - | 〃 |
| - |
| US$ | 10,013 |
|
| N/A |
| US$ | 10,013 |
|
| ||
| US Bancorp | - | 〃 |
| - |
| US$ | 9,934 |
|
| N/A |
| US$ | 9,934 |
|
| ||
| Santander UK PLC | - | 〃 |
| - |
| US$ | 9,801 |
|
| N/A |
| US$ | 9,801 |
|
| ||
| Guardian Life Global Funding | - | 〃 |
| - |
| US$ | 9,465 |
|
| N/A |
| US$ | 9,465 |
|
| ||
| Bank of Nova Scotia/The | - | 〃 |
| - |
| US$ | 9,460 |
|
| N/A |
| US$ | 9,460 |
|
| ||
| Daimler Finance North America LLC | - | 〃 |
| - |
| US$ | 9,450 |
|
| N/A |
| US$ | 9,450 |
|
| ||
| Canadian Imperial Bank of Commerce | - | 〃 |
| - |
| US$ | 9,203 |
|
| N/A |
| US$ | 9,203 |
|
| ||
| Siemens Financieringsmaatschappij NV | - | 〃 |
| - |
| US$ | 9,087 |
|
| N/A |
| US$ | 9,087 |
|
| ||
| Shire Acquisitions Investments Ireland DAC | - | 〃 |
| - |
| US$ | 9,077 |
|
| N/A |
| US$ | 9,077 |
|
| ||
| NIKE Inc | - | 〃 |
| - |
| US$ | 9,038 |
|
| N/A |
| US$ | 9,038 |
|
| ||
| Jackson National Life Global Funding | - | 〃 |
| - |
| US$ | 8,832 |
|
| N/A |
| US$ | 8,832 |
|
| ||
| New York Life Global Funding | - | 〃 |
| - |
| US$ | 8,712 |
|
| N/A |
| US$ | 8,712 |
|
| ||
| Cargill Inc | - | 〃 |
| - |
| US$ | 8,621 |
|
| N/A |
| US$ | 8,621 |
|
| ||
| Government National Mortgage Association | - | 〃 |
| - |
| US$ | 8,333 |
|
| N/A |
| US$ | 8,333 |
|
| ||
| General Electric Co | - | 〃 |
| - |
| US$ | 8,215 |
|
| N/A |
| US$ | 8,215 |
|
| ||
| Inter-American Development Bank | - | 〃 |
| - |
| US$ | 8,105 |
|
| N/A |
| US$ | 8,105 |
|
| ||
| Tencent Holdings Ltd | - | 〃 |
| - |
| US$ | 8,056 |
|
| N/A |
| US$ | 8,056 |
|
| ||
| Suncorp-Metway Ltd | - | 〃 |
| - |
| US$ | 8,056 |
|
| N/A |
| US$ | 8,056 |
|
| ||
| AIG Global Funding | - | 〃 |
| - |
| US$ | 7,826 |
|
| N/A |
| US$ | 7,826 |
|
| ||
| Credit Agricole SA/London | - | 〃 |
| - |
| US$ | 7,752 |
|
| N/A |
| US$ | 7,752 |
|
| ||
| Charles Schwab Corp/The | - | 〃 |
| - |
| US$ | 7,555 |
|
| N/A |
| US$ | 7,555 |
|
| ||
| Exxon Mobil Corp | - | 〃 |
| - |
| US$ | 7,450 |
|
| N/A |
| US$ | 7,450 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 55 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | ING Groep NV | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 7,304 |
|
| N/A |
| US$ | 7,304 |
|
| ||
| Great-West Lifeco US Finance 2020 LP | - | 〃 |
| - |
| US$ | 7,299 |
|
| N/A |
| US$ | 7,299 |
|
| ||
| Credit Suisse Group AG | - | 〃 |
| - |
| US$ | 7,296 |
|
| N/A |
| US$ | 7,296 |
|
| ||
| Prudential Funding LLC | - | 〃 |
| - |
| US$ | 7,294 |
|
| N/A |
| US$ | 7,294 |
|
| ||
| Intuit Inc | - | 〃 |
| - |
| US$ | 7,247 |
|
| N/A |
| US$ | 7,247 |
|
| ||
| Huntington Bancshares Inc/OH | - | 〃 |
| - |
| US$ | 7,171 |
|
| N/A |
| US$ | 7,171 |
|
| ||
| AstraZeneca PLC | - | 〃 |
| - |
| US$ | 7,113 |
|
| N/A |
| US$ | 7,113 |
|
| ||
| Fiserv Inc | - | 〃 |
| - |
| US$ | 6,824 |
|
| N/A |
| US$ | 6,824 |
|
| ||
| BMW US Capital LLC | - | 〃 |
| - |
| US$ | 6,682 |
|
| N/A |
| US$ | 6,682 |
|
| ||
| Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC | - | 〃 |
| - |
| US$ | 6,604 |
|
| N/A |
| US$ | 6,604 |
|
| ||
| Sompo International Holdings Ltd | - | 〃 |
| - |
| US$ | 6,567 |
|
| N/A |
| US$ | 6,567 |
|
| ||
| Macquarie Bank Ltd | - | 〃 |
| - |
| US$ | 6,559 |
|
| N/A |
| US$ | 6,559 |
|
| ||
| American Honda Finance Corp | - | 〃 |
| - |
| US$ | 6,305 |
|
| N/A |
| US$ | 6,305 |
|
| ||
| Scentre Group Trust 1 / Scentre Group Trust 2 | - | 〃 |
| - |
| US$ | 6,281 |
|
| N/A |
| US$ | 6,281 |
|
| ||
| Bank of New York Mellon Corp/The | - | 〃 |
| - |
| US$ | 6,186 |
|
| N/A |
| US$ | 6,186 |
|
| ||
| UBS Group AG | - | 〃 |
| - |
| US$ | 6,143 |
|
| N/A |
| US$ | 6,143 |
|
| ||
| Standard Chartered PLC | - | 〃 |
| - |
| US$ | 6,138 |
|
| N/A |
| US$ | 6,138 |
|
| ||
| WPP Finance 2010 | - | 〃 |
| - |
| US$ | 6,133 |
|
| N/A |
| US$ | 6,133 |
|
| ||
| UnitedHealth Group Inc | - | 〃 |
| - |
| US$ | 6,099 |
|
| N/A |
| US$ | 6,099 |
|
| ||
| Analog Devices Inc | - | 〃 |
| - |
| US$ | 5,925 |
|
| N/A |
| US$ | 5,925 |
|
| ||
| WP Carey Inc | - | 〃 |
| - |
| US$ | 5,920 |
|
| N/A |
| US$ | 5,920 |
|
| ||
| CVS Health Corp | - | 〃 |
| - |
| US$ | 5,917 |
|
| N/A |
| US$ | 5,917 |
|
| ||
| Cigna Corp | - | 〃 |
| - |
| US$ | 5,915 |
|
| N/A |
| US$ | 5,915 |
|
| ||
| Capital One NA | - | 〃 |
| - |
| US$ | 5,890 |
|
| N/A |
| US$ | 5,890 |
|
| ||
| Intercontinental Exchange Inc | - | 〃 |
| - |
| US$ | 5,849 |
|
| N/A |
| US$ | 5,849 |
|
| ||
| Alabama Power Co | - | 〃 |
| - |
| US$ | 5,776 |
|
| N/A |
| US$ | 5,776 |
|
| ||
| Shell International Finance BV | - | 〃 |
| - |
| US$ | 5,754 |
|
| N/A |
| US$ | 5,754 |
|
| ||
| American Express Co | - | 〃 |
| - |
| US$ | 5,703 |
|
| N/A |
| US$ | 5,703 |
|
| ||
| Capital One Financial Corp | - | 〃 |
| - |
| US$ | 5,571 |
|
| N/A |
| US$ | 5,571 |
|
| ||
| Kreditanstalt fuer Wiederaufbau | - | 〃 |
| - |
| US$ | 5,571 |
|
| N/A |
| US$ | 5,571 |
|
| ||
| Equitable Financial Life Global Funding | - | 〃 |
| - |
| US$ | 5,486 |
|
| N/A |
| US$ | 5,486 |
|
| ||
| Intel Corp | - | 〃 |
| - |
| US$ | 5,442 |
|
| N/A |
| US$ | 5,442 |
|
| ||
| Fox Corp | - | 〃 |
| - |
| US$ | 5,392 |
|
| N/A |
| US$ | 5,392 |
|
| ||
| SMBC Aviation Capital Finance DAC | - | 〃 |
| - |
| US$ | 5,388 |
|
| N/A |
| US$ | 5,388 |
|
| ||
| Thermo Fisher Scientific Inc | - | 〃 |
| - |
| US$ | 5,387 |
|
| N/A |
| US$ | 5,387 |
|
| ||
| Georgia-Pacific LLC | - | 〃 |
| - |
| US$ | 5,348 |
|
| N/A |
| US$ | 5,348 |
|
| ||
| BB&T Corp | - | 〃 |
| - |
| US$ | 5,347 |
|
| N/A |
| US$ | 5,347 |
|
| ||
| Dominion Energy Gas Holdings LLC | - | 〃 |
| - |
| US$ | 5,334 |
|
| N/A |
| US$ | 5,334 |
|
| ||
| Fifth Third Bancorp | - | 〃 |
| - |
| US$ | 5,329 |
|
| N/A |
| US$ | 5,329 |
|
| ||
| Sempra Energy | - | 〃 |
| - |
| US$ | 5,202 |
|
| N/A |
| US$ | 5,202 |
|
| ||
| National Bank of Canada | - | 〃 |
| - |
| US$ | 5,185 |
|
| N/A |
| US$ | 5,185 |
|
| ||
| Merck & Co Inc | - | 〃 |
| - |
| US$ | 5,170 |
|
| N/A |
| US$ | 5,170 |
|
| ||
| Federation des Caisses Desjardins du Quebec | - | 〃 |
| - |
| US$ | 5,151 |
|
| N/A |
| US$ | 5,151 |
|
| ||
| Enel Finance International NV | - | 〃 |
| - |
| US$ | 4,957 |
|
| N/A |
| US$ | 4,957 |
|
| ||
| Five Corners Funding Trust | - | 〃 |
| - |
| US$ | 4,941 |
|
| N/A |
| US$ | 4,941 |
|
| ||
| Svenska Handelsbanken AB | - | 〃 |
| - |
| US$ | 4,930 |
|
| N/A |
| US$ | 4,930 |
|
| ||
| Skandinaviska Enskilda Banken AB | - | 〃 |
| - |
| US$ | 4,905 |
|
| N/A |
| US$ | 4,905 |
|
| ||
| Pacific Life Global Funding II | - | 〃 |
| - |
| US$ | 4,885 |
|
| N/A |
| US$ | 4,885 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 56 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Danske Bank A/S | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 4,873 |
|
| N/A |
| US$ | 4,873 |
|
| ||
| 7-Eleven Inc | - | 〃 |
| - |
| US$ | 4,771 |
|
| N/A |
| US$ | 4,771 |
|
| ||
| DNB Bank ASA | - | 〃 |
| - |
| US$ | 4,679 |
|
| N/A |
| US$ | 4,679 |
|
| ||
| Eversource Energy | - | 〃 |
| - |
| US$ | 4,605 |
|
| N/A |
| US$ | 4,605 |
|
| ||
| Roche Holdings Inc | - | 〃 |
| - |
| US$ | 4,602 |
|
| N/A |
| US$ | 4,602 |
|
| ||
| Florida Power & Light Co | - | 〃 |
| - |
| US$ | 4,480 |
|
| N/A |
| US$ | 4,480 |
|
| ||
| Truist Bank | - | 〃 |
| - |
| US$ | 4,430 |
|
| N/A |
| US$ | 4,430 |
|
| ||
| Swedbank AB | - | 〃 |
| - |
| US$ | 4,377 |
|
| N/A |
| US$ | 4,377 |
|
| ||
| MPLX LP | - | 〃 |
| - |
| US$ | 4,346 |
|
| N/A |
| US$ | 4,346 |
|
| ||
| NiSource Inc | - | 〃 |
| - |
| US$ | 4,325 |
|
| N/A |
| US$ | 4,325 |
|
| ||
| Royal Bank of Scotland Group PLC | - | 〃 |
| - |
| US$ | 4,266 |
|
| N/A |
| US$ | 4,266 |
|
| ||
| Cooperatieve Rabobank UA | - | 〃 |
| - |
| US$ | 4,266 |
|
| N/A |
| US$ | 4,266 |
|
| ||
| Alimentation Couche-Tard Inc | - | 〃 |
| - |
| US$ | 4,221 |
|
| N/A |
| US$ | 4,221 |
|
| ||
| John Deere Capital Corp | - | 〃 |
| - |
| US$ | 4,220 |
|
| N/A |
| US$ | 4,220 |
|
| ||
| ERAC USA Finance LLC | - | 〃 |
| - |
| US$ | 4,207 |
|
| N/A |
| US$ | 4,207 |
|
| ||
| Dominion Energy Inc | - | 〃 |
| - |
| US$ | 4,176 |
|
| N/A |
| US$ | 4,176 |
|
| ||
| Exelon Corp | - | 〃 |
| - |
| US$ | 4,163 |
|
| N/A |
| US$ | 4,163 |
|
| ||
| European Bank for Reconstruction & Development | - | 〃 |
| - |
| US$ | 4,146 |
|
| N/A |
| US$ | 4,146 |
|
| ||
| Ameren Corp | - | 〃 |
| - |
| US$ | 4,114 |
|
| N/A |
| US$ | 4,114 |
|
| ||
| Pricoa Global Funding I | - | 〃 |
| - |
| US$ | 4,085 |
|
| N/A |
| US$ | 4,085 |
|
| ||
| American Express Credit Corp | - | 〃 |
| - |
| US$ | 4,080 |
|
| N/A |
| US$ | 4,080 |
|
| ||
| Ameriprise Financial Inc | - | 〃 |
| - |
| US$ | 4,078 |
|
| N/A |
| US$ | 4,078 |
|
| ||
| Bayer US Finance II LLC | - | 〃 |
| - |
| US$ | 4,075 |
|
| N/A |
| US$ | 4,075 |
|
| ||
| Santander UK Group Holdings PLC | - | 〃 |
| - |
| US$ | 4,071 |
|
| N/A |
| US$ | 4,071 |
|
| ||
| Barclays Bank PLC | - | 〃 |
| - |
| US$ | 4,057 |
|
| N/A |
| US$ | 4,057 |
|
| ||
| BAT International Finance PLC | - | 〃 |
| - |
| US$ | 4,041 |
|
| N/A |
| US$ | 4,041 |
|
| ||
| Banco Bilbao Vizcaya Argentaria SA | - | 〃 |
| - |
| US$ | 4,010 |
|
| N/A |
| US$ | 4,010 |
|
| ||
| BOC Aviation Ltd | - | 〃 |
| - |
| US$ | 4,006 |
|
| N/A |
| US$ | 4,006 |
|
| ||
| BorgWarner Inc | - | 〃 |
| - |
| US$ | 3,978 |
|
| N/A |
| US$ | 3,978 |
|
| ||
| Welltower Inc | - | 〃 |
| - |
| US$ | 3,948 |
|
| N/A |
| US$ | 3,948 |
|
| ||
| Compass Bank | - | 〃 |
| - |
| US$ | 3,919 |
|
| N/A |
| US$ | 3,919 |
|
| ||
| VF Corp | - | 〃 |
| - |
| US$ | 3,878 |
|
| N/A |
| US$ | 3,878 |
|
| ||
| BG Energy Capital PLC | - | 〃 |
| - |
| US$ | 3,822 |
|
| N/A |
| US$ | 3,822 |
|
| ||
| Berkshire Hathaway Energy Co | - | 〃 |
| - |
| US$ | 3,807 |
|
| N/A |
| US$ | 3,807 |
|
| ||
| Reckitt Benckiser Treasury Services PLC | - | 〃 |
| - |
| US$ | 3,785 |
|
| N/A |
| US$ | 3,785 |
|
| ||
| Fidelity National Information Services Inc | - | 〃 |
| - |
| US$ | 3,750 |
|
| N/A |
| US$ | 3,750 |
|
| ||
| Monongahela Power Co | - | 〃 |
| - |
| US$ | 3,739 |
|
| N/A |
| US$ | 3,739 |
|
| ||
| Public Storage | - | 〃 |
| - |
| US$ | 3,702 |
|
| N/A |
| US$ | 3,702 |
|
| ||
| Diageo Capital PLC | - | 〃 |
| - |
| US$ | 3,614 |
|
| N/A |
| US$ | 3,614 |
|
| ||
| Phillips 66 | - | 〃 |
| - |
| US$ | 3,596 |
|
| N/A |
| US$ | 3,596 |
|
| ||
| Verisk Analytics Inc | - | 〃 |
| - |
| US$ | 3,580 |
|
| N/A |
| US$ | 3,580 |
|
| ||
| Nomura Holdings Inc | - | 〃 |
| - |
| US$ | 3,510 |
|
| N/A |
| US$ | 3,510 |
|
| ||
| Laboratory Corp of America Holdings | - | 〃 |
| - |
| US$ | 3,503 |
|
| N/A |
| US$ | 3,503 |
|
| ||
| BAT Capital Corp | - | 〃 |
| - |
| US$ | 3,502 |
|
| N/A |
| US$ | 3,502 |
|
| ||
| Gilead Sciences Inc | - | 〃 |
| - |
| US$ | 3,487 |
|
| N/A |
| US$ | 3,487 |
|
| ||
| Pfizer Inc | - | 〃 |
| - |
| US$ | 3,454 |
|
| N/A |
| US$ | 3,454 |
|
| ||
| Pioneer Natural Resources Co | - | 〃 |
| - |
| US$ | 3,453 |
|
| N/A |
| US$ | 3,453 |
|
| ||
| HSBC Bank Canada | - | 〃 |
| - |
| US$ | 3,436 |
|
| N/A |
| US$ | 3,436 |
|
| ||
| Hewlett Packard Enterprise Co | - | 〃 |
| - |
| US$ | 3,401 |
|
| N/A |
| US$ | 3,401 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 57 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Southern California Edison Co | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 3,350 |
|
| N/A |
| US$ | 3,350 |
|
| ||
| Western Union Co/The | - | 〃 |
| - |
| US$ | 3,315 |
|
| N/A |
| US$ | 3,315 |
|
| ||
| Johnson & Johnson | - | 〃 |
| - |
| US$ | 3,274 |
|
| N/A |
| US$ | 3,274 |
|
| ||
| ONE Gas Inc | - | 〃 |
| - |
| US$ | 3,269 |
|
| N/A |
| US$ | 3,269 |
|
| ||
| Essex Portfolio LP | - | 〃 |
| - |
| US$ | 3,263 |
|
| N/A |
| US$ | 3,263 |
|
| ||
| CNA Financial Corp | - | 〃 |
| - |
| US$ | 3,261 |
|
| N/A |
| US$ | 3,261 |
|
| ||
| PNC Bank NA | - | 〃 |
| - |
| US$ | 3,245 |
|
| N/A |
| US$ | 3,245 |
|
| ||
| Texas Instruments Inc | - | 〃 |
| - |
| US$ | 3,227 |
|
| N/A |
| US$ | 3,227 |
|
| ||
| Avangrid Inc | - | 〃 |
| - |
| US$ | 3,208 |
|
| N/A |
| US$ | 3,208 |
|
| ||
| Ralph Lauren Corp | - | 〃 |
| - |
| US$ | 3,199 |
|
| N/A |
| US$ | 3,199 |
|
| ||
| Oncor Electric Delivery Co LLC | - | 〃 |
| - |
| US$ | 3,176 |
|
| N/A |
| US$ | 3,176 |
|
| ||
| Macquarie Group Ltd | - | 〃 |
| - |
| US$ | 3,170 |
|
| N/A |
| US$ | 3,170 |
|
| ||
| Baidu Inc | - | 〃 |
| - |
| US$ | 3,164 |
|
| N/A |
| US$ | 3,164 |
|
| ||
| Novartis Capital Corp | - | 〃 |
| - |
| US$ | 3,083 |
|
| N/A |
| US$ | 3,083 |
|
| ||
| Zions Bancorp NA | - | 〃 |
| - |
| US$ | 3,037 |
|
| N/A |
| US$ | 3,037 |
|
| ||
| Stryker Corp | - | 〃 |
| - |
| US$ | 3,032 |
|
| N/A |
| US$ | 3,032 |
|
| ||
| Microsoft Corp | - | 〃 |
| - |
| US$ | 3,011 |
|
| N/A |
| US$ | 3,011 |
|
| ||
| Walt Disney Co/The | - | 〃 |
| - |
| US$ | 2,992 |
|
| N/A |
| US$ | 2,992 |
|
| ||
| Penske Truck Leasing Co Lp / PTL Finance Corp | - | 〃 |
| - |
| US$ | 2,913 |
|
| N/A |
| US$ | 2,913 |
|
| ||
| Philip Morris International Inc | - | 〃 |
| - |
| US$ | 2,900 |
|
| N/A |
| US$ | 2,900 |
|
| ||
| Xcel Energy Inc | - | 〃 |
| - |
| US$ | 2,881 |
|
| N/A |
| US$ | 2,881 |
|
| ||
| Ventas Realty LP | - | 〃 |
| - |
| US$ | 2,875 |
|
| N/A |
| US$ | 2,875 |
|
| ||
| American Electric Power Co Inc | - | 〃 |
| - |
| US$ | 2,859 |
|
| N/A |
| US$ | 2,859 |
|
| ||
| Fannie Mae or Freddie Mac | - | 〃 |
| - |
| US$ | 2,833 |
|
| N/A |
| US$ | 2,833 |
|
| ||
| WEC Energy Group Inc | - | 〃 |
| - |
| US$ | 2,831 |
|
| N/A |
| US$ | 2,831 |
|
| ||
| Credit Suisse Group Funding Guernsey Ltd | - | 〃 |
| - |
| US$ | 2,827 |
|
| N/A |
| US$ | 2,827 |
|
| ||
| Nuveen Finance LLC | - | 〃 |
| - |
| US$ | 2,778 |
|
| N/A |
| US$ | 2,778 |
|
| ||
| Ryder System Inc | - | 〃 |
| - |
| US$ | 2,776 |
|
| N/A |
| US$ | 2,776 |
|
| ||
| Air Products and Chemicals Inc | - | 〃 |
| - |
| US$ | 2,776 |
|
| N/A |
| US$ | 2,776 |
|
| ||
| Reliance Standard Life Global Funding II | - | 〃 |
| - |
| US$ | 2,738 |
|
| N/A |
| US$ | 2,738 |
|
| ||
| AvalonBay Communities Inc | - | 〃 |
| - |
| US$ | 2,717 |
|
| N/A |
| US$ | 2,717 |
|
| ||
| CRH America Inc | - | 〃 |
| - |
| US$ | 2,687 |
|
| N/A |
| US$ | 2,687 |
|
| ||
| Keurig Dr Pepper Inc | - | 〃 |
| - |
| US$ | 2,675 |
|
| N/A |
| US$ | 2,675 |
|
| ||
| CMS Energy Corp | - | 〃 |
| - |
| US$ | 2,667 |
|
| N/A |
| US$ | 2,667 |
|
| ||
| Nutrien Ltd | - | 〃 |
| - |
| US$ | 2,657 |
|
| N/A |
| US$ | 2,657 |
|
| ||
| PNC Financial Services Group Inc/The | - | 〃 |
| - |
| US$ | 2,653 |
|
| N/A |
| US$ | 2,653 |
|
| ||
| Kimco Realty Corp | - | 〃 |
| - |
| US$ | 2,637 |
|
| N/A |
| US$ | 2,637 |
|
| ||
| AutoZone Inc | - | 〃 |
| - |
| US$ | 2,622 |
|
| N/A |
| US$ | 2,622 |
|
| ||
| Pinnacle West Capital Corp | - | 〃 |
| - |
| US$ | 2,617 |
|
| N/A |
| US$ | 2,617 |
|
| ||
| Magellan Midstream Partners LP | - | 〃 |
| - |
| US$ | 2,612 |
|
| N/A |
| US$ | 2,612 |
|
| ||
| Bank of New Zealand | - | 〃 |
| - |
| US$ | 2,595 |
|
| N/A |
| US$ | 2,595 |
|
| ||
| Moody's Corp | - | 〃 |
| - |
| US$ | 2,590 |
|
| N/A |
| US$ | 2,590 |
|
| ||
| Raytheon Technologies Corp | - | 〃 |
| - |
| US$ | 2,487 |
|
| N/A |
| US$ | 2,487 |
|
| ||
| Reynolds American Inc | - | 〃 |
| - |
| US$ | 2,483 |
|
| N/A |
| US$ | 2,483 |
|
| ||
| Southern Power Co | - | 〃 |
| - |
| US$ | 2,480 |
|
| N/A |
| US$ | 2,480 |
|
| ||
| Georgia Power Co | - | 〃 |
| - |
| US$ | 2,474 |
|
| N/A |
| US$ | 2,474 |
|
| ||
| Empower Finance 2020 LP | - | 〃 |
| - |
| US$ | 2,462 |
|
| N/A |
| US$ | 2,462 |
|
| ||
| SunTrust Bank/Atlanta GA | - | 〃 |
| - |
| US$ | 2,462 |
|
| N/A |
| US$ | 2,462 |
|
| ||
| Chevron USA Inc | - | 〃 |
| - |
| US$ | 2,452 |
|
| N/A |
| US$ | 2,452 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 58 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Berkshire Hathaway Inc | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 2,444 |
|
| N/A |
| US$ | 2,444 |
|
| ||
| Honeywell International Inc | - | 〃 |
| - |
| US$ | 2,435 |
|
| N/A |
| US$ | 2,435 |
|
| ||
| Nestle Holdings Inc | - | 〃 |
| - |
| US$ | 2,427 |
|
| N/A |
| US$ | 2,427 |
|
| ||
| Duke Energy Corp | - | 〃 |
| - |
| US$ | 2,414 |
|
| N/A |
| US$ | 2,414 |
|
| ||
| DuPont de Nemours Inc | - | 〃 |
| - |
| US$ | 2,390 |
|
| N/A |
| US$ | 2,390 |
|
| ||
| Suncor Energy Inc | - | 〃 |
| - |
| US$ | 2,385 |
|
| N/A |
| US$ | 2,385 |
|
| ||
| O'Reilly Automotive Inc | - | 〃 |
| - |
| US$ | 2,376 |
|
| N/A |
| US$ | 2,376 |
|
| ||
| Union Pacific Corp | - | 〃 |
| - |
| US$ | 2,350 |
|
| N/A |
| US$ | 2,350 |
|
| ||
| Health Care Service Corp A Mutual Legal Reserve Co | - | 〃 |
| - |
| US$ | 2,264 |
|
| N/A |
| US$ | 2,264 |
|
| ||
| ITC Holdings Corp | - | 〃 |
| - |
| US$ | 2,245 |
|
| N/A |
| US$ | 2,245 |
|
| ||
| Public Service Electric and Gas Co | - | 〃 |
| - |
| US$ | 2,244 |
|
| N/A |
| US$ | 2,244 |
|
| ||
| Mead Johnson Nutrition Co | - | 〃 |
| - |
| US$ | 2,239 |
|
| N/A |
| US$ | 2,239 |
|
| ||
| Magna International Inc | - | 〃 |
| - |
| US$ | 2,231 |
|
| N/A |
| US$ | 2,231 |
|
| ||
| East Ohio Gas Co/The | - | 〃 |
| - |
| US$ | 2,215 |
|
| N/A |
| US$ | 2,215 |
|
| ||
| Tyson Foods Inc | - | 〃 |
| - |
| US$ | 2,206 |
|
| N/A |
| US$ | 2,206 |
|
| ||
| ASB Bank Ltd | - | 〃 |
| - |
| US$ | 2,166 |
|
| N/A |
| US$ | 2,166 |
|
| ||
| Citizens Bank NA/Providence RI | - | 〃 |
| - |
| US$ | 2,165 |
|
| N/A |
| US$ | 2,165 |
|
| ||
| HCP Inc | - | 〃 |
| - |
| US$ | 2,160 |
|
| N/A |
| US$ | 2,160 |
|
| ||
| Amphenol Corp | - | 〃 |
| - |
| US$ | 2,153 |
|
| N/A |
| US$ | 2,153 |
|
| ||
| Tucson Electric Power Co | - | 〃 |
| - |
| US$ | 2,141 |
|
| N/A |
| US$ | 2,141 |
|
| ||
| Otis Worldwide Corp | - | 〃 |
| - |
| US$ | 2,085 |
|
| N/A |
| US$ | 2,085 |
|
| ||
| CK Hutchison International 16 Ltd | - | 〃 |
| - |
| US$ | 2,012 |
|
| N/A |
| US$ | 2,012 |
|
| ||
| Shinhan Financial Group Co Ltd | - | 〃 |
| - |
| US$ | 1,986 |
|
| N/A |
| US$ | 1,986 |
|
| ||
| Regions Financial Corp | - | 〃 |
| - |
| US$ | 1,985 |
|
| N/A |
| US$ | 1,985 |
|
| ||
| Sydney Airport Finance Co Pty Ltd | - | 〃 |
| - |
| US$ | 1,944 |
|
| N/A |
| US$ | 1,944 |
|
| ||
| Kentucky Utilities Co | - | 〃 |
| - |
| US$ | 1,941 |
|
| N/A |
| US$ | 1,941 |
|
| ||
| ANZ New Zealand Int'l Ltd/London | - | 〃 |
| - |
| US$ | 1,915 |
|
| N/A |
| US$ | 1,915 |
|
| ||
| AmerisourceBergen Corp | - | 〃 |
| - |
| US$ | 1,901 |
|
| N/A |
| US$ | 1,901 |
|
| ||
| Burlington Northern Santa Fe LLC | - | 〃 |
| - |
| US$ | 1,895 |
|
| N/A |
| US$ | 1,895 |
|
| ||
| Gulfstream Natural Gas System LLC | - | 〃 |
| - |
| US$ | 1,891 |
|
| N/A |
| US$ | 1,891 |
|
| ||
| Evergy Kansas Central Inc | - | 〃 |
| - |
| US$ | 1,884 |
|
| N/A |
| US$ | 1,884 |
|
| ||
| Entergy Corp | - | 〃 |
| - |
| US$ | 1,881 |
|
| N/A |
| US$ | 1,881 |
|
| ||
| Credit Agricole SA | - | 〃 |
| - |
| US$ | 1,876 |
|
| N/A |
| US$ | 1,876 |
|
| ||
| Public Service Enterprise Group Inc | - | 〃 |
| - |
| US$ | 1,874 |
|
| N/A |
| US$ | 1,874 |
|
| ||
| Air Lease Corp | - | 〃 |
| - |
| US$ | 1,871 |
|
| N/A |
| US$ | 1,871 |
|
| ||
| Appalachian Power Co | - | 〃 |
| - |
| US$ | 1,867 |
|
| N/A |
| US$ | 1,867 |
|
| ||
| Deutsche Bank AG/New York NY | - | 〃 |
| - |
| US$ | 1,863 |
|
| N/A |
| US$ | 1,863 |
|
| ||
| McCormick & Co Inc/MD | - | 〃 |
| - |
| US$ | 1,813 |
|
| N/A |
| US$ | 1,813 |
|
| ||
| Boston Properties LP | - | 〃 |
| - |
| US$ | 1,808 |
|
| N/A |
| US$ | 1,808 |
|
| ||
| Quest Diagnostics Inc | - | 〃 |
| - |
| US$ | 1,788 |
|
| N/A |
| US$ | 1,788 |
|
| ||
| Infor Inc | - | 〃 |
| - |
| US$ | 1,785 |
|
| N/A |
| US$ | 1,785 |
|
| ||
| AIA Group Ltd | - | 〃 |
| - |
| US$ | 1,745 |
|
| N/A |
| US$ | 1,745 |
|
| ||
| International Business Machines Corp | - | 〃 |
| - |
| US$ | 1,726 |
|
| N/A |
| US$ | 1,726 |
|
| ||
| Ginnie Mae II Pool | - | 〃 |
| - |
| US$ | 1,724 |
|
| N/A |
| US$ | 1,724 |
|
| ||
| Anheuser-Busch InBev Worldwide Inc | - | 〃 |
| - |
| US$ | 1,716 |
|
| N/A |
| US$ | 1,716 |
|
| ||
| Emerson Electric Co | - | 〃 |
| - |
| US$ | 1,688 |
|
| N/A |
| US$ | 1,688 |
|
| ||
| Southern Co/The | - | 〃 |
| - |
| US$ | 1,665 |
|
| N/A |
| US$ | 1,665 |
|
| ||
| Toyota Industries Corp | - | 〃 |
| - |
| US$ | 1,662 |
|
| N/A |
| US$ | 1,662 |
|
| ||
| MetLife Inc | - | 〃 |
| - |
| US$ | 1,661 |
|
| N/A |
| US$ | 1,661 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 59 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Midwest Connector Capital Co LLC | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 1,652 |
|
| N/A |
| US$ | 1,652 |
|
| ||
| China Resources Gas Group Ltd | - | 〃 |
| - |
| US$ | 1,651 |
|
| N/A |
| US$ | 1,651 |
|
| ||
| Suntory Holdings Ltd | - | 〃 |
| - |
| US$ | 1,630 |
|
| N/A |
| US$ | 1,630 |
|
| ||
| Brookfield Finance Inc | - | 〃 |
| - |
| US$ | 1,624 |
|
| N/A |
| US$ | 1,624 |
|
| ||
| Duke Energy Florida LLC | - | 〃 |
| - |
| US$ | 1,621 |
|
| N/A |
| US$ | 1,621 |
|
| ||
| NSTAR Electric Co | - | 〃 |
| - |
| US$ | 1,612 |
|
| N/A |
| US$ | 1,612 |
|
| ||
| Panasonic Corp | - | 〃 |
| - |
| US$ | 1,612 |
|
| N/A |
| US$ | 1,612 |
|
| ||
| CK Hutchison International 19 Ltd | - | 〃 |
| - |
| US$ | 1,607 |
|
| N/A |
| US$ | 1,607 |
|
| ||
| Northwestern Mutual Global Funding | - | 〃 |
| - |
| US$ | 1,600 |
|
| N/A |
| US$ | 1,600 |
|
| ||
| CPI Property Group SA | - | 〃 |
| - |
| US$ | 1,598 |
|
| N/A |
| US$ | 1,598 |
|
| ||
| Marsh & McLennan Cos Inc | - | 〃 |
| - |
| US$ | 1,577 |
|
| N/A |
| US$ | 1,577 |
|
| ||
| Marathon Petroleum Corp | - | 〃 |
| - |
| US$ | 1,568 |
|
| N/A |
| US$ | 1,568 |
|
| ||
| Public Service Electric & Gas Co | - | 〃 |
| - |
| US$ | 1,545 |
|
| N/A |
| US$ | 1,545 |
|
| ||
| National Australia Bank Ltd/New York | - | 〃 |
| - |
| US$ | 1,532 |
|
| N/A |
| US$ | 1,532 |
|
| ||
| KEB Hana Bank | - | 〃 |
| - |
| US$ | 1,507 |
|
| N/A |
| US$ | 1,507 |
|
| ||
| Alliant Energy Finance LLC | - | 〃 |
| - |
| US$ | 1,492 |
|
| N/A |
| US$ | 1,492 |
|
| ||
| Entergy Louisiana LLC | - | 〃 |
| - |
| US$ | 1,454 |
|
| N/A |
| US$ | 1,454 |
|
| ||
| Virginia Electric & Power Co | - | 〃 |
| - |
| US$ | 1,446 |
|
| N/A |
| US$ | 1,446 |
|
| ||
| Daiwa Securities Group Inc | - | 〃 |
| - |
| US$ | 1,420 |
|
| N/A |
| US$ | 1,420 |
|
| ||
| Citizens Financial Group Inc | - | 〃 |
| - |
| US$ | 1,411 |
|
| N/A |
| US$ | 1,411 |
|
| ||
| NetApp Inc | - | 〃 |
| - |
| US$ | 1,405 |
|
| N/A |
| US$ | 1,405 |
|
| ||
| Kilroy Realty LP | - | 〃 |
| - |
| US$ | 1,393 |
|
| N/A |
| US$ | 1,393 |
|
| ||
| Truist Financial Corp | - | 〃 |
| - |
| US$ | 1,389 |
|
| N/A |
| US$ | 1,389 |
|
| ||
| Andrew W Mellon Foundation/The | - | 〃 |
| - |
| US$ | 1,378 |
|
| N/A |
| US$ | 1,378 |
|
| ||
| Altria Group Inc | - | 〃 |
| - |
| US$ | 1,343 |
|
| N/A |
| US$ | 1,343 |
|
| ||
| Entergy Arkansas LLC | - | 〃 |
| - |
| US$ | 1,342 |
|
| N/A |
| US$ | 1,342 |
|
| ||
| Ontario Teachers' Cadillac Fairview Properties Trust | - | 〃 |
| - |
| US$ | 1,332 |
|
| N/A |
| US$ | 1,332 |
|
| ||
| Lincoln National Corp | - | 〃 |
| - |
| US$ | 1,218 |
|
| N/A |
| US$ | 1,218 |
|
| ||
| PSEG Power LLC | - | 〃 |
| - |
| US$ | 1,200 |
|
| N/A |
| US$ | 1,200 |
|
| ||
| Fannie Mae Pool | - | 〃 |
| - |
| US$ | 1,200 |
|
| N/A |
| US$ | 1,200 |
|
| ||
| State Street Corp | - | 〃 |
| - |
| US$ | 1,189 |
|
| N/A |
| US$ | 1,189 |
|
| ||
| Anthem Inc | - | 〃 |
| - |
| US$ | 1,187 |
|
| N/A |
| US$ | 1,187 |
|
| ||
| Schlumberger Finance Canada Ltd | - | 〃 |
| - |
| US$ | 1,160 |
|
| N/A |
| US$ | 1,160 |
|
| ||
| Cleveland Electric Illuminating Co/The | - | 〃 |
| - |
| US$ | 1,146 |
|
| N/A |
| US$ | 1,146 |
|
| ||
| APT Pipelines Ltd | - | 〃 |
| - |
| US$ | 1,145 |
|
| N/A |
| US$ | 1,145 |
|
| ||
| Enterprise Products Operating LLC | - | 〃 |
| - |
| US$ | 1,141 |
|
| N/A |
| US$ | 1,141 |
|
| ||
| eBay Inc | - | 〃 |
| - |
| US$ | 1,129 |
|
| N/A |
| US$ | 1,129 |
|
| ||
| CommonSpirit Health | - | 〃 |
| - |
| US$ | 1,107 |
|
| N/A |
| US$ | 1,107 |
|
| ||
| Foxconn Far East Ltd | - | 〃 |
| - |
| US$ | 1,101 |
|
| N/A |
| US$ | 1,101 |
|
| ||
| Sinopec Group Overseas Development 2014 Ltd | - | 〃 |
| - |
| US$ | 1,098 |
|
| N/A |
| US$ | 1,098 |
|
| ||
| Alexandria Real Estate Equities Inc | - | 〃 |
| - |
| US$ | 1,085 |
|
| N/A |
| US$ | 1,085 |
|
| ||
| BBVA Bancomer SA/Texas | - | 〃 |
| - |
| US$ | 1,085 |
|
| N/A |
| US$ | 1,085 |
|
| ||
| Kansas City Southern | - | 〃 |
| - |
| US$ | 1,070 |
|
| N/A |
| US$ | 1,070 |
|
| ||
| Baltimore Gas & Electric Co | - | 〃 |
| - |
| US$ | 1,057 |
|
| N/A |
| US$ | 1,057 |
|
| ||
| DH Europe Finance II Sarl | - | 〃 |
| - |
| US$ | 1,051 |
|
| N/A |
| US$ | 1,051 |
|
| ||
| Entergy Mississippi LLC | - | 〃 |
| - |
| US$ | 1,051 |
|
| N/A |
| US$ | 1,051 |
|
| ||
| BBVA USA | - | 〃 |
| - |
| US$ | 1,050 |
|
| N/A |
| US$ | 1,050 |
|
| ||
| USAA Capital Corp | - | 〃 |
| - |
| US$ | 1,042 |
|
| N/A |
| US$ | 1,042 |
|
| ||
| Loews Corp | - | 〃 |
| - |
| US$ | 1,037 |
|
| N/A |
| US$ | 1,037 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 60 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | ||||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | ||||||||||||||||
|
|
|
|
|
|
|
|
| |||||||||||
TSMC Global | Kaiser Foundation Hospitals | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 1,031 |
|
| N/A |
| US$ | 1,031 |
|
| |||
| Kinder Morgan Inc/DE | - | 〃 |
| - |
| US$ | 1,026 |
|
| N/A |
| US$ | 1,026 |
|
| |||
| Texas Eastern Transmission LP | - | 〃 |
| - |
| US$ | 1,025 |
|
| N/A |
| US$ | 1,025 |
|
| |||
| Mondelez International Holdings Netherlands BV | - | 〃 |
| - |
| US$ | 1,020 |
|
| N/A |
| US$ | 1,020 |
|
| |||
| Vodafone Group PLC | - | 〃 |
| - |
| US$ | 1,005 |
|
| N/A |
| US$ | 1,005 |
|
| |||
| Toyota Motor Finance Netherlands BV | - | 〃 |
| - |
| US$ | 998 |
|
| N/A |
| US$ | 998 |
|
| |||
| National Rural Utilities Cooperative Finance Corp | - | 〃 |
| - |
| US$ | 969 |
|
| N/A |
| US$ | 969 |
|
| |||
| Aflac Inc | - | 〃 |
| - |
| US$ | 960 |
|
| N/A |
| US$ | 960 |
|
| |||
| Unilever Capital Corp | - | 〃 |
| - |
| US$ | 953 |
|
| N/A |
| US$ | 953 |
|
| |||
| QNB Finance Ltd | - | 〃 |
| - |
| US$ | 940 |
|
| N/A |
| US$ | 940 |
|
| |||
| BHP Billiton Finance USA Ltd | - | 〃 |
| - |
| US$ | 940 |
|
| N/A |
| US$ | 940 |
|
| |||
| Southern California Gas Co | - | 〃 |
| - |
| US$ | 939 |
|
| N/A |
| US$ | 939 |
|
| |||
| Mitsubishi UFJ Lease & Finance Co Ltd | - | 〃 |
| - |
| US$ | 924 |
|
| N/A |
| US$ | 924 |
|
| |||
| Prudential Financial Inc | - | 〃 |
| - |
| US$ | 923 |
|
| N/A |
| US$ | 923 |
|
| |||
| Woolworths Group Ltd | - | 〃 |
| - |
| US$ | 858 |
|
| N/A |
| US$ | 858 |
|
| |||
| Niagara Mohawk Power Corp | - | 〃 |
| - |
| US$ | 836 |
|
| N/A |
| US$ | 836 |
|
| |||
| Sinopec Capital 2013 Ltd | - | 〃 |
| - |
| US$ | 834 |
|
| N/A |
| US$ | 834 |
|
| |||
| Aetna Inc | - | 〃 |
| - |
| US$ | 829 |
|
| N/A |
| US$ | 829 |
|
| |||
| Natwest Group PLC | - | 〃 |
| - |
| US$ | 817 |
|
| N/A |
| US$ | 817 |
|
| |||
| Visa Inc | - | 〃 |
| - |
| US$ | 815 |
|
| N/A |
| US$ | 815 |
|
| |||
| Sky Ltd | - | 〃 |
| - |
| US$ | 769 |
|
| N/A |
| US$ | 769 |
|
| |||
| Masco Corp | - | 〃 |
| - |
| US$ | 768 |
|
| N/A |
| US$ | 768 |
|
| |||
| Xylem Inc/NY | - | 〃 |
| - |
| US$ | 766 |
|
| N/A |
| US$ | 766 |
|
| |||
| Warner Media LLC | - | 〃 |
| - |
| US$ | 753 |
|
| N/A |
| US$ | 753 |
|
| |||
| Canadian Natural Resources Ltd | - | 〃 |
| - |
| US$ | 743 |
|
| N/A |
| US$ | 743 |
|
| |||
| BNZ International Funding Ltd/London | - | 〃 |
| - |
| US$ | 739 |
|
| N/A |
| US$ | 739 |
|
| |||
| Hyundai Capital Services Inc | - | 〃 |
| - |
| US$ | 732 |
|
| N/A |
| US$ | 732 |
|
| |||
| Sinopec Group Overseas Development 2017 Ltd | - | 〃 |
| - |
| US$ | 716 |
|
| N/A |
| US$ | 716 |
|
| |||
| Abbott Laboratories | - | 〃 |
| - |
| US$ | 698 |
|
| N/A |
| US$ | 698 |
|
| |||
| Bell Canada | - | 〃 |
| - |
| US$ | 649 |
|
| N/A |
| US$ | 649 |
|
| |||
| Republic Services Inc | - | 〃 |
| - |
| US$ | 634 |
|
| N/A |
| US$ | 634 |
|
| |||
| QUALCOMM Inc | - | 〃 |
| - |
| US$ | 632 |
|
| N/A |
| US$ | 632 |
|
| |||
| Glencore Funding LLC | - | 〃 |
| - |
| US$ | 631 |
|
| N/A |
| US$ | 631 |
|
| |||
| OneBeacon US Holdings Inc | - | 〃 |
| - |
| US$ | 628 |
|
| N/A |
| US$ | 628 |
|
| |||
| Ginnie Mae | - | 〃 |
| - |
| US$ | 627 |
|
| N/A |
| US$ | 627 |
|
| |||
| American Water Capital Corp | - | 〃 |
| - |
| US$ | 624 |
|
| N/A |
| US$ | 624 |
|
| |||
| Sinopec Group Overseas Development 2012 Ltd | - | 〃 |
| - |
| US$ | 620 |
|
| N/A |
| US$ | 620 |
|
| |||
| UBS AG/London | - | 〃 |
| - |
| US$ | 620 |
|
| N/A |
| US$ | 620 |
|
| |||
| Ohio Power Co | - | 〃 |
| - |
| US$ | 614 |
|
| N/A |
| US$ | 614 |
|
| |||
| Discover Bank | - | 〃 |
| - |
| US$ | 603 |
|
| N/A |
| US$ | 603 |
|
| |||
| Ross Stores Inc | - | 〃 |
| - |
| US$ | 596 |
|
| N/A |
| US$ | 596 |
|
| |||
| Arizona Public Service Co | - | 〃 |
| - |
| US$ | 592 |
|
| N/A |
| US$ | 592 |
|
| |||
| Duke Energy Progress LLC | - | 〃 |
| - |
| US$ | 586 |
|
| N/A |
| US$ | 586 |
|
| |||
| CenterPoint Energy Inc | - | 〃 |
| - |
| US$ | 579 |
|
| N/A |
| US$ | 579 |
|
| |||
| Evergy Inc | - | 〃 |
| - |
| US$ | 575 |
|
| N/A |
| US$ | 575 |
|
| |||
| KeyBank NA/Cleveland OH | - | 〃 |
| - |
| US$ | 575 |
|
| N/A |
| US$ | 575 |
|
| |||
| Fifth Third Bank/Cincinnati OH | - | 〃 |
| - |
| US$ | 563 |
|
| N/A |
| US$ | 563 |
|
| |||
| United Parcel Service Inc | - | 〃 |
| - |
| US$ | 554 |
|
| N/A |
| US$ | 554 |
|
| |||
| PACCAR Financial Corp | - | 〃 |
| - |
| US$ | 544 |
|
| N/A |
| US$ | 544 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 61 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Trane Technologies Luxembourg Finance SA | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 543 |
|
| N/A |
| US$ | 543 |
|
| ||
| MassMutual Global Funding II | - | 〃 |
| - |
| US$ | 529 |
|
| N/A |
| US$ | 529 |
|
| ||
| Caterpillar Financial Services Corp | - | 〃 |
| - |
| US$ | 524 |
|
| N/A |
| US$ | 524 |
|
| ||
| TTX Co | - | 〃 |
| - |
| US$ | 521 |
|
| N/A |
| US$ | 521 |
|
| ||
| Baker Hughes a GE Co LLC / Baker Hughes Co-Obligor Inc | - | 〃 |
| - |
| US$ | 519 |
|
| N/A |
| US$ | 519 |
|
| ||
| ABC Inc | - | 〃 |
| - |
| US$ | 515 |
|
| N/A |
| US$ | 515 |
|
| ||
| Simon Property Group LP | - | 〃 |
| - |
| US$ | 514 |
|
| N/A |
| US$ | 514 |
|
| ||
| Hanwha Energy USA Holdings Corp | - | 〃 |
| - |
| US$ | 512 |
|
| N/A |
| US$ | 512 |
|
| ||
| Danone SA | - | 〃 |
| - |
| US$ | 504 |
|
| N/A |
| US$ | 504 |
|
| ||
| Atmos Energy Corp | - | 〃 |
| - |
| US$ | 500 |
|
| N/A |
| US$ | 500 |
|
| ||
| United Overseas Bank Ltd | - | 〃 |
| - |
| US$ | 456 |
|
| N/A |
| US$ | 456 |
|
| ||
| Target Corp | - | 〃 |
| - |
| US$ | 445 |
|
| N/A |
| US$ | 445 |
|
| ||
| MUFG Union Bank NA | - | 〃 |
| - |
| US$ | 436 |
|
| N/A |
| US$ | 436 |
|
| ||
| PayPal Holdings Inc | - | 〃 |
| - |
| US$ | 432 |
|
| N/A |
| US$ | 432 |
|
| ||
| Comerica Bank | - | 〃 |
| - |
| US$ | 423 |
|
| N/A |
| US$ | 423 |
|
| ||
| Banco del Estado de Chile | - | 〃 |
| - |
| US$ | 417 |
|
| N/A |
| US$ | 417 |
|
| ||
| Komatsu Finance America Inc | - | 〃 |
| - |
| US$ | 411 |
|
| N/A |
| US$ | 411 |
|
| ||
| Newmont Goldcorp Corp | - | 〃 |
| - |
| US$ | 400 |
|
| N/A |
| US$ | 400 |
|
| ||
| PepsiCo Inc | - | 〃 |
| - |
| US$ | 395 |
|
| N/A |
| US$ | 395 |
|
| ||
| StanCorp Financial Group Inc | - | 〃 |
| - |
| US$ | 387 |
|
| N/A |
| US$ | 387 |
|
| ||
| Enbridge Inc | - | 〃 |
| - |
| US$ | 375 |
|
| N/A |
| US$ | 375 |
|
| ||
| Canadian Pacific Railway Co | - | 〃 |
| - |
| US$ | 371 |
|
| N/A |
| US$ | 371 |
|
| ||
| Principal Financial Group Inc | - | 〃 |
| - |
| US$ | 369 |
|
| N/A |
| US$ | 369 |
|
| ||
| Pernod Ricard SA | - | 〃 |
| - |
| US$ | 361 |
|
| N/A |
| US$ | 361 |
|
| ||
| First Republic Bank/CA | - | 〃 |
| - |
| US$ | 359 |
|
| N/A |
| US$ | 359 |
|
| ||
| Ventas Realty LP / Ventas Capital Corp | - | 〃 |
| - |
| US$ | 346 |
|
| N/A |
| US$ | 346 |
|
| ||
| Archer-Daniels-Midland Co | - | 〃 |
| - |
| US$ | 345 |
|
| N/A |
| US$ | 345 |
|
| ||
| Amgen Inc | - | 〃 |
| - |
| US$ | 341 |
|
| N/A |
| US$ | 341 |
|
| ||
| BP Capital Markets PLC | - | 〃 |
| - |
| US$ | 327 |
|
| N/A |
| US$ | 327 |
|
| ||
| Allstate Corp/The | - | 〃 |
| - |
| US$ | 324 |
|
| N/A |
| US$ | 324 |
|
| ||
| Total Capital International SA | - | 〃 |
| - |
| US$ | 314 |
|
| N/A |
| US$ | 314 |
|
| ||
| America Movil SAB de CV | - | 〃 |
| - |
| US$ | 309 |
|
| N/A |
| US$ | 309 |
|
| ||
| Aon Corp | - | 〃 |
| - |
| US$ | 298 |
|
| N/A |
| US$ | 298 |
|
| ||
| Johnson Controls International plc | - | 〃 |
| - |
| US$ | 297 |
|
| N/A |
| US$ | 297 |
|
| ||
| Starbucks Corp | - | 〃 |
| - |
| US$ | 278 |
|
| N/A |
| US$ | 278 |
|
| ||
| Mondelez International Inc | - | 〃 |
| - |
| US$ | 278 |
|
| N/A |
| US$ | 278 |
|
| ||
| Southern Natural Gas Co LLC / Southern Natural Issuing Corp | - | 〃 |
| - |
| US$ | 276 |
|
| N/A |
| US$ | 276 |
|
| ||
| Coca-Cola Co/The | - | 〃 |
| - |
| US$ | 270 |
|
| N/A |
| US$ | 270 |
|
| ||
| AXA Equitable Holdings Inc | - | 〃 |
| - |
| US$ | 260 |
|
| N/A |
| US$ | 260 |
|
| ||
| Huntington National Bank/The | - | 〃 |
| - |
| US$ | 256 |
|
| N/A |
| US$ | 256 |
|
| ||
| Capital One Bank USA NA | - | 〃 |
| - |
| US$ | 253 |
|
| N/A |
| US$ | 253 |
|
| ||
| EI du Pont de Nemours and Co | - | 〃 |
| - |
| US$ | 249 |
|
| N/A |
| US$ | 249 |
|
| ||
| Waste Management Inc | - | 〃 |
| - |
| US$ | 245 |
|
| N/A |
| US$ | 245 |
|
| ||
| Nasdaq Inc | - | 〃 |
| - |
| US$ | 220 |
|
| N/A |
| US$ | 220 |
|
| ||
| Deere & Co | - | 〃 |
| - |
| US$ | 213 |
|
| N/A |
| US$ | 213 |
|
| ||
| Saudi Arabian Oil Co | - | 〃 |
| - |
| US$ | 201 |
|
| N/A |
| US$ | 201 |
|
| ||
| Nucor Corp | - | 〃 |
| - |
| US$ | 187 |
|
| N/A |
| US$ | 187 |
|
| ||
| Dow Chemical Co/The | - | 〃 |
| - |
| US$ | 133 |
|
| N/A |
| US$ | 133 |
|
| ||
| Electricite de France SA | - | 〃 |
| - |
| US$ | 109 |
|
| N/A |
| US$ | 109 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 62 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | Columbia Property Trust Operating Partnership LP | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 105 |
|
| N/A |
| US$ | 105 |
|
| ||
| Valero Energy Partners LP | - | 〃 |
| - |
| US$ | 59 |
|
| N/A |
| US$ | 59 |
|
| ||
| Wells Fargo & Company | - | Financial assets at amortized cost |
| - |
| US$ | 180,435 |
|
| N/A |
| US$ | 181,697 |
|
| ||
| Citigroup Global Market Inc. | - | 〃 |
| - |
| US$ | 99,967 |
|
| N/A |
| US$ | 100,273 |
|
| ||
| JPMorgan Chase & Co. | - | 〃 |
| - |
| US$ | 95,051 |
|
| N/A |
| US$ | 95,270 |
|
| ||
| Goldman Sachs Group Inc/The | - | 〃 |
| - |
| US$ | 14,937 |
|
| N/A |
| US$ | 15,104 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Government bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| United States Treasury Note/Bond | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 622,717 |
|
| N/A |
| US$ | 622,717 |
|
| ||
| United States Treasury Bill | - | 〃 |
| - |
| US$ | 20,300 |
|
| N/A |
| US$ | 20,300 |
|
| ||
| Abu Dhabi Government International Bond | - | 〃 |
| - |
| US$ | 5,011 |
|
| N/A |
| US$ | 5,011 |
|
| ||
| Qatar Government International Bond | - | 〃 |
| - |
| US$ | 1,385 |
|
| N/A |
| US$ | 1,385 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Agency bonds/Agency mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Fannie Mae Pool | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 422,561 |
|
| N/A |
| US$ | 422,561 |
|
| ||
| Ginnie Mae II Pool | - | 〃 |
| - |
| US$ | 292,319 |
|
| N/A |
| US$ | 292,319 |
|
| ||
| Fannie Mae or Freddie Mac | - | 〃 |
| - |
| US$ | 192,666 |
|
| N/A |
| US$ | 192,666 |
|
| ||
| Fannie Mae REMICS | - | 〃 |
| - |
| US$ | 122,936 |
|
| N/A |
| US$ | 122,936 |
|
| ||
| Freddie Mac REMICS | - | 〃 |
| - |
| US$ | 118,402 |
|
| N/A |
| US$ | 118,402 |
|
| ||
| Freddie Mac Pool | - | 〃 |
| - |
| US$ | 102,519 |
|
| N/A |
| US$ | 102,519 |
|
| ||
| Ginnie Mae | - | 〃 |
| - |
| US$ | 86,560 |
|
| N/A |
| US$ | 86,560 |
|
| ||
| Freddie Mac Gold Pool | - | 〃 |
| - |
| US$ | 78,753 |
|
| N/A |
| US$ | 78,753 |
|
| ||
| Government National Mortgage Association | - | 〃 |
| - |
| US$ | 32,912 |
|
| N/A |
| US$ | 32,912 |
|
| ||
| Cooperatieve Rabobank UA/NY | - | 〃 |
| - |
| US$ | 19,672 |
|
| N/A |
| US$ | 19,672 |
|
| ||
| Fannie Mae-Aces | - | 〃 |
| - |
| US$ | 17,999 |
|
| N/A |
| US$ | 17,999 |
|
| ||
| Ginnie Mae I Pool | - | 〃 |
| - |
| US$ | 3,542 |
|
| N/A |
| US$ | 3,542 |
|
| ||
| Freddie Mac Strips | - | 〃 |
| - |
| US$ | 3,274 |
|
| N/A |
| US$ | 3,274 |
|
| ||
| Equitable Financial Life Global Funding | - | 〃 |
| - |
| US$ | 2,197 |
|
| N/A |
| US$ | 2,197 |
|
| ||
| Korea Hydro & Nuclear Power Co Ltd | - | 〃 |
| - |
| US$ | 1,923 |
|
| N/A |
| US$ | 1,923 |
|
| ||
| University of California | - | 〃 |
| - |
| US$ | 1,722 |
|
| N/A |
| US$ | 1,722 |
|
| ||
| Goldman Sachs Group Inc/The | - | 〃 |
| - |
| US$ | 1,417 |
|
| N/A |
| US$ | 1,417 |
|
| ||
| Federal National Mortgage Association | - | 〃 |
| - |
| US$ | 1,143 |
|
| N/A |
| US$ | 1,143 |
|
| ||
| Denver City & County Housing Authority | - | 〃 |
| - |
| US$ | 1,034 |
|
| N/A |
| US$ | 1,034 |
|
| ||
| Oregon Health & Science University | - | 〃 |
| - |
| US$ | 821 |
|
| N/A |
| US$ | 821 |
|
| ||
| State Board of Administration Finance Corp | - | 〃 |
| - |
| US$ | 630 |
|
| N/A |
| US$ | 630 |
|
| ||
| New York State Dormitory Authority | - | 〃 |
| - |
| US$ | 585 |
|
| N/A |
| US$ | 585 |
|
| ||
| FRESB 2019-SB61 Mortgage Trust | - | 〃 |
| - |
| US$ | 575 |
|
| N/A |
| US$ | 575 |
|
| ||
| Freddie Mac Multifamily Structured Pass Through Certificates | - | 〃 |
| - |
| US$ | 557 |
|
| N/A |
| US$ | 557 |
|
| ||
| State of Hawaii | - | 〃 |
| - |
| US$ | 551 |
|
| N/A |
| US$ | 551 |
|
| ||
| FHLMC-GNMA | - | 〃 |
| - |
| US$ | 468 |
|
| N/A |
| US$ | 468 |
|
| ||
| Brazos Higher Education Authority Inc | - | 〃 |
| - |
| US$ | 466 |
|
| N/A |
| US$ | 466 |
|
| ||
| FRESB 2019-SB60 Mortgage Trust | - | 〃 |
| - |
| US$ | 387 |
|
| N/A |
| US$ | 387 |
|
| ||
| Freddie Mac Non Gold Pool | - | 〃 |
| - |
| US$ | 262 |
|
| N/A |
| US$ | 262 |
|
| ||
| Sales Tax Securitization Corp | - | 〃 |
| - |
| US$ | 256 |
|
| N/A |
| US$ | 256 |
|
| ||
| GA Global Funding Trust | - | 〃 |
| - |
| US$ | 178 |
|
| N/A |
| US$ | 178 |
|
| ||
| Fannie Mae Benchmark REMIC | - | 〃 |
| - |
| US$ | 89 |
|
| N/A |
| US$ | 89 |
|
| ||
| Municipal Improvement Corp of Los Angeles | - | 〃 |
| - |
| US$ | 80 |
|
| N/A |
| US$ | 80 |
|
| ||
| City of Huntington Beach CA | - | 〃 |
| - |
| US$ | 50 |
|
| N/A |
| US$ | 50 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 63 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | City of Worcester MA | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 30 |
|
| N/A |
| US$ | 30 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Asset-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2014-C24 | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 7,937 |
|
| N/A |
| US$ | 7,937 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2016-BNK1 | - | 〃 |
| - |
| US$ | 7,701 |
|
| N/A |
| US$ | 7,701 |
|
| ||
| BANK 2020-BNK26 | - | 〃 |
| - |
| US$ | 6,893 |
|
| N/A |
| US$ | 6,893 |
|
| ||
| Citigroup Commercial Mortgage Trust 2014-GC21 | - | 〃 |
| - |
| US$ | 6,446 |
|
| N/A |
| US$ | 6,446 |
|
| ||
| Benchmark 2019-B11 Mortgage Trust | - | 〃 |
| - |
| US$ | 6,351 |
|
| N/A |
| US$ | 6,351 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2016-C35 | - | 〃 |
| - |
| US$ | 6,205 |
|
| N/A |
| US$ | 6,205 |
|
| ||
| WFRBS Commercial Mortgage Trust 2013-C13 | - | 〃 |
| - |
| US$ | 5,647 |
|
| N/A |
| US$ | 5,647 |
|
| ||
| UBS-Barclays Commercial Mortgage Trust 2012-C2 | - | 〃 |
| - |
| US$ | 5,630 |
|
| N/A |
| US$ | 5,630 |
|
| ||
| BBCMS 2018-TALL Mortgage Trust | - | 〃 |
| - |
| US$ | 5,445 |
|
| N/A |
| US$ | 5,445 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 | - | 〃 |
| - |
| US$ | 5,370 |
|
| N/A |
| US$ | 5,370 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 | - | 〃 |
| - |
| US$ | 5,215 |
|
| N/A |
| US$ | 5,215 |
|
| ||
| COMM 2015-CCRE24 Mortgage Trust | - | 〃 |
| - |
| US$ | 5,139 |
|
| N/A |
| US$ | 5,139 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 | - | 〃 |
| - |
| US$ | 5,001 |
|
| N/A |
| US$ | 5,001 |
|
| ||
| MRCD 2019-MARK Mortgage Trust | - | 〃 |
| - |
| US$ | 4,874 |
|
| N/A |
| US$ | 4,874 |
|
| ||
| Mercedes-Benz Auto Lease Trust 2019-B | - | 〃 |
| - |
| US$ | 4,317 |
|
| N/A |
| US$ | 4,317 |
|
| ||
| BANK 2019-BNK22 | - | 〃 |
| - |
| US$ | 4,315 |
|
| N/A |
| US$ | 4,315 |
|
| ||
| UBS Commercial Mortgage Trust 2018-C10 | - | 〃 |
| - |
| US$ | 4,229 |
|
| N/A |
| US$ | 4,229 |
|
| ||
| JPMCC Commercial Mortgage Securities Trust 2017-JP7 | - | 〃 |
| - |
| US$ | 4,228 |
|
| N/A |
| US$ | 4,228 |
|
| ||
| BANK 2019-BNK17 | - | 〃 |
| - |
| US$ | 4,201 |
|
| N/A |
| US$ | 4,201 |
|
| ||
| BANK 2017-BNK5 | - | 〃 |
| - |
| US$ | 4,166 |
|
| N/A |
| US$ | 4,166 |
|
| ||
| BANK 2017-BNK6 | - | 〃 |
| - |
| US$ | 4,161 |
|
| N/A |
| US$ | 4,161 |
|
| ||
| JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9 | - | 〃 |
| - |
| US$ | 4,026 |
|
| N/A |
| US$ | 4,026 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 | - | 〃 |
| - |
| US$ | 4,020 |
|
| N/A |
| US$ | 4,020 |
|
| ||
| Hyundai Auto Receivables Trust 2017-A | - | 〃 |
| - |
| US$ | 3,910 |
|
| N/A |
| US$ | 3,910 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2015-C28 | - | 〃 |
| - |
| US$ | 3,405 |
|
| N/A |
| US$ | 3,405 |
|
| ||
| Enterprise Fleet Financing 2020-1 LLC | - | 〃 |
| - |
| US$ | 3,371 |
|
| N/A |
| US$ | 3,371 |
|
| ||
| UBS-Barclays Commercial Mortgage Trust 2013-C6 | - | 〃 |
| - |
| US$ | 3,302 |
|
| N/A |
| US$ | 3,302 |
|
| ||
| GS Mortgage Securities Trust 2012-GC6 | - | 〃 |
| - |
| US$ | 3,101 |
|
| N/A |
| US$ | 3,101 |
|
| ||
| Morgan Stanley Capital I Trust 2017-H1 | - | 〃 |
| - |
| US$ | 3,054 |
|
| N/A |
| US$ | 3,054 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2017-C40 | - | 〃 |
| - |
| US$ | 3,054 |
|
| N/A |
| US$ | 3,054 |
|
| ||
| Citigroup Commercial Mortgage Trust 2016-P5 | - | 〃 |
| - |
| US$ | 3,012 |
|
| N/A |
| US$ | 3,012 |
|
| ||
| GS Mortgage Securities Corp Trust 2018-RIVR | - | 〃 |
| - |
| US$ | 2,989 |
|
| N/A |
| US$ | 2,989 |
|
| ||
| Hyundai Auto Receivables Trust 2018-A | - | 〃 |
| - |
| US$ | 2,928 |
|
| N/A |
| US$ | 2,928 |
|
| ||
| Ford Credit Auto Lease Trust 2020-B | - | 〃 |
| - |
| US$ | 2,865 |
|
| N/A |
| US$ | 2,865 |
|
| ||
| UBS-Barclays Commercial Mortgage Trust 2012-C3 | - | 〃 |
| - |
| US$ | 2,816 |
|
| N/A |
| US$ | 2,816 |
|
| ||
| Ford Credit Auto Lease Trust 2019-B | - | 〃 |
| - |
| US$ | 2,790 |
|
| N/A |
| US$ | 2,790 |
|
| ||
| Citigroup Commercial Mortgage Trust 2016-C3 | - | 〃 |
| - |
| US$ | 2,772 |
|
| N/A |
| US$ | 2,772 |
|
| ||
| GS Mortgage Securities Trust 2013-GCJ12 | - | 〃 |
| - |
| US$ | 2,708 |
|
| N/A |
| US$ | 2,708 |
|
| ||
| Ford Credit Auto Owner Trust 2020-REV1 | - | 〃 |
| - |
| US$ | 2,591 |
|
| N/A |
| US$ | 2,591 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2020-C55 | - | 〃 |
| - |
| US$ | 2,488 |
|
| N/A |
| US$ | 2,488 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-C6 | - | 〃 |
| - |
| US$ | 2,426 |
|
| N/A |
| US$ | 2,426 |
|
| ||
| Enterprise Fleet Financing 2019-2 LLC | - | 〃 |
| - |
| US$ | 2,401 |
|
| N/A |
| US$ | 2,401 |
|
| ||
| BBCMS Mortgage Trust 2020-C8 | - | 〃 |
| - |
| US$ | 2,395 |
|
| N/A |
| US$ | 2,395 |
|
| ||
| BX Commercial Mortgage Trust 2018-IND | - | 〃 |
| - |
| US$ | 2,287 |
|
| N/A |
| US$ | 2,287 |
|
| ||
| Nissan Auto Lease Trust 2019-B | - | 〃 |
| - |
| US$ | 2,226 |
|
| N/A |
| US$ | 2,226 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 64 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | UBS Commercial Mortgage Trust 2018-C11 | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 2,204 |
|
| N/A |
| US$ | 2,204 |
|
| ||
| Morgan Stanley Capital I Trust 2018-H3 | - | 〃 |
| - |
| US$ | 2,177 |
|
| N/A |
| US$ | 2,177 |
|
| ||
| COMM 2013-CCRE12 Mortgage Trust | - | 〃 |
| - |
| US$ | 2,151 |
|
| N/A |
| US$ | 2,151 |
|
| ||
| BENCHMARK 2018-B4 | - | 〃 |
| - |
| US$ | 2,119 |
|
| N/A |
| US$ | 2,119 |
|
| ||
| JPMDB Commercial Mortgage Securities Trust 2017-C7 | - | 〃 |
| - |
| US$ | 2,106 |
|
| N/A |
| US$ | 2,106 |
|
| ||
| Citigroup Commercial Mortgage Trust 2017-P8 | - | 〃 |
| - |
| US$ | 2,085 |
|
| N/A |
| US$ | 2,085 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 | - | 〃 |
| - |
| US$ | 2,055 |
|
| N/A |
| US$ | 2,055 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2014-C19 | - | 〃 |
| - |
| US$ | 2,005 |
|
| N/A |
| US$ | 2,005 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 | - | 〃 |
| - |
| US$ | 1,843 |
|
| N/A |
| US$ | 1,843 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2012-LC5 | - | 〃 |
| - |
| US$ | 1,577 |
|
| N/A |
| US$ | 1,577 |
|
| ||
| COMM 2020-CBM Mortgage Trust | - | 〃 |
| - |
| US$ | 1,566 |
|
| N/A |
| US$ | 1,566 |
|
| ||
| JPMBB Commercial Mortgage Securities Trust 2013-C12 | - | 〃 |
| - |
| US$ | 1,557 |
|
| N/A |
| US$ | 1,557 |
|
| ||
| COMM 2014-CCRE17 Mortgage Trust | - | 〃 |
| - |
| US$ | 1,443 |
|
| N/A |
| US$ | 1,443 |
|
| ||
| WFRBS Commercial Mortgage Trust 2013-C17 | - | 〃 |
| - |
| US$ | 1,405 |
|
| N/A |
| US$ | 1,405 |
|
| ||
| Toyota Auto Receivables 2018-D Owner Trust | - | 〃 |
| - |
| US$ | 1,332 |
|
| N/A |
| US$ | 1,332 |
|
| ||
| GS Mortgage Securities Trust 2014-GC22 | - | 〃 |
| - |
| US$ | 1,311 |
|
| N/A |
| US$ | 1,311 |
|
| ||
| DBGS 2018-BIOD Mortgage Trust | - | 〃 |
| - |
| US$ | 1,300 |
|
| N/A |
| US$ | 1,300 |
|
| ||
| Nissan Auto Lease Trust 2019-A | - | 〃 |
| - |
| US$ | 1,237 |
|
| N/A |
| US$ | 1,237 |
|
| ||
| ARI Fleet Lease Trust 2019-A | - | 〃 |
| - |
| US$ | 1,237 |
|
| N/A |
| US$ | 1,237 |
|
| ||
| GM Financial Automobile Leasing Trust 2019-4 | - | 〃 |
| - |
| US$ | 1,214 |
|
| N/A |
| US$ | 1,214 |
|
| ||
| Morgan Stanley Capital I Trust 2019-H6 | - | 〃 |
| - |
| US$ | 1,118 |
|
| N/A |
| US$ | 1,118 |
|
| ||
| Benchmark 2019-B14 Mortgage Trust | - | 〃 |
| - |
| US$ | 1,111 |
|
| N/A |
| US$ | 1,111 |
|
| ||
| Hyundai Auto Receivables Trust 2019-B | - | 〃 |
| - |
| US$ | 1,107 |
|
| N/A |
| US$ | 1,107 |
|
| ||
| GS Mortgage Securities Trust 2014-GC24 | - | 〃 |
| - |
| US$ | 1,081 |
|
| N/A |
| US$ | 1,081 |
|
| ||
| GS Mortgage Securities Trust 2019-GSA1 | - | 〃 |
| - |
| US$ | 1,016 |
|
| N/A |
| US$ | 1,016 |
|
| ||
| COMM 2013-LC6 Mortgage Trust | - | 〃 |
| - |
| US$ | 1,007 |
|
| N/A |
| US$ | 1,007 |
|
| ||
| Ford Credit Auto Lease Trust 2019-A | - | 〃 |
| - |
| US$ | 1,006 |
|
| N/A |
| US$ | 1,006 |
|
| ||
| Citigroup Commercial Mortgage Trust 2013-GC11 | - | 〃 |
| - |
| US$ | 976 |
|
| N/A |
| US$ | 976 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 | - | 〃 |
| - |
| US$ | 946 |
|
| N/A |
| US$ | 946 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12 | - | 〃 |
| - |
| US$ | 940 |
|
| N/A |
| US$ | 940 |
|
| ||
| COMM 2012-CCRE5 Mortgage Trust | - | 〃 |
| - |
| US$ | 931 |
|
| N/A |
| US$ | 931 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-LC20 | - | 〃 |
| - |
| US$ | 913 |
|
| N/A |
| US$ | 913 |
|
| ||
| Benchmark 2019-B9 Mortgage Trust | - | 〃 |
| - |
| US$ | 911 |
|
| N/A |
| US$ | 911 |
|
| ||
| BBCMS MORTGAGE TRUST 2017-C1 | - | 〃 |
| - |
| US$ | 869 |
|
| N/A |
| US$ | 869 |
|
| ||
| 280 Park Avenue 2017-280P Mortgage Trust | - | 〃 |
| - |
| US$ | 830 |
|
| N/A |
| US$ | 830 |
|
| ||
| GM Financial Automobile Leasing Trust 2019-2 | - | 〃 |
| - |
| US$ | 822 |
|
| N/A |
| US$ | 822 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2016-C36 | - | 〃 |
| - |
| US$ | 810 |
|
| N/A |
| US$ | 810 |
|
| ||
| Benchmark 2019-B15 Mortgage Trust | - | 〃 |
| - |
| US$ | 793 |
|
| N/A |
| US$ | 793 |
|
| ||
| Citigroup Commercial Mortgage Trust 2015-GC35 | - | 〃 |
| - |
| US$ | 762 |
|
| N/A |
| US$ | 762 |
|
| ||
| Cantor Commercial Real Estate Lending 2019-CF1 | - | 〃 |
| - |
| US$ | 759 |
|
| N/A |
| US$ | 759 |
|
| ||
| Citigroup Commercial Mortgage Trust 2014-GC23 | - | 〃 |
| - |
| US$ | 713 |
|
| N/A |
| US$ | 713 |
|
| ||
| COMM 2013-CCRE8 Mortgage Trust | - | 〃 |
| - |
| US$ | 712 |
|
| N/A |
| US$ | 712 |
|
| ||
| BANK 2019-BNK23 | - | 〃 |
| - |
| US$ | 701 |
|
| N/A |
| US$ | 701 |
|
| ||
| Morgan Stanley Capital I Trust 2019-H7 | - | 〃 |
| - |
| US$ | 695 |
|
| N/A |
| US$ | 695 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-NXS3 | - | 〃 |
| - |
| US$ | 661 |
|
| N/A |
| US$ | 661 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-C28 | - | 〃 |
| - |
| US$ | 639 |
|
| N/A |
| US$ | 639 |
|
| ||
| Mercedes-Benz Auto Lease Trust 2019-A | - | 〃 |
| - |
| US$ | 614 |
|
| N/A |
| US$ | 614 |
|
| ||
| GS Mortgage Securities Corp Trust 2020-UPTN | - | 〃 |
| - |
| US$ | 611 |
|
| N/A |
| US$ | 611 |
|
| ||
| COMM 2015-CCRE22 Mortgage Trust | - | 〃 |
| - |
| US$ | 586 |
|
| N/A |
| US$ | 586 |
|
| ||
| GM Financial Automobile Leasing Trust 2019-3 | - | 〃 |
| - |
| US$ | 539 |
|
| N/A |
| US$ | 539 |
|
| ||
| GM Financial Consumer Automobile Receivables Trust 2018-1 | - | 〃 |
| - |
| US$ | 532 |
|
| N/A |
| US$ | 532 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 65 -
Held Company Name | Marketable Securities Type and Name | Relationship with the Company | Financial Statement Account | March 31, 2021 | Note | |||||||||||||
Shares/Units (In Thousands) | Carrying Value (Foreign Currencies in Thousands) | Percentage of Ownership (%) | Fair Value (Foreign Currencies in Thousands) | |||||||||||||||
|
|
|
|
|
|
|
|
| ||||||||||
TSMC Global | CD 2016-CD2 Mortgage Trust | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 491 |
|
| N/A |
| US$ | 491 |
|
| ||
| Hyundai Auto Lease Securitization Trust 2019-A | - | 〃 |
| - |
| US$ | 490 |
|
| N/A |
| US$ | 490 |
|
| ||
| JPMDB Commercial Mortgage Securities Trust 2019-COR6 | - | 〃 |
| - |
| US$ | 469 |
|
| N/A |
| US$ | 469 |
|
| ||
| JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1 | - | 〃 |
| - |
| US$ | 464 |
|
| N/A |
| US$ | 464 |
|
| ||
| Ford Credit Auto Owner Trust 2019-A | - | 〃 |
| - |
| US$ | 459 |
|
| N/A |
| US$ | 459 |
|
| ||
| Citigroup Commercial Mortgage Trust 2014-GC19 | - | 〃 |
| - |
| US$ | 411 |
|
| N/A |
| US$ | 411 |
|
| ||
| WFRBS Commercial Mortgage Trust 2014-C25 | - | 〃 |
| - |
| US$ | 383 |
|
| N/A |
| US$ | 383 |
|
| ||
| UBS-Barclays Commercial Mortgage Trust 2013-C5 | - | 〃 |
| - |
| US$ | 369 |
|
| N/A |
| US$ | 369 |
|
| ||
| GS Mortgage Securities Trust 2014-GC26 | - | 〃 |
| - |
| US$ | 355 |
|
| N/A |
| US$ | 355 |
|
| ||
| WFRBS Commercial Mortgage Trust 2011-C4 | - | 〃 |
| - |
| US$ | 271 |
|
| N/A |
| US$ | 271 |
|
| ||
| COMM 2015-DC1 Mortgage Trust | - | 〃 |
| - |
| US$ | 164 |
|
| N/A |
| US$ | 164 |
|
| ||
| BANK 2020-BNK28 | - | 〃 |
| - |
| US$ | 151 |
|
| N/A |
| US$ | 151 |
|
| ||
| DBUBS 2011-LC2 Mortgage Trust | - | 〃 |
| - |
| US$ | 149 |
|
| N/A |
| US$ | 149 |
|
| ||
| Honda Auto Receivables 2020-2 Owner Trust | - | 〃 |
| - |
| US$ | 119 |
|
| N/A |
| US$ | 119 |
|
| ||
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5 | - | 〃 |
| - |
| US$ | 109 |
|
| N/A |
| US$ | 109 |
|
| ||
| BBCMS Mortgage Trust 2020-C7 | - | 〃 |
| - |
| US$ | 106 |
|
| N/A |
| US$ | 106 |
|
| ||
| Citigroup Commercial Mortgage Trust 2015-GC27 | - | 〃 |
| - |
| US$ | 104 |
|
| N/A |
| US$ | 104 |
|
| ||
| Toyota Auto Receivables 2018-B Owner Trust | - | 〃 |
| - |
| US$ | 87 |
|
| N/A |
| US$ | 87 |
|
| ||
| Chesapeake Funding II LLC | - | 〃 |
| - |
| US$ | 80 |
|
| N/A |
| US$ | 80 |
|
| ||
| GM Financial Automobile Leasing Trust 2019-1 | - | 〃 |
| - |
| US$ | 70 |
|
| N/A |
| US$ | 70 |
|
| ||
| COMM 2014-CCRE15 Mortgage Trust | - | 〃 |
| - |
| US$ | 46 |
|
| N/A |
| US$ | 46 |
|
| ||
| Wells Fargo Commercial Mortgage Trust 2015-NXS1 | - | 〃 |
| - |
| US$ | 36 |
|
| N/A |
| US$ | 36 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Commercial paper |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Barclays Capital Inc | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 1,997 |
|
| N/A |
| US$ | 1,997 |
|
| ||
| Svenska Handelsbanken/New York NY | - | 〃 |
| - |
| US$ | 1,700 |
|
| N/A |
| US$ | 1,700 |
|
| ||
| Standard Chartered Bank/New York | - | 〃 |
| - |
| US$ | 1,136 |
|
| N/A |
| US$ | 1,136 |
|
| ||
| First Abu Dhabi Bank USA NV | - | 〃 |
| - |
| US$ | 470 |
|
| N/A |
| US$ | 470 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Primavera Capital Fund II L.P. | - | Financial assets at fair value through other comprehensive income |
| - |
| US$ | 76,821 |
|
| 4 |
| US$ | 76,821 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
VTAF II | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Aether Systems, Inc. | - | Financial assets at fair value through other comprehensive income |
| 1,085 |
| US$ | 381 |
|
| 20 |
| US$ | 381 |
|
| ||
| 5V Technologies, Inc. | - | 〃 |
| 4 |
|
| - |
|
| - |
|
| - |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Publicly traded stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Sentelic Corporation | - | Financial assets at fair value through other comprehensive income |
| 1,019 |
| US$ | 1,992 |
|
| 3 |
| US$ | 1,992 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
VTAF III | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| LiquidLeds Lighting Corp. | - | Financial assets at fair value through other comprehensive income |
| 1,952 |
| US$ | 800 |
|
| 14 |
| US$ | 800 |
|
| ||
| Neoconix, Inc. | - | 〃 |
| 4,147 |
| US$ | 174 |
|
| - |
| US$ | 174 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Growth Fund | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
| Innovium, Inc. | - |
|
| 230 |
| US$ | 1,863 |
|
| - |
| US$ | 1,863 |
|
| ||
| Innovium, Inc. | - | 〃 |
| 221 |
| US$ | 1,793 |
|
| - |
| US$ | 1,793 |
|
| ||
| CNEX Labs, Inc. | - | 〃 |
| 237 |
| US$ | 479 |
|
| - |
| US$ | 479 |
|
| ||
| Astera Labs, Inc. | - | 〃 |
| 127 |
| US$ | 250 |
|
| - |
| US$ | 250 |
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 66 -
TABLE 4
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
MARKETABLE SECURITIES ACQUIRED AND DISPOSED OF AT COSTS OR PRICES OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 2021
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Marketable Securities | Financial Statement Account | Counterparty | Nature of Relationship | Beginning Balance | Acquisition | Disposal | Ending Balance (Note 1) | |||||||||||||||||||||||||||||||||||||||
Shares/Units (In Thousands) | Amount | Shares/Units (In Thousands) | Amount | Shares/Units (In Thousands) | Amount | Carrying Value | Gain/Loss on Disposal | Shares/Units (In Thousands) | Amount | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||
TSMC | Non-publicly traded equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||
| VisEra Tech | Investments accounted for using equity method | 19 institutional investors, including: GIC, Capital Group, Fidelity International, Cathay Life Insurance Co., Ltd., Fubon Life Insurance Co., Ltd., Yuanta Securities, KGI Securities and Securities and Futures Investors Protection Center etc. | - |
| 253,120 |
| $ | 6,363,099 |
|
| - |
| $ | - |
|
| 39,501 |
| $ | 9,451,798 |
| $ | 1,045,516 |
| $ | Note2 |
|
| 213,619 |
| $ | 5,639,769 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
TSMC Global | Corporate bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Oracle Corp | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ | 7,822 |
|
| - |
| US$ | 13,979 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 21,788 |
| ||||||||||||
| Verizon Communications Inc | 〃 | - | - |
| - |
| US$ | 10,558 |
|
| - |
| US$ | 10,880 |
|
| - |
| US$ | 1,776 |
| US$ | 1,727 |
| US$ | 49 |
|
| - |
| US$ | 19,503 |
| ||||||||||||
| NTT Finance Corp | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 14,780 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 14,509 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Government bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| United States Treasury Note/Bond | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ | 182,533 |
|
| - |
| US$ | 387,688 |
|
| - |
| US$ | 223,588 |
| US$ | 225,505 |
| US$ | (1,917 | ) |
| - |
| US$ | 340,164 |
| ||||||||||||
| United States Treasury Note/Bond | 〃 | - | - |
| - |
| US$ | 287,012 |
|
| - |
| US$ | 121 |
|
| - |
| US$ | 24,681 |
| US$ | 24,755 |
| US$ | (74 | ) |
| - |
| US$ | 275,208 |
| ||||||||||||
| United States Treasury Bill | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 20,300 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 20,300 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Agency bonds/Agency mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Fannie Mae or Freddie Mac | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ | 42,872 |
|
| - |
| US$ | 341,562 |
|
| - |
| US$ | 336,080 |
| US$ | 337,292 |
| US$ | (1,212 | ) |
| - |
| US$ | 62,460 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 67 -
Company Name | Marketable Securities | Financial Statement Account | Counterparty | Nature of Relationship | Beginning Balance | Acquisition | Disposal | Ending Balance (Note 1) | ||||||||||||||||||||||||||||||||
Shares/Units (In Thousands) | Amount | Shares/Units (In Thousands) | Amount | Shares/Units (In Thousands) | Amount | Carrying Value | Gain/Loss on Disposal | Shares/Units (In Thousands) | Amount | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||
TSMC Global | Ginnie Mae II Pool | Financial assets at fair value through other comprehensive income | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 31,801 |
|
| - |
| US$ | 89 |
| US$ | 94 |
| US$ | (5 | ) |
| - |
| US$ | 31,072 |
| ||||||
| Fannie Mae or Freddie Mac | 〃 | - | - |
| - |
| US$ | 3,253 |
|
| - |
| US$ | 258,328 |
|
| - |
| US$ | 230,268 |
| US$ | 230,431 |
| US$ | (163 | ) |
| - |
| US$ | 31,035 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 31,050 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 30,276 |
| ||||||
| Ginnie Mae | 〃 | - | - |
| - |
| US$ | 17,896 |
|
| - |
| US$ | 155,825 |
|
| - |
| US$ | 149,421 |
| US$ | 150,623 |
| US$ | (1,202 | ) |
| - |
| US$ | 29,738 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 28,802 |
|
| - |
| US$ | 160 |
| US$ | 170 |
| US$ | (10 | ) |
| - |
| US$ | 27,889 |
| ||||||
| Ginnie Mae | 〃 | - | - |
| - |
| US$ | 41,775 |
|
| - |
| US$ | 195,507 |
|
| - |
| US$ | 208,877 |
| US$ | 209,362 |
| US$ | (485 | ) |
| - |
| US$ | 27,679 |
| ||||||
| GNMA II TBA 30 Yr 3 | 〃 | - | - |
| - |
| US$ | 14,249 |
|
| - |
| US$ | 168,415 |
|
| - |
| US$ | 155,027 |
| US$ | 155,178 |
| US$ | (151 | ) |
| - |
| US$ | 27,402 |
| ||||||
| Fannie Mae or Freddie Mac | 〃 | - | - |
| - |
| US$ | 6,155 |
|
| - |
| US$ | 137,794 |
|
| - |
| US$ | 116,338 |
| US$ | 116,675 |
| US$ | (337 | ) |
| - |
| US$ | 27,153 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | 14,294 |
|
| - |
| US$ | 25,262 |
|
| - |
| US$ | 14,299 |
| US$ | 14,233 |
| US$ | 66 |
|
| - |
| US$ | 25,199 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 19,676 |
|
| - |
| US$ | 118 |
| US$ | 125 |
| US$ | (7 | ) |
| - |
| US$ | 19,072 |
| ||||||
| FNMA TBA 30 Yr 4 | 〃 | - | - |
| - |
| US$ | 21,036 |
|
| - |
| US$ | 110,663 |
|
| - |
| US$ | 112,956 |
| US$ | 112,848 |
| US$ | 108 |
|
| - |
| US$ | 18,773 |
| ||||||
| FNMA TBA 30 Yr 3 | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 87,640 |
|
| - |
| US$ | 68,912 |
| US$ | 68,938 |
| US$ | (26 | ) |
| - |
| US$ | 18,611 |
| ||||||
| GNMA II TBA 30 Yr 3.5 | 〃 | - | - |
| - |
| US$ | 18,900 |
|
| - |
| US$ | 86,299 |
|
| - |
| US$ | 90,922 |
| US$ | 90,905 |
| US$ | 17 |
|
| - |
| US$ | 14,169 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | 28,537 |
|
| - |
| US$ | - |
|
| - |
| US$ | 14,410 |
| US$ | 14,445 |
| US$ | (35 | ) |
| - |
| US$ | 13,509 |
| ||||||
| FNMA TBA 30 Yr 4.5 | 〃 | - | - |
| - |
| US$ | 8,394 |
|
| - |
| US$ | 57,842 |
|
| - |
| US$ | 52,735 |
| US$ | 52,727 |
| US$ | 8 |
|
| - |
| US$ | 13,503 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 13,053 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 13,024 |
| ||||||
| Freddie Mac Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 12,163 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 12,140 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 11,922 |
|
| - |
| US$ | - |
| US$ | - |
| US$ | - |
|
| - |
| US$ | 11,828 |
| ||||||
| Fannie Mae or Freddie Mac | 〃 | - | - |
| - |
| US$ | 3,592 |
|
| - |
| US$ | 107,905 |
|
| - |
| US$ | 99,526 |
| US$ | 99,939 |
| US$ | (413 | ) |
| - |
| US$ | 11,437 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 10,918 |
|
| - |
| US$ | 89 |
| US$ | 95 |
| US$ | (6 | ) |
| - |
| US$ | 10,693 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 27,942 |
|
| - |
| US$ | 19,055 |
| US$ | 19,233 |
| US$ | (178 | ) |
| - |
| US$ | 8,551 |
| ||||||
| GNMA II TBA 30 Yr 4.5 | 〃 | - | - |
| - |
| US$ | 5,381 |
|
| - |
| US$ | 27,030 |
|
| - |
| US$ | 26,470 |
| US$ | 26,457 |
| US$ | 13 |
|
| - |
| US$ | 5,962 |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | 15,890 |
|
| - |
| US$ | 1,330 |
|
| - |
| US$ | 12,329 |
| US$ | 12,365 |
| US$ | (36 | ) |
| - |
| US$ | 4,860 |
| ||||||
| Fannie Mae or Freddie Mac | 〃 | - | - |
| - |
| US$ | 4,377 |
|
| - |
| US$ | 60,638 |
|
| - |
| US$ | 61,780 |
| US$ | 61,856 |
| US$ | (76 | ) |
| - |
| US$ | 3,127 |
| ||||||
| Fannie Mae or Freddie Mac | 〃 | - | - |
| - |
| US$ | 782 |
|
| - |
| US$ | 17,275 |
|
| - |
| US$ | 15,185 |
| US$ | 15,188 |
| US$ | (3 | ) |
| - |
| US$ | 2,859 |
| ||||||
| FNMA TBA 30 Yr 3.5 | 〃 | - | - |
| - |
| US$ | 19,673 |
|
| - |
| US$ | 105,536 |
|
| - |
| US$ | 122,615 |
| US$ | 122,545 |
| US$ | 70 |
|
| - |
| US$ | 2,641 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 16,935 |
|
| - |
| US$ | - |
|
| - |
| US$ | 14,433 |
| US$ | 13,970 |
| US$ | 463 |
|
| - |
| US$ | 2,526 |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 24,896 |
|
| - |
| US$ | 24,274 |
| US$ | 24,869 |
| US$ | (595 | ) |
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 31,174 |
|
| - |
| US$ | - |
|
| - |
| US$ | 31,037 |
| US$ | 31,046 |
| US$ | (9 | ) |
| - |
| US$ | - |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | 31,787 |
|
| - |
| US$ | - |
|
| - |
| US$ | 31,553 |
| US$ | 31,595 |
| US$ | (42 | ) |
| - |
| US$ | - |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | 28,723 |
|
| - |
| US$ | - |
|
| - |
| US$ | 28,720 |
| US$ | 28,392 |
| US$ | 328 |
|
| - |
| US$ | - |
| ||||||
| Ginnie Mae II Pool | 〃 | - | - |
| - |
| US$ | 17,474 |
|
| - |
| US$ | - |
|
| - |
| US$ | 17,322 |
| US$ | 17,424 |
| US$ | (102 | ) |
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 23,483 |
|
| - |
| US$ | 23,075 |
| US$ | 23,469 |
| US$ | (394 | ) |
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | - |
|
| - |
| US$ | 31,612 |
|
| - |
| US$ | 30,623 |
| US$ | 31,580 |
| US$ | (957 | ) |
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 24,963 |
|
| - |
| US$ | - |
|
| - |
| US$ | 24,889 |
| US$ | 24,840 |
| US$ | 49 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 28,188 |
|
| - |
| US$ | - |
|
| - |
| US$ | 28,168 |
| US$ | 27,988 |
| US$ | 180 |
|
| - |
| US$ | - |
| ||||||
| Freddie Mac Pool | 〃 | - | - |
| - |
| US$ | 20,247 |
|
| - |
| US$ | - |
|
| - |
| US$ | 20,182 |
| US$ | 20,081 |
| US$ | 101 |
|
| - |
| US$ | - |
| ||||||
| Fannie Mae Pool | 〃 | - | - |
| - |
| US$ | 14,881 |
|
| - |
| US$ | - |
|
| - |
| US$ | 14,961 |
| US$ | 14,353 |
| US$ | 608 |
|
| - |
| US$ | - |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: | The ending balance includes the realized gain/loss on equity investment, the amortization of premium/discount on bonds investments and other related adjustment. |
Note 2: | To facilitate VisEra’s IPO in Taiwan, 39,501 thousand common shares of VisEra at a price of NT$240 were sold by TSMC and an increase of NT$8,406,282 thousand in capital surplus was recognized. TSMC’s shareholding in VisEra decreased from 87% to 73%. This disposal was accounted for as an equity transaction since the transaction did not change TSMC’s control over VisEra. |
- 68 -
TABLE 5
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
ACQUISITION OF INDIVIDUAL REAL ESTATE PROPERTIES AT COSTS OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 2021
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | ||||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Real estate | February 9, 2021 | $ 52,100,000 | Based on the terms in the purchase order | 85 counterparties (Note), including: | - | N/A | N/A | N/A | N/A | Price comparison and price negotiation | Manufacturing purpose | None |
| ABB Ltd. |
|
|
|
|
|
|
| |||||
|
|
|
| Accudevice Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
| Air Liquide Far Eastern Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
| Allis Electric Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Am-Power Machine International Enterprise Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Atlas Copco Taiwan Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Atlas Technology Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Machinery Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| Chen Yuan International Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Chenfull International Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Cheng Deh Fire Protection Industrial Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Chien Kuo Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| China Steel Structure Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Chun Yuan Steel Industry Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Chung-Lin General Contractors, Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Cica-Huntek Chemical Technology Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Confederate Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Da-Cin Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Desiccant Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Evergreen Steel Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 69 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | |||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Real estate |
|
|
| Exyte Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fortune Electric Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Fu Tsu Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
| Hantech Engineering Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
| Hsieh Kun Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
| Hueng Luei Process Industry Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
|
| Ingersoll-Rand Southeast Asia (Pte) Ltd. Taiwan Branch (Singapore) |
|
|
|
|
|
|
|
|
|
|
|
|
| J.C. Yang Architect and Associates |
|
|
|
|
|
|
|
|
|
|
|
|
| JG Environmental Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| JJmr-Clean-Air Solution Tech.Services Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Jusun Instruments Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kedge Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Kinetics Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| L&K Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Lead-Fu Industrials Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Lee Ming Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Li Jin Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Mandartech Interiors Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
| Marketech International Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Mega Union Technology Incorporated |
|
|
|
|
|
|
|
|
|
|
|
|
| National Institute of Advanced Industrial Science & Technology |
|
|
|
|
|
|
|
|
|
|
|
|
| Organo Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Ovivo Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Pan Asia (Engineers & Constructors) Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Ruentex Engineering & Construction Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| San Fu Chemical Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Schneider Electric Taiwan Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Shihlin Electric & Engineering Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 70 -
Company Name | Types of Property | Transaction Date | Transaction Amount (Foreign Currencies in Thousands) | Payment Term | Counter-party | Nature of Relationships | Prior Transaction of Related Counter-party | Price Reference | Purpose of Acquisition | Other Terms | |||
Owner | Relationships | Transfer Date | Amount | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC | Real estate |
|
|
| Siemens Limited |
|
|
|
|
|
|
|
|
|
|
|
|
| Solomon Technology Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Swift Engineering Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
| Taiwan Gleno Enterprise Co., Ltd. |
|
|
|
|
|
|
|
| |
|
|
|
| Taiwan Obayashi Corporation |
|
|
|
|
|
|
|
| |
|
|
|
| Taiwan Puritic Corp. |
|
|
|
|
|
|
|
| |
|
|
|
|
| TASA Construction Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
| Techgo Industrial Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Trusval Technology Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Tung Kang Steel Structure Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| Uangyih-Tech Industrial Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
|
| Unelectra International Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
| United Integrated Services Co., Ltd. |
|
|
|
|
|
|
|
|
|
|
|
| Versum Materials Taiwan Co., Ltd. |
|
|
|
|
|
|
| ||
| Weltall Technology Corporation |
|
|
|
|
|
|
|
| ||||
| Wholetech System Hitech Limited Yangtech Engineering Co., Ltd. Yankey Engineering Co., Ltd. Ying Pao Technology Inc. Zhao-Cheng Corp. |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note : The disclosures are expected information based on the capital appropriation approved by the Board of Directors (Right-of-use assets are included). The actual information shall be subject to the final purchase order of TSMC.
(Concluded)
- 71 -
TABLE 6
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES OF AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 2021
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Related Party | Nature of Relationships | Transaction Details | Abnormal Transaction | Notes/Accounts Payable or Receivable | Note | ||||||||||||||||||
Purchases/ Sales | Amount (Foreign Currencies in Thousands) | % to Total | Payment Terms | Unit Price | Payment Terms | Ending Balance (Foreign Currencies in Thousands) | % to Total | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
TSMC | TSMC North America | Subsidiary | Sales | $ | 244,857,430 |
|
| 68 |
| Net 30 days from invoice date (Note) | - | (Note) | $ | 114,500,202 |
|
| 73 |
|
| ||||
| GUC | Associate | Sales |
| 1,020,348 |
|
| - |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| 98,272 |
|
| - |
|
| ||||
| TSMC Nanjing | Subsidiary | Purchases |
| 6,361,329 |
|
| 22 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (1,907,991 | ) |
| 5 |
|
| ||||
| TSMC China | Subsidiary | Purchases |
| 5,041,413 |
|
| 17 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (1,868,968 | ) |
| 5 |
|
| ||||
| WaferTech | Indirect subsidiary | Purchases |
| 1,806,574 |
|
| 6 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (700,652 | ) |
| 2 |
|
| ||||
| SSMC | Associate | Purchases |
| 973,896 |
|
| 3 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (463,966 | ) |
| 1 |
|
| ||||
| VIS | Associate | Purchases |
| 922,625 |
|
| 3 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| (376,826 | ) |
| 1 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
TSMC North America | GUC | Associate of TSMC | Sales |
| 401,882 |
|
| - |
| Net 30 days from invoice date | - | - |
| 104,650 |
|
| - |
|
| ||||
|
|
|
| (US$ | 14,326 | ) |
|
|
|
|
|
| (US$ | 3,671 | ) |
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
VisEra Tech | Xintec | Associate of TSMC | Sales |
| 201,771 |
|
| 12 |
| Net 30 days from the end of the month of when invoice is issued | - | - |
| 132,405 |
|
| 13 |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note : The tenor is determined by the payment terms granted to its clients by TSMC North America.
- 72 -
TABLE 7
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Related Party | Nature of Relationships | Ending Balance (Foreign Currencies in Thousands) | Turnover Days (Note 1) | Overdue | Amounts Received in Subsequent Period | Allowance for Bad Debts | |||||||||||||||
Amount | Action Taken | ||||||||||||||||||||
|
|
|
|
|
|
|
|
| |||||||||||||
TSMC | TSMC North America | Subsidiary | $ | 116,062,211 |
| 40 | $ | - |
| - | $ | - |
| $ | - |
| |||||
| TSMC Arizona | Subsidiary |
| 335,631 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
| TSMC Nanjing | Subsidiary |
| 209,051 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC North America | GUC | Associate of TSMC |
(US$ | 104,653 3,671 |
) | 18 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC Japan | TSMC | Parent company |
| 106,739 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
| (JPY | 414,040 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC China | TSMC Nanjing | The same parent company |
| 21,028,241 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
| (RMB | 4,836,525 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
| TSMC | Parent company |
| 1,868,968 |
| 31 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
| (RMB | 429,862 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC Nanjing | TSMC | Parent company |
| 1,907,991 |
| 27 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
| (RMB | 438,837 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
VisEra Tech | Xintec | Associate of TSMC |
| 132,405 |
| 72 |
| - |
| - |
| - |
|
| - |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TSMC Technology | TSMC | The ultimate parent of the |
| 342,340 |
| Note 2 |
| - |
| - |
| - |
|
| - |
| |||||
|
| Company | (US$ | 12,009 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
WaferTech | TSMC | The ultimate parent of the |
| 700,652 |
| 35 |
| - |
| - |
| - |
|
| - |
| |||||
|
| Company | (US$ | 24,578 | ) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: The calculation of turnover days excludes other receivables from related parties.
Note 2: The ending balance is primarily consisted of other receivables, which is not applicable for the calculation of turnover days.
- 73 -
TABLE 8
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT INTERCOMPANY TRANSACTIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2021
(Amounts in Thousands of New Taiwan Dollars)
Company Name | Counterparty | Nature of Relationship (Note 1) | Intercompany Transactions | |||||||||
Financial Statements Item | Amount | Terms (Note 2) | Percentage of Consolidated Net Revenue or Total Assets | |||||||||
|
|
|
|
|
|
|
| |||||
0 | TSMC | TSMC North America | 1 | Net revenue from sale of goods | $ | 244,857,430 |
| - |
| 68% |
| |
|
|
|
| Receivables from related parties |
| 114,500,202 |
| - |
| 4% |
| |
|
|
|
| Other receivables from related parties |
| 1,562,009 |
| - |
| - |
| |
|
| TSMC Japan | 1 | Payables to related parties |
| 106,739 |
| - |
| - |
| |
|
| TSMC Europe | 1 | Marketing expenses - commission |
| 116,303 |
| - |
| - |
| |
|
| TSMC China | 1 | Purchases |
| 5,041,413 |
| - |
| 1% |
| |
|
|
|
| Payables to related parties |
| 1,868,968 |
| - |
| - |
| |
|
| TSMC Nanjing | 1 | Purchases |
| 6,361,329 |
| - |
| 2% |
| |
|
|
|
| Other receivables from related parties |
| 209,051 |
| - |
| - |
| |
|
|
|
| Payables to related parties |
| 1,907,991 |
| - |
| - |
| |
|
| TSMC Arizona | 1 | Other receivables from related parties |
| 335,631 |
| - |
| - |
| |
|
| TSMC Technology | 1 | Research and development expenses |
| 698,401 |
| - |
| - |
| |
|
|
|
| Payables to related parties |
| 342,340 |
| - |
| - |
| |
|
| WaferTech | 1 | Purchases |
| 1,806,574 |
| - |
| - |
| |
| �� |
|
| Payables to related parties |
| 700,652 |
| - |
| - |
| |
1 | TSMC China | TSMC Nanjing | 3 | Other receivables from related parties |
| 21,028,241 |
| - |
| 1% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
No. 3 represents the transactions between subsidiaries.
Note 2: | The sales prices and payment terms of intercompany sales are not significantly different from those to third parties. For other intercompany transactions, prices and terms are determined in accordance with mutual agreements. |
- 74 -
TABLE 9
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
NAMES, LOCATIONS, AND RELATED INFORMATION OF INVESTEES OVER WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INFORMATION ON INVESTMENT IN MAINLAND CHINA)
FOR THE THREE MONTHS ENDED MARCH 31, 2021
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Investee Company | Location | Main Businesses and Products | Original Investment Amount | Balance as of March 31, 2021 | Net Income (Losses) of the Investee | Share of Profits/Losses of Investee (Note 1) (Foreign Currencies in Thousands) | Note | |||||||||||||||||||||||||||
March 31, 2021 (Foreign Currencies in Thousands) | December 31, 2020 (Foreign Currencies in Thousands) | Shares (In Thousands) | Percentage of Ownership | Carrying Value (Foreign Currencies in Thousands) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
TSMC | TSMC Global | Tortola, British Virgin Islands | Investment activities | $ | 355,162,309 |
| $ | 355,162,309 |
|
| 11 |
|
| 100 |
| $ | 386,772,566 |
| $ | 719,624 |
| $ | 719,624 |
| Subsidiary | |||||||||
| TSMC Partners | Tortola, British Virgin Islands | Investing in companies involved in the semiconductor design and manufacturing, and other investment activities |
| 31,456,130 |
|
| 31,456,130 |
|
| 988,268 |
|
| 100 |
|
| 53,802,352 |
|
| 447,241 |
|
| 447,241 |
| Subsidiary | |||||||||
| TSMC Arizona | Phoenix, Arizona, U.S.A. | Manufacturing, sales and testing of integrated circuits and other semiconductor devices |
| 12,316,054 |
|
| 855,599 |
|
| 30 |
|
| 100 |
|
| 11,787,563 |
|
| (673,188 | ) |
| (673,188 | ) | Subsidiary | |||||||||
| VIS | Hsin-Chu, Taiwan | Manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing and design service of masks |
| 10,180,677 |
|
| 10,180,677 |
|
| 464,223 |
|
| 28 |
|
| 9,691,577 |
|
| 2,213,495 |
|
| 625,638 |
| Associate | |||||||||
| SSMC | Singapore | Manufacturing and sales of integrated circuits and other semiconductor devices |
| 5,120,028 |
|
| 5,120,028 |
|
| 314 |
|
| 39 |
|
| 6,280,146 |
|
| 750,633 |
|
| 291,171 |
| Associate | |||||||||
| VisEra Tech | Hsin-Chu, Taiwan | Research, design, development, manufacturing, sales, packaging and test of color filter |
| 4,224,082 |
|
| 5,005,171 |
|
| 213,619 |
|
| 73 |
|
| 5,639,769 |
|
| 369,532 |
|
| 321,271 |
| Subsidiary | |||||||||
| TSMC North America | San Jose, California, U.S.A | Sales and marketing of integrated circuits and other semiconductor devices |
| 333,718 |
|
| 333,718 |
|
| 11,000 |
|
| 100 |
|
| 4,724,884 |
|
| 88,730 |
|
| 88,730 |
| Subsidiary | |||||||||
| Xintec | Taoyuan, Taiwan | Wafer level chip size packaging and wafer level post passivation interconnection service |
| 1,988,317 |
|
| 1,988,317 |
|
| 111,282 |
|
| 41 |
|
| 2,796,080 |
|
| 589,636 |
|
| 241,957 |
| Associate | |||||||||
| GUC | Hsin-Chu, Taiwan | Researching, developing, manufacturing, testing and marketing of integrated circuits |
| 386,568 |
|
| 386,568 |
|
| 46,688 |
|
| 35 |
|
| 1,497,735 |
|
| 307,889 |
|
| 107,269 |
| Associate | |||||||||
| TSMC Europe | Amsterdam, the Netherlands | Customer service and supporting activities |
| 15,749 |
|
| 15,749 |
|
| - |
|
| 100 |
|
| 523,838 |
|
| 5,190 |
|
| 5,190 |
| Subsidiary | |||||||||
| TSMC JDC | Yokohama, Japan | Engineering support activities |
| 410,680 |
|
| 302,560 |
|
| 15 |
|
| 100 |
|
| 382,114 |
|
| 2,990 |
|
| 2,990 |
| Subsidiary | |||||||||
| VTAF III | Cayman Islands | Investing in technology start-up companies |
| 1,318,846 |
|
| 1,318,846 |
|
| - |
|
| 98 |
|
| 217,577 |
|
| 305 |
|
| 299 |
| Subsidiary | |||||||||
| Emerging Fund | Cayman Islands | Investing in technology start-up companies |
| 154,688 |
|
| - |
|
| - |
|
| 99.9 |
|
| 154,418 |
|
| (2,335 | ) |
| (2,332 | ) | Subsidiary | |||||||||
| TSMC Japan | Yokohama, Japan | Customer service and supporting activities |
| 83,760 |
|
| 83,760 |
|
| 6 |
|
| 100 |
|
| 138,413 |
|
| 1,691 |
|
| 1,691 |
| Subsidiary | |||||||||
| VTAF II | Cayman Islands | Investing in technology start-up companies |
| 260,300 |
|
| 260,300 |
|
| - |
|
| 98 |
|
| 88,923 |
|
| (456 | ) |
| (447 | ) | Subsidiary | |||||||||
| TSMC Korea | Seoul, Korea | Customer service and supporting activities |
| 13,656 |
|
| 13,656 |
|
| 80 |
|
| 100 |
|
| 41,742 |
|
| 488 |
|
| 488 |
| Subsidiary | |||||||||
| TSMC 3DIC | Yokohama, Japan | Engineering support activities |
| - |
|
| - |
|
| - |
|
| 100 |
|
| - |
|
| - |
|
| - |
| Subsidiary | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
TSMC Partners | TSMC Development | Delaware, U.S.A | Investing in companies involved in |
| 16,731,865 |
|
| 16,731,865 |
|
| - |
|
| 100 |
|
| 30,247,989 |
|
| 318,521 |
|
| Note2 |
| Subsidiary | |||||||||
|
|
| semiconductor manufacturing | (US$ | 586,939 | ) | (US$ | 586,939 | ) |
|
|
|
|
|
| (US$ | 1,061,072 | ) | (US$ | 11,354 | ) |
|
|
|
| |||||||||
| TSMC Technology | Delaware, U.S.A | Engineering support activities |
| 407,138 |
|
| 407,138 |
|
| - |
|
| 100 |
|
| 799,891 |
|
| 18,944 |
|
| Note2 |
| Subsidiary | |||||||||
|
|
|
| (US$ | 14,282 | ) | (US$ | 14,282 | ) |
|
|
|
|
|
| (US$ | 28,059 | ) | (US$ | 675 | ) |
|
|
|
| |||||||||
| TSMC Canada | Ontario, Canada | Engineering support activities |
| 65,566 |
|
| 65,566 |
|
| 2,300 |
|
| 100 |
|
| 270,098 |
|
| 6,452 |
|
| Note2 |
| Subsidiary | |||||||||
|
|
|
| (US$ | 2,300 | ) | (US$ | 2,300 | ) |
|
|
|
|
|
| (US$ | 9,475 | ) | (US$ | 230 | ) |
|
|
|
| |||||||||
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| |||||||||
VTAF III | Growth Fund | Cayman Islands | Investing in technology start-up companies |
| 71,375 |
|
| 71,375 |
|
| - |
|
| 100 |
|
| 125,463 |
|
| (281 | ) |
| Note2 |
| Subsidiary | |||||||||
|
|
|
| (US$ | 2,504 | ) | (US$ | 2,504 | ) |
|
|
|
|
|
| (US$ | 4,401 | ) | (US$ | (10 | )) |
|
|
|
| |||||||||
| Mutual-Pak | New Taipei, Taiwan | Manufacturing of electronic parts, wholesaling |
| 45,422 |
|
| 45,422 |
|
| 4,693 |
|
| 28 |
|
| 29,278 |
|
| 3,861 |
|
| Note2 |
| Associate | |||||||||
|
|
| and retailing of electronic materials, and researching, developing and testing of RFID | (US$ | 1,593 | ) | (US$ | 1,593 | ) |
|
|
|
|
|
| (US$ | 1,027 | ) | (US$ | 136 | ) |
|
|
|
| |||||||||
|
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|
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|
|
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|
|
| |||||||||
TSMC Development | WaferTech | Washington, U.S.A | Manufacturing, sales and testing of integrated |
| - |
|
| - |
|
| 293,637 |
|
| 100 |
|
| 4,982,511 |
|
| 299,472 |
|
| Note2 |
| Subsidiary | |||||||||
|
|
| circuits and other semiconductor devices |
|
|
|
|
|
|
|
|
|
|
|
| (US$ | 174,782 | ) | (US$ | 10,675 | ) |
|
|
|
| |||||||||
|
|
|
| �� |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: The share of profits/losses of investee includes the effect of unrealized gross profit on intercompany transactions.
Note 2: The share of profits/losses of the investee company is not reflected herein as such amount is already included in the share of profits/losses of the investor company.
(Concluded)
- 75 -
TABLE 10
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
INFORMATION ON INVESTMENT IN MAINLAND CHINA
FOR THE THREE MONTHS ENDED MARCH 31, 2021
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
Investee Company | Main Businesses and Products | Total Amount of Paid-in Capital (RMB in Thousands) | Method of Investment | Accumulated Outflow of Investment from Taiwan as of January 1, 2021 (US$ in Thousands) | Investment Flows | Accumulated Outflow of Investment from Taiwan as of March 31, 2021 (US$ in Thousands) | Net Income (Losses) of the Investee Company | Percentage of Ownership | Share of Profits/Losses | Carrying Amount as of March 31, 2021 | Accumulated Inward Remittance of Earnings as of March 31, 2021 | |||||||||||||||||||||||||||||||
Outflow (US$ in Thousands) | Inflow | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
TSMC China | Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices | $ (RMB | 18,939,667 4,502,080 |
) | Note 1 | $ (US$ | 18,939,667 596,000 |
) | $ | - |
| $ | - |
| $ (US$ | 18,939,667 596,000 |
) | $ | 1,931,737 |
|
| 100% |
| $
| 1,930,179 (Note2 |
) | $ | 66,959,801 |
| $ | - |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
| ||||||||||
TSMC Nanjing | Manufacturing, sales, testing and computer-aided design of integrated circuits and other semiconductor devices |
(RMB | 30,521,412 6,650,119 |
) | Note 1 |
(US$ | 30,521,412 1,000,000 |
) |
| - |
|
| - |
|
(US$ | 30,521,412 1,000,000 |
) |
| 2,680,570 |
|
| 100% |
|
| 2,680,555 (Note2 |
) |
| 36,661,872 |
|
| - |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
Accumulated Investment in Mainland China as of March 31, 2021 (US$ in Thousands) | Investment Amounts Authorized by Investment Commission, MOEA (US$ in Thousands) | Upper Limit on Investment | ||||||||||
|
|
| ||||||||||
$ (US$ | 49,461,079 1,596,000 |
) | $ (US$ | 119,412,667 3,596,000 |
) | $
| 1,164,598,177 (Note 3 |
) | ||||
|
|
|
|
|
|
|
|
|
Note 1: | TSMC directly invested US$596,000 thousand in TSMC China and US$1,000,000 thousands in TSMC Nanjing. |
Note 2: | Amount was recognized based on the reviewed financial statements. |
Note 3: | The upper limit on investment in mainland China is determined by sixty percent (60%) of the Company’s consolidated net worth. |
- 76 -
TABLE 11
Taiwan Semiconductor Manufacturing Company Limited
INFORMATION ON MAJOR SHAREHOLDERS
MARCH 31, 2021
Shareholders (Note) | Shares | |||||
Total Shares Owned | Ownership Percentage | |||||
|
|
| ||||
ADR-Taiwan Semiconductor Manufacturing Company, Ltd. |
| 5,321,442,098 |
|
| 20.52% |
|
National Development Fund, Executive Yuan |
| 1,653,709,980 |
|
| 6.38% |
|
|
|
|
|
|
|
|
Note: | Major shareholders shows the list of all shareholders with ownership of 5 percent or greater. |
- 77 -