(Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F.)
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information
to the Commission pursuant to Rule
12g3-2(b)
under the Securities Exchange Act of 1934.)
(If Yes is marked, indicated below the file number assigned to the registrant in connection with Rule
12g3-2(b):
82: .)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE
THREE MONTHS ENDED MARCH 31, 2019 and 2018
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
(Reviewed, Not Audited)
Taiwan Semiconductor Manufacturing Company Limited (TSMC), a Republic of China (R.O.C.) corporation, was incorporated on February 21,
1987. TSMC is a dedicated foundry in the semiconductor industry which engages mainly in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks.
On September 5, 1994, TSMCs 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 TSMCs 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 May 14, 2019.
3.
|
APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS
|
|
a.
|
Initial application of the amendments to the Regulations Governing the Preparation of Financial Reports by
Securities Issuers and the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, IFRSs) endorsed and issued into effect
by the Financial Supervisory Commission (FSC)
|
Except for the following, the initial application of the amendments to the
Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRSs endorsed and issued into effect by the FSC did not have a significant effect on TSMC and its subsidiaries (collectively as the Company)
accounting policies:
IFRS 16 sets out the accounting standards for leases that supersedes IAS 17 Leases, IFRIC 4 Determining whether an
Arrangement contains a Lease, and a number of related interpretations. Refer to Note 4 for information relating to the relevant accounting policies.
Definition of a lease
The Company applies the guidance of IFRS 16 in determining whether contracts are, or contain, a lease only to contracts entered into (or
changed) on or after January 1, 2019. Contracts identified as containing a lease under IAS 17 and IFRIC 4 are not reassessed and are accounted for in accordance with the transitional provisions under IFRS 16.
- 11 -
The Company as lessee
Except for payments for short-term leases which are recognized as expenses on a straight-line basis, the Company recognizes
right-of-use
assets and lease liabilities for all leases on the consolidated balance sheets. On the consolidated statements of comprehensive income, the Company presents the
depreciation expense charged on
right-of-use
assets separately from the interest expense accrued on lease liabilities and computed using the effective interest method.
On the consolidated statements of cash flows, cash payments for both the principal portion and the interest portion of lease liabilities are classified within financing activities.
The Company applies IFRS 16 retrospectively with the cumulative effect of the initial application recognized at the date of initial
application but does not restate comparative information.
Leases agreements classified as operating leases under IAS 17, except for
short-term leases, are measured at the present value of the remaining lease payments, discounted using the lessees incremental borrowing rate on January 1, 2019.
Right-of-use
assets are measured at an amount equal to the lease liabilities, adjusted by the amount of any prepaid or accrued lease payments.
Right-of-use
assets are subject to impairment testing under IAS 36.
The Company applies the following practical expedients to measure
right-of-use
assets and lease liabilities on January 1, 2019 :
|
a)
|
The Company applies a single discount rate to a portfolio of leases with reasonably similar characteristics to
measure lease liabilities.
|
|
b)
|
The Company accounts for those leases for which the lease term ends on or before December 31, 2019 as
short-term leases.
|
|
c)
|
Except for lease payments, the Company excludes incremental costs of obtaining the lease from
right-of-use
assets on January 1, 2019.
|
|
d)
|
The Company determines lease terms (e.g. lease periods) based on the projected status on January 1, 2019,
to measure lease liabilities.
|
The weighted average lessees incremental borrowing rate used by the Company to
calculate lease liabilities recognized on January 1, 2019 is 1.46%. The reconciliation between the lease liabilities recognized and the future minimum lease payments of
non-cancellable
operating lease on
December 31, 2018 is presented as follows:
|
|
|
|
|
The future minimum lease payments of
non-cancellable
operating lease on December 31, 2018
|
|
$
|
20,849,585
|
|
Less: Recognition exemption for short-term leases
|
|
|
(3,189,821
|
)
|
|
|
|
|
|
|
|
Undiscounted gross amounts on January 1, 2019
|
|
$
|
17,659,764
|
|
|
|
|
|
|
|
|
Discounted using the incremental borrowing rate on January 1, 2019
|
|
$
|
16,465,599
|
|
Add: Adjustments as a result of a different treatment of extension and purchase options
|
|
|
3,438,016
|
|
|
|
|
|
|
|
|
Lease liabilities recognized on January 1, 2019
|
|
$
|
19,903,615
|
|
|
|
|
|
|
- 12 -
The Company as lessor
Except for sublease transactions, the Company does not make any adjustments for leases in which it is a lessor, and accounts for those leases
under IFRS 16 starting from January 1, 2019. On the basis of the remaining contractual terms and conditions on January 1, 2019, all of the Companys subleases are classified as operating leases.
Impact on assets, liabilities and equity on January 1, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying
Amount as of
December 31,
2018
|
|
|
Adjustments
Arising from
Initial
Application
|
|
|
Adjusted
Carrying
Amount as of
January 1, 2019
|
|
|
|
|
|
Other current assets
|
|
$
|
5,406,423
|
|
|
$
|
(118,242
|
)
|
|
$
|
5,288,181
|
|
Right-of-use
assets
|
|
|
|
|
|
|
20,082,875
|
|
|
|
20,082,875
|
|
Other noncurrent assets
|
|
|
1,584,647
|
|
|
|
(77,171
|
)
|
|
|
1,507,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total effect on assets
|
|
|
|
|
|
$
|
19,887,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other current liabilities
|
|
|
61,760,619
|
|
|
$
|
2,627,334
|
|
|
|
64,387,953
|
|
Lease liabilities - noncurrent
|
|
|
|
|
|
|
17,269,317
|
|
|
|
17,269,317
|
|
Other noncurrent liabilities
|
|
|
1,950,989
|
|
|
|
(9,189
|
)
|
|
|
1,941,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total effect on liabilities
|
|
|
|
|
|
$
|
19,887,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total effect on equity
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b.
|
The IFRSs issued by IASB but not yet endorsed and issued into effect by FSC
|
|
|
|
New, Revised or Amended Standards and Interpretations
|
|
Effective Date Issued
by IASB
|
|
|
Amendments to IFRS 3 Definition of a Business
|
|
January 1, 2020 (Note 1)
|
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 and IAS 8 Definition of Material
|
|
January 1, 2020 (Note 2)
|
|
Note 1:
|
The Company shall apply these amendments to business combinations for which the acquisition date is on or after
the beginning of the first annual reporting period beginning on or after January 1, 2020 and to asset acquisitions that occur on or after the beginning of that period.
|
|
Note 2:
|
The Company shall apply these amendments prospectively for annual reporting periods beginning on or after
January 1, 2020.
|
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 as a result of the initial adoption of the aforementioned standards or interpretations. The related impact will be disclosed when the Company completes the
evaluation.
- 13 -
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, 2018.
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, 2018.
The subsidiaries in
the consolidated financial statements
The detail information of the subsidiaries at the end of reporting period was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Establishment
and Operating
Location
|
|
Percentage of Ownership
|
|
|
Name of Investor
|
|
Name of Investee
|
|
Main Businesses and Products
|
|
March 31,
2019
|
|
December 31,
2018
|
|
March 31,
2018
|
|
Note
|
|
|
|
|
|
|
|
|
TSMC
|
|
TSMC North America
|
|
Selling 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 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 design, manufacture, and other related business in the
semiconductor industry 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, selling, testing and computer-aided design of integrated circuits and other
semiconductor devices
|
|
Shanghai, China
|
|
100%
|
|
100%
|
|
100%
|
|
|
|
|
TSMC Nanjing Company Limited (TSMC Nanjing)
|
|
Manufacturing, selling, testing and computer-aided design of integrated circuits and other
semiconductor devices
|
|
Nanjing, China
|
|
100%
|
|
100%
|
|
100%
|
|
b)
|
|
|
VisEra Technologies Company Ltd. (VisEra Tech)
|
|
Engaged in manufacturing electronic spare parts and in researching, developing, designing,
manufacturing, selling, packaging and testing of color filter
|
|
Hsin-Chu,
Taiwan
|
|
87%
|
|
87%
|
|
87%
|
|
|
|
|
VentureTech Alliance Fund II, L.P. (VTAF II)
|
|
Investing in new
start-up
technology companies
|
|
Cayman Islands
|
|
98%
|
|
98%
|
|
98%
|
|
a)
|
|
|
VentureTech Alliance Fund III, L.P. (VTAF III)
|
|
Investing in new
start-up
technology companies
|
|
Cayman Islands
|
|
98%
|
|
98%
|
|
98%
|
|
a)
|
|
|
TSMC Solar Europe GmbH
|
|
Selling of solar related products and providing customer service
|
|
Hamburg, Germany
|
|
|
|
100%
|
|
100%
|
|
a), c)
|
(Continued)
- 14 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Establishment
and Operating
Location
|
|
Percentage of Ownership
|
|
|
Name of Investor
|
|
Name of Investee
|
|
Main Businesses and Products
|
|
March 31,
2019
|
|
December 31,
2018
|
|
March 31,
2018
|
|
Note
|
|
|
|
|
|
|
|
|
TSMC Partners
|
|
TSMC Development, Inc. (TSMC Development)
|
|
Investing in companies involved in the manufacturing related business in the semiconductor
industry
|
|
Delaware, U.S.A.
|
|
100%
|
|
100%
|
|
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 new
start-up
technology companies
|
|
Cayman Islands
|
|
97%
|
|
97%
|
|
97%
|
|
a), d)
|
|
|
InveStar Semiconductor Development Fund, Inc. (II) LDC. (ISDF II)
|
|
Investing in new
start-up
technology companies
|
|
Cayman Islands
|
|
97%
|
|
97%
|
|
97%
|
|
a), d)
|
TSMC Development
|
|
WaferTech, LLC (WaferTech)
|
|
Manufacturing, selling 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 new
start-up
technology companies
|
|
Cayman Islands
|
|
100%
|
|
100%
|
|
100%
|
|
a)
|
(Concluded)
|
Note a:
|
This is an immaterial subsidiary for which the consolidated financial statements are not reviewed by the
Companys independent auditors.
|
|
Note b:
|
Under the investment agreement entered into with the municipal government of Nanjing, China, the Company will
make an investment in Nanjing in the amount of approximately US$3 billion to establish a subsidiary operating a 300mm wafer fab with the capacity of 20,000
12-inch
wafers per month, and a design service
center.
|
|
Note c:
|
TSMC Solar Europe GmbH has completed the liquidation procedures in March 2019.
|
|
Note d:
|
The subsidiary is under liquidation procedures.
|
Leases
2019
For a contract that contains a lease component and
non-lease
component, the Company may elect to
account for the lease and
non-lease
components as a single lease component.
The Company as
lessor
Rental income from operating lease is recognized on a straight-line basis over the term of the lease.
The Company as lessee
Except for payments for
low-value
asset leases and short-term leases which are recognized as expenses
on a straight-line basis, the Company recognizes
right-of-use
assets and lease liabilities for all leases at the commencement date of the lease.
Right-of-use
assets are measured at cost. The cost of
right-of-use
assets comprises the initial measurement of lease liabilities adjusted for lease payments made at or before the commencement date, plus an estimate of costs
needed to restore the underlying assets. Subsequent measurement is calculated as cost less accumulated depreciation and accumulated impairment loss and adjusted for changes in lease liabilities as a result of lease term modifications or other
related factors.
Right-of
use assets are presented separately in the consolidated balance sheets.
Right-of-use
assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the
right-of-use
assets or the end of the lease terms. If the lease transfers ownership of the underlying assets to the Company by the end of the lease terms or if the cost of
right-of-use
assets reflects that the Company will exercise a purchase option, the Company depreciates the
right-of-use
assets from the commencement dates to the end of the useful lives of the underlying assets.
- 15 -
Lease liabilities are measured at the present value of the lease payments. Lease payments
comprise fixed payments, variable lease payments which depend on an index or a rate and the exercise price of a purchase option if the Company is reasonably certain to exercise that option. The lease payments are discounted using the lessees
incremental borrowing rates.
Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with
interest expense recognized over the lease terms. When there is a change in a lease term, a change in future lease payments resulting from a change in an index or a rate used to determine those payments, or a change in the assessment of an option to
purchase an underlying asset, the Company remeasures the lease liabilities with a corresponding adjustment to the
right-of-use
assets. Lease liabilities are presented on
a separate line in the consolidated balance sheets.
Variable lease payments that do not depend on an index or a rate are recognized as
expenses in the periods in which they are incurred.
2018
Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the
lessee. All other leases are classified as operating leases.
The Company as lessor
Rental income from operating leases is recognized on a straight-line basis over the term of the lease.
The Company as lessee
Operating lease payments are recognized as an expense on a straight-line basis over the lease term.
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. When tax rate changes during the interim period, the effect of the change in tax rate relating to transactions recognized outside scope of
profit or loss is recognized in full in the period in which the change in tax rate occurs. The effect of the change in tax rate relating to transactions recognized in profit or loss is incorporated into estimation of the average annual income tax
rate, with corresponding effect recognized throughout the interim periods.
5.
|
CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY
|
Except for the following paragraphs, 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 Companys consolidated financial statements for the year ended December 31, 2018.
- 16 -
In determining a lease term, the Company considers all facts and circumstances that create an economic incentive to exercise or not to exercise
an option, including any expected changes in facts and circumstances from the commencement date until the exercise date of the option. Main factors considered include contractual terms and conditions for the optional periods, the importance of the
underlying asset to the lessees operations, etc. The lease term is reassessed if a significant change in circumstances that are within the control of the Company occurs.
|
b.
|
Lessees incremental borrowing rates - 2019
|
In determining a lessees incremental borrowing rate used in discounting lease payments, the Company mainly takes into account the market
risk-free rates, the estimated lessees credit spreads and secured status in a similar economic environment.
6.
|
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Cash and deposits in banks
|
|
$
|
643,465,797
|
|
|
$
|
575,825,502
|
|
|
$
|
577,028,289
|
|
Government bonds
|
|
|
1,585,376
|
|
|
|
|
|
|
|
|
|
Commercial paper
|
|
|
496,779
|
|
|
|
759,499
|
|
|
|
754,674
|
|
Agency bonds
|
|
|
122,575
|
|
|
|
|
|
|
|
|
|
Repurchase agreements collateralized by corporate bonds
|
|
|
|
|
|
|
1,229,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
645,670,527
|
|
|
$
|
577,814,601
|
|
|
$
|
577,782,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandatorily measured at FVTPL
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency mortgage-backed securities
|
|
$
|
2,973,659
|
|
|
$
|
3,419,287
|
|
|
$
|
754,545
|
|
Forward exchange contracts
|
|
|
110,740
|
|
|
|
85,303
|
|
|
|
113,426
|
|
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
|
95,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,084,399
|
|
|
$
|
3,504,590
|
|
|
$
|
963,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held for trading
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
$
|
151,079
|
|
|
$
|
40,825
|
|
|
$
|
170,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company entered into derivative contracts to manage exposures due to fluctuations of foreign
exchange rates. These derivative contracts did not meet the criteria for hedge accounting. Therefore, the Company did not apply hedge accounting treatment for these derivative contracts.
- 17 -
Outstanding forward exchange contracts consisted of the following:
|
|
|
|
|
|
|
|
|
Contract Amount
|
|
|
Maturity Date
|
|
(In Thousands)
|
|
|
|
March 31, 2019
|
|
|
|
|
|
|
|
Sell NT$/Buy EUR
|
|
April 2019
|
|
NT$17,360,304/EUR496,000
|
Sell NT$/Buy JPY
|
|
April 2019 to May 2019
|
|
NT$22,192,001/JPY79,650,134
|
Sell US$/Buy JPY
|
|
April 2019
|
|
US$19,577/JPY2,155,000
|
Sell US$/Buy RMB
|
|
April 2019
|
|
US$322,000/RMB2,160,945
|
Sell US$/Buy NT$
|
|
April 2019 to May 2019
|
|
US$11,000/NT$338,078
|
Sell RMB/Buy US$
|
|
April 2019
|
|
RMB651,023/US$97,000
|
|
|
|
December 31, 2018
|
|
|
|
|
|
|
|
Sell NT$/Buy EUR
|
|
January 2019 to March 2019
|
|
NT$18,545,854/EUR527,000
|
Sell NT$/Buy JPY
|
|
January 2019 to March 2019
|
|
NT$4,757,858/JPY17,200,000
|
Sell US$/Buy EUR
|
|
January 2019
|
|
US$495/EUR434
|
Sell US$/Buy JPY
|
|
January 2019
|
|
US$175,591/JPY19,389,014
|
Sell US$/Buy RMB
|
|
January 2019
|
|
US$318,000/RMB2,188,747
|
Sell US$/Buy NT$
|
|
January 2019 to February 2019
|
|
US$127,000/NT$3,908,635
|
Sell RMB/Buy US$
|
|
January 2019
|
|
RMB667,539/US$97,000
|
|
|
|
March 31, 2018
|
|
|
|
|
|
|
|
Sell NT$/Buy EUR
|
|
April 2018 to May 2018
|
|
NT$3,561,313/EUR99,000
|
Sell NT$/Buy JPY
|
|
April 2018
|
|
NT$9,009,251/JPY32,550,000
|
Sell US$/Buy RMB
|
|
April 2018 to May 2018
|
|
US$629,000/RMB3,965,590
|
Sell US$/Buy NT$
|
|
April 2018 to June 2018
|
|
US$1,002,500/NT$29,129,055
|
Sell US$/Buy JPY
|
|
April 2018
|
|
US$4,923/JPY523,000
|
Sell RMB /Buy EUR
|
|
April 2018
|
|
RMB11,165/EUR1,432
|
Sell RMB/Buy JPY
|
|
April 2018 to May 2018
|
|
RMB215,531/JPY3,614,848
|
Sell RMB/Buy GBP
|
|
April 2018
|
|
RMB1,669/GBP187
|
Sell RMB/Buy US$
|
|
April 2018 to May 2018
|
|
RMB1,245,344/US$197,000
|
8.
|
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Investments in debt instruments at FVTOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
42,703,270
|
|
|
$
|
40,753,582
|
|
|
$
|
37,980,277
|
|
Agency bonds/Agency mortgage-backed securities
|
|
|
34,371,268
|
|
|
|
31,288,762
|
|
|
|
32,189,767
|
|
Asset-backed securities
|
|
|
15,764,847
|
|
|
|
15,670,295
|
|
|
|
13,671,612
|
|
Government bonds
|
|
|
13,815,264
|
|
|
|
11,151,359
|
|
|
|
9,494,204
|
|
Commercial paper
|
|
|
|
|
|
|
107,590
|
|
|
|
57,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106,654,649
|
|
|
|
98,971,588
|
|
|
|
93,393,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 18 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Investments in equity instruments at FVTOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-publicly
traded equity investments
|
|
$
|
3,837,734
|
|
|
$
|
3,910,681
|
|
|
$
|
6,035,904
|
|
Publicly traded stocks
|
|
|
658,556
|
|
|
|
590,152
|
|
|
|
2,319,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,496,290
|
|
|
|
4,500,833
|
|
|
|
8,355,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
111,150,939
|
|
|
$
|
103,472,421
|
|
|
$
|
101,749,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
$
|
107,313,205
|
|
|
$
|
99,561,740
|
|
|
$
|
95,713,446
|
|
Noncurrent
|
|
|
3,837,734
|
|
|
|
3,910,681
|
|
|
|
6,035,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
111,150,939
|
|
|
$
|
103,472,421
|
|
|
$
|
101,749,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Concluded)
These investments in equity instruments are held for medium to long-term purposes and therefore are accounted for as FVTOCI.
For the three months ended March 31, 2019 and 2018, as the Company adjusted its investment portfolio or the
non-publicly
traded investee was merged, equity investments designated at FVTOCI were divested for NT$98,188 thousand and NT$45,210 thousand, respectively. The related other equity-unrealized
gain/loss on financial assets at FVTOCI of NT$95,538 thousand and NT$13,053 thousand were transferred to decrease retained earnings.
For dividends from equity investments designated as at FVTOCI recognized during the three months ended March 31, 2019 and 2018, please
refer to Note 23. All the dividends are from investments held at the end of the reporting period.
As of March 31, 2019 and 2018, the
cumulative loss allowance for expected credit loss of NT$29,299 thousand and NT$29,792 thousand are recognized under investments in debt instruments at FVTOCI, respectively. Refer to Note 30 for information relating to their credit risk
management and expected credit loss.
9.
|
FINANCIAL ASSETS AT AMORTIZED COST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Investments in debt instruments at FVTOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
10,950,408
|
|
|
$
|
19,519,941
|
|
|
$
|
18,473,964
|
|
Commercial paper
|
|
|
1,097,194
|
|
|
|
2,294,098
|
|
|
|
|
|
Structured product
|
|
|
|
|
|
|
|
|
|
|
1,454,650
|
|
Less: Allowance for impairment loss
|
|
|
(3,795
|
)
|
|
|
(8,147
|
)
|
|
|
(6,632
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,043,807
|
|
|
$
|
21,805,892
|
|
|
$
|
19,921,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
$
|
4,179,386
|
|
|
$
|
14,277,615
|
|
|
$
|
9,888,741
|
|
Noncurrent
|
|
|
7,864,421
|
|
|
|
7,528,277
|
|
|
|
10,033,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,043,807
|
|
|
$
|
21,805,892
|
|
|
$
|
19,921,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refer to Note 30 for information relating to credit risk management and expected credit loss for
financial assets at amortized cost.
- 19 -
10.
|
HEDGING FINANCIAL INSTRUMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Financial assets- current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
$
|
969
|
|
|
$
|
23,497
|
|
|
$
|
26,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities- current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate futures contracts
|
|
$
|
57,247
|
|
|
$
|
153,891
|
|
|
$
|
74,811
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
|
54,127
|
|
|
|
1,941
|
|
|
|
4,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
111,374
|
|
|
$
|
155,832
|
|
|
$
|
79,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value hedge
The Company entered into interest rate futures contracts, which are used to partially hedge against the price risk caused by changes in
interest rates in the Companys investments in fixed income securities. The hedge ratio is adjusted in response to the changes in the financial market and capped at 100%.
On the basis of economic relationships, the Company expects that the value of the interest rate futures contracts and the value of the hedged
financial assets will change in opposite directions in response to movements in interest rates.
The main source of hedge ineffectiveness
in these hedging relationships is the credit risk of the hedged financial assets, which is not reflected in the fair value of the interest rate futures contracts. No other sources of ineffectiveness emerged from these hedging relationships. Amount
of hedge ineffectiveness recognized in profit or loss is classified under other gains and losses.
The following tables summarize the
information relating to the hedges of interest rate risk.
March 31, 2019
|
|
|
|
|
|
|
|
|
Hedging Instruments
|
|
Contract Amount
(US$ in Thousands)
|
|
|
Maturity
|
|
|
|
|
US treasury bonds interest rate futures contracts
|
|
US$
|
140,600
|
|
|
|
June 2019
|
|
|
|
|
Hedged Items
|
|
Asset Carrying
Amount as of
March 31,
2019
|
|
|
Asset
Accumulated
Amount of Fair
Value Hedge
Adjustments
|
|
|
|
|
Financial assets at FVTOCI
|
|
$
|
18,404,220
|
|
|
$
|
128,179
|
|
- 20 -
December 31, 2018
|
|
|
|
|
|
|
|
|
Hedging Instruments
|
|
Contract Amount
(US$ in Thousands)
|
|
|
Maturity
|
|
|
|
|
US treasury bonds interest rate futures contracts
|
|
US$
|
330,300
|
|
|
|
March 2019
|
|
|
|
|
Hedged Items
|
|
Asset Carrying
Amount as of
December 31, 2018
|
|
|
Asset
Accumulated
Amount of Fair
Value Hedge
Adjustments
|
|
|
|
|
Financial assets at FVTOCI
|
|
$
|
23,229,530
|
|
|
$
|
(13,508
|
)
|
March 31, 2018
|
|
|
|
|
|
|
|
|
Hedging Instruments
|
|
Contract Amount
(US$ in Thousands)
|
|
|
Maturity
|
|
|
|
|
US treasury bonds interest rate futures contracts
|
|
US$
|
264,400
|
|
|
|
June 2018
|
|
|
|
|
Hedged Items
|
|
Asset Carrying
Amount as of
March 31,
2018
|
|
|
Asset
Accumulated
Amount of Fair
Value
Hedge
Adjustments
|
|
|
|
|
Financial assets at FVTOCI
|
|
$
|
13,990,841
|
|
|
$
|
(86,646
|
)
|
The effect on comprehensive income for the three months ended March 31, 2019 and 2018 are detailed
below:
|
|
|
|
|
|
|
|
|
Hedging Instruments/Hedged Items
|
|
Increase
(Decrease) in Value Used for
Calculating Hedge Ineffectiveness
|
|
|
|
Three Months Ended March 31
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
Hedging Instruments
|
|
|
|
|
|
|
|
|
US treasury bonds interest rate futures contracts
|
|
$
|
(125,581
|
)
|
|
$
|
53,811
|
|
Hedged Items
|
|
|
|
|
|
|
|
|
Financial assets at FVTOCI
|
|
|
137,339
|
|
|
|
(53,459
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,758
|
|
|
$
|
352
|
|
|
|
|
|
|
|
|
|
|
- 21 -
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 counterpartys 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, 2019 and 2018, 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 following tables summarize the information relating to the hedges for foreign currency risk.
March 31, 2019
|
|
|
|
|
|
|
Hedging Instruments
|
|
Contract Amount
(in Thousands)
|
|
Maturity
|
|
Balance in
Other Equity
(Continuing
Hedges)
|
|
|
|
|
Forward exchange contracts
|
|
NT$8,081,167 /EUR 231,000
|
|
April 2019 to
May 2019
|
|
$(58,513)
|
December 31, 2018
|
|
|
|
|
|
|
Hedging Instruments
|
|
Contract Amount
(in Thousands)
|
|
Maturity
|
|
Balance in
Other Equity
(Continuing
Hedges)
|
|
|
|
|
Forward exchange contracts
|
|
NT$3,917,657 /EUR 112,000
|
|
February 2019
to April 2019
|
|
$23,601
|
March 31, 2018
|
|
|
|
|
|
|
Hedging Instruments
|
|
Contract Amount
(in Thousands)
|
|
Maturity
|
|
Balance in
Other Equity
(Continuing
Hedges)
|
|
|
|
|
Forward exchange contracts
|
|
NT$3,239,853 /EUR91,000
|
|
April 2018 to
August 2018
|
|
$37,034
|
- 22 -
The effect on comprehensive income for the three months ended March 31, 2019 and 2018 are
detailed below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging Instruments/Hedged Items
|
|
|
|
|
Increase
(Decrease) in Value Used for
Calculating Hedge
Ineffectiveness
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
|
|
|
|
$
|
(94,548
|
)
|
|
$
|
37,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedged Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forecast transaction (capital expenditures)
|
|
|
|
|
|
$
|
94,548
|
|
|
$
|
(37,282
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.
|
NOTES AND ACCOUNTS RECEIVABLE, NET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
At amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes and accounts receivable
|
|
$
|
103,904,657
|
|
|
$
|
125,025,575
|
|
|
$
|
106,771,905
|
|
Less: Loss allowance
|
|
|
(11,457
|
)
|
|
|
(7,253
|
)
|
|
|
(170,533
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,893,200
|
|
|
|
125,018,322
|
|
|
|
106,601,372
|
|
At FVTOCI
|
|
|
2,537,949
|
|
|
|
3,595,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
106,431,149
|
|
|
$
|
128,613,391
|
|
|
$
|
106,601,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company signed a contract with the bank to sell certain accounts receivable without recourse and
transaction cost required. These accounts receivable are classified as at FVTOCI because they are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
In principle, the payment term granted to customers is due 30 days from the invoice date or 30 days from the end of the month when the invoice
is issued. Aside from recognizing impairment loss for credit-impaired accounts receivable, the Company recognizes loss allowance based on the expected credit loss ratio of customers by different risk levels. Such risk levels are determined with
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, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December
31, 2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Not past due
|
|
$
|
95,582,954
|
|
|
$
|
113,126,484
|
|
|
$
|
95,872,716
|
|
Past due
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due within 30 days
|
|
|
10,500,221
|
|
|
|
15,006,461
|
|
|
|
8,723,608
|
|
Past due
31-60
days
|
|
|
205,899
|
|
|
|
472,833
|
|
|
|
295,558
|
|
Past due
61-120
days
|
|
|
110,202
|
|
|
|
4,654
|
|
|
|
891,464
|
|
Past due over 121 days
|
|
|
31,873
|
|
|
|
2,959
|
|
|
|
818,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
106,431,149
|
|
|
$
|
128,613,391
|
|
|
$
|
106,601,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 23 -
Movements of the loss allowance for accounts receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
Balance, beginning of period
|
|
|
|
|
|
$
|
7,253
|
|
|
$
|
226,968
|
|
Provision (Reversal)
|
|
|
|
|
|
|
4,204
|
|
|
|
(56,398
|
)
|
Effect of exchange rate changes
|
|
|
|
|
|
|
|
|
|
|
(37
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of period
|
|
|
|
|
|
$
|
11,457
|
|
|
$
|
170,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2019 and 2018, the changes in loss allowance were mainly due to
the variations from accounts receivable balance of different risk levels and the decrease in the balance of accounts receivable, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Finished goods
|
|
$
|
12,243,089
|
|
|
$
|
11,329,802
|
|
|
$
|
15,165,977
|
|
Work in process
|
|
|
75,641,271
|
|
|
|
72,071,861
|
|
|
|
57,012,785
|
|
Raw materials
|
|
|
16,060,259
|
|
|
|
15,233,877
|
|
|
|
8,940,795
|
|
Supplies and spare parts
|
|
|
4,737,763
|
|
|
|
4,595,436
|
|
|
|
4,096,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
108,682,382
|
|
|
$
|
103,230,976
|
|
|
$
|
85,215,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal of write-down of inventories resulting from the increase in net realizable value (excluding
wafer contamination losses) and write-down of inventories to net realizable value in the amount of NT$519,868 thousand and NT$700,440 thousand, respectively, were included in the cost of revenue for the three months ended March 31,
2019 and 2018. Please refer to wafer contamination losses in Note 35.
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,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
|
|
|
|
|
Vanguard International Semiconductor Corporation (VIS)
|
|
Manufacturing, selling, packaging, testing and computer-aided design of
integrated circuits and other semiconductor devices and the manufacturing and design service of masks
|
|
|
Hsinchu, Taiwan
|
|
|
$
|
9,402,933
|
|
|
$
|
9,006,126
|
|
|
$
|
8,860,765
|
|
|
|
28
|
%
|
|
|
28
|
%
|
|
|
28
|
%
|
Systems on Silicon Manufacturing Company Pte Ltd. (SSMC)
|
|
Manufacturing and selling of integrated circuits and other semiconductor devices
|
|
|
Singapore
|
|
|
|
5,912,533
|
|
|
|
5,772,815
|
|
|
|
5,923,979
|
|
|
|
39
|
%
|
|
|
39
|
%
|
|
|
39
|
%
|
Xintec Inc. (Xintec)
|
|
Wafer level chip size packaging and wafer level post passivation interconnection service
|
|
|
Taoyuan, Taiwan
|
|
|
|
1,633,475
|
|
|
|
1,764,607
|
|
|
|
2,246,049
|
|
|
|
41
|
%
|
|
|
41
|
%
|
|
|
41
|
%
|
Global Unichip Corporation (GUC)
|
|
Researching, developing, manufacturing, testing and marketing of integrated circuits
|
|
|
Hsinchu, Taiwan
|
|
|
|
1,359,341
|
|
|
|
1,299,423
|
|
|
|
1,255,013
|
|
|
|
35
|
%
|
|
|
35
|
%
|
|
|
35
|
%
|
Mutual-Pak
|
|
Manufacturing of electronic parts, wholesaling and retailing of electronic materials, and
researching, developing and testing of RFID
|
|
|
New
Taipei, Taiwan
|
|
|
|
28,176
|
|
|
|
22,867
|
|
|
|
21,711
|
|
|
|
30
|
%
|
|
|
39
|
%
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,336,458
|
|
|
$
|
17,865,838
|
|
|
$
|
18,307,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 24 -
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Associate
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
VIS
|
|
$
|
30,870,862
|
|
|
$
|
27,621,298
|
|
|
$
|
31,102,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUC
|
|
$
|
9,594,355
|
|
|
$
|
9,617,699
|
|
|
$
|
14,846,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Xintec
|
|
$
|
4,451,277
|
|
|
$
|
3,783,585
|
|
|
$
|
7,366,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.
|
PROPERTY, PLANT AND EQUIPMENT
|
2019
|
|
|
|
|
|
|
March 31,
2019
|
|
|
|
Assets used by the Company
|
|
$
|
1,107,570,228
|
|
Assets subject to operating leases
|
|
|
81,588
|
|
|
|
|
|
|
|
|
|
|
$
|
1,107,651,816
|
|
|
|
|
|
|
|
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, 2019
|
|
$
|
4,011,353
|
|
|
$
|
418,151,675
|
|
|
$
|
2,728,760,127
|
|
|
$
|
48,382,279
|
|
|
$
|
172,910,989
|
|
|
$
|
3,372,216,423
|
|
Additions
|
|
|
|
|
|
|
11,387,156
|
|
|
|
27,140,490
|
|
|
|
2,227,282
|
|
|
|
68,891,426
|
|
|
|
109,646,354
|
|
Disposals or retirements
|
|
|
|
|
|
|
|
|
|
|
(2,041,731
|
)
|
|
|
(164,929
|
)
|
|
|
|
|
|
|
(2,206,660
|
)
|
Transfers from
right-of-use
assets
|
|
|
|
|
|
|
|
|
|
|
619,779
|
|
|
|
|
|
|
|
|
|
|
|
619,779
|
|
Effect of disposal of subsidiary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(508
|
)
|
|
|
|
|
|
|
(508
|
)
|
Effect of exchange rate changes
|
|
|
2,340
|
|
|
|
746,366
|
|
|
|
2,770,566
|
|
|
|
61,095
|
|
|
|
(82,251
|
)
|
|
|
3,498,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019
|
|
$
|
4,013,693
|
|
|
$
|
430,285,197
|
|
|
$
|
2,757,249,231
|
|
|
$
|
50,505,219
|
|
|
$
|
241,720,164
|
|
|
$
|
3,483,773,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation and impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2019
|
|
$
|
550,575
|
|
|
$
|
217,899,243
|
|
|
$
|
2,049,278,908
|
|
|
$
|
32,525,129
|
|
|
$
|
|
|
|
$
|
2,300,253,855
|
|
Additions
|
|
|
408
|
|
|
|
6,415,223
|
|
|
|
67,586,999
|
|
|
|
1,517,848
|
|
|
|
|
|
|
|
75,520,478
|
|
Disposals or retirements
|
|
|
|
|
|
|
|
|
|
|
(1,552,273
|
)
|
|
|
(164,782
|
)
|
|
|
|
|
|
|
(1,717,055
|
)
|
Transfers from
right-of-use
assets
|
|
|
|
|
|
|
|
|
|
|
20,659
|
|
|
|
|
|
|
|
|
|
|
|
20,659
|
|
Reversal of impairment
|
|
|
|
|
|
|
|
|
|
|
(301,384
|
)
|
|
|
|
|
|
|
|
|
|
|
(301,384
|
)
|
Effect of disposal of subsidiary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(508
|
)
|
|
|
|
|
|
|
(508
|
)
|
Effect of exchange rate changes
|
|
|
1,611
|
|
|
|
327,550
|
|
|
|
2,075,968
|
|
|
|
22,102
|
|
|
|
|
|
|
|
2,427,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019
|
|
$
|
552,594
|
|
|
$
|
224,642,016
|
|
|
$
|
2,117,108,877
|
|
|
$
|
33,899,789
|
|
|
$
|
|
|
|
$
|
2,376,203,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amounts at January 1, 2019
|
|
$
|
3,460,778
|
|
|
$
|
200,252,432
|
|
|
$
|
679,481,219
|
|
|
$
|
15,857,150
|
|
|
$
|
172,910,989
|
|
|
$
|
1,071,962,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amounts at March 31, 2019
|
|
$
|
3,461,099
|
|
|
$
|
205,643,181
|
|
|
$
|
640,140,354
|
|
|
$
|
16,605,430
|
|
|
$
|
241,720,164
|
|
|
$
|
1,107,570,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 25 -
The significant part of the Companys buildings includes main plants, mechanical and
electrical power equipment and clean rooms, and the related depreciation is calculated using the estimated useful lives of 20 years, 10 years and 10 years, respectively.
In the first quarter of 2019, the Company recognized a reversal of impairment loss of NT$301,384 thousand due to redeployment of certain
idle machinery and equipment. Such reversal of impairment loss was recognized in other operating income and expenses.
|
b.
|
Assets subject to operating leases
|
|
|
|
|
|
|
|
Buildings
|
|
|
|
Cost
|
|
|
|
|
|
|
Balance at January 1, 2019
|
|
$
|
562,610
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019
|
|
$
|
562,610
|
|
|
|
|
|
|
|
|
Accumulated depreciation and impairment
|
|
|
|
|
|
|
Balance at January 1, 2019
|
|
$
|
474,899
|
|
Additions
|
|
|
6,123
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019
|
|
$
|
481,022
|
|
|
|
|
|
|
|
|
Carrying amounts at January 1, 2019
|
|
$
|
87,711
|
|
|
|
|
|
|
Carrying amounts at March 31, 2019
|
|
$
|
81,588
|
|
|
|
|
|
|
Operating leases relate to leases of buildings with lease terms between 1 to 5 years. The lessees do not
have purchase options to acquire the assets at the expiry of the lease periods.
The maturity analysis of operating lease payments
receivable for the buildings is as follows:
|
|
|
|
|
|
|
March 31,
2019
|
|
|
|
Year 1
|
|
$
|
29,155
|
|
Year 2
|
|
|
16,992
|
|
Year 3
|
|
|
16,992
|
|
Year 4
|
|
|
12,744
|
|
|
|
|
|
|
|
|
|
|
$
|
75,883
|
|
|
|
|
|
|
The buildings subject to operating leases are depreciated using the estimated useful lives of 20 years.
- 26 -
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land and Land
Improvements
|
|
|
Buildings
|
|
|
Machinery and
Equipment
|
|
|
Office Equipment
|
|
|
Equipment under
Installation and
Construction in
Progress
|
|
|
Total
|
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2018
|
|
$
|
3,983,243
|
|
|
$
|
379,134,613
|
|
|
$
|
2,487,752,265
|
|
|
$
|
42,391,516
|
|
|
$
|
167,353,490
|
|
|
$
|
3,080,615,127
|
|
Additions
|
|
|
|
|
|
|
18,168,937
|
|
|
|
36,110,432
|
|
|
|
1,904,943
|
|
|
|
6,903,141
|
|
|
|
63,087,453
|
|
Disposals or retirements
|
|
|
|
|
|
|
(12,295
|
)
|
|
|
(1,727,577
|
)
|
|
|
(50,750
|
)
|
|
|
|
|
|
|
(1,790,622
|
)
|
Effect of exchange rate changes
|
|
|
(14,718
|
)
|
|
|
259,417
|
|
|
|
1,292,667
|
|
|
|
(15,246
|
)
|
|
|
(88,994
|
)
|
|
|
1,433,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2018
|
|
$
|
3,968,525
|
|
|
$
|
397,550,672
|
|
|
$
|
2,523,427,787
|
|
|
$
|
44,230,463
|
|
|
$
|
174,167,637
|
|
|
$
|
3,143,345,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation and impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2018
|
|
$
|
510,498
|
|
|
$
|
194,446,521
|
|
|
$
|
1,795,448,842
|
|
|
$
|
27,666,944
|
|
|
$
|
|
|
|
$
|
2,018,072,805
|
|
Additions
|
|
|
6,688
|
|
|
|
5,841,659
|
|
|
|
63,281,950
|
|
|
|
1,331,989
|
|
|
|
|
|
|
|
70,462,286
|
|
Disposals or retirements
|
|
|
|
|
|
|
(2,922
|
)
|
|
|
(1,107,367
|
)
|
|
|
(50,573
|
)
|
|
|
|
|
|
|
(1,160,862
|
)
|
Effect of exchange rate changes
|
|
|
(9,795
|
)
|
|
|
93,243
|
|
|
|
537,380
|
|
|
|
(16,180
|
)
|
|
|
|
|
|
|
604,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2018
|
|
$
|
507,391
|
|
|
$
|
200,378,501
|
|
|
$
|
1,858,160,805
|
|
|
$
|
28,932,180
|
|
|
$
|
|
|
|
$
|
2,087,978,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amounts at January 1, 2018
|
|
$
|
3,472,745
|
|
|
$
|
184,688,092
|
|
|
$
|
692,303,423
|
|
|
$
|
14,724,572
|
|
|
$
|
167,353,490
|
|
|
$
|
1,062,542,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amounts at March 31, 2018
|
|
$
|
3,461,134
|
|
|
$
|
197,172,171
|
|
|
$
|
665,266,982
|
|
|
$
|
15,298,283
|
|
|
$
|
174,167,637
|
|
|
$
|
1,055,366,207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The significant part of the Companys 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.
2019
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
Carrying amounts
|
|
|
|
|
|
|
Land
|
|
$
|
14,838,235
|
|
Buildings
|
|
|
2,505,993
|
|
Machinery and equipment
|
|
|
1,648,596
|
|
Office equipment
|
|
|
50,730
|
|
|
|
|
|
|
|
|
|
|
$
|
19,043,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
March 31, 2019
|
|
|
|
Additions to
right-of-use
assets
|
|
$
|
211,300
|
|
|
|
|
|
|
Depreciation of
right-of-use
assets
|
|
|
|
|
Land
|
|
$
|
242,645
|
|
Buildings
|
|
|
106,108
|
|
Machinery and equipment
|
|
|
311,587
|
|
Office equipment
|
|
|
5,527
|
|
|
|
|
|
|
|
|
|
|
$
|
665,867
|
|
|
|
|
|
|
|
|
|
|
Income from subleasing
right-of-use
assets (classified under other operating income and expenses, net)
|
|
$
|
13,472
|
|
|
|
|
|
|
- 27 -
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
Carrying amounts
|
|
|
|
|
|
|
Current portion (classified under accrued expenses and other current liabilities)
|
|
$
|
2,699,608
|
|
Noncurrent portion
|
|
|
16,907,533
|
|
|
|
|
|
|
|
|
$
|
19,607,141
|
|
|
|
|
|
|
Ranges of discount rates for lease liabilities are as follows:
|
|
|
|
|
March 31, 2019
|
|
|
Land
|
|
0.71%-2.14%
|
Buildings
|
|
0.71%-3.88%
|
Machinery and equipment
|
|
3.24%
|
Office equipment
|
|
0.71%-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 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 operation use with lease terms of 2 years. The Company has
purchase options to acquire leasehold machine and equipment at the end of the lease terms.
|
d.
|
Subleases of
right-of-use
assets
|
The Company subleases its
right-of-use
assets for buildings under operating leases with lease terms of 1 to 5 years.
The maturity analysis of lease payments receivable under operating subleases is as follows:
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
Year 1
|
|
$
|
48,895
|
|
Year 2
|
|
|
37
|
|
|
|
|
|
|
|
|
|
|
$
|
48,932
|
|
|
|
|
|
|
- 28 -
|
e.
|
Other lease information
|
|
|
|
|
|
|
|
For the Three
Months Ended
March 31, 2019
|
|
|
|
Expenses relating to short-term leases
|
|
$
|
1,447,573
|
|
|
|
|
|
|
Expenses relating to
low-value
asset leases
|
|
$
|
204
|
|
|
|
|
|
|
Expenses relating to variable lease payments not included in the measurement of lease
liabilities
|
|
$
|
50,658
|
|
|
|
|
|
|
Total cash outflow for leases
|
|
$
|
1,583,732
|
|
|
|
|
|
|
The Company applies the recognition exemption to leases of machinery and equipment and others qualifying
as short-term leases and
low-value
asset leases and does not recognize
right-of-use
assets and lease liabilities for these
leases.
2018
Future minimum lease payments under
non-cancellable
operating leases are as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
Not later than 1 year
|
|
$
|
5,824,119
|
|
|
$
|
4,853,387
|
|
Later than 1 year and not later than 5 years
|
|
|
5,834,884
|
|
|
|
5,088,935
|
|
Later than 5 years
|
|
|
9,190,582
|
|
|
|
9,318,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
20,849,585
|
|
|
$
|
19,261,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
Technology
License Fees
|
|
|
Software and
System Design
Costs
|
|
|
Patent and
Others
|
|
|
Total
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2019
|
|
$
|
5,795,488
|
|
|
$
|
10,974,458
|
|
|
$
|
29,594,483
|
|
|
$
|
7,656,524
|
|
|
$
|
54,020,953
|
|
Additions
|
|
|
|
|
|
|
899,935
|
|
|
|
1,398,798
|
|
|
|
7,802
|
|
|
|
2,306,535
|
|
Disposals or retirements
|
|
|
|
|
|
|
|
|
|
|
(11,122
|
)
|
|
|
|
|
|
|
(11,122
|
)
|
Effect of exchange rate changes
|
|
|
12,221
|
|
|
|
861
|
|
|
|
11,246
|
|
|
|
1,318
|
|
|
|
25,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019
|
|
$
|
5,807,709
|
|
|
$
|
11,875,254
|
|
|
$
|
30,993,405
|
|
|
$
|
7,665,644
|
|
|
$
|
56,342,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated amortization and impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2019
|
|
$
|
|
|
|
$
|
8,756,005
|
|
|
$
|
23,023,498
|
|
|
$
|
5,239,313
|
|
|
$
|
37,018,816
|
|
Additions
|
|
|
|
|
|
|
260,444
|
|
|
|
921,248
|
|
|
|
173,644
|
|
|
|
1,355,336
|
|
Disposals or retirements
|
|
|
|
|
|
|
|
|
|
|
(11,122
|
)
|
|
|
|
|
|
|
(11,122
|
)
|
Effect of exchange rate changes
|
|
|
|
|
|
|
861
|
|
|
|
3,549
|
|
|
|
555
|
|
|
|
4,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019
|
|
$
|
|
|
|
$
|
9,017,310
|
|
|
$
|
23,937,173
|
|
|
$
|
5,413,512
|
|
|
$
|
38,367,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amounts at January 1, 2019
|
|
$
|
5,795,488
|
|
|
$
|
2,218,453
|
|
|
$
|
6,570,985
|
|
|
$
|
2,417,211
|
|
|
$
|
17,002,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amounts at March 31, 2019
|
|
$
|
5,807,709
|
|
|
$
|
2,857,944
|
|
|
$
|
7,056,232
|
|
|
$
|
2,252,132
|
|
|
$
|
17,974,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 29 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
Technology
License Fees
|
|
|
Software and
System Design
Costs
|
|
|
Patent and
Others
|
|
|
Total
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2018
|
|
$
|
5,648,702
|
|
|
$
|
10,443,257
|
|
|
$
|
25,186,218
|
|
|
$
|
5,716,146
|
|
|
$
|
46,994,323
|
|
Additions
|
|
|
|
|
|
|
2,806
|
|
|
|
271,067
|
|
|
|
332,608
|
|
|
|
606,481
|
|
Disposals or retirements
|
|
|
|
|
|
|
|
|
|
|
(1,193
|
)
|
|
|
|
|
|
|
(1,193
|
)
|
Effect of exchange rate changes
|
|
|
(76,856
|
)
|
|
|
(2,328
|
)
|
|
|
4,795
|
|
|
|
3,020
|
|
|
|
(71,369
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2018
|
|
$
|
5,571,846
|
|
|
$
|
10,443,735
|
|
|
$
|
25,460,887
|
|
|
$
|
6,051,774
|
|
|
$
|
47,528,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated amortization and impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2018
|
|
$
|
|
|
|
$
|
7,694,857
|
|
|
$
|
20,376,693
|
|
|
$
|
4,747,633
|
|
|
$
|
32,819,183
|
|
Additions
|
|
|
|
|
|
|
281,528
|
|
|
|
626,140
|
|
|
|
127,923
|
|
|
|
1,035,591
|
|
Disposals or retirements
|
|
|
|
|
|
|
|
|
|
|
(1,137
|
)
|
|
|
|
|
|
|
(1,137
|
)
|
Effect of exchange rate changes
|
|
|
|
|
|
|
(2,328
|
)
|
|
|
1,729
|
|
|
|
909
|
|
|
|
310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2018
|
|
$
|
|
|
|
$
|
7,974,057
|
|
|
$
|
21,003,425
|
|
|
$
|
4,876,465
|
|
|
$
|
33,853,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amounts at January 1, 2018
|
|
$
|
5,648,702
|
|
|
$
|
2,748,400
|
|
|
$
|
4,809,525
|
|
|
$
|
968,513
|
|
|
$
|
14,175,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying amounts at March 31, 2018
|
|
$
|
5,571,846
|
|
|
$
|
2,469,678
|
|
|
$
|
4,457,462
|
|
|
$
|
1,175,309
|
|
|
$
|
13,674,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Concluded)
The Companys goodwill has been tested for impairment at the end of the annual reporting period and the recoverable amount is determined
based on the value in use. The value in use was calculated based on the cash flow forecast from the financial budgets covering the future five-year period, and the Company used annual discount rates of 9.0% in its test of impairment as of
December 31, 2018 to reflect the relevant specific risk in the cash-generating unit.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
|
|
Tax receivable
|
|
|
|
|
|
|
|
|
|
$
|
2,874,513
|
|
|
$
|
3,780,293
|
|
|
$
|
4,471,031
|
|
Prepaid expenses
|
|
|
|
|
|
|
|
|
|
|
1,851,850
|
|
|
|
1,298,710
|
|
|
|
1,467,439
|
|
Repayment of bonds and interest - prepaid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,728,788
|
|
Others
|
|
|
|
|
|
|
|
|
|
|
1,961,770
|
|
|
|
1,912,067
|
|
|
|
1,793,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,688,133
|
|
|
$
|
6,991,070
|
|
|
$
|
41,461,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion
|
|
|
|
|
|
|
|
|
|
$
|
5,082,738
|
|
|
$
|
5,406,423
|
|
|
$
|
39,947,321
|
|
Noncurrent portion
|
|
|
|
|
|
|
|
|
|
|
1,605,395
|
|
|
|
1,584,647
|
|
|
|
1,513,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,688,133
|
|
|
$
|
6,991,070
|
|
|
$
|
41,461,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on the contract terms of corporate bonds issued, prior to the date on which the principal or
interests become due, the Company needs to transfer such amount in advance to a designated agent for repayment of principal and interest. The agent will repay the funds to the bond holders at maturity date.
- 30 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Unsecured loans
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount
|
|
$
|
76,592,550
|
|
|
$
|
88,754,640
|
|
|
$
|
56,731,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Original loan content
|
|
|
|
|
|
|
|
|
|
|
|
|
US$ (in thousands)
|
|
$
|
2,265,000
|
|
|
$
|
2,610,000
|
|
|
$
|
1,950,000
|
|
EUR (in thousands)
|
|
|
195,000
|
|
|
|
242,000
|
|
|
|
|
|
Annual interest rate
|
|
|
0.01%-2.87%
|
|
|
|
0.01%-3.22%
|
|
|
|
1.92%-2.22%
|
|
Maturity date
|
|
|
Due by April
2019
|
|
|
|
Due by
January 2019
|
|
|
|
Due by
May 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Domestic unsecured bonds
|
|
$
|
83,400,000
|
|
|
$
|
91,800,000
|
|
|
$
|
99,300,000
|
|
Overseas unsecured bonds
|
|
|
|
|
|
|
|
|
|
|
33,456,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83,400,000
|
|
|
|
91,800,000
|
|
|
|
132,756,950
|
|
Less: Discounts on bonds payable
|
|
|
|
|
|
|
|
|
|
|
(210
|
)
|
Less: Current portion
|
|
|
(48,100,000
|
)
|
|
|
(34,900,000
|
)
|
|
|
(49,356,740
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,300,000
|
|
|
$
|
56,900,000
|
|
|
$
|
83,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The major terms of overseas unsecured bonds are as follows:
|
|
|
|
|
|
|
Issuance Period
|
|
Total Amount
(US$
in Thousands)
|
|
Coupon Rate
|
|
Repayment and Interest
Payment
|
|
|
|
|
April 2013 to April 2018
|
|
US$1,150,000
|
|
1.625%
|
|
Bullet repayment; interest payable semi-annually
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2018
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Capacity guarantee
|
|
$
|
7,775,326
|
|
|
$
|
9,289,628
|
|
|
$
|
11,637,200
|
|
Receivables guarantee
|
|
|
669,804
|
|
|
|
653,686
|
|
|
|
2,475,412
|
|
Others
|
|
|
273,308
|
|
|
|
245,731
|
|
|
|
251,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,718,438
|
|
|
$
|
10,189,045
|
|
|
$
|
14,363,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion (classified under accrued expenses and other current liabilities)
|
|
$
|
6,897,690
|
|
|
$
|
6,835,667
|
|
|
$
|
8,372,518
|
|
Noncurrent portion
|
|
|
1,820,748
|
|
|
|
3,353,378
|
|
|
|
5,991,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,718,438
|
|
|
$
|
10,189,045
|
|
|
$
|
14,363,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Some of guarantee deposits were refunded to customers by offsetting related accounts receivable.
- 31 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
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, 2019, 1,068,051 thousand ADSs of TSMC were traded on the NYSE. The number of common shares represented by the ADSs
was 5,340,257 thousand shares (one ADS represents five common shares).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Additional
paid-in
capital
|
|
$
|
24,184,939
|
|
|
$
|
24,184,939
|
|
|
$
|
24,184,939
|
|
From merger
|
|
|
22,804,510
|
|
|
|
22,804,510
|
|
|
|
22,804,510
|
|
From convertible bonds
|
|
|
8,892,847
|
|
|
|
8,892,847
|
|
|
|
8,892,847
|
|
From share of changes in equities of subsidiaries
|
|
|
121,843
|
|
|
|
121,473
|
|
|
|
118,792
|
|
From share of changes in equities of associates
|
|
|
287,206
|
|
|
|
282,820
|
|
|
|
285,415
|
|
Donations
|
|
|
29,343
|
|
|
|
29,343
|
|
|
|
19,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
56,320,688
|
|
|
$
|
56,315,932
|
|
|
$
|
56,305,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under the relevant laws, the capital surplus generated from donations and the excess of the issuance
price over the par value of capital stock (including the stock issued for new capital, mergers and convertible bonds) may be used to offset a deficit; in addition, when the Company has no deficit, such capital surplus may be distributed as cash
dividends or stock dividends up to a certain percentage of TSMCs
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.
- 32 -
|
c.
|
Retained earnings and dividend policy
|
TSMCs Articles of Incorporation provide that, when allocating the net profits for each fiscal year, TSMC shall first offset its losses in
previous years and then set aside the following items accordingly:
|
1)
|
Legal capital reserve at 10% of the profits left over, until the accumulated legal capital reserve equals
TSMCs
paid-in
capital;
|
|
2)
|
Special capital reserve in accordance with relevant laws or regulations or as requested by the authorities in
charge;
|
|
3)
|
Any balance left over shall be allocated according to the resolution of the shareholders meeting.
|
TSMCs Articles of Incorporation provide the policy about the profit sharing bonus to employees,
please refer to Note 28.
TSMCs 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.
Any appropriations of the profits are subject to shareholders approval in the following year.
The appropriation for legal capital reserve shall be made until the reserve equals the Companys
paid-in
capital. The reserve may be used to offset a deficit, or be distributed as dividends in cash or stocks for the portion in excess of 25% of the
paid-in
capital if
the Company incurs no loss.
Pursuant to existing regulations, the Company is required to set aside additional special capital reserve
equivalent to the net debit balance of the other components of stockholders equity, such as the accumulated balance of foreign currency translation reserve, unrealized valuation gain or loss from fair value through other comprehensive income
financial assets, unrealized valuation gain or loss from
available-for-sale
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 2018 and 2017 earnings have been approved by TSMCs Board of Directors in its meeting held on February 19, 2019
and by TSMCs shareholders in its meeting held on June 5, 2018, respectively. The appropriations and dividends per share were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appropriation of Earnings
|
|
|
Dividends Per Share
(NT$)
|
|
|
|
For Fiscal
Year 2018
|
|
|
For Fiscal
Year 2017
|
|
|
For Fiscal
Year 2018
|
|
|
For Fiscal
Year 2017
|
|
|
|
|
|
|
Legal capital reserve
|
|
$
|
35,113,088
|
|
|
$
|
34,311,148
|
|
|
|
|
|
|
|
|
|
Special capital reserve
|
|
|
(11,459,458
|
)
|
|
|
26,907,527
|
|
|
|
|
|
|
|
|
|
Cash dividends to shareholders
|
|
|
207,443,044
|
|
|
|
207,443,044
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
231,096,674
|
|
|
$
|
268,661,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The appropriations of earnings for 2018 are to be presented for approval in the TSMCs
shareholders meeting to be held on June 5, 2019 (expected).
- 33 -
Changes in others were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019
|
|
|
|
Foreign
Currency
Translation
Reserve
|
|
|
Unrealized
Gain (Loss) on
Financial
Assets at
FVTOCI
|
|
|
Gain (Loss) on
Hedging
Instruments
|
|
|
Unearned
Stock-Based
Compensation
|
|
|
Total
|
|
|
|
|
|
|
|
Balance, beginning of period
|
|
$
|
(12,042,347
|
)
|
|
$
|
(3,429,324
|
)
|
|
$
|
23,601
|
|
|
$
|
(1,843
|
)
|
|
$
|
(15,449,913
|
)
|
Exchange differences arising on translation of foreign operations
|
|
|
3,213,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,213,471
|
|
Unrealized gain (loss) on financial assets at FVTOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity instruments
|
|
|
|
|
|
|
53,532
|
|
|
|
|
|
|
|
|
|
|
|
53,532
|
|
Debt instruments
|
|
|
|
|
|
|
1,395,796
|
|
|
|
|
|
|
|
|
|
|
|
1,395,796
|
|
Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to
disposal
|
|
|
|
|
|
|
95,538
|
|
|
|
|
|
|
|
|
|
|
|
95,538
|
|
Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to
disposal
|
|
|
|
|
|
|
53,105
|
|
|
|
|
|
|
|
|
|
|
|
53,105
|
|
Loss allowance adjustments from debt instruments
|
|
|
|
|
|
|
(511
|
)
|
|
|
|
|
|
|
|
|
|
|
(511
|
)
|
Other comprehensive income transferred to profit or loss due to disposal of subsidiary
|
|
|
4,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,598
|
|
Gain (loss) arising on changes in the fair value of hedging instruments
|
|
|
|
|
|
|
|
|
|
|
(94,548
|
)
|
|
|
|
|
|
|
(94,548
|
)
|
Transferred to initial carrying amount of hedged items
|
|
|
|
|
|
|
|
|
|
|
12,434
|
|
|
|
|
|
|
|
12,434
|
|
Share of other comprehensive income (loss) of associates
|
|
|
8,328
|
|
|
|
248
|
|
|
|
|
|
|
|
|
|
|
|
8,576
|
|
Share of unearned stock-based employee compensation of associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
950
|
|
|
|
950
|
|
Income tax effect
|
|
|
|
|
|
|
(18,051
|
)
|
|
|
|
|
|
|
|
|
|
|
(18,051
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of period
|
|
$
|
(8,815,950
|
)
|
|
$
|
(1,849,667
|
)
|
|
$
|
(58,513
|
)
|
|
$
|
(893
|
)
|
|
$
|
(10,725,023
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
|
|
|
Foreign
Currency
Translation
Reserve
|
|
|
Unrealized
Gain (Loss) on
Financial
Assets at
FVTOCI
|
|
|
Gain (Loss) on
Hedging
Instruments
|
|
|
Unearned
Stock-Based
Compensation
|
|
|
Total
|
|
|
|
|
|
|
|
Balance, beginning of period
|
|
$
|
(26,697,680
|
)
|
|
$
|
(524,915
|
)
|
|
$
|
4,226
|
|
|
$
|
(10,290
|
)
|
|
$
|
(27,228,659
|
)
|
Exchange differences arising on translation of foreign operations
|
|
|
(6,476,324
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,476,324
|
)
|
Unrealized gain (loss) on financial assets at FVTOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity instruments
|
|
|
|
|
|
|
(22,034
|
)
|
|
|
|
|
|
|
|
|
|
|
(22,034
|
)
|
Debt instruments
|
|
|
|
|
|
|
(979,455
|
)
|
|
|
|
|
|
|
|
|
|
|
(979,455
|
)
|
Cumulative unrealized gain (loss) of equity instruments transferred to retained earnings due to
disposal
|
|
|
|
|
|
|
13,053
|
|
|
|
|
|
|
|
|
|
|
|
13,053
|
|
Cumulative unrealized gain (loss) of debt instruments transferred to profit or loss due to
disposal
|
|
|
|
|
|
|
252,328
|
|
|
|
|
|
|
|
|
|
|
|
252,328
|
|
Loss allowance adjustments from debt instruments
|
|
|
|
|
|
|
(283
|
)
|
|
|
|
|
|
|
|
|
|
|
(283
|
)
|
Gain (loss) arising on changes in the fair value of hedging instruments
|
|
|
|
|
|
|
|
|
|
|
37,282
|
|
|
|
|
|
|
|
37,282
|
|
Share of other comprehensive income (loss) of associates
|
|
|
(39,352
|
)
|
|
|
62
|
|
|
|
|
|
|
|
|
|
|
|
(39,290
|
)
|
Share of unearned stock-based employee compensation of associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,109
|
|
|
|
3,109
|
|
Income tax effect
|
|
|
|
|
|
|
43,680
|
|
|
|
(4,474
|
)
|
|
|
|
|
|
|
39,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of period
|
|
$
|
(33,213,356
|
)
|
|
$
|
(1,217,564
|
)
|
|
$
|
37,034
|
|
|
$
|
(7,181
|
)
|
|
$
|
(34,401,067
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The aforementioned other equity includes the changes in other equities of TSMC and TSMCs share of
its subsidiaries and associates.
- 34 -
|
a.
|
Disaggregation of revenue from contracts with customers
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
Product
|
|
2019
|
|
|
2018
|
|
|
|
|
Wafer
|
|
$
|
190,100,011
|
|
|
$
|
219,179,396
|
|
Others
|
|
|
28,604,458
|
|
|
|
28,899,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
218,704,469
|
|
|
$
|
248,078,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
Geography
|
|
2019
|
|
|
2018
|
|
|
|
|
Taiwan
|
|
$
|
17,358,562
|
|
|
$
|
18,829,835
|
|
United States
|
|
|
129,023,339
|
|
|
|
148,828,202
|
|
China
|
|
|
39,551,859
|
|
|
|
44,969,564
|
|
Europe, the Middle East and Africa
|
|
|
16,279,553
|
|
|
|
17,691,973
|
|
Japan
|
|
|
13,187,925
|
|
|
|
14,685,352
|
|
Others
|
|
|
3,303,231
|
|
|
|
3,073,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
218,704,469
|
|
|
$
|
248,078,671
|
|
|
|
|
|
|
|
|
|
|
The Company categorized the net revenue mainly based on the countries where the customers are
headquartered.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
Platform
|
|
2019
|
|
|
2018
|
|
|
|
|
Smartphone
|
|
$
|
103,210,269
|
|
|
$
|
113,267,915
|
|
High Performance Computing
|
|
|
62,824,973
|
|
|
|
78,988,359
|
|
Internet of Things
|
|
|
16,717,625
|
|
|
|
15,379,027
|
|
Automotive
|
|
|
10,626,515
|
|
|
|
12,907,788
|
|
Digital Consumer Electronics
|
|
|
14,627,749
|
|
|
|
15,723,792
|
|
Others
|
|
|
10,697,338
|
|
|
|
11,811,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
218,704,469
|
|
|
$
|
248,078,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
Resolution
|
|
2019
|
|
|
2018
|
|
|
|
|
7-nanometer
|
|
$
|
42,208,718
|
|
|
$
|
|
|
10-nanometer
|
|
|
6,981,206
|
|
|
|
40,758,293
|
|
16-nanometer
|
|
|
30,049,700
|
|
|
|
39,678,483
|
|
20-nanometer
|
|
|
2,763,835
|
|
|
|
7,534,063
|
|
28-nanometer
|
|
|
37,142,360
|
|
|
|
44,053,726
|
|
40/45-nanometer
|
|
|
23,286,880
|
|
|
|
25,290,974
|
|
65-nanometer
|
|
|
15,828,535
|
|
|
|
20,397,546
|
|
90-nanometer
|
|
|
6,300,002
|
|
|
|
10,014,738
|
|
0.11/0.13 micron
|
|
|
5,048,576
|
|
|
|
5,436,097
|
|
0.15/0.18 micron
|
|
|
15,672,766
|
|
|
|
19,248,357
|
|
0.25 micron and above
|
|
|
4,817,433
|
|
|
|
6,767,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wafer revenue
|
|
$
|
190,100,011
|
|
|
$
|
219,179,396
|
|
|
|
|
|
|
|
|
|
|
- 35 -
Starting the first quarter of 2019, the Company will report its net revenue breakdown by
platform, instead of by application. The Company believes this change will better represent the Companys results.
Commencing in the
fourth quarter of 2018, the Company began to break down the net revenue by product, by geography and by resolution based on a new method which associates most estimated sales returns and allowances with individual sales transactions, as opposed to
the previous method which allocated sales returns and allowances based on the aforementioned gross revenue. The Company believes the new method provides a more relevant breakdown than the previous one. On a comparable basis, the classifications of
three months ended March 31, 2018 have been revised accordingly.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
January 1,
2018
|
|
|
|
|
|
|
Contract liabilities (classified under accrued expenses and other current liabilities)
|
|
$
|
6,027,843
|
|
|
$
|
4,684,024
|
|
|
$
|
27,076,312
|
|
|
$
|
32,434,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The changes in the contract liability balances primarily result from the timing difference between the
satisfaction of performance obligation and the customers payment.
For the three months ended March 31, 2019 and 2018, the
Company recognized NT$2,568,026 thousand and NT$26,965,981 thousand as revenue from the beginning balance of contract liability, respectively.
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
Bank deposits
|
|
$
|
3,150,272
|
|
|
$
|
2,173,827
|
|
Financial assets at FVTPL
|
|
|
186,317
|
|
|
|
30,736
|
|
Financial assets at FVTOCI
|
|
|
785,216
|
|
|
|
711,807
|
|
Financial assets at amortized cost
|
|
|
286,971
|
|
|
|
237,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,408,776
|
|
|
|
3,154,189
|
|
Dividend income
|
|
|
|
|
|
|
453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,408,776
|
|
|
$
|
3,154,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
Bank loans
|
|
$
|
506,581
|
|
|
$
|
283,410
|
|
Corporate bonds
|
|
|
325,002
|
|
|
|
524,521
|
|
Lease liabilities
|
|
|
67,325
|
|
|
|
|
|
Others
|
|
|
157
|
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
899,065
|
|
|
$
|
807,966
|
|
|
|
|
|
|
|
|
|
|
- 36 -
25.
|
OTHER GAINS AND LOSSES, NET
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
Loss on disposal of financial assets, net
|
|
|
|
|
|
|
|
|
Investments in debt instruments at FVTOCI
|
|
$
|
(53,105
|
)
|
|
$
|
(252,328
|
)
|
Loss on disposal of subsidiaries
|
|
|
(4,598
|
)
|
|
|
|
|
Net gain (loss) on financial instruments at FVTPL
|
|
|
|
|
|
|
|
|
Mandatorily measured at FVTPL
|
|
|
(496,763
|
)
|
|
|
1,108,710
|
|
Gain arising from fair value hedges, net
|
|
|
11,758
|
|
|
|
352
|
|
The reversal of expected credit loss of financial assets
|
|
|
|
|
|
|
|
|
Investments in debt instruments at FVTOCI
|
|
|
511
|
|
|
|
283
|
|
Financial assets at amortized cost
|
|
|
4,374
|
|
|
|
1,474
|
|
Other gains (losses), net
|
|
|
279,568
|
|
|
|
(93,303
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(258,255
|
)
|
|
$
|
765,188
|
|
|
|
|
|
|
|
|
|
|
|
a.
|
Income tax expense recognized in profit or loss
|
Income tax expense consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
Current income tax expense
|
|
|
|
|
|
|
|
|
Current tax expense recognized in the current period
|
|
$
|
6,986,063
|
|
|
$
|
10,984,946
|
|
Income tax adjustments on prior years
|
|
|
(1,666
|
)
|
|
|
|
|
Other income tax adjustments
|
|
|
(1,743
|
)
|
|
|
39,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,982,654
|
|
|
|
11,024,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax benefit
|
|
|
|
|
|
|
|
|
Effect of tax rate changes
|
|
|
|
|
|
|
(376,065
|
)
|
The origination and reversal of temporary differences
|
|
|
(188,312
|
)
|
|
|
(492,219
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(188,312
|
)
|
|
|
(868,284
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense recognized in profit or loss
|
|
$
|
6,794,342
|
|
|
$
|
10,156,047
|
|
|
|
|
|
|
|
|
|
|
In 2018, the Income Tax Law in the R.O.C. was amended and, starting from 2018, the corporate income tax
rate was adjusted from 17% to 20%. For the year ended December 31, 2018, the effect of the change in tax rate on deferred tax income to be recognized in profit or loss was NT$1,474,808 thousand, of which NT$1,098,743 thousand had not
been recognized as of March 31, 2018, with corresponding effect recognized throughout the interim periods of 2018. In addition, the tax rate for 2018 unappropriated earnings was reduced from 10% to 5%.
For other jurisdictions, taxes are calculated using the applicable tax rate for each individual jurisdiction.
- 37 -
|
b.
|
Income tax expense recognized in other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
Deferred income tax benefit (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Related to unrealized gain/loss on investments in equity instruments at FVTOCI
|
|
|
|
|
|
$
|
(18,051
|
)
|
|
$
|
43,680
|
|
Related to gain/loss on cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
(4,474
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(18,051
|
)
|
|
$
|
39,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
c.
|
Income tax examination
|
The tax authorities have examined income tax returns of TSMC through 2016. All investment tax credit adjustments assessed by the tax
authorities have been recognized accordingly.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
Basic EPS
|
|
|
|
|
|
$
|
2.37
|
|
|
$
|
3.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
|
|
|
|
$
|
2.37
|
|
|
$
|
3.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS is computed as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
(Numerator)
|
|
|
Number of
Shares
(Denominator)
(In Thousands)
|
|
|
EPS (NT$)
|
|
|
|
|
|
Three months ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic/Diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders of the parent
|
|
$
|
61,393,851
|
|
|
|
25,930,380
|
|
|
$
|
2.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic/Diluted EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders of the parent
|
|
$
|
89,784,622
|
|
|
|
25,930,380
|
|
|
$
|
3.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 38 -
28.
|
ADDITIONAL INFORMATION OF EXPENSES BY NATURE
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
a. Depreciation of property, plant and equipment and
right-of-use
assets
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in cost of revenue
|
|
$
|
69,934,176
|
|
|
$
|
64,798,902
|
|
Recognized in operating expenses
|
|
|
6,252,169
|
|
|
|
5,652,531
|
|
Recognized in other operating income and expenses
|
|
|
6,123
|
|
|
|
10,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
76,192,468
|
|
|
$
|
70,462,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b. Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in cost of revenue
|
|
$
|
713,093
|
|
|
$
|
484,597
|
|
Recognized in operating expenses
|
|
|
642,243
|
|
|
|
550,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,355,336
|
|
|
$
|
1,035,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
c. Research and development costs expensed as incurred
|
|
$
|
20,417,311
|
|
|
$
|
20,428,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
d. Employee benefits expenses
|
|
|
|
|
|
|
|
|
|
|
|
Post-employment benefits
|
|
|
|
|
|
|
|
|
Defined contribution plans
|
|
$
|
653,319
|
|
|
$
|
619,490
|
|
Defined benefit plans
|
|
|
64,880
|
|
|
|
70,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
718,199
|
|
|
|
689,926
|
|
Other employee benefits
|
|
|
22,953,464
|
|
|
|
26,391,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,671,663
|
|
|
$
|
27,080,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee benefits expense summarized by function
|
|
|
|
|
|
|
|
|
Recognized in cost of revenue
|
|
$
|
14,074,980
|
|
|
$
|
15,878,407
|
|
Recognized in operating expenses
|
|
|
9,596,683
|
|
|
|
11,202,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,671,663
|
|
|
$
|
27,080,968
|
|
|
|
|
|
|
|
|
|
|
According to TSMCs 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, which amounted to NT$4,119,681 thousand and
NT$6,023,994 thousand for the three months ended March 31, 2019 and 2018, respectively; 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.
TSMCs profit sharing
bonus to employees and compensation to directors in the amounts of NT$23,570,040 thousand and NT$349,272 thousand in cash for 2018, respectively, and profit sharing bonus to employees and compensation to directors in the amounts of
NT$23,019,082 thousand and NT$368,919 thousand in cash for 2017, respectively, had been approved by the Board of Directors of TSMC held on February 19, 2019 and February 13, 2018, respectively. There is no significant difference between
the aforementioned approved amounts and the amounts charged against earnings of 2018 and 2017, respectively.
- 39 -
The information about the appropriations of TSMCs profit sharing bonus to employees and
compensation to directors is available at the Market Observation Post System website.
29.
|
CASH FLOW INFORMATION
|
Reconciliation of liabilities arising from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
changes
|
|
|
|
|
|
|
Balance as of
January 1, 2019
|
|
|
Financing Cash
Flow
|
|
|
Foreign
Exchange
Movement
|
|
|
New Leases
|
|
|
Other Changes
(Note 1)
|
|
|
Balance as of
March 31, 2019
|
|
|
|
|
|
|
|
|
Short-term loans
|
|
$
|
88,754,640
|
|
|
$
|
(12,262,255
|
)
|
|
$
|
100,165
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
76,592,550
|
|
Guarantee deposits
|
|
|
10,189,045
|
|
|
|
26,196
|
|
|
|
45,997
|
|
|
|
|
|
|
|
(1,542,800
|
)
|
|
|
8,718,438
|
|
Lease liabilities
|
|
|
19,903,615
|
|
|
|
(589,592
|
)
|
|
|
17,141
|
|
|
|
208,652
|
|
|
|
67,325
|
|
|
|
19,607,141
|
|
Bonds payable
|
|
|
91,800,000
|
|
|
|
(8,400,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
210,647,300
|
|
|
$
|
(21,225,651
|
)
|
|
$
|
163,303
|
|
|
$
|
208,652
|
|
|
$
|
(1,475,475
|
)
|
|
$
|
188,318,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
changes
|
|
|
|
|
|
|
Balance as of
January 1, 2018
|
|
|
Financing Cash
Flow
|
|
|
Foreign
Exchange
Movement
|
|
|
Other Changes
(Note 2)
|
|
|
Balance as of
March 31, 2018
|
|
|
|
|
|
|
|
Short-term loans
|
|
$
|
63,766,850
|
|
|
$
|
(5,774,830
|
)
|
|
$
|
(1,260,670
|
)
|
|
$
|
|
|
|
$
|
56,731,350
|
|
Guarantee deposits
|
|
|
16,080,619
|
|
|
|
(54,135
|
)
|
|
|
(182,905
|
)
|
|
|
(1,479,700
|
)
|
|
|
14,363,879
|
|
Bonds payable
|
|
|
150,201,122
|
|
|
|
(16,800,000
|
)
|
|
|
(650,823
|
)
|
|
|
6,441
|
|
|
|
132,756,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
230,048,591
|
|
|
$
|
(22,628,965
|
)
|
|
$
|
(2,094,398
|
)
|
|
$
|
(1,473,259
|
)
|
|
$
|
203,851,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1:
|
Other changes include financial cost of lease liabilities and guarantee deposits refunded to customers by
offsetting related accounts receivable.
|
|
Note 2:
|
Other changes include amortization of bonds payable and guarantee deposits refunded to customers by offsetting
related accounts receivable.
|
30.
|
FINANCIAL INSTRUMENTS
|
|
a.
|
Categories of financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
FVTPL (Note 1)
|
|
$
|
3,084,399
|
|
|
$
|
3,504,590
|
|
|
$
|
963,915
|
|
FVTOCI (Note 2)
|
|
|
113,688,888
|
|
|
|
107,067,490
|
|
|
|
101,749,350
|
|
Hedging financial assets
|
|
|
969
|
|
|
|
23,497
|
|
|
|
26,357
|
|
Amortized cost (Note 3)
|
|
|
775,326,755
|
|
|
|
745,585,774
|
|
|
|
719,404,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
892,101,011
|
|
|
$
|
856,181,351
|
|
|
$
|
822,143,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
FVTPL (Note 4)
|
|
$
|
151,079
|
|
|
$
|
40,825
|
|
|
$
|
170,673
|
|
Hedging financial liabilities
|
|
|
111,374
|
|
|
|
155,832
|
|
|
|
79,182
|
|
Amortized cost (Note 5)
|
|
|
323,693,554
|
|
|
|
318,475,704
|
|
|
|
320,473,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
323,956,007
|
|
|
$
|
318,672,361
|
|
|
$
|
320,723,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 40 -
|
Note 1:
|
Financial assets mandatorily measured at FVTPL.
|
|
Note 2:
|
Including notes and accounts receivable (net), debt and equity investments.
|
|
Note 3:
|
Including cash and cash equivalents, financial assets at amortized cost, notes and accounts receivable
(including related parties), other receivables and refundable deposits.
|
|
Note 4:
|
Held for trading.
|
|
Note 5:
|
Including short-term loans, accounts payable (including related parties), payables to contractors and equipment
suppliers, accrued expenses and other current liabilities, bonds payable, and guarantee deposits.
|
|
b.
|
Financial risk management objectives
|
The Company seeks to ensure sufficient cost-efficient funding readily available when needed. The Company manages its exposure to foreign
currency risk, interest rate risk, equity price risk, credit risk and liquidity risk with the objective to reduce the potentially adverse effects the market uncertainties may have on its financial performance.
The plans for material treasury activities are reviewed by Audit Committees and/or Board of Directors in accordance with procedures required by
relevant regulations or internal controls. During the implementation of such plans, Corporate Treasury function must comply with certain treasury procedures that provide guiding principles for overall financial risk management and segregation of
duties.
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
More than 90% of the Companys revenue is denominated in U.S. dollar and over
one-half
of its
capital expenditures are denominated in currencies other than NT dollar, primarily in U.S. dollar, Japanese yen and Euro. As a result, any significant fluctuations to its disadvantage in exchanges rate of NT dollar against such currencies, in
particular a weakening of U.S. dollar against NT dollar, would have an adverse impact on the revenue and operating profit as expressed in NT dollar. The Company uses foreign currency derivative contracts, such as currency forwards or currency swaps,
to protect against currency exchange rate risks associated with
non-NT
dollar-denominated assets and liabilities and certain forecasted transactions. The Company utilizes U.S. dollar denominated debt to
partially offset currency risk arising from U.S. dollar denominated receivables for balance sheet hedges. These hedges reduce, but do not entirely eliminate, the financial impact on the Company caused by the effect of foreign currency exchange rate
movements on the assets and liabilities.
Based on a sensitivity analysis performed on the Companys total monetary assets and
liabilities for the three months ended March 31, 2019 and 2018, a hypothetical adverse foreign currency exchange rate change of 10% would have decreased its net income by NT$1,069,244 thousand and NT$1,060,765 thousand, respectively,
and decreased its other comprehensive income by NT$613,142 thousand and NT$326,872 thousand, respectively, after taking into account hedges and offsetting positions.
- 41 -
Interest rate risk
The Company is exposed to interest rate risk primarily related to its investments in fixed income securities and outstanding debt.
Financial assets at amortized costs are measured at amortized cost, and therefore changes in interest rates would not affect the fair value. On
the other hand, financial assets at FVTPL and financial assets at FVTOCI are exposed to fair value fluctuations caused by changes in interest rates. The Company entered into interest rate futures to partially hedge the interest rate risk on its
financial assets at FVTPL and financial assets at FVTOCI. These hedges can offset only a small portion of the financial impact from movements in interest rates.
Based on a sensitivity analysis performed on fixed income investments at the end of the reporting period, interest rate increase of 100 basis
points (1.00%) across all maturities would have decreased the fair value by NT$2,515,345 thousand and NT$2,317,212 thousand for the three months ended March 31, 2019 and 2018, respectively. The decreases were composed of
NT$3,000,289 thousand decrease and NT$2,243,927 thousand decrease in other comprehensive income, and NT$484,944 thousand increase and NT$73,285 thousand decrease in net income for the three months ended March 31, 2019 and
2018, respectively.
All of the Companys long-term debts are fixed-rate, NT dollar denominated bonds and measured at amortized cost.
As such, changes in interest rates would not affect the future cash flows and fair value.
Other price risk
The Company is exposed to equity price risk for 2019 and 2018 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, 2019 and 2018, the other comprehensive income would have decreased by NT$424,983 thousand and NT$791,372 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 trade receivables, 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 Companys maximum credit risk exposure is equal to the carrying amount of financial assets.
Business related credit risk
The Companys trade receivables are from its customers worldwide. The majority of the Companys outstanding trade receivables are not
covered by collaterals or guarantees. While the Company has procedures to monitor and manage credit risk exposure on trade receivables, there is no assurance such procedures will effectively eliminate losses resulting from its credit risk. This risk
is heightened during periods when economic conditions worsen.
As of March 31, 2019, December 31, 2018 and March 31, 2018,
the Companys ten largest customers accounted for 74%, 79% and 76% of accounts receivable, respectively. The Company believes the concentration of credit risk is not material for the remaining accounts receivable.
- 42 -
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 risk management of expected credit loss for financial assets at amortized cost and investments in debt instruments at FVTOCI is as follows:
The Company only invests in debt instruments that are rated as investment grade or higher. The credit rating information is supplied by
external rating agencies. The Company assesses whether there has been a significant increase in credit risk since initial recognition by reviewing changes in external credit ratings, financial market conditions and material information of the
bond-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 on trade date and valuation date:
(1) Within investment grade
(2) Between BB+ and BB-
|
|
12 months expected credit loss
|
|
0-0.1%
|
Doubtful
|
|
Credit rating on trade date and valuation date:
(1) From investment grade to
non-investment
grade
(2) From BB+~BB- to B+~CCC-
|
|
Lifetime expected credit
loss-not
credit impaired
|
|
|
In default
|
|
Credit rating CC or below
|
|
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, 2019 and 2018, the expected credit loss decreases
NT$4,776 thousand and NT$2,486 thousand, respectively, mainly attributed to asset allocation adjustment to debt investments of higher credit rating.
|
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 equivalent, debt investment at FVTPL, financial assets at FVTOCI-current, and financial assets amortized at cost-current.
- 43 -
The table below summarizes the maturity profile of the Companys financial liabilities based
on contractual undiscounted payments, including principal and interest.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than
1 Year
|
|
|
2-3
Years
|
|
|
4-5 Years
|
|
|
5+ Years
|
|
|
Total
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-derivative
financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term loans
|
|
$
|
76,638,209
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
76,638,209
|
|
Accounts payable (including related parties)
|
|
|
27,661,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,661,850
|
|
Payables to contractors and equipment suppliers
|
|
|
76,970,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76,970,966
|
|
Accrued expenses and other current liabilities
|
|
|
50,349,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,349,750
|
|
Bonds payable
|
|
|
49,080,086
|
|
|
|
13,673,294
|
|
|
|
22,881,721
|
|
|
|
|
|
|
|
85,635,101
|
|
Lease liabilities (including those classified under accrued expenses and other current
liabilities)
|
|
|
2,704,611
|
|
|
|
3,411,829
|
|
|
|
2,498,203
|
|
|
|
11,897,443
|
|
|
|
20,512,086
|
|
Guarantee deposits (including those classified under accrued expenses and other current
liabilities)
|
|
|
6,897,690
|
|
|
|
1,357,681
|
|
|
|
463,067
|
|
|
|
|
|
|
|
8,718,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
290,303,162
|
|
|
|
18,442,804
|
|
|
|
25,842,991
|
|
|
|
11,897,443
|
|
|
|
346,486,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outflows
|
|
|
59,765,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,765,345
|
|
Inflows
|
|
|
(59,580,087
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(59,580,087
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
185,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
185,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
290,488,420
|
|
|
$
|
18,442,804
|
|
|
$
|
25,842,991
|
|
|
$
|
11,897,443
|
|
|
$
|
346,671,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional information about the maturity analysis for
lease liabilities:
|
|
|
|
Less than
5 Years
|
|
|
6-10 Years
|
|
|
11-15 Years
|
|
|
16-20 Years
|
|
|
20+ Years
|
|
|
|
|
|
|
|
Lease liabilities
|
|
$
|
8,614,643
|
|
|
$
|
5,776,436
|
|
|
$
|
4,001,755
|
|
|
$
|
1,928,816
|
|
|
$
|
190,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than
1 Year
|
|
|
2-3
Years
|
|
|
4-5 Years
|
|
|
5+ Years
|
|
|
Total
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-derivative
financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term loans
|
|
$
|
88,810,737
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
88,810,737
|
|
Accounts payable (including related parties)
|
|
|
34,357,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,357,432
|
|
Payables to contractors and equipment suppliers
|
|
|
43,133,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,133,659
|
|
Accrued expenses and other current liabilities
|
|
|
50,240,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,240,928
|
|
Bonds payable
|
|
|
36,039,935
|
|
|
|
35,340,742
|
|
|
|
22,979,426
|
|
|
|
|
|
|
|
94,360,103
|
|
Guarantee deposits (including those classified under accrued expenses and other current
liabilities)
|
|
|
6,835,667
|
|
|
|
2,891,663
|
|
|
|
461,715
|
|
|
|
|
|
|
|
10,189,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
259,418,358
|
|
|
|
38,232,405
|
|
|
|
23,441,141
|
|
|
|
|
|
|
|
321,091,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outflows
|
|
|
49,302,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,302,325
|
|
Inflows
|
|
|
(49,393,679
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(49,393,679
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(91,354
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(91,354
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
259,327,004
|
|
|
$
|
38,232,405
|
|
|
$
|
23,441,141
|
|
|
$
|
|
|
|
$
|
321,000,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 44 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than
1 Year
|
|
|
2-3
Years
|
|
|
4-5 Years
|
|
|
5+ Years
|
|
|
Total
|
|
|
|
|
|
|
|
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-derivative
financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term loans
|
|
$
|
56,787,188
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
56,787,188
|
|
Accounts payable (including related parties)
|
|
|
29,041,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,041,977
|
|
Payables to contractors and equipment suppliers
|
|
|
47,828,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,828,289
|
|
Accrued expenses and other current liabilities
|
|
|
39,751,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,751,067
|
|
Bonds payable
|
|
|
51,058,202
|
|
|
|
62,362,560
|
|
|
|
17,128,725
|
|
|
|
6,143,816
|
|
|
|
136,693,303
|
|
Guarantee deposits (including those classified under accrued expenses and other current
liabilities)
|
|
|
8,372,518
|
|
|
|
5,908,158
|
|
|
|
83,203
|
|
|
|
|
|
|
|
14,363,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
232,839,241
|
|
|
|
68,270,718
|
|
|
|
17,211,928
|
|
|
|
6,143,816
|
|
|
|
324,465,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outflows
|
|
|
69,663,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69,663,091
|
|
Inflows
|
|
|
(69,633,869
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(69,633,869
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
232,868,463
|
|
|
$
|
68,270,718
|
|
|
$
|
17,211,928
|
|
|
$
|
6,143,816
|
|
|
$
|
324,494,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Concluded)
|
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).
|
|
2)
|
Fair value of financial instruments that are measured at fair value on a recurring basis
|
Fair value hierarchy
The following table presents the Companys financial assets and liabilities measured at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
Financial assets at FVTPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandatorily measured at FVTPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency mortgage-backed securities
|
|
$
|
|
|
|
$
|
2,973,659
|
|
|
$
|
|
|
|
$
|
2,973,659
|
|
Forward exchange contracts
|
|
|
|
|
|
|
110,740
|
|
|
|
|
|
|
|
110,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
$
|
3,084,399
|
|
|
$
|
|
|
|
$
|
3,084,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 45 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
Financial assets at FVTOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in debt instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
|
|
|
$
|
42,703,270
|
|
|
$
|
|
|
|
$
|
42,703,270
|
|
Agency bonds/Agency mortgage-backed securities
|
|
|
|
|
|
|
34,371,268
|
|
|
|
|
|
|
|
34,371,268
|
|
Asset-backed securities
|
|
|
|
|
|
|
15,764,847
|
|
|
|
|
|
|
|
15,764,847
|
|
Government bonds
|
|
|
13,667,515
|
|
|
|
147,749
|
|
|
|
|
|
|
|
13,815,264
|
|
Investments in equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-publicly
traded equity investments
|
|
|
|
|
|
|
|
|
|
|
3,837,734
|
|
|
|
3,837,734
|
|
Publicly traded stocks
|
|
|
658,556
|
|
|
|
|
|
|
|
|
|
|
|
658,556
|
|
Notes and accounts receivable, net
|
|
|
|
|
|
|
2,537,949
|
|
|
|
|
|
|
|
2,537,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,326,071
|
|
|
$
|
95,525,083
|
|
|
$
|
3,837,734
|
|
|
$
|
113,688,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
$
|
|
|
|
$
|
969
|
|
|
$
|
|
|
|
$
|
969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at FVTPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held for trading
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
$
|
|
|
|
$
|
151,079
|
|
|
$
|
|
|
|
$
|
151,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate futures contracts
|
|
$
|
57,247
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
57,247
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
|
|
|
|
|
54,127
|
|
|
|
|
|
|
|
54,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
57,247
|
|
|
$
|
54,127
|
|
|
$
|
|
|
|
$
|
111,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Concluded)
|
|
|
|
December 31, 2018
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
Financial assets at FVTPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandatorily measured at FVTPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency mortgage-backed securities
|
|
$
|
|
|
|
$
|
3,419,287
|
|
|
$
|
|
|
|
$
|
3,419,287
|
|
Forward exchange contracts
|
|
|
|
|
|
|
85,303
|
|
|
|
|
|
|
|
85,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
$
|
3,504,590
|
|
|
$
|
|
|
|
$
|
3,504,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets at FVTOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in debt instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
|
|
|
$
|
40,753,582
|
|
|
$
|
|
|
|
$
|
40,753,582
|
|
Agency bonds/Agency mortgage-backed securities
|
|
|
|
|
|
|
31,288,762
|
|
|
|
|
|
|
|
31,288,762
|
|
Asset-backed securities
|
|
|
|
|
|
|
15,670,295
|
|
|
|
|
|
|
|
15,670,295
|
|
Government bonds
|
|
|
11,006,167
|
|
|
|
145,192
|
|
|
|
|
|
|
|
11,151,359
|
|
Commercial paper
|
|
|
|
|
|
|
107,590
|
|
|
|
|
|
|
|
107,590
|
|
(Continued)
- 46 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
Investments in equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-publicly
traded equity investments
|
|
$
|
|
|
|
$
|
|
|
|
$
|
3,910,681
|
|
|
$
|
3,910,681
|
|
Publicly traded stocks
|
|
|
590,152
|
|
|
|
|
|
|
|
|
|
|
|
590,152
|
|
Notes and accounts receivable, net
|
|
|
|
|
|
|
3,595,069
|
|
|
|
|
|
|
|
3,595,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,596,319
|
|
|
$
|
91,560,490
|
|
|
$
|
3,910,681
|
|
|
$
|
107,067,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
$
|
|
|
|
$
|
23,497
|
|
|
$
|
|
|
|
$
|
23,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at FVTPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held for trading
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
$
|
|
|
|
$
|
40,825
|
|
|
$
|
|
|
|
$
|
40,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate futures contracts
|
|
$
|
153,891
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
153,891
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
|
|
|
|
|
1,941
|
|
|
|
|
|
|
|
1,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
153,891
|
|
|
$
|
1,941
|
|
|
$
|
|
|
|
$
|
155,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Concluded)
|
|
|
|
|
|
March 31, 2018
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
Financial assets at FVTPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandatorily measured at FVTPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency mortgage-backed securities
|
|
$
|
|
|
|
$
|
754,545
|
|
|
$
|
|
|
|
$
|
754,545
|
|
Forward exchange contracts
|
|
|
|
|
|
|
113,426
|
|
|
|
|
|
|
|
113,426
|
|
Asset-backed securities
|
|
|
|
|
|
|
95,944
|
|
|
|
|
|
|
|
95,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
$
|
963,915
|
|
|
$
|
|
|
|
$
|
963,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets at FVTOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in debt instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
|
|
|
$
|
37,980,277
|
|
|
$
|
|
|
|
$
|
37,980,277
|
|
Agency bonds/Agency mortgage-backed securities
|
|
|
|
|
|
|
32,189,767
|
|
|
|
|
|
|
|
32,189,767
|
|
Asset-backed securities
|
|
|
|
|
|
|
13,671,612
|
|
|
|
|
|
|
|
13,671,612
|
|
Government bonds
|
|
|
9,395,235
|
|
|
|
98,969
|
|
|
|
|
|
|
|
9,494,204
|
|
Commercial paper
|
|
|
|
|
|
|
57,877
|
|
|
|
|
|
|
|
57,877
|
|
Investments in equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-publicly
traded equity investments
|
|
|
|
|
|
|
|
|
|
|
6,035,904
|
|
|
|
6,035,904
|
|
Publicly traded stocks
|
|
|
2,319,709
|
|
|
|
|
|
|
|
|
|
|
|
2,319,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,714,944
|
|
|
$
|
83,998,502
|
|
|
$
|
6,035,904
|
|
|
$
|
101,749,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
- 47 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
Hedging financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
$
|
|
|
|
$
|
26,357
|
|
|
$
|
|
|
|
$
|
26,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at FVTPL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held for trading
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
$
|
|
|
|
$
|
170,673
|
|
|
$
|
|
|
|
$
|
170,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate futures contracts
|
|
$
|
74,811
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
74,811
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward exchange contracts
|
|
|
|
|
|
|
4,371
|
|
|
|
|
|
|
|
4,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
74,811
|
|
|
$
|
4,371
|
|
|
$
|
|
|
|
$
|
79,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Concluded)
Reconciliation of Level 3 fair value measurements of financial assets
The financial assets measured at Level 3 fair value were equity investments classified as financial assets at FVTOCI. Reconciliations for
the three months ended March 31, 2019 and 2018 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
Balance, beginning of period
|
|
$
|
3,910,681
|
|
|
$
|
5,841,384
|
|
Additions
|
|
|
31,437
|
|
|
|
128,951
|
|
Recognized in other comprehensive income
|
|
|
(37,567
|
)
|
|
|
205,421
|
|
Disposals and proceeds from return of capital of investments
|
|
|
(75,425
|
)
|
|
|
(45,210
|
)
|
Effect of exchange rate changes
|
|
|
8,608
|
|
|
|
(94,642
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of period
|
|
$
|
3,837,734
|
|
|
$
|
6,035,904
|
|
|
|
|
|
|
|
|
|
|
Valuation techniques and assumptions used in Level
2 fair value measurement
The fair values of financial assets and financial liabilities are determined as follows:
|
|
|
The fair values of corporate bonds, agency bonds, agency mortgage-backed securities, asset-backed securities,
government bonds and commercial papers are determined by quoted market prices provided by third party pricing services.
|
|
|
|
Forward exchange contracts are measured using forward exchange rates and the discounted yield curves that are
derived from quoted market prices.
|
|
|
|
The fair value of accounts receivables classified as at FVTOCI are determined by the present value of future cash
flows based on the discount rate that reflects the credit risk of counterparties.
|
- 48 -
Valuation techniques and assumptions used in Level
3 fair value
measurement
The fair values of
non-publicly
traded equity investments are mainly determined
by using the asset approach, income 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, 2019, December 31, 2018 and March 31, 2018, 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$30,782 thousand, NT$31,420 thousand and NT$31,078 thousand if discounts for lack of marketability increase by 1%.
The income approach utilizes discounted cash flows to determine the present value of the expected future economic benefits that will be
derived from the investment. On March 31, 2019, December 31, 2018 and March 31, 2018, the Company uses significant unobservable inputs, which include expected returns, discount rate of 10%, 10% and 8.5%, respectively, discount for
lack of marketability of 10%, and discounts for lack of control of 10%. On March 31, 2018, when other inputs remain equal, if discount rate increases by 1%, the fair value will decrease by NT$75,000 thousand; if discount for lack of
marketability increases by 1%, the fair value will decrease by NT$21,520 thousand; if discount for lack of control increases by 1%, the fair value will decrease by NT$21,520 thousand.
For the remaining few investments, the market approach is used to arrive at their fair value, for which the recent financing activities of
investees, the market transaction prices of the similar companies and market conditions are considered.
|
3)
|
Fair value of financial instruments that are not measured at fair value
|
Except as detailed in the following table, the Company considers that the carrying amounts of financial instruments in the consolidated
financial statements that are not measured at fair value approximate their fair values.
Fair value hierarchy
The table below sets out the fair value hierarchy for the Companys assets and liabilities which are not required to measure at fair
value:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
Carrying
|
|
|
Fair Value
|
|
|
|
Amount
|
|
|
Level 2
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets at amortized costs
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
10,946,613
|
|
|
$
|
11,031,635
|
|
Commercial paper
|
|
|
1,097,194
|
|
|
|
1,099,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,043,807
|
|
|
$
|
12,131,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at amortized costs
|
|
|
|
|
|
|
|
|
Bonds payable
|
|
$
|
83,400,000
|
|
|
$
|
84,633,252
|
|
|
|
|
|
|
|
|
|
|
- 49 -
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
|
Carrying
|
|
|
Fair Value
|
|
|
|
Amount
|
|
|
Level 2
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets at amortized costs
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
19,511,794
|
|
|
$
|
19,554,553
|
|
Commercial paper
|
|
|
2,294,098
|
|
|
|
2,296,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
21,805,892
|
|
|
$
|
21,850,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at amortized costs
|
|
|
|
|
|
|
|
|
Bonds payable
|
|
$
|
91,800,000
|
|
|
$
|
93,171,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
|
|
|
Carrying
|
|
|
Fair Value
|
|
|
|
Amount
|
|
|
Level 2
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets at amortized costs
|
|
|
|
|
|
|
|
|
Corporate bonds
|
|
$
|
18,467,935
|
|
|
$
|
18,618,060
|
|
Structured product
|
|
|
1,454,047
|
|
|
|
1,447,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,921,982
|
|
|
$
|
20,065,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at amortized costs
|
|
|
|
|
|
|
|
|
Bonds payable
|
|
$
|
132,756,740
|
|
|
$
|
134,616,063
|
|
|
|
|
|
|
|
|
|
|
Valuation techniques and assumptions used in Level
2 fair value measurement
The fair value of corporate bonds is determined by quoted market prices provided by third party pricing services. The fair value of
structured product is determined by quoted market prices provided by the counterparty.
The fair value of commercial paper is determined
by the present value of future cash flows based on the discounted curves that are derived from the quoted market prices.
The fair value
of the Companys bonds payable is determined by quoted market prices provided by third party pricing services.
- 50 -
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
|
Mutual-Pak
|
|
Associates
|
TSMC Education and Culture Foundation
|
|
Other related parties
|
TSMC Charity Foundation
|
|
Other related parties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
Item
|
|
Related Party Categories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue from sale of goods
|
|
Associates
|
|
|
|
|
|
$
|
1,469,598
|
|
|
$
|
2,174,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue from royalties
|
|
Associates
|
|
|
|
|
|
$
|
43,919
|
|
|
$
|
126,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
Related Party Categories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Associates
|
|
|
|
|
|
|
|
$
|
1,550,402
|
|
|
$
|
2,223,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
d.
|
Receivables from related parties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
|
Item
|
|
Related Party Name/Categories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from related parties
|
|
GUC
|
|
$
|
303,556
|
|
|
$
|
481,934
|
|
|
$
|
1,119,260
|
|
|
|
Xintec
|
|
|
6,265
|
|
|
|
102,478
|
|
|
|
60,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
309,821
|
|
|
$
|
584,412
|
|
|
$
|
1,179,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from related parties
|
|
SSMC
|
|
$
|
44,397
|
|
|
$
|
53,780
|
|
|
$
|
49,604
|
|
|
|
VIS
|
|
|
3,506
|
|
|
|
10,423
|
|
|
|
77,843
|
|
|
|
Other associates
|
|
|
771
|
|
|
|
825
|
|
|
|
2,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
48,674
|
|
|
$
|
65,028
|
|
|
$
|
130,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 51 -
|
e.
|
Payables to related parties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
|
December 31,
2018
|
|
|
March 31,
2018
|
|
|
|
|
|
|
Item
|
|
Related Party Name/Categories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables to related parties
|
|
VIS
|
|
$
|
273,032
|
|
|
$
|
357,080
|
|
|
$
|
452,091
|
|
|
|
SSMC
|
|
|
164,403
|
|
|
|
362,564
|
|
|
|
359,001
|
|
|
|
Xintec
|
|
|
101,703
|
|
|
|
649,812
|
|
|
|
406,234
|
|
|
|
Others
|
|
|
21,803
|
|
|
|
7,043
|
|
|
|
6,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
560,941
|
|
|
$
|
1,376,499
|
|
|
$
|
1,224,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
Item
|
|
Related Party Categories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing expenses
|
|
Associates
|
|
|
|
$
|
196,686
|
|
|
$
|
672,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
Other related parties
|
|
|
|
$
|
30,000
|
|
|
$
|
45,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 for the three months ended March 31, 2019 and 2018 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
Short-term employee benefits
|
|
$
|
334,198
|
|
|
$
|
534,943
|
|
Post-employment benefits
|
|
|
761
|
|
|
|
987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
334,959
|
|
|
$
|
535,930
|
|
|
|
|
|
|
|
|
|
|
The compensation to directors and other key management personnel were determined by the Compensation
Committee of TSMC in accordance with the individual performance and the market trends.
- 52 -
The Company provided certificate of deposits recorded in other financial assets as collateral mainly for building lease agreements. As of
March 31, 2019, December 31, 2018 and March 31, 2018, the aforementioned other financial assets amounted to NT$115,443 thousand, NT$124,244 thousand and NT$117,677 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 TSMCs capacity provided TSMCs 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, 2019, 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. TSMCs 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 SSMCs 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, 2019.
|
|
c.
|
In February 2019, Innovative Foundry Technologies LLC (IFT) filed a complaint in the U.S. District
Court for the District of Delaware alleging that TSMC and TSMC Technology Inc. infringe five U.S. patents. IFT also filed a complaint in the U.S. International Trade Commission (the ITC) alleging that TSMC, TSMC North America, TSMC
Technology Inc., and other companies infringe the same patents. The ITC instituted an investigation in March 2019. The outcome cannot be determined and we cannot make a reliable estimate of the contingent liability at this time.
|
|
d.
|
On September 28, 2017, TSMC was contacted by the European Commission (the Commission), which
has asked us for information and documents concerning alleged anti-competitive practices in relation to semiconductor sales. We are cooperating with the Commission to provide the requested information and documents. In light of the fact that this
proceeding is still in its preliminary stage, it is premature to predict how the case will proceed, the outcome of the proceeding or its impact.
|
|
e.
|
TSMC entered into long-term purchase agreements of material with multiple suppliers. The relative minimum
purchase quantity and price are specified in the agreements.
|
|
f.
|
TSMC entered into a long-term purchase agreement of equipment. The relative purchase quantity and price are
specified in the agreement.
|
|
g.
|
TSMC entered into long-term energy purchase agreements with multiple suppliers. The relative purchase period,
quantity and price are specified in the agreements.
|
- 53 -
|
h.
|
Amounts available under unused letters of credit as of March 31, 2019, December 31, 2018 and
March 31, 2018 were NT$61,660 thousand, NT$70,702 thousand and NT$66,914 thousand, respectively.
|
34.
|
EXCHANGE RATE INFORMATION OF FOREIGN-CURRENCY FINANCIAL ASSETS AND LIABILITIES
|
The following information was summarized according to the foreign currencies other than the functional currency of the Company. The exchange
rates disclosed were used to translate the foreign currencies into the functional currency. The significant financial assets and liabilities denominated in foreign currencies were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
Currencies
(In Thousands)
|
|
|
Exchange Rate
(Note 1)
|
|
|
Carrying
Amount
(In Thousands)
|
|
|
|
|
|
March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetary items
|
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
|
$
|
3,885,072
|
|
|
|
30.830
|
|
|
$
|
119,776,760
|
|
USD
|
|
|
348,046
|
|
|
|
6.720
|
(Note 2)
|
|
|
10,730,247
|
|
EUR
|
|
|
7,963
|
|
|
|
34.68
|
|
|
|
276,149
|
|
JPY
|
|
|
961,694
|
|
|
|
0.2796
|
|
|
|
268,890
|
|
Non-monetary
items
|
|
|
|
|
|
|
|
|
|
|
|
|
HKD
|
|
|
167,571
|
|
|
|
3.93
|
|
|
|
658,556
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetary items
|
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
|
|
4,368,580
|
|
|
|
30.830
|
|
|
|
134,683,321
|
|
EUR
|
|
|
517,367
|
|
|
|
34.68
|
|
|
|
17,942,289
|
|
JPY
|
|
|
79,536,948
|
|
|
|
0.2796
|
|
|
|
22,238,531
|
|
|
|
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetary items
|
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
|
|
4,618,566
|
|
|
|
30.740
|
|
|
|
141,974,734
|
|
USD
|
|
|
343,132
|
|
|
|
6.866
|
(Note 2)
|
|
|
10,547,875
|
|
EUR
|
|
|
7,561
|
|
|
|
35.22
|
|
|
|
266,307
|
|
JPY
|
|
|
490,635
|
|
|
|
0.2783
|
|
|
|
136,544
|
|
Non-monetary
items
|
|
|
|
|
|
|
|
|
|
|
|
|
HKD
|
|
|
144,567
|
|
|
|
3.93
|
|
|
|
568,150
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetary items
|
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
|
|
4,323,763
|
|
|
|
30.740
|
|
|
|
132,912,486
|
|
EUR
|
|
|
477,776
|
|
|
|
35.22
|
|
|
|
16,827,260
|
|
JPY
|
|
|
35,084,436
|
|
|
|
0.2783
|
|
|
|
9,763,999
|
|
(Continued)
- 54 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
Currencies
(In Thousands)
|
|
|
Exchange Rate
(Note 1)
|
|
|
Carrying
Amount
(In Thousands)
|
|
|
|
|
|
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetary items
|
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
|
$
|
4,428,364
|
|
|
|
29.093
|
|
|
$
|
128,834,383
|
|
USD
|
|
|
651,633
|
|
|
|
6.264
|
(Note 2)
|
|
|
18,957,968
|
|
EUR
|
|
|
74,176
|
|
|
|
35.92
|
|
|
|
2,664,388
|
|
JPY
|
|
|
711,970
|
|
|
|
0.2746
|
|
|
|
195,507
|
|
Non-monetary
items
|
|
|
|
|
|
|
|
|
|
|
|
|
HKD
|
|
|
216,534
|
|
|
|
3.71
|
|
|
|
803,343
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monetary items
|
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
|
|
4,040,810
|
|
|
|
29.093
|
|
|
|
117,559,276
|
|
EUR
|
|
|
184,925
|
|
|
|
35.92
|
|
|
|
6,642,497
|
|
JPY
|
|
|
38,476,708
|
|
|
|
0.2746
|
|
|
|
10,565,704
|
|
(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, 2019 and 2018, 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.
|
SIGNIFICANT OPERATION LOSSES
|
On January 19, 2019, the Company discovered a wafer contamination issue in a fab in Taiwan caused by a batch of unqualified photoresist
materials. After investigation, the Company immediately stopped using the unqualified materials. An estimated loss of NT$3,400,000 thousand related to this event was recognized in cost of revenue for the three months ended March 31, 2019.
The Company experienced a computer virus outbreak on August 3, 2018, which affected a number of computer systems and fab tools, and
consequently impacted wafer production in Taiwan. All the impacted tools have been recovered by August 6, 2018. The Company recognized a loss of NT$2,596,046 thousand related to this incident for the three months ended September 30,
2018, which was included in cost of revenue.
- 55 -
36.
|
ADDITIONAL DISCLOSURES
|
Following are the additional disclosures required by the Securities and Futures Bureau for TSMC:
|
a.
|
Financings provided: Please see Table 1 attached;
|
|
b.
|
Endorsement/guarantee provided: Please see Table 2 attached;
|
|
c.
|
Marketable securities held (excluding investments in subsidiaries and associates): Please 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: Please 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: Please 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: Please see Table 6 attached;
|
|
h.
|
Receivables from related parties amounting to at least NT$100 million or 20% of the
paid-in
capital: Please see Table 7 attached;
|
|
i.
|
Information about the derivative financial instruments transaction: Please see Notes 7 and 10;
|
|
j.
|
Others: The business relationship between the parent and the subsidiaries and significant transactions between
them: Please 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): Please 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:
Please 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: Please see Table 8 attached.
|
37.
|
OPERATING SEGMENTS INFORMATION
|
The foundry segment engages mainly in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other
semiconductor devices and the manufacturing of masks.
The Company uses the income from operations as the measurement for the basis of
performance assessment. The basis for such measurement 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.
- 56 -
TABLE 1
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
FINANCINGS PROVIDED
FOR THE THREE MONTHS ENDED
MARCH 31, 2019
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No.
|
|
Financing
Company
|
|
Counter-
party
|
|
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
(Note 4)
|
|
Transaction
Amounts
|
|
|
Reason
for
Financing
(Note 4)
|
|
Allowance
for Bad
Debt
|
|
|
Collateral
|
|
|
Financing
Limits for
Each
Borrowing
Company
(Notes 1 and 2)
|
|
|
Financing
Companys
Total
Financing
Amount
Limits
(Notes 1 and 2)
|
|
|
Item
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
TSMC China
|
|
TSMC
Nanjing
|
|
Other receivables from related parties
|
|
Yes
|
|
$
(RMB
(USD
|
46,881,470
7,000,000)&
479,000
|
)
|
|
$
(RMB
(USD
|
46,881,470
7,000,000)&
479,000
|
)
|
|
$
(RMB
(USD
|
31,503,270
6,000,000)&
129,000
|
)
|
|
1.50%-1.96%
|
|
The need for long-term financing
|
|
$
|
|
|
|
Operating
capital
|
|
$
|
|
|
|
|
|
|
|
$
|
|
|
|
$
|
57,421,327
|
|
|
$
|
57,421,327
|
|
2
|
|
TSMC Global
|
|
TSMC
|
|
Other receivables from related parties
|
|
Yes
|
|
(US$
|
46,245,000
1,500,000
|
)
|
|
(US$
|
46,245,000
1,500,000
|
)
|
|
|
|
|
|
2.53%
|
|
The need for short-term financing
|
|
|
|
|
|
Operating
capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
398,937,616
|
|
|
|
398,937,616
|
|
Note 1:
|
The total amount available for lending purpose shall not exceed the net worth of TSMC China. The total amount
for lending to a company for funding for a short-term period shall not exceed ten percent (10%) of the net worth of TSMC China. In addition, the total amount lendable to any one borrower shall be no more than thirty percent (30%) of the
borrowers net worth. The above restriction does not apply to the subsidiaries whose voting shares are 100% owned, directly or indirectly, by TSMC. However, the total amount lendable to any such subsidiary of TSMC shall not exceed forty percent
(40%) of the net worth of TSMC China. When there is a lending for funding needs by TSMC China to TSMC, or to the subsidiaries whose voting shares are 100% owned, directly or indirectly, by TSMC, which are not located in Taiwan, the lending will not
be subject to the restriction set forth in the above paragraph of this Article. Notwithstanding the foregoing, the aggregate amount available for lending to such borrowers and the total amount lendable to each of such borrowers still shall not
exceed the net worth of TSMC China.
|
Note 2:
|
The total amount available for lending purpose shall not exceed the net worth of TSMC Global. The total amount
for lending to a company for funding for a short-term period shall not exceed ten percent (10%) of the net worth of TSMC Global. In addition, the total amount lendable to any one borrower shall be no more than thirty percent (30%) of the
borrowers net worth. While TSMC, or foreign subsidiaries whose voting shares are 100% owned, directly or indirectly, by TSMC will not be subject to this restriction, their total borrowing amount still shall not exceed the net worth of TSMC
Global. Notwithstanding the foregoing, the aggregate amount for lending to Taiwan companies other than TSMC shall not exceed forty percent (40%) of 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.
|
Note 4:
|
The restriction of the term of each loan for funding not exceeding one year shall not apply to inter-company
loans for funding between offshore subsidiaries in which the Company holds, directly or indirectly, 100% of the voting shares.
|
- 57 -
TABLE 2
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
ENDORSEMENTS/GUARANTEES PROVIDED
FOR THE THREE MONTHS
ENDED MARCH 31, 2019
(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
for the Period
(US$ in
Thousands)
(Note 3)
|
|
|
Ending
Balance
(US$ in
Thousands)
(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 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
|
|
$
|
435,711,406
|
|
|
$
(US$
|
2,565,466
83,213
|
)
|
|
$
(US$
|
2,565,466
83,213
|
)
|
|
$
(US$
|
2,565,466
83,213
|
)
|
|
$
|
|
|
|
0.15%
|
|
$
|
435,711,406
|
|
|
Yes
|
|
No
|
|
No
|
Note 1:
|
The total amount of the guarantee provided by TSMC to any individual entity shall not exceed ten percent (10%)
of TSMCs net worth, or the net worth of such entity. However, subsidiaries whose voting shares are 100% owned, directly or indirectly, by TSMC are not subject to the above restrictions after the approval of the Board of Directors.
|
Note 2:
|
The total amount of guarantee shall not exceed twenty-five percent (25%) of TSMCs net worth.
|
Note 3:
|
The maximum balance for the period and ending balance represent the amounts approved by the Board of Directors.
|
- 58 -
TABLE 3
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
MARKETABLE SECURITIES HELD
MARCH 31, 2019
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
|
Financial Statement Account
|
|
March 31, 2019
|
|
|
Note
|
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
|
|
|
|
|
|
|
|
TSMC
|
|
Commercial paper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taiwan Power Company
|
|
|
|
|
|
Financial assets at amortized cost
|
|
|
60
|
|
|
$
|
598,357
|
|
|
|
N/A
|
|
|
$
|
599,978
|
|
|
|
|
|
|
|
CPC Corporation, Taiwan
|
|
|
|
|
|
|
|
|
50
|
|
|
|
498,837
|
|
|
|
N/A
|
|
|
|
499,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-publicly
traded equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Industrial Gases Co., Ltd.
|
|
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
21,230
|
|
|
|
520,909
|
|
|
|
10
|
|
|
|
520,909
|
|
|
|
|
|
|
|
Shin-Etsu Handotai Taiwan Co., Ltd.
|
|
|
|
|
|
|
|
|
10,500
|
|
|
|
335,580
|
|
|
|
7
|
|
|
|
335,580
|
|
|
|
|
|
|
|
Global Investment Holding Inc.
|
|
|
|
|
|
|
|
|
11,124
|
|
|
|
83,672
|
|
|
|
6
|
|
|
|
83,672
|
|
|
|
|
|
|
|
W.K. Technology Fund IV
|
|
|
|
|
|
|
|
|
806
|
|
|
|
4,639
|
|
|
|
2
|
|
|
|
4,639
|
|
|
|
|
|
|
|
Crimson Asia Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
4,568
|
|
|
|
1
|
|
|
|
4,568
|
|
|
|
|
|
|
|
Horizon Ventures Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
2,310
|
|
|
|
12
|
|
|
|
2,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Publicly traded stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductor Manufacturing International Corporation
|
|
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
21,105
|
|
|
|
658,556
|
|
|
|
|
|
|
|
658,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Partners
|
|
Non-publicly
traded equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shanghai Walden Venture Capital Enterprise
|
|
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
9,590
|
|
|
|
6
|
|
|
US$
|
9,590
|
|
|
|
|
|
|
|
China Walden Venture Investments II, L.P.
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
8,175
|
|
|
|
9
|
|
|
US$
|
8,175
|
|
|
|
|
|
|
|
China Walden Venture Investments III, L.P.
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
2,755
|
|
|
|
4
|
|
|
US$
|
2,755
|
|
|
|
|
|
|
|
Tela Innovations
|
|
|
|
|
|
|
|
|
10,440
|
|
|
|
|
|
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
Mcube Inc.
|
|
|
|
|
|
|
|
|
6,333
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
Corporate bond
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corp
|
|
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
50,408
|
|
|
|
N/A
|
|
|
US$
|
50,408
|
|
|
|
|
|
|
|
JPMorgan Chase & Co
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
46,319
|
|
|
|
N/A
|
|
|
US$
|
46,319
|
|
|
|
|
|
|
|
Morgan Stanley
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
42,719
|
|
|
|
N/A
|
|
|
US$
|
42,719
|
|
|
|
|
|
|
|
Goldman Sachs Group Inc/The
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
35,185
|
|
|
|
N/A
|
|
|
US$
|
35,185
|
|
|
|
|
|
|
|
Citigroup Inc
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
33,708
|
|
|
|
N/A
|
|
|
US$
|
33,708
|
|
|
|
|
|
|
|
CVS Health Corp
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
23,995
|
|
|
|
N/A
|
|
|
US$
|
23,995
|
|
|
|
|
|
|
|
AT&T Inc
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
20,910
|
|
|
|
N/A
|
|
|
US$
|
20,910
|
|
|
|
|
|
|
|
Comcast Corp
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
20,076
|
|
|
|
N/A
|
|
|
US$
|
20,076
|
|
|
|
|
|
|
|
HSBC Holdings PLC
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
17,545
|
|
|
|
N/A
|
|
|
US$
|
17,545
|
|
|
|
|
|
|
|
Verizon Communications Inc
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
17,515
|
|
|
|
N/A
|
|
|
US$
|
17,515
|
|
|
|
|
|
|
|
Mitsubishi UFJ Financial Group Inc
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
14,238
|
|
|
|
N/A
|
|
|
US$
|
14,238
|
|
|
|
|
|
|
|
Apple Inc
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
12,912
|
|
|
|
N/A
|
|
|
US$
|
12,912
|
|
|
|
|
|
|
|
Wells Fargo & Co
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
12,311
|
|
|
|
N/A
|
|
|
US$
|
12,311
|
|
|
|
|
|
|
|
Daimler Finance North America LLC
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
12,082
|
|
|
|
N/A
|
|
|
US$
|
12,082
|
|
|
|
|
|
|
|
BAT Capital Corp
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
11,988
|
|
|
|
N/A
|
|
|
US$
|
11,988
|
|
|
|
|
|
|
|
Nordea Bank Abp
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
11,903
|
|
|
|
N/A
|
|
|
US$
|
11,903
|
|
|
|
|
|
|
|
Sumitomo Mitsui Financial Group Inc
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
11,669
|
|
|
|
N/A
|
|
|
US$
|
11,669
|
|
|
|
|
|
(Continued)
- 59 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
March 31, 2019
|
|
|
Note
|
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
AbbVie Inc
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
11,499
|
|
|
N/A
|
|
US$
|
11,499
|
|
|
|
|
|
|
|
Anheuser-Busch InBev Worldwide Inc
|
|
|
|
|
|
|
|
|
|
US$
|
11,134
|
|
|
N/A
|
|
US$
|
11,134
|
|
|
|
|
|
|
|
European Investment Bank
|
|
|
|
|
|
|
|
|
|
US$
|
11,122
|
|
|
N/A
|
|
US$
|
11,122
|
|
|
|
|
|
|
|
American International Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
10,959
|
|
|
N/A
|
|
US$
|
10,959
|
|
|
|
|
|
|
|
Credit Suisse AG/New York NY
|
|
|
|
|
|
|
|
|
|
US$
|
10,946
|
|
|
N/A
|
|
US$
|
10,946
|
|
|
|
|
|
|
|
United Technologies Corp
|
|
|
|
|
|
|
|
|
|
US$
|
9,865
|
|
|
N/A
|
|
US$
|
9,865
|
|
|
|
|
|
|
|
Duke Energy Corp
|
|
|
|
|
|
|
|
|
|
US$
|
9,437
|
|
|
N/A
|
|
US$
|
9,437
|
|
|
|
|
|
|
|
UBS Group Funding Switzerland AG
|
|
|
|
|
|
|
|
|
|
US$
|
9,384
|
|
|
N/A
|
|
US$
|
9,384
|
|
|
|
|
|
|
|
Citizens Bank NA/Providence RI
|
|
|
|
|
|
|
|
|
|
US$
|
9,303
|
|
|
N/A
|
|
US$
|
9,303
|
|
|
|
|
|
|
|
Macquarie Group Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
9,049
|
|
|
N/A
|
|
US$
|
9,049
|
|
|
|
|
|
|
|
Celgene Corp
|
|
|
|
|
|
|
|
|
|
US$
|
9,003
|
|
|
N/A
|
|
US$
|
9,003
|
|
|
|
|
|
|
|
ERAC USA Finance LLC
|
|
|
|
|
|
|
|
|
|
US$
|
8,681
|
|
|
N/A
|
|
US$
|
8,681
|
|
|
|
|
|
|
|
Wells Fargo Bank NA
|
|
|
|
|
|
|
|
|
|
US$
|
8,368
|
|
|
N/A
|
|
US$
|
8,368
|
|
|
|
|
|
|
|
Ryder System Inc
|
|
|
|
|
|
|
|
|
|
US$
|
8,359
|
|
|
N/A
|
|
US$
|
8,359
|
|
|
|
|
|
|
|
Tencent Holdings Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
8,278
|
|
|
N/A
|
|
US$
|
8,278
|
|
|
|
|
|
|
|
Intercontinental Exchange Inc
|
|
|
|
|
|
|
|
|
|
US$
|
8,051
|
|
|
N/A
|
|
US$
|
8,051
|
|
|
|
|
|
|
|
ANZ New Zealand Intl Ltd/London
|
|
|
|
|
|
|
|
|
|
US$
|
7,959
|
|
|
N/A
|
|
US$
|
7,959
|
|
|
|
|
|
|
|
Huntington National Bank/The
|
|
|
|
|
|
|
|
|
|
US$
|
7,921
|
|
|
N/A
|
|
US$
|
7,921
|
|
|
|
|
|
|
|
American Express Credit Corp
|
|
|
|
|
|
|
|
|
|
US$
|
7,848
|
|
|
N/A
|
|
US$
|
7,848
|
|
|
|
|
|
|
|
PNC Bank NA
|
|
|
|
|
|
|
|
|
|
US$
|
7,740
|
|
|
N/A
|
|
US$
|
7,740
|
|
|
|
|
|
|
|
SunTrust Bank/Atlanta GA
|
|
|
|
|
|
|
|
|
|
US$
|
7,544
|
|
|
N/A
|
|
US$
|
7,544
|
|
|
|
|
|
|
|
Cooperatieve Rabobank UA/NY
|
|
|
|
|
|
|
|
|
|
US$
|
7,537
|
|
|
N/A
|
|
US$
|
7,537
|
|
|
|
|
|
|
|
Cardinal Health Inc
|
|
|
|
|
|
|
|
|
|
US$
|
7,530
|
|
|
N/A
|
|
US$
|
7,530
|
|
|
|
|
|
|
|
BB&T Corp
|
|
|
|
|
|
|
|
|
|
US$
|
7,524
|
|
|
N/A
|
|
US$
|
7,524
|
|
|
|
|
|
|
|
Toronto-Dominion Bank/The
|
|
|
|
|
|
|
|
|
|
US$
|
7,482
|
|
|
N/A
|
|
US$
|
7,482
|
|
|
|
|
|
|
|
Banco Santander SA
|
|
|
|
|
|
|
|
|
|
US$
|
7,467
|
|
|
N/A
|
|
US$
|
7,467
|
|
|
|
|
|
|
|
Reliance Standard Life Global Funding II
|
|
|
|
|
|
|
|
|
|
US$
|
7,441
|
|
|
N/A
|
|
US$
|
7,441
|
|
|
|
|
|
|
|
Hewlett Packard Enterprise Co
|
|
|
|
|
|
|
|
|
|
US$
|
7,391
|
|
|
N/A
|
|
US$
|
7,391
|
|
|
|
|
|
|
|
Microsoft Corp
|
|
|
|
|
|
|
|
|
|
US$
|
7,294
|
|
|
N/A
|
|
US$
|
7,294
|
|
|
|
|
|
|
|
Council Of Europe Development Bank
|
|
|
|
|
|
|
|
|
|
US$
|
7,245
|
|
|
N/A
|
|
US$
|
7,245
|
|
|
|
|
|
|
|
ABN AMRO Bank NV
|
|
|
|
|
|
|
|
|
|
US$
|
7,207
|
|
|
N/A
|
|
US$
|
7,207
|
|
|
|
|
|
|
|
African Development Bank
|
|
|
|
|
|
|
|
|
|
US$
|
7,166
|
|
|
N/A
|
|
US$
|
7,166
|
|
|
|
|
|
|
|
American Express Co
|
|
|
|
|
|
|
|
|
|
US$
|
7,060
|
|
|
N/A
|
|
US$
|
7,060
|
|
|
|
|
|
|
|
Tyson Foods Inc
|
|
|
|
|
|
|
|
|
|
US$
|
6,941
|
|
|
N/A
|
|
US$
|
6,941
|
|
|
|
|
|
|
|
Mizuho Financial Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
6,892
|
|
|
N/A
|
|
US$
|
6,892
|
|
|
|
|
|
|
|
Welltower Inc
|
|
|
|
|
|
|
|
|
|
US$
|
6,804
|
|
|
N/A
|
|
US$
|
6,804
|
|
|
|
|
|
|
|
Cox Communications Inc
|
|
|
|
|
|
|
|
|
|
US$
|
6,771
|
|
|
N/A
|
|
US$
|
6,771
|
|
|
|
|
|
|
|
DowDuPont Inc
|
|
|
|
|
|
|
|
|
|
US$
|
6,753
|
|
|
N/A
|
|
US$
|
6,753
|
|
|
|
|
|
|
|
Toyota Motor Credit Corp
|
|
|
|
|
|
|
|
|
|
US$
|
6,729
|
|
|
N/A
|
|
US$
|
6,729
|
|
|
|
|
|
|
|
Fifth Third Bancorp
|
|
|
|
|
|
|
|
|
|
US$
|
6,684
|
|
|
N/A
|
|
US$
|
6,684
|
|
|
|
|
|
|
|
Westpac Banking Corp
|
|
|
|
|
|
|
|
|
|
US$
|
6,511
|
|
|
N/A
|
|
US$
|
6,511
|
|
|
|
|
|
|
|
General Dynamics Corp
|
|
|
|
|
|
|
|
|
|
US$
|
6,479
|
|
|
N/A
|
|
US$
|
6,479
|
|
|
|
|
|
|
|
QUALCOMM Inc
|
|
|
|
|
|
|
|
|
|
US$
|
6,373
|
|
|
N/A
|
|
US$
|
6,373
|
|
|
|
|
|
|
|
Walt Disney Co/The
|
|
|
|
|
|
|
|
|
|
US$
|
6,214
|
|
|
N/A
|
|
US$
|
6,214
|
|
|
|
|
|
|
|
KeyBank NA/Cleveland OH
|
|
|
|
|
|
|
|
|
|
US$
|
6,042
|
|
|
N/A
|
|
US$
|
6,042
|
|
|
|
|
|
|
|
Fox Corp
|
|
|
|
|
|
|
|
|
|
US$
|
5,986
|
|
|
N/A
|
|
US$
|
5,986
|
|
|
|
|
|
|
|
Santander UK Group Holdings PLC
|
|
|
|
|
|
|
|
|
|
US$
|
5,964
|
|
|
N/A
|
|
US$
|
5,964
|
|
|
|
|
|
|
|
SMBC Aviation Capital Finance DAC
|
|
|
|
|
|
|
|
|
|
US$
|
5,935
|
|
|
N/A
|
|
US$
|
5,935
|
|
|
|
|
|
|
|
NextEra Energy Capital Holdings Inc
|
|
|
|
|
|
|
|
|
|
US$
|
5,915
|
|
|
N/A
|
|
US$
|
5,915
|
|
|
|
|
|
|
|
AXA Equitable Holdings Inc
|
|
|
|
|
|
|
|
|
|
US$
|
5,896
|
|
|
N/A
|
|
US$
|
5,896
|
|
|
|
|
|
(Continued)
- 60 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
March 31, 2019
|
|
|
Note
|
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
KeyCorp
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
5,867
|
|
|
N/A
|
|
US$
|
5,867
|
|
|
|
|
|
|
|
BP Capital Markets America Inc
|
|
|
|
|
|
|
|
|
|
US$
|
5,747
|
|
|
N/A
|
|
US$
|
5,747
|
|
|
|
|
|
|
|
Aviation Capital Group LLC
|
|
|
|
|
|
|
|
|
|
US$
|
5,745
|
|
|
N/A
|
|
US$
|
5,745
|
|
|
|
|
|
|
|
BNP Paribas SA
|
|
|
|
|
|
|
|
|
|
US$
|
5,651
|
|
|
N/A
|
|
US$
|
5,651
|
|
|
|
|
|
|
|
Oracle Corp
|
|
|
|
|
|
|
|
|
|
US$
|
5,612
|
|
|
N/A
|
|
US$
|
5,612
|
|
|
|
|
|
|
|
Air Lease Corp
|
|
|
|
|
|
|
|
|
|
US$
|
5,611
|
|
|
N/A
|
|
US$
|
5,611
|
|
|
|
|
|
|
|
Analog Devices Inc
|
|
|
|
|
|
|
|
|
|
US$
|
5,461
|
|
|
N/A
|
|
US$
|
5,461
|
|
|
|
|
|
|
|
Penske Truck Leasing Co Lp/PTL Finance Corp
|
|
|
|
|
|
|
|
|
|
US$
|
5,459
|
|
|
N/A
|
|
US$
|
5,459
|
|
|
|
|
|
|
|
ITC Holdings Corp
|
|
|
|
|
|
|
|
|
|
US$
|
5,458
|
|
|
N/A
|
|
US$
|
5,458
|
|
|
|
|
|
|
|
Vodafone Group PLC
|
|
|
|
|
|
|
|
|
|
US$
|
5,452
|
|
|
N/A
|
|
US$
|
5,452
|
|
|
|
|
|
|
|
Capital One NA
|
|
|
|
|
|
|
|
|
|
US$
|
5,419
|
|
|
N/A
|
|
US$
|
5,419
|
|
|
|
|
|
|
|
Western Union Co/The
|
|
|
|
|
|
|
|
|
|
US$
|
5,358
|
|
|
N/A
|
|
US$
|
5,358
|
|
|
|
|
|
|
|
Lloyds Banking Group PLC
|
|
|
|
|
|
|
|
|
|
US$
|
5,349
|
|
|
N/A
|
|
US$
|
5,349
|
|
|
|
|
|
|
|
BPCE SA
|
|
|
|
|
|
|
|
|
|
US$
|
5,273
|
|
|
N/A
|
|
US$
|
5,273
|
|
|
|
|
|
|
|
Manufacturers & Traders Trust Co
|
|
|
|
|
|
|
|
|
|
US$
|
5,178
|
|
|
N/A
|
|
US$
|
5,178
|
|
|
|
|
|
|
|
SunTrust Banks Inc
|
|
|
|
|
|
|
|
|
|
US$
|
5,142
|
|
|
N/A
|
|
US$
|
5,142
|
|
|
|
|
|
|
|
Sompo International Holdings Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
5,141
|
|
|
N/A
|
|
US$
|
5,141
|
|
|
|
|
|
|
|
Macquarie Bank Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
5,061
|
|
|
N/A
|
|
US$
|
5,061
|
|
|
|
|
|
|
|
Jackson National Life Global Funding
|
|
|
|
|
|
|
|
|
|
US$
|
5,025
|
|
|
N/A
|
|
US$
|
5,025
|
|
|
|
|
|
|
|
UBS AG/Stamford CT
|
|
|
|
|
|
|
|
|
|
US$
|
4,991
|
|
|
N/A
|
|
US$
|
4,991
|
|
|
|
|
|
|
|
Skandinaviska Enskilda Banken AB
|
|
|
|
|
|
|
|
|
|
US$
|
4,947
|
|
|
N/A
|
|
US$
|
4,947
|
|
|
|
|
|
|
|
Bayer US Finance II LLC
|
|
|
|
|
|
|
|
|
|
US$
|
4,940
|
|
|
N/A
|
|
US$
|
4,940
|
|
|
|
|
|
|
|
Reckitt Benckiser Treasury Services PLC
|
|
|
|
|
|
|
|
|
|
US$
|
4,913
|
|
|
N/A
|
|
US$
|
4,913
|
|
|
|
|
|
|
|
Marriott International Inc/MD
|
|
|
|
|
|
|
|
|
|
US$
|
4,894
|
|
|
N/A
|
|
US$
|
4,894
|
|
|
|
|
|
|
|
Canadian Imperial Bank of Commerce
|
|
|
|
|
|
|
|
|
|
US$
|
4,852
|
|
|
N/A
|
|
US$
|
4,852
|
|
|
|
|
|
|
|
Svenska Handelsbanken AB
|
|
|
|
|
|
|
|
|
|
US$
|
4,821
|
|
|
N/A
|
|
US$
|
4,821
|
|
|
|
|
|
|
|
Five Corners Funding Trust
|
|
|
|
|
|
|
|
|
|
US$
|
4,759
|
|
|
N/A
|
|
US$
|
4,759
|
|
|
|
|
|
|
|
US Bank NA/Cincinnati OH
|
|
|
|
|
|
|
|
|
|
US$
|
4,707
|
|
|
N/A
|
|
US$
|
4,707
|
|
|
|
|
|
|
|
Altria Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
4,636
|
|
|
N/A
|
|
US$
|
4,636
|
|
|
|
|
|
|
|
Credit Suisse Group Funding Guernsey Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
4,623
|
|
|
N/A
|
|
US$
|
4,623
|
|
|
|
|
|
|
|
BP Capital Markets PLC
|
|
|
|
|
|
|
|
|
|
US$
|
4,596
|
|
|
N/A
|
|
US$
|
4,596
|
|
|
|
|
|
|
|
AEP Texas Inc
|
|
|
|
|
|
|
|
|
|
US$
|
4,596
|
|
|
N/A
|
|
US$
|
4,596
|
|
|
|
|
|
|
|
Enterprise Products Operating LLC
|
|
|
|
|
|
|
|
|
|
US$
|
4,510
|
|
|
N/A
|
|
US$
|
4,510
|
|
|
|
|
|
|
|
New York Life Global Funding
|
|
|
|
|
|
|
|
|
|
US$
|
4,472
|
|
|
N/A
|
|
US$
|
4,472
|
|
|
|
|
|
|
|
Hyundai Capital America
|
|
|
|
|
|
|
|
|
|
US$
|
4,381
|
|
|
N/A
|
|
US$
|
4,381
|
|
|
|
|
|
|
|
Bank of Nova Scotia/The
|
|
|
|
|
|
|
|
|
|
US$
|
4,376
|
|
|
N/A
|
|
US$
|
4,376
|
|
|
|
|
|
|
|
Credit Agricole SA/London
|
|
|
|
|
|
|
|
|
|
US$
|
4,202
|
|
|
N/A
|
|
US$
|
4,202
|
|
|
|
|
|
|
|
Banque Federative du Credit Mutuel SA
|
|
|
|
|
|
|
|
|
|
US$
|
4,067
|
|
|
N/A
|
|
US$
|
4,067
|
|
|
|
|
|
|
|
Anthem Inc
|
|
|
|
|
|
|
|
|
|
US$
|
4,028
|
|
|
N/A
|
|
US$
|
4,028
|
|
|
|
|
|
|
|
Exelon Generation Co LLC
|
|
|
|
|
|
|
|
|
|
US$
|
4,000
|
|
|
N/A
|
|
US$
|
4,000
|
|
|
|
|
|
|
|
Duke Realty LP
|
|
|
|
|
|
|
|
|
|
US$
|
3,960
|
|
|
N/A
|
|
US$
|
3,960
|
|
|
|
|
|
|
|
Keurig Dr Pepper Inc
|
|
|
|
|
|
|
|
|
|
US$
|
3,956
|
|
|
N/A
|
|
US$
|
3,956
|
|
|
|
|
|
|
|
PNC Financial Services Group Inc/The
|
|
|
|
|
|
|
|
|
|
US$
|
3,855
|
|
|
N/A
|
|
US$
|
3,855
|
|
|
|
|
|
|
|
Barclays PLC
|
|
|
|
|
|
|
|
|
|
US$
|
3,817
|
|
|
N/A
|
|
US$
|
3,817
|
|
|
|
|
|
|
|
Amgen Inc
|
|
|
|
|
|
|
|
|
|
US$
|
3,743
|
|
|
N/A
|
|
US$
|
3,743
|
|
|
|
|
|
|
|
Capital One Financial Corp
|
|
|
|
|
|
|
|
|
|
US$
|
3,705
|
|
|
N/A
|
|
US$
|
3,705
|
|
|
|
|
|
|
|
Enel Finance International NV
|
|
|
|
|
|
|
|
|
|
US$
|
3,693
|
|
|
N/A
|
|
US$
|
3,693
|
|
|
|
|
|
|
|
Barclays Bank PLC
|
|
|
|
|
|
|
|
|
|
US$
|
3,681
|
|
|
N/A
|
|
US$
|
3,681
|
|
|
|
|
|
|
|
Asian Development Bank
|
|
|
|
|
|
|
|
|
|
US$
|
3,611
|
|
|
N/A
|
|
US$
|
3,611
|
|
|
|
|
|
|
|
International Bank for Reconstruction & Development
|
|
|
|
|
|
|
|
|
|
US$
|
3,593
|
|
|
N/A
|
|
US$
|
3,593
|
|
|
|
|
|
(Continued)
- 61 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
Note
|
|
TSMC Global
|
|
Alimentation Couche-Tard Inc
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
3,529
|
|
|
N/A
|
|
US$
|
3,529
|
|
|
|
|
|
|
|
Branch Banking & Trust Co
|
|
|
|
|
|
|
|
|
|
US$
|
3,525
|
|
|
N/A
|
|
US$
|
3,525
|
|
|
|
|
|
|
|
BMW US Capital LLC
|
|
|
|
|
|
|
|
|
|
US$
|
3,486
|
|
|
N/A
|
|
US$
|
3,486
|
|
|
|
|
|
|
|
Mondelez International Holdings Netherlands BV
|
|
|
|
|
|
|
|
|
|
US$
|
3,412
|
|
|
N/A
|
|
US$
|
3,412
|
|
|
|
|
|
|
|
John Deere Capital Corp
|
|
|
|
|
|
|
|
|
|
US$
|
3,408
|
|
|
N/A
|
|
US$
|
3,408
|
|
|
|
|
|
|
|
Southern Co/The
|
|
|
|
|
|
|
|
|
|
US$
|
3,296
|
|
|
N/A
|
|
US$
|
3,296
|
|
|
|
|
|
|
|
Inter-American Development Bank
|
|
|
|
|
|
|
|
|
|
US$
|
3,138
|
|
|
N/A
|
|
US$
|
3,138
|
|
|
|
|
|
|
|
State Street Corp
|
|
|
|
|
|
|
|
|
|
US$
|
3,121
|
|
|
N/A
|
|
US$
|
3,121
|
|
|
|
|
|
|
|
Takeda Pharmaceutical Co Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
3,113
|
|
|
N/A
|
|
US$
|
3,113
|
|
|
|
|
|
|
|
Bank of Montreal
|
|
|
|
|
|
|
|
|
|
US$
|
3,051
|
|
|
N/A
|
|
US$
|
3,051
|
|
|
|
|
|
|
|
Cigna Holding Co
|
|
|
|
|
|
|
|
|
|
US$
|
3,016
|
|
|
N/A
|
|
US$
|
3,016
|
|
|
|
|
|
|
|
Eversource Energy
|
|
|
|
|
|
|
|
|
|
US$
|
3,008
|
|
|
N/A
|
|
US$
|
3,008
|
|
|
|
|
|
|
|
Royal Bank of Canada
|
|
|
|
|
|
|
|
|
|
US$
|
3,008
|
|
|
N/A
|
|
US$
|
3,008
|
|
|
|
|
|
|
|
Danske Bank A/S
|
|
|
|
|
|
|
|
|
|
US$
|
2,999
|
|
|
N/A
|
|
US$
|
2,999
|
|
|
|
|
|
|
|
GlaxoSmithKline Capital PLC
|
|
|
|
|
|
|
|
|
|
US$
|
2,964
|
|
|
N/A
|
|
US$
|
2,964
|
|
|
|
|
|
|
|
Anheuser-Busch InBev Finance Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,922
|
|
|
N/A
|
|
US$
|
2,922
|
|
|
|
|
|
|
|
Charles Schwab Corp/The
|
|
|
|
|
|
|
|
|
|
US$
|
2,887
|
|
|
N/A
|
|
US$
|
2,887
|
|
|
|
|
|
|
|
Thermo Fisher Scientific Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,821
|
|
|
N/A
|
|
US$
|
2,821
|
|
|
|
|
|
|
|
Societe Generale SA
|
|
|
|
|
|
|
|
|
|
US$
|
2,802
|
|
|
N/A
|
|
US$
|
2,802
|
|
|
|
|
|
|
|
RELX Capital Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,800
|
|
|
N/A
|
|
US$
|
2,800
|
|
|
|
|
|
|
|
Express Scripts Holding Co
|
|
|
|
|
|
|
|
|
|
US$
|
2,785
|
|
|
N/A
|
|
US$
|
2,785
|
|
|
|
|
|
|
|
Shell International Finance BV
|
|
|
|
|
|
|
|
|
|
US$
|
2,762
|
|
|
N/A
|
|
US$
|
2,762
|
|
|
|
|
|
|
|
Santander UK PLC
|
|
|
|
|
|
|
|
|
|
US$
|
2,761
|
|
|
N/A
|
|
US$
|
2,761
|
|
|
|
|
|
|
|
Ventas Realty LP / Ventas Capital Corp
|
|
|
|
|
|
|
|
|
|
US$
|
2,752
|
|
|
N/A
|
|
US$
|
2,752
|
|
|
|
|
|
|
|
McCormick & Co Inc/MD
|
|
|
|
|
|
|
|
|
|
US$
|
2,690
|
|
|
N/A
|
|
US$
|
2,690
|
|
|
|
|
|
|
|
US Bancorp
|
|
|
|
|
|
|
|
|
|
US$
|
2,655
|
|
|
N/A
|
|
US$
|
2,655
|
|
|
|
|
|
|
|
Schlumberger Holdings Corp
|
|
|
|
|
|
|
|
|
|
US$
|
2,650
|
|
|
N/A
|
|
US$
|
2,650
|
|
|
|
|
|
|
|
Ford Motor Credit Co LLC
|
|
|
|
|
|
|
|
|
|
US$
|
2,649
|
|
|
N/A
|
|
US$
|
2,649
|
|
|
|
|
|
|
|
Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC
|
|
|
|
|
|
|
|
|
|
US$
|
2,615
|
|
|
N/A
|
|
US$
|
2,615
|
|
|
|
|
|
|
|
Kroger Co/The
|
|
|
|
|
|
|
|
|
|
US$
|
2,605
|
|
|
N/A
|
|
US$
|
2,605
|
|
|
|
|
|
|
|
Berkshire Hathaway Energy Co
|
|
|
|
|
|
|
|
|
|
US$
|
2,568
|
|
|
N/A
|
|
US$
|
2,568
|
|
|
|
|
|
|
|
PartnerRe Finance B LLC
|
|
|
|
|
|
|
|
|
|
US$
|
2,567
|
|
|
N/A
|
|
US$
|
2,567
|
|
|
|
|
|
|
|
LyondellBasell Industries NV
|
|
|
|
|
|
|
|
|
|
US$
|
2,566
|
|
|
N/A
|
|
US$
|
2,566
|
|
|
|
|
|
|
|
Husky Energy Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,555
|
|
|
N/A
|
|
US$
|
2,555
|
|
|
|
|
|
|
|
Sempra Energy
|
|
|
|
|
|
|
|
|
|
US$
|
2,496
|
|
|
N/A
|
|
US$
|
2,496
|
|
|
|
|
|
|
|
ING Groep NV
|
|
|
|
|
|
|
|
|
|
US$
|
2,490
|
|
|
N/A
|
|
US$
|
2,490
|
|
|
|
|
|
|
|
WR Berkley Corp
|
|
|
|
|
|
|
|
|
|
US$
|
2,481
|
|
|
N/A
|
|
US$
|
2,481
|
|
|
|
|
|
|
|
Shire Acquisitions Investments Ireland DAC
|
|
|
|
|
|
|
|
|
|
US$
|
2,470
|
|
|
N/A
|
|
US$
|
2,470
|
|
|
|
|
|
|
|
NiSource Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,449
|
|
|
N/A
|
|
US$
|
2,449
|
|
|
|
|
|
|
|
HCP Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,442
|
|
|
N/A
|
|
US$
|
2,442
|
|
|
|
|
|
|
|
Delta Air Lines
2007-1
Class A Pass Through
Trust
|
|
|
|
|
|
|
|
|
|
US$
|
2,432
|
|
|
N/A
|
|
US$
|
2,432
|
|
|
|
|
|
|
|
DXC Technology Co
|
|
|
|
|
|
|
|
|
|
US$
|
2,369
|
|
|
N/A
|
|
US$
|
2,369
|
|
|
|
|
|
|
|
JPMorgan Chase Bank NA
|
|
|
|
|
|
|
|
|
|
US$
|
2,366
|
|
|
N/A
|
|
US$
|
2,366
|
|
|
|
|
|
|
|
Xylem Inc/NY
|
|
|
|
|
|
|
|
|
|
US$
|
2,357
|
|
|
N/A
|
|
US$
|
2,357
|
|
|
|
|
|
|
|
EI du Pont de Nemours & Co
|
|
|
|
|
|
|
|
|
|
US$
|
2,332
|
|
|
N/A
|
|
US$
|
2,332
|
|
|
|
|
|
|
|
NBCUniversal Media LLC
|
|
|
|
|
|
|
|
|
|
US$
|
2,275
|
|
|
N/A
|
|
US$
|
2,275
|
|
|
|
|
|
|
|
Berkshire Hathaway Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,273
|
|
|
N/A
|
|
US$
|
2,273
|
|
|
|
|
|
|
|
Lloyds Bank PLC
|
|
|
|
|
|
|
|
|
|
US$
|
2,246
|
|
|
N/A
|
|
US$
|
2,246
|
|
|
|
|
|
|
|
Rockwell Collins Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,237
|
|
|
N/A
|
|
US$
|
2,237
|
|
|
|
|
|
(Continued)
- 62 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
Note
|
|
TSMC Global
|
|
Cintas Corp No 2
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
2,211
|
|
|
|
N/A
|
|
|
US$
|
2,211
|
|
|
|
|
|
|
|
Siemens Financieringsmaatschappij NV
|
|
|
|
|
|
|
|
|
|
US$
|
2,184
|
|
|
|
N/A
|
|
|
US$
|
2,184
|
|
|
|
|
|
|
|
NatWest Markets PLC
|
|
|
|
|
|
|
|
|
|
US$
|
2,175
|
|
|
|
N/A
|
|
|
US$
|
2,175
|
|
|
|
|
|
|
|
ProAssurance Corp
|
|
|
|
|
|
|
|
|
|
US$
|
2,131
|
|
|
|
N/A
|
|
|
US$
|
2,131
|
|
|
|
|
|
|
|
Gilead Sciences Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,117
|
|
|
|
N/A
|
|
|
US$
|
2,117
|
|
|
|
|
|
|
|
Fifth Third Bank/Cincinnati OH
|
|
|
|
|
|
|
|
|
|
US$
|
2,077
|
|
|
|
N/A
|
|
|
US$
|
2,077
|
|
|
|
|
|
|
|
Exelon Corp
|
|
|
|
|
|
|
|
|
|
US$
|
2,076
|
|
|
|
N/A
|
|
|
US$
|
2,076
|
|
|
|
|
|
|
|
Aetna Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,064
|
|
|
|
N/A
|
|
|
US$
|
2,064
|
|
|
|
|
|
|
|
Quest Diagnostics Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,064
|
|
|
|
N/A
|
|
|
US$
|
2,064
|
|
|
|
|
|
|
|
Suncor Energy Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,053
|
|
|
|
N/A
|
|
|
US$
|
2,053
|
|
|
|
|
|
|
|
Bank of New York Mellon Corp/The
|
|
|
|
|
|
|
|
|
|
US$
|
2,052
|
|
|
|
N/A
|
|
|
US$
|
2,052
|
|
|
|
|
|
|
|
EOG Resources Inc
|
|
|
|
|
|
|
|
|
|
US$
|
2,021
|
|
|
|
N/A
|
|
|
US$
|
2,021
|
|
|
|
|
|
|
|
Regions Financial Corp
|
|
|
|
|
|
|
|
|
|
US$
|
2,013
|
|
|
|
N/A
|
|
|
US$
|
2,013
|
|
|
|
|
|
|
|
Realty Income Corp
|
|
|
|
|
|
|
|
|
|
US$
|
2,008
|
|
|
|
N/A
|
|
|
US$
|
2,008
|
|
|
|
|
|
|
|
AstraZeneca PLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,992
|
|
|
|
N/A
|
|
|
US$
|
1,992
|
|
|
|
|
|
|
|
Deutsche Telekom International Finance BV
|
|
|
|
|
|
|
|
|
|
US$
|
1,976
|
|
|
|
N/A
|
|
|
US$
|
1,976
|
|
|
|
|
|
|
|
Caterpillar Financial Services Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,968
|
|
|
|
N/A
|
|
|
US$
|
1,968
|
|
|
|
|
|
|
|
Huntington Bancshares Inc/OH
|
|
|
|
|
|
|
|
|
|
US$
|
1,948
|
|
|
|
N/A
|
|
|
US$
|
1,948
|
|
|
|
|
|
|
|
Simon Property Group LP
|
|
|
|
|
|
|
|
|
|
US$
|
1,944
|
|
|
|
N/A
|
|
|
US$
|
1,944
|
|
|
|
|
|
|
|
Volkswagen Group of America Finance LLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,934
|
|
|
|
N/A
|
|
|
US$
|
1,934
|
|
|
|
|
|
|
|
Walgreens Boots Alliance Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,923
|
|
|
|
N/A
|
|
|
US$
|
1,923
|
|
|
|
|
|
|
|
Northrop Grumman Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,910
|
|
|
|
N/A
|
|
|
US$
|
1,910
|
|
|
|
|
|
|
|
Dow Chemical Co/The
|
|
|
|
|
|
|
|
|
|
US$
|
1,895
|
|
|
|
N/A
|
|
|
US$
|
1,895
|
|
|
|
|
|
|
|
UBS AG/London
|
|
|
|
|
|
|
|
|
|
US$
|
1,868
|
|
|
|
N/A
|
|
|
US$
|
1,868
|
|
|
|
|
|
|
|
WestRock RKT LLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,779
|
|
|
|
N/A
|
|
|
US$
|
1,779
|
|
|
|
|
|
|
|
National Australia Bank Ltd/New York
|
|
|
|
|
|
|
|
|
|
US$
|
1,778
|
|
|
|
N/A
|
|
|
US$
|
1,778
|
|
|
|
|
|
|
|
UnitedHealth Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,771
|
|
|
|
N/A
|
|
|
US$
|
1,771
|
|
|
|
|
|
|
|
PSEG Power LLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,767
|
|
|
|
N/A
|
|
|
US$
|
1,767
|
|
|
|
|
|
|
|
Dominion Energy Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,759
|
|
|
|
N/A
|
|
|
US$
|
1,759
|
|
|
|
|
|
|
|
CenterPoint Energy Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,757
|
|
|
|
N/A
|
|
|
US$
|
1,757
|
|
|
|
|
|
|
|
Dominion Energy Gas Holdings LLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,751
|
|
|
|
N/A
|
|
|
US$
|
1,751
|
|
|
|
|
|
|
|
Brambles USA Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,739
|
|
|
|
N/A
|
|
|
US$
|
1,739
|
|
|
|
|
|
|
|
General Mills Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,729
|
|
|
|
N/A
|
|
|
US$
|
1,729
|
|
|
|
|
|
|
|
McKesson Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,723
|
|
|
|
N/A
|
|
|
US$
|
1,723
|
|
|
|
|
|
|
|
Standard Chartered PLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,719
|
|
|
|
N/A
|
|
|
US$
|
1,719
|
|
|
|
|
|
|
|
Wisconsin Public Service Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,693
|
|
|
|
N/A
|
|
|
US$
|
1,693
|
|
|
|
|
|
|
|
Marathon Petroleum Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,677
|
|
|
|
N/A
|
|
|
US$
|
1,677
|
|
|
|
|
|
|
|
Digital Realty Trust LP
|
|
|
|
|
|
|
|
|
|
US$
|
1,618
|
|
|
|
N/A
|
|
|
US$
|
1,618
|
|
|
|
|
|
|
|
Amazon.com Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,614
|
|
|
|
N/A
|
|
|
US$
|
1,614
|
|
|
|
|
|
|
|
General Electric Co
|
|
|
|
|
|
|
|
|
|
US$
|
1,608
|
|
|
|
N/A
|
|
|
US$
|
1,608
|
|
|
|
|
|
|
|
Nutrien Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
1,598
|
|
|
|
N/A
|
|
|
US$
|
1,598
|
|
|
|
|
|
|
|
Principal Life Global Funding II
|
|
|
|
|
|
|
|
|
|
US$
|
1,588
|
|
|
|
N/A
|
|
|
US$
|
1,588
|
|
|
|
|
|
|
|
American Electric Power Co Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,567
|
|
|
|
N/A
|
|
|
US$
|
1,567
|
|
|
|
|
|
|
|
DTE Energy Co
|
|
|
|
|
|
|
|
|
|
US$
|
1,559
|
|
|
|
N/A
|
|
|
US$
|
1,559
|
|
|
|
|
|
|
|
Lincoln National Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,553
|
|
|
|
N/A
|
|
|
US$
|
1,553
|
|
|
|
|
|
|
|
Nestle Holdings Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,543
|
|
|
|
N/A
|
|
|
US$
|
1,543
|
|
|
|
|
|
|
|
Marsh & McLennan Cos Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,530
|
|
|
|
N/A
|
|
|
US$
|
1,530
|
|
|
|
|
|
|
|
Lam Research Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,518
|
|
|
|
N/A
|
|
|
US$
|
1,518
|
|
|
|
|
|
|
|
Compass Bank
|
|
|
|
|
|
|
|
|
|
US$
|
1,510
|
|
|
|
N/A
|
|
|
US$
|
1,510
|
|
|
|
|
|
|
|
AIG Global Funding
|
|
|
|
|
|
|
|
|
|
US$
|
1,508
|
|
|
|
N/A
|
|
|
US$
|
1,508
|
|
|
|
|
|
(Continued)
- 63 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
Note
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
American Airlines 2013-2 Class A Pass Through Trust
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
1,504
|
|
|
|
N/A
|
|
|
US$
|
1,504
|
|
|
|
|
|
|
|
Healthcare Trust of America Holdings LP
|
|
|
|
|
|
|
|
|
|
US$
|
1,493
|
|
|
|
N/A
|
|
|
US$
|
1,493
|
|
|
|
|
|
|
|
Public Service Electric & Gas Co
|
|
|
|
|
|
|
|
|
|
US$
|
1,492
|
|
|
|
N/A
|
|
|
US$
|
1,492
|
|
|
|
|
|
|
|
Nissan Motor Acceptance Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,483
|
|
|
|
N/A
|
|
|
US$
|
1,483
|
|
|
|
|
|
|
|
Fiserv Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,481
|
|
|
|
N/A
|
|
|
US$
|
1,481
|
|
|
|
|
|
|
|
Guardian Life Global Funding
|
|
|
|
|
|
|
|
|
|
US$
|
1,478
|
|
|
|
N/A
|
|
|
US$
|
1,478
|
|
|
|
|
|
|
|
CBS Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,463
|
|
|
|
N/A
|
|
|
US$
|
1,463
|
|
|
|
|
|
|
|
TransCanada PipeLines Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
1,461
|
|
|
|
N/A
|
|
|
US$
|
1,461
|
|
|
|
|
|
|
|
Eastman Chemical Co
|
|
|
|
|
|
|
|
|
|
US$
|
1,458
|
|
|
|
N/A
|
|
|
US$
|
1,458
|
|
|
|
|
|
|
|
HSBC Bank PLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,444
|
|
|
|
N/A
|
|
|
US$
|
1,444
|
|
|
|
|
|
|
|
Sumitomo Mitsui Banking Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,434
|
|
|
|
N/A
|
|
|
US$
|
1,434
|
|
|
|
|
|
|
|
WEC Energy Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,431
|
|
|
|
N/A
|
|
|
US$
|
1,431
|
|
|
|
|
|
|
|
Monongahela Power Co
|
|
|
|
|
|
|
|
|
|
US$
|
1,405
|
|
|
|
N/A
|
|
|
US$
|
1,405
|
|
|
|
|
|
|
|
Texas Eastern Transmission LP
|
|
|
|
|
|
|
|
|
|
US$
|
1,393
|
|
|
|
N/A
|
|
|
US$
|
1,393
|
|
|
|
|
|
|
|
Metropolitan Life Global Funding I
|
|
|
|
|
|
|
|
|
|
US$
|
1,381
|
|
|
|
N/A
|
|
|
US$
|
1,381
|
|
|
|
|
|
|
|
Cboe Global Markets Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,372
|
|
|
|
N/A
|
|
|
US$
|
1,372
|
|
|
|
|
|
|
|
Georgia-Pacific LLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,352
|
|
|
|
N/A
|
|
|
US$
|
1,352
|
|
|
|
|
|
|
|
Canadian Natural Resources Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
1,301
|
|
|
|
N/A
|
|
|
US$
|
1,301
|
|
|
|
|
|
|
|
Entergy Arkansas LLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,283
|
|
|
|
N/A
|
|
|
US$
|
1,283
|
|
|
|
|
|
|
|
GATX Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,275
|
|
|
|
N/A
|
|
|
US$
|
1,275
|
|
|
|
|
|
|
|
Visa Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,270
|
|
|
|
N/A
|
|
|
US$
|
1,270
|
|
|
|
|
|
|
|
CNA Financial Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,261
|
|
|
|
N/A
|
|
|
US$
|
1,261
|
|
|
|
|
|
|
|
Entergy Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,255
|
|
|
|
N/A
|
|
|
US$
|
1,255
|
|
|
|
|
|
|
|
Consolidated Edison Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,210
|
|
|
|
N/A
|
|
|
US$
|
1,210
|
|
|
|
|
|
|
|
Regions Bank/Birmingham AL
|
|
|
|
|
|
|
|
|
|
US$
|
1,171
|
|
|
|
N/A
|
|
|
US$
|
1,171
|
|
|
|
|
|
|
|
CK Hutchison International 16 Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
1,166
|
|
|
|
N/A
|
|
|
US$
|
1,166
|
|
|
|
|
|
|
|
Magellan Midstream Partners LP
|
|
|
|
|
|
|
|
|
|
US$
|
1,162
|
|
|
|
N/A
|
|
|
US$
|
1,162
|
|
|
|
|
|
|
|
MUFG Union Bank NA
|
|
|
|
|
|
|
|
|
|
US$
|
1,155
|
|
|
|
N/A
|
|
|
US$
|
1,155
|
|
|
|
|
|
|
|
Woolworths Group Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
1,100
|
|
|
|
N/A
|
|
|
US$
|
1,100
|
|
|
|
|
|
|
|
Interpublic Group of Cos Inc/The
|
|
|
|
|
|
|
|
|
|
US$
|
1,097
|
|
|
|
N/A
|
|
|
US$
|
1,097
|
|
|
|
|
|
|
|
Swedbank AB
|
|
|
|
|
|
|
|
|
|
US$
|
1,065
|
|
|
|
N/A
|
|
|
US$
|
1,065
|
|
|
|
|
|
|
|
Reinsurance Group of America Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,042
|
|
|
|
N/A
|
|
|
US$
|
1,042
|
|
|
|
|
|
|
|
Glencore Finance Canada Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
1,040
|
|
|
|
N/A
|
|
|
US$
|
1,040
|
|
|
|
|
|
|
|
Prudential Financial Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,038
|
|
|
|
N/A
|
|
|
US$
|
1,038
|
|
|
|
|
|
|
|
Athene Global Funding
|
|
|
|
|
|
|
|
|
|
US$
|
1,034
|
|
|
|
N/A
|
|
|
US$
|
1,034
|
|
|
|
|
|
|
|
Weyerhaeuser Co
|
|
|
|
|
|
|
|
|
|
US$
|
1,030
|
|
|
|
N/A
|
|
|
US$
|
1,030
|
|
|
|
|
|
|
|
OReilly Automotive Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,027
|
|
|
|
N/A
|
|
|
US$
|
1,027
|
|
|
|
|
|
|
|
DNB Bank ASA
|
|
|
|
|
|
|
|
|
|
US$
|
1,026
|
|
|
|
N/A
|
|
|
US$
|
1,026
|
|
|
|
|
|
|
|
Commonwealth Bank of Australia
|
|
|
|
|
|
|
|
|
|
US$
|
1,024
|
|
|
|
N/A
|
|
|
US$
|
1,024
|
|
|
|
|
|
|
|
ONE Gas Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,024
|
|
|
|
N/A
|
|
|
US$
|
1,024
|
|
|
|
|
|
|
|
Scentre Group Trust 1 / Scentre Group Trust 2
|
|
|
|
|
|
|
|
|
|
US$
|
1,023
|
|
|
|
N/A
|
|
|
US$
|
1,023
|
|
|
|
|
|
|
|
Mitsubishi UFJ Trust & Banking Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,023
|
|
|
|
N/A
|
|
|
US$
|
1,023
|
|
|
|
|
|
|
|
Halliburton Co
|
|
|
|
|
|
|
|
|
|
US$
|
1,022
|
|
|
|
N/A
|
|
|
US$
|
1,022
|
|
|
|
|
|
|
|
Union Pacific Corp
|
|
|
|
|
|
|
|
|
|
US$
|
1,016
|
|
|
|
N/A
|
|
|
US$
|
1,016
|
|
|
|
|
|
|
|
Commonwealth Edison Co
|
|
|
|
|
|
|
|
|
|
US$
|
1,016
|
|
|
|
N/A
|
|
|
US$
|
1,016
|
|
|
|
|
|
|
|
Equinor ASA
|
|
|
|
|
|
|
|
|
|
US$
|
1,006
|
|
|
|
N/A
|
|
|
US$
|
1,006
|
|
|
|
|
|
|
|
Reynolds American Inc
|
|
|
|
|
|
|
|
|
|
US$
|
1,005
|
|
|
|
N/A
|
|
|
US$
|
1,005
|
|
|
|
|
|
|
|
BOC Aviation Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
1,003
|
|
|
|
N/A
|
|
|
US$
|
1,003
|
|
|
|
|
|
|
|
Unum Group
|
|
|
|
|
|
|
|
|
|
US$
|
1,001
|
|
|
|
N/A
|
|
|
US$
|
1,001
|
|
|
|
|
|
|
|
Sysco Corp
|
|
|
|
|
|
|
|
|
|
US$
|
999
|
|
|
|
N/A
|
|
|
US$
|
999
|
|
|
|
|
|
(Continued)
- 64 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and
Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
March 31, 2019
|
|
|
Note
|
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
Biogen Inc
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
999
|
|
|
N/A
|
|
US$
|
999
|
|
|
|
|
|
|
|
Laboratory Corp of America Holdings
|
|
|
|
|
|
|
|
|
|
US$
|
998
|
|
|
N/A
|
|
US$
|
998
|
|
|
|
|
|
|
|
Pricoa Global Funding I
|
|
|
|
|
|
|
|
|
|
US$
|
997
|
|
|
N/A
|
|
US$
|
997
|
|
|
|
|
|
|
|
Southern California Edison Co
|
|
|
|
|
|
|
|
|
|
US$
|
995
|
|
|
N/A
|
|
US$
|
995
|
|
|
|
|
|
|
|
Orange SA
|
|
|
|
|
|
|
|
|
|
US$
|
994
|
|
|
N/A
|
|
US$
|
994
|
|
|
|
|
|
|
|
Protective Life Global Funding
|
|
|
|
|
|
|
|
|
|
US$
|
994
|
|
|
N/A
|
|
US$
|
994
|
|
|
|
|
|
|
|
Loews Corp
|
|
|
|
|
|
|
|
|
|
US$
|
993
|
|
|
N/A
|
|
US$
|
993
|
|
|
|
|
|
|
|
Entergy Texas Inc
|
|
|
|
|
|
|
|
|
|
US$
|
988
|
|
|
N/A
|
|
US$
|
988
|
|
|
|
|
|
|
|
Ameriprise Financial Inc
|
|
|
|
|
|
|
|
|
|
US$
|
988
|
|
|
N/A
|
|
US$
|
988
|
|
|
|
|
|
|
|
Bunge Ltd Finance Corp
|
|
|
|
|
|
|
|
|
|
US$
|
987
|
|
|
N/A
|
|
US$
|
987
|
|
|
|
|
|
|
|
State Grid Overseas Investment 2016 Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
979
|
|
|
N/A
|
|
US$
|
979
|
|
|
|
|
|
|
|
Holcim US Finance Sarl & Cie SCS
|
|
|
|
|
|
|
|
|
|
US$
|
969
|
|
|
N/A
|
|
US$
|
969
|
|
|
|
|
|
|
|
Citibank NA
|
|
|
|
|
|
|
|
|
|
US$
|
967
|
|
|
N/A
|
|
US$
|
967
|
|
|
|
|
|
|
|
Lockheed Martin Corp
|
|
|
|
|
|
|
|
|
|
US$
|
898
|
|
|
N/A
|
|
US$
|
898
|
|
|
|
|
|
|
|
Coca-Cola Femsa SAB de CV
|
|
|
|
|
|
|
|
|
|
US$
|
890
|
|
|
N/A
|
|
US$
|
890
|
|
|
|
|
|
|
|
CA Inc
|
|
|
|
|
|
|
|
|
|
US$
|
886
|
|
|
N/A
|
|
US$
|
886
|
|
|
|
|
|
|
|
CNOOC Finance 2011 Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
868
|
|
|
N/A
|
|
US$
|
868
|
|
|
|
|
|
|
|
Baker Hughes a GE Co LLC / Baker Hughes
Co-Obligor
Inc
|
|
|
|
|
|
|
|
|
|
US$
|
857
|
|
|
N/A
|
|
US$
|
857
|
|
|
|
|
|
|
|
Viterra Inc
|
|
|
|
|
|
|
|
|
|
US$
|
854
|
|
|
N/A
|
|
US$
|
854
|
|
|
|
|
|
|
|
Spectra Energy Partners LP
|
|
|
|
|
|
|
|
|
|
US$
|
852
|
|
|
N/A
|
|
US$
|
852
|
|
|
|
|
|
|
|
Intesa Sanpaolo SpA
|
|
|
|
|
|
|
|
|
|
US$
|
850
|
|
|
N/A
|
|
US$
|
850
|
|
|
|
|
|
|
|
Aon PLC
|
|
|
|
|
|
|
|
|
|
US$
|
809
|
|
|
N/A
|
|
US$
|
809
|
|
|
|
|
|
|
|
ONEOK Partners LP
|
|
|
|
|
|
|
|
|
|
US$
|
808
|
|
|
N/A
|
|
US$
|
808
|
|
|
|
|
|
|
|
Church & Dwight Co Inc
|
|
|
|
|
|
|
|
|
|
US$
|
798
|
|
|
N/A
|
|
US$
|
798
|
|
|
|
|
|
|
|
Activision Blizzard Inc
|
|
|
|
|
|
|
|
|
|
US$
|
796
|
|
|
N/A
|
|
US$
|
796
|
|
|
|
|
|
|
|
Suncorp-Metway Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
796
|
|
|
N/A
|
|
US$
|
796
|
|
|
|
|
|
|
|
Sinopec Capital 2013 Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
796
|
|
|
N/A
|
|
US$
|
796
|
|
|
|
|
|
|
|
Alterra Finance LLC
|
|
|
|
|
|
|
|
|
|
US$
|
790
|
|
|
N/A
|
|
US$
|
790
|
|
|
|
|
|
|
|
AXIS Specialty Finance LLC
|
|
|
|
|
|
|
|
|
|
US$
|
773
|
|
|
N/A
|
|
US$
|
773
|
|
|
|
|
|
|
|
Warner Media LLC
|
|
|
|
|
|
|
|
|
|
US$
|
772
|
|
|
N/A
|
|
US$
|
772
|
|
|
|
|
|
|
|
Manulife Financial Corp
|
|
|
|
|
|
|
|
|
|
US$
|
771
|
|
|
N/A
|
|
US$
|
771
|
|
|
|
|
|
|
|
AutoZone Inc
|
|
|
|
|
|
|
|
|
|
US$
|
766
|
|
|
N/A
|
|
US$
|
766
|
|
|
|
|
|
|
|
Incitec Pivot Finance LLC
|
|
|
|
|
|
|
|
|
|
US$
|
764
|
|
|
N/A
|
|
US$
|
764
|
|
|
|
|
|
|
|
Brookfield Finance Inc
|
|
|
|
|
|
|
|
|
|
US$
|
757
|
|
|
N/A
|
|
US$
|
757
|
|
|
|
|
|
|
|
Baidu Inc
|
|
|
|
|
|
|
|
|
|
US$
|
750
|
|
|
N/A
|
|
US$
|
750
|
|
|
|
|
|
|
|
Pinnacle West Capital Corp
|
|
|
|
|
|
|
|
|
|
US$
|
743
|
|
|
N/A
|
|
US$
|
743
|
|
|
|
|
|
|
|
British Airways
2013-1
Class A Pass Through
Trust
|
|
|
|
|
|
|
|
|
|
US$
|
738
|
|
|
N/A
|
|
US$
|
738
|
|
|
|
|
|
|
|
APT Pipelines Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
713
|
|
|
N/A
|
|
US$
|
713
|
|
|
|
|
|
|
|
Baker Hughes a GE Co LLC
|
|
|
|
|
|
|
|
|
|
US$
|
707
|
|
|
N/A
|
|
US$
|
707
|
|
|
|
|
|
|
|
Phillips 66
|
|
|
|
|
|
|
|
|
|
US$
|
705
|
|
|
N/A
|
|
US$
|
705
|
|
|
|
|
|
|
|
Australia & New Zealand Banking Group Ltd/New York NY
|
|
|
|
|
|
|
|
|
|
US$
|
698
|
|
|
N/A
|
|
US$
|
698
|
|
|
|
|
|
|
|
Merck & Co Inc
|
|
|
|
|
|
|
|
|
|
US$
|
695
|
|
|
N/A
|
|
US$
|
695
|
|
|
|
|
|
|
|
National Oilwell Varco Inc
|
|
|
|
|
|
|
|
|
|
US$
|
688
|
|
|
N/A
|
|
US$
|
688
|
|
|
|
|
|
|
|
Textron Inc
|
|
|
|
|
|
|
|
|
|
US$
|
688
|
|
|
N/A
|
|
US$
|
688
|
|
|
|
|
|
|
|
Three Gorges Finance I Cayman Islands Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
687
|
|
|
N/A
|
|
US$
|
687
|
|
|
|
|
|
|
|
Vornado Realty LP
|
|
|
|
|
|
|
|
|
|
US$
|
687
|
|
|
N/A
|
|
US$
|
687
|
|
|
|
|
|
|
|
Rochester Gas & Electric Corp
|
|
|
|
|
|
|
|
|
|
US$
|
656
|
|
|
N/A
|
|
US$
|
656
|
|
|
|
|
|
|
|
Norfolk Southern Railway Co
|
|
|
|
|
|
|
|
|
|
US$
|
651
|
|
|
N/A
|
|
US$
|
651
|
|
|
|
|
|
|
|
Ohio Power Co
|
|
|
|
|
|
|
|
|
|
US$
|
640
|
|
|
N/A
|
|
US$
|
640
|
|
|
|
|
|
|
|
Alexandria Real Estate Equities Inc
|
|
|
|
|
|
|
|
|
|
US$
|
627
|
|
|
N/A
|
|
US$
|
627
|
|
|
|
|
|
(Continued)
- 65 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and
Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
March 31, 2019
|
|
|
Note
|
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
Toledo Edison Co/The
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
625
|
|
|
N/A
|
|
US$
|
625
|
|
|
|
|
|
|
|
ERP Operating LP
|
|
|
|
|
|
|
|
|
|
US$
|
624
|
|
|
N/A
|
|
US$
|
624
|
|
|
|
|
|
|
|
Wm Wrigley Jr Co
|
|
|
|
|
|
|
|
|
|
US$
|
624
|
|
|
N/A
|
|
US$
|
624
|
|
|
|
|
|
|
|
Citizens Financial Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
622
|
|
|
N/A
|
|
US$
|
622
|
|
|
|
|
|
|
|
RBC USA Holdco Corp
|
|
|
|
|
|
|
|
|
|
US$
|
620
|
|
|
N/A
|
|
US$
|
620
|
|
|
|
|
|
|
|
Liberty Property LP
|
|
|
|
|
|
|
|
|
|
US$
|
613
|
|
|
N/A
|
|
US$
|
613
|
|
|
|
|
|
|
|
Grupo Bimbo SAB de CV
|
|
|
|
|
|
|
|
|
|
US$
|
612
|
|
|
N/A
|
|
US$
|
612
|
|
|
|
|
|
|
|
OneBeacon US Holdings Inc
|
|
|
|
|
|
|
|
|
|
US$
|
609
|
|
|
N/A
|
|
US$
|
609
|
|
|
|
|
|
|
|
Daiwa Securities Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
608
|
|
|
N/A
|
|
US$
|
608
|
|
|
|
|
|
|
|
Kimco Realty Corp
|
|
|
|
|
|
|
|
|
|
US$
|
606
|
|
|
N/A
|
|
US$
|
606
|
|
|
|
|
|
|
|
Continental Airlines
2007-1
Class A Pass Through
Trust
|
|
|
|
|
|
|
|
|
|
US$
|
604
|
|
|
N/A
|
|
US$
|
604
|
|
|
|
|
|
|
|
Ontario Teachers Cadillac Fairview Properties Trust
|
|
|
|
|
|
|
|
|
|
US$
|
604
|
|
|
N/A
|
|
US$
|
604
|
|
|
|
|
|
|
|
Continental Airlines
2000-1
Class A-1
Pass Through Trust
|
|
|
|
|
|
|
|
|
|
US$
|
601
|
|
|
N/A
|
|
US$
|
601
|
|
|
|
|
|
|
|
BAT International Finance PLC
|
|
|
|
|
|
|
|
|
|
US$
|
598
|
|
|
N/A
|
|
US$
|
598
|
|
|
|
|
|
|
|
Life Technologies Corp
|
|
|
|
|
|
|
|
|
|
US$
|
586
|
|
|
N/A
|
|
US$
|
586
|
|
|
|
|
|
|
|
AXIS Specialty Finance PLC
|
|
|
|
|
|
|
|
|
|
US$
|
575
|
|
|
N/A
|
|
US$
|
575
|
|
|
|
|
|
|
|
Host Hotels & Resorts LP
|
|
|
|
|
|
|
|
|
|
US$
|
572
|
|
|
N/A
|
|
US$
|
572
|
|
|
|
|
|
|
|
Nationwide Financial Services Inc
|
|
|
|
|
|
|
|
|
|
US$
|
572
|
|
|
N/A
|
|
US$
|
572
|
|
|
|
|
|
|
|
ABC Inc
|
|
|
|
|
|
|
|
|
|
US$
|
567
|
|
|
N/A
|
|
US$
|
567
|
|
|
|
|
|
|
|
AvalonBay Communities Inc
|
|
|
|
|
|
|
|
|
|
US$
|
567
|
|
|
N/A
|
|
US$
|
567
|
|
|
|
|
|
|
|
Duke Energy Progress LLC
|
|
|
|
|
|
|
|
|
|
US$
|
566
|
|
|
N/A
|
|
US$
|
566
|
|
|
|
|
|
|
|
Ingersoll-Rand Global Holding Co Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
526
|
|
|
N/A
|
|
US$
|
526
|
|
|
|
|
|
|
|
Nomura Holdings Inc
|
|
|
|
|
|
|
|
|
|
US$
|
518
|
|
|
N/A
|
|
US$
|
518
|
|
|
|
|
|
|
|
Fulton Financial Corp
|
|
|
|
|
|
|
|
|
|
US$
|
516
|
|
|
N/A
|
|
US$
|
516
|
|
|
|
|
|
|
|
ASB Bank Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
512
|
|
|
N/A
|
|
US$
|
512
|
|
|
|
|
|
|
|
Regency Centers Corp
|
|
|
|
|
|
|
|
|
|
US$
|
510
|
|
|
N/A
|
|
US$
|
510
|
|
|
|
|
|
|
|
ORIX Corp
|
|
|
|
|
|
|
|
|
|
US$
|
503
|
|
|
N/A
|
|
US$
|
503
|
|
|
|
|
|
|
|
Highwoods Realty LP
|
|
|
|
|
|
|
|
|
|
US$
|
499
|
|
|
N/A
|
|
US$
|
499
|
|
|
|
|
|
|
|
Sumitomo Mitsui Trust Bank Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
498
|
|
|
N/A
|
|
US$
|
498
|
|
|
|
|
|
|
|
TD Ameritrade Holding Corp
|
|
|
|
|
|
|
|
|
|
US$
|
496
|
|
|
N/A
|
|
US$
|
496
|
|
|
|
|
|
|
|
Eni SpA
|
|
|
|
|
|
|
|
|
|
US$
|
491
|
|
|
N/A
|
|
US$
|
491
|
|
|
|
|
|
|
|
MassMutual Global Funding II
|
|
|
|
|
|
|
|
|
|
US$
|
488
|
|
|
N/A
|
|
US$
|
488
|
|
|
|
|
|
|
|
International Paper Co
|
|
|
|
|
|
|
|
|
|
US$
|
481
|
|
|
N/A
|
|
US$
|
481
|
|
|
|
|
|
|
|
Diageo Capital PLC
|
|
|
|
|
|
|
|
|
|
US$
|
477
|
|
|
N/A
|
|
US$
|
477
|
|
|
|
|
|
|
|
Comerica Inc
|
|
|
|
|
|
|
|
|
|
US$
|
475
|
|
|
N/A
|
|
US$
|
475
|
|
|
|
|
|
|
|
Duke Energy Carolinas LLC
|
|
|
|
|
|
|
|
|
|
US$
|
464
|
|
|
N/A
|
|
US$
|
464
|
|
|
|
|
|
|
|
Spire Inc
|
|
|
|
|
|
|
|
|
|
US$
|
461
|
|
|
N/A
|
|
US$
|
461
|
|
|
|
|
|
|
|
United Overseas Bank Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
459
|
|
|
N/A
|
|
US$
|
459
|
|
|
|
|
|
|
|
Narragansett Electric Co/The
|
|
|
|
|
|
|
|
|
|
US$
|
457
|
|
|
N/A
|
|
US$
|
457
|
|
|
|
|
|
|
|
Total Capital International SA
|
|
|
|
|
|
|
|
|
|
US$
|
452
|
|
|
N/A
|
|
US$
|
452
|
|
|
|
|
|
|
|
Public Service Enterprise Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
452
|
|
|
N/A
|
|
US$
|
452
|
|
|
|
|
|
|
|
Moodys Corp
|
|
|
|
|
|
|
|
|
|
US$
|
450
|
|
|
N/A
|
|
US$
|
450
|
|
|
|
|
|
|
|
Burlington Northern Santa Fe LLC
|
|
|
|
|
|
|
|
|
|
US$
|
433
|
|
|
N/A
|
|
US$
|
433
|
|
|
|
|
|
|
|
Columbia Pipeline Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
427
|
|
|
N/A
|
|
US$
|
427
|
|
|
|
|
|
|
|
Canadian Pacific Railway Co
|
|
|
|
|
|
|
|
|
|
US$
|
412
|
|
|
N/A
|
|
US$
|
412
|
|
|
|
|
|
|
|
Valero Energy Corp
|
|
|
|
|
|
|
|
|
|
US$
|
411
|
|
|
N/A
|
|
US$
|
411
|
|
|
|
|
|
|
|
Eaton Electric Holdings LLC
|
|
|
|
|
|
|
|
|
|
US$
|
407
|
|
|
N/A
|
|
US$
|
407
|
|
|
|
|
|
|
|
Markel Corp
|
|
|
|
|
|
|
|
|
|
US$
|
402
|
|
|
N/A
|
|
US$
|
402
|
|
|
|
|
|
|
|
Texas-New
Mexico Power Co
|
|
|
|
|
|
|
|
|
|
US$
|
400
|
|
|
N/A
|
|
US$
|
400
|
|
|
|
|
|
|
|
Southern Power Co
|
|
|
|
|
|
|
|
|
|
US$
|
396
|
|
|
N/A
|
|
US$
|
396
|
|
|
|
|
|
(Continued)
- 66 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
March 31, 2019
|
|
|
Note
|
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
Continental Airlines
2012-1
Class A Pass Through
Trust
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
395
|
|
|
N/A
|
|
US$
|
395
|
|
|
|
|
|
|
|
IBM Credit LLC
|
|
|
|
|
|
|
|
|
|
US$
|
394
|
|
|
N/A
|
|
US$
|
394
|
|
|
|
|
|
|
|
StanCorp Financial Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
385
|
|
|
N/A
|
|
US$
|
385
|
|
|
|
|
|
|
|
Aon Corp
|
|
|
|
|
|
|
|
|
|
US$
|
376
|
|
|
N/A
|
|
US$
|
376
|
|
|
|
|
|
|
|
First Niagara Financial Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
363
|
|
|
N/A
|
|
US$
|
363
|
|
|
|
|
|
|
|
CenterPoint Energy Resources Corp
|
|
|
|
|
|
|
|
|
|
US$
|
357
|
|
|
N/A
|
|
US$
|
357
|
|
|
|
|
|
|
|
American Honda Finance Corp
|
|
|
|
|
|
|
|
|
|
US$
|
356
|
|
|
N/A
|
|
US$
|
356
|
|
|
|
|
|
|
|
Principal Financial Group Inc
|
|
|
|
|
|
|
|
|
|
US$
|
352
|
|
|
N/A
|
|
US$
|
352
|
|
|
|
|
|
|
|
Cooperatieve Rabobank UA
|
|
|
|
|
|
|
|
|
|
US$
|
351
|
|
|
N/A
|
|
US$
|
351
|
|
|
|
|
|
|
|
Deutsche Bank AG
|
|
|
|
|
|
|
|
|
|
US$
|
350
|
|
|
N/A
|
|
US$
|
350
|
|
|
|
|
|
|
|
Commonwealth Bank of Australia/New York NY
|
|
|
|
|
|
|
|
|
|
US$
|
348
|
|
|
N/A
|
|
US$
|
348
|
|
|
|
|
|
|
|
Schlumberger Finance Canada Ltd
|
|
|
|
|
|
|
|
|
|
US$
|
298
|
|
|
N/A
|
|
US$
|
298
|
|
|
|
|
|
|
|
Eli Lilly & Co
|
|
|
|
|
|
|
|
|
|
US$
|
294
|
|
|
N/A
|
|
US$
|
294
|
|
|
|
|
|
|
|
Amphenol Corp
|
|
|
|
|
|
|
|
|
|
US$
|
288
|
|
|
N/A
|
|
US$
|
288
|
|
|
|
|
|
|
|
BAE Systems Holdings Inc
|
|
|
|
|
|
|
|
|
|
US$
|
284
|
|
|
N/A
|
|
US$
|
284
|
|
|
|
|
|
|
|
Home Depot Inc/The
|
|
|
|
|
|
|
|
|
|
US$
|
281
|
|
|
N/A
|
|
US$
|
281
|
|
|
|
|
|
|
|
EMD Finance LLC
|
|
|
|
|
|
|
|
|
|
US$
|
279
|
|
|
N/A
|
|
US$
|
279
|
|
|
|
|
|
|
|
Archer-Daniels-Midland Co
|
|
|
|
|
|
|
|
|
|
US$
|
256
|
|
|
N/A
|
|
US$
|
256
|
|
|
|
|
|
|
|
Bank of America NA
|
|
|
|
|
|
|
|
|
|
US$
|
253
|
|
|
N/A
|
|
US$
|
253
|
|
|
|
|
|
|
|
Hartford Financial Services Group Inc/The
|
|
|
|
|
|
|
|
|
|
US$
|
228
|
|
|
N/A
|
|
US$
|
228
|
|
|
|
|
|
|
|
Rolls-Royce PLC
|
|
|
|
|
|
|
|
|
|
US$
|
223
|
|
|
N/A
|
|
US$
|
223
|
|
|
|
|
|
|
|
Protective Life Corp
|
|
|
|
|
|
|
|
|
|
US$
|
215
|
|
|
N/A
|
|
US$
|
215
|
|
|
|
|
|
|
|
WestRock MWV LLC
|
|
|
|
|
|
|
|
|
|
US$
|
211
|
|
|
N/A
|
|
US$
|
211
|
|
|
|
|
|
|
|
ING Bank NV
|
|
|
|
|
|
|
|
|
|
US$
|
209
|
|
|
N/A
|
|
US$
|
209
|
|
|
|
|
|
|
|
Fidelity National Information Services Inc
|
|
|
|
|
|
|
|
|
|
US$
|
206
|
|
|
N/A
|
|
US$
|
206
|
|
|
|
|
|
|
|
Glencore Funding LLC
|
|
|
|
|
|
|
|
|
|
US$
|
198
|
|
|
N/A
|
|
US$
|
198
|
|
|
|
|
|
|
|
GE Capital International Funding Co Unlimited Co
|
|
|
|
|
|
|
|
|
|
US$
|
198
|
|
|
N/A
|
|
US$
|
198
|
|
|
|
|
|
|
|
Equifax Inc
|
|
|
|
|
|
|
|
|
|
US$
|
177
|
|
|
N/A
|
|
US$
|
177
|
|
|
|
|
|
|
|
Schneider Electric SE
|
|
|
|
|
|
|
|
|
|
US$
|
161
|
|
|
N/A
|
|
US$
|
161
|
|
|
|
|
|
|
|
Packaging Corp of America
|
|
|
|
|
|
|
|
|
|
US$
|
159
|
|
|
N/A
|
|
US$
|
159
|
|
|
|
|
|
|
|
Wells Fargo & Co
|
|
|
|
Financial assets at amortized cost
|
|
|
|
|
|
US$
|
160,126
|
|
|
N/A
|
|
US$
|
161,567
|
|
|
|
|
|
|
|
JPMorgan Chase & Co.
|
|
|
|
|
|
|
|
|
|
US$
|
84,967
|
|
|
N/A
|
|
US$
|
86,186
|
|
|
|
|
|
|
|
Westpac Banking Corp.
|
|
|
|
|
|
|
|
|
|
US$
|
49,994
|
|
|
N/A
|
|
US$
|
50,015
|
|
|
|
|
|
|
|
Bank of Nova Scotia
|
|
|
|
|
|
|
|
|
|
US$
|
49,980
|
|
|
N/A
|
|
US$
|
50,028
|
|
|
|
|
|
|
|
Industrial and Commercial Bank of China
|
|
|
|
|
|
|
|
|
|
US$
|
9,996
|
|
|
N/A
|
|
US$
|
10,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government bond
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Treasury Note/Bond
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
417,315
|
|
|
N/A
|
|
US$
|
417,315
|
|
|
|
|
|
|
|
United States Treasury Floating Rate Note
|
|
|
|
|
|
|
|
|
|
US$
|
26,004
|
|
|
N/A
|
|
US$
|
26,004
|
|
|
|
|
|
|
|
Abu Dhabi Government International Bond
|
|
|
|
|
|
|
|
|
|
US$
|
3,456
|
|
|
N/A
|
|
US$
|
3,456
|
|
|
|
|
|
|
|
Qatar Government International Bond
|
|
|
|
|
|
|
|
|
|
US$
|
1,336
|
|
|
N/A
|
|
US$
|
1,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freddie Mac REMICS
|
|
|
|
Financial assets at fair value through Profit or Loss
|
|
|
|
|
|
US$
|
42,327
|
|
|
N/A
|
|
US$
|
42,327
|
|
|
|
|
|
|
|
Fannie Mae REMICS
|
|
|
|
|
|
|
|
|
|
US$
|
29,100
|
|
|
N/A
|
|
US$
|
29,100
|
|
|
|
|
|
|
|
Government National Mortgage Association
|
|
|
|
|
|
|
|
|
|
US$
|
20,470
|
|
|
N/A
|
|
US$
|
20,470
|
|
|
|
|
|
|
|
Freddie Mac Multifamily Structured Pass Through Certificates
|
|
|
|
|
|
|
|
|
|
US$
|
1,631
|
|
|
N/A
|
|
US$
|
1,631
|
|
|
|
|
|
|
|
Fannie Mae Interest Strip
|
|
|
|
|
|
|
|
|
|
US$
|
1,623
|
|
|
N/A
|
|
US$
|
1,623
|
|
|
|
|
|
|
|
Freddie Mac Strips
|
|
|
|
|
|
|
|
|
|
US$
|
1,302
|
|
|
N/A
|
|
US$
|
1,302
|
|
|
|
|
|
(Continued)
- 67 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
Note
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
Fannie Mae Pool
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
383,290
|
|
|
N/A
|
|
US$
|
383,290
|
|
|
|
|
|
|
|
Fannie Mae REMICS
|
|
|
|
|
|
|
|
|
|
US$
|
156,933
|
|
|
N/A
|
|
US$
|
156,933
|
|
|
|
|
|
|
|
Government National Mortgage Association
|
|
|
|
|
|
|
|
|
|
US$
|
132,853
|
|
|
N/A
|
|
US$
|
132,853
|
|
|
|
|
|
|
|
Freddie Mac REMICS
|
|
|
|
|
|
|
|
|
|
US$
|
127,618
|
|
|
N/A
|
|
US$
|
127,618
|
|
|
|
|
|
|
|
Freddie Mac Gold Pool
|
|
|
|
|
|
|
|
|
|
US$
|
104,290
|
|
|
N/A
|
|
US$
|
104,290
|
|
|
|
|
|
|
|
Ginnie Mae II Pool
|
|
|
|
|
|
|
|
|
|
US$
|
77,728
|
|
|
N/A
|
|
US$
|
77,728
|
|
|
|
|
|
|
|
Fannie Mae
|
|
|
|
|
|
|
|
|
|
US$
|
69,499
|
|
|
N/A
|
|
US$
|
69,499
|
|
|
|
|
|
|
|
Freddie Mac
|
|
|
|
|
|
|
|
|
|
US$
|
22,049
|
|
|
N/A
|
|
US$
|
22,049
|
|
|
|
|
|
|
|
Fannie
Mae-Aces
|
|
|
|
|
|
|
|
|
|
US$
|
13,837
|
|
|
N/A
|
|
US$
|
13,837
|
|
|
|
|
|
|
|
Ginnie Mae
|
|
|
|
|
|
|
|
|
|
US$
|
13,112
|
|
|
N/A
|
|
US$
|
13,112
|
|
|
|
|
|
|
|
Freddie Mac Multifamily Structured Pass Through Certificates
|
|
|
|
|
|
|
|
|
|
US$
|
5,001
|
|
|
N/A
|
|
US$
|
5,001
|
|
|
|
|
|
|
|
Freddie Mac Non Gold Pool
|
|
|
|
|
|
|
|
|
|
US$
|
2,602
|
|
|
N/A
|
|
US$
|
2,602
|
|
|
|
|
|
|
|
FHLMC-GNMA
|
|
|
|
|
|
|
|
|
|
US$
|
1,352
|
|
|
N/A
|
|
US$
|
1,352
|
|
|
|
|
|
|
|
Province of Quebec Canada
|
|
|
|
|
|
|
|
|
|
US$
|
999
|
|
|
N/A
|
|
US$
|
999
|
|
|
|
|
|
|
|
Federal Farm Credit Banks
|
|
|
|
|
|
|
|
|
|
US$
|
899
|
|
|
N/A
|
|
US$
|
899
|
|
|
|
|
|
|
|
NCUA Guaranteed Notes Trust
2010-R2
|
|
|
|
|
|
|
|
|
|
US$
|
800
|
|
|
N/A
|
|
US$
|
800
|
|
|
|
|
|
|
|
Ginnie Mae I Pool
|
|
|
|
|
|
|
|
|
|
US$
|
605
|
|
|
N/A
|
|
US$
|
605
|
|
|
|
|
|
|
|
Kowloon-Canton Railway Corp
|
|
|
|
|
|
|
|
|
|
US$
|
552
|
|
|
N/A
|
|
US$
|
552
|
|
|
|
|
|
|
|
FRESB 2019-SB60 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
410
|
|
|
N/A
|
|
US$
|
410
|
|
|
|
|
|
|
|
NCUA Guaranteed Notes Trust
2010-R1
|
|
|
|
|
|
|
|
|
|
US$
|
307
|
|
|
N/A
|
|
US$
|
307
|
|
|
|
|
|
|
|
Fannie Mae Benchmark REMIC
|
|
|
|
|
|
|
|
|
|
US$
|
129
|
|
|
N/A
|
|
US$
|
129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citibank Credit Card Issuance Trust
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
59,170
|
|
|
N/A
|
|
US$
|
59,170
|
|
|
|
|
|
|
|
American Express Credit Account Master Trust
|
|
|
|
|
|
|
|
|
|
US$
|
47,244
|
|
|
N/A
|
|
US$
|
47,244
|
|
|
|
|
|
|
|
Chase Issuance Trust
|
|
|
|
|
|
|
|
|
|
US$
|
41,726
|
|
|
N/A
|
|
US$
|
41,726
|
|
|
|
|
|
|
|
Discover Card Execution Note Trust
|
|
|
|
|
|
|
|
|
|
US$
|
37,620
|
|
|
N/A
|
|
US$
|
37,620
|
|
|
|
|
|
|
|
Ford Credit Floorplan Master Owner Trust A
|
|
|
|
|
|
|
|
|
|
US$
|
24,712
|
|
|
N/A
|
|
US$
|
24,712
|
|
|
|
|
|
|
|
Capital One Multi-Asset Execution Trust
|
|
|
|
|
|
|
|
|
|
US$
|
8,797
|
|
|
N/A
|
|
US$
|
8,797
|
|
|
|
|
|
|
|
Hyundai Auto Receivables Trust
2018-B
|
|
|
|
|
|
|
|
|
|
US$
|
8,149
|
|
|
N/A
|
|
US$
|
8,149
|
|
|
|
|
|
|
|
CGDBB Commercial Mortgage Trust 2017-BIOC
|
|
|
|
|
|
|
|
|
|
US$
|
7,500
|
|
|
N/A
|
|
US$
|
7,500
|
|
|
|
|
|
|
|
BA Credit Card Trust
|
|
|
|
|
|
|
|
|
|
US$
|
6,600
|
|
|
N/A
|
|
US$
|
6,600
|
|
|
|
|
|
|
|
UBS-Barclays
Commercial Mortgage Trust
2012-C2
|
|
|
|
|
|
|
|
|
|
US$
|
6,297
|
|
|
N/A
|
|
US$
|
6,297
|
|
|
|
|
|
|
|
Mercedes-Benz
Master Owner Trust
2016-B
|
|
|
|
|
|
|
|
|
|
US$
|
6,004
|
|
|
N/A
|
|
US$
|
6,004
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust 2016-REV1
|
|
|
|
|
|
|
|
|
|
US$
|
5,956
|
|
|
N/A
|
|
US$
|
5,956
|
|
|
|
|
|
|
|
BX Commercial Mortgage Trust
2018-IND
|
|
|
|
|
|
|
|
|
|
US$
|
5,710
|
|
|
N/A
|
|
US$
|
5,710
|
|
|
|
|
|
|
|
BBCMS 2018-TALL Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
5,448
|
|
|
N/A
|
|
US$
|
5,448
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C10
|
|
|
|
|
|
|
|
|
|
US$
|
4,988
|
|
|
N/A
|
|
US$
|
4,988
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust 2015-REV1
|
|
|
|
|
|
|
|
|
|
US$
|
4,897
|
|
|
N/A
|
|
US$
|
4,897
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C7
|
|
|
|
|
|
|
|
|
|
US$
|
4,742
|
|
|
N/A
|
|
US$
|
4,742
|
|
|
|
|
|
|
|
Chesapeake Funding II LLC
|
|
|
|
|
|
|
|
|
|
US$
|
4,605
|
|
|
N/A
|
|
US$
|
4,605
|
|
|
|
|
|
|
|
Volvo Financial Equipment Master Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
4,511
|
|
|
N/A
|
|
US$
|
4,511
|
|
|
|
|
|
|
|
UBS Commercial Mortgage Trust
2018-C10
|
|
|
|
|
|
|
|
|
|
US$
|
4,098
|
|
|
N/A
|
|
US$
|
4,098
|
|
|
|
|
|
|
|
JPMCC Commercial Mortgage Securities Trust
2017-JP7
|
|
|
|
|
|
|
|
|
|
US$
|
4,071
|
|
|
N/A
|
|
US$
|
4,071
|
|
|
|
|
|
|
|
BANK 2017-BNK4
|
|
|
|
|
|
|
|
|
|
US$
|
4,028
|
|
|
N/A
|
|
US$
|
4,028
|
|
|
|
|
|
|
|
BANK 2017-BNK5
|
|
|
|
|
|
|
|
|
|
US$
|
4,014
|
|
|
N/A
|
|
US$
|
4,014
|
|
|
|
|
|
|
|
BANK 2017-BNK6
|
|
|
|
|
|
|
|
|
|
US$
|
4,007
|
|
|
N/A
|
|
US$
|
4,007
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2016-C29
|
|
|
|
|
|
|
|
|
|
US$
|
4,005
|
|
|
N/A
|
|
US$
|
4,005
|
|
|
|
|
|
(Continued)
- 68 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
Note
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-WIKI
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
3,986
|
|
|
N/A
|
|
US$
|
3,986
|
|
|
|
|
|
|
|
Cold Storage Trust 2017-ICE3
|
|
|
|
|
|
|
|
|
|
US$
|
3,800
|
|
|
N/A
|
|
US$
|
3,800
|
|
|
|
|
|
|
|
GS Mortgage Securities Corp II
|
|
|
|
|
|
|
|
|
|
US$
|
3,146
|
|
|
N/A
|
|
US$
|
3,146
|
|
|
|
|
|
|
|
COMM 2015-CCRE25 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
3,009
|
|
|
N/A
|
|
US$
|
3,009
|
|
|
|
|
|
|
|
GS Mortgage Securities Corp Trust 2018-RIVR
|
|
|
|
|
|
|
|
|
|
US$
|
2,996
|
|
|
N/A
|
|
US$
|
2,996
|
|
|
|
|
|
|
|
GM Financial Consumer Automobile Receivables Trust
2017-2
|
|
|
|
|
|
|
|
|
|
US$
|
2,966
|
|
|
N/A
|
|
US$
|
2,966
|
|
|
|
|
|
|
|
Honda Auto Receivables
2017-2
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
2,961
|
|
|
N/A
|
|
US$
|
2,961
|
|
|
|
|
|
|
|
WFRBS Commercial Mortgage Trust
2013-C13
|
|
|
|
|
|
|
|
|
|
US$
|
2,827
|
|
|
N/A
|
|
US$
|
2,827
|
|
|
|
|
|
|
|
Honda Auto Receivables
2019-1
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
2,808
|
|
|
N/A
|
|
US$
|
2,808
|
|
|
|
|
|
|
|
GM Financial Automobile Leasing Trust
2018-3
|
|
|
|
|
|
|
|
|
|
US$
|
2,803
|
|
|
N/A
|
|
US$
|
2,803
|
|
|
|
|
|
|
|
BMW Floorplan Master Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
2,799
|
|
|
N/A
|
|
US$
|
2,799
|
|
|
|
|
|
|
|
GS Mortgage Securities Trust
2011-GC3
|
|
|
|
|
|
|
|
|
|
US$
|
2,730
|
|
|
N/A
|
|
US$
|
2,730
|
|
|
|
|
|
|
|
GS Mortgage Securities Trust 2013-GCJ12
|
|
|
|
|
|
|
|
|
|
US$
|
2,628
|
|
|
N/A
|
|
US$
|
2,628
|
|
|
|
|
|
|
|
Morgan Stanley Capital I Trust
2018-H3
|
|
|
|
|
|
|
|
|
|
US$
|
2,619
|
|
|
N/A
|
|
US$
|
2,619
|
|
|
|
|
|
|
|
Toyota Auto Receivables
2018-C
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
2,578
|
|
|
N/A
|
|
US$
|
2,578
|
|
|
|
|
|
|
|
Hertz Fleet Lease Funding LP
|
|
|
|
|
|
|
|
|
|
US$
|
2,329
|
|
|
N/A
|
|
US$
|
2,329
|
|
|
|
|
|
|
|
COMM 2014-CCRE17 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
2,246
|
|
|
N/A
|
|
US$
|
2,246
|
|
|
|
|
|
|
|
JPMDB Commercial Mortgage Securities Trust
2016-C2
|
|
|
|
|
|
|
|
|
|
US$
|
2,197
|
|
|
N/A
|
|
US$
|
2,197
|
|
|
|
|
|
|
|
UBS Commercial Mortgage Trust
2018-C11
|
|
|
|
|
|
|
|
|
|
US$
|
2,129
|
|
|
N/A
|
|
US$
|
2,129
|
|
|
|
|
|
|
|
COMM 2013-CCRE12 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
2,094
|
|
|
N/A
|
|
US$
|
2,094
|
|
|
|
|
|
|
|
BENCHMARK
2018-B4
|
|
|
|
|
|
|
|
|
|
US$
|
2,066
|
|
|
N/A
|
|
US$
|
2,066
|
|
|
|
|
|
|
|
Nissan Auto Lease Trust
2017-A
|
|
|
|
|
|
|
|
|
|
US$
|
2,041
|
|
|
N/A
|
|
US$
|
2,041
|
|
|
|
|
|
|
|
Wells Fargo Commercial Mortgage Trust
2015-C30
|
|
|
|
|
|
|
|
|
|
US$
|
2,040
|
|
|
N/A
|
|
US$
|
2,040
|
|
|
|
|
|
|
|
Wells Fargo Commercial Mortgage Trust 2015-LC20
|
|
|
|
|
|
|
|
|
|
US$
|
2,033
|
|
|
N/A
|
|
US$
|
2,033
|
|
|
|
|
|
|
|
JPMBB Commercial Mortgage Securities Trust
2014-C19
|
|
|
|
|
|
|
|
|
|
US$
|
2,031
|
|
|
N/A
|
|
US$
|
2,031
|
|
|
|
|
|
|
|
COMM 2015-CCRE22 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
2,028
|
|
|
N/A
|
|
US$
|
2,028
|
|
|
|
|
|
|
|
Citigroup Commercial Mortgage Trust
2017-P8
|
|
|
|
|
|
|
|
|
|
US$
|
2,017
|
|
|
N/A
|
|
US$
|
2,017
|
|
|
|
|
|
|
|
UBS-Barclays
Commercial Mortgage Trust
2013-C6
|
|
|
|
|
|
|
|
|
|
US$
|
2,015
|
|
|
N/A
|
|
US$
|
2,015
|
|
|
|
|
|
|
|
JPMDB Commercial Mortgage Securities Trust
2017-C7
|
|
|
|
|
|
|
|
|
|
US$
|
2,001
|
|
|
N/A
|
|
US$
|
2,001
|
|
|
|
|
|
|
|
Toyota Auto Receivables
2016-B
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,986
|
|
|
N/A
|
|
US$
|
1,986
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2016-C31
|
|
|
|
|
|
|
|
|
|
US$
|
1,977
|
|
|
N/A
|
|
US$
|
1,977
|
|
|
|
|
|
|
|
Toyota Auto Receivables
2017-C
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,975
|
|
|
N/A
|
|
US$
|
1,975
|
|
|
|
|
|
|
|
Mercedes-Benz
Auto Lease Trust
2018-B
|
|
|
|
|
|
|
|
|
|
US$
|
1,960
|
|
|
N/A
|
|
US$
|
1,960
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2013-C8
|
|
|
|
|
|
|
|
|
|
US$
|
1,809
|
|
|
N/A
|
|
US$
|
1,809
|
|
|
|
|
|
|
|
Ford Credit Auto Lease Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,803
|
|
|
N/A
|
|
US$
|
1,803
|
|
|
|
|
|
|
|
Citigroup Commercial Mortgage Trust 2015-GC35
|
|
|
|
|
|
|
|
|
|
US$
|
1,791
|
|
|
N/A
|
|
US$
|
1,791
|
|
|
|
|
|
|
|
Wheels SPV 2 LLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,771
|
|
|
N/A
|
|
US$
|
1,771
|
|
|
|
|
|
|
|
BENCHMARK
2018-B6
Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,766
|
|
|
N/A
|
|
US$
|
1,766
|
|
|
|
|
|
|
|
BANK 2018-BNK14
|
|
|
|
|
|
|
|
|
|
US$
|
1,742
|
|
|
N/A
|
|
US$
|
1,742
|
|
|
|
|
|
|
|
UBS-Barclays
Commercial Mortgage Trust
2013-C5
|
|
|
|
|
|
|
|
|
|
US$
|
1,684
|
|
|
N/A
|
|
US$
|
1,684
|
|
|
|
|
|
|
|
Morgan Stanley Capital I Trust 2016-UB11
|
|
|
|
|
|
|
|
|
|
US$
|
1,680
|
|
|
N/A
|
|
US$
|
1,680
|
|
|
|
|
|
|
|
Toyota Auto Receivables
2018-A
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,650
|
|
|
N/A
|
|
US$
|
1,650
|
|
|
|
|
|
|
|
Nelnet Student Loan Trust
2015-2
|
|
|
|
|
|
|
|
|
|
US$
|
1,615
|
|
|
N/A
|
|
US$
|
1,615
|
|
|
|
|
|
|
|
SLM Student Loan Trust
2005-4
|
|
|
|
|
|
|
|
|
|
US$
|
1,614
|
|
|
N/A
|
|
US$
|
1,614
|
|
|
|
|
|
|
|
Ford Credit Auto Lease Trust
2017-A
|
|
|
|
|
|
|
|
|
|
US$
|
1,607
|
|
|
N/A
|
|
US$
|
1,607
|
|
|
|
|
|
|
|
Nelnet Student Loan Trust
2010-4
|
|
|
|
|
|
|
|
|
|
US$
|
1,586
|
|
|
N/A
|
|
US$
|
1,586
|
|
|
|
|
|
|
|
Nelnet Student Loan Trust
2018-3
|
|
|
|
|
|
|
|
|
|
US$
|
1,545
|
|
|
N/A
|
|
US$
|
1,545
|
|
|
|
|
|
|
|
Morgan Stanley Capital I Trust
2018-H4
|
|
|
|
|
|
|
|
|
|
US$
|
1,520
|
|
|
N/A
|
|
US$
|
1,520
|
|
|
|
|
|
|
|
Morgan Stanley Capital I Trust
2017-H1
|
|
|
|
|
|
|
|
|
|
US$
|
1,512
|
|
|
N/A
|
|
US$
|
1,512
|
|
|
|
|
|
(Continued)
- 69 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
Note
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
Ford Credit Auto Owner Trust
2019-A
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
1,508
|
|
|
N/A
|
|
US$
|
1,508
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust
2015-A
|
|
|
|
|
|
|
|
|
|
US$
|
1,507
|
|
|
N/A
|
|
US$
|
1,507
|
|
|
|
|
|
|
|
COMM
2015-PC1
Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,504
|
|
|
N/A
|
|
US$
|
1,504
|
|
|
|
|
|
|
|
Ford Credit Auto Lease Trust
2018-A
|
|
|
|
|
|
|
|
|
|
US$
|
1,502
|
|
|
N/A
|
|
US$
|
1,502
|
|
|
|
|
|
|
|
Edsouth Indenture No 10 LLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,476
|
|
|
N/A
|
|
US$
|
1,476
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C24
|
|
|
|
|
|
|
|
|
|
US$
|
1,457
|
|
|
N/A
|
|
US$
|
1,457
|
|
|
|
|
|
|
|
Toyota Auto Receivables
2018-B
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,444
|
|
|
N/A
|
|
US$
|
1,444
|
|
|
|
|
|
|
|
ECMC Group Student Loan Trust
2018-2
|
|
|
|
|
|
|
|
|
|
US$
|
1,424
|
|
|
N/A
|
|
US$
|
1,424
|
|
|
|
|
|
|
|
Mercedes-Benz
Master Owner Trust
2018-BA
|
|
|
|
|
|
|
|
|
|
US$
|
1,400
|
|
|
N/A
|
|
US$
|
1,400
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust 2014-REV2
|
|
|
|
|
|
|
|
|
|
US$
|
1,396
|
|
|
N/A
|
|
US$
|
1,396
|
|
|
|
|
|
|
|
SLM Student Loan Trust
2013-6
|
|
|
|
|
|
|
|
|
|
US$
|
1,393
|
|
|
N/A
|
|
US$
|
1,393
|
|
|
|
|
|
|
|
COMM 2013-CCRE6 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,385
|
|
|
N/A
|
|
US$
|
1,385
|
|
|
|
|
|
|
|
Nelnet Student Loan Trust
2012-1
|
|
|
|
|
|
|
|
|
|
US$
|
1,382
|
|
|
N/A
|
|
US$
|
1,382
|
|
|
|
|
|
|
|
JPMCC Commercial Mortgage Securities Trust
2017-JP5
|
|
|
|
|
|
|
|
|
|
US$
|
1,353
|
|
|
N/A
|
|
US$
|
1,353
|
|
|
|
|
|
|
|
BMW Vehicle Lease Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,351
|
|
|
N/A
|
|
US$
|
1,351
|
|
|
|
|
|
|
|
Navient Student Loan Trust
2017-1
|
|
|
|
|
|
|
|
|
|
US$
|
1,314
|
|
|
N/A
|
|
US$
|
1,314
|
|
|
|
|
|
|
|
JPMBB Commercial Mortgage Securities Trust
2016-C1
|
|
|
|
|
|
|
|
|
|
US$
|
1,275
|
|
|
N/A
|
|
US$
|
1,275
|
|
|
|
|
|
|
|
Pheaa Student Loan Trust
2018-1
|
|
|
|
|
|
|
|
|
|
US$
|
1,270
|
|
|
N/A
|
|
US$
|
1,270
|
|
|
|
|
|
|
|
Hyundai Auto Lease Securitization Trust
2018-A
|
|
|
|
|
|
|
|
|
|
US$
|
1,252
|
|
|
N/A
|
|
US$
|
1,252
|
|
|
|
|
|
|
|
COMM
2015-DC1
Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,233
|
|
|
N/A
|
|
US$
|
1,233
|
|
|
|
|
|
|
|
Navient Student Loan Trust
2019-1
|
|
|
|
|
|
|
|
|
|
US$
|
1,214
|
|
|
N/A
|
|
US$
|
1,214
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust
2017-C
|
|
|
|
|
|
|
|
|
|
US$
|
1,213
|
|
|
N/A
|
|
US$
|
1,213
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2015-C20
|
|
|
|
|
|
|
|
|
|
US$
|
1,197
|
|
|
N/A
|
|
US$
|
1,197
|
|
|
|
|
|
|
|
Ford Credit Auto Lease Trust
2017-B
|
|
|
|
|
|
|
|
|
|
US$
|
1,163
|
|
|
N/A
|
|
US$
|
1,163
|
|
|
|
|
|
|
|
Enterprise Fleet Financing LLC
|
|
|
|
|
|
|
|
|
|
US$
|
1,058
|
|
|
N/A
|
|
US$
|
1,058
|
|
|
|
|
|
|
|
COMM 2015-CCRE27 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,057
|
|
|
N/A
|
|
US$
|
1,057
|
|
|
|
|
|
|
|
WFRBS Commercial Mortgage Trust
2011-C4
|
|
|
|
|
|
|
|
|
|
US$
|
1,036
|
|
|
N/A
|
|
US$
|
1,036
|
|
|
|
|
|
|
|
GM Financial Consumer Automobile Receivables Trust
2018-4
|
|
|
|
|
|
|
|
|
|
US$
|
1,033
|
|
|
N/A
|
|
US$
|
1,033
|
|
|
|
|
|
|
|
COMM 2014-LC17 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,019
|
|
|
N/A
|
|
US$
|
1,019
|
|
|
|
|
|
|
|
JPMBB Commercial Mortgage Securities Trust
2014-C21
|
|
|
|
|
|
|
|
|
|
US$
|
1,017
|
|
|
N/A
|
|
US$
|
1,017
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19
|
|
|
|
|
|
|
|
|
|
US$
|
1,016
|
|
|
N/A
|
|
US$
|
1,016
|
|
|
|
|
|
|
|
COMM 2014-CCRE20 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,016
|
|
|
N/A
|
|
US$
|
1,016
|
|
|
|
|
|
|
|
Nissan Auto Receivables
2017-B
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,014
|
|
|
N/A
|
|
US$
|
1,014
|
|
|
|
|
|
|
|
Nissan Auto Receivables
2018-B
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
1,010
|
|
|
N/A
|
|
US$
|
1,010
|
|
|
|
|
|
|
|
GS Mortgage Securities Corp Trust 2016-RENT
|
|
|
|
|
|
|
|
|
|
US$
|
1,005
|
|
|
N/A
|
|
US$
|
1,005
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust 2017-REV1
|
|
|
|
|
|
|
|
|
|
US$
|
995
|
|
|
N/A
|
|
US$
|
995
|
|
|
|
|
|
|
|
GM Financial Consumer Automobile
2017-1
|
|
|
|
|
|
|
|
|
|
US$
|
991
|
|
|
N/A
|
|
US$
|
991
|
|
|
|
|
|
|
|
Citigroup Commercial Mortgage Trust 2013-GC11
|
|
|
|
|
|
|
|
|
|
US$
|
990
|
|
|
N/A
|
|
US$
|
990
|
|
|
|
|
|
|
|
Morgan Stanley Capital Barclays Bank Trust 2016-MART
|
|
|
|
|
|
|
|
|
|
US$
|
988
|
|
|
N/A
|
|
US$
|
988
|
|
|
|
|
|
|
|
Nelnet Student Loan Trust
2006-2
|
|
|
|
|
|
|
|
|
|
US$
|
983
|
|
|
N/A
|
|
US$
|
983
|
|
|
|
|
|
|
|
JP Morgan Chase Commercial Mortgage Securities Trust
2012-LC9
|
|
|
|
|
|
|
|
|
|
US$
|
917
|
|
|
N/A
|
|
US$
|
917
|
|
|
|
|
|
|
|
Honda Auto Receivables
2018-2
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
916
|
|
|
N/A
|
|
US$
|
916
|
|
|
|
|
|
|
|
GM Financial Automobile Leasing Trust
2017-1
|
|
|
|
|
|
|
|
|
|
US$
|
900
|
|
|
N/A
|
|
US$
|
900
|
|
|
|
|
|
|
|
CarMax Auto Owner Trust
2018-1
|
|
|
|
|
|
|
|
|
|
US$
|
879
|
|
|
N/A
|
|
US$
|
879
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2012-C6
|
|
|
|
|
|
|
|
|
|
US$
|
861
|
|
|
N/A
|
|
US$
|
861
|
|
|
|
|
|
|
|
Mercedes-Benz
Auto Receivables Trust
2018-1
|
|
|
|
|
|
|
|
|
|
US$
|
847
|
|
|
N/A
|
|
US$
|
847
|
|
|
|
|
|
|
|
Nissan Auto Receivables
2019-A
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
847
|
|
|
N/A
|
|
US$
|
847
|
|
|
|
|
|
|
|
280 Park Avenue 2017-280P Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
829
|
|
|
N/A
|
|
US$
|
829
|
|
|
|
|
|
|
|
Hyundai Auto Lease Securitization Trust
2017-C
|
|
|
|
|
|
|
|
|
|
US$
|
826
|
|
|
N/A
|
|
US$
|
826
|
|
|
|
|
|
(Continued)
- 70 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
Note
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
Ford Credit Auto Owner Trust 2015-REV2
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
807
|
|
|
N/A
|
|
US$
|
807
|
|
|
|
|
|
|
|
Honda Auto Receivables
2018-3
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
800
|
|
|
N/A
|
|
US$
|
800
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust/Ford Credit 2014-REV1
|
|
|
|
|
|
|
|
|
|
US$
|
799
|
|
|
N/A
|
|
US$
|
799
|
|
|
|
|
|
|
|
Navient Student Loan Trust
2018-1
|
|
|
|
|
|
|
|
|
|
US$
|
798
|
|
|
N/A
|
|
US$
|
798
|
|
|
|
|
|
|
|
JPMBB Commercial Mortgage Securities Trust
2015-C31
|
|
|
|
|
|
|
|
|
|
US$
|
790
|
|
|
N/A
|
|
US$
|
790
|
|
|
|
|
|
|
|
SLM Student Loan Trust
2012-3
|
|
|
|
|
|
|
|
|
|
US$
|
779
|
|
|
N/A
|
|
US$
|
779
|
|
|
|
|
|
|
|
Citigroup Commercial Mortgage Trust 2015-GC27
|
|
|
|
|
|
|
|
|
|
US$
|
775
|
|
|
N/A
|
|
US$
|
775
|
|
|
|
|
|
|
|
Mercedes-Benz
Auto Lease Trust
2018-A
|
|
|
|
|
|
|
|
|
|
US$
|
772
|
|
|
N/A
|
|
US$
|
772
|
|
|
|
|
|
|
|
CFCRE Commercial Mortgage Trust
2011-C1
|
|
|
|
|
|
|
|
|
|
US$
|
771
|
|
|
N/A
|
|
US$
|
771
|
|
|
|
|
|
|
|
Nissan Auto Receivables
2016-B
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
767
|
|
|
N/A
|
|
US$
|
767
|
|
|
|
|
|
|
|
GM Financial Automobile Leasing Trust
2018-1
|
|
|
|
|
|
|
|
|
|
US$
|
756
|
|
|
N/A
|
|
US$
|
756
|
|
|
|
|
|
|
|
SLM Student Loan Trust
2013-1
|
|
|
|
|
|
|
|
|
|
US$
|
747
|
|
|
N/A
|
|
US$
|
747
|
|
|
|
|
|
|
|
Navient Student Loan Trust
2017-3
|
|
|
|
|
|
|
|
|
|
US$
|
726
|
|
|
N/A
|
|
US$
|
726
|
|
|
|
|
|
|
|
COMM 2015-LC19 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
726
|
|
|
N/A
|
|
US$
|
726
|
|
|
|
|
|
|
|
Toyota Auto Receivables
2018-D
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
710
|
|
|
N/A
|
|
US$
|
710
|
|
|
|
|
|
|
|
Enterprise Fleet Financing
2019-1
LLC
|
|
|
|
|
|
|
|
|
|
US$
|
700
|
|
|
N/A
|
|
US$
|
700
|
|
|
|
|
|
|
|
Wells Fargo Commercial Mortgage Trust
2015-C28
|
|
|
|
|
|
|
|
|
|
US$
|
691
|
|
|
N/A
|
|
US$
|
691
|
|
|
|
|
|
|
|
Ally Auto Receivables Trust
2019-1
|
|
|
|
|
|
|
|
|
|
US$
|
665
|
|
|
N/A
|
|
US$
|
665
|
|
|
|
|
|
|
|
SLM Student Loan Trust
2013-4
|
|
|
|
|
|
|
|
|
|
US$
|
660
|
|
|
N/A
|
|
US$
|
660
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust
2018-A
|
|
|
|
|
|
|
|
|
|
US$
|
644
|
|
|
N/A
|
|
US$
|
644
|
|
|
|
|
|
|
|
Mercedes-Benz
Auto Lease Trust
2019-A
|
|
|
|
|
|
|
|
|
|
US$
|
615
|
|
|
N/A
|
|
US$
|
615
|
|
|
|
|
|
|
|
JP Morgan Chase Commercial Mortgage Securities Trust 2012-WLDN
|
|
|
|
|
|
|
|
|
|
US$
|
611
|
|
|
N/A
|
|
US$
|
611
|
|
|
|
|
|
|
|
CarMax Auto Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
607
|
|
|
N/A
|
|
US$
|
607
|
|
|
|
|
|
|
|
JP Morgan Chase Commercial Mortgage Securities Trust
2012-C6
|
|
|
|
|
|
|
|
|
|
US$
|
592
|
|
|
N/A
|
|
US$
|
592
|
|
|
|
|
|
|
|
DBGS 2018-BIOD Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
585
|
|
|
N/A
|
|
US$
|
585
|
|
|
|
|
|
|
|
Ally Auto Receivables Trust
2018-3
|
|
|
|
|
|
|
|
|
|
US$
|
578
|
|
|
N/A
|
|
US$
|
578
|
|
|
|
|
|
|
|
DBUBS
2011-LC2
Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
515
|
|
|
N/A
|
|
US$
|
515
|
|
|
|
|
|
|
|
Hyundai Auto Lease Securitization Trust
2016-C
|
|
|
|
|
|
|
|
|
|
US$
|
512
|
|
|
N/A
|
|
US$
|
512
|
|
|
|
|
|
|
|
CD
2016-CD2
Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
502
|
|
|
N/A
|
|
US$
|
502
|
|
|
|
|
|
|
|
COMM 2014-CCRE19 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
500
|
|
|
N/A
|
|
US$
|
500
|
|
|
|
|
|
|
|
GS Mortgage Securities Trust 2014-GC18
|
|
|
|
|
|
|
|
|
|
US$
|
492
|
|
|
N/A
|
|
US$
|
492
|
|
|
|
|
|
|
|
ARI Fleet Lease Trust
2018-A
|
|
|
|
|
|
|
|
|
|
US$
|
450
|
|
|
N/A
|
|
US$
|
450
|
|
|
|
|
|
|
|
Hyundai Auto Lease Securitization Trust
2017-A
|
|
|
|
|
|
|
|
|
|
US$
|
434
|
|
|
N/A
|
|
US$
|
434
|
|
|
|
|
|
|
|
Ford Credit Auto Owner Trust
2016-A
|
|
|
|
|
|
|
|
|
|
US$
|
426
|
|
|
N/A
|
|
US$
|
426
|
|
|
|
|
|
|
|
WFRBS Commercial Mortgage Trust
2014-C25
|
|
|
|
|
|
|
|
|
|
US$
|
406
|
|
|
N/A
|
|
US$
|
406
|
|
|
|
|
|
|
|
GM Financial Automobile Leasing Trust
2018-2
|
|
|
|
|
|
|
|
|
|
US$
|
392
|
|
|
N/A
|
|
US$
|
392
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C18
|
|
|
|
|
|
|
|
|
|
US$
|
373
|
|
|
N/A
|
|
US$
|
373
|
|
|
|
|
|
|
|
Honda Auto Receivables
2017-4
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
368
|
|
|
N/A
|
|
US$
|
368
|
|
|
|
|
|
|
|
ARI Fleet Lease Trust
2018-B
|
|
|
|
|
|
|
|
|
|
US$
|
332
|
|
|
N/A
|
|
US$
|
332
|
|
|
|
|
|
|
|
BMW Vehicle Lease Trust
2018-1
|
|
|
|
|
|
|
|
|
|
US$
|
319
|
|
|
N/A
|
|
US$
|
319
|
|
|
|
|
|
|
|
JPMBB Commercial Mortgage Securities Trust
2013-C14
|
|
|
|
|
|
|
|
|
|
US$
|
276
|
|
|
N/A
|
|
US$
|
276
|
|
|
|
|
|
|
|
Toyota Auto Receivables
2019-A
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
273
|
|
|
N/A
|
|
US$
|
273
|
|
|
|
|
|
|
|
Wells Fargo Commercial Mortgage Trust 2016-LC24
|
|
|
|
|
|
|
|
|
|
US$
|
266
|
|
|
N/A
|
|
US$
|
266
|
|
|
|
|
|
|
|
Wells Fargo Commercial Mortgage Trust 2015-NXS1
|
|
|
|
|
|
|
|
|
|
US$
|
264
|
|
|
N/A
|
|
US$
|
264
|
|
|
|
|
|
|
|
GM Financial Automobile Leasing Trust
2016-3
|
|
|
|
|
|
|
|
|
|
US$
|
249
|
|
|
N/A
|
|
US$
|
249
|
|
|
|
|
|
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2014-C16
|
|
|
|
|
|
|
|
|
|
US$
|
219
|
|
|
N/A
|
|
US$
|
219
|
|
|
|
|
|
|
|
Wells Fargo Commercial Mortgage Trust
2015-SG1
|
|
|
|
|
|
|
|
|
|
US$
|
215
|
|
|
N/A
|
|
US$
|
215
|
|
|
|
|
|
|
|
BMW Vehicle Lease Trust
2017-2
|
|
|
|
|
|
|
|
|
|
US$
|
188
|
|
|
N/A
|
|
US$
|
188
|
|
|
|
|
|
(Continued)
- 71 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held Company
Name
|
|
Marketable Securities Type and Name
|
|
Relationship
with the
Company
|
|
Financial Statement Account
|
|
March 31, 2019
|
|
|
Note
|
|
|
Shares/Units
(In Thousands)
|
|
|
Carrying Value
(Foreign
Currencies
in Thousands)
|
|
|
Percentage of
Ownership (%)
|
|
Fair Value
(Foreign
Currencies
in Thousands)
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
Morgan Stanley Bank of America Merrill Lynch Trust
2012-C5
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
162
|
|
|
N/A
|
|
US$
|
162
|
|
|
|
|
|
|
|
Honda Auto Receivables
2016-2
Owner Trust
|
|
|
|
|
|
|
|
|
|
US$
|
122
|
|
|
N/A
|
|
US$
|
122
|
|
|
|
|
|
|
|
WFRBS Commercial Mortgage Trust
2011-C5
|
|
|
|
|
|
|
|
|
|
US$
|
113
|
|
|
N/A
|
|
US$
|
113
|
|
|
|
|
|
|
|
GS Mortgage Securities Trust
2010-C1
|
|
|
|
|
|
|
|
|
|
US$
|
108
|
|
|
N/A
|
|
US$
|
108
|
|
|
|
|
|
|
|
Hyundai Auto Lease Securitization Trust
2017-B
|
|
|
|
|
|
|
|
|
|
US$
|
86
|
|
|
N/A
|
|
US$
|
86
|
|
|
|
|
|
|
|
Citigroup Commercial Mortgage Trust 2014-GC23
|
|
|
|
|
|
|
|
|
|
US$
|
70
|
|
|
N/A
|
|
US$
|
70
|
|
|
|
|
|
|
|
COMM 2014-CCRE15 Mortgage Trust
|
|
|
|
|
|
|
|
|
|
US$
|
46
|
|
|
N/A
|
|
US$
|
46
|
|
|
|
|
|
|
|
GM Financial Automobile Leasing Trust
2017-2
|
|
|
|
|
|
|
|
|
|
US$
|
46
|
|
|
N/A
|
|
US$
|
46
|
|
|
|
|
|
|
|
GS Mortgage Securities Trust 2014-GC24
|
|
|
|
|
|
|
|
|
|
US$
|
40
|
|
|
N/A
|
|
US$
|
40
|
|
|
|
|
|
|
|
GS Mortgage Securities Trust
2010-C2
|
|
|
|
|
|
|
|
|
|
US$
|
39
|
|
|
N/A
|
|
US$
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-publicly
traded equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Primavera Capital Fund II L.P.
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
US$
|
66,254
|
|
|
4
|
|
US$
|
66,254
|
|
|
|
|
|
VTAF II
|
|
Non-publicly
traded equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sentelic
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
1,019
|
|
|
US$
|
2,033
|
|
|
4
|
|
US$
|
2,033
|
|
|
|
|
|
|
|
Aether Systems, Inc.
|
|
|
|
|
|
|
1,085
|
|
|
US$
|
352
|
|
|
20
|
|
US$
|
352
|
|
|
|
|
|
|
|
5V Technologies, Inc.
|
|
|
|
|
|
|
364
|
|
|
US$
|
313
|
|
|
2
|
|
US$
|
313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VTAF III
|
|
Non-publicly
traded equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LiquidLeds Lighting Corp.
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
1,952
|
|
|
US$
|
800
|
|
|
14
|
|
US$
|
800
|
|
|
|
|
|
|
|
Neoconix, Inc.
|
|
|
|
|
|
|
4,147
|
|
|
US$
|
174
|
|
|
|
|
US$
|
174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth Fund
|
|
Non-publicly
traded equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Innovium, Inc.
|
|
|
|
Financial assets at fair value through other comprehensive income
|
|
|
451
|
|
|
US$
|
2,393
|
|
|
|
|
US$
|
2,393
|
|
|
|
|
|
|
|
CNEX Labs, Inc.
|
|
|
|
|
|
|
237
|
|
|
US$
|
775
|
|
|
|
|
US$
|
775
|
|
|
|
|
|
(Concluded)
- 72 -
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, 2019
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable
|
|
|
|
|
|
|
|
|
|
Beginning Balance
|
|
|
Acquisition
|
|
|
Disposal
|
|
|
Ending Balance (Note)
|
|
Company Name
|
|
Securities
Type and Name
|
|
Financial Statement Account
|
|
Counter-party
|
|
|
Nature of
Relationship
|
|
|
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
|
|
Commercial paper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taiwan Power Company
|
|
Financial assets at amortized cost
|
|
|
|
|
|
|
|
|
|
|
180
|
|
|
$
|
1,795,261
|
|
|
|
|
|
|
$
|
|
|
|
|
120
|
|
|
$
|
1,200,000
|
|
|
$
|
1,200,000
|
|
|
$
|
|
|
|
|
60
|
|
|
$
|
598,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
Corporate bond
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev Worldwide Inc.
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
11,039
|
|
|
|
|
|
|
US$
|
1,373
|
|
|
US$
|
1,329
|
|
|
US$
|
44
|
|
|
|
|
|
|
US$
|
10,168
|
|
|
|
Wells Fargo & Co
|
|
Financial assets at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
149,941
|
|
|
|
|
|
|
US$
|
10,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
160,126
|
|
|
|
JPMorgan Chase & Co.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
124,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
40,000
|
|
|
US$
|
40,000
|
|
|
|
|
|
|
|
|
|
|
US$
|
84,967
|
|
|
|
Westpac Banking Corp.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
99,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
50,000
|
|
|
US$
|
50,000
|
|
|
|
|
|
|
|
|
|
|
US$
|
49,994
|
|
|
|
Commonwealth Bank of Australia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
49,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
50,000
|
|
|
US$
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs Group, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
99,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
100,000
|
|
|
US$
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Australia Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
49,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
50,000
|
|
|
US$
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government bond
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Treasury Note/Bond
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
283,314
|
|
|
|
|
|
|
US$
|
308,212
|
|
|
|
|
|
|
US$
|
185,498
|
|
|
US$
|
185,346
|
|
|
US$
|
152
|
|
|
|
|
|
|
US$
|
396,334
|
|
|
|
United States Treasury Floating Rate Note
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
68,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
42,161
|
|
|
US$
|
42,195
|
|
|
US$
|
(34
|
)
|
|
|
|
|
|
US$
|
26,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agency bonds/Agency mortgage-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FNMA TBA 30 Yr 3
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
92,523
|
|
|
|
|
|
|
US$
|
69,463
|
|
|
US$
|
69,025
|
|
|
US$
|
438
|
|
|
|
|
|
|
US$
|
23,485
|
|
|
|
FHLMC TBA 30 Yr 3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
15
|
|
|
|
|
|
|
US$
|
43,753
|
|
|
|
|
|
|
US$
|
22,137
|
|
|
US$
|
21,706
|
|
|
US$
|
431
|
|
|
|
|
|
|
US$
|
22,049
|
|
|
|
GNMA II TBA 30 Yr 5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
12,209
|
|
|
|
|
|
|
US$
|
37,505
|
|
|
|
|
|
|
US$
|
37,275
|
|
|
US$
|
37,190
|
|
|
US$
|
85
|
|
|
|
|
|
|
US$
|
12,521
|
|
|
|
FNMA TBA 30 Yr 3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
91,764
|
|
|
|
|
|
|
US$
|
77,496
|
|
|
US$
|
77,231
|
|
|
US$
|
265
|
|
|
|
|
|
|
US$
|
10,221
|
|
|
|
FNMA TBA 30 Yr 4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
39,842
|
|
|
|
|
|
|
US$
|
19,425
|
|
|
US$
|
19,397
|
|
|
US$
|
28
|
|
|
|
|
|
|
US$
|
9,002
|
|
|
|
FNMA Pool BM4493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
16,915
|
|
|
|
|
|
|
US$
|
1,795
|
|
|
|
|
|
|
US$
|
12,661
|
|
|
US$
|
12,595
|
|
|
US$
|
66
|
|
|
|
|
|
|
US$
|
6,280
|
|
|
|
FNMA Pool BM4681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
31,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
26,790
|
|
|
US$
|
26,473
|
|
|
US$
|
317
|
|
|
|
|
|
|
US$
|
5,477
|
|
|
|
FNMA TBA 30 Yr 5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
24,761
|
|
|
|
|
|
|
US$
|
44,160
|
|
|
|
|
|
|
US$
|
65,501
|
|
|
US$
|
65,433
|
|
|
US$
|
68
|
|
|
|
|
|
|
US$
|
3,565
|
|
|
|
FNMA TBA 15 Yr 3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
2,020
|
|
|
|
|
|
|
US$
|
12,197
|
|
|
|
|
|
|
US$
|
12,200
|
|
|
US$
|
12,171
|
|
|
US$
|
29
|
|
|
|
|
|
|
US$
|
2,046
|
|
|
|
FED HM LN PC Pool G61553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
15,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
15,177
|
|
|
US$
|
15,109
|
|
|
US$
|
68
|
|
|
|
|
|
|
|
|
|
|
|
FED HM LN PC Pool G61592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
21,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
21,633
|
|
|
US$
|
21,407
|
|
|
US$
|
226
|
|
|
|
|
|
|
|
|
|
|
|
FNMA Pool CA2352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
25,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
25,161
|
|
|
US$
|
25,104
|
|
|
US$
|
57
|
|
|
|
|
|
|
|
|
|
|
|
GNMA II TBA 30 Yr 4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
2,129
|
|
|
|
|
|
|
US$
|
10,752
|
|
|
|
|
|
|
US$
|
12,901
|
|
|
US$
|
12,873
|
|
|
US$
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Global
|
|
Asset-backed securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citibank Credit Card Issuance Trust
|
|
Financial assets at fair value through other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$
|
68,487
|
|
|
|
|
|
|
US$
|
995
|
|
|
|
|
|
|
US$
|
10,539
|
|
|
US$
|
10,542
|
|
|
US$
|
(3
|
)
|
|
|
|
|
|
US$
|
59,170
|
|
Note:
|
The ending balance includes the amortization of premium/discount on bonds investments, share of profits/losses
of investees and other related adjustment.
|
- 73 -
TABLE 5
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
ACQUISITION OF INDIVIDUAL REAL ESTATE PROPERTIES AT COSTS OF AT LEAST NT$300 MILLION OR 20% OF THE
PAID-IN
CAPITAL
FOR THE THREE MONTHS ENDED MARCH 31, 2019
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Name
|
|
Types of
Property
|
|
Transaction Date
|
|
Transaction
Amount
(Foreign
Currencies in
Thousands)
|
|
|
Payment Term
|
|
Counter-party
|
|
Nature of
Relationships
|
|
Prior Transaction of Related Counter-party
|
|
Price
Reference
|
|
Purpose of
Acquisition
|
|
Other
Terms
|
|
Owner
|
|
Relationships
|
|
Transfer Date
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC
|
|
Fab
|
|
March 25, 2019
|
|
$
|
888,800
|
|
|
Monthly settlement by the construction progress and acceptance
|
|
PAN ASIA Corp.
|
|
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
Price comparison and price negotiation
|
|
Manufacturing purpose
|
|
None
|
- 74 -
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, 2019
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes/Accounts
Payable or
Receivable
|
|
|
|
|
|
|
|
|
|
Transaction Details
|
|
|
|
Ending Balance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount
(Foreign Currencies
|
|
|
% to
|
|
|
|
Abnormal Transaction
|
|
(Foreign
Currencies
|
|
|
% to
|
|
|
|
Company Name
|
|
Related Party
|
|
Nature of Relationships
|
|
Purchases/Sales
|
|
in Thousands)
|
|
|
Total
|
|
Payment Terms
|
|
Unit Price
|
|
Payment Terms
|
|
in Thousands)
|
|
|
Total
|
|
Note
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC
|
|
TSMC North America
|
|
Subsidiary
|
|
Sales
|
|
$
|
134,825,041
|
|
|
58
|
|
Net 30 days from invoice date (Note)
|
|
|
|
Note
|
|
$
|
63,659,192
|
|
|
63
|
|
|
|
|
|
|
GUC
|
|
Associate
|
|
Sales
|
|
|
963,914
|
|
|
|
|
Net 30 days from the end of the month of when invoice is issued
|
|
|
|
|
|
|
165,739
|
|
|
|
|
|
|
|
|
|
TSMC China
|
|
Subsidiary
|
|
Purchases
|
|
|
3,337,467
|
|
|
17
|
|
Net 30 days from the end of the month of when invoice is issued
|
|
|
|
|
|
|
(931,502
|
)
|
|
3
|
|
|
|
|
|
|
TSMC Nanjing
|
|
Subsidiary
|
|
Purchases
|
|
|
2,734,150
|
|
|
14
|
|
Net 30 days from the end of the month of when invoice is issued
|
|
|
|
|
|
|
(922,190
|
)
|
|
3
|
|
|
|
|
|
|
WaferTech
|
|
Indirect subsidiary
|
|
Purchases
|
|
|
1,580,046
|
|
|
8
|
|
Net 30 days from the end of the month of when invoice is issued
|
|
|
|
|
|
|
(883,186
|
)
|
|
3
|
|
|
|
|
|
|
VIS
|
|
Associate
|
|
Purchases
|
|
|
1,127,639
|
|
|
6
|
|
Net 30 days from the end of the month of when invoice is issued
|
|
|
|
|
|
|
(273,032
|
)
|
|
1
|
|
|
|
|
|
|
SSMC
|
|
Associate
|
|
Purchases
|
|
|
422,763
|
|
|
2
|
|
Net 30 days from the end of the month of when invoice is issued
|
|
|
|
|
|
|
(164,403
|
)
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC North America
|
|
GUC
|
|
Associate of TSMC
|
|
Sales
|
|
(US$
|
487,166
15,806
|
)
|
|
|
|
Net 30 days from invoice date
|
|
|
|
|
|
(US$
|
137,817
4,470
|
)
|
|
|
|
|
|
|
Note:
|
The tenor is 30 days from TSMCs invoice date or determined by the payment terms granted to its clients by
TSMC North America.
|
- 75 -
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
MARCH 31, 2019
(Amounts in Thousands of New
Taiwan Dollars, Unless Specified Otherwise)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Name
|
|
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
|
|
$
|
64,417,163
|
|
|
51
|
|
$
|
3,002,667
|
|
|
|
|
$
|
28,508,965
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Nanjing
|
|
Subsidiary
|
|
|
169,796
|
|
|
Note 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUC
|
|
Associate
|
|
|
165,739
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC China
|
|
TSMC Nanjing
|
|
The same parent company
|
|
(RMB
|
31,685,280
6,906,572
|
)
|
|
Note 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC
|
|
Parent company
|
|
(RMB
|
931,502
203,045
|
)
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Nanjing
|
|
TSMC
|
|
Parent company
|
|
(RMB
|
922,190
201,015
|
)
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WaferTech
|
|
TSMC
|
|
The ultimate parent of the Company
|
|
(USD
|
883,186
28,647
|
)
|
|
57
|
|
(USD
|
469,207
15,229
|
)
|
|
|
|
(USD
|
469,207
15,229
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Development
|
|
Parent company
|
|
(USD
|
181,608
5,891
|
)
|
|
Note 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Technology
|
|
TSMC
|
|
The ultimate parent of the Company
|
|
(USD
|
262,311
8,508
|
)
|
|
Note 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC North America
|
|
GUC
|
|
Associate of TSMC
|
|
(USD
|
137,817
4,470
|
)
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC
|
|
Parent company
|
|
(USD
|
107,865
3,499
|
)
|
|
Note 2
|
|
(USD
|
577
19
|
)
|
|
|
|
(USD
|
577
19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Japan
|
|
TSMC
|
|
Parent company
|
|
(JPY
|
100,992
361,202
|
)
|
|
Note 2
|
|
(JPY
|
18,908
67,242
|
)
|
|
|
|
(JPY
|
18,908
67,242
|
)
|
|
|
|
|
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.
|
- 76 -
TABLE 8
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT INTERCOMPANY TRANSACTIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2019
(Amounts in Thousands of New Taiwan Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No.
|
|
Company Name
|
|
Counter Party
|
|
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
|
|
$
|
134,825,041
|
|
|
|
|
|
62%
|
|
|
|
|
|
|
|
|
|
Receivables from related parties
|
|
|
63,659,192
|
|
|
|
|
|
3%
|
|
|
|
|
|
|
|
|
|
Other receivables from related parties
|
|
|
757,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables to related parties
|
|
|
107,865
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Japan
|
|
1
|
|
Payables to related parties
|
|
|
100,992
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Europe
|
|
1
|
|
Marketing expenses - commission
|
|
|
113,864
|
|
|
|
|
|
|
|
|
|
|
|
TSMC China
|
|
1
|
|
Purchases
|
|
|
3,337,467
|
|
|
|
|
|
2%
|
|
|
|
|
|
|
|
|
|
Payables to related parties
|
|
|
931,502
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Nanjing
|
|
1
|
|
Purchases
|
|
|
2,734,150
|
|
|
|
|
|
1%
|
|
|
|
|
|
|
|
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
366,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from related parties
|
|
|
169,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables to related parties
|
|
|
922,190
|
|
|
|
|
|
|
|
|
|
|
|
TSMC Technology
|
|
1
|
|
Research and development expenses
|
|
|
593,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables to related parties
|
|
|
262,311
|
|
|
|
|
|
|
|
|
|
|
|
WaferTech
|
|
1
|
|
Purchases
|
|
|
1,580,046
|
|
|
|
|
|
1%
|
|
|
|
|
|
|
|
|
|
Payables to related parties
|
|
|
883,186
|
|
|
|
|
|
|
|
1
|
|
TSMC China
|
|
TSMC Nanjing
|
|
3
|
|
Other receivables from related parties
|
|
|
31,685,280
|
|
|
|
|
|
1%
|
|
2
|
|
TSMC Development
|
|
WaferTech
|
|
3
|
|
Other payables from related parties
|
|
|
181,608
|
|
|
|
|
|
|
|
Note 1:
|
No. 1 represents the transactions from parent company to subsidiary.
|
|
No. 3 represents the transactions between subsidiaries.
|
Note 2:
|
The sales prices and payment terms of intercompany sales are not significantly different from those to third
parties. For other intercompany transactions, prices and terms are determined in accordance with mutual agreements.
|
- 77 -
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, 2019
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Original Investment Amount
|
|
|
Balance as of March 31, 2019
|
|
|
Net Income
|
|
|
Share of
Profits/Losses
|
|
|
|
Investor
Company
|
|
Investee
Company
|
|
Location
|
|
Main Businesses
and Products
|
|
March 31,
2019
(Foreign
Currencies in
Thousands)
|
|
|
December 31,
2018
(Foreign
Currencies in
Thousands)
|
|
|
Shares (In
Thousands)
|
|
|
Percentage of
Ownership
|
|
Carrying
Value
(Foreign
Currencies in
Thousands)
|
|
|
(Losses) of the
Investee
(Foreign
Currencies in
Thousands)
|
|
|
of Investee
(Note 1)
(Foreign
Currencies in
Thousands)
|
|
|
Note
|
TSMC
|
|
TSMC Global
|
|
Tortola, British Virgin Islands
|
|
Investment activities
|
|
$
|
355,162,309
(Note 3
|
)
|
|
$
|
355,162,309
|
|
|
|
11
|
|
|
100
|
|
$
|
398,937,616
|
|
|
$
|
2,887,393
|
|
|
$
|
2,887,393
|
|
|
Subsidiary
|
|
|
TSMC Partners
|
|
Tortola, British Virgin Islands
|
|
Investing in companies involved in the design, manufacture, and other related business in the
semiconductor industry and other investment activities
|
|
|
31,456,130
|
|
|
|
31,456,130
|
|
|
|
988,268
|
|
|
100
|
|
|
53,079,089
|
|
|
|
471,097
|
|
|
|
471,097
|
|
|
Subsidiary
|
|
|
VIS
|
|
Hsin-Chu,
Taiwan
|
|
Manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and
other semiconductor devices and the manufacturing and design service of masks
|
|
|
10,180,677
|
|
|
|
10,180,677
|
|
|
|
464,223
|
|
|
28
|
|
|
9,402,933
|
|
|
|
1,387,527
|
|
|
|
391,724
|
|
|
Associate
|
|
|
SSMC
|
|
Singapore
|
|
Manufacturing and selling of integrated circuits and other semiconductor devices
|
|
|
5,120,028
|
|
|
|
5,120,028
|
|
|
|
314
|
|
|
39
|
|
|
5,912,533
|
|
|
|
314,777
|
|
|
|
122,102
|
|
|
Associate
|
|
|
VisEra Tech
|
|
Hsin-Chu,
Taiwan
|
|
Engaged in manufacturing electronic spare parts and in researching, developing, designing,
manufacturing, selling, packaging and testing of color filter
|
|
|
5,005,171
|
|
|
|
5,005,171
|
|
|
|
253,120
|
|
|
87
|
|
|
4,488,640
|
|
|
|
(49,791
|
)
|
|
|
(43,289
|
)
|
|
Subsidiary
|
|
|
TSMC North America
|
|
San Jose, California, U.S.A
|
|
Selling and marketing of integrated circuits and other semiconductor devices
|
|
|
333,718
|
|
|
|
333,718
|
|
|
|
11,000
|
|
|
100
|
|
|
4,429,486
|
|
|
|
147,551
|
|
|
|
147,551
|
|
|
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
|
|
|
1,633,475
|
|
|
|
(326,144
|
)
|
|
|
(133,707
|
)
|
|
Associate
|
|
|
GUC
|
|
Hsin-Chu,
Taiwan
|
|
Researching, developing, manufacturing, testing and marketing of integrated circuits
|
|
|
386,568
|
|
|
|
386,568
|
|
|
|
46,688
|
|
|
35
|
|
|
1,359,341
|
|
|
|
152,677
|
|
|
|
53,193
|
|
|
Associate
|
|
|
TSMC Europe
|
|
Amsterdam, the Netherlands
|
|
Customer service and supporting activities
|
|
|
15,749
|
|
|
|
15,749
|
|
|
|
|
|
|
100
|
|
|
449,213
|
|
|
|
10,353
|
|
|
|
10,353
|
|
|
Subsidiary
|
|
|
VTAF III
|
|
Cayman Islands
|
|
Investing in new
start-up
technology companies
|
|
|
1,309,772
|
|
|
|
1,308,244
|
|
|
|
|
|
|
98
|
|
|
200,844
|
|
|
|
(823
|
)
|
|
|
(806
|
)
|
|
Subsidiary
|
|
|
TSMC Japan
|
|
Yokohama, Japan
|
|
Customer service and supporting activities
|
|
|
83,760
|
|
|
|
83,760
|
|
|
|
6
|
|
|
100
|
|
|
143,197
|
|
|
|
1,409
|
|
|
|
1,409
|
|
|
Subsidiary
|
|
|
VTAF II
|
|
Cayman Islands
|
|
Investing in new
start-up
technology companies
|
|
|
260,300
|
|
|
|
278,800
|
|
|
|
|
|
|
98
|
|
|
110,381
|
|
|
|
(1,079
|
)
|
|
|
(1,057
|
)
|
|
Subsidiary
|
|
|
TSMC Korea
|
|
Seoul, Korea
|
|
Customer service and supporting activities
|
|
|
13,656
|
|
|
|
13,656
|
|
|
|
80
|
|
|
100
|
|
|
40,817
|
|
|
|
449
|
|
|
|
449
|
|
|
Subsidiary
|
|
|
TSMC Solar Europe GmbH
|
|
Hamburg, Germany
|
|
Selling of solar related products and providing customer service
|
|
|
|
|
|
|
25,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary
|
TSMC Partners
|
|
TSMC Development
|
|
Delaware, U.S.A
|
|
Investing in companies involved in the manufacturing related business in the semiconductor
industry
|
|
(US$
|
18,095,323
586,939
|
)
|
|
(US$
|
18,095,323
586,939
|
)
|
|
|
|
|
|
100
|
|
(US$
|
29,579,313
959,433
|
)
|
|
(US$
|
252,861
8,204
|
)
|
|
|
Note 2
|
|
|
Subsidiary
|
|
|
TSMC Technology
|
|
Delaware, U.S.A
|
|
Engineering support activities
|
|
(US$
|
440,315
14,282
|
)
|
|
(US$
|
440,315
14,282
|
)
|
|
|
|
|
|
100
|
|
(US$
|
621,626
20,163
|
)
|
|
(US$
|
32,890
1,067
|
)
|
|
|
Note 2
|
|
|
Subsidiary
|
|
|
TSMC Canada
|
|
Ontario, Canada
|
|
Engineering support activities
|
|
(US$
|
70,909
2,300
|
)
|
|
(US$
|
70,909
2,300
|
)
|
|
|
2,300
|
|
|
100
|
|
(US$
|
215,264
6,982
|
)
|
|
(US$
|
6,532
212
|
)
|
|
|
Note 2
|
|
|
Subsidiary
|
|
|
ISDF
|
|
Cayman Islands
|
|
Investing in new
start-up
technology companies
|
|
(US$
|
14,650
475
|
)
|
|
(US$
|
14,650
475
|
)
|
|
|
583
|
|
|
97
|
|
(US$
|
512
17
|
)
|
|
|
|
|
|
|
Note 2
|
|
|
Subsidiary
|
|
|
ISDF II
|
|
Cayman Islands
|
|
Investing in new
start-up
technology companies
|
|
|
|
|
|
|
|
|
|
|
9,299
|
|
|
97
|
|
|
|
|
|
|
|
|
|
|
Note 2
|
|
|
Subsidiary
|
VTAF III
|
|
Growth Fund
|
|
Cayman Islands
|
|
Investing in new
start-up
technology companies
|
|
(US$
|
67,942
2,204
|
)
|
|
(US$
|
66,401
2,154
|
)
|
|
|
|
|
|
100
|
|
(US$
|
99,301
3,221
|
)
|
|
(US$
|
(308
(10
|
)
))
|
|
|
Note 2
|
|
|
Subsidiary
|
|
|
Mutual-Pak
|
|
New Taipei, Taiwan
|
|
Manufacturing of electronic parts, wholesaling and retailing of electronic materials, and
researching, developing and testing of RFID
|
|
(US$
|
49,123
1,593
|
)
|
|
(US$
|
49,123
1,593
|
)
|
|
|
4,693
|
|
|
30
|
|
(US$
|
28,176
914
|
)
|
|
(US$
|
601
20
|
)
|
|
|
Note 2
|
|
|
Associate
|
(Continued)
- 78 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Original Investment Amount
|
|
|
Balance as of March 31, 2019
|
|
|
Net Income
|
|
|
Share of
Profits/Losses
|
|
|
Investor
Company
|
|
Investee
Company
|
|
Location
|
|
Main Businesses
and Products
|
|
March 31,
2019
(Foreign
Currencies in
Thousands)
|
|
|
December 31,
2018
(Foreign
Currencies in
Thousands)
|
|
|
Shares (In
Thousands)
|
|
|
Percentage of
Ownership
|
|
Carrying
Value
(Foreign
Currencies in
Thousands)
|
|
|
(Losses) of the
Investee
(Foreign
Currencies in
Thousands)
|
|
|
of Investee
(Note 1)
(Foreign
Currencies in
Thousands)
|
|
Note
|
TSMC Development
|
|
WaferTech
|
|
Washington, U.S.A
|
|
Manufacturing, selling and testing of integrated circuits and other semiconductor devices
|
|
$
|
|
|
|
$
|
|
|
|
|
293,637
|
|
|
100
|
|
$
(US$
|
4,731,190
153,461
|
)
|
|
$
(US$
|
122,437
3,973
|
)
|
|
Note 2
|
|
Subsidiary
|
Note 1:
|
The share of profits/losses of investee includes the effect of unrealized gross profit on intercompany
transactions.
|
Note 2:
|
The share of profits/losses of the investee company is not reflected herein as such amount is already included
in the share of profits/losses of the investor company.
|
Note 3:
|
To lower the hedging cost, in August 2018, the Board of Directors of TSMC approved to inject
US$2,000,000 thousand of capital into TSMC Global. This project was approved by the Investment Commission, Ministry of Economic Affairs, R.O.C. (MOEA). The prepayment for investment was US$100,000 thousand as of March 31, 2019.
|
(Concluded)
- 79 -
TABLE 10
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
INFORMATION ON INVESTMENT IN MAINLAND CHINA
FOR THREE
MONTHS ENDED MARCH 31, 2019
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investee Company
|
|
Main Businesses and
Products
|
|
Total Amount of
Paid-in
Capital
(RMB in
Thousands)
|
|
|
Method of
Investment
|
|
Accumulated
Outflow of
Investment from
Taiwan as of
January 1, 2019
(US$
in
Thousands)
|
|
|
Investment
Flows
|
|
|
Accumulated
Outflow of
Investment from
Taiwan as of
March 31,
2019 (US$
in
Thousands)
|
|
|
Net Income
(Losses) of the
Investee
Company
|
|
|
Percentage of
Ownership
|
|
Share of
Profits/Losses
|
|
|
Carrying
Amount
as of
March 31,
2019
|
|
|
Accumulated
Inward
Remittance of
Earnings as
of
March 31,
2019
|
|
|
Outflow
(US$ in
Thousands)
|
|
|
Inflow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TSMC China
|
|
Manufacturing, selling, testing and computer-aided design of integrated circuits and other
semiconductor devices
|
|
$
(RMB
|
18,939,667
4,502,080
|
)
|
|
Note 1
|
|
$
(US$
|
18,939,667
596,000
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
(US$
|
18,939,667
596,000
|
)
|
|
$
|
461,590
|
|
|
100%
|
|
$
|
493,415
(Note 2
|
)
|
|
$
|
57,342,326
|
|
|
$
|
|
|
TSMC Nanjing
|
|
Manufacturing, selling, testing and computer-aided design of integrated circuits and other
semiconductor devices
|
|
(RMB
|
30,521,412
6,650,119
|
)
|
|
Note 1
|
|
(US$
|
30,521,412
1,000,000
|
)
|
|
|
|
|
|
|
|
|
|
(US$
|
30,521,412
1,000,000
|
)
|
|
|
(1,540,493
|
)
|
|
100%
|
|
|
(1,330,016
(Note 2
|
)
)
|
|
|
19,875,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Investment in Mainland China
as of March 31, 2019
(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
|
)
|
|
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.
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Note 3:
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As the Company has obtained the certificate of being qualified for operating headquarters issued by Industrial
Development Bureau, MOEA on August 2016, the upper limit on investment in mainland China pursuant to Principle of investment or Technical Cooperation in Mainland China is not applicable.
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