0001709048-22-000021 | 6-K | XBRL Viewer

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Cover	3 Months Ended
Cover	Mar. 31, 2022
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	GLOBALFOUNDRIES Inc.
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001709048
Amendment Flag	false

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets [abstract]
Cash and cash equivalents	$ 3,264,000	$ 2,939,000
Current prepayments and other current assets	1,152,000	1,208,000
Other current financial assets	58,000	23,000
Current inventories	1,185,000	1,121,000
Total current assets	5,659,000	5,291,000
Non-current assets [abstract]
Property, plant and equipment	9,173,000	8,713,000
Intangible assets and goodwill	365,000	377,000
Other non-current financial assets	78,000	40,000
Deferred tax assets	337,000	353,000
Non-Current Prepayments And Other Current Assets	290,000	254,000
Total non-current assets	10,243,000	9,737,000
Total assets	15,902,000	15,028,000
Current liabilities [abstract]
Trade and other current payables	2,780,000	2,586,000
Current provisions	115,000	116,000
Current government grants	28,000	29,000
Current lease liabilities	116,000	135,000
Current portion of non-current borrowings	281,000	297,000
Total current liabilities	3,320,000	3,163,000
Non-current liabilities [abstract]
Non-current government grants	185,000	147,000
Non-current provisions	232,000	233,000
Non-current lease liabilities	333,000	291,000
Non-current portion of non-current borrowings	1,830,000	1,716,000
Other non-current liabilities	1,663,000	1,445,000
Total non-current liabilities	4,243,000	3,832,000
Total liabilities	7,563,000	6,995,000
Equity [abstract]
Issued capital	11,000	11,000
Additional paid-in capital	23,540,000	23,487,000
Retained earnings	(15,290,000)	(15,469,000)
Accumulated other comprehensive income	21,000	(54,000)
Total equity attributable to owners of parent	8,282,000	7,975,000
Non-controlling interests	57,000	58,000
Total equity	8,339,000	8,033,000
Total equity and liabilities	$ 15,902,000	$ 15,028,000

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of financial position [abstract]
Par value per share (in dollars per share)	$ 0.02	$ 0.02
Number of shares outstanding (in shares)	531,846,000	531,846,000

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Profit or loss [abstract]
Net revenue	$ 1,940,000	$ 1,418,000
Cost of revenue	1,471,000	1,319,000
Gross profit	469,000	99,000
Research and development expenses	128,000	103,000
Selling, general and administrative expenses	116,000	91,000
Operating expenses	244,000	194,000
Profit (loss) from operations	225,000	(95,000)
Finance expenses, net	(28,000)	(28,000)
Share of profit of joint ventures and associates	1,000	1,000
Other income, net	9,000	6,000
Profit (loss) before income taxes	207,000	(116,000)
Income tax expense	(29,000)	(11,000)
Net income (loss) for the period	178,000	(127,000)
Attributable to:
Shareholders of GLOBALFOUNDRIES INC.	179,000	(126,000)
Non-controlling interest	(1,000)	(1,000)
Net income (loss) for the period	$ 178,000	$ (127,000)
Net earnings (loss) per share attributable to the equity holders of the Company:
Weighted average shares outstanding, basic (in shares)	532,000,000	500,000,000
Diluted weighted average common shares outstanding (in shares)	549,000,000	500,000,000
Basic loss per share (in USD per share)	$ 0.34	$ (0.25)
Diluted loss per share (in USD per share)	$ 0.33	$ (0.25)

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of comprehensive income [abstract]
Net loss for the year	$ 178,000	$ (127,000)
Attributable to:
Shareholders of GLOBALFOUNDRIES INC.	179,000	(126,000)
Non-controlling interest	(1,000)	(1,000)
Net income (loss) for the period	178,000	(127,000)
Components of other comprehensive income that will be reclassified to profit or loss, net of tax [abstract]
Share of foreign exchange fluctuation reserve of joint ventures	(2,000)	(7,000)
Effective portion of changes in the fair value of cash flow hedges	79,000	(22,000)
Income tax effect	(2,000)	1,000
Total other comprehensive income (loss)	75,000	(28,000)
Other comprehensive income (loss), net of tax:
Shareholders of GLOBALFOUNDRIES INC.	75,000	(28,000)
Total other comprehensive income (loss) for the period	75,000	(28,000)
Comprehensive income [abstract]
Shareholders of GLOBALFOUNDRIES INC.	254,000	(154,000)
Non-controlling interest	(1,000)	(1,000)
Total comprehensive income (loss) for the period	$ 253,000	$ (155,000)

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total	Common Share	Additional Paid-In Capital	Loan from Shareholder	Accumulated Deficit	Hedging Reserve	Foreign Currency Translation Reserve	Non- controlling Interest
Beginning balance	$ 7,242,000	$ 7,177,000	$ 10,000	$ 11,708,000	$ 10,681,000	$ (15,219,000)	$ (15,000)	$ 12,000	$ 65,000
Beginning balance (in shares) at Dec. 31, 2020			500,000,000
Repayment of loan from shareholder	(126,000)	(126,000)			(126,000)
Net income (loss)	(127,000)	(126,000)				(126,000)			(1,000)
Other comprehensive loss	(28,000)	(28,000)					(21,000)	(7,000)
Ending balance (in shares) at Mar. 31, 2021			500,000,000
Ending balance at Mar. 31, 2021	6,961,000	6,897,000	$ 10,000	11,708,000	10,555,000	(15,345,000)	(36,000)	5,000	64,000
Beginning balance	6,961,000	6,897,000	10,000	11,708,000	$ 10,555,000	(15,345,000)	(36,000)	5,000	64,000
Beginning balance	$ 8,033,000	7,975,000	$ 11,000	23,487,000		(15,469,000)	(57,000)	3,000	58,000
Beginning balance (in shares) at Dec. 31, 2021	531,846,000		531,845,744
Share-based payments	$ 53,000	53,000		53,000
Net income (loss)	178,000	179,000				179,000			(1,000)
Other comprehensive loss	$ 75,000	75,000					77,000	(2,000)
Ending balance (in shares) at Mar. 31, 2022	531,846,000		531,845,744
Ending balance at Mar. 31, 2022	$ 8,339,000	8,282,000	$ 11,000	23,540,000		(15,290,000)	20,000	1,000	57,000
Beginning balance	$ 8,339,000	$ 8,282,000	$ 11,000	$ 23,540,000		$ (15,290,000)	$ 20,000	$ 1,000	$ 57,000

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2021-03-24

+ Details

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 178,000	$ (127,000)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	356,000	325,000
Amortization of intangible assets	52,000	52,000
Share-based compensation	53,000	0
Interest and income taxes paid	(18,000)	(22,000)
Finance expenses, net	28,000	28,000
Amortization of deferred income from government grants	(8,000)	(9,000)
Deferred income taxes	19,000	15,000
Gain on disposal of property, plant and equipment	(5,000)	(4,000)
Other operating activities	1,000	(15,000)
Change in assets and liabilities:
Receivables, prepayments, other assets and other noncurrent assets	16,000	(27,000)
Inventories	(64,000)	(31,000)
Trade and other payables	237,000	(37,000)
Net cash provided by operating activities	845,000	148,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(612,000)	(260,000)
Purchases of intangible assets	(31,000)	(42,000)
Advances and proceeds from sale of property, plant and equipment and intangible assets	9,000	46,000
Other investing activities	(5,000)	(1,000)
Net cash used in investing activities	(639,000)	(257,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of shareholder loan	0	(126,000)
Net proceeds from borrowings	214,000	117,000
Repayments of debt and finance lease obligations	(107,000)	(192,000)
Other financing activities	11,000	39,000
Net cash (used in) provided by financing activities	118,000	(162,000)
Effect of exchange rate changes on cash and cash equivalents	1,000	(2,000)
Net (decrease) increase in cash and cash equivalents	325,000	(273,000)
Cash and cash equivalents at the beginning of the period	2,939,000	908,000
Cash and cash equivalents at the end of the period	3,264,000	635,000
Noncash investing and financing activities:
Amounts payable for property, plant and equipment	519,000	277,000
Property, plant and equipment acquired through lease	60,000	47,000
Amounts payable for intangible assets	$ 114,000	$ 136,000

CORPORATE INFORMATION	3 Months Ended
CORPORATE INFORMATION	Mar. 31, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
CORPORATE INFORMATION	CORPORATE INFORMATION GLOBALFOUNDRIES Inc. (“GLOBALFOUNDRIES”) is an exempted company with limited liability incorporated under the laws of the Cayman Islands. The address of GLOBALFOUNDRIES’ registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104 Cayman Islands. GLOBALFOUNDRIES and its subsidiaries (together referred to as the “Company”) is one of the world’s leading semiconductor foundries and offers a full range of mainstream wafer fabrication services and technologies. The Company manufactures a broad range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontroller, and power management units.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES Statement of Compliance — The interim condensed consolidated financial statements of GLOBALFOUNDRIES as of December 31, 2021 and March 31, 2022 and for the three months ended March 31, 2021 and 2022, have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting (“IAS 34”). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and should be read in conjunction with the Company’s annual consolidated financial statements, included in GLOBALFOUNDRIES' Annual Report on Form 20-F for the year ended December 31, 2021. The interim condensed consolidated financial statements were authorized by the Audit, Risk and Compliance Committee of GLOBALFOUNDRIES’ Board of Directors on June 10, 2022 to be issued and subsequent events have been evaluated for their potential effect on the interim condensed consolidated financial statements through June 13, 2022. Significant Accounting Judgments, Estimates and Assumptions — The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses as well as the disclosure of commitments and contingencies. Actual results may differ from these estimates and such differences may be material to the interim condensed consolidated financial statements. Change in Presentation — After a review of the Company’s financial statements, certain format changes have been made to the statement of financial position as of December 31, 2021. These format changes include the presentation of the Company’s current assets, noncurrent assets, current liability, noncurrent liability and equity based on degree of liquidity. IAS 1 does not mandate a specific order or classification of accounts on the statement of financial position. This change is not a change in estimate or a change in accounting policy. The format changes did not result in a change to previously reported financial position. Significant Accounting Policies — The accounting policies (including accounting judgements, estimates and assumptions) adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the audited consolidated financial statements included in the Company's Annual Report on Form 20-F for the year ended December 31, 2021. Recent Accounting Pronouncements, Adopted: Amendments to IFRS 9, IAS 39, IFRS 7 and IFRS 16 Interest Rate Benchmark Reform (“IBOR reform”) Refer to the audited consolidated financial statements included in the Company's Annual Report on Form 20-F for the year ended December 31, 2021.

INVESTMENT IN JOINT VENTURES

3 Months Ended

Mar. 31, 2022

Interests in other entities [Abstract]

Investments in joint Ventures

INVESTMENTS IN JOINT VENTURES

The following table presents the change in investment in joint ventures:


	December 31, 2021		March 31, 2022
Balance, beginning of period	$	36	$	38
Share of profits for the period	4		1
Dividends declared during the period	(2)		(1)
Balance, end of period	$	38	$	38

There have been no changes to the Company's ownership in investments in joint ventures from the previously audited annual consolidated financial statements included in the Company's Annual Report on Form 20-F for the year ended December 31, 2021.

NET REVENUE

3 Months Ended

Mar. 31, 2022

Revenue from Contracts with Customers [Abstract]

Net Revenues

NET REVENUE

The following table presents the Company’s revenue disaggregated based on revenue source and timing of revenue recognition. The Company believes these categories best depict how the nature, timing, and uncertainty of revenue cash flows are affected by economic factors.


	Three Months Ended March 31,
	2021		2022
Type of goods and services:
Wafer fabrication	$	1,328	$	1,825
Engineering and other pre-fabrication services	90		115
	$	1,418	$	1,940

Timing of revenue recognition:
Revenue recognized over time	$	82	$	127
Revenue recognized at a point in time	1,336		1,813
	$	1,418	$	1,940

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2022
Income taxes [Abstract]
Income Taxes	INCOME TAXES For tax reporting purposes, the Company consolidates its entities under GLOBALFOUNDRIES Inc., a Cayman Islands entity. As a Cayman Islands corporation, the Company’s domestic statutory income tax rate is 0.0%. The difference between the Company’s domestic statutory income tax rate and its (provision) benefit for income taxes is due to the effect of the tax rates in the other jurisdictions in which the Company operates. The effective tax rate for the three months ended March 31, 2021 and 2022 was 9.5% and 14.0%, respectively. The increase in the effective tax rate in the first quarter of 2022 was primarily due to higher mix of income in jurisdictions with higher tax rates than the Cayman statutory tax rate and incremental withholding taxes incurred.

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

Earnings per share [abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share ("EPS") is calculated based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding. Basic and diluted earnings (loss) per share have been calculated for the three months ended March 31, 2021 and 2022 as follows:


	Three Months Ended March 31,
	2021		2022
	(in millions, except for per share amounts)
Net income (loss) available to equity shareholders of the Company	$	(126)	$	179

Weighted average shares outstanding:
Basic	500		532
Diluted	500		549

Total basic and diluted EPS attributable to equity shareholders:
Basic	$	(0.25)	$	0.34
Diluted	$	(0.25)	$	0.33

RECEIVABLES, REPAYMENTS AND OTHER ASSETS

3 Months Ended

Mar. 31, 2022

Trade and other current receivables [abstract]

Receivables, Prepayments and Other Assets

RECEIVABLES, PREPAYMENTS AND OTHER ASSETS


	December 31, 2021		March 31, 2022
Current:
Trade receivables, other than related parties	$	872	$	819
Unbilled accounts receivable(1)	43		42
Other receivables	239		239
Receivables from government grants	46		44
Receivables from related parties	8		8
	$	1,208	$	1,152
Noncurrent:
Advances to suppliers(2)	$	199	$	235
Non-trade receivables	13		13


Other	42		42
Total	$	254	$	290

(1) Unbilled accounts receivable represents amounts recognized on revenue contracts less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms or rendering services.

(2) Primarily represents advances to supplier to offset against future purchases.

The following table summarizes the activity in the Company’s unbilled accounts receivable for the twelve-months ended December 31, 2021 and the three months ended March 31, 2022, respectively:


	December 31, 2021		March 31, 2022
Balance, beginning of period	$	62	$	43
Revenue recognized during the period	44		32
Amounts invoiced	(69)		(33)
Other	6		—
Balance, end of period	$	43	$	42

INVENTORIES

3 Months Ended

Mar. 31, 2022

Inventories [Abstract]

Inventories

INVENTORIES

The Company states inventories at the lower of cost or net realizable value for finished goods, work-in-progress, raw

materials, and supplies. The Company makes inventory write-downs on an item-by-item basis, except where it may be appropriate to group similar or related items.


	December 31, 2021		March 31, 2022
Work in progress, net	$	916	$	996
Raw materials and supplies, net	205		189

Total	$	1,121	$	1,185

The Company recorded $12 of reversal of inventory-write downs for the three months ended March 31, 2022

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2022

Borrowing costs Abstract [Abstract]

Long-Term Debt

LONG TERM DEBT

The following table outlines the terms and amounts of the Company’s debt:


Description	Currency	Nominal Interest Rate	Year of Maturity	December 31, 2021 Carrying Amount	March 31, 2022 Carrying Amount

Accounts Receivable Factoring	USD	LIBOR + 0.90%	2022	16	—
2018 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.60%	2023	75	75
2019 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.75%	2024	84	84
2019 USD Dresden Equipment Financing	USD	LIBOR + 1.75%	2024	36	36

2020 USD Equipment Financing	USD	LIBOR + 1.90%	2025	59	59
2019 EUR Dresden Equipment Financing	EUR	LIBOR + 1.75%	2026	14	14

Various	EUR, USD	Various	2024-2026	13	13
Current total				$297	281

2018 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.60%	2023	19	—
2019 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.75%	2024	106	85
2019 USD Dresden Equipment Financing	USD	LIBOR + 1.75%	2024	144	144

2020 USD Equipment Financing	USD	LIBOR + 1.90%	2025	152	138
USD Term Loan A	USD	LIBOR + 2.90%	2025	647	648
EUR Term Loan A	EUR	EURIBOR + 2.60%	2025	94	92
2019 EUR Dresden Equipment Financing	EUR	EURIBOR + 1.75%	2026	423	417


2021 SGD EDB Loan	SGD	1.40%	2041	90	267
Various	EUR, USD, SGD	Various	2024-2027	41	39
Noncurrent total				1,716	1,830
Total				$2,013	$2,111

The following table summarizes available unutilized credit facilities available to the Company to maintain liquidity necessary to fund operations:


		December 31, 2021		March 31, 2022

SGD EDB Loan	Committed	$	1,029	$	814
Citibank Revolving Credit Facility	Committed	1,010		1,010
Societe Generale Singapore Revolving Credit Facility	Uncommitted	27		27
Societe Generale Singapore Factoring	Committed	75		—
Other	Uncommitted	4		4


Total		$	2,145	$	1,855

RELATED PARTY DISCLOSURE

3 Months Ended

Mar. 31, 2022

Related party [Abstract]

Related Party Disclosures

RELATED PARTY DISCLOSURES

Balances with related parties disclosed in the interim condensed consolidated statements of financial positions relate to Silicon Manufacturing Partners Pte Ltd. ("SMP"). SMP is a joint venture with LSI Technology (Singapore) Pte. Ltd. The Company holds a 49% interest in SMP and manages all aspects of its manufacturing operations. The total amounts of $8 and $8 due from related parties as of December 31, 2021 and March 31, 2022, respectively, have been included in receivables, prepayments and other assets (see Note 7). The $9 and $7 of the due to related parties balance as of December 31, 2021 and March 31, 2022, respectively, have been included in trade and other payables.

The following table presents the related party transactions included in the interim condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended March 31,
	2021		2022
Purchases from: *
SMP	$	17	$	13

Other transactions with:
SMP (reimbursement of expenses and contribution of tools)	$	11	$	10

* Purchases from SMP primarily comprised wafer purchases.

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2022

Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Commitments — The Company’s unconditional purchase commitments are as follows:


	December 31, 2021		March 31, 2022
Contracts for capital expenditures	$	2,995	$	4,425
Contracts for operating expenditures	3,405		3,819
	$	6,400	$	8,244
Due within the next 12 months	$	3,543	$	4,058

In addition to the above, the Company obtained letters of credit to primarily guarantee the PILOT bonds’ interest payments, payments for utility supplies and foreign statutory payroll related charges. The Company has available letters of credit facilities of $20 and $20 as of December 31, 2021 and March 31, 2022, respectively, and has drawn down bank guarantees of $3 and $3 as of December 31, 2021 and March 31, 2022, respectively.

Contingencies — From time to time, the Company is a party to claims that arise in the normal course of business. These claims include allegations of infringement of intellectual property rights of others as well as other claims of liability. In addition, the Company, on a case-by-case basis, includes intellectual property indemnification provisions in the terms of sale and technology licenses with third parties. The Company is also subject to various taxes in the different jurisdictions in which it operates. These include property, goods and services, and other non-income taxes. The Company accrues costs associated with these matters when they become probable and reasonably estimable. The Company does not believe it is probable that losses associated with these matters beyond those already recognized will be incurred in amounts that would be material to the interim condensed consolidated statements of financial position or interim condensed consolidated statements of operations and comprehensive loss.

On April 28, 2021, International Business Machines (“IBM”) sent the Company a letter alleging that the Company did not fulfill the Company’s obligations under the contracts the Company entered into with IBM in 2014 associated with the Company’s acquisition of IBM’s Microelectronics business. IBM asserted that the Company engaged in fraudulent misrepresentations during the underlying negotiations, and claimed the Company owed them $2,500 in damages and restitution. On June 7, 2021, the Company filed a complaint with the New York State Supreme Court (the “Court”) seeking a declaratory judgment that the Company did not breach the relevant contracts. IBM subsequently filed its complaint with the Court on June 8, 2021. On September 14, 2021, the Court granted our motion to dismiss IBM’s claims of fraud, unjust enrichment and breach of the implied covenant of good faith and fair dealing. IBM appealed its fraud claim, and on April 8, 2022, the New York Appellate Division reversed the Court’s decision. The Company believes, based on discussions with legal counsel, that we have meritorious defenses against IBM’s claims. The Company disputes IBM’s claims and intends to vigorously defend against them.

FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2022

Fair value measurements of assets and liabilities [Abstract]

Fair value measurement

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities;

•Level 2: Inputs other than quoted prices in active markets in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for similar assets or liabilities that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability; and

•Level 3: Unobservable inputs for which little or no market data exists, therefore requiring management judgment to develop the Company’s own models with estimates and assumptions.

Financial Instruments Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:


	Fair Value Measurement at Reporting Date Using
			Quoted Prices Identical Assets/ Liabilities		Significant Other Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
December 31, 2021
Assets:
Cash equivalents (1)	$	2,175	$	2,150	$	25	$	—

Investments in equity instruments (2)	$	17	$	1	$	—	$	16

Derivatives (3)	$	26	$	—	$	26	$	—

Liabilities:
Derivatives (3)	$	66	$	—	$	66	$	—

March 31, 2022
Assets:
Cash equivalents (1)	$	2,027	$	2,002	$	25	$	—

Investments in equity instruments (2)	$	17	$	1	$	—	$	16

Derivatives (3)	$	97	$	—	$	97	$	—

Liabilities:
Derivatives (3)	$	68	$	—	$	68	$	—

(1) Included in cash and cash equivalents on the Company’s interim condensed consolidated statements of financial position.

(2) Included in current and noncurrent receivables, prepayments and other assets on the Company’s interim condensed consolidated statements of financial position.

(3) Consists of foreign currency forward contracts, interest rate swaps, cross currency swaps and commodity hedge. Included in other current and noncurrent financial assets on the Company’s interim condensed consolidated statements of financial position.

During the three months ended March 31, 2021 and the three months ended March 31, 2022, there were no transfers between Level 1 and Level 2 fair value measurements.

Assets Measured and Recorded at Fair Value on a Non-Recurring Basis

Certain assets and liabilities, such as equity method investments, intangible assets and property, plant and equipment, and other non-financial assets, are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period.

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

Financial instruments not recorded at fair value on a recurring basis include grants receivable, loans receivable, lease obligations and the Company’s current and noncurrent portion of long-term debt.

The carrying and fair values of the Company’s financial instruments not recorded at fair value on a recurring basis are presented in the following table, classified according to the categories of financial liabilities at amortized cost (“FLAC”):


		December 31, 2021				March 31, 2022
Financial Liabilities	Category	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt	FLAC	2,013		2,006		2,111		2,080
Total		$	2,013	$	2,006	$	2,111	$	2,080

Estimated fair values of long-term debt are based on quoted prices for similar liabilities for which significant inputs are observable and represents a Level 2 valuation. The fair values are estimated based on the type of loan and their maturities. The Company estimates the fair value using market interest rates of debts with similar maturities.

SHARE-BASED PAYMENTS	3 Months Ended
SHARE-BASED PAYMENTS	Mar. 31, 2022
Share-based payment arrangements [Abstract]
Share-Based Payments	Share-Based Compensation We measure and recognize compensation expense related to share-based transactions, including employee, consultant, and non-employee director share option awards, in our consolidated financial statements based on fair value. We estimate the share option fair value at the date of grant using the Black-Scholes option pricing model, which requires management to make certain assumptions of future expectations based on historical and current data. The assumptions include the expected term of the share option, expected volatility, dividend yield, and risk-free interest rate. The expected term represents the amount of time that options granted are expected to be outstanding, based on forecasted exercise behavior. The risk-free rate is based on the rate at grant date of zero-coupon U.S. Treasury notes with a term comparable to the expected term of the option. We estimate expected volatility based on the historical volatility of comparable public entities’ share price from the same industry. We base our dividend yield on forecasted expected payments, which we expect to be zero for the immediate future. We recognize compensation expense over the vesting period of the award on a graded attribution basis, and we estimate forfeitures. Employee Stock Purchase Plan In connection with, and prior to the consummation of, the Company's initial public offering, the Company's board of directors adopted, and Mubadala Investment Company PJSC ("Mubadala") approved, the GLOBALFOUNDRIES Inc. 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP is administered by the Company's board of directors or, as applicable, its delegate (the “ESPP Administrator”). Subject to certain equitable adjustments in connection with certain events affecting the outstanding ordinary shares reserved for issuance as awards, the maximum aggregate number of our ordinary shares that may be issued or transferred under the ESPP with respect to awards is 7,500,000 ordinary shares; provided that the share reserve under the ESPP will, unless otherwise determined by our board of directors, automatically increase on January 1 of each year for 8 years commencing on January 1, 2023 and ending on (and including) January 1, 2031 in an amount equal to 0.25% of the total number of ordinary shares outstanding on December 31 of the preceding year. In no event will the number of ordinary shares that may be issued or transferred pursuant to rights granted under the ESPP exceed 18,750,000, in the aggregate, subject to the adjustments described above.

INVESTMENT IN JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2022

Interests in other entities [Abstract]

Disclosure of reconciliation of summarised financial information of joint venture accounted for using equity method to carrying amount of interest in joint venture

The following table presents the change in investment in joint ventures:


	December 31, 2021		March 31, 2022
Balance, beginning of period	$	36	$	38
Share of profits for the period	4		1
Dividends declared during the period	(2)		(1)
Balance, end of period	$	38	$	38

NET REVENUE (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contracts with Customers [Abstract]

Schedule of disaggregation of revenue


	Three Months Ended March 31,
	2021		2022
Type of goods and services:
Wafer fabrication	$	1,328	$	1,825
Engineering and other pre-fabrication services	90		115
	$	1,418	$	1,940

Timing of revenue recognition:
Revenue recognized over time	$	82	$	127
Revenue recognized at a point in time	1,336		1,813
	$	1,418	$	1,940

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

Earnings per share [abstract]

Schedule of basic and diluted earnings per share

Basic and diluted earnings (loss) per share have been calculated for the three months ended March 31, 2021 and 2022 as follows:


	Three Months Ended March 31,
	2021		2022
	(in millions, except for per share amounts)
Net income (loss) available to equity shareholders of the Company	$	(126)	$	179

Weighted average shares outstanding:
Basic	500		532
Diluted	500		549

Total basic and diluted EPS attributable to equity shareholders:
Basic	$	(0.25)	$	0.34
Diluted	$	(0.25)	$	0.33

RECEIVABLES, REPAYMENTS AND OTHER ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

Trade and other current receivables [abstract]

Schedule of accounts receivable


	December 31, 2021		March 31, 2022
Current:
Trade receivables, other than related parties	$	872	$	819
Unbilled accounts receivable(1)	43		42
Other receivables	239		239
Receivables from government grants	46		44
Receivables from related parties	8		8
	$	1,208	$	1,152
Noncurrent:
Advances to suppliers(2)	$	199	$	235
Non-trade receivables	13		13


Other	42		42
Total	$	254	$	290

(2) Primarily represents advances to supplier to offset against future purchases

Schedule of unbilled accounts receivables

The following table summarizes the activity in the Company’s unbilled accounts receivable for the twelve-months ended December 31, 2021 and the three months ended March 31, 2022, respectively:


	December 31, 2021		March 31, 2022
Balance, beginning of period	$	62	$	43
Revenue recognized during the period	44		32
Amounts invoiced	(69)		(33)
Other	6		—
Balance, end of period	$	43	$	42

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2022

Inventories [Abstract]

Schedule of inventories


	December 31, 2021		March 31, 2022
Work in progress, net	$	916	$	996
Raw materials and supplies, net	205		189

Total	$	1,121	$	1,185

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Borrowing costs Abstract [Abstract]

Disclosure of detailed information about borrowings

The following table outlines the terms and amounts of the Company’s debt:


Description	Currency	Nominal Interest Rate	Year of Maturity	December 31, 2021 Carrying Amount	March 31, 2022 Carrying Amount

Accounts Receivable Factoring	USD	LIBOR + 0.90%	2022	16	—
2018 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.60%	2023	75	75
2019 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.75%	2024	84	84
2019 USD Dresden Equipment Financing	USD	LIBOR + 1.75%	2024	36	36

2020 USD Equipment Financing	USD	LIBOR + 1.90%	2025	59	59
2019 EUR Dresden Equipment Financing	EUR	LIBOR + 1.75%	2026	14	14

Various	EUR, USD	Various	2024-2026	13	13
Current total				$297	281

2018 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.60%	2023	19	—
2019 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.75%	2024	106	85
2019 USD Dresden Equipment Financing	USD	LIBOR + 1.75%	2024	144	144

2020 USD Equipment Financing	USD	LIBOR + 1.90%	2025	152	138
USD Term Loan A	USD	LIBOR + 2.90%	2025	647	648
EUR Term Loan A	EUR	EURIBOR + 2.60%	2025	94	92
2019 EUR Dresden Equipment Financing	EUR	EURIBOR + 1.75%	2026	423	417


2021 SGD EDB Loan	SGD	1.40%	2041	90	267
Various	EUR, USD, SGD	Various	2024-2027	41	39
Noncurrent total				1,716	1,830
Total				$2,013	$2,111

The following table summarizes available unutilized credit facilities available to the Company to maintain liquidity necessary to fund operations:


		December 31, 2021		March 31, 2022

SGD EDB Loan	Committed	$	1,029	$	814
Citibank Revolving Credit Facility	Committed	1,010		1,010
Societe Generale Singapore Revolving Credit Facility	Uncommitted	27		27
Societe Generale Singapore Factoring	Committed	75		—
Other	Uncommitted	4		4


Total		$	2,145	$	1,855

RELATED PARTY DISCLOSURE (Tables)

3 Months Ended

Mar. 31, 2022

Related party [Abstract]

Schedule of related party transactions

The following table presents the related party transactions included in the interim condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended March 31,
	2021		2022
Purchases from: *
SMP	$	17	$	13

Other transactions with:
SMP (reimbursement of expenses and contribution of tools)	$	11	$	10

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2022

Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract]

Summary of commitments

Commitments — The Company’s unconditional purchase commitments are as follows:


	December 31, 2021		March 31, 2022
Contracts for capital expenditures	$	2,995	$	4,425
Contracts for operating expenditures	3,405		3,819
	$	6,400	$	8,244
Due within the next 12 months	$	3,543	$	4,058

FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

Fair value measurements of assets and liabilities [Abstract]

Disclosure of fair value measurement of assets and liabilities

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:


	Fair Value Measurement at Reporting Date Using
			Quoted Prices Identical Assets/ Liabilities		Significant Other Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
December 31, 2021
Assets:
Cash equivalents (1)	$	2,175	$	2,150	$	25	$	—

Investments in equity instruments (2)	$	17	$	1	$	—	$	16

Derivatives (3)	$	26	$	—	$	26	$	—

Liabilities:
Derivatives (3)	$	66	$	—	$	66	$	—

March 31, 2022
Assets:
Cash equivalents (1)	$	2,027	$	2,002	$	25	$	—

Investments in equity instruments (2)	$	17	$	1	$	—	$	16

Derivatives (3)	$	97	$	—	$	97	$	—

Liabilities:
Derivatives (3)	$	68	$	—	$	68	$	—

(1) Included in cash and cash equivalents on the Company’s interim condensed consolidated statements of financial position.

(2) Included in current and noncurrent receivables, prepayments and other assets on the Company’s interim condensed consolidated statements of financial position.

Disclosure Of Financial Assets


		December 31, 2021				March 31, 2022
Financial Liabilities	Category	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt	FLAC	2,013		2,006		2,111		2,080
Total		$	2,013	$	2,006	$	2,111	$	2,080

INVESTMENT IN JOINT VENTURES - Schedule of Movements in Investment (Details) - Joint operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure of joint ventures [line items]
Beginning balance	$ 38,000	$ 36,000
Share of profits for the period	1,000	4,000
Dividends declared during the period	(1,000)	$ (2,000)
Ending balance	$ 38,000

NET REVENUE - Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 1,940,000	$ 1,418,000
Revenue recognized over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	127,000	82,000
Revenue recognized at a point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	1,813,000	1,336,000
Wafer fabrication
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	1,825,000	1,328,000
Engineering and other pre-fabrication services
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 115,000	$ 90,000

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income taxes [Abstract]
Tax expense (income)	$ 29,000	$ 11,000

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings per share [abstract]
Net income (loss) available to equity shareholders of the Company	$ (179,000)	$ 126,000
Weighted average shares outstanding, basic (in shares)	532,000,000	500,000,000
Weighted average shares outstanding, diluted (in shares)	549,000,000	500,000,000
Total basic EPS attributable to equity shareholders (in USD per share)	$ 0.34	$ (0.25)
Total basic diluted earnings per share attributable to equity shareholders (in USD per share)	$ 0.33	$ (0.25)

RECEIVABLES, REPAYMENTS AND OTHER ASSETS - Summary of Receivables, Prepayments and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Trade receivables, other than related parties	$ 819,000	$ 872,000
Beginning balance	42,000	43,000	$ 62,000
Other receivables	239,000	239,000
Receivables from related parties (Note 29)	8,000	8,000
Current prepayments and other current assets	1,152,000	1,208,000
Non-current assets [abstract]
Advances to suppliers	235,000	199,000
Non-trade receivables	13,000	13,000
Other	42,000	42,000
Total	$ 290,000	$ 254,000

RECEIVABLES, REPAYMENTS AND OTHER ASSETS - Schedule of Unbilled Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Trade and other current receivables [abstract]
Beginning balance	$ 42,000	$ 43,000	$ 62,000
Revenue recognized during the year	32,000	44,000
Amounts invoiced	(33,000)	(69,000)
Other	0	6,000
Receivables from government grants	44,000	46,000
Ending balance	$ 42,000	$ 43,000

INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Inventories [Abstract]
Work in progress, net	$ 996,000	$ 916,000
Raw materials and supplies, net	189,000	205,000
Total	1,185,000	$ 1,121,000
Elimination of reserve upon sale of inventory	$ (12,000)

LONG-TERM DEBT - Summary of Term Loan Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Current total	$ 281,000	$ 297,000
Noncurrent total	1,830,000	1,716,000
Total	2,111,000	2,013,000
Accounts Receivable Factoring
Disclosure of detailed information about borrowings [line items]
Current total	$ 0	16,000
Accounts Receivable Factoring \| Maximum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.90%
2018 Tool Equipment Purchase and Lease Financing
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	1.60%
Current total	$ 75,000	75,000
Noncurrent total	$ 0	19,000
2019 Tool Equipment Purchase and Lease Financing
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	1.75%
Current total	$ 84,000	84,000
Noncurrent total	$ 85,000	106,000
2019 USD Dresden Equipment Financing
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	1.75%
Current total	$ 36,000	36,000
Noncurrent total	$ 144,000	144,000
2020 USD Equipment Financing
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	1.90%
Current total	$ 59,000	59,000
Noncurrent total	$ 138,000	152,000
USD Term Loan A
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	2.90%
Noncurrent total	$ 648,000	647,000
EUR Term Loan A
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	2.60%
Noncurrent total	$ 92,000	94,000
2019 EUR Dresden Equipment Financing
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	1.75%
Current total	$ 14,000	14,000
Noncurrent total	$ 417,000	423,000
2021 SGD EDB Loan
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	1.40%
Noncurrent total	$ 267,000	90,000
Various Debt One
Disclosure of detailed information about borrowings [line items]
Current total	13,000	13,000
Various Loans Two
Disclosure of detailed information about borrowings [line items]
Noncurrent total	$ 39,000	$ 41,000

LONG-TERM DEBT - Summary of Unutilized Credit Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	$ 1,855,000	$ 2,145,000
2021 SGD EDB Loan
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	814,000	1,029,000
Citibank Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	1,010,000	1,010,000
Societe Generale Singapore Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	27,000	27,000
Societe Generale Singapore Factoring
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	0	75,000
Other
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	$ 4,000	$ 4,000

RELATED PARTY DISCLOSURE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Due from related parties	$ 8,000	$ 8,000
Due to related parties	$ 7,000	$ 9,000
Silicon Manufacturing Partners Pte Ltd. (“SMP”)
Disclosure of transactions between related parties [line items]
Voting rights (as a percent)	49.00%

RELATED PARTY DISCLOSURE - Transactions with Related Parties (Details) - SMP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure of transactions between related parties [line items]
Purchases from	$ 13,000	$ 17,000
Other transactions with	$ 10,000	$ 11,000

COMMITMENTS AND CONTINGENCIES - Unconditional Purchase Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract]
Contracts for capital expenditures	$ 4,425,000	$ 2,995,000
Contracts for operating expenditures	3,819,000	3,405,000
Contractual capital and operating commitments	8,244,000	6,400,000
Due within the next 12 months	$ 4,058,000	$ 3,543,000

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Apr. 28, 2021
Disclosure of contingent liabilities [line items]
Loans and borrowings		$ 2,111,000,000	$ 2,013,000,000
Bank guarantees		$ 3,000,000	3,000,000
Provisions				$ 2,500,000
PILOT Bonds, Letters Of Credit
Disclosure of contingent liabilities [line items]
Loans and borrowings	$ 20,000,000		$ 20,000,000

FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	$ 15,902,000	$ 15,028,000
Total financial liabilities	7,563,000	6,995,000
Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial liabilities	68,000	66,000
Cash and cash equivalents
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	2,027,000	2,175,000
Investment in equity securities
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	17,000	17,000
Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	97,000	26,000
Level 1 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial liabilities	0	0
Level 1 \| Cash and cash equivalents
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	2,002,000	2,150,000
Level 1 \| Investment in equity securities
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	1,000	1,000
Level 1 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	0	0
Level 2 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial liabilities	68,000	66,000
Level 2 \| Cash and cash equivalents
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	25,000	25,000
Level 2 \| Investment in equity securities
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	0	0
Level 2 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	97,000	26,000
Level 3 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial liabilities	0	0
Level 3 \| Cash and cash equivalents
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	0	0
Level 3 \| Investment in equity securities
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	16,000	16,000
Level 3 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	$ 0	$ 0

FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES - Not Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Carrying Amount	$ 2,111,000	$ 2,013,000
Fair Value	2,080,000	2,006,000
Long-term debt
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Carrying Amount	2,111,000	2,013,000
Fair Value	$ 2,080,000	$ 2,006,000

- Definition

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details

SHARE-BASED PAYMENTS (Details) - Employee Share Purchase Plan	3 Months Ended
	Mar. 31, 2022 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-Based Payment Arrangement, Commencement Period	8 years
Share-Based Payment Arrangement, Commencement Percentage	0.25%
Share-Based Payment Arrangement, Shares Available	7,500,000
Share-Based Payment Arrangement, Maximum Shares Issuable	18,750,000