0001709048-22-000051 | 6-K | XBRL Viewer

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

Earnings (Loss) Per Share

Basic earnings per share ("EPS") are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share:


(in millions except per share amounts)	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income (loss) attributable to equity shareholders of the Company	$	337	$	6	$	780	$	(293)

Weighted average shares outstanding
Basic	543		500		537		500
Diluted	553		512		551		500

Total basic and diluted EPS attributable to equity shareholders
Basic	$	0.62	$	0.01	$	1.45	$	(0.59)
Diluted	$	0.61	$	0.01	$	1.42	$	(0.59)

LONG-TERM DEBT - Summary of Unutilized Credit Facilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	$ 1,395	$ 2,145
Citibank Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	1,012	1,010
SGD EDB Loan
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	353	1,029
Societe Generale Singapore Revolving Credit Facility(1)
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	0	27
Societe Generale Singapore Factoring
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	26	75
Other(1)
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	$ 4	$ 4

INCOME TAXES - Narrative (Details)	9 Months Ended
INCOME TAXES - Narrative (Details)	Sep. 30, 2022	Sep. 30, 2021
Income taxes [Abstract]
Statutory income tax rate	0.00%
Effective income tax rate	9.10%	21.30%

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Profit or loss [abstract]
Net revenue	$ 2,074,000	$ 1,700,000	$ 6,007,000	$ 4,738,000
Cost of revenue	1,464,000	1,400,000	4,390,000	4,108,000
Gross profit	610,000	300,000	1,617,000	630,000
Research and development expenses	124,000	114,000	372,000	349,000
Selling, general and administrative expenses	129,000	134,000	366,000	427,000
Operating expenses	253,000	248,000	738,000	776,000
Profit (loss) from operations	357,000	52,000	879,000	(146,000)
Finance expenses, net	(11,000)	(27,000)	(58,000)	(82,000)
Share of profit of joint ventures	1,000	1,000	3,000	3,000
Other income (expense), net	8,000	1,000	32,000	(19,000)
Profit (loss) before income taxes	355,000	27,000	856,000	(244,000)
Income tax expense	(19,000)	(22,000)	(78,000)	(52,000)
Net income (loss) for the period	336,000	5,000	778,000	(296,000)
Attributable to:
Shareholders of GLOBALFOUNDRIES INC.	337,000	6,000	780,000	(293,000)
Non-controlling interest	(1,000)	(1,000)	(2,000)	(3,000)
Net income (loss) for the period	$ 336,000	$ 5,000	$ 778,000	$ (296,000)
Net earnings (loss) per share attributable to the equity holders of the Company:
Weighted average shares outstanding, basic (in shares)	543	500	537	500
Diluted weighted average common shares outstanding (in shares)	553	512	551	500
Basic loss per share (in USD per share)	$ 0.62	$ 0.01	$ 1.45	$ (0.59)
Diluted loss per share (in USD per share)	$ 0.61	$ 0.01	$ 1.42	$ (0.59)

LONG-TERM DEBT - Summary of Term Loan Facilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Various	$ 244	$ 297
Noncurrent total	1,972	1,716
Total	2,216	2,013
2018 Tool Equipment Purchase and Lease Financing
Disclosure of detailed information about borrowings [line items]
Various	$ 37	75
2018 Tool Equipment Purchase and Lease Financing \| Minimum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00016%
2019 Tool Equipment Purchase and Lease Financing
Disclosure of detailed information about borrowings [line items]
Various	$ 85	84
Noncurrent total	$ 42	106
2019 Tool Equipment Purchase and Lease Financing \| Minimum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00018%
2019 Tool Equipment Purchase and Lease Financing \| Maximum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00018%
2019 USD Dresden Equipment Financing
Disclosure of detailed information about borrowings [line items]
Various	$ 36	36
Noncurrent total	$ 126	144
2019 USD Dresden Equipment Financing \| Minimum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00018%
2019 USD Dresden Equipment Financing \| Maximum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00018%
2020 USD Equipment Financing
Disclosure of detailed information about borrowings [line items]
Various	$ 59	59
Noncurrent total	$ 108	152
2020 USD Equipment Financing \| Minimum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00019%
2020 USD Equipment Financing \| Maximum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00019%
USD Term Loan A
Disclosure of detailed information about borrowings [line items]
Noncurrent total	$ 649	647
USD Term Loan A \| Maximum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00029%
EUR Term Loan A
Disclosure of detailed information about borrowings [line items]
Noncurrent total	$ 81	94
EUR Term Loan A \| Maximum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00026%
2019 EUR Dresden Equipment Financing
Disclosure of detailed information about borrowings [line items]
Various	$ 12	14
Noncurrent total	$ 361	423
2019 EUR Dresden Equipment Financing \| Minimum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00018%
2019 EUR Dresden Equipment Financing \| Maximum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	0.00018%
SGD EDB Loan
Disclosure of detailed information about borrowings [line items]
Noncurrent total	$ 579	90
SGD EDB Loan \| Maximum
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate	1.40%
Various Debt One
Disclosure of detailed information about borrowings [line items]
Various	$ 15	29
Various Loans Two
Disclosure of detailed information about borrowings [line items]
Noncurrent total	$ 26	$ 60

Cover	9 Months Ended
Cover	Sep. 30, 2022
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	GLOBALFOUNDRIES Inc.
Document Period End Date	Sep. 30, 2022
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001709048
Amendment Flag	false

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2022

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

Summary of commitments

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


(in millions)	September 30, 2022		December 31, 2021
Contracts for capital expenditures	$	3,332	$	2,995
Contracts for operating expenditures	3,682		3,405
	$	7,014	$	6,400
Due within the next 12 months	$	3,656	$	3,543

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings per share [abstract]
Net income (loss) attributable to equity shareholders of the Company	$ (337)	$ (6)	$ (780)	$ 293
Weighted average shares outstanding, basic (in shares)	543	500	537	500
Weighted average shares outstanding, diluted (in shares)	553	512	551	500
Total basic EPS attributable to equity shareholders (in USD per share)	$ 0.62	$ 0.01	$ 1.45	$ (0.59)
Total basic diluted earnings per share attributable to equity shareholders (in USD per share)	$ 0.61	$ 0.01	$ 1.42	$ (0.59)

RELATED PARTY DISCLOSURE (Tables)

9 Months Ended

Sep. 30, 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 income (loss):


(in millions)	Three Months Ended September 30,		Nine Months Ended September 30,

Purchases from: *	2022	2021	2022	2021
SMP	$15	$13	$42	$42

Other transactions with:
SMP (reimbursement of expenses and contribution of tools)	$16	$5	$37	$27

	$16	$5	$37	$27

* Purchases from SMP were primarily comprised of wafer purchases.

RECEIVABLES, REPAYMENTS AND OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2022

Trade and other current receivables [abstract]

Schedule of accounts receivable


(in millions)	September 30, 2022		December 31, 2021
Current:
Trade receivables, other than related parties	$	798	$	872
Unbilled accounts receivable (1)	24		43
Other receivables	264		239
Receivables from government grants	48		46
Receivables from related parties	12		8
Derivative assets	23		23
	$	1,169	$	1,231
Non-current:

Advances to suppliers (2)	$	241	$	199
Non-trade receivables	11		13
Other	41		42
Total	$	293	$	254

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

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

Schedule of unbilled accounts receivables

The following table summarizes the activity in the Company’s unbilled accounts receivable for the nine months ended September 30, 2022 and the twelve months ended December 31, 2021, respectively:


(in millions)	September 30, 2022		December 31, 2021
Balance, beginning of period	$	43	$	62
Revenue recognized during the period	78		44
Amounts invoiced	(97)		(69)
Other	—		6
Balance, end of period	$	24	$	43

NET REVENUE

9 Months Ended

Sep. 30, 2022

Revenue from Contracts with Customers [Abstract]

Net Revenues

Net Revenue

On an ongoing basis the Company reviews the categories that best depict how the nature, timing and uncertainty of revenue cash flows are affected by economic factors. The following table presents the Company’s revenue disaggregated based on revenue source and timing of revenue recognition for the three and nine month periods ended September 30, 2022 and 2021. The Company believes these categories best depict the nature and timing of revenue:


(in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Type of goods and services:
Wafer fabrication	$	1,958	$	1,603	$	5,667	$	4,458
Engineering and other pre-fabrication services	116		97		340		280
	$	2,074	$	1,700	$	6,007	$	4,738

Timing of revenue recognition:
Revenue recognized over time	$	111	$	87	$	344	$	258
Revenue recognized at a point in time	1,963		1,613		5,663		4,480
	$	2,074	$	1,700	$	6,007	$	4,738

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total	Common Share	Additional Paid-In Capital	Loan from Shareholder	Accumulated Deficit	Hedging Reserve	Foreign Currency Translation Reserve	Non- controlling Interest
Beginning balance	$ 7,242,000	$ 7,177,000	$ 10,000	$ 11,708,000	$ 10,681,000	$ (15,219,000)	$ (15,000)	$ 12,000	$ 65,000
Beginning balance (in shares) at Dec. 31, 2020			500,000,000
Repayment of loan from shareholder	(568,000)	(568,000)			(568,000)
Share-based compensation	169,000	169,000		169,000
Net income (loss)	(296,000)	(293,000)				(293,000)			(3,000)
Other comprehensive loss	(44,000)	(41,000)					(35,000)	(6,000)	(3,000)
Ending balance (in shares) at Sep. 30, 2021			500,000,000
Ending balance at Sep. 30, 2021	6,503,000	6,444,000	$ 10,000	11,877,000	10,113,000	(15,512,000)	(50,000)	6,000	59,000
Beginning balance	6,503,000	6,444,000	10,000	11,877,000	10,113,000	(15,512,000)	(50,000)	6,000	59,000
Beginning balance	8,033,000	7,975,000	$ 11,000	23,487,000	0	(15,469,000)	(57,000)	3,000	58,000
Beginning balance (in shares) at Dec. 31, 2021			531,845,744
Proceeds from issuance of equity instruments (in shares)			13,227,702
Proceeds from issuance of equity instruments	142,000	142,000		142,000
Share-based compensation	137,000	137,000		137,000
Net income (loss)	778,000	780,000				780,000			(2,000)
Other comprehensive loss	$ (9,000)	6,000					20,000	(14,000)	(15,000)
Ending balance (in shares) at Sep. 30, 2022	531,846,000		545,073,446
Ending balance at Sep. 30, 2022	$ 9,081,000	9,040,000	$ 11,000	23,766,000	0	(14,689,000)	(38,000)	(11,000)	41,000
Beginning balance	$ 9,081,000	$ 9,040,000	$ 11,000	$ 23,766,000	$ 0	$ (14,689,000)	$ (38,000)	$ (11,000)	$ 41,000

- 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

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+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation and Summary of Significant Accounting Policies Statement of Compliance— The accompanying interim condensed consolidated financial statements have been prepared by management of the Company in accordance with the rules and regulations of the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements prepared in accordance with IFRS as issued by the IASB and should be read in conjunction with the Company’s annual consolidated financial statements, included in GLOBALFOUNDRIES' Annual Report on Form 20-F for the year ended December 31, 2021. The interim condensed consolidated financial statements were authorized by the Audit, Risk and Compliance Committee of GLOBALFOUNDRIES’ Board of Directors on November 21, 2022, to be issued and subsequent events have been evaluated for their potential effect on the interim condensed consolidated financial statements through November 22, 2022. Significant Accounting Judgments, Estimates and Assumptions — The preparation of financial statements in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting, requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three and nine month periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Change in Presentation — After a review of the Company’s financial statements, certain format changes have been made to the statements of financial position as of December 31, 2021. These format changes include the presentation of the Company’s current assets, noncurrent assets, current liability, noncurrent liability and equity based on degree of liquidity. IAS 1 does not mandate a specific order or classification of accounts on the statement of financial position. This change is not a change in estimate or a change in accounting policy. The format changes did not result in a change to the previously reported financial position. Significant Accounting Policies —The accounting policies (including accounting judgements, estimates and assumptions) adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company's annual audited consolidated financial statements contained in our Annual Report on Form 20-F for the year ended December 31, 2021. Recent Accounting Pronouncements, Adopted: Amendments to IFRS 9, IAS 39, IFRS 7 and IFRS 16 Interest Rate Benchmark Reform (“IBOR reform”) Refer to the audited consolidated financial statements included in the Company's Annual Report on Form 20-F for the year ended December 31, 2021.

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Earnings per share [abstract]

Schedule of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share:


(in millions except per share amounts)	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income (loss) attributable to equity shareholders of the Company	$	337	$	6	$	780	$	(293)

Weighted average shares outstanding
Basic	543		500		537		500
Diluted	553		512		551		500

Total basic and diluted EPS attributable to equity shareholders
Basic	$	0.62	$	0.01	$	1.45	$	(0.59)
Diluted	$	0.61	$	0.01	$	1.42	$	(0.59)

RELATED PARTY DISCLOSURE - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Due from related parties	$ 12.0	$ 8.0
Due to related parties	$ 12.0	$ 9.0
Silicon Manufacturing Partners Pte Ltd. (“SMP”)
Disclosure of transactions between related parties [line items]
Voting rights (as a percent)	49.00%

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
Earnings Per Share	Earnings (Loss) Per ShareBasic earnings per share ("EPS") are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding.

FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2022

Fair value measurements of assets and liabilities [Abstract]

Fair value measurement

Fair Value Measurements

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

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

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

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

Cash Equivalents - Cash equivalents include investments in government obligation-based money market funds, other money market instruments and interest-bearing deposits with initial or remaining terms of three months or less. The fair value of cash equivalents approximates its carrying value due to the short-term nature of these instruments.

Marketable Securities - Marketable securities include U.S. Treasury Securities, U.S. Government Sponsored Enterprises, floating rate securities, money market mutual funds, corporate debt instruments and other Notes, bonds or debt securities issued by non-U.S. sovereign or multilateral entities, as these securities all have quoted prices in active markets.

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


(in millions)			Quoted Prices Identical Assets/ Liabilities		Significant Other Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
December 31, 2021
Assets:
Cash equivalents(1)	$	2,175	$	2,150	$	25	$	—

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

Derivatives(3)	$	26	$	—	$	26	$	—

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

September 30, 2022
Assets:
Cash equivalents(1)	$	1,799	$	1,559	$	240	$	—

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

Derivatives(3)	$	96	$	—	$	96	$	—

Marketable securities	$	932	$	932	$	—	$	—

Liabilities:
Derivatives(3)	$	224	$	—	$	224	$	—

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

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

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

During the nine months ended September 30, 2022 and 2021, there were no transfers between Level 1, Level 2 or Level 3 fair value measurements.

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

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

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

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

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


(in millions)		September 30, 2022				December 31, 2021
Financial Liabilities	Category	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt	FLAC	2,216		2,138		2,013		2,006
Total		$	2,216	$	2,138	$	2,013	$	2,006

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

SHARE-BASED PAYMENTS	9 Months Ended
SHARE-BASED PAYMENTS	Sep. 30, 2022
Share-based payment arrangements [Abstract]
Share-Based Payments	Share-Based Compensation We measure and recognize compensation expense related to share-based transactions, including employee, consultant, and non-employee director share option awards, in our consolidated financial statements based on fair value. We estimate the share option fair value at the date of grant using the Black-Scholes option pricing model, which requires management to make certain assumptions of future expectations based on historical and current data. The assumptions include the expected term of the share option, expected volatility, dividend yield, and risk-free interest rate. The expected term represents the amount of time that options granted are expected to be outstanding, based on forecasted exercise behavior. The risk-free rate is based on the rate at grant date of zero- coupon Treasury notes with a term comparable to the expected term of the option. We estimate expected volatility based on the historical volatility of comparable public entities’ share price from the same industry. We base our dividend yield on forecasted expected payments, which we expect to be zero for the immediate future. We recognize compensation expense over the vesting period of the award on a graded attribution basis, and we estimate forfeitures. Employee Stock Purchase Plan In connection with, and prior to the consummation of, the Company's initial public offering, the Company's board of directors adopted the GLOBALFOUNDRIES Inc. 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP is administered by the Company's board of directors or, as applicable, its delegate (the “ESPP Administrator”). Subject to certain equitable adjustments in connection with certain events affecting the outstanding ordinary shares reserved for issuance as awards, the maximum aggregate number of our ordinary shares that may be issued or transferred under the ESPP with respect to awards is 7,500,000 ordinary shares; provided that the share reserve under the ESPP will, unless otherwise determined by our board of directors, automatically increase on January 1 of each year for 8 years commencing on January 1, 2023 and ending on (and including) January 1, 2031 in an amount equal to 0.25% of the total number of ordinary shares outstanding on December 31 of the preceding year. In no event will the number of ordinary shares that may be issued or transferred pursuant to rights granted under the ESPP exceed 18,750,000, in the aggregate, subject to the adjustments described above. Performance Stock Units During the second quarter of 2022, the Company awarded Performance Stock Units (“PSUs”) to certain senior level employees, which will vest if certain financial performance objectives are achieved over 2 years to 3 years performance periods and the grantee remains employed by the Company through that performance period. Each PSU represents a contingent right to receive shares of the Company’s stock if the Company meets certain performance measures over the requisite period. The PSU awards entitle recipients to receive, upon vesting, a number of shares that ranges from 0% to 200% of the number of PSUs awarded, depending on the level of achievement of the specified performance conditions.

RELATED PARTY DISCLOSURE - Transactions with Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disclosure of transactions between related parties [line items]
Other transactions with	$ 16	$ 5	$ 37	$ 27
SMP
Disclosure of transactions between related parties [line items]
Purchases from	15	13	42	42
Other transactions with	$ 16	$ 5	$ 37	$ 27

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Attributable to:
Shareholders of GLOBALFOUNDRIES INC.	$ 337,000	$ 6,000	$ 780,000	$ (293,000)
Non-controlling interest	(1,000)	(1,000)	(2,000)	(3,000)
Net income (loss) for the period	336,000	5,000	778,000	(296,000)
Items that may be reclassified subsequently to profit or loss:
Share of foreign exchange fluctuation reserve of joint ventures	(8,000)	(4,000)	(19,000)	(9,000)
Effective portion of changes in the fair value of cash flow hedges	9,000	(18,000)	22,000	(37,000)
Fair value (loss) on investments measured at fair value through other comprehensive income	(7,000)	0	(10,000)	0
Income tax effect	0	1,000	(2,000)	2,000
Total other comprehensive income (loss) for the period	(6,000)	(21,000)	(9,000)	(44,000)
Attributable to:
Shareholders of GLOBALFOUNDRIES INC.	3,000	(20,000)	6,000	(41,000)
Non-controlling interest	(9,000)	(1,000)	(15,000)	(3,000)
Total other comprehensive income (loss) for the period	(6,000)	(21,000)	(9,000)	(44,000)
Attributable to:
Shareholders of GLOBALFOUNDRIES INC.	340,000	(13,000)	786,000	(334,000)
Non-controlling interest	(10,000)	(3,000)	(17,000)	(6,000)
Total comprehensive income (loss) for the period	$ 330,000	$ (16,000)	$ 769,000	$ (340,000)

RELATED PARTY DISCLOSURE

9 Months Ended

Sep. 30, 2022

Related party [Abstract]

Related Party Disclosures

Related party balances disclosed in the interim condensed consolidated statements of financial position relates to Silicon Manufacturing Partners Pte Ltd. ("SMP"). SMP is a joint venture with LSI Technology (Singapore) Pte. Ltd. The Company holds a 49% interest in SMP and manages all aspects of its manufacturing operations. The total amounts of $12 million and $8 million due from related parties as of September 30, 2022 and December 31, 2021, respectively, have been included in receivables, prepayments and other assets (see Note 6). The $12 million and $9 million due to related parties as of September 30, 2022 and December 31, 2021, respectively, have been included in trade and other payables.

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


(in millions)	Three Months Ended September 30,		Nine Months Ended September 30,

Purchases from: *	2022	2021	2022	2021
SMP	$15	$13	$42	$42

Other transactions with:
SMP (reimbursement of expenses and contribution of tools)	$16	$5	$37	$27

	$16	$5	$37	$27

* Purchases from SMP were primarily comprised of wafer purchases.

LONG-TERM DEBT

9 Months Ended

Sep. 30, 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	September 30, 2022		December 31, 2021
				(in millions)
2018 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.60%	2023	37		75
2019 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.75%	2024	85		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	EURIBOR + 1.75%	2026	12		14
Various	EUR, USD	Various	2024-2026	15		29
Current total				244		297

2019 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.75%	2024	42		106
2019 USD Dresden Equipment Financing	USD	LIBOR + 1.75%	2024	126		144
2020 USD Equipment Financing	USD	LIBOR + 1.90%	2025	108		152
USD Term Loan A	USD	LIBOR + 2.90%	2025	649		647
EUR Term Loan A	EUR	EURIBOR + 2.60%	2025	81		94
2019 EUR Dresden Equipment Financing	EUR	EURIBOR + 1.75%	2026	361		423
2021 SGD EDB Loan	SGD	1.40%	2041	579		90
Various	EUR, USD	Various	2024-2027	26		60
Noncurrent total				1,972		1,716
Total				$	2,216	$	2,013

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


(in millions)	September 30, 2022		December 31, 2021

Citibank Revolving Credit Facility	1,012		1,010
SGD EDB Loan	$	353	$	1,029
Societe Generale Singapore Revolving Credit Facility(1)	—		27
Societe Generale Singapore Factoring	26		75
Other(1)	4		4


Total	$	1,395	$	2,145

(1) subject to lender approval before draw-down or being usable.

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Apr. 28, 2021
Disclosure of contingent liabilities [line items]
Loans and borrowings	$ 2,216,000,000	$ 2,013,000,000
Provisions			$ 2,500,000,000
PILOT Bonds, Letters Of Credit
Disclosure of contingent liabilities [line items]
Loans and borrowings	20,000,000	20,000,000
Bank guarantees	$ 3,000,000	$ 3,000,000

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2022

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

Commitments and Contingencies

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


(in millions)	September 30, 2022		December 31, 2021
Contracts for capital expenditures	$	3,332	$	2,995
Contracts for operating expenditures	3,682		3,405
	$	7,014	$	6,400
Due within the next 12 months	$	3,656	$	3,543

In addition to the above, the Company obtained letters of credit to primarily guarantee payments for utility supplies and foreign statutory payroll related charges. The Company has available letters of credit of $20 million September 30, 2022 and December 31, 2021 and has drawn down bank guarantees of $3 million as of September 30, 2022 and December 31, 2021.

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

On April 28, 2021, International Business Machines (“IBM”) sent the Company a letter alleging that the Company did not fulfill the Company’s obligations under the contracts the Company entered into with IBM in 2014 associated with the Company’s acquisition of IBM’s Microelectronics business. IBM asserted that the Company engaged in fraudulent misrepresentations during the underlying negotiations, and claimed the Company owed them at least $2.5 billion damages and restitution. On June 7, 2021, the Company filed a complaint with the New York State Supreme Court (the “Court”) seeking a declaratory judgment that the Company did not breach the relevant contracts. IBM subsequently filed its complaint with the Court on June 8, 2021. On September 14, 2021, the Court granted the Company's motion to dismiss IBM’s claims of fraud, unjust enrichment and breach of the implied covenant of good faith and fair dealing. IBM appealed its fraud claim, and on April 7, 2022, the New York Appellate Division reversed the Court’s decision. The Company believes, based on discussions with legal counsel, that it has meritorious defenses against IBM’s claims. The Company disputes IBM’s claims and intends to vigorously defend against them.

FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES - Not Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Carrying Amount	$ 2,216	$ 2,013
Fair Value	2,138	2,006
Long-term debt
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Carrying Amount	2,216	2,013
Fair Value	$ 2,138	$ 2,006

- 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

FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES - Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	$ 17,208	$ 15,028
Total financial liabilities	8,127	6,995
Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial liabilities	224	66
Cash equivalents
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	1,799	2,175
Investment in equity instruments
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	17	17
Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	96	26
Marketable securities
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	932
Level 1 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial liabilities	0	0
Level 1 \| Cash equivalents
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	1,559	2,150
Level 1 \| Investment in equity instruments
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	1	1
Level 1 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	0	0
Level 1 \| Marketable securities
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	932
Level 2 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial liabilities	224	66
Level 2 \| Cash equivalents
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	240	25
Level 2 \| Investment in equity instruments
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	96	26
Level 2 \| Marketable securities
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	0
Level 3 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial liabilities	0	0
Level 3 \| Cash equivalents
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	0	0
Level 3 \| Investment in equity instruments
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	16	16
Level 3 \| Derivatives
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	0	$ 0
Level 3 \| Marketable securities
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]
Total financial assets	$ 0

CORPORATE INFORMATION	9 Months Ended
CORPORATE INFORMATION	Sep. 30, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
CORPORATE INFORMATION	Corporate Information Company Operations GLOBALFOUNDRIES Inc. (“GLOBALFOUNDRIES”) is an exempted company with limited liability incorporated under the laws of the Cayman Islands. The address of GLOBALFOUNDRIES’ registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104 Cayman Islands. GLOBALFOUNDRIES and its subsidiaries (together referred to as the “Company”, “GlobalFoundries”, “GF”, “we”, or “us”) is one of the world’s leading semiconductor foundries and offers a full range of mainstream wafer fabrication services and technologies. The Company manufactures a broad range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontroller, and power management units.

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2022

Inventories [Abstract]

Schedule of inventories


(in millions)	September 30, 2022		December 31, 2021
Work in progress, net	$	1,074	$	916
Raw materials and supplies, net	268		205
Total	$	1,342	$	1,121

SHARE-BASED PAYMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
SHARE-BASED PAYMENTS (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free interest rate (as a percent)			0.00%
Expected dividend payment			$ 0
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
performance period (in years)		2 years
Vesting percentage (as a percent)	0.00%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
performance period (in years)		3 years
Vesting percentage (as a percent)	200.00%
Employee Share Purchase Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Commencement period (in years)			8 years
Commencement percentage (as a percent)			0.25%
Shares available (in shares)			7,500,000
Maximum shares issuable (in shares)			18,750,000

NET REVENUE - Disaggregated Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 2,074	$ 1,700	$ 6,007	$ 4,738
Revenue recognized over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	111	87	344	258
Revenue recognized at a point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	1,963	1,613	5,663	4,480
Wafer fabrication
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	1,958	1,603	5,667	4,458
Engineering and other pre-fabrication services
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 116	$ 97	$ 340	$ 280

RECEIVABLES, REPAYMENTS AND OTHER ASSETS - Schedule of Unbilled Accounts Receivable (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Trade and other current receivables [abstract]
Balance, beginning of period	$ 43	$ 62
Revenue recognized during the period	78	44
Amounts invoiced	(97)	(69)
Other	0	6
Balance, end of period	$ 24	$ 43

RECEIVABLES, REPAYMENTS AND OTHER ASSETS

9 Months Ended

Sep. 30, 2022

Trade and other current receivables [abstract]

Receivables, Prepayments and Other Assets


(in millions)	September 30, 2022		December 31, 2021
Current:
Trade receivables, other than related parties	$	798	$	872
Unbilled accounts receivable (1)	24		43
Other receivables	264		239
Receivables from government grants	48		46
Receivables from related parties	12		8
Derivative assets	23		23
	$	1,169	$	1,231
Non-current:

Advances to suppliers (2)	$	241	$	199
Non-trade receivables	11		13
Other	41		42
Total	$	293	$	254

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

The following table summarizes the activity in the Company’s unbilled accounts receivable for the nine months ended September 30, 2022 and the twelve months ended December 31, 2021, respectively:


(in millions)	September 30, 2022		December 31, 2021
Balance, beginning of period	$	43	$	62
Revenue recognized during the period	78		44
Amounts invoiced	(97)		(69)
Other	—		6
Balance, end of period	$	24	$	43

RECEIVABLES, REPAYMENTS AND OTHER ASSETS - Summary of Receivables, Prepayments and Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Trade receivables, other than related parties	$ 798	$ 872
Unbilled accounts receivable	24	43	$ 62
Other receivables	264	239
Receivables from government grants	48	46
Receivables from related parties	12	8
Derivative assets	23	23
Current prepayments and other current assets	1,169	1,231
Non-current:
Advances to suppliers	241	199
Non-trade receivables	11	13
Other	41	42
Total	$ 293	$ 254

COMMITMENTS AND CONTINGENCIES - Unconditional Purchase Commitments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract]
Contracts for capital expenditures	$ 3,332	$ 2,995
Contracts for operating expenditures	3,682	3,405
Contractual capital and operating commitments	7,014	6,400
Due within the next 12 months	$ 3,656	$ 3,543

INVENTORIES

9 Months Ended

Sep. 30, 2022

Inventories [Abstract]

Inventories

The Company records inventories at the lower of cost or net realizable value for finished goods, work-in-progress, raw materials, and supplies. The Company makes inventory write-downs on an item-by-item basis, except where it may be appropriate to group similar or related items.


(in millions)	September 30, 2022		December 31, 2021
Work in progress, net	$	1,074	$	916
Raw materials and supplies, net	268		205
Total	$	1,342	$	1,121

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 778,000	$ (296,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	1,077,000	1,043,000
Amortization of intangible assets	137,000	157,000
Share-based compensation	137,000	169,000
Interest and income taxes paid	(54,000)	(74,000)
Finance expenses, net	58,000	82,000
Amortization of deferred income from government grants	(22,000)	(24,000)
Deferred income taxes, net	52,000	53,000
Gain on disposal of property, plant and equipment and other	(81,000)	(23,000)
Change in assets and liabilities:
Receivables, prepayments, other assets and other noncurrent assets	37,000	(119,000)
Inventories	(221,000)	(158,000)
Trade and other payables	235,000	882,000
Net cash provided by operating activities	2,133,000	1,692,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(2,009,000)	(1,036,000)
Purchases of intangible assets	(59,000)	(82,000)
Advances and proceeds from sale of property, plant and equipment and intangible assets	39,000	296,000
Purchase of investment in marketable securities	(1,046,000)	0
Proceeds from sale of marketable securities	108,000	0
Other investing activities	(40,000)	(2,000)
Net cash used in investing activities	(3,007,000)	(824,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of equity instruments and other	156,000	88,000
Repayments of shareholder loan	0	(568,000)
Net proceeds from borrowings	612,000	429,000
Repayments of debt and finance lease obligations	(286,000)	(698,000)
Net cash provided by (used in) financing activities	482,000	(749,000)
Effect of exchange rate changes on cash and cash equivalents	(6,000)	(8,000)
Net increase/(decrease) in cash and cash equivalents	(398,000)	111,000
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	2,541,000	1,019,000
Noncash investing and financing activities:
Amounts payable for property, plant and equipment	1,032,000	430,000
Property, plant and equipment acquired through lease	61,000	93,000
Amounts payable for intangible assets	$ 99,000	$ 118,000

NET REVENUE (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contracts with Customers [Abstract]

Schedule of disaggregation of revenue

The following table presents the Company’s revenue disaggregated based on revenue source and timing of revenue recognition for the three and nine month periods ended September 30, 2022 and 2021. The Company believes these categories best depict the nature and timing of revenue:


(in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Type of goods and services:
Wafer fabrication	$	1,958	$	1,603	$	5,667	$	4,458
Engineering and other pre-fabrication services	116		97		340		280
	$	2,074	$	1,700	$	6,007	$	4,738

Timing of revenue recognition:
Revenue recognized over time	$	111	$	87	$	344	$	258
Revenue recognized at a point in time	1,963		1,613		5,663		4,480
	$	2,074	$	1,700	$	6,007	$	4,738

INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventories [Abstract]
Work in progress, net	$ 1,074	$ 916
Raw materials and supplies, net	268	205
Total	$ 1,342	$ 1,121

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
Income taxes [Abstract]
Income Taxes	Income taxes For tax reporting purposes, the Company consolidates its entities under GLOBALFOUNDRIES Inc., a Cayman Islands entity. As a Cayman Islands corporation, the Company’s domestic statutory income tax rate is 0.0%. The difference between the Company’s domestic statutory income tax rate and its (provision) benefit for income taxes is due to the effect of the tax rates in the other jurisdictions in which the Company operates. The effective tax rate for the nine months ended September 30, 2022 and 2021 was 9.1% and (21.3)%, respectively. The increase for the nine months ended September 30, 2022 compared to the prior year was primarily due to a higher mix of income in jurisdictions with higher tax rates than the Cayman statutory tax rate and incremental withholding taxes incurred.

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2022		December 31, 2021
				(in millions)
2018 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.60%	2023	37		75
2019 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.75%	2024	85		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	EURIBOR + 1.75%	2026	12		14
Various	EUR, USD	Various	2024-2026	15		29
Current total				244		297

2019 Tool Equipment Purchase and Lease Financing	USD	LIBOR + 1.75%	2024	42		106
2019 USD Dresden Equipment Financing	USD	LIBOR + 1.75%	2024	126		144
2020 USD Equipment Financing	USD	LIBOR + 1.90%	2025	108		152
USD Term Loan A	USD	LIBOR + 2.90%	2025	649		647
EUR Term Loan A	EUR	EURIBOR + 2.60%	2025	81		94
2019 EUR Dresden Equipment Financing	EUR	EURIBOR + 1.75%	2026	361		423
2021 SGD EDB Loan	SGD	1.40%	2041	579		90
Various	EUR, USD	Various	2024-2027	26		60
Noncurrent total				1,972		1,716
Total				$	2,216	$	2,013

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


(in millions)	September 30, 2022		December 31, 2021

Citibank Revolving Credit Facility	1,012		1,010
SGD EDB Loan	$	353	$	1,029
Societe Generale Singapore Revolving Credit Facility(1)	—		27
Societe Generale Singapore Factoring	26		75
Other(1)	4		4


Total	$	1,395	$	2,145

(1) subject to lender approval before draw-down or being usable.

FAIR VALUE MEASUREMENTS OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 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:


(in millions)			Quoted Prices Identical Assets/ Liabilities		Significant Other Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
December 31, 2021
Assets:
Cash equivalents(1)	$	2,175	$	2,150	$	25	$	—

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

Derivatives(3)	$	26	$	—	$	26	$	—

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

September 30, 2022
Assets:
Cash equivalents(1)	$	1,799	$	1,559	$	240	$	—

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

Derivatives(3)	$	96	$	—	$	96	$	—

Marketable securities	$	932	$	932	$	—	$	—

Liabilities:
Derivatives(3)	$	224	$	—	$	224	$	—

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

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

Disclosure Of Financial Assets


(in millions)		September 30, 2022				December 31, 2021
Financial Liabilities	Category	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt	FLAC	2,216		2,138		2,013		2,006
Total		$	2,216	$	2,138	$	2,013	$	2,006

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,541,000	$ 2,939,000
Marketable securities	567,000	0
Receivables, prepayments and other assets	1,169,000	1,231,000
Other current financial assets	23,000	23,000
Inventories	1,342,000	1,121,000
Total current assets	5,619,000	5,291,000
Noncurrent assets:
Property, plant and equipment, net	10,218,000	8,713,000
Goodwill and intangible assets, net	298,000	377,000
Marketable securities	365,000	0
Other noncurrent financial assets	113,000	40,000
Deferred tax assets	302,000	353,000
Receivables, prepayments and other assets	293,000	254,000
Total noncurrent assets	11,589,000	9,737,000
Total assets	17,208,000	15,028,000
Current liabilities:
Trade payables and other current liabilities	3,375,000	2,586,000
Provisions	115,000	116,000
Current portion of deferred income from government grants	27,000	29,000
Current portion of lease obligations	111,000	135,000
Current portion of long-term debt	244,000	297,000
Total current liabilities	3,872,000	3,163,000
Noncurrent liabilities
Noncurrent portion of deferred income from government grants	241,000	147,000
Provisions	230,000	233,000
Noncurrent portion of lease obligations	274,000	291,000
Noncurrent portion of long-term debt	1,972,000	1,716,000
Other noncurrent liabilities	1,538,000	1,445,000
Total noncurrent liabilities	4,255,000	3,832,000
Total liabilities	8,127,000	6,995,000
Equity:
Share capital	11,000	11,000
Additional paid-in capital	23,766,000	23,487,000
Accumulated deficit	(14,689,000)	(15,469,000)
Accumulated other comprehensive loss	(48,000)	(54,000)
Equity attributable to the shareholders of GLOBALFOUNDRIES INC.	9,040,000	7,975,000
Non-controlling interest	41,000	58,000
Total equity	9,081,000	8,033,000
Total liabilities and equity	$ 17,208,000	$ 15,028,000

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) shares in Thousands	Sep. 30, 2022 $ / shares shares
Statement of financial position [abstract]
Par value per share (in dollars per share) \| $ / shares	$ 0.02
Number of shares issued (in shares)	545,073
Number of shares outstanding (in shares)	531,846