0001709048-23-000013 | 20-F | XBRL Viewer

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Cover	12 Months Ended
Cover	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40974
Entity Registrant Name	GLOBALFOUNDRIES Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	400 Stonebreak Road Extension
Entity Address, City or Town	Malta
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12020
Title of 12(b) Security	Ordinary shares, par value US$0.02 per share
Trading Symbol	GFS
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	547,754,986
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001709048
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	400 Stonebreak Road Extension
Entity Address, City or Town	Malta
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12020
City Area Code	(518)
Local Phone Number	305-9013
Contact Personnel Name	Dr. Thomas Caulfield
Contact Personnel Email Address	ir@gf.com

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022	Dec. 31, 2020
Auditor Information [Abstract]
Auditor Firm ID	1051	42
Auditor Name	KPMG LLP	Ernst & Young LLP
Auditor Location	Singapore, Singapore	San Jose, California

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,352	$ 2,939
Marketable securities	622	0
Receivables, prepayments and other assets	1,487	1,231
Inventories	1,339	1,121
Total current assets	5,800	5,291
Non-current assets:
Property, plant and equipment	10,596	8,713
Goodwill and intangible assets, net	363	377
Marketable securities	372	0
Deferred tax assets	292	353
Receivables, prepayments and other assets	281	254
Other non-current financial assets	137	40
Total non-current assets	12,041	9,737
Total Assets	17,841	15,028
Current liabilities:
Trade payables and other current liabilities	2,849	2,586
Current portion of long-term debt	223	297
Current portion of lease obligations	75	135
Provisions	102	116
Current portion of deferred income from government grants	110	29
Total current liabilities	3,359	3,163
Non-current liabilities:
Non-current portion of long-term debt	2,288	1,716
Other non-current liabilities	1,474	1,445
Non-current portion of lease obligations	270	291
Provisions	196	233
Non-current portion of deferred income from government grants	294	147
Total non-current liabilities	4,522	3,832
Total liabilities	7,881	6,995
Equity:
Share capital	11	11
Additional paid-in capital	23,831	23,487
Accumulated deficit	(14,021)	(15,469)
Accumulated other comprehensive loss	92	(54)
Equity attributable to the shareholders of GLOBALFOUNDRIES INC.	9,913	7,975
Non-controlling interests	47	58
Total equity	9,960	8,033
Total liabilities and equity	$ 17,841	$ 15,028

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares	Dec. 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 issued (in shares)	547,755,000	531,846,000
Number of shares outstanding (in shares)	547,755,000	531,846,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Net revenue	$ 8,108	$ 6,585	$ 4,851
Cost of revenue	5,869	5,572	5,563
Gross profit (loss)	2,239	1,013	(712)
Research and development expenses	482	478	476
Selling, general and administrative expenses	496	595	445
Restructuring charges	94	0	0
Operating expenses	1,072	1,073	921
Impairment charges	0	0	23
Other operating expenses	0	0	23
Income (loss) from operations	1,167	(60)	(1,656)
Finance income	51	6	3
Finance expenses	(111)	(114)	(154)
Gain on sale of East Fishkill (“EFK”) business	403	0	0
Other income (expense), net	22	(8)	442
Income (loss) before income taxes	1,532	(176)	(1,365)
Income tax (expense) benefit	(86)	(78)	12
Net income (loss) for the year	1,446	(254)	(1,353)
Attributable to:
Shareholder of GLOBALFOUNDRIES INC.	1,448	(250)	(1,350)
Non-controlling interest	(2)	(4)	(3)
Net income (loss) for the year	$ 1,446	$ (254)	$ (1,353)
Net income (loss) per share attributable to the equity holders of the Company:
Basic weighted average common shares outstanding (in shares)	539	506	500
Diluted weighted average common shares outstanding (in shares)	552	506	500
Basic loss per share (in USD per share)	$ 2.69	$ (0.49)	$ (2.70)
Diluted loss per share (in USD per share)	$ 2.62	$ (0.49)	$ (2.70)

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of comprehensive income [abstract]
Net income (loss) for the year	$ 1,446	$ (254)	$ (1,353)
Attributable to:
Shareholder of GLOBALFOUNDRIES INC.	1,448	(250)	(1,350)
Non-controlling interest	(2)	(4)	(3)
Net income (loss) for the year	1,446	(254)	(1,353)
Items that may be reclassified subsequently to profit or loss:
Share of foreign exchange fluctuation reserve of joint ventures	(23)	(12)	0
Effective portion of changes in the fair value of cash flow hedges	187	(45)	(23)
Fair value (loss) on investments measured at fair value through other comprehensive income	(9)	0	0
Income tax effect	(18)	3	(2)
Total other comprehensive income that will be reclassified to profit or loss, net of tax	137	(54)	(25)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of existing equity interests	0	0	7
Share of foreign exchange fluctuation reserve of joint ventures and associates	0	0	14
Attributable to:
Shareholders of GLOBALFOUNDRIES INC.	146	(50)	(9)
Non-controlling interests	(9)	(4)	5
Total other comprehensive income (loss) for the year	137	(54)	(4)
Total comprehensive income (loss)
Shareholders of GLOBALFOUNDRIES INC.	1,594	(300)	(1,359)
Non-controlling interests	(11)	(8)	2
Total comprehensive income (loss) for the year	$ 1,583	$ (308)	$ (1,357)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss) for the year

$ 1,446

$ (254)

$ (1,353)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

1,623

1,618

2,522

Share-based payments

181

223

Interest and income taxes paid, net

^[1]

107

170

Impairment charges

Finance income

(51)

(6)

(3)

Finance expenses

111

114

154

Amortization of deferred income from government grants

(28)

(33)

(51)

Deferred income taxes

(38)

Gain on disposal of property, plant and equipment and other

(103)

(39)

(140)

Gain on the sale of a business

(403)

Change in assets and liabilities:

Receivables, prepayments and other assets

(387)

753

Inventories

(261)

(202)

(560)

Trade and other payables

1,819

(134)

Net cash provided by operating activities

2,624

2,839

1,004

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property, plant and equipment and intangible assets

(3,059)

(1,767)

(592)

Advances and proceeds from sale of property, plant and equipment and intangible assets

324

109

Purchase of investment in marketable securities

1,302

Proceeds from sale of marketable securities

306

Proceeds from sale of fabrication facilities and ASIC business

111

Other investing activities

(44)

(7)

Net cash used in investing activities

(4,058)

(1,450)

(366)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of equity instruments

168

1,444

Repayments of shareholder loan

(568)

(487)

Repayments of borrowings from shareholder

(112)

Net proceeds from borrowings

971

617

2,801

Repayments of debt and finance lease obligations

(390)

(960)

(3,246)

Proceeds from government grants

312

Increase (decrease) in restricted cash

(1)

Net cash provided by financing activities

842

650

(733)

Effect of exchange rate changes on cash and cash equivalents

(8)

Net increase (decrease) in cash and cash equivalents

(587)

2,031

(89)

Cash and cash equivalents at the beginning of the year

2,939

908

997

Cash and cash equivalents at the end of the year

2,352

2,939

908

Noncash investing and financing activities:

Amounts payable for property, plant and equipment

901

428

202

Property, plant and equipment acquired through lease

Amounts payable for intangible assets

$ 89

$ 159

[1]	Includes interest paid of $96 million, $101 million and $146 million for years ended December 31, 2022, 2021 and 2020, respectively, and interest received of $32 million, $1 million and $4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of cash flows [abstract]
Interest paid	$ 96	$ 101	$ 146
Interest received	$ 32	$ 1	$ 4

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Total	Common Share	Additional Paid-In Capital	Loan from Shareholder	Accumulated Deficit	Hedging Reserve	Foreign Currency Translation Reserve and Investments Reserves	Non- controlling Interest
Beginning balance	$ 9,020	$ 9,020	$ 10	$ 11,706	$ 11,168	$ (13,869)	$ 10	$ (5)	$ 0
Beginning balance (in shares) at Dec. 31, 2019			500,000
Share-based payments	1	1		1
Acquisition of subsidiaries	64								64
Repayment of loan from shareholder	(487)	(487)			(487)
Net income (loss) for the year	(1,353)	(1,350)				(1,350)			(3)
Other comprehensive (loss) income	(4)	(9)					(25)	16	5
Ending balance (in shares) at Dec. 31, 2020			500,000
Ending balance at Dec. 31, 2020	7,241	7,175	$ 10	11,707	10,681	(15,219)	(15)	11	66
Beginning balance	7,241	7,175	$ 10	11,707	10,681	(15,219)	(15)	11	66
Proceeds from issuance of equity instruments			32,000
Proceeds from issuance of equity instruments	1,445	1,445	$ 1	1,444
Share-based payments	223	223		223
Repayment of loan from shareholder	(568)	(568)			(568)
Conversion of loan from shareholder				10,113	(10,113)
Net income (loss) for the year	(254)	(250)				(250)			(4)
Other comprehensive (loss) income	$ (54)	(50)					(42)	(8)	(4)
Ending balance (in shares) at Dec. 31, 2021	531,846		532,000
Ending balance at Dec. 31, 2021	$ 8,033	7,975	$ 11	23,487	0	(15,469)	(57)	3	58
Beginning balance	8,033	7,975	$ 11	23,487	0	(15,469)	(57)	3	58
Proceeds from issuance of equity instruments			6,000
Proceeds from issuance of equity instruments	163	163		163
Share-based payments (in shares)			10,000
Share-based payments	181	181		181
Net income (loss) for the year	1,446	1,448
Other comprehensive (loss) income	$ 137	146					160	(14)	(9)
Ending balance (in shares) at Dec. 31, 2022	547,755		548,000
Ending balance at Dec. 31, 2022	$ 9,960	9,913	$ 11	23,831	0	(14,021)	103	(11)	47
Beginning balance	$ 9,960	$ 9,913	$ 11	$ 23,831	$ 0	$ (14,021)	$ 103	$ (11)	$ 47

Organization	12 Months Ended
Organization	Dec. 31, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
Organization	Organization 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 largest pure-play semiconductor foundries and offer 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, microcontrollers, and power management units. GLOBALFOUNDRIES is a majority owned subsidiary of Mubadala Technology Investments LLC (“Shareholder”) through its subsidiaries, Mubadala Technology Investment Company and MTI International Investment Company LLC. Mubadala Technology Investments LLC is a subsidiary of Mamoura Diversified Global Holding PJSC (“MDGH”). Mubadala Investment Company PJSC (“MIC”) is the ultimate parent company. See Note 28 for further discussion of the Company’s related party disclosures. The Company previously entered into an agreement with Semiconductor Components Industries, LLC (“ON Semiconductor”) to sell the Company’s business in East Fishkill, New York, including buildings, facilities, certain equipment, inventories, and certain contracts. Under the agreement the Company will manufacture 300mm wafers for ON Semiconductor until the end of 2023 for additional fees, allowing ON Semiconductor to increase its 300mm production at the East Fishkill fab over several years. Under the agreement, ON Semiconductor committed to minimum fixed cost payments in each year through 2023. On December 31, 2022, the Company completed the sale of the EFK business for a total purchase price of $406 million, of which $170 million was received in prior years, and the remaining $236 million received in January 2023. The Company recognized a gain upon the completion of the sale amounting to $403 million. The consolidated financial statements were authorized by the GLOBALFOUNDRIES’ Board of Directors on April 14, 2023 to be issued and subsequent events have been evaluated for their potential effect on the consolidated financial statements through April 14, 2023.

Basis of Preparation	12 Months Ended
Basis of Preparation	Dec. 31, 2022
Corporate Information And Statement Of IFRS Compliance [Abstract]
Basis of Preparation	Basis of Preparation Statement of Compliance—The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements comprise the financial statements of GLOBALFOUNDRIES and its subsidiaries. Basis of Measurement—These financial statements have been prepared on the historical cost basis except as otherwise described in the notes below. Functional and Presentation Currency—The consolidated financial statements are presented in United States (U.S.) dollars ($), which is the Company’s functional and presentation currency. Foreign Currency Translation—Assets and liabilities of foreign operations having a functional currency other than the U.S. dollar are translated at the rate of exchange prevailing at the reporting date and revenue and expenses at the rate of exchange prevailing at the dates of the transactions during the period. Gains or losses on translation of foreign operations are included in other comprehensive income (loss). In preparing the consolidated financial statements of the company, foreign currency-denominated monetary assets and liabilities are translated into the functional currency using the closing rate at the applicable consolidated statement of financial position dates. Non-monetary assets and liabilities, denominated in a foreign currency and measured at fair value, are translated at the rate of exchange prevailing at the date when the fair value was determined and non-monetary assets measured at historical cost are translated at the historical rate. Revenue and expenses are measured in the functional currency at the rates of exchange prevailing at the dates of the transactions with gains or losses included in income. Basis of Consolidation—The consolidated financial statements comprise the financial statements of GLOBALFOUNDRIES and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which GLOBALFOUNDRIES obtains control, and continue to be consolidated until the date when such control ceases. All intercompany transactions, balances, income and expenses are eliminated in full on consolidation. Wholly owned subsidiaries and controlled entities included in these consolidated financial statements are disclosed in Note 28 . Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. Specifically, the Company controls a subsidiary if the Company (a) has power over the subsidiary, (b) is exposed, or has rights, to variable returns from its involvement with subsidiary, and (c) has the ability to use the power to affect its returns. Profit or loss and each component of other comprehensive income (loss) (“OCI”) are attributed to the equity holder of the Company and to the non-controlling interests. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in the consolidated statements of operations. Any investment retained is recognized at fair value. Reclassification—Certain prior period amounts have been reclassified to conform to the current period presentation.

Summary of Significant Policies, Judgements, Estimates and Assumptions

12 Months Ended

Dec. 31, 2022

Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]

Summary of Significant Policies, Judgements, Estimates and Assumptions

Summary of Accounting Policies, Judgements, Estimates and Assumptions

Investments in Joint Ventures—Joint ventures are those entities over whose activities the Company has joint control, established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions.

Investments in jointly controlled entities are accounted for using the equity method of accounting (herein after referred to as “equity accounted investees”) and are recognized initially at cost. The consolidated financial statements include the Company’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that joint control commences until the date that joint control ceases. At each reporting date, the Company determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognizes the loss as a share of profit (loss) of joint ventures and associates in the consolidated statements of operations).

When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company has an obligation on behalf of the investee.

Cash and Cash Equivalents—Cash and cash equivalents includes cash on hand and balances at banks, deposits held on call with banks, and financial instruments that are not subject to significant risk of changes in value, are readily convertible into cash and have original maturities of three months or less at the time of purchase.

Trade Accounts Receivable—Trade accounts receivable are recognized initially at fair value. A provision for impairment of trade accounts receivable is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivable.

Financial Instruments:

Category of financial instruments and measurement

Recognition and Initial Measurement—Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument.

A financial asset or financial liability is initially measured at fair value including transaction costs that are directly attributable to its acquisition or issuance, and are recognized at fair value in the profit and loss (“FVPL”) are expensed in consolidated statements of operations. A trade receivable without a significant financing component is initially measured at the transaction price.

Classification and Measurement—All recognized financial assets are measured based on amortized cost or fair value. The classification is based on two criteria, the Company’s business model for managing the assets and whether the instrument’s contractual cash flows represent solely payments of principal and interest (“SPPI”).

The assessment of whether contractual cash flows on debt instruments are solely comprised of principal and interest is made based on the facts and circumstances at the initial recognition of assets.

Financial assets include trade and other receivables. These are recorded at amortized cost when such financial assets are held with the objective to collect contract cash flows that meet the SPPI criterion.

Financial assets recorded at FVPL comprise unquoted equity instruments which the Company had not irrevocably elected, at initial recognition, to classify at fair value through other comprehensive income (“FVOCI”).

Financial assets recorded at FVOCI comprise marketable securities that are quoted debt instruments when such financial assets are held with the objectives of collecting contractual cash flows and meets the SPPI criterion. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses and interest income which are recognized in the consolidated statements of operations. Interest income from these financial assets is included in finance income using the effective interest rate method.

Impairment of financial assets

The Company will record an allowance for expected credit losses (“ECL”) for all loans to related parties, marketable securities (that are quoted debt instruments), contract assets, and trade receivables and other receivables not recorded at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive. The shortfall is then discounted to the asset’s original effective interest rate.

The Company estimated its expected credit losses for its contract assets and trade receivables at an amount equal to lifetime credit losses, while marketable securities and other receivables are measured at 12-months ECL if they are determined to have low credit risk at the reporting date.

Offsetting of Financial Instruments—Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position when there is an enforceable legal right to offset the recognized amounts, and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.

Fair Value of Financial Instruments—The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs.

For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include using recent arm’s-length market transactions; reference to the current fair value of another instrument that is substantially the same; a discounted cash flow analysis or other valuation models.

Derivative Financial Instruments and Hedge Accounting—The Company uses derivative financial instruments, such as foreign currency forward contracts, interest rate swaps, cross currency swaps and commodity forward contracts to mitigate the risks associated with changes in foreign currency exchange, interest rates and commodity price. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

In applying its strategy, from time to time, the Company uses foreign currency forward contracts to hedge certain forecasted expenses denominated in foreign currencies, primarily the Euro and Singapore Dollar. The Company hedges future cash flows for capital expenditures denominated in foreign currencies, primarily the Euro. In addition, the Company uses pay-fixed/receive-float interest rate swaps and cross-currency swaps to protect the Company against adverse fluctuations in interest rates and foreign currency rates and to reduce its exposure to variability in cash flows on the Company’s forecasted floating-rate debts and foreign currency- denominated debts. The Company also uses commodity forward contracts to hedge forecasted electricity consumption to minimize the impact of commodity price movements on the reported earnings of the Company and on future cash flows related to fluctuations of the contractually specified, separately identifiable and reliably measurable commodity risk component.

At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. The Company designates these contracts and swaps as cash flow hedges of forecasted expenses, capital expenditures or floating-rate and foreign currency denominated debts, as applicable, and evaluates hedge effectiveness prospectively.

As such, the effective portion of the gain or loss on these contracts and swaps is reported as a component of OCI and reclassified to the consolidated statements of operations in the same line item as the associated forecasted transaction for expenses and in the same period during which the hedged item affects earnings. For hedges of capital expenditures, the amount in OCI is incorporated into the initial carrying amounts of the non-financial assets and depreciated over the average useful life of the underlying assets. Any ineffective portion of hedges for expenses or capital expenditures is immediately recorded in the consolidated statements of operations.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognized in the cash flow hedge reserve remains in equity

and is recognized in the consolidated statements of operations when the forecast transaction is ultimately recognized in the consolidated statements of operations. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in the consolidated statements of operations.

Derecognition of financial assets

The Company derecognizes a financial asset only when the contractual rights to the cash flows from the financial asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the financial asset to another entity. On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in the consolidated statements of operations.

On derecognition of an investment in a debt instrument at FVOCI, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in OCI is recognized in the consolidated statements of operations. However, on derecognition of an investment in an equity instrument at FVOCI, the cumulative gain or loss that had been recognized in OCI is transferred directly to retained earnings, without recycling through the consolidated statements of operations.

Intangible Assets—Technology, patent, software licenses and similar rights acquired separately are stated at cost or are adjusted to fair value when impaired. Intangible assets acquired through business combinations which include customer relationships and manufacturing and process technology, are recorded at estimated fair values at the date of acquisition. Intangible assets are amortized based on the pattern in which the economic benefits of the respective intangible asset are consumed, which is in general on a straight-line basis over their estimated useful lives of between 3 and 10 years. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

Impairment of Non-Financial Assets—The Company reviews, at each reporting date, the carrying amount of the Company’s property, plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual assets, the Company estimates the recoverable amount of the cash generating unit (“CGU”) to which the asset belongs. The recoverable amount of an asset or CGU is estimated to be the higher of an asset’s or CGU’s fair value less costs to dispose and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset or CGU is considered impaired and is written down to its recoverable amount. The Company also evaluates, and adjusts if appropriate, the asset’s useful lives, at each reporting date or when impairment indicators exist.

In assessing value in use, the estimated future post-tax cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The Company bases its impairment calculation on detailed budgets and forecast calculations, which may include an approved formal five-year management plan for each of the CGUs to which the individual assets are allocated. In determining fair value less costs to sell, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.

Impairment losses are recognized in the consolidated statements of operations and comprehensive income (loss) to the extent of the recoverable amount, measured at the present value of discounted cash flows attributable to the assets, is less than their carrying value.

If the recoverable amount subsequently increases, the impairment loss previously recognized will be reversed to the extent of the increase in the recoverable amount, provided that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. The impairment loss reversal is recognized immediately in the consolidated statements of operations.

Provisions—Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are mainly made up of site restoration obligations, as well as restructuring charges. The associated site restoration costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the related long-lived assets.

A provision for restructuring is recognized when the Company has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating losses are not provided for.

The Company records site restoration obligations in the period in which they are incurred at their estimated fair value. Site restoration obligations consist of the present value of the estimated costs of dismantlement, removal, site reclamation and similar activities associated with facilities built on land held under long-term operating leases. The site restoration obligations are recorded as a liability at the estimated present value as of the related long-lived asset’s inception discounted using a pre-tax rate that reflects the current market assessment of the time value of money and risks specific to the site restoration obligations. After initial recognition, the liability is increased for the passage of time, with the increase being reflected as accretion expense in the line item “finance expenses” in the consolidated statements of operations and comprehensive income (loss). The associated site restoration costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the related long-lived asset. Subsequent adjustments in the discount rates, estimated amounts, timing and probability of the estimated future costs and changes resulting from the passage of time are recognized as an increase or decrease in the carrying amount of the liability and the related site restoration cost capitalized as part of the carrying amount of the related long-lived asset on a prospective basis. If the decrease in the liability exceeds the remaining carrying amount of the related long-lived assets, the excess is recognized in the consolidated statements of operations.

Property, Plant and Equipment—Construction in progress, property, plant and equipment are stated at historical cost, net of accumulated depreciation. The assets’ residual values and useful life are reviewed, and adjusted if appropriate, at each balance sheet date. Major additions and improvements are capitalized as appropriate, only when it is probable that future economic benefits associated with the item and the cost of the item can be measured reliably; minor replacements and repairs are charged to the consolidated statements of operations. The Company also capitalizes interest on borrowings related to eligible capital expenditures. Capitalized interest is added to the cost of qualified assets and depreciated together with that asset cost. The Company also records capital-related government grants, not subject to forfeiture, as a reduction to property, plant and equipment.

Depreciation generally begins when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by management (available for use). Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:


Building and leasehold/land improvements			Up to 26 years (or the remaining lease term of related land on which the buildings are erected, if shorter)
Equipment			2 to 10 years
Computers			5 years

During the first quarter of 2021, we revised the estimated useful life of certain production equipment and machinery from a range of 5 to 8 years, to 10 years. We made this change to better reflect the expected pattern of economic benefits from the use of the equipment and machinery over time, based on an analysis of production equipment’s current use, historical age patterns, and future plans and technology roadmaps, as well as an analysis of industry trends and practices. The analysis concluded that an increase in useful lives was warranted, and consistent with the Company’s continuing portfolio shift from leading-edge to feature-rich trailing edge technologies. The change in estimated useful life is a change in accounting estimate that was applied prospectively from January 1, 2021.

Leasing—The Company determines if an arrangement is a lease or contains a lease at inception. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Right-of-use assets—The Company recognizes right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are reported within property, plant and equipment, and are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.

If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

Lease liabilities—At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. Only lease payments that are fixed and determinable are considered at the time of commencement. The lease payment includes fixed payments (including in-substance fixed payments) less any lease incentives, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying assets.

The Company’s lease liabilities are separately reported in the consolidated statements of financial position under non-current portion of lease obligations and current portion of lease obligations.

Short-term leases and leases of low-value assets—The Company applies the short-term lease recognition exemption to leases that have a lease term not exceeding 12 months, or for leases of low-value assets. The payment for such leases is recognized in the Company’s consolidated statements of operations on a straight-line basis over the lease term.

Earnings Per Share—Basic earnings per share is calculated by dividing the net income (loss) attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share is calculated by dividing the net income (loss) attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding, adjusted for the effects of all potentially dilutive ordinary shares. The weighted average number of ordinary shares outstanding is increased by the number of additional ordinary shares that would have been issued by the Company assuming exercise of all options with exercise prices below the average market price for the year.

Government Grants—Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item or relates to acquisition of assets, it is recognized as deferred income and released to the consolidated statements of operations over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate and is presented as a reduction of those costs. Where the grant relates to investment tax credits, it is recognized as a reduction in the basis of the asset and released as a reduction to depreciation expense in equal amounts over the expected useful life of the related asset. Grants the Company received are primarily provided in connection with construction and operation of the Company’s manufacturing facilities, employment, research and development.

Research and Development Costs—Research costs are expensed as incurred. Development costs are recognized as intangible assets only when it is probable that expected future economic benefits, attributable to the development activities, will accrue to the Company.

Borrowing Costs—Borrowing costs directly attributable to the construction phase of property, plant and equipment are capitalized as part of the cost of assets which are constructed by the Company and for which a considerable period of time (at least six months) is planned for construction. Borrowing costs are capitalized from the start of construction until the date the asset is ready for its intended use. All other borrowing costs are recognized as an expense in the period in which they are incurred.

Current Income Tax—Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date.

Deferred Tax — Deferred income tax assets are recognized for all deductible temporary differences, carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized except in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

Recent Accounting Pronouncements, Adopted:

Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform —

Phase 1 Amendments - On 1 January 2020, the Company adopted the Phase 1 amendments arising from the Interbank Offered Rate (“IBOR”) reform amendments issued in September 2019, which provides temporary relief from applying specific hedge accounting requirements to hedge relationships directly affected by IBOR reform, such that the effect is that IBOR reform should not generally cause hedge accounting to terminate.

Phase 2 Amendments - On 1 January 2021, the Company adopted the Phase 2 amendments arising from the IBOR reform issued in August 2020. The Phase 2 amendments address issues that arise from the implementation of the IBOR reform, including the replacement of an interest rate benchmark with an alternative benchmark rate. The key reliefs provided to the Company are as follows:

•financial instruments measured at amortized cost are allowed to account for changes in the basis for determining contractual cash flows as a direct consequence of the IBOR reform by updating the effective interest rate, provided that the new basis is economically equivalent to the previous basis, such that there is no immediate gain or loss recognized; and

•most IFRS 9 hedge relationships that are directly affected by the IBOR reform are allowed to continue.

The Company has evaluated the extent to which its cash flow hedging relationships are subject to uncertainty driven by IBOR reform as of December 31, 2022. The Company’s hedged items and hedging instruments continue to be indexed to the Euro Interbank offered rate (“EURIBOR”) and the London Inter-bank Offered Rate (“LIBOR”). These benchmark rates are quoted each day and the IBOR cash flows are exchanged with counterparties as usual. The Company has also evaluated the extent to which contracts reference IBOR cash flows, and whether such contracts will need to be amended as a result of IBOR reform. There has been communication about IBOR reform with the counterparties. However, no amendments have been made to the Company’s existing IBOR-referenced loan and derivative contracts as of December 31, 2022.

As of December 31, 2022, there is still uncertainty about when and how replacement may occur with respect to the relevant hedged items and hedging instruments. Accordingly, the Company will continue to apply the Phase 1 amendments until the uncertainty arising from the IBOR reform with respect to the timing and the amount of the underlying cash flows that the Company is exposed to is no longer present. This uncertainty will not end until the Company’s contracts that reference IBOR are amended to specify the alternative benchmark rate and the relevant adjustment, if any. This will, in part, be dependent on the negotiation with the counterparties and the introduction of fall-back clauses which have yet to be added to the Company’s contracts.

The Company has a limited exposure to changes in the IBOR benchmark. The Company has $795 million of interest rate swaps which are in a cash flow hedge relationship of USD Equipment Financing and USD Term Loan A. Also, the Company has EUR $475 million of cross currency swaps which are in cash flow hedge relationships of EUR Equipment Financing and EUR Term Loan A.

The table below indicates the nominal amount and weighted average maturity of derivatives in hedging relationships that will be affected by IBOR reform as financial instruments transition to risk-free rates, analyzed by interest rate basis. The derivative hedging instruments provide a close approximation to the extent of the risk exposure the Company manages through hedging relationships.


As of December 31, 2022 Interest rate swaps (in millions USD)	Currency	Nominal amount	Maturity
Three-month LIBOR	USD	19	2023
Three-month LIBOR	USD	624	2024
Six-month LIBOR	USD	152	2026

Total	USD	795


Cross currency swaps (in millions Euro)
Three-month LIBOR	EUR	83	2024
Six-month LIBOR	EUR	335	2024
Six-month LIBOR	EUR	57	2026

Total	EUR	475

Recent Accounting Pronouncements, Not Adopted:

The Company has not adopted the following new, revised or amended IFRS standards that have been issued by the IASB but not yet effective:

•Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) - Effective for annual periods beginning on or after January 01, 2023;

•Definition of Accounting Estimates (Amendments to IAS 8) - Effective for annual periods beginning on or after January 01, 2023;

•Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12 - Effective for annual periods beginning on or after January 01, 2023;

•Non-current Liabilities with Covenants - Amendments to IAS 1 - Effective for annual periods beginning on or after January 01, 2024; and

•Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 - Effective for annual periods beginning on or after January 01, 2024.

As of the date the accompanying financial statements were authorized for issue, the Company continues to evaluate the impact on its financial position and performance as a result of the initial adoption of the aforementioned standards or interpretations and related applicable period. The Company does not anticipate the impacts of the standards effective for annual periods beginning on or after January 01, 2023 to have a material impact on the financial statements.

Revenue Recognition—The Company derives revenue primarily from fabricating semiconductor wafers using the Company’s manufacturing processes for the Company’s customers based on their own or third parties’ proprietary integrated circuit designs and, to a lesser extent, from design, mask making, bumping, probing, assembly and testing services.

The Company recognizes revenue from contracts with customers by applying the following steps: (i) identify the contracts with the customers; (ii) identify performance obligations in the contracts; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations per the contracts; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

The majority of the Company’s revenue is derived from contracts with customers for wafer fabrication and engineering and other pre-fabrication services such as rendering of non-recurring engineering (“NRE”) services and mask production. The Company accounts for a contract with a customer when it has approval and commitment from parties, the rights and obligations of the parties are identified, payments terms are identified, the contract has commercial substance, and collectability of consideration is probable.

The Company generally requires a purchase order from all of its customers, to which the Company responds with an order acknowledgement and a copy of the Company’s standard terms and conditions. The Company also enters into master supply agreements (“MSA”) with certain of its customers that may specify additional terms and conditions, such as pricing formulas based on volume, volume discounts, calculation of yield adjustments, indemnifications, transfer of title and risk of loss, and payment terms. Under these agreements, volumes are usually not guaranteed. The Company also requires a purchase order from its customers with which it has MSAs for specific products and quantities. As a result, the Company has concluded that the combination of a purchase order and order acknowledgement, including the Company’s standard terms and conditions, and the MSA, if applicable, create enforceable rights and obligations between the Company and its customers.

As discussed in Note 4, a change in cancellation terms in certain wafer orders during the year ended December 31, 2020, resulted in the Company no longer meeting the criteria to account for revenue recognition from contracts with customers over time. As such, the Company recognizes revenue for such modified wafer orders at the point at which control of the wafers is transferred to the customer, which is determined to be at the point of wafer shipment from the Company’s facilities or delivery to the customer location.

The Company estimates the variable consideration related to volume rebates and yield adjustments for certain contracts that may be refundable to customers through the issuance of a credit note, and accordingly, recognizes revenue in accordance with the pattern applicable to the performance obligation, subject to a constraint. The Company determines the amounts to be recognized based on the amount of potential refund required by the contract, historical experience and other surrounding facts and circumstances. These potential revenue adjustments are accrued and netted against accounts receivable on the consolidated statements of financial position.

A contract asset (“unbilled accounts receivables”) is recognized when the Company has recognized revenue, but not issued an invoice for payment. The Company has determined that unbilled receivables are not considered a significant financing component of the Company’s contracts. Contract assets are included in receivables, prepayments and other assets and transferred to receivables when invoiced (See Note 15).

A contract liability is recognized when the Company receives payments in advance of the satisfaction of performance obligations and are included in deferred revenue on the consolidated statements of financial position (See Note 24).This includes upfront non-refundable capacity access fees under certain long-term supply agreements with customers which are accounted for as additional wafer price considerations and recognized as revenue upon satisfaction of performance obligations for wafers over the expected term of the agreements.

Costs to obtain a contract are incremental direct costs incurred to obtain a contract with a customer, including sales commissions, and are capitalized if material. Costs to fulfill a contract include costs directly related to a contract or specific anticipated contract (e.g., certain design costs) that generate or enhance the Company’s ability to satisfy the Company’s performance obligations under these contracts. These costs are capitalized to the extent they are expected to be recovered from the associated contract and are material.

Inventory Valuation—Inventories are stated at standard cost adjusted to the lower of cost or net realizable value. The Company measures the cost of its inventory based on a standard cost process with appropriate adjustments for purchasing and manufacturing variances, which approximates weighted average cost.

Inventory allowances are made on an item-by-item basis, except where it may be appropriate to group similar or related items. An allowance is made for the estimated losses due to obsolescence based on expected future demand and market conditions. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

Share-based compensation—Share-based compensation expense related to share awards is recognized based on the fair value of the awards granted. The fair value of each award is estimated on the grant date using the Black-Scholes option pricing model for options and the Monte Carlo simulation model for the Performance Share Units (“PSUs”). Both models require management to make certain assumptions of future expectations based on historical and current data. The assumptions include the expected term of the awards, expected volatility, dividend yield, and risk-free interest rate. The expected term represents the amount of time that awards granted are expected to be outstanding, based on forecasted exercise behavior. The option pricing model requires the input of highly subjective assumptions, including the estimated fair value of the Company’s stock, expected term of the option, expected volatility of the price of the Company’s shares, risk free interest rate and the expected dividend yield of ordinary shares. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company estimates the expected forfeiture for options utilizing historical data, and only recognizes expense when a defined liquidity event (change in control or IPO) is deemed probable on the number of awards that are expected to vest. After applying a forfeiture estimate during each reporting period for when the options are probable of vesting, the Company recognizes expense on a graded attribution basis for each tranche of the award over the period from the grant date to the later of the one-year anniversary of estimated time following a liquidity event or the legal vesting dates (see Note 29).

The grant date fair value of equity-settled share-based payment awards granted to employee is recognized as an employee benefit expense, with a corresponding increase in equity, over the vesting period of the awards, The amount recognized as an expense is adjusted to reflected the number of awards for which the service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual performance.

The principles of modification accounting are applied when new share-based payment is granted as a replacement for another share-based payment that is cancelled. When modification accounting is applied, the entity accounts for any incremental fair value in addition to the grant-date fair value of the original award. In the case of a replacement, the incremental fair value is the difference between the fair value of the replacement award and the net fair value of the cancelled award, both measured at the date on which the replacement award is issued. The net fair value is the fair value of the cancelled award measured immediately before the cancellation, less any payment made to the employees on cancellation.

A package of modifications might include several changes to the terms of a grant, some of which are favorable to the employee and some not. In the event the net effect is not beneficial to the employee, cancellation accounting will be applied. Cancellations or settlements of equity-settled share-based payments during the vesting period by the Company are accounted for as accelerated vesting; therefore, the amount that would otherwise have been recognized for services received is recognized immediately.

The preparation of the 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 consolidated financial statements.

Enterprise Value—Given the absence of a public trading market of the Company’s ordinary shares prior to the initial public offering, and in accordance with the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, the Company’s board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of the Company’s ordinary shares at each grant date. These factors include:

•valuations of the Company’s ordinary shares performed by independent third-party specialists;

•lack of marketability of the Company’s ordinary shares;

•the Company’s actual operating and financial performance;

•current business conditions and projections;

•hiring of key personnel and the experience of the Company’s management;

•the history of the Company and the introduction of new products;

•the Company’s stage of development;

•the market performance of comparable publicly traded companies; and

•the U.S. and global capital market conditions.

In valuing the Company’s ordinary shares, management determined the equity value of the Company’s business using various valuation methods including combinations of income and market approaches. The income approach estimates value based on the expectation of future cash flows that a company will generate. These future cash flows are discounted to their present values using a discount rate derived from an analysis of the cost of capital of comparable publicly traded companies in the Company’s industry or similar business operations as of each valuation date and is adjusted to reflect the risks inherent in the Company’s cash flows. For the market approach, the Company reviews the performance of a set of guideline comparable public companies, and considers the guideline companies’ various financial characteristics, including size, profitability, balance sheet strength, and diversification as compared to the Company. Subsequent to IPO, the fair value of the ordinary shares is determined based on market share price.

Application of these approaches involves the use of estimates, judgment, and assumptions that are highly complex and subjective, such as those regarding the Company’s expected future revenue, expenses, and future cash flows, discount rates, market multiples, and the selection of comparable companies. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact the Company’s valuations as of each valuation date and may have a material impact on the valuation of the Company’s ordinary shares.

Impairment Assessment of Non-Financial Assets—Impairment exists when the carrying value of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs to sell calculation is based on a discounted cash flow analysis that a potential buyer would perform in determining a transaction value of the CGU less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. When preparing the discounted cash flow analysis, the Company makes subjective judgments in determining the independent cash flows that can be related to a specific CGU based on its asset usage model and manufacturing capabilities in addition to the discount rate used in the analysis. In addition, because subjective judgments are made regarding the remaining useful lives of assets and expected future revenue and expenses associated with the assets, changes in these estimates based on changes in economic conditions or business strategies could result in material impairment charges in future periods.

Income Taxes and Realization of Deferred Income Tax Asset—In determining taxable income for financial statement reporting purposes, management makes certain estimates and judgments specific to taxation issues. These estimates and judgments are applied in the calculation of certain tax liabilities and in the determination of the recoverability of deferred tax assets, which arise from temporary differences between the recognition of assets and liabilities for income tax and financial statement reporting purposes.

Deferred taxes are recognized for unused losses, among other factors, to the extent that it is probable that taxable profit will be available against which the losses can be utilized.

This evaluation requires the exercise of judgment with respect to, among other things, benefits that could be realized from available tax strategies and future taxable income, as well as other positive and negative factors. The ultimate realization of deferred tax assets is dependent upon, among other things, the Company’s ability to generate future taxable income that is sufficient to utilize loss carry-forwards or tax credits before their expiration or the Company’s ability to implement prudent and feasible tax planning strategies.

If estimates of projected future taxable income and benefits from available tax strategies are reduced as a result of a change in the assessment or due to other factors, or if changes in current tax regulations are enacted that impose restrictions on the timing or extent of the Company’s ability to utilize net operating losses and tax credit carry-forwards in the future, the Company may be required to reduce the amount of total deferred tax assets resulting in a decrease of total assets. Likewise, a change in the tax rates applicable in the various jurisdictions or unfavorable outcomes of any ongoing tax audits could have a material impact on the future tax provisions in the periods in which these changes could occur.

In addition, the calculation of tax liabilities involves dealing with uncertainties in the application of complex tax rules and the potential for future adjustment of uncertain tax positions by the tax authorities in the countries in which the Company operates. If estimates of these taxes are greater or less than actual results, an additional tax benefit or charge may result.

Changes in estimates—We regularly assess the estimated useful lives of our property, plant, and equipment. Based on our assessment of the longer product life cycles, the versatility of production equipment to provide better flexibility to meet changes in customer demands, and the ability to re-use production equipment over several technology cycles, we revised the estimated useful lives of our 200mm and 300mm production equipment from 5 and 8 years, respectively, to 10 years, beginning the first quarter of 2021. As a result, this benefited loss before income taxes by approximately $628 million for the year ended December 31, 2021. This change increased the Company’s total basic and diluted earnings per share by approximately $1.24 for the year ended December 31, 2021.

Net Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contracts with Customers [Abstract]

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 and timing of revenue.


(in millions)	2022		2021		2020
Type of goods and services:
Wafer fabrication	$	7,627	$	6,204	$	4,440
Engineering and other pre-fabrication services	481		381		411
	$	8,108	$	6,585	$	4,851

Timing of revenue recognition:
Revenue recognized over time	$	445	$	357	$	4,228
Revenue recognized at a point in time	7,663		6,228		623
	$	8,108	$	6,585	$	4,851

During the year ended December 31, 2020, due to operational and commercial reasons, the Company modified the cancellation terms of its contracts with customers that are applicable to wafer fabrication products.

As a result, the Company no longer has an enforceable right to payment covering cost incurred plus a reasonable profit margin for work completed to date when a customer cancels its wafers purchase order at any stage of production. The change was effective to all wafer outstanding purchase orders as at the date of contract modification and future purchase orders thereafter. The contract modification had no impact on the originally agreed wafer volume, the related wafer price, and other terms and conditions of its existing contracts with customers. Likewise, the modification did not have an impact to its contracts to provide NRE services to the customers’ specifications; therefore, the Company continuously recognizes revenue as it delivers the NRE service as a percentage of costs incurred over total expected costs. Prior to the contract modification, the Company satisfied its performance obligations over time because of the customer’s contractual obligation to pay for work completed to date with a reasonable profit. The change in cancellation terms substantively modified the contracts with customers. As a result, the Company no longer meets the criteria to account for revenue recognition from contracts with customers over time on the outstanding purchase orders at the contract modification date and future orders thereafter. Consequently, the Company recognizes revenue on the impacted outstanding wafers orders and future orders at the point at which control of the wafers is transferred to the customer, which is determined to be at the point of wafer shipment from the Company’s facilities or delivery to the customer location, as determined by the agreed shipping terms.

In 2020, the Company recognized a cumulative decrease in revenue of $315 million and a corresponding decrease in unbilled accounts receivable, and a cumulative decrease in cost of revenue of $226 million and a corresponding increase in inventories, with a net decrease in gross margin of $60 million on the impacted outstanding purchase orders on the date of contract modification.

Cost of Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contracts with Customers [Abstract]

Cost of Revenue


(in millions)	2022		2021		2020

Depreciation of PPE and amortization of intangible assets (1)	$	1,468	$	1,422	$	2,187
Inventory changes and materials costs and other	1,834		1,726		1,187
Staff costs, maintenance costs, and utilities(2)	2,567		2,424		2,189






	$	5,869	$	5,572	$	5,563

(1)Amounts are net of amortization of government grants relating to assets. See Note 12 for the detailed movements of property, plant and equipment.

(2)Staff costs, maintenance costs, and utilities costs include share-based compensation of $64 million, $55 million and $0 for share options for the year ended December 31, 2022, 2021 and 2020, respectively.

Research and Development Expenses

12 Months Ended

Dec. 31, 2022

Analysis of income and expense [abstract]

Research and Development Expenses


(in millions)	2022		2021		2020
Staff costs, maintenance costs, and utilities(1)	$	247	$	257	$	230

Depreciation of PPE and amortization of intangible assets	110		147		220
Other (2)	125		74		26
	$	482	$	478	$	476

(1)Staff costs, maintenance costs, and utilities costs include share-based compensation of $27 million, $22 million and $0 for share options for the year ended December 31, 2022, 2021 and 2020, respectively.

(2)Other primarily includes material costs and net (income) expenses related to research funding agreements and wafer, labor, software license costs allocated (to) and from cost of revenue.

Selling, General and Administrative Expenses

12 Months Ended

Dec. 31, 2022

Analysis of income and expense [abstract]

Selling, General and Administrative Expenses


(in millions)	2022		2021		2020
Staff costs, maintenance costs, and utilities (1)	$	417	$	537	$	340
Depreciation of PPE and amortization of intangible assets	45		49		115
Other (2)	34		9		(10)




	$	496	$	595	$	445

(1)Staff costs, maintenance costs, and utilities costs include share-based payments of $92 million, $152 million and $1 million for share options for the year ended December 31, 2022, 2021 and 2020, respectively. See Note 3 for further discussion on the timing of expense recognition.

(2)Other primarily includes net professional charges, marketing expenses and facility costs. Real estate transfer taxes are also included in Other.

Restructuring

12 Months Ended

Dec. 31, 2022

Restructuring [Abstract]

Restructuring

In the fourth quarter 2022, the Company’s management approved and commenced a restructuring plan aimed to realign the Company’s business and strategic priorities. This worldwide restructuring plan included a reduction in the number of full-time employees, as well as a reduction in leased workspaces and engagement of consultants for strategic support.

The Company incurred $94 million of restructuring charges in 2022 which includes $3 million of accelerated share-based compensation expense. These expenses are included in restructuring charges in the Company’s consolidated statements of operations, and unpaid amounts are included in provisions within current liabilities on the consolidated statements of financial position. The accelerated share-based compensation of $3 million impacted equity.

The changes to the restructuring provisions recorded on the consolidated statements of financial position as of December 31, 2022, are summarized as follows:


(in millions)	2022
Beginning balance as of December 31, 2021	—
Provision	$	91

Amounts paid	$	(5)

Ending balance as of December 31, 2022	$	86

The actual costs that the Company will incur may differ from these estimates based on the timing required to complete the restructuring plan, the number of people invoiced and the final termination benefits. The Company expects to complete the restructuring initiative over the next twelve months.

Impairment Charges

12 Months Ended

Dec. 31, 2022

Impairment of assets [Abstract]

Impairment Charges

The Company recorded the following impairment charges:


(in millions)	2022		2021		2020
Equipment	$	—	$	—	$	23


Total impairment charges	$	—	$	—	$	23

Finance Expenses

12 Months Ended

Dec. 31, 2022

Analysis of income and expense [abstract]

Finance Expenses


(in millions)	2022		2021		2020
Interest on long-term debt	$	69	$	72	$	98
Interest on lease obligations	23		27		35
Commitment fees and amortization of debt issuance costs	13		12		18

Accretion costs and other	6		3		3
Total finance expenses	$	111	$	114	$	154

Gain on Sale of a Business

12 Months Ended

Dec. 31, 2022

Non-Current Asset Held For Sale And Discontinued Operations [Abstract]

Gain on Sale of a Business

In April 2019, the Company entered into an Asset Purchase Agreement with Semiconductor Components Industries, LLC (“ON Semiconductor”) pursuant to which the Company agreed to transfer substantially all the assets and employees related to our East Fishkill (“EFK”) business. On December 31, 2022, the Company completed the sale of the EFK business for a total purchase price of $406 million, of which $170 million was received in prior years, and the remaining $236 million received in January 2023. The Company recognized a gain upon the completion of the sale amounting to $403 million after derecognition of net liabilities of $9 million.

The following is the breakdown of the net liabilities that were derecognized:


(in millions)	December 31, 2022
Property, plant and equipment	$	83
Inventories	43

Total Assets	126
Lease liabilities	(47)
Other current and non-current liabilities	(88)

Total Liabilities	(135)
Net Liabilities	$	(9)

Other Income (Expense), Net

12 Months Ended

Dec. 31, 2022

Analysis of income and expense [abstract]

Other Income (Expense), Net


(in millions)	2022		2021		2020
Gain on legal settlement(1)	$	—	$	—	$	294
Gain on remeasurement of existing equity interests	—		—		38
Other(2)	$	22	(8)		110
Total other income (expense), net	$	22	$	(8)	$	442

(1)On April 10, 2020, under the terms of a settlement agreement, the Company received a settlement and recorded total gains of $294 million related to this settlement for the year ended December 31, 2020.

(2) Relates primarily to share of profits of joint ventures, gains and losses related to hedging activities and gains on the sales of property, plant and equipment and intangible assets.

Property, Plant And Equipment

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about property, plant and equipment [abstract]

Property, Plant And Equipment


(in millions)	Land and Land Improvements		Building and Leasehold Improvements		Equipment		Computer		Construction in Progress		Total
Cost
As of December 31, 2020	$	104	$	7,441	$	22,039	$	411	$	451	$	30,446
Additions(1)	26		71		33		1		1,794		1,925
Transfers from construction in progress	—		116		677		28		(821)		—

Disposals	—		(46)		(371)		(5)		(1)		(423)
Effects of exchange rate changes	—		(6)		(28)		—		—		(34)
As of December 31, 2021	130		7,576		22,350		435		1,423		31,914
Additions(1)	—		67		27		—		3,564		3,658
Transfers from construction in progress	1		409		935		21		(1,366)		—
Disposals	(8)		(182)		(725)		(17)		(237)		(1,169)
Effect of exchange rate changes	(1)		(3)		(18)		—		—		(22)
As of December 31, 2022	$	122	$	7,867	$	22,569	$	439	$	3,384	$	34,381
Accumulated Depreciation and Impairment
As of December 31, 2020	$	31	$	3,866	$	17,952	$	364	$	7	$	22,220
Additions(1)	6		444		936		25		—		1,411


Disposals	—		(44)		(362)		(5)		—		(411)
Effects of exchange rate changes	—		—		(19)		—		—		(19)
As of December 31, 2021	$	37	$	4,266	$	18,507	$	384	$	7	$	23,201
Additions(1)	6		443		975		23		—		1,447
Disposals	(4)		(164)		(674)		(16)		—		(858)
Effect of exchange rate changes	—		(1)		(4)		—		—		(5)
As of December 31, 2022	$	39	$	4,544	$	18,804	$	391	$	7	$	23,785

Net book value as of December 31, 2021	$	93	$	3,310	$	3,843	$	51	$	1,416	$	8,713

Net book value as of December 31, 2022	$	83	$	3,323	$	3,765	$	48	$	3,377	$	10,596

(1) The Company earned investment tax credits related to the Company’s construction of a wafer fabrication facility in Saratoga County, New York (which were netted against additions relating to Building and Leasehold Improvements and Equipment). These credits were generally earned based on when the related assets were placed in service. The Company recorded the investment tax credits as a reduction of property and equipment costs. As of December 31, 2022, and 2021, the investment tax credits included in property and equipment amounted to $179 million and $214 million, respectively.

The gross amount of assets recorded under right-of-use (“ROU”) leases, which are included in property, plant and equipment amounted to $888 million and $907 million as of December 31, 2022 and 2021, respectively. The net carrying value of ROU leases amounted to $282 million and $305 million as of December 31, 2022 and 2021, respectively. Amortization of ROU assets is included in depreciation expense. Depreciation expense for the years ended December 31, 2022, 2021 and 2020 for all ROU assets was $82 million, $81 million and $57 million respectively.

Depreciation expenses on property, plant and equipment are as follows:


(in millions)	2022		2021		2020
Cost of revenue	$	1,377	$	1,309	$	2,087
Research and development expenses	40		73		121
Selling, general and administrative expenses	30		29		30
Total	$	1,447	$	1,411	$	2,238

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Intangible Assets [Abstract]

Goodwill and Intangible Assets


Cost (in millions)	Technology, Licenses and Similar Rights		Software		Patents		Goodwill		Others		Total

As of December 31, 2020	$	1,249	$	280	$	234	$	18	$	132	$	1,913
Additions	33		4		—		—		—		37

Disposals	(80)		—		(5)		—		—		(85)
As of December 31, 2021	1,202		284		229		18		132		1,865
Additions	62		96		—		—		5		163
Disposals	(47)		(12)		(3)		—		—		(62)
As of December 31, 2022	$	1,217	$	368	$	226	$	18	$	137	$	1,966

Accumulated Amortization
As of December 31, 2020	$	785	$	263	$	186	$	—	$	131	$	1,365
Additions	162		15		30		—		—		207

Disposals	(80)		—		(4)		—		—		(84)
As of December 31, 2021	867		278		212		—		131		1,488
Additions	150		10		16		—		—		176
Disposals	(46)		(12)		(3)		—		—		(61)
As of December 31, 2022	$	971	$	276	$	225	$	—	$	131	$	1,603

Net book value as of December 31, 2021	$	335	$	6	$	17	$	18	$	1	$	377

Net book value as of December 31, 2022	$	246	$	92	$	1	$	18	$	6	$	363

Amortization expenses on intangible assets are as follows:


(in millions)	2022		2021		2020
Cost of revenue	$	91	$	113	$	100
Research and development expenses	70		74		99
Selling, general and administrative expenses	15		20		85
Total	$	176	$	207	$	284

Income Taxes

12 Months Ended

Dec. 31, 2022

Income taxes [Abstract]

Income Taxes

For tax reporting purposes, the Company consolidates its entities under GLOBALFOUNDRIES Inc., a Cayman Islands entity as described in Note 1. Accordingly, the Company has presented the domestic portion of the disclosures below based on its country of domicile in the Cayman Islands.

As a Cayman Islands corporation, the Company’s domestic statutory income tax rate is 0.00%. 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. Principally, for the years ended December 31, 2022 and 2021, the Company is subject to United States’ federal and state taxes with a combined statutory tax rate of 22.1% and 22.1%, respectively; German corporation and trade taxes with a combined statutory tax rate of 31.6%; and Singapore’s statutory tax rate of 17%.

Income tax benefit (expense) consisted of the following:


(in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Current income tax expense:
Current income tax benefit (expense)	$	(14)	$	2	$	(29)
Adjustments in respect of current income tax of previous year	(5)		(1)		—
Deferred tax
Net operating and investment allowance carryforwards	(44)		(78)		35
Currency effect on non-monetary assets of subsidiary	(12)		(37)		43
Other change in temporary differences	(11)		36		(37)
Income tax benefit (expense) reported in the consolidated statements of operations	$	(86)	$	(78)	$	12

A reconciliation between tax benefit and accounting profit multiplied by the Company’s statutory rate of 0.0% is as follows:


(in millions)	December 31, 2022			December 31, 2021			December 31, 2020
Income (Loss) before income taxes	$	1,532		$	(176)		$	(1,365)
Tax at Enacted Statutory Rate	$	—		$	—		$	—
Foreign tax rate differential	(98)			(75)			59
Adjustments in respect to current income tax of previous years	(5)			(1)			—
Government grants exempt from tax	7			5			13
Deductible expense for tax purpose	—			(1)			(8)
Impact of unrecognized deferred tax assets	57			9			(63)
Non-deductible expenses for tax purposes	(21)			(4)			—
Effects of foreign exchange gains (loss)	(14)			(22)			40
Impact of change in liability for uncertain tax positions	1			7			9
Withholding Tax	(11)			—			(34)
Other effects	(2)			4			(4)
Income tax benefit (expense)	$	(86)		$	(78)		$	12
Effective income tax rate	(5.6)		%	44.3		%	(0.9)		%

The Company has determined that it is probable that 100% of deferred tax assets can be realized in Singapore. The Company has determined that realization of deferred taxes associated with loss carryforwards is limited to reserves for uncertain tax positions in the United States that would generate future taxable income, and deferred tax assets resulting from consolidation of AMTC and BAC.

In 2020, Singapore recorded a tax benefit of $64 million (included under “Foreign tax rate differential” of $59 million) relating to a revaluation of deferred tax liabilities after satisfying investment conditions necessary for an extension of a lower tax rate incentive during the year. The conditions that were required for the reduced tax rate related to fixed asset investment, increased wafer production, targeted research projects, and increased employment.

In 2020, the Company recorded withholding tax amounting to $34 million, triggered primarily from a legal settlement.

Components of the Company’s deferred tax assets and liabilities are attributable as follows:


(in millions)	December 31, 2022		December 31, 2021
Accelerated depreciation on property, plant and equipment	$	(18)	$	(458)
Losses, credits and investment allowances available for offsetting against future taxable income	277		394
Accrued expenses	16		349
Inventory	1		65
Other comprehensive income	(8)		—
Currency effect	—		(8)
Deferred income	—		10
Other	(2)		(1)
Net deferred tax assets	$	266	$	351

The net deferred tax assets as of December 31, 2022 have been adjusted to reflect a change in classification methodology primarily impacting accrued expenses and accelerated depreciation on property, plant and equipment. There is no change to presentation for balances as of December 31, 2021.

The classification of the net deferred tax assets (liabilities) in the statements of financial position is as follows:


(in millions)	December 31, 2022		December 31, 2021
Deferred tax assets	$	292	$	353
Deferred tax liabilities(1)	(26)		(2)
Net deferred tax assets	$	266	$	351

(1) Included in Other non-current liabilities in the statements of financial position.

Total unrecognized deferred tax assets as of December 31, 2022 and 2021 was $3,708 million and $3,355 million, respectively. The Company does not anticipate any significant changes to the total amounts of unrecognized deferred tax assets within the next 12 months of the reporting date. Deferred tax assets have not been recognized in respect to these items because it is not probable that future taxable profit will be available against which the Company can utilize the benefits.

As of December 31, 2022 and 2021, the Company has accumulated corporate losses in Germany of $1,132 million and $1,182 million, respectively, and trade tax losses in Germany of $851 million and $898 million, respectively. Except for a fully deductible base amount, utilization of German net operating loss carryforwards is limited to 60% of taxable income in any one year. German net operating losses do not expire with the passage of time, but may forfeit partially or completely as a result of legal entity restructurings.

As of December 31, 2022 and 2021, the Company has unutilized capital allowances on the property and equipment held in Singapore of $713 million and $1,169 million, respectively, and unutilized tax losses available for carryforward of $58 million and $58 million, respectively. Under Singapore tax law, unutilized capital allowances and unutilized tax losses are deductible to the extent of income available. Unutilized capital allowances and unutilized tax losses can be carried forward indefinitely subject to compliance with the conditions that there is no substantial change in shareholders and no change in the Company’s principal activities, where applicable. As of December 31, 2022 and 2021, the Company has investment allowances of $843 million and $843 million, respectively in Singapore which can be carried forward indefinitely. These carryforward tax attributes have been fully recognized as deferred tax assets.

As of December 31, 2022 and 2021, the Company has gross operating loss carryforwards in the United States of $7,307 million and $8,066 million, respectively; $5,762 million will expire in years 2029 through 2037. As of December 31, 2022 and 2021, the Company has $822 million and $854 million, respectively of California gross operating loss carryforwards and, in the other states in which it operates, it has gross operating loss carryforwards of $885 million and $963 million, respectively. The state carryforwards expire beginning in 2023. In addition, the Company has U.S. research and development tax credit carryforwards of $157 million and $146 million for the years December 31, 2022 and 2021, respectively, that will expire in years 2030 through 2042. The Company has California research and development tax credits of $17 million and $15 million as of December 31, 2022 and 2021, respectively, that do not expire. In addition, the Company has nonrefundable New York Empire Zone credit carryforwards of $1,115 million and $1,115 million as of December 31, 2022 and 2021, respectively, that do not expire. Five other states have research and development tax credits, Texas, Minnesota, Vermont, North Carolina, and

New Jersey for which the Company has calculated a total credit carryforward of $8 million and $8 million for the years December 31, 2022 and 2021, respectively. These credits have a carryforward that expire between 2030 through 2042. These carryforward attributes have not been recognized as deferred tax assets.

At December 31, 2022 and 2021, no deferred tax liabilities were recorded for taxes that would be payable on the undistributed earnings of the Company’s subsidiaries. It is the Company’s intention to indefinitely reinvest the undistributed earnings of its foreign subsidiaries. The cash that is permanently reinvested is typically used to expand operations.

A reconciliation of deferred taxes, net is as follows:


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

Beginning balance	$	351	$	435
Tax expense recognized to consolidated statements of operations	(67)		(79)
Tax benefit (expense) recognized to other comprehensive income (loss)	(18)		3

Uncertain tax positions and others	—		(8)
Ending balance	$	266	$	351

As of December 31, 2022 and 2021, the Company’s current tax receivables were $1 million and $0, respectively, related to its subsidiaries in Europe.

As of December 31, 2022 and 2021, the Company’s current income tax payable of $14 million and $14 million, respectively, is composed of $2 million, $3 million, $9 million and $2 million, $3 million, $9 million for entities incorporated in Europe, the United States/Cayman Islands and Singapore, respectively. The current income tax payable amounts include the following uncertain tax provisions: $0 in the United States for December 31, 2022 and $0 for December 31, 2021; $8 million and $9 million in Singapore for December 31, 2022 and 2021; $3 million and $0 in Europe for December 31, 2022 and 2021, respectively, for exposure arising from unutilized capital allowances and domestic related party transactions. Europe had no current income taxable amounts included in uncertain tax provisions for either December 31, 2022 or 2021.

Receivables, Prepayments and Other Assets

12 Months Ended

Dec. 31, 2022

Trade and other current receivables [abstract]

Receivables, Prepayments and Other Assets


(in millions)	December 31, 2022		December 31, 2021
Current:
Trade receivables, other than related parties(1)	$	824	$	872


Other receivables	497		238
Unbilled accounts receivable(2)	24		43








Receivables from government grant	52		47
Receivables from related parties (Note 28)	11		8
Other current financial assets	79		23
Total	$	1,487	$	1,231
Non-current:
Advances to suppliers(3)	235		199
Non-trade receivables	10		13
Payment in Lieu of Tax (“PILOT”’) Bonds	11		8


Other	25		34

Total	$	281	$	254

(1)The Company’s trade receivables, other than related parties, are all classified as current and are expected to be collected within one year. The Company’s provision for sales returns was not material for either for the years ended December 31, 2022 or 2021. See the table below for the aging of the Company’s trade receivables, other than related parties.

(2)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 upon shipment of products or rendering services.

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

The following table presents the activities in unbilled accounts receivable as of December 31, 2022 and 2021:


(in millions)	December 31, 2022		December 31, 2021
Beginning balance	$	43	$	62
Revenue recognized during the year	87		44

Amounts invoiced	(106)		(69)
Other	—		6
Ending balance	$	24	$	43

The following table presents the aging of accounts receivable as of December 31, 2022 and 2021:


(in millions)	December 31, 2022		December 31, 2021
Receivables neither past due nor impaired	$	708	$	830
Receivables past due—not impaired individually:
Less than 30 days	83		41
31 to 60 days	22		—
61 to 90 days	11		—
90 to 120 days	—		1
	$	824	$	872

Inventories

12 Months Ended

Dec. 31, 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)	December 31, 2022		December 31, 2021
Work in progress	$	1,079	$	961
Raw materials and supplies	375		260
Inventory reserves	(115)		(100)
Total	$	1,339	$	1,121

The following table presents the movement in the inventory reserves:


(in millions)	December 31, 2022		December 31, 2021
Beginning balance	$	100	$	243
Additions(1)	88		126

Written-off and scrapped	(35)		(29)
Elimination of reserves upon sale of inventory	(38)		(240)
Ending balance	$	115	$	100

(1)This includes additional inventory reserve of $26 million arising from the adjustment to cost of revenue recorded by the Company in 2021 in conjunction with the modification of its customer contracts as discussed in Note 4.

Other Financial Assets And Liabilities

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Other Financial Assets And Liabilities

The following foreign currency forward contracts are outstanding at December 31, 2021 and 2022 (in millions, except average foreign currency/US$):


	Fair Value of Derivative Instruments
Derivative Instruments	Other Current Financial Assets		Other Non-current Financial Assets		Other Current Financial Liabilities		Other Non-current Financial Liabilities		Notional Amount		Average Foreign Currency/ US$	Average Strike Price	Maturity
Outstanding as of December 31, 2021:
Forward contracts:
Euro forward contracts (receive euros/pay US$)	$	4	$	—	$	(38)	$	—	$	1,240	0.86	—	2022 - 2023
Singapore dollar forward contracts (receive Singapore$/pay US$)	3		—		(3)		—		858		1.35	—	2022
Japanese yen forward contracts (receive Japanese yen/pay US$)	2		—		(7)		—		300		112.77	—	2022 - 2023
Interest rate swaps	—				—		(8)		993		—	0.382% - 1.731%	2023 - 2026
Cross currency swaps (receive euros/pay US$)	—		—		—		(4)		551		0.89	3.834% - 4.182%	2024 - 2026
Cross currency swaps (receive Singapore $/pay US$)	—		—		—		(4)		109		1.37	1.830% - 1.941%	2028
Commodity hedge	14		2		(1)		(1)		96		—	—	2022 - 2023
Total	$	23	$	2	$	(49)	$	(17)	$	4,147

Outstanding as of December 31, 2022:
Forward contracts:
Euro forward contracts (receive Euros/Pay US$)	$	46	$	3	$	(32)	$	—	$	1,203	0.94	—	2023 - 2024
Singapore dollar forward contracts (receive Singapore$/pay US$)	15		—		(1)		—		496		1.37	—	2023
Japanese yen forward contracts (receive Japanese yen/pay US$)	18		—		(20)		—		236		127.22	—	2023 - 2024
Interest rate swaps	—		42		—		—		795		—	0.382% - 1.731%	2023 - 2026
Cross currency swaps (receive euros/pay US$)	—		2		—		(3)		535		0.89	3.834% - 4.182%	2024 - 2026
Cross currency swaps (receive Singapore $/pay US$)	—		51		—		—		796		1.37	1.830% - 1.941%	2028
Commodity hedge	—		—		(8)		(2)		47		—	512.56	2023
Total	$	79	$	98	$	(61)	$	(5)	$	4,108

The following table presents the fair values and locations of these derivative instruments recorded in the consolidated statements of financial position:


	Fair Value of Derivative Instruments
	Assets Derivatives			Liabilities Derivatives
(in millions)	Statement of Financial Position Location	Fair Value		Statement of Financial Position Location	Fair Value
As of December 31, 2021:
Derivatives designated as hedging instruments
- foreign currency forward contracts	Other current financial assets	$	6	Other current financial liabilities	$	(46)
- interest rate swaps	Other non-current financial assets			Other non-current financial liabilities	(8)
- cross currency swaps	Other non-current financial assets	—		Other non-current financial liabilities	(8)
- commodity hedge	Other current financial assets	14		Other current financial liabilities	(1)
	Other non-current financial assets	2		Other non-current financial liabilities	(1)
Derivatives not designated as hedging instruments
- foreign currency forward contracts	Other current financial assets	3		Other current financial liabilities	(2)
Total derivatives		$	25		$	(66)
As of December 31, 2022:
Derivatives designated as hedging instruments
- foreign currency forward contracts	Other current financial assets	$	69	Other current financial liabilities	$	(52)
	Other non-current financial assets	3
- interest rate swaps	Other non-current financial assets	42		Other non-current financial liabilities	—
- cross currency swaps	Other non-current financial assets	53		Other non-current financial liabilities	(3)
- commodity hedge	Other current financial assets	—		Other current financial liabilities	(8)
	Other non-current financial assets	—		Other non-current financial liabilities	(2)
Derivatives not designated as hedging instruments
- foreign currency forward contracts	Other current financial assets	10		Other current financial liabilities	(1)


Total derivatives		$	177		$	(66)

The following table presents the effect of derivatives designated as hedging instruments on the consolidated statements of operations and comprehensive income (loss) (net of tax):

As of December 31, 2022, the estimated amount of loss from cash flow hedges currently retained in consolidated statements of comprehensive income (loss) expected to be reclassified into consolidated statements of operations within the next 12 months is approximately $17 million.


(in millions)	Amount of Gains (Losses) Recognized in Accumulated OCI on Derivatives (effective Portion)		Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment		Location of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion)	Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion)		Location of Gains (Losses) Recognized into Income (Ineffective Portion)	Amount of Gain (Losses) Recognized into income (Ineffective Portion)
Year ended December 31, 2021
Derivatives designated as hedging instruments— Forward currency forward contracts	$	(76)	$	(6)	Cost of revenue and operating expenses	$	11	Selling, general and administrative expenses	$	1
Derivatives designated as hedging instruments— Interest rate swaps	21		—		Finance expense	(5)		Selling, general and administrative expenses	—
Derivatives designated as hedging instruments— Cross currency swaps	(2)		—		Cost of revenue and operating expenses	(10)		Selling, general and administrative expenses	(1)
Derivatives designated as hedging instruments – Commodity hedge	29		—		Cost of revenue and operating expenses	24		Selling, general and administrative expenses	—

Year ended December 31, 2022
Derivatives designated as hedging instruments— Forward currency forward contracts	$	(105)	$	(93)	Cost of revenue and operating expenses	$	(76)	Other income (expense)	(5)
Derivatives designated as hedging instruments— Interest rate swaps	55		—		Finance expense	6		Other income (expense)	—
Derivatives designated as hedging instruments— Cross currency swaps	72		—		Cost of revenue and operating expenses	—		Other income (expense)	4
Derivatives designated as hedging instruments – Commodity hedge	(5)		—		Cost of revenue and operating expenses	26		Other income (expense)	(8)

The following table presents the effect of derivatives not designated as hedging instruments on the consolidated statements of operations and comprehensive income (loss):


(in millions)	Location of Gains (Losses) Recognized in Income on Derivative	Amount of Gains (Losses) Recognized in Income on Derivative
Year ended December 31, 2020
Derivatives not designed as hedging instruments—foreign currency forwards contracts	Selling, general and administrative expenses	$	6

Year ended December 31, 2021
Derivatives not designed as hedging instruments—foreign currency forwards contracts	Selling, general and administrative expenses	$	(17)

Year ended December 31, 2022
Derivatives not designed as hedging instruments—foreign currency forwards contracts	Other income (expense)	$	(22)

Cash And Cash Equivalents

12 Months Ended

Dec. 31, 2022

Statement of cash flows [abstract]

Cash And Cash Equivalents


(in millions)	December 31, 2022		December 31, 2021
Cash balances on hand and at banks	990		764
Investments in money market funds	953		2,150
Time deposits	401		25
Other cash and cash equivalents	8		—
Total	$	2,352	$	2,939

Movements in cash and cash equivalents are presented in the Company’s consolidated statements of cash flows.

The following are the reconciliation of assets, liabilities and equity arising from financing activities:


					Non-cash changes
(in millions)	As of December 31, 2020 Assets (Liabilities and Equity)		Cash Flows Inflows/ (Outflows)		Addition		Foreign exchange movement		Others		As of December 31, 2021 Assets (Liabilities and Equity)
Restricted cash	$	36	$	(34)	$	—	$	—	$	(1)	$	1
Government grants receivable(1)	30		(41)		60		(2)		—		$	47


Other receivables	42		(41)		1		(1)		(2)		$	(1)
Debt	(2,338)		264		—		51		10		$	(2,013)
Lease obligations	(465)		78		(52)		12		1		$	(426)
Loan from shareholder	(10,681)		568		—		—		10,113		$	—
Share capital	(10)		(1)		—		—		—		$	(11)
Additional Paid-In Capital	(11,708)		(1,443)		(10,113)		—		(223)		$	(23,487)
Total	$	(25,094)	$	(650)	$	(10,104)	$	60	$	9,898	$	(25,890)


					Non-cash changes
(in millions)	As of December 31, 2021 Assets (Liabilities and Equity)		Cash Flows Inflows/ (Outflows)		Addition		Foreign exchange movement		Others		As of December 31, 2022 Assets (Liabilities and Equity)
Restricted cash	$	1	$	—	$	—	$	—	$	—	$	1
Government grants receivable(2)	47		(93)		18		(1)		81		$	52


Other receivables	(1)		—		—		—		—		$	(1)
Debt	(2,013)		(670)		(6)		10		168		$	(2,511)
Lease obligations	(426)		89		(18)		9		1		$	(345)
Share capital	(11)		—		—		—		—		$	(11)
Additional Paid-In Capital(3)	(23,487)		(168)		—		—		(176)		$	(23,831)
Total	$	(25,890)	$	(842)	$	(6)	$	18	$	74	$	(26,646)

(1)Government grant receivable amounting to $47 million is included in receivables, prepayments and other assets in the consolidated statements of financial position as of December 31, 2021

(2)Government grant receivable amounting to $52 million is included in receivables, prepayments and other assets in the consolidated statements of financial position as of December 31, 2022

(3)On October 1, 2021, the Company’s board approved the conversion of the Shareholder Loans (defined below) to additional paid-in-capital, and on October 3, 2021, the Company executed an agreement with Mubadala Investment Company PJSC (“Mubadala”) to convert the remaining $10.1 billion of the Shareholder Loan balance into additional paid-in-capital (“the Conversion”). The Conversion did not have an impact on shares outstanding or have any dilutive effects, as no additional shares were issued.

Geographical concentration of cash and cash equivalents is as follows:


(in millions)	December 31, 2022		December 31, 2021
United States of America	$	484	$	1,357
Republic of Singapore	1,775		1,485
Other	93		97






Total	$	2,352	$	2,939

Issued Capital and Reserves	12 Months Ended
Issued Capital and Reserves	Dec. 31, 2022
Share Capital, Reserves, and Other Equity Interest [Abstract]
Issued Capital and Reserves	Issued Capital and Reserves Share Capital— On September 12, 2021, the Company effected a 1-for-2 reverse share split, which was approved by our board of directors on September 9, 2021. On October 27, 2021, the Company completed an initial public offering, issuing 30,250,000 ordinary shares, as well as 1,595,744 ordinary shares in a concurrent private placement agreement. As of December 31, 2022, there were 1,300 million ordinary shares and 200 million preferred shares with a par value of $0.02 authorized, and 548 million ordinary shares issued and outstanding. Additional Paid-In Capital—Additional paid-in capital represents the excess of assets less liabilities contributed to GLOBALFOUNDRIES by shareholders over the share capital issued in exchange for those contributions and share-based compensation charges for share-based payments. Reserves All other reserves as stated in the consolidated statements of changes in equity: Hedging Reserve—The cash flow hedge reserve contains the effective portion of the cash flow hedge relationships incurred as at the reporting date. Foreign Currency Translation Reserve—The foreign currency translation reserve is used to record exchange differences arising from the translation of AMTC and BAC’s financial statements for consolidation purpose.

Long-Term Debt

12 Months Ended

Dec. 31, 2022

Borrowing costs Abstract [Abstract]

Long-Term Debt


(in millions)	December 31, 2022		December 31, 2021
Current:
Term loans	$	223	$	297
Non-current:
Term loans	2,288		1,716
Total	$	2,511	$	2,013

The above balances are net of $12 million and $18 million of unamortized debt issuance costs for the years ended December 31, 2022 and 2021, respectively.

Movements in interest bearing borrowings during the reporting period were as follows:


(in millions)	December 31, 2022		December 31, 2021
Opening balance	$	2,013	$	2,338
New loans and borrowings	971		618
Repayments	(301)		(882)
Other	(172)		(61)
Ending balance	$	2,511	$	2,013

Terms and Debt Repayment Schedule

The following table summarizes term loan facilities. The below arrangements are all considered to be secured.

Description

Currency

Nominal Interest
Rate

Interest

Payment

Terms

Principal

Payment

Terms

Year

Maturity

2022

Carrying

Amount

2021

Carrying

Amount

2018 Tool Equipment Purchase and Lease Financing(1)

USD

LIBOR + 1.60%

Quarterly

2023

2019 Tool Equipment Purchase and Lease Financing(2)

USD

LIBOR + 1.75%

Quarterly

2024

2019 USD Dresden Equipment Financing(3)

USD

LIBOR + 1.75%

Semi-Annual

2024

2020 USD Equipment Financing(4)

USD

LIBOR + 1.90%

Quarterly

2025

2019 EUR Dresden Equipment Financing(3)

EUR

EURIBOR + 1.75%

Semi-Annual

2026

Various(5)

EUR, USD

Various

2024-2026

Current total

223

297

Non-current:

2019 Tool Equipment Purchase and Lease Financing(2)

USD

LIBOR + 1.75%

Quarterly

2024

106

2019 USD Dresden Equipment Financing(3)

USD

LIBOR + 2.25%

Semi-Annual

2026

108

144

2020 USD Equipment Financing(4)

USD

LIBOR + 1.90%

Quarterly

2025

152

USD Term Loan A

USD

LIBOR + 2.90%

Quarterly

Semi-Annual

2025

649

647

EUR Term Loan A

EUR

EURIBOR + 2.60%

Quarterly

Semi-Annual

2025

2019 EUR Dresden Equipment Financing(3)

EUR

EURIBOR + 1.75%

Semi-Annual

2026

387

423

2021 SGD EDB Loan

SGD

1.40%

Semi-annual

2041

923

Various

EUR, USD

Various

2024-2027

Non-current total

2,288

1,716

Total

2,511

2,013

(1)On March 2, 2018, GLOBALFOUNDRIES SINGAPORE PTE, LTD. (“GFS”) entered into several Equipment Purchase and Lease Agreements with four banks to sell and leaseback certain semiconductor manufacturing equipment located in GFS’ Fabs in Singapore for a total of $375 million. The total minimum lease payments amount to $375 million, to be paid in equal quarterly installments through March 1, 2023.

(2)On January 21, 2019, GFS entered into several Equipment Purchase Agreements and Lease Agreements with five banks to sell and leaseback certain semiconductor manufacturing equipment located in GFS’ Fabs in Singapore for a total of $425 million.

(3)On October 31, 2019, the Company, GLOBALFOUNDRIES Dresden Module One Limited Liability Company & Co., KG. and GLOBALFOUNDRIES Dresden Module Two Limited Liability Company & Co. KG. entered into a term facilities agreement with Bank of America Merrill Lynch International Designated Activity Company and ING Bank, a branch of ING-DIBA AG, as coordinating mandated lead arrangers, and Bank of America Merrill Lynch International Designated Activity Company as facility and security agent, which provides a maximum incremental facility commitment totaling $750 million secured by certain qualifying equipment assets.

(4)On April 23, 2020, GLOBALFOUNDRIES SINGAPORE PTE, LTD. entered into several Equipment Purchase Agreements and Lease Agreements with four banks to sell and leaseback certain semiconductor manufacturing equipment located in GFS’ fabrication facilities in Singapore for a total of $300 million.

Accounts Receivable Factoring—On February 17, 2021, the Company entered into agreements to amend and restate the terms of the original Accounts Receivable Factoring arrangements to factor certain of its accounts receivable up to a maximum outstanding amount of $92 million. The Company agreed to pay financing costs of LIBOR plus 0.90%. The balance as of December 31, 2022 and 2021 was $0 and $16 million, respectively.

2021 SGD EDB Loan—On September 3, 2021, the Company entered into a loan agreement with Singapore Economic Development Board (“EDB”), which provided loan facilities with maximum drawdown of $1,149 million (SGD 1,541 million) at a fixed nominal interest rate of 1.4%. The difference between the nominal interest rate of the loan and the market interest rate for an equivalent loan is recognized as a government grant. The loan matures on June 1, 2041, with interest-only payments for the first 5 years and principal repayments commence thereafter, payable on a semi-annual basis.

As of December 31, 2022, the Company’s total draw down was $1,082 million, of which $111 million was drawn down in 2021.

As of December 31, 2022, $923 million was recorded in long-term debt based on an effective interest rate of 3.2% and $184 million was recorded in deferred income from government grants.

5-year Revolving and Letter of Credit Facilities Agreement—On October 13, 2021, the Company entered into an amendment to the 5-year Revolving and Letter of Credit Facilities Agreement to increase the commitment to $1,000 million.

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


(in millions)	December 31, 2022		December 31, 2021
SGD EDB Loan	42		1,029
Revolving Credit Facility	1,012		1,009
Singapore Factoring	—		75
Uncommitted Credit Facilities(1)	64		31




Total	$	1,118	$	2,144

(1) Credit facility made available to the Company, but the lender is not obligated to loan funds.

Assets pledged as security— Various assets have been pledged to secure borrowings under pledged agreements for the Company. Cash and cash equivalents, trade accounts receivables, property, plant and equipment, inventories, and financial assets have been pledged to secure borrowings under pledged agreements for the Company. The Company is not allowed to pledge these assets as security for other borrowings or to sell them outside normal course of business.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company has various lease agreements for certain of its offices, facilities, and equipment. Leases may include one or more options to renew. Renewals are not in the determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. All leases were measured under a single criterion with the exception of those with terms not exceeding 12 months and low-value leases.


(in millions)	December 31, 2022			December 31, 2021
Amortization of right-of-use assets	$	82		$	81
Interest expense on lease liabilities	23			27
Short-term and low-value leases expense	1			1
Total net lease cost	$	106		$	109
Weighted average remaining lease term	7.18 years			6.51 years
Weighted average discount rate	4.75		%	6.65		%

The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2022 and 2021:


	December 31, 2022				December 31, 2021
(in millions)	Minimum Lease Payments		Present Value of Payments		Minimum Lease Payments		Present Value of Payments
Within 1 year	$	92	$	75	$	157	$	135
2-5 years	184		146		232		191
After 5 years	151		124		123		100
	$	427	$	345	$	512	$	426
Less: amounts representing
finance charges	(82)		—		(86)		—
Present value of minimum lease payments	$	345	$	345	$	426	$	426
Current			75				135
Non-current			270				291
			$	345			$	426

Supplemental cash flow information related to leases is as follows:


(in millions)	December 31, 2022		December 31, 2021
Cash flows used in operating activities:
Payments of short-term and low-value leases	$	(1)	$	(1)
Interest paid	(23)		(27)
Cash flows used in financing activities:
Payment of lease obligations	(89)		(78)

The following table summarizes the movement of right-of-use assets which primarily relates to building and leasehold improvements during the years ended December 31, 2022 and 2021 is as follows:


(in millions)	December 31, 2022		December 31, 2021
Beginning balance	$	305	$	292
Additions	$	59	94

Amortization	(82)		(81)
Ending balance	$	282	$	305

Provisions

12 Months Ended

Dec. 31, 2022

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

Provisions

The movement in provision for asset retirement obligations and restructuring charges during the years ended December 31, 2022 and 2021 is as follows:


(in millions)	December 31, 2022		December 31, 2021
Beginning balance	$	349	$	353
Arising during the period	2		—
Accretion cost	(4)		(1)
Restructuring charges	91		—
Utilized(1)	(52)		(3)
Released to the consolidated statements of operations(2)	$	(88)	—
Ending balance	$	298	$	349

(1) Includes $40 million related to asset retirement obligations,$7 million related to sale of the EFK business, and $5 million related to restructuring charges.

(2) Relates to the derecognition of asset retirement obligation related to the sale of the EFK business.

The Company records a provision for site restoration costs as required by legal and contractual obligations if assessed to be probable that it will incur such costs. Because of the long-term nature of the liability, the greatest uncertainty in estimating the provision is the costs that will be incurred. The Company has estimated costs based on currently available information provided by experts about the extent of restoration work required.

The provision has been calculated using a discount rate of 1.58% to 4.04% (2021: (1.59)% to 1.95%), which is the risk-free rate in the jurisdiction of the liability. The site restoration costs are expected to be incurred on site abandonment for its owned property and on lease expiration for its leasehold land. The expected timing of incurring site restoration costs is consistent with the remaining useful lives of the underlying property, plant and equipment.

See Note 8, Restructuring, for information related the Company’s restructuring initiative.

Government Grants

12 Months Ended

Dec. 31, 2022

Government grants [Abstract]

Government Grants

The following table presents the movement in deferred income from government grants for the years ended December 31, 2022 and 2021:


(in millions)	December 31, 2022		December 31, 2021
Beginning balance	$	176	$	169
Received/receivable during the period	270		40

Released to the consolidated statements of operations	(42)		(33)
Ending balance	$	404	$	176
Current	110		29
Non-current	294		147
	$	404	$	176

Government grants were recognized in the consolidated statements of operations and comprehensive income (loss) as follows:


(in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Cost of revenue	$	30	$	33	$	49
Research and development expenses	11		—		2
Selling, general and administrative	1		—		—
Total balance	$	42	$	33	$	51

The Company has received government support in the form of investment grants, research and development subsidies, refundable credits and miscellaneous receipts for employee support. Amount receivable from government but not yet received has been included in receivables, prepayments and other assets. Certain investment grants are subject to forfeiture in declining amounts over the life of the agreement if the Company does not maintain agreed upon conditions specified in the relevant subsidy agreements. The Company continues to comply with the government grant conditions mainly relating to qualifying property, plant and equipment and employment levels.

Trade Payables and Other Liabilities

12 Months Ended

Dec. 31, 2022

Subclassifications of assets, liabilities and equities [abstract]

Trade Payables and Other Liabilities


(in millions)	December 31, 2022		December 31, 2021
Current:
Trade payables	$	532	$	551
Accrued expenses	573		603

Contract liabilities(1)	592		533
Advances and deposits(2)	93		309
Payable for PPE and Intangible Assets	961		472

Other(3)	98		118










	$	2,849	$	2,586
Non-current:

Payable for Intangible Assets	92		45
Contract liabilities(1)	1,326		1,368

Deferred tax liabilities	26		2
Other(3)	30		30
	$	1,474	$	1,445

(1)Contract liabilities comprises contract liabilities for payments received in advance of the satisfaction of performance obligations for wafers, as well as non-recurring engineering services.

(2)Advances and deposits include advances from customers of $73 million (2021: $118 million) collected for purchase orders.

(3)Other includes other financial liabilities and non-current advances and deposits. See Note 17 for further details on other financial liabilities.

The following table presents the activities in accounts payable as of December 31, 2022 and 2021:


(in millions)	December 31, 2022		December 31, 2021
Beginning contract liabilities balance	$	1,901	$	135
Cash receipts in advance of satisfaction of performance obligations	1,189		1,894
Released to the consolidated statements of operations and comprehensive income (loss)(1)	(951)		(128)
Amounts credited to customers	(221)		—
Ending contract liabilities balance	$	1,918	$	1,901
Current	592		533
Non-current	1,326		1,368
	$	1,918	$	1,901

(1)Of revenue released to the consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2022 and 2021, $522 million and $48 million, respectively were included in the beginning balance of the contract liabilities.

Employee Benefits Plans	12 Months Ended
Employee Benefits Plans	Dec. 31, 2022
Employee Benefits [Abstract]
Employee Benefits Plans	Employee Benefits PlansRetirement Savings Plans—The Company has a retirement savings plan, commonly known as a 401(k) plan, which allows participating employees in the United States to contribute a portion of their pre-tax salary up to Internal Revenue Service limits. The Company matches employee contributions dollar for dollar for the first 3% of participants’ contributions and $0.50 cents on each dollar of additional 3% of participants’ contributions, to a maximum of 4.5% of eligible compensation. The Company’s contributions to the 401(k) plan were $32 million, $31 million and $32 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company also has an employee benefits plan that requires the Company to make monthly contributions based on the statutory funding requirement into a Central Provident Fund (“CPF”) for substantially all Singapore citizens and permanent residents. The Company’s contributions under this plan were $31 million, $29 million and $22 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

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

Commitments and Contingencies

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


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

Contracts for capital expenditures	$	2,774	$	2,995
Contracts for operating expenditures	3,587		3,405
	$	6,361	$	6,400
Due within the next 12 months	$	2,732	$	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 obtained letters of credit of $20 million and $20 million at December 31, 2022 and 2021, respectively, and bank guarantees of $4 million and $3 million at December 31, 2022 and 2021, respectively.

The Company has a patent license agreement with LSI Technology Corporation (“LSI”) under which the parties grant to one another a license to use certain of each other’s patents. Under the terms of the patent license agreement, the Company may provide wafer capacity in lieu of payment for royalties. Such royalties under the patent license agreement are waived until such time the interest of LSI in SMP falls below 49%. In exchange, the Company has waived capacity shortfall obligations from LSI. Should the interest of LSI in SMP fall below 49%, the Company may be required to make royalty payments to LSI under this patent license agreement. The Company has not made any royalty payments to LSI. The patent license agreement continues for as long as the joint venture agreement between the parties remains.

In 2017, we entered into a set of agreements with a joint venture partner related to the establishment of a joint venture in China to establish and operate a greenfield wafer production site. The parties contemplated that the manufacturing operations would be implemented in two phases. Due to a variety of factors, including unanticipated market conditions, the manufacturing operations did not proceed as planned and the parties have been working to wind-down operations of the

joint venture. On April 26, 2021, we received a letter from our joint venture partner requesting that we share in its alleged losses and related costs incurred to support the joint venture. We recorded a provision of $34 million in June 2021. We engaged in negotiations with our joint venture partner to settle the claim and on November 2021 we resolved the claims consistent with the recorded provision. In August 2022, all shares owned by our joint venture partner have been transferred to GF Asia Investment.

On April 28, 2021, IBM sent us a letter alleging for the first time that we did not fulfill our obligations under the contracts we entered into with IBM in 2014 and 2015 associated with our acquisition of IBM’s Microelectronics division. IBM asserted that we engaged in fraudulent misrepresentations during the underlying negotiations, and claimed we owed them $2.5 billion 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 the dismissal of 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 the Company has meritorious defenses against IBM’s claims. The Company disputes IBM’s claims and intends to vigorously defend against IBM. We do not currently anticipate this proceeding to have a material impact on our results of operations, financial condition, business and prospects

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings per share [abstract]

Earnings Per Share

Basic and diluted earnings (loss) per share has been calculated for the years ended December 31, 2022, 2021, and 2020 as follows:


	2022		2021		2020

	(in millions)
Net income (loss) available to equity shareholders of the Company	$	1,448	$	(250)	$	(1,350)

Weighted average common shares outstanding
Basic	539		506		500
Diluted	552		506		500
Total basic and diluted earnings per share attributable to equity shareholders
Basic	$	2.69	$	(0.49)	$	(2.70)
Diluted	$	2.62	$	(0.49)	$	(2.70)

For the years ended December 31, 2022, 2021 and 2020, there were 6 million, 22 million and 22 million share options outstanding, respectively. Share options for the years ended December 31, 2021 and 2020 were not included in the calculation of diluted earnings per share as their inclusion would have been anti-dilutive.

Related Party Disclosures

12 Months Ended

Dec. 31, 2022

Related party [Abstract]

Related Party Disclosures

Related Party DisclosuresThe consolidated financial statements include the following subsidiaries which are all wholly owned, except for Advanced Mask Technology Centre GmbH & Co. KG, Maskhouse Building Administration GmbH & Co. KG, Advanced Mask Technology Center Verwaltungs GmbH, and Maskhouse Building Administration Verwaltungs GmbH:

Subsidiary

Jurisdiction of

Incorporation or

Organization

December 31, 2022

December 31, 2021

December 31, 2020

GLOBALFOUNDRIES Dresden Module One LLC

United States

GLOBALFOUNDRIES Dresden Module Two LLC

United States

GLOBALFOUNDRIES Innovation Investments LLC

United States

GLOBALFOUNDRIES Investments LLC

United States

GLOBALFOUNDRIES U.S. Inc.

United States

GLOBALFOUNDRIES U.S. 2 LLC

United States

GLOBALFOUNDRIES Borrower LLC

United States

Hudson Valley Research Park Sewage Works Corporation

United States

Hudson Valley Research Park Water-Works Corporation

United States

N/A

GF Power LLC

United States

N/A

GLOBALFOUNDRIES Finance Inc.

Cayman Islands

N/A

GLOBALFOUNDRIES France SAS

France

N/A

GLOBALFOUNDRIES Dresden Module One Holding GmbH

Germany

GLOBALFOUNDRIES Dresden Module One LLC & Co. KG

Germany

GLOBALFOUNDRIES Dresden Module Two LLC & Co. KG

Germany

GLOBALFOUNDRIES Dresden Module Two Holding GmbH

Germany

GLOBALFOUNDRIES Management Services LLC & Co. KG

Germany

Advanced Mask Technology Centre GmbH & Co. KG (50%)

Germany

N/A

Maskhouse Building Administration GmbH & Co. KG (50%)

Germany

N/A

Advanced Mask Technology Center Verwaltungs GmbH (50%)

Germany

N/A

Maskhouse Building Administration Verwaltungs GmbH (50%)

Germany

N/A

GLOBALFOUNDRIES Europe Sales & Support GmbH

Germany

N/A

GLOBALFOUNDRIES Engineering Private Limited

India

GLOBALFOUNDRIES Japan Ltd.

Japan

GLOBALFOUNDRIES Malaysia SDN. BHD.

Malaysia

N/A

GLOBALFOUNDRIES Netherlands Cooperatief U.A.

The Netherlands

GLOBALFOUNDRIES Netherlands Holding B.V.

The Netherlands

N/A

GLOBALFOUNDRIES Netherlands B.V.

The Netherlands

N/A

GLOBALFOUNDRIES Bulgaria EAD

Bulgaria

GF Asia Investments Pte. Ltd.

Singapore

GF Asia Sales Pte. Ltd.

Singapore

N/A

GLOBALFOUNDRIES Singapore Pte. Ltd.

Singapore

GLOBALFOUNDRIES Taiwan Ltd.

Taiwan

GLOBALFOUNDRIES Europe Ltd.

United Kingdom

GA (Chengdu) Technology Co., Limited

China

GLOBALFOUNDRIES China (Beijing) Co., Limited

China

GLOBALFOUNDRIES China (Shanghai) Co., Limited

China

Nanjing APD Technologies Co. Ltd.

China

N/A

Related parties represent associated companies, the shareholder, directors and key management personnel of the Company and entities controlled, or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the audit, risk and compliance committee or the Company’s management, as applicable.

Below are the related parties which the Company has entered into transactions with:


	December 31, 2022	December 31, 2021
Related Party Name
SMP	Joint venture	Joint venture
Mubadala Treasury Holding Company (“MTHC”)	Shareholder entity	Shareholder entity
Mubadala Technology Investments LLC (“Mubadala Technology”)	Shareholder entity	Shareholder entity

Balances with related parties included in the consolidated statements of financial positions are as follows:


	December 31, 2022				December 31, 2021
(in millions)	Due from Related Parties		Due to Related Parties		Due from Related Parties		Due to Related Parties
SMP	$	11	$	10	$	8	$	9

Total(1)	$	11	$	10	$	8	$	9

(1)The total amounts of $11 million and $8 million due from related parties as of the years ended December 31, 2022 and 2021, respectively, has been included in receivables, prepayments and other assets (see Note 15). The total amounts of $10 million and $9 million due to related parties’ balance for the years ended December 31, 2022 and 2021, respectively, has been included in trade and other payables (see Note 24).

The following table presents the related party transactions included in the consolidated statements of operations:


(in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Purchases and recharges from:
SMP(1)	$	60	$	60	$	58

	$	60	$	60	$	58

Other transactions with:
SMP (reimbursement of expenses and contribution of tools)	$	52	$	45	$	47

Mubadala Technology (reimbursement of expenses)	$	—	$	3	$	1

	$	52	$	48	$	48

(1)Purchases from SMP were primarily comprised of wafers.

Terms and Conditions of Transactions with Related Parties

Outstanding balances at the year-end are unsecured, interest free, repayable on demand and settlement occurs in cash. The Company has not recorded any allowance of receivables relating to amounts owed by related parties for the years ended December 31, 2022 and 2021. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

Transactions with Shareholder:

Shareholder Loan Agreement—The Company, as a borrower, entered into loan facilities with its shareholder in 2012 to 2016 (collectively the “Shareholder Loans”). The Shareholder Loans were non-interest bearing and principal repayment, in whole or in part, was entirely at the Company’s discretion as explicitly stated in the loan agreement. The Shareholder Loans were subordinated to any claims of other unsubordinated and subordinated creditors, including beneficiaries under guarantees issued, of the Company. The loans had no maturity date and remained outstanding until the loans were paid in full. Further, there were no contingent settlements in the agreements. Since the Shareholder Loans did not contain any contractual obligations to deliver cash, but rather allowed the Company to make repayment at its absolute discretion and further prohibited the shareholder from demanding repayment, the Company treated the Shareholder Loans as equity.

The Company repaid $568 million during the year ended December 31, 2021.

On October 1, 2021, the Company’s board approved the conversion of the Shareholder Loans to additional paid-in-capital, and on October 3, 2021, the Company executed an agreement with Mubadala Investment Company PJSC (“Mubadala”) to convert the remaining $10.1 billion of the Shareholder Loan balance into additional paid-in-capital (the ”Conversion”). The Conversion did not have an impact on shares outstanding or have any dilutive effects, as no additional shares were issued.

Compensation of Key Management Personnel

The compensation of key management personnel during the following years were as follows:


(in millions)	2022		2021		2020
Chief Executive Officer and Chief Financial Officer
Short-term benefits	$	5	$	8	$	11
Share-based payments	19		42		—
Board of Directors	5		3		1
	$	29	$	53	$	12

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-based payment arrangements [Abstract]

Share-Based Compensation

The Company incurred share-based compensation expense of $173 million, $223 million, and $1 million the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, the additional paid-in capital related to the share proceeds amounted to $163 million and $0, respectively. The Company incurred $10 million and $5 million of payroll taxes associated with the share-based compensation expense for the years ended December 31, 2022 and 2021, respectively.

As of December 31, 2022 and 2021, the Company has 2,826,758 shares and 2,457,663 shares respectively, available for future grant under the 2018 Share Incentive Plan.

Under the 2021 Equity Compensation Plan, the Company has 13,648,116 shares available for future grant as of December 31, 2022.

RSUs

In 2022, the Company granted RSUs under the 2021 Equity Compensation Plan. The RSUs have a time-based vesting requirement, which provides that the RSUs will generally vest in three annual installments, with 33.33% vesting on each one-year anniversary of the vesting commencement date subject to the employee’s continued employment with the Company.

In 2021, the Company granted restricted share units (“RSUs”) under the 2018 Share Incentive Plan. The RSUs have a time-based vesting requirement, which provides that the RSUs will generally vest in four annual installments, with 25% vesting on each one-year anniversary of the vesting commencement date subject to the employee’s continued employment with the Company. In addition, the RSUs had a liquidity event vesting requirement which was satisfied on the six-month anniversary of our IPO.


	Number of RSUs	Weighted average grant date fair value
Outstanding as of December 31, 2020	—	$	—
Granted	851,530	$	39.56
Forfeited	(4,100)	$	34.46
Outstanding as of December 31, 2021	847,430	$	39.59
Granted	3,416,545	$	57.09
Forfeited	(314,158)	$	55.36
Exercised	(738,387)	$	49.51
Outstanding as of December 31, 2022	3,211,430	$	54.39

Prior to the IPO, the value of the RSUs was determined by the Company’s Board of Directors. Because there had been no public market for the ordinary shares, the Board of Directors determined the fair value at the time of grant of the RSU by

contemporaneous valuations performed by unrelated third-party valuation firms as well as a number of objective and subjective factors including valuation of comparable companies, operating and financial performance, the lack of liquidity of capital stock and general and industry specific economic outlook, among other factors.

As of December 31, 2022, 2021 and 2020, there was $88 million, $26 million, and $0, respectively, of total unrecognized compensation cost related to outstanding RSUs.

PSUs

In 2022, the Company granted performance stock units (“PSUs”) under the 2021 Equity Compensation Plan. to certain senior level employees. Each PSU represents a contingent right to receive shares of the Company’s stock if the Company meets certain performance measures over the requisite performance 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.

The PSUs vest subject to achievement of a performance target based on an absolute return on invested capital (“ROIC”) and relative total shareholder return (“TSR”) versus the SOX Index and will vest over 2 year and 3 year performance periods subject to the grantee remaining employed by the Company through the end of the applicable performance period.


	Number of PSUs	Weighted average grant date fair value
Outstanding as of December 31, 2021	—	$	—
Granted	571,277	70.85
Forfeited	(34,082)	$	70.91
Outstanding as of December 31, 2022	537,195	$	70.91

The Company uses the Monte Carlo simulation model to estimate the fair value of the PSUs at the date of grant. The equity volatility was determined based on the historical volatilities of comparable publicly traded companies over a look back period of 2.74 years, commensurate with the remaining term of the PSUs. The risk-free interest rate is based on the United States Treasury with a remaining term equivalent to the remaining performance measurement period. Dividends are not paid on the Company’s stock.

The assumptions used to value the Company’s PSUs granted during the period presented and their expected lives were as follows:


			December 31, 2022

Expected dividend yield			—
Expected volatility			45.50%

Risk-free interest rate			2.55%

Compensation expense is recognized for the PSU awards based on a graded attribution basis over the vesting period. As of December 31, 2022, there was $24 million of total unrecognized compensation expense related to the PSUs.

Share Options

In 2017, the Company approved the Share Incentive Plan, which was intended to attract and retain talented employees and align shareholder and employee interests. Share options under the Share Incentive Plan vested over a five-year period.

In 2019 the Company offered to exchange the share options under the Share Incentive Plan with new share options under the “2018 Share Incentive Plan,” under which the Company may grant up to 25 million options to purchase shares in the Company with an exercise price of $10.00 per share. The options vest based on service over four or five years, depending on the timing of the grant, and contingent upon a liquidity event (change in control or IPO) with the earliest vesting date on the one-year anniversary of a liquidity event. On April 19, 2019, the Company issued the share options subject to the tender offer. The exchange of 2017 plan options into 2018 plan options resulted in a total incremental fair value of $64 million, of which $39 million was recognized in the second quarter of 2021 when an IPO became probable. The remainder was attributed prospectively. In the fourth quarter of 2021, the Company modified the earliest vesting date from one year post-anniversary of a liquidity event to six-months post-anniversary of a liquidity event, and shortened the contractual term for

options held by US taxpayers to be the calendar year end after or within the year of vest. The options that remain outstanding at expiration will be auto-exercised through the broker.

The share options are effective for a term of 10 years from the grant date. Because the vesting and exercisability of these share options were dependent on a qualified liquidity event, the Company had to assess the probability of such an event in order to determine the expenses related to the share-based payments for the period. On June 30, 2021, the Company deemed an IPO to be probable under IFRS.

Upon the tender offer, the Company measured the pre-modification value of the old share options and compared that to the fair value of the new share options using the Black-Scholes option pricing model. The equity volatility was determined based on the historical volatilities of comparable publicly traded companies over a period equal to the expected average share-based payments life. The risk-free rate of interest was interpolated from the U.S. Constant Maturity Treasury rate curve to reflect the remaining expected life of share options. The fair value of the ordinary shares underlying the stock options has historically been determined by the Company’s Board of Directors. Because there had been no public market for the ordinary shares, the Board of Directors determined the fair value of the ordinary shares at the time of grant of the option by contemporaneous valuations performed by unrelated third-party valuation firms as well as a number of objective and subjective factors including valuation of comparable companies, operating and financial performance, the lack of liquidity of capital stock and general and industry specific economic outlook, among other factors.

The Company did not grant any stock options in 2022.

The assumptions used to value the Company’s options granted and their expected lives during 2021, were as follows:


	December 31, 2021


Expected volatility	45.00	%
Expected term	4.5 years
Risk-free interest rate	0.56	%
Estimated ordinary shares valuation	$24.64 - $26.04

The following table shows a summary of the share option’s activity for the year ended December 31, 2022 and 2021.


	Number of Share options	Weighted average exercise price per Share



Outstanding as of December 31, 2020	22,286,278	$	10.04
Granted	995,409	$	10.00
Forfeited	(1,532,129)	$	10.00
Outstanding as of December 31, 2021	21,749,558	$	10.03

Exercised	(14,956,321)	$	10.00
Forfeited	(532,634)	$	10.00
Outstanding as of December 31, 2022	6,260,603	$	10.02
Exercisable balance as of December 31, 2022	4,873,406	$	10.02

The following table summarizes information about employees’ share options outstanding as of December 31, 2022:


Outstanding
Range of exercise prices		Number Outstanding	Weighted average remaining contractual life (in years)
$	10.02	6,250,068	2.13
$	19.07	4,515	4.04
$	22.54	4,515	4.04
$	26.00	1,505	4.04

The weighted average remaining contractual life is calculated based on the 10-year contract terms of the options. And the weighted average exercise price is calculated using the exercise price of the outstanding options, which pertain to the 2018 Share Incentive Plan.

As of December 31, 2022, 2021 and 2020, there was $7 million, $63 million and $251 million, respectively, of total unrecognized compensation cost related to outstanding stock options.

ESPP

In connection with, and prior to the consummation of the Company's initial public offering in 2021, 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”).

The ESPP provides eligible employees with an opportunity to purchase our ordinary shares through payroll deduction of up to 10% of their eligible compensation. A participant may purchase a maximum of 2,500 ordinary shares during a purchase period. Amounts deducted and accumulated by the participant are used to purchase ordinary shares at the end of each six-month purchase period. Participants in the ESPP receive a one-time grant of 50 RSUs upon enrollment in the ESPP. The Company matches 20% of each employee’s contributions on an after-tax basis.

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.

As of December 31, 2022, of the Company has issued 533,591 shares under this plan reflecting employees’ contribution and the 20% Company match.

Financial Risk Management Objectives and Policies

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Financial Risk Management Objectives and Policies

GLOBALFOUNDRIES has implemented a cash investment policy which determines the overall objectives of the Company’s investment strategy. This policy is aimed to ensure the preservation of capital and the maintenance of sufficient liquidity necessary to fund operations while balancing the needs for appropriate returns. The cash investment policy limits permissible investments and credit quality.

The primary objective of the Company’s capital management is to ensure that it maintains a healthy capital ratio in order to support its business and maximize shareholder value.

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions. There are no regulatory imposed requirements on the level of share capital which the Company has to maintain.

The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company’s policy is to keep the gearing ratio within a range to meet the business needs of the Company.

The Company includes within net debt, interest bearing loans and borrowings and obligations under lease less bank balances, cash and marketable securities. Capital includes total equity including non-controlling interests less cumulative changes in fair value.

The Company’s interest-bearing loans and borrowings have certain financial covenants. Restrictive covenants in the Company’s credit facilities may prevent the Company from pursuing certain transactions or business strategies, including by limiting the Company’s ability to, in certain circumstances:

•incur additional indebtedness;

•pay dividends or make distributions;

•acquire assets or make investments outside of the ordinary course of business;

•sell, lease, license, transfer or otherwise dispose of assets;

•enter into transactions with the affiliates;

•create or permit liens;

•guarantee indebtedness; and

•engage in certain extraordinary transactions.

As of December 31, 2022, the Company is in compliance with the financial covenants.

Risks Arising from Financial Instruments—The main risks arising from the Company’s financial instruments are market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. The Board of Directors reviews and approves policies for managing each of these risks which are summarized below.

Market Risk—Market price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise the following types of risk: interest rate risk, foreign currency risk and market price risk.

Interest Rate Risk—The Company’s exposure to market risk for changes in interest rates relates primarily to interest-earning financial assets and interest-bearing financial liabilities. The Company’s interest-earning financial assets are mostly highly liquid investments and includes money market funds, marketable securities and time deposits. As these financial assets have weighted-average maturity of less than one year with majority of the assets in fixed-rate instruments, the Company’s exposure to interest risk is not material. The Company’s interest-bearing financial liabilities include fixed and floating rate loans and lease obligations. Floating rate loans bear interest at Base Rate or LIBOR or EURIBOR plus a premium, which is fixed. The Company uses pay-fixed / receive-float interest rate swaps to protect the Company against adverse fluctuations in interest rates and to reduce its exposure to variability in cash flows on the Company’s forecasted floating-rate debt facility to the extent that it is practicable and cost effective to do so.

Cash Flow Sensitivity Analysis for Variable Rate Instruments—The sensitivity of net income (loss) in the consolidated statement of comprehensive income (loss) is the effect of the assumed changes in interest rates on the Company’s net income (loss) for one year, based on the floating rate financial assets and financial liabilities held on December 31, 2022.

The following table demonstrates the sensitivity of net income (loss) in the consolidated statements of operations to reasonably possible changes in interest rates, with all other variables held constant.


	Increase/ (Decrease) in Percentages		Effects on Loss before Tax
December 31, 2020	10	%	$	19
	(10)	%	$	(19)
December 31, 2021	10	%	$	—
	(10	%)	$	—
December 31, 2022	10	%	$	1
	(10)	%	$	(1)

Foreign Currency Risk—As a result of foreign operations, the Company has costs, assets and liabilities that are denominated in foreign currencies, primarily the Euro, the Japanese Yen and the Singapore Dollar. Therefore, movements in exchange rates could cause foreign currency denominated expenses to increase as a percentage of net revenue, affecting profitability and cash flows. The Company uses foreign currency forward contracts to reduce exposure to foreign currency fluctuations. The Company also incurs certain portion of its interest expense in Euro and Singapore Dollars, exposing the Company to exchange rate fluctuations between USD and EUR and SGD. The Company uses cross-currency swaps to reduce its exposure to variability from foreign exchange impacting cash flows arising from Company’s foreign currency denominated debt cash flows to the extent than it is practicable and cost effective to do so.

Exposure to Currency Risk—The Company’s exposure to foreign currency risk against financial assets and financial liabilities was as follows, based on notional amounts:


(in millions)	EUR		JPY		SGD
December 31, 2021
Receivables and prepayments	$	161	$	—	$	13
Cash and cash equivalents	45		2		4
Loans and borrowings	(14)		—		(91)
Trade and other payables	(254)		(73)		(147)
	$	(62)	$	(71)	$	(221)
December 31, 2022
Receivables and prepayments	$	120	$	—	$	16
Cash and cash equivalents	48		4		420
Loans and borrowings	45		—		—
Trade and other payables	(388)		(73)		(149)
	$	(175)	$	(69)	$	287

Credit Risk—Credit risk can be defined as the risk of suffering financial loss from financial instruments due to the failure by a counterparty to fulfill an obligation. Financial instruments that subject the Company to concentrations of credit risk include

investments and cash equivalents and foreign exchange transactions. With respect to credit risk arising from the Company’s cash and cash equivalents, the Company’s exposure to credit risk arises from default of the counterparty, with maximum exposure equal to the carrying amount of these instruments.

The Company generally does not require collateral to secure accounts receivable. The risk with respect to trade receivables is mitigated by credit evaluations the Company performs on the Company’s customers, the short duration of the Company’s payments terms for the significant majority of the Company’s customer contracts and by the diversification of the Company’s customer base. The expected credit losses of trade and other receivables are not significant.

The Company’s five largest customers account for approximately 57% and 61% of the outstanding trade receivables balance as of December 31, 2022 and 2021, respectively.

Exposure to Credit Risk—The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

The aging of financial assets including trade receivables is as follows:


					Past Due but Not Impaired
(in millions)	Total		Neither past Due Nor Impaired		< 30 Days		31-90 Days		91-120 Days		Great than 120 days
December 31, 2021	$	1,067	$	1,023	$	42	$	1	$	1	$	—
December 31, 2022	$	2,254	$	2,137	$	84	$	33	$	—	$	—

Liquidity Risk—The Company monitors its risk to a shortage of funds by monitoring its cash flow situation. Ongoing cash forecasting and review processes have been set up to determine the amount of external funding needed. The Company has set up a process of mid- and long-term financial planning. The Company’s financing structure, including maturities of debt, is determined in response to the financing requirements identified with the long-term business planning process.

The table below summarizes the maturity profile of the Company’s financial liabilities:


(in millions)	Carrying Value		Contractual Cash Flows		1 Year or Less		1 to 5 Years		Greater than 5 Years		Total
December 31, 2021
Loans and borrowings	$	2,013	$	2,205	$	349	$	1,736	$	120	$	2,205
Lease obligations	426		512		157		232		123		512
Derivative financial liability	66		66		49		17		—		66
Trade payables and other liabilities	1,895		1,895		1,848		47		—		1,895
	$	4,400	$	4,678	$	2,403	$	2,032	$	243	$	4,678
December 31, 2022
Loans and borrowings	$	2,511	$	2,706	$	229	$	1,443	$	1,034	$	2,706
Lease obligations	345		427		92		184		151		427
Derivative financial liability	66		66		61		5		—		66
Trade payables and other liabilities	2,265		2,265		2,171		63		31		2,265
	$	5,187	$	5,464	$	2,553	$	1,695	$	1,216	$	5,464

In preparing the maturity profile, undiscounted payments are calculated based on contractually agreed interest rates where these are fixed, or, in the case of discounted liabilities for leases, where the interest rate is implicit in the financing arrangement. For variable interest arrangements undiscounted payments are determined based on the interest rate prevailing at the reporting date.

Assets and Liabilities Measured at Fair Value—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 utilizing Level 1 inputs 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.

For assets and liabilities that are recognized at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Foreign currency forward contracts are classified within Level 2. The fair values of foreign currency forward contracts are determined using quantitative models that require the use of multiple market inputs, including interest rates, prices and maturity dates to generate pricing curves, which are used to value the positions. The market inputs are generally actively quoted and can be validated through external sources. For foreign currency forward contract asset and liability positions with maturity dates which fall between the dates of quoted prices, interpolation of rate or maturity scenarios are used in determining fair values. During the years ended December 31, 2022 and 2021, there were no transfers between Level 1, 2 and Level 3 fair value measurements.

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

(in millions)	Total		Quoted Prices Identical Assets/ Liabilities (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2021
Assets:

Cash equivalents(1)	$	2,175	$	2,150	$	25	$	—



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





Derivatives(3)	$	25	$	—	$	25	$	—

Liabilities:




Derivatives(3)	$	66	$	—	$	66	$	—


	Fair Value Measurement at Reporting Date Using

(in millions)	Total		Quoted Prices Identical Assets/ Liabilities (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2022
Assets:

Cash equivalents (1)	$	961	$	961	$	—	$	—

Investments in equity instruments (2)	$	15	$	—	$	—	$	15

Investments in marketable securities(3)	$	994	$	994	$	—	$	—

Derivatives(4)	$	177	$	—	$	177	$	—

Liabilities:






Derivatives(4)	$	66	$	—	$	66	$	—

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

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

(3)Included in current and non-current marketable securities on the Company’s consolidated statements of financial position.

(4)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 consolidated statements of financial position.

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

Financial instruments not recorded at fair value on a recurring basis include non-marketable equity securities (that have not been re-measured or impaired in the current period), grants receivable, loans receivable, lease obligations and the Company’s short-term and 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 loans and receivables (“LaR”) and financial liabilities at amortized cost (“FLAC”):


(in millions)		December 31, 2022				December 31, 2021
Financial Liability	Category	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Other long-term debt	FLAC	2,511		2,414		2,013		2,006
Total		$	2,511	$	2,414	$	2,013	$	2,006

Estimated fair values of loans and borrowings is 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 maturity. The Company estimates the fair value using market interest rates for the Company’s debts with similar maturities.

Operating Segments Information

12 Months Ended

Dec. 31, 2022

Operating Segments [Abstract]

Operating Segments Information

(a)Operating segments, segment revenue, operating results

The Company’s chief operating decision-maker is the Company’s Chief Executive Officer who makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis. There are no segment managers who are held accountable by the chief operating decision-maker, or anyone else, for operations, operating results, and planning for levels or components below the consolidated unit level. Accordingly, the Company has determined that the Company has a single reportable segment and operating segment structure.

(b)Revenue based on customers headquarters, non current assets by geography and major customers’ representing at least 10% of revenue based on customer’s headquarters were as follows:


	For the year ended December 31,
Revenue by Geography	2022		2021		2020
(in millions)
United States	$	4,898	$	3,975	$	3,368
Europe, the Middle East, and Africa	1,182		805		451



Other	2,028		1,805		1,032
	$	8,108	$	6,585	$	4,851


Non-current Assets by Geography	2022		2021
(in millions)
United States	$	5,149	$	5,433
Germany	2,462		1,989
Singapore	3,508		1,547
Other	532		412
Total	$	11,651	$	9,381

Non-current assets include property, plant, equipment, right-of-use assets, intangible assets, investments in joint venture and associates, restricted cash (non-current) and receivables, prepayments and other assets (non-current).


	For the year ended December 31,
Revenue by Major Customer	2022			2021			2020
(in millions)	Amount		%	Amount		%	Amount		%
Customer A	$	746	9	$	811	12	$	1,001	21
Customer B	$	1,329	16	$	995	15	$	537	11

Customer And Supplier Concentration	12 Months Ended
Customer And Supplier Concentration	Dec. 31, 2022
Financial Instruments [Abstract]
Customer And Supplier Concentration	Customer And Supplier Concentration Significant customers and suppliers are those that account for greater than 10% of the Company’s revenue and purchases in any of the years presented. The Company earned a substantial portion of revenue from two customers in 2022 , 2021 and 2020: Customer A amounted to 9%, 12% and 21% of total revenue, respectively, and Customer B amounted to 16%, 15%, and 11% of total revenue, respectively. As of December 31, 2022 and 2021, the amounts due from Customer A included in accounts receivable were $71 million and $179 million, respectively, and the amounts due from Customer B included in accounts receivable were $163 million and $160 million, respectively. The loss of the significant customers or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition for the Company. The Company purchased 54%, 46% and 52%, of its SOI wafers, a key input into its products, from a single supplier in 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, the net amount due to the supplier was $56 million and $63 million, respectively. Any failure in the supplier’s ability to provide SOI wafers could materially and adversely affect the Company’s results of operations, financial condition, business and prospects.

Summary of Significantt Policies, Judgements, Estimates and Assumptions (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
Revenue Recognition	Revenue Recognition—The Company derives revenue primarily from fabricating semiconductor wafers using the Company’s manufacturing processes for the Company’s customers based on their own or third parties’ proprietary integrated circuit designs and, to a lesser extent, from design, mask making, bumping, probing, assembly and testing services. The Company recognizes revenue from contracts with customers by applying the following steps: (i) identify the contracts with the customers; (ii) identify performance obligations in the contracts; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations per the contracts; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The majority of the Company’s revenue is derived from contracts with customers for wafer fabrication and engineering and other pre-fabrication services such as rendering of non-recurring engineering (“NRE”) services and mask production. The Company accounts for a contract with a customer when it has approval and commitment from parties, the rights and obligations of the parties are identified, payments terms are identified, the contract has commercial substance, and collectability of consideration is probable. The Company generally requires a purchase order from all of its customers, to which the Company responds with an order acknowledgement and a copy of the Company’s standard terms and conditions. The Company also enters into master supply agreements (“MSA”) with certain of its customers that may specify additional terms and conditions, such as pricing formulas based on volume, volume discounts, calculation of yield adjustments, indemnifications, transfer of title and risk of loss, and payment terms. Under these agreements, volumes are usually not guaranteed. The Company also requires a purchase order from its customers with which it has MSAs for specific products and quantities. As a result, the Company has concluded that the combination of a purchase order and order acknowledgement, including the Company’s standard terms and conditions, and the MSA, if applicable, create enforceable rights and obligations between the Company and its customers. As discussed in Note 4, a change in cancellation terms in certain wafer orders during the year ended December 31, 2020, resulted in the Company no longer meeting the criteria to account for revenue recognition from contracts with customers over time. As such, the Company recognizes revenue for such modified wafer orders at the point at which control of the wafers is transferred to the customer, which is determined to be at the point of wafer shipment from the Company’s facilities or delivery to the customer location. The Company estimates the variable consideration related to volume rebates and yield adjustments for certain contracts that may be refundable to customers through the issuance of a credit note, and accordingly, recognizes revenue in accordance with the pattern applicable to the performance obligation, subject to a constraint. The Company determines the amounts to be recognized based on the amount of potential refund required by the contract, historical experience and other surrounding facts and circumstances. These potential revenue adjustments are accrued and netted against accounts receivable on the consolidated statements of financial position. A contract asset (“unbilled accounts receivables”) is recognized when the Company has recognized revenue, but not issued an invoice for payment. The Company has determined that unbilled receivables are not considered a significant financing component of the Company’s contracts. Contract assets are included in receivables, prepayments and other assets and transferred to receivables when invoiced (See Note 15). A contract liability is recognized when the Company receives payments in advance of the satisfaction of performance obligations and are included in deferred revenue on the consolidated statements of financial position (See Note 24).This includes upfront non-refundable capacity access fees under certain long-term supply agreements with customers which are accounted for as additional wafer price considerations and recognized as revenue upon satisfaction of performance obligations for wafers over the expected term of the agreements. Costs to obtain a contract are incremental direct costs incurred to obtain a contract with a customer, including sales commissions, and are capitalized if material. Costs to fulfill a contract include costs directly related to a contract or specific anticipated contract (e.g., certain design costs) that generate or enhance the Company’s ability to satisfy the Company’s performance obligations under these contracts. These costs are capitalized to the extent they are expected to be recovered from the associated contract and are material.
Investments in Joint Ventures	Investments in Joint Ventures—Joint ventures are those entities over whose activities the Company has joint control, established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions. Investments in jointly controlled entities are accounted for using the equity method of accounting (herein after referred to as “equity accounted investees”) and are recognized initially at cost. The consolidated financial statements include the Company’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that joint control commences until the date that joint control ceases. At each reporting date, the Company determines whether there is objective evidence that the investment in the joint venture is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognizes the loss as a share of profit (loss) of joint ventures and associates in the consolidated statements of operations). When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Company has an obligation on behalf of the investee
Cash and Cash Equivalents	Cash and Cash Equivalents—Cash and cash equivalents includes cash on hand and balances at banks, deposits held on call with banks, and financial instruments that are not subject to significant risk of changes in value, are readily convertible into cash and have original maturities of three months or less at the time of purchase.
trade Accounts Receivable	Trade Accounts Receivable—Trade accounts receivable are recognized initially at fair value. A provision for impairment of trade accounts receivable is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivable.
Financial Instruments	Financial Instruments: Category of financial instruments and measurement Recognition and Initial Measurement—Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. A financial asset or financial liability is initially measured at fair value including transaction costs that are directly attributable to its acquisition or issuance, and are recognized at fair value in the profit and loss (“FVPL”) are expensed in consolidated statements of operations. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and Measurement—All recognized financial assets are measured based on amortized cost or fair value. The classification is based on two criteria, the Company’s business model for managing the assets and whether the instrument’s contractual cash flows represent solely payments of principal and interest (“SPPI”). The assessment of whether contractual cash flows on debt instruments are solely comprised of principal and interest is made based on the facts and circumstances at the initial recognition of assets. Financial assets include trade and other receivables. These are recorded at amortized cost when such financial assets are held with the objective to collect contract cash flows that meet the SPPI criterion. Financial assets recorded at FVPL comprise unquoted equity instruments which the Company had not irrevocably elected, at initial recognition, to classify at fair value through other comprehensive income (“FVOCI”). Financial assets recorded at FVOCI comprise marketable securities that are quoted debt instruments when such financial assets are held with the objectives of collecting contractual cash flows and meets the SPPI criterion. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses and interest income which are recognized in the consolidated statements of operations. Interest income from these financial assets is included in finance income using the effective interest rate method. Impairment of financial assets The Company will record an allowance for expected credit losses (“ECL”) for all loans to related parties, marketable securities (that are quoted debt instruments), contract assets, and trade receivables and other receivables not recorded at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive. The shortfall is then discounted to the asset’s original effective interest rate. The Company estimated its expected credit losses for its contract assets and trade receivables at an amount equal to lifetime credit losses, while marketable securities and other receivables are measured at 12-months ECL if they are determined to have low credit risk at the reporting date. Offsetting of Financial Instruments—Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position when there is an enforceable legal right to offset the recognized amounts, and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Fair Value of Financial Instruments—The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include using recent arm’s-length market transactions; reference to the current fair value of another instrument that is substantially the same; a discounted cash flow analysis or other valuation models. Derivative Financial Instruments and Hedge Accounting—The Company uses derivative financial instruments, such as foreign currency forward contracts, interest rate swaps, cross currency swaps and commodity forward contracts to mitigate the risks associated with changes in foreign currency exchange, interest rates and commodity price. The Company does not use derivative financial instruments for trading or speculative purposes. Derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. In applying its strategy, from time to time, the Company uses foreign currency forward contracts to hedge certain forecasted expenses denominated in foreign currencies, primarily the Euro and Singapore Dollar. The Company hedges future cash flows for capital expenditures denominated in foreign currencies, primarily the Euro. In addition, the Company uses pay-fixed/receive-float interest rate swaps and cross-currency swaps to protect the Company against adverse fluctuations in interest rates and foreign currency rates and to reduce its exposure to variability in cash flows on the Company’s forecasted floating-rate debts and foreign currency- denominated debts. The Company also uses commodity forward contracts to hedge forecasted electricity consumption to minimize the impact of commodity price movements on the reported earnings of the Company and on future cash flows related to fluctuations of the contractually specified, separately identifiable and reliably measurable commodity risk component. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. The Company designates these contracts and swaps as cash flow hedges of forecasted expenses, capital expenditures or floating-rate and foreign currency denominated debts, as applicable, and evaluates hedge effectiveness prospectively. As such, the effective portion of the gain or loss on these contracts and swaps is reported as a component of OCI and reclassified to the consolidated statements of operations in the same line item as the associated forecasted transaction for expenses and in the same period during which the hedged item affects earnings. For hedges of capital expenditures, the amount in OCI is incorporated into the initial carrying amounts of the non-financial assets and depreciated over the average useful life of the underlying assets. Any ineffective portion of hedges for expenses or capital expenditures is immediately recorded in the consolidated statements of operations. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognized in the cash flow hedge reserve remains in equity and is recognized in the consolidated statements of operations when the forecast transaction is ultimately recognized in the consolidated statements of operations. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in the consolidated statements of operations. Derecognition of financial assets The Company derecognizes a financial asset only when the contractual rights to the cash flows from the financial asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the financial asset to another entity. On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in the consolidated statements of operations. On derecognition of an investment in a debt instrument at FVOCI, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in OCI is recognized in the consolidated statements of operations. However, on derecognition of an investment in an equity instrument at FVOCI, the cumulative gain or loss that had been recognized in OCI is transferred directly to retained earnings, without recycling through the consolidated statements of operations.
Inventories and Inventory Valuation	Inventory Valuation—Inventories are stated at standard cost adjusted to the lower of cost or net realizable value. The Company measures the cost of its inventory based on a standard cost process with appropriate adjustments for purchasing and manufacturing variances, which approximates weighted average cost. Inventory allowances are made on an item-by-item basis, except where it may be appropriate to group similar or related items. An allowance is made for the estimated losses due to obsolescence based on expected future demand and market conditions. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
Intangible Assets	Intangible Assets—Technology, patent, software licenses and similar rights acquired separately are stated at cost or are adjusted to fair value when impaired. Intangible assets acquired through business combinations which include customer relationships and manufacturing and process technology, are recorded at estimated fair values at the date of acquisition. Intangible assets are amortized based on the pattern in which the economic benefits of the respective intangible asset are consumed, which is in general on a straight-line basis over their estimated useful lives of between 3 and 10 years. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Impairment of Non-Financial Assets—The Company reviews, at each reporting date, the carrying amount of the Company’s property, plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual assets, the Company estimates the recoverable amount of the cash generating unit (“CGU”) to which the asset belongs. The recoverable amount of an asset or CGU is estimated to be the higher of an asset’s or CGU’s fair value less costs to dispose and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset or CGU is considered impaired and is written down to its recoverable amount. The Company also evaluates, and adjusts if appropriate, the asset’s useful lives, at each reporting date or when impairment indicators exist. In assessing value in use, the estimated future post-tax cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The Company bases its impairment calculation on detailed budgets and forecast calculations, which may include an approved formal five-year management plan for each of the CGUs to which the individual assets are allocated. In determining fair value less costs to sell, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. Impairment losses are recognized in the consolidated statements of operations and comprehensive income (loss) to the extent of the recoverable amount, measured at the present value of discounted cash flows attributable to the assets, is less than their carrying value. If the recoverable amount subsequently increases, the impairment loss previously recognized will be reversed to the extent of the increase in the recoverable amount, provided that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. The impairment loss reversal is recognized immediately in the consolidated statements of operations.
Provisions	Provisions—Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are mainly made up of site restoration obligations, as well as restructuring charges. The associated site restoration costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the related long-lived assets. A provision for restructuring is recognized when the Company has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating losses are not provided for. The Company records site restoration obligations in the period in which they are incurred at their estimated fair value. Site restoration obligations consist of the present value of the estimated costs of dismantlement, removal, site reclamation and similar activities associated with facilities built on land held under long-term operating leases. The site restoration obligations are recorded as a liability at the estimated present value as of the related long-lived asset’s inception discounted using a pre-tax rate that reflects the current market assessment of the time value of money and risks specific to the site restoration obligations. After initial recognition, the liability is increased for the passage of time, with the increase being reflected as accretion expense in the line item “finance expenses” in the consolidated statements of operations and comprehensive income (loss). The associated site restoration costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the related long-lived asset. Subsequent adjustments in the discount rates, estimated amounts, timing and probability of the estimated future costs and changes resulting from the passage of time are recognized as an increase or decrease in the carrying amount of the liability and the related site restoration cost capitalized as part of the carrying amount of the related long-lived asset on a prospective basis. If the decrease in the liability exceeds the remaining carrying amount of the related long-lived assets, the excess is recognized in the consolidated statements of operations.
Leasing	Leasing—The Company determines if an arrangement is a lease or contains a lease at inception. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use assets—The Company recognizes right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are reported within property, plant and equipment, and are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. Lease liabilities—At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. Only lease payments that are fixed and determinable are considered at the time of commencement. The lease payment includes fixed payments (including in-substance fixed payments) less any lease incentives, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying assets. The Company’s lease liabilities are separately reported in the consolidated statements of financial position under non-current portion of lease obligations and current portion of lease obligations. Short-term leases and leases of low-value assets—The Company applies the short-term lease recognition exemption to leases that have a lease term not exceeding 12 months, or for leases of low-value assets. The payment for such leases is recognized in the Company’s consolidated statements of operations on a straight-line basis over the lease term.
Share-based compensation	Share-based compensation—Share-based compensation expense related to share awards is recognized based on the fair value of the awards granted. The fair value of each award is estimated on the grant date using the Black-Scholes option pricing model for options and the Monte Carlo simulation model for the Performance Share Units (“PSUs”). Both models require management to make certain assumptions of future expectations based on historical and current data. The assumptions include the expected term of the awards, expected volatility, dividend yield, and risk-free interest rate. The expected term represents the amount of time that awards granted are expected to be outstanding, based on forecasted exercise behavior. The option pricing model requires the input of highly subjective assumptions, including the estimated fair value of the Company’s stock, expected term of the option, expected volatility of the price of the Company’s shares, risk free interest rate and the expected dividend yield of ordinary shares. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company estimates the expected forfeiture for options utilizing historical data, and only recognizes expense when a defined liquidity event (change in control or IPO) is deemed probable on the number of awards that are expected to vest. After applying a forfeiture estimate during each reporting period for when the options are probable of vesting, the Company recognizes expense on a graded attribution basis for each tranche of the award over the period from the grant date to the later of the one-year anniversary of estimated time following a liquidity event or the legal vesting dates (see Note 29). The grant date fair value of equity-settled share-based payment awards granted to employee is recognized as an employee benefit expense, with a corresponding increase in equity, over the vesting period of the awards, The amount recognized as an expense is adjusted to reflected the number of awards for which the service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual performance. The principles of modification accounting are applied when new share-based payment is granted as a replacement for another share-based payment that is cancelled. When modification accounting is applied, the entity accounts for any incremental fair value in addition to the grant-date fair value of the original award. In the case of a replacement, the incremental fair value is the difference between the fair value of the replacement award and the net fair value of the cancelled award, both measured at the date on which the replacement award is issued. The net fair value is the fair value of the cancelled award measured immediately before the cancellation, less any payment made to the employees on cancellation. A package of modifications might include several changes to the terms of a grant, some of which are favorable to the employee and some not. In the event the net effect is not beneficial to the employee, cancellation accounting will be applied. Cancellations or settlements of equity-settled share-based payments during the vesting period by the Company are accounted for as accelerated vesting; therefore, the amount that would otherwise have been recognized for services received is recognized immediately. The preparation of the 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 consolidated financial statements. Enterprise Value—Given the absence of a public trading market of the Company’s ordinary shares prior to the initial public offering, and in accordance with the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, the Company’s board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of the Company’s ordinary shares at each grant date. These factors include: •valuations of the Company’s ordinary shares performed by independent third-party specialists; •lack of marketability of the Company’s ordinary shares; •the Company’s actual operating and financial performance; •current business conditions and projections; •hiring of key personnel and the experience of the Company’s management; •the history of the Company and the introduction of new products; •the Company’s stage of development; •the market performance of comparable publicly traded companies; and •the U.S. and global capital market conditions. In valuing the Company’s ordinary shares, management determined the equity value of the Company’s business using various valuation methods including combinations of income and market approaches. The income approach estimates value based on the expectation of future cash flows that a company will generate. These future cash flows are discounted to their present values using a discount rate derived from an analysis of the cost of capital of comparable publicly traded companies in the Company’s industry or similar business operations as of each valuation date and is adjusted to reflect the risks inherent in the Company’s cash flows. For the market approach, the Company reviews the performance of a set of guideline comparable public companies, and considers the guideline companies’ various financial characteristics, including size, profitability, balance sheet strength, and diversification as compared to the Company. Subsequent to IPO, the fair value of the ordinary shares is determined based on market share price. Application of these approaches involves the use of estimates, judgment, and assumptions that are highly complex and subjective, such as those regarding the Company’s expected future revenue, expenses, and future cash flows, discount rates, market multiples, and the selection of comparable companies. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact the Company’s valuations as of each valuation date and may have a material impact on the valuation of the Company’s ordinary shares. Impairment Assessment of Non-Financial Assets—Impairment exists when the carrying value of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs to sell calculation is based on a discounted cash flow analysis that a potential buyer would perform in determining a transaction value of the CGU less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. When preparing the discounted cash flow analysis, the Company makes subjective judgments in determining the independent cash flows that can be related to a specific CGU based on its asset usage model and manufacturing capabilities in addition to the discount rate used in the analysis. In addition, because subjective judgments are made regarding the remaining useful lives of assets and expected future revenue and expenses associated with the assets, changes in these estimates based on changes in economic conditions or business strategies could result in material impairment charges in future periods.
Earnings Per Share	Earnings Per Share—Basic earnings per share is calculated by dividing the net income (loss) attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by dividing the net income (loss) attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding, adjusted for the effects of all potentially dilutive ordinary shares. The weighted average number of ordinary shares outstanding is increased by the number of additional ordinary shares that would have been issued by the Company assuming exercise of all options with exercise prices below the average market price for the year.
Government Grants	Government Grants—Government grants are recognized when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item or relates to acquisition of assets, it is recognized as deferred income and released to the consolidated statements of operations over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate and is presented as a reduction of those costs. Where the grant relates to investment tax credits, it is recognized as a reduction in the basis of the asset and released as a reduction to depreciation expense in equal amounts over the expected useful life of the related asset. Grants the Company received are primarily provided in connection with construction and operation of the Company’s manufacturing facilities, employment, research and development.
Research and Development Costs	Research and Development Costs—Research costs are expensed as incurred. Development costs are recognized as intangible assets only when it is probable that expected future economic benefits, attributable to the development activities, will accrue to the Company.
Borrowing Costs	Borrowing Costs—Borrowing costs directly attributable to the construction phase of property, plant and equipment are capitalized as part of the cost of assets which are constructed by the Company and for which a considerable period of time (at least six months) is planned for construction. Borrowing costs are capitalized from the start of construction until the date the asset is ready for its intended use. All other borrowing costs are recognized as an expense in the period in which they are incurred.
Current and Deferred Income Tax	Current Income Tax—Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Income Taxes and Realization of Deferred Income Tax Asset—In determining taxable income for financial statement reporting purposes, management makes certain estimates and judgments specific to taxation issues. These estimates and judgments are applied in the calculation of certain tax liabilities and in the determination of the recoverability of deferred tax assets, which arise from temporary differences between the recognition of assets and liabilities for income tax and financial statement reporting purposes. Deferred taxes are recognized for unused losses, among other factors, to the extent that it is probable that taxable profit will be available against which the losses can be utilized. This evaluation requires the exercise of judgment with respect to, among other things, benefits that could be realized from available tax strategies and future taxable income, as well as other positive and negative factors. The ultimate realization of deferred tax assets is dependent upon, among other things, the Company’s ability to generate future taxable income that is sufficient to utilize loss carry-forwards or tax credits before their expiration or the Company’s ability to implement prudent and feasible tax planning strategies. If estimates of projected future taxable income and benefits from available tax strategies are reduced as a result of a change in the assessment or due to other factors, or if changes in current tax regulations are enacted that impose restrictions on the timing or extent of the Company’s ability to utilize net operating losses and tax credit carry-forwards in the future, the Company may be required to reduce the amount of total deferred tax assets resulting in a decrease of total assets. Likewise, a change in the tax rates applicable in the various jurisdictions or unfavorable outcomes of any ongoing tax audits could have a material impact on the future tax provisions in the periods in which these changes could occur. In addition, the calculation of tax liabilities involves dealing with uncertainties in the application of complex tax rules and the potential for future adjustment of uncertain tax positions by the tax authorities in the countries in which the Company operates. If estimates of these taxes are greater or less than actual results, an additional tax benefit or charge may result.
Current versus noncurrent classification	.
Recent Accounting Pronouncements	Recent Accounting Pronouncements, Adopted: Amendments to IFRS 7, IFRS 9 and IAS 39 Interest Rate Benchmark Reform — Phase 1 Amendments - On 1 January 2020, the Company adopted the Phase 1 amendments arising from the Interbank Offered Rate (“IBOR”) reform amendments issued in September 2019, which provides temporary relief from applying specific hedge accounting requirements to hedge relationships directly affected by IBOR reform, such that the effect is that IBOR reform should not generally cause hedge accounting to terminate. Phase 2 Amendments - On 1 January 2021, the Company adopted the Phase 2 amendments arising from the IBOR reform issued in August 2020. The Phase 2 amendments address issues that arise from the implementation of the IBOR reform, including the replacement of an interest rate benchmark with an alternative benchmark rate. The key reliefs provided to the Company are as follows: •financial instruments measured at amortized cost are allowed to account for changes in the basis for determining contractual cash flows as a direct consequence of the IBOR reform by updating the effective interest rate, provided that the new basis is economically equivalent to the previous basis, such that there is no immediate gain or loss recognized; and •most IFRS 9 hedge relationships that are directly affected by the IBOR reform are allowed to continue. The Company has evaluated the extent to which its cash flow hedging relationships are subject to uncertainty driven by IBOR reform as of December 31, 2022. The Company’s hedged items and hedging instruments continue to be indexed to the Euro Interbank offered rate (“EURIBOR”) and the London Inter-bank Offered Rate (“LIBOR”). These benchmark rates are quoted each day and the IBOR cash flows are exchanged with counterparties as usual. The Company has also evaluated the extent to which contracts reference IBOR cash flows, and whether such contracts will need to be amended as a result of IBOR reform. There has been communication about IBOR reform with the counterparties. However, no amendments have been made to the Company’s existing IBOR-referenced loan and derivative contracts as of December 31, 2022. As of December 31, 2022, there is still uncertainty about when and how replacement may occur with respect to the relevant hedged items and hedging instruments. Accordingly, the Company will continue to apply the Phase 1 amendments until the uncertainty arising from the IBOR reform with respect to the timing and the amount of the underlying cash flows that the Company is exposed to is no longer present. This uncertainty will not end until the Company’s contracts that reference IBOR are amended to specify the alternative benchmark rate and the relevant adjustment, if any. This will, in part, be dependent on the negotiation with the counterparties and the introduction of fall-back clauses which have yet to be added to the Company’s contracts. The Company has a limited exposure to changes in the IBOR benchmark. The Company has $795 million of interest rate swaps which are in a cash flow hedge relationship of USD Equipment Financing and USD Term Loan A. Also, the Company has EUR $475 million of cross currency swaps which are in cash flow hedge relationships of EUR Equipment Financing and EUR Term Loan A. The table below indicates the nominal amount and weighted average maturity of derivatives in hedging relationships that will be affected by IBOR reform as financial instruments transition to risk-free rates, analyzed by interest rate basis. The derivative hedging instruments provide a close approximation to the extent of the risk exposure the Company manages through hedging relationships. Recent Accounting Pronouncements, Not Adopted: The Company has not adopted the following new, revised or amended IFRS standards that have been issued by the IASB but not yet effective: •Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) - Effective for annual periods beginning on or after January 01, 2023; •Definition of Accounting Estimates (Amendments to IAS 8) - Effective for annual periods beginning on or after January 01, 2023; •Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to IAS 12 - Effective for annual periods beginning on or after January 01, 2023; •Non-current Liabilities with Covenants - Amendments to IAS 1 - Effective for annual periods beginning on or after January 01, 2024; and •Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 - Effective for annual periods beginning on or after January 01, 2024. As of the date the accompanying financial statements were authorized for issue, the Company continues to evaluate the impact on its financial position and performance as a result of the initial adoption of the aforementioned standards or interpretations and related applicable period. The Company does not anticipate the impacts of the standards effective for annual periods beginning on or after January 01, 2023 to have a material impact on the financial statements.
Changes in estimates	Changes in estimates—We regularly assess the estimated useful lives of our property, plant, and equipment. Based on our assessment of the longer product life cycles, the versatility of production equipment to provide better flexibility to meet changes in customer demands, and the ability to re-use production equipment over several technology cycles, we revised the estimated useful lives of our 200mm and 300mm production equipment from 5 and 8 years, respectively, to 10 years, beginning the first quarter of 2021.

Summary of Significant Policies, Judgements, Estimates and Assumptions (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]

Disclosure of financial instruments


As of December 31, 2022 Interest rate swaps (in millions USD)	Currency	Nominal amount	Maturity
Three-month LIBOR	USD	19	2023
Three-month LIBOR	USD	624	2024
Six-month LIBOR	USD	152	2026

Total	USD	795


Cross currency swaps (in millions Euro)
Three-month LIBOR	EUR	83	2024
Six-month LIBOR	EUR	335	2024
Six-month LIBOR	EUR	57	2026

Total	EUR	475

The following foreign currency forward contracts are outstanding at December 31, 2021 and 2022 (in millions, except average foreign currency/US$):


	Fair Value of Derivative Instruments
Derivative Instruments	Other Current Financial Assets		Other Non-current Financial Assets		Other Current Financial Liabilities		Other Non-current Financial Liabilities		Notional Amount		Average Foreign Currency/ US$	Average Strike Price	Maturity
Outstanding as of December 31, 2021:
Forward contracts:
Euro forward contracts (receive euros/pay US$)	$	4	$	—	$	(38)	$	—	$	1,240	0.86	—	2022 - 2023
Singapore dollar forward contracts (receive Singapore$/pay US$)	3		—		(3)		—		858		1.35	—	2022
Japanese yen forward contracts (receive Japanese yen/pay US$)	2		—		(7)		—		300		112.77	—	2022 - 2023
Interest rate swaps	—				—		(8)		993		—	0.382% - 1.731%	2023 - 2026
Cross currency swaps (receive euros/pay US$)	—		—		—		(4)		551		0.89	3.834% - 4.182%	2024 - 2026
Cross currency swaps (receive Singapore $/pay US$)	—		—		—		(4)		109		1.37	1.830% - 1.941%	2028
Commodity hedge	14		2		(1)		(1)		96		—	—	2022 - 2023
Total	$	23	$	2	$	(49)	$	(17)	$	4,147

Outstanding as of December 31, 2022:
Forward contracts:
Euro forward contracts (receive Euros/Pay US$)	$	46	$	3	$	(32)	$	—	$	1,203	0.94	—	2023 - 2024
Singapore dollar forward contracts (receive Singapore$/pay US$)	15		—		(1)		—		496		1.37	—	2023
Japanese yen forward contracts (receive Japanese yen/pay US$)	18		—		(20)		—		236		127.22	—	2023 - 2024
Interest rate swaps	—		42		—		—		795		—	0.382% - 1.731%	2023 - 2026
Cross currency swaps (receive euros/pay US$)	—		2		—		(3)		535		0.89	3.834% - 4.182%	2024 - 2026
Cross currency swaps (receive Singapore $/pay US$)	—		51		—		—		796		1.37	1.830% - 1.941%	2028
Commodity hedge	—		—		(8)		(2)		47		—	512.56	2023
Total	$	79	$	98	$	(61)	$	(5)	$	4,108

Net Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contracts with Customers [Abstract]

Schedule of disaggregation of revenue


(in millions)	2022		2021		2020
Type of goods and services:
Wafer fabrication	$	7,627	$	6,204	$	4,440
Engineering and other pre-fabrication services	481		381		411
	$	8,108	$	6,585	$	4,851

Timing of revenue recognition:
Revenue recognized over time	$	445	$	357	$	4,228
Revenue recognized at a point in time	7,663		6,228		623
	$	8,108	$	6,585	$	4,851

Cost of Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contracts with Customers [Abstract]

Schedule of cost of revenues


(in millions)	2022		2021		2020

Depreciation of PPE and amortization of intangible assets (1)	$	1,468	$	1,422	$	2,187
Inventory changes and materials costs and other	1,834		1,726		1,187
Staff costs, maintenance costs, and utilities(2)	2,567		2,424		2,189






	$	5,869	$	5,572	$	5,563

(1)Amounts are net of amortization of government grants relating to assets. See Note 12 for the detailed movements of property, plant and equipment.

Research and Development Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Analysis of income and expense [abstract]

Schedule of research and development expenses


(in millions)	2022		2021		2020
Staff costs, maintenance costs, and utilities(1)	$	247	$	257	$	230

Depreciation of PPE and amortization of intangible assets	110		147		220
Other (2)	125		74		26
	$	482	$	478	$	476

(2)Other primarily includes material costs and net (income) expenses related to research funding agreements and wafer, labor, software license costs allocated (to) and from cost of revenue.

Selling, General and Administrative Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Analysis of income and expense [abstract]

Schedule of selling, general and administrative expenses


(in millions)	2022		2021		2020
Staff costs, maintenance costs, and utilities (1)	$	417	$	537	$	340
Depreciation of PPE and amortization of intangible assets	45		49		115
Other (2)	34		9		(10)




	$	496	$	595	$	445

(2)Other primarily includes net professional charges, marketing expenses and facility costs. Real estate transfer taxes are also included in Other.

Restructuring (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring [Abstract]

Disclosure of summary of restructuring

The changes to the restructuring provisions recorded on the consolidated statements of financial position as of December 31, 2022, are summarized as follows:


(in millions)	2022
Beginning balance as of December 31, 2021	—
Provision	$	91

Amounts paid	$	(5)

Ending balance as of December 31, 2022	$	86

Impairment Charges (Tables)

12 Months Ended

Dec. 31, 2022

Impairment of assets [Abstract]

Schedule of impairment charges

The Company recorded the following impairment charges:


(in millions)	2022		2021		2020
Equipment	$	—	$	—	$	23


Total impairment charges	$	—	$	—	$	23

Finance Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Analysis of income and expense [abstract]

Schedule of finance expenses


(in millions)	2022		2021		2020
Interest on long-term debt	$	69	$	72	$	98
Interest on lease obligations	23		27		35
Commitment fees and amortization of debt issuance costs	13		12		18

Accretion costs and other	6		3		3
Total finance expenses	$	111	$	114	$	154

Gain on Sale of a Business (Tables)

12 Months Ended

Dec. 31, 2022

Non-Current Asset Held For Sale And Discontinued Operations [Abstract]

Schedule of sale of facility and business

The following is the breakdown of the net liabilities that were derecognized:


(in millions)	December 31, 2022
Property, plant and equipment	$	83
Inventories	43

Total Assets	126
Lease liabilities	(47)
Other current and non-current liabilities	(88)

Total Liabilities	(135)
Net Liabilities	$	(9)

Other Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2022

Analysis of income and expense [abstract]

Schedule of other (income) expense, net


(in millions)	2022		2021		2020
Gain on legal settlement(1)	$	—	$	—	$	294
Gain on remeasurement of existing equity interests	—		—		38
Other(2)	$	22	(8)		110
Total other income (expense), net	$	22	$	(8)	$	442

(2) Relates primarily to share of profits of joint ventures, gains and losses related to hedging activities and gains on the sales of property, plant and equipment and intangible assets.

Property, Plant And Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about property, plant and equipment [abstract]

Schedule of depreciation expense

Depreciation expenses on property, plant and equipment are as follows:


(in millions)	2022		2021		2020
Cost of revenue	$	1,377	$	1,309	$	2,087
Research and development expenses	40		73		121
Selling, general and administrative expenses	30		29		30
Total	$	1,447	$	1,411	$	2,238

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Intangible Assets [Abstract]

Schedule of goodwill and intangible assets rollforward


Cost (in millions)	Technology, Licenses and Similar Rights		Software		Patents		Goodwill		Others		Total

As of December 31, 2020	$	1,249	$	280	$	234	$	18	$	132	$	1,913
Additions	33		4		—		—		—		37

Disposals	(80)		—		(5)		—		—		(85)
As of December 31, 2021	1,202		284		229		18		132		1,865
Additions	62		96		—		—		5		163
Disposals	(47)		(12)		(3)		—		—		(62)
As of December 31, 2022	$	1,217	$	368	$	226	$	18	$	137	$	1,966

Accumulated Amortization
As of December 31, 2020	$	785	$	263	$	186	$	—	$	131	$	1,365
Additions	162		15		30		—		—		207

Disposals	(80)		—		(4)		—		—		(84)
As of December 31, 2021	867		278		212		—		131		1,488
Additions	150		10		16		—		—		176
Disposals	(46)		(12)		(3)		—		—		(61)
As of December 31, 2022	$	971	$	276	$	225	$	—	$	131	$	1,603

Net book value as of December 31, 2021	$	335	$	6	$	17	$	18	$	1	$	377

Net book value as of December 31, 2022	$	246	$	92	$	1	$	18	$	6	$	363

Schedule of amortization expense

Amortization expenses on intangible assets are as follows:


(in millions)	2022		2021		2020
Cost of revenue	$	91	$	113	$	100
Research and development expenses	70		74		99
Selling, general and administrative expenses	15		20		85
Total	$	176	$	207	$	284

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income taxes [Abstract]

Schedule of components of income tax benefit (expense)

Income tax benefit (expense) consisted of the following:


(in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Current income tax expense:
Current income tax benefit (expense)	$	(14)	$	2	$	(29)
Adjustments in respect of current income tax of previous year	(5)		(1)		—
Deferred tax
Net operating and investment allowance carryforwards	(44)		(78)		35
Currency effect on non-monetary assets of subsidiary	(12)		(37)		43
Other change in temporary differences	(11)		36		(37)
Income tax benefit (expense) reported in the consolidated statements of operations	$	(86)	$	(78)	$	12

Reconciliation between tax benefit and accounting profit multiplied by the Company's tax rate

A reconciliation between tax benefit and accounting profit multiplied by the Company’s statutory rate of 0.0% is as follows:


(in millions)	December 31, 2022			December 31, 2021			December 31, 2020
Income (Loss) before income taxes	$	1,532		$	(176)		$	(1,365)
Tax at Enacted Statutory Rate	$	—		$	—		$	—
Foreign tax rate differential	(98)			(75)			59
Adjustments in respect to current income tax of previous years	(5)			(1)			—
Government grants exempt from tax	7			5			13
Deductible expense for tax purpose	—			(1)			(8)
Impact of unrecognized deferred tax assets	57			9			(63)
Non-deductible expenses for tax purposes	(21)			(4)			—
Effects of foreign exchange gains (loss)	(14)			(22)			40
Impact of change in liability for uncertain tax positions	1			7			9
Withholding Tax	(11)			—			(34)
Other effects	(2)			4			(4)
Income tax benefit (expense)	$	(86)		$	(78)		$	12
Effective income tax rate	(5.6)		%	44.3		%	(0.9)		%

schedule of deferred tax assets and liabilities

Components of the Company’s deferred tax assets and liabilities are attributable as follows:


(in millions)	December 31, 2022		December 31, 2021
Accelerated depreciation on property, plant and equipment	$	(18)	$	(458)
Losses, credits and investment allowances available for offsetting against future taxable income	277		394
Accrued expenses	16		349
Inventory	1		65
Other comprehensive income	(8)		—
Currency effect	—		(8)
Deferred income	—		10
Other	(2)		(1)
Net deferred tax assets	$	266	$	351

The classification of the net deferred tax assets (liabilities) in the statements of financial position is as follows:


(in millions)	December 31, 2022		December 31, 2021
Deferred tax assets	$	292	$	353
Deferred tax liabilities(1)	(26)		(2)
Net deferred tax assets	$	266	$	351

(1) Included in Other non-current liabilities in the statements of financial position.

Schedule of deferred tax assets, net

A reconciliation of deferred taxes, net is as follows:


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

Beginning balance	$	351	$	435
Tax expense recognized to consolidated statements of operations	(67)		(79)
Tax benefit (expense) recognized to other comprehensive income (loss)	(18)		3

Uncertain tax positions and others	—		(8)
Ending balance	$	266	$	351

Receivables, Prepayments and Other Assets (Tables)

12 Months Ended

Dec. 31, 2022

Trade and other current receivables [abstract]

Schedule of accounts receivable


(in millions)	December 31, 2022		December 31, 2021
Current:
Trade receivables, other than related parties(1)	$	824	$	872


Other receivables	497		238
Unbilled accounts receivable(2)	24		43








Receivables from government grant	52		47
Receivables from related parties (Note 28)	11		8
Other current financial assets	79		23
Total	$	1,487	$	1,231
Non-current:
Advances to suppliers(3)	235		199
Non-trade receivables	10		13
Payment in Lieu of Tax (“PILOT”’) Bonds	11		8


Other	25		34

Total	$	281	$	254

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

Schedule of unbilled accounts receivables

The following table presents the activities in unbilled accounts receivable as of December 31, 2022 and 2021:


(in millions)	December 31, 2022		December 31, 2021
Beginning balance	$	43	$	62
Revenue recognized during the year	87		44

Amounts invoiced	(106)		(69)
Other	—		6
Ending balance	$	24	$	43

The following table presents the aging of accounts receivable as of December 31, 2022 and 2021:


(in millions)	December 31, 2022		December 31, 2021
Receivables neither past due nor impaired	$	708	$	830
Receivables past due—not impaired individually:
Less than 30 days	83		41
31 to 60 days	22		—
61 to 90 days	11		—
90 to 120 days	—		1
	$	824	$	872

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventories [Abstract]

Schedule of inventories


(in millions)	December 31, 2022		December 31, 2021
Work in progress	$	1,079	$	961
Raw materials and supplies	375		260
Inventory reserves	(115)		(100)
Total	$	1,339	$	1,121

The following table presents the movement in the inventory reserves:


(in millions)	December 31, 2022		December 31, 2021
Beginning balance	$	100	$	243
Additions(1)	88		126

Written-off and scrapped	(35)		(29)
Elimination of reserves upon sale of inventory	(38)		(240)
Ending balance	$	115	$	100

Other Financial Assets And Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Disclosure of financial assets and liabilities

The following foreign currency forward contracts are outstanding at December 31, 2021 and 2022 (in millions, except average foreign currency/US$):


	Fair Value of Derivative Instruments
Derivative Instruments	Other Current Financial Assets		Other Non-current Financial Assets		Other Current Financial Liabilities		Other Non-current Financial Liabilities		Notional Amount		Average Foreign Currency/ US$	Average Strike Price	Maturity
Outstanding as of December 31, 2021:
Forward contracts:
Euro forward contracts (receive euros/pay US$)	$	4	$	—	$	(38)	$	—	$	1,240	0.86	—	2022 - 2023
Singapore dollar forward contracts (receive Singapore$/pay US$)	3		—		(3)		—		858		1.35	—	2022
Japanese yen forward contracts (receive Japanese yen/pay US$)	2		—		(7)		—		300		112.77	—	2022 - 2023
Interest rate swaps	—				—		(8)		993		—	0.382% - 1.731%	2023 - 2026
Cross currency swaps (receive euros/pay US$)	—		—		—		(4)		551		0.89	3.834% - 4.182%	2024 - 2026
Cross currency swaps (receive Singapore $/pay US$)	—		—		—		(4)		109		1.37	1.830% - 1.941%	2028
Commodity hedge	14		2		(1)		(1)		96		—	—	2022 - 2023
Total	$	23	$	2	$	(49)	$	(17)	$	4,147

Outstanding as of December 31, 2022:
Forward contracts:
Euro forward contracts (receive Euros/Pay US$)	$	46	$	3	$	(32)	$	—	$	1,203	0.94	—	2023 - 2024
Singapore dollar forward contracts (receive Singapore$/pay US$)	15		—		(1)		—		496		1.37	—	2023
Japanese yen forward contracts (receive Japanese yen/pay US$)	18		—		(20)		—		236		127.22	—	2023 - 2024
Interest rate swaps	—		42		—		—		795		—	0.382% - 1.731%	2023 - 2026
Cross currency swaps (receive euros/pay US$)	—		2		—		(3)		535		0.89	3.834% - 4.182%	2024 - 2026
Cross currency swaps (receive Singapore $/pay US$)	—		51		—		—		796		1.37	1.830% - 1.941%	2028
Commodity hedge	—		—		(8)		(2)		47		—	512.56	2023
Total	$	79	$	98	$	(61)	$	(5)	$	4,108

Disclosure of financial assets and liabilities


As of December 31, 2022 Interest rate swaps (in millions USD)	Currency	Nominal amount	Maturity
Three-month LIBOR	USD	19	2023
Three-month LIBOR	USD	624	2024
Six-month LIBOR	USD	152	2026

Total	USD	795


Cross currency swaps (in millions Euro)
Three-month LIBOR	EUR	83	2024
Six-month LIBOR	EUR	335	2024
Six-month LIBOR	EUR	57	2026

Total	EUR	475

The following foreign currency forward contracts are outstanding at December 31, 2021 and 2022 (in millions, except average foreign currency/US$):


	Fair Value of Derivative Instruments
Derivative Instruments	Other Current Financial Assets		Other Non-current Financial Assets		Other Current Financial Liabilities		Other Non-current Financial Liabilities		Notional Amount		Average Foreign Currency/ US$	Average Strike Price	Maturity
Outstanding as of December 31, 2021:
Forward contracts:
Euro forward contracts (receive euros/pay US$)	$	4	$	—	$	(38)	$	—	$	1,240	0.86	—	2022 - 2023
Singapore dollar forward contracts (receive Singapore$/pay US$)	3		—		(3)		—		858		1.35	—	2022
Japanese yen forward contracts (receive Japanese yen/pay US$)	2		—		(7)		—		300		112.77	—	2022 - 2023
Interest rate swaps	—				—		(8)		993		—	0.382% - 1.731%	2023 - 2026
Cross currency swaps (receive euros/pay US$)	—		—		—		(4)		551		0.89	3.834% - 4.182%	2024 - 2026
Cross currency swaps (receive Singapore $/pay US$)	—		—		—		(4)		109		1.37	1.830% - 1.941%	2028
Commodity hedge	14		2		(1)		(1)		96		—	—	2022 - 2023
Total	$	23	$	2	$	(49)	$	(17)	$	4,147

Outstanding as of December 31, 2022:
Forward contracts:
Euro forward contracts (receive Euros/Pay US$)	$	46	$	3	$	(32)	$	—	$	1,203	0.94	—	2023 - 2024
Singapore dollar forward contracts (receive Singapore$/pay US$)	15		—		(1)		—		496		1.37	—	2023
Japanese yen forward contracts (receive Japanese yen/pay US$)	18		—		(20)		—		236		127.22	—	2023 - 2024
Interest rate swaps	—		42		—		—		795		—	0.382% - 1.731%	2023 - 2026
Cross currency swaps (receive euros/pay US$)	—		2		—		(3)		535		0.89	3.834% - 4.182%	2024 - 2026
Cross currency swaps (receive Singapore $/pay US$)	—		51		—		—		796		1.37	1.830% - 1.941%	2028
Commodity hedge	—		—		(8)		(2)		47		—	512.56	2023
Total	$	79	$	98	$	(61)	$	(5)	$	4,108

Disclosure of fair value of financial instruments

The following table presents the fair values and locations of these derivative instruments recorded in the consolidated statements of financial position:


	Fair Value of Derivative Instruments
	Assets Derivatives			Liabilities Derivatives
(in millions)	Statement of Financial Position Location	Fair Value		Statement of Financial Position Location	Fair Value
As of December 31, 2021:
Derivatives designated as hedging instruments
- foreign currency forward contracts	Other current financial assets	$	6	Other current financial liabilities	$	(46)
- interest rate swaps	Other non-current financial assets			Other non-current financial liabilities	(8)
- cross currency swaps	Other non-current financial assets	—		Other non-current financial liabilities	(8)
- commodity hedge	Other current financial assets	14		Other current financial liabilities	(1)
	Other non-current financial assets	2		Other non-current financial liabilities	(1)
Derivatives not designated as hedging instruments
- foreign currency forward contracts	Other current financial assets	3		Other current financial liabilities	(2)
Total derivatives		$	25		$	(66)
As of December 31, 2022:
Derivatives designated as hedging instruments
- foreign currency forward contracts	Other current financial assets	$	69	Other current financial liabilities	$	(52)
	Other non-current financial assets	3
- interest rate swaps	Other non-current financial assets	42		Other non-current financial liabilities	—
- cross currency swaps	Other non-current financial assets	53		Other non-current financial liabilities	(3)
- commodity hedge	Other current financial assets	—		Other current financial liabilities	(8)
	Other non-current financial assets	—		Other non-current financial liabilities	(2)
Derivatives not designated as hedging instruments
- foreign currency forward contracts	Other current financial assets	10		Other current financial liabilities	(1)


Total derivatives		$	177		$	(66)

Sensitivity analysis for types of market risk


(in millions)	Amount of Gains (Losses) Recognized in Accumulated OCI on Derivatives (effective Portion)		Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment		Location of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion)	Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion)		Location of Gains (Losses) Recognized into Income (Ineffective Portion)	Amount of Gain (Losses) Recognized into income (Ineffective Portion)
Year ended December 31, 2021
Derivatives designated as hedging instruments— Forward currency forward contracts	$	(76)	$	(6)	Cost of revenue and operating expenses	$	11	Selling, general and administrative expenses	$	1
Derivatives designated as hedging instruments— Interest rate swaps	21		—		Finance expense	(5)		Selling, general and administrative expenses	—
Derivatives designated as hedging instruments— Cross currency swaps	(2)		—		Cost of revenue and operating expenses	(10)		Selling, general and administrative expenses	(1)
Derivatives designated as hedging instruments – Commodity hedge	29		—		Cost of revenue and operating expenses	24		Selling, general and administrative expenses	—

Year ended December 31, 2022
Derivatives designated as hedging instruments— Forward currency forward contracts	$	(105)	$	(93)	Cost of revenue and operating expenses	$	(76)	Other income (expense)	(5)
Derivatives designated as hedging instruments— Interest rate swaps	55		—		Finance expense	6		Other income (expense)	—
Derivatives designated as hedging instruments— Cross currency swaps	72		—		Cost of revenue and operating expenses	—		Other income (expense)	4
Derivatives designated as hedging instruments – Commodity hedge	(5)		—		Cost of revenue and operating expenses	26		Other income (expense)	(8)

The following table presents the effect of derivatives not designated as hedging instruments on the consolidated statements of operations and comprehensive income (loss):


(in millions)	Location of Gains (Losses) Recognized in Income on Derivative	Amount of Gains (Losses) Recognized in Income on Derivative
Year ended December 31, 2020
Derivatives not designed as hedging instruments—foreign currency forwards contracts	Selling, general and administrative expenses	$	6

Year ended December 31, 2021
Derivatives not designed as hedging instruments—foreign currency forwards contracts	Selling, general and administrative expenses	$	(17)

Year ended December 31, 2022
Derivatives not designed as hedging instruments—foreign currency forwards contracts	Other income (expense)	$	(22)

Cash And Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2022

Statement of cash flows [abstract]

Disclosure of cash and cash equivalents


(in millions)	December 31, 2022		December 31, 2021
Cash balances on hand and at banks	990		764
Investments in money market funds	953		2,150
Time deposits	401		25
Other cash and cash equivalents	8		—
Total	$	2,352	$	2,939

Disclosure of reconciliation of assets and liabilities arising from financing activities

The following are the reconciliation of assets, liabilities and equity arising from financing activities:


					Non-cash changes
(in millions)	As of December 31, 2020 Assets (Liabilities and Equity)		Cash Flows Inflows/ (Outflows)		Addition		Foreign exchange movement		Others		As of December 31, 2021 Assets (Liabilities and Equity)
Restricted cash	$	36	$	(34)	$	—	$	—	$	(1)	$	1
Government grants receivable(1)	30		(41)		60		(2)		—		$	47


Other receivables	42		(41)		1		(1)		(2)		$	(1)
Debt	(2,338)		264		—		51		10		$	(2,013)
Lease obligations	(465)		78		(52)		12		1		$	(426)
Loan from shareholder	(10,681)		568		—		—		10,113		$	—
Share capital	(10)		(1)		—		—		—		$	(11)
Additional Paid-In Capital	(11,708)		(1,443)		(10,113)		—		(223)		$	(23,487)
Total	$	(25,094)	$	(650)	$	(10,104)	$	60	$	9,898	$	(25,890)


					Non-cash changes
(in millions)	As of December 31, 2021 Assets (Liabilities and Equity)		Cash Flows Inflows/ (Outflows)		Addition		Foreign exchange movement		Others		As of December 31, 2022 Assets (Liabilities and Equity)
Restricted cash	$	1	$	—	$	—	$	—	$	—	$	1
Government grants receivable(2)	47		(93)		18		(1)		81		$	52


Other receivables	(1)		—		—		—		—		$	(1)
Debt	(2,013)		(670)		(6)		10		168		$	(2,511)
Lease obligations	(426)		89		(18)		9		1		$	(345)
Share capital	(11)		—		—		—		—		$	(11)
Additional Paid-In Capital(3)	(23,487)		(168)		—		—		(176)		$	(23,831)
Total	$	(25,890)	$	(842)	$	(6)	$	18	$	74	$	(26,646)

(1)Government grant receivable amounting to $47 million is included in receivables, prepayments and other assets in the consolidated statements of financial position as of December 31, 2021

(2)Government grant receivable amounting to $52 million is included in receivables, prepayments and other assets in the consolidated statements of financial position as of December 31, 2022

Disclosure of geographical concentration of cash and cash equivalents

Geographical concentration of cash and cash equivalents is as follows:


(in millions)	December 31, 2022		December 31, 2021
United States of America	$	484	$	1,357
Republic of Singapore	1,775		1,485
Other	93		97






Total	$	2,352	$	2,939

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Borrowing costs Abstract [Abstract]

Disclosure of detailed information about borrowings


(in millions)	December 31, 2022		December 31, 2021
Current:
Term loans	$	223	$	297
Non-current:
Term loans	2,288		1,716
Total	$	2,511	$	2,013

Movements in interest bearing borrowings during the reporting period were as follows:


(in millions)	December 31, 2022		December 31, 2021
Opening balance	$	2,013	$	2,338
New loans and borrowings	971		618
Repayments	(301)		(882)
Other	(172)		(61)
Ending balance	$	2,511	$	2,013

The following table summarizes term loan facilities. The below arrangements are all considered to be secured.

Description

Currency

Nominal Interest
Rate

Interest

Payment

Terms

Principal

Payment

Terms

Year

Maturity

2022

Carrying

Amount

2021

Carrying

Amount

2018 Tool Equipment Purchase and Lease Financing(1)

USD

LIBOR + 1.60%

Quarterly

2023

2019 Tool Equipment Purchase and Lease Financing(2)

USD

LIBOR + 1.75%

Quarterly

2024

2019 USD Dresden Equipment Financing(3)

USD

LIBOR + 1.75%

Semi-Annual

2024

2020 USD Equipment Financing(4)

USD

LIBOR + 1.90%

Quarterly

2025

2019 EUR Dresden Equipment Financing(3)

EUR

EURIBOR + 1.75%

Semi-Annual

2026

Various(5)

EUR, USD

Various

2024-2026

Current total

223

297

Non-current:

2019 Tool Equipment Purchase and Lease Financing(2)

USD

LIBOR + 1.75%

Quarterly

2024

106

2019 USD Dresden Equipment Financing(3)

USD

LIBOR + 2.25%

Semi-Annual

2026

108

144

2020 USD Equipment Financing(4)

USD

LIBOR + 1.90%

Quarterly

2025

152

USD Term Loan A

USD

LIBOR + 2.90%

Quarterly

Semi-Annual

2025

649

647

EUR Term Loan A

EUR

EURIBOR + 2.60%

Quarterly

Semi-Annual

2025

2019 EUR Dresden Equipment Financing(3)

EUR

EURIBOR + 1.75%

Semi-Annual

2026

387

423

2021 SGD EDB Loan

SGD

1.40%

Semi-annual

2041

923

Various

EUR, USD

Various

2024-2027

Non-current total

2,288

1,716

Total

2,511

2,013

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


(in millions)	December 31, 2022		December 31, 2021
SGD EDB Loan	42		1,029
Revolving Credit Facility	1,012		1,009
Singapore Factoring	—		75
Uncommitted Credit Facilities(1)	64		31




Total	$	1,118	$	2,144

(1) Credit facility made available to the Company, but the lender is not obligated to loan funds.

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of leases


(in millions)	December 31, 2022			December 31, 2021
Amortization of right-of-use assets	$	82		$	81
Interest expense on lease liabilities	23			27
Short-term and low-value leases expense	1			1
Total net lease cost	$	106		$	109
Weighted average remaining lease term	7.18 years			6.51 years
Weighted average discount rate	4.75		%	6.65		%

Schedule of lease liabilities

The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2022 and 2021:


	December 31, 2022				December 31, 2021
(in millions)	Minimum Lease Payments		Present Value of Payments		Minimum Lease Payments		Present Value of Payments
Within 1 year	$	92	$	75	$	157	$	135
2-5 years	184		146		232		191
After 5 years	151		124		123		100
	$	427	$	345	$	512	$	426
Less: amounts representing
finance charges	(82)		—		(86)		—
Present value of minimum lease payments	$	345	$	345	$	426	$	426
Current			75				135
Non-current			270				291
			$	345			$	426

Supplemental cash flow information related to leases is as follows:


(in millions)	December 31, 2022		December 31, 2021
Cash flows used in operating activities:
Payments of short-term and low-value leases	$	(1)	$	(1)
Interest paid	(23)		(27)
Cash flows used in financing activities:
Payment of lease obligations	(89)		(78)

Disclosure of lease liabilities

The following table summarizes the movement of right-of-use assets which primarily relates to building and leasehold improvements during the years ended December 31, 2022 and 2021 is as follows:


(in millions)	December 31, 2022		December 31, 2021
Beginning balance	$	305	$	292
Additions	$	59	94

Amortization	(82)		(81)
Ending balance	$	282	$	305

Provisions (Tables)

12 Months Ended

Dec. 31, 2022

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

Schedule of movement in provision for asset retirement obligation

The movement in provision for asset retirement obligations and restructuring charges during the years ended December 31, 2022 and 2021 is as follows:


(in millions)	December 31, 2022		December 31, 2021
Beginning balance	$	349	$	353
Arising during the period	2		—
Accretion cost	(4)		(1)
Restructuring charges	91		—
Utilized(1)	(52)		(3)
Released to the consolidated statements of operations(2)	$	(88)	—
Ending balance	$	298	$	349

(1) Includes $40 million related to asset retirement obligations,$7 million related to sale of the EFK business, and $5 million related to restructuring charges.

(2) Relates to the derecognition of asset retirement obligation related to the sale of the EFK business.

Government Grants (Tables)

12 Months Ended

Dec. 31, 2022

Government grants [Abstract]

Disclosure of movement in deferred income from government grants

The following table presents the movement in deferred income from government grants for the years ended December 31, 2022 and 2021:


(in millions)	December 31, 2022		December 31, 2021
Beginning balance	$	176	$	169
Received/receivable during the period	270		40

Released to the consolidated statements of operations	(42)		(33)
Ending balance	$	404	$	176
Current	110		29
Non-current	294		147
	$	404	$	176

Disclosure of government grants recognized in consolidated statement of operations

Government grants were recognized in the consolidated statements of operations and comprehensive income (loss) as follows:


(in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Cost of revenue	$	30	$	33	$	49
Research and development expenses	11		—		2
Selling, general and administrative	1		—		—
Total balance	$	42	$	33	$	51

Trade Payables and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Subclassifications of assets, liabilities and equities [abstract]

Schedule of current and noncurrent trade and other payables


(in millions)	December 31, 2022		December 31, 2021
Current:
Trade payables	$	532	$	551
Accrued expenses	573		603

Contract liabilities(1)	592		533
Advances and deposits(2)	93		309
Payable for PPE and Intangible Assets	961		472

Other(3)	98		118










	$	2,849	$	2,586
Non-current:

Payable for Intangible Assets	92		45
Contract liabilities(1)	1,326		1,368

Deferred tax liabilities	26		2
Other(3)	30		30
	$	1,474	$	1,445

(1)Contract liabilities comprises contract liabilities for payments received in advance of the satisfaction of performance obligations for wafers, as well as non-recurring engineering services.

(2)Advances and deposits include advances from customers of $73 million (2021: $118 million) collected for purchase orders.

(3)Other includes other financial liabilities and non-current advances and deposits. See Note 17 for further details on other financial liabilities.

Explanation of significant changes in contract assets and contract liabilities

The following table presents the activities in accounts payable as of December 31, 2022 and 2021:


(in millions)	December 31, 2022		December 31, 2021
Beginning contract liabilities balance	$	1,901	$	135
Cash receipts in advance of satisfaction of performance obligations	1,189		1,894
Released to the consolidated statements of operations and comprehensive income (loss)(1)	(951)		(128)
Amounts credited to customers	(221)		—
Ending contract liabilities balance	$	1,918	$	1,901
Current	592		533
Non-current	1,326		1,368
	$	1,918	$	1,901

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

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

Summary of commitments

The Company’s unconditional purchase commitments are as follows:


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

Contracts for capital expenditures	$	2,774	$	2,995
Contracts for operating expenditures	3,587		3,405
	$	6,361	$	6,400
Due within the next 12 months	$	2,732	$	3,543

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings per share [abstract]

Schedule of basic and diluted earnings per share

Basic and diluted earnings (loss) per share has been calculated for the years ended December 31, 2022, 2021, and 2020 as follows:


	2022		2021		2020

	(in millions)
Net income (loss) available to equity shareholders of the Company	$	1,448	$	(250)	$	(1,350)

Weighted average common shares outstanding
Basic	539		506		500
Diluted	552		506		500
Total basic and diluted earnings per share attributable to equity shareholders
Basic	$	2.69	$	(0.49)	$	(2.70)
Diluted	$	2.62	$	(0.49)	$	(2.70)

Related Party Disclosures (Tables)

12 Months Ended

Dec. 31, 2022

Related party [Abstract]

Company's which have entered into related party transaction with

The consolidated financial statements include the following subsidiaries which are all wholly owned, except for Advanced Mask Technology Centre GmbH & Co. KG, Maskhouse Building Administration GmbH & Co. KG, Advanced Mask Technology Center Verwaltungs GmbH, and Maskhouse Building Administration Verwaltungs GmbH:

Subsidiary

Jurisdiction of

Incorporation or

Organization

December 31, 2022

December 31, 2021

December 31, 2020

GLOBALFOUNDRIES Dresden Module One LLC

United States

GLOBALFOUNDRIES Dresden Module Two LLC

United States

GLOBALFOUNDRIES Innovation Investments LLC

United States

GLOBALFOUNDRIES Investments LLC

United States

GLOBALFOUNDRIES U.S. Inc.

United States

GLOBALFOUNDRIES U.S. 2 LLC

United States

GLOBALFOUNDRIES Borrower LLC

United States

Hudson Valley Research Park Sewage Works Corporation

United States

Hudson Valley Research Park Water-Works Corporation

United States

N/A

GF Power LLC

United States

N/A

GLOBALFOUNDRIES Finance Inc.

Cayman Islands

N/A

GLOBALFOUNDRIES France SAS

France

N/A

GLOBALFOUNDRIES Dresden Module One Holding GmbH

Germany

GLOBALFOUNDRIES Dresden Module One LLC & Co. KG

Germany

GLOBALFOUNDRIES Dresden Module Two LLC & Co. KG

Germany

GLOBALFOUNDRIES Dresden Module Two Holding GmbH

Germany

GLOBALFOUNDRIES Management Services LLC & Co. KG

Germany

Advanced Mask Technology Centre GmbH & Co. KG (50%)

Germany

N/A

Maskhouse Building Administration GmbH & Co. KG (50%)

Germany

N/A

Advanced Mask Technology Center Verwaltungs GmbH (50%)

Germany

N/A

Maskhouse Building Administration Verwaltungs GmbH (50%)

Germany

N/A

GLOBALFOUNDRIES Europe Sales & Support GmbH

Germany

N/A

GLOBALFOUNDRIES Engineering Private Limited

India

GLOBALFOUNDRIES Japan Ltd.

Japan

GLOBALFOUNDRIES Malaysia SDN. BHD.

Malaysia

N/A

GLOBALFOUNDRIES Netherlands Cooperatief U.A.

The Netherlands

GLOBALFOUNDRIES Netherlands Holding B.V.

The Netherlands

N/A

GLOBALFOUNDRIES Netherlands B.V.

The Netherlands

N/A

GLOBALFOUNDRIES Bulgaria EAD

Bulgaria

GF Asia Investments Pte. Ltd.

Singapore

GF Asia Sales Pte. Ltd.

Singapore

N/A

GLOBALFOUNDRIES Singapore Pte. Ltd.

Singapore

GLOBALFOUNDRIES Taiwan Ltd.

Taiwan

GLOBALFOUNDRIES Europe Ltd.

United Kingdom

GA (Chengdu) Technology Co., Limited

China

GLOBALFOUNDRIES China (Beijing) Co., Limited

China

GLOBALFOUNDRIES China (Shanghai) Co., Limited

China

Nanjing APD Technologies Co. Ltd.

China

N/A

Below are the related parties which the Company has entered into transactions with:


	December 31, 2022	December 31, 2021
Related Party Name
SMP	Joint venture	Joint venture
Mubadala Treasury Holding Company (“MTHC”)	Shareholder entity	Shareholder entity
Mubadala Technology Investments LLC (“Mubadala Technology”)	Shareholder entity	Shareholder entity

Schedule of balances with related parties included in the consolidated statements of financial position

Balances with related parties included in the consolidated statements of financial positions are as follows:


	December 31, 2022				December 31, 2021
(in millions)	Due from Related Parties		Due to Related Parties		Due from Related Parties		Due to Related Parties
SMP	$	11	$	10	$	8	$	9

Total(1)	$	11	$	10	$	8	$	9

Schedule of related party transactions

The following table presents the related party transactions included in the consolidated statements of operations:


(in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Purchases and recharges from:
SMP(1)	$	60	$	60	$	58

	$	60	$	60	$	58

Other transactions with:
SMP (reimbursement of expenses and contribution of tools)	$	52	$	45	$	47

Mubadala Technology (reimbursement of expenses)	$	—	$	3	$	1

	$	52	$	48	$	48

(1)Purchases from SMP were primarily comprised of wafers.

Schedule of compensation to key management personnel

The compensation of key management personnel during the following years were as follows:


(in millions)	2022		2021		2020
Chief Executive Officer and Chief Financial Officer
Short-term benefits	$	5	$	8	$	11
Share-based payments	19		42		—
Board of Directors	5		3		1
	$	29	$	53	$	12

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based payment arrangements [Abstract]

Disclosure of number and weighted average exercise prices of RSUs and PSUs


	Number of RSUs	Weighted average grant date fair value
Outstanding as of December 31, 2020	—	$	—
Granted	851,530	$	39.56
Forfeited	(4,100)	$	34.46
Outstanding as of December 31, 2021	847,430	$	39.59
Granted	3,416,545	$	57.09
Forfeited	(314,158)	$	55.36
Exercised	(738,387)	$	49.51
Outstanding as of December 31, 2022	3,211,430	$	54.39


	Number of PSUs	Weighted average grant date fair value
Outstanding as of December 31, 2021	—	$	—
Granted	571,277	70.85
Forfeited	(34,082)	$	70.91
Outstanding as of December 31, 2022	537,195	$	70.91

Schedule of fair value assumptions

The assumptions used to value the Company’s PSUs granted during the period presented and their expected lives were as follows:


			December 31, 2022

Expected dividend yield			—
Expected volatility			45.50%

Risk-free interest rate			2.55%

The assumptions used to value the Company’s options granted and their expected lives during 2021, were as follows:


	December 31, 2021


Expected volatility	45.00	%
Expected term	4.5 years
Risk-free interest rate	0.56	%
Estimated ordinary shares valuation	$24.64 - $26.04

Disclosure of number and weighted average exercise prices of share options


	Number of Share options	Weighted average exercise price per Share



Outstanding as of December 31, 2020	22,286,278	$	10.04
Granted	995,409	$	10.00
Forfeited	(1,532,129)	$	10.00
Outstanding as of December 31, 2021	21,749,558	$	10.03

Exercised	(14,956,321)	$	10.00
Forfeited	(532,634)	$	10.00
Outstanding as of December 31, 2022	6,260,603	$	10.02
Exercisable balance as of December 31, 2022	4,873,406	$	10.02

Disclosure of number and weighted average remaining contractual life of outstanding share options

The following table summarizes information about employees’ share options outstanding as of December 31, 2022:


Outstanding
Range of exercise prices		Number Outstanding	Weighted average remaining contractual life (in years)
$	10.02	6,250,068	2.13
$	19.07	4,515	4.04
$	22.54	4,515	4.04
$	26.00	1,505	4.04

Financial Risk Management Objectives and Policies (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Disclosure of nature and extent of risks arising from financial instruments


	Increase/ (Decrease) in Percentages		Effects on Loss before Tax
December 31, 2020	10	%	$	19
	(10)	%	$	(19)
December 31, 2021	10	%	$	—
	(10	%)	$	—
December 31, 2022	10	%	$	1
	(10)	%	$	(1)

Disclosure of derivative financial liabilities

The Company’s exposure to foreign currency risk against financial assets and financial liabilities was as follows, based on notional amounts:


(in millions)	EUR		JPY		SGD
December 31, 2021
Receivables and prepayments	$	161	$	—	$	13
Cash and cash equivalents	45		2		4
Loans and borrowings	(14)		—		(91)
Trade and other payables	(254)		(73)		(147)
	$	(62)	$	(71)	$	(221)
December 31, 2022
Receivables and prepayments	$	120	$	—	$	16
Cash and cash equivalents	48		4		420
Loans and borrowings	45		—		—
Trade and other payables	(388)		(73)		(149)
	$	(175)	$	(69)	$	287

Disclosure of maturity analysis for derivative financial liabilities

The aging of financial assets including trade receivables is as follows:


					Past Due but Not Impaired
(in millions)	Total		Neither past Due Nor Impaired		< 30 Days		31-90 Days		91-120 Days		Great than 120 days
December 31, 2021	$	1,067	$	1,023	$	42	$	1	$	1	$	—
December 31, 2022	$	2,254	$	2,137	$	84	$	33	$	—	$	—

The table below summarizes the maturity profile of the Company’s financial liabilities:


(in millions)	Carrying Value		Contractual Cash Flows		1 Year or Less		1 to 5 Years		Greater than 5 Years		Total
December 31, 2021
Loans and borrowings	$	2,013	$	2,205	$	349	$	1,736	$	120	$	2,205
Lease obligations	426		512		157		232		123		512
Derivative financial liability	66		66		49		17		—		66
Trade payables and other liabilities	1,895		1,895		1,848		47		—		1,895
	$	4,400	$	4,678	$	2,403	$	2,032	$	243	$	4,678
December 31, 2022
Loans and borrowings	$	2,511	$	2,706	$	229	$	1,443	$	1,034	$	2,706
Lease obligations	345		427		92		184		151		427
Derivative financial liability	66		66		61		5		—		66
Trade payables and other liabilities	2,265		2,265		2,171		63		31		2,265
	$	5,187	$	5,464	$	2,553	$	1,695	$	1,216	$	5,464

Disclosure of fair value measurement of assets

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

(in millions)	Total		Quoted Prices Identical Assets/ Liabilities (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2021
Assets:

Cash equivalents(1)	$	2,175	$	2,150	$	25	$	—



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





Derivatives(3)	$	25	$	—	$	25	$	—

Liabilities:




Derivatives(3)	$	66	$	—	$	66	$	—


	Fair Value Measurement at Reporting Date Using

(in millions)	Total		Quoted Prices Identical Assets/ Liabilities (Level 1)		Significant Other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2022
Assets:

Cash equivalents (1)	$	961	$	961	$	—	$	—

Investments in equity instruments (2)	$	15	$	—	$	—	$	15

Investments in marketable securities(3)	$	994	$	994	$	—	$	—

Derivatives(4)	$	177	$	—	$	177	$	—

Liabilities:






Derivatives(4)	$	66	$	—	$	66	$	—

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

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

(3)Included in current and non-current marketable securities on the Company’s consolidated statements of financial position.

Disclosure of financial assets


(in millions)		December 31, 2022				December 31, 2021
Financial Liability	Category	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Other long-term debt	FLAC	2,511		2,414		2,013		2,006
Total		$	2,511	$	2,414	$	2,013	$	2,006

Operating Segments Information (Tables)

12 Months Ended

Dec. 31, 2022

Operating Segments [Abstract]

Disclosure of geographical areas


	For the year ended December 31,
Revenue by Geography	2022		2021		2020
(in millions)
United States	$	4,898	$	3,975	$	3,368
Europe, the Middle East, and Africa	1,182		805		451



Other	2,028		1,805		1,032
	$	8,108	$	6,585	$	4,851


Non-current Assets by Geography	2022		2021
(in millions)
United States	$	5,149	$	5,433
Germany	2,462		1,989
Singapore	3,508		1,547
Other	532		412
Total	$	11,651	$	9,381

Disclosure of major customers


	For the year ended December 31,
Revenue by Major Customer	2022			2021			2020
(in millions)	Amount		%	Amount		%	Amount		%
Customer A	$	746	9	$	811	12	$	1,001	21
Customer B	$	1,329	16	$	995	15	$	537	11

Organization (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Organization (Details) - USD ($) $ in Millions	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reclassifications or changes in presentation [line items]
Gain on sale of East Fishkill (“EFK”) business		$ 403	$ 0	$ 0
Discontinued Operations - Tampines, Singapore Facility
Disclosure of reclassifications or changes in presentation [line items]
Consideration received		406	$ 170
Gain on sale of East Fishkill (“EFK”) business		$ 403
Discontinued Operations - Tampines, Singapore Facility \| Other disposals of assets
Disclosure of reclassifications or changes in presentation [line items]
Consideration received	$ 236

Summary of Significant Policies, Judgements, Estimates and Assumptions - Schedule of Property, Plant, and Equipment (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	10 years		10 years
Computer
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)		5 years
Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	8 years		8 years
Maximum \| Leasehold Improvements
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)		26 years
Maximum \| Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)		10 years
Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)	5 years		5 years
Minimum \| Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Useful life (in years)		2 years

Summary of Significant Policies, Judgements, Estimates and Assumptions - Recent Accounting Pronouncements, Adopted (Details) - Dec. 31, 2022 € in Millions, $ in Millions	USD ($)	EUR (€)
Interest rate swaps
Disclosure of financial assets [line items]
Notional Amount \| $	$ 795
Interest rate swaps \| Interest Rate Swap Maturing 2023
Disclosure of financial assets [line items]
Notional Amount \| $	19
Interest rate swaps \| Interest Rate Swap Maturing 2024
Disclosure of financial assets [line items]
Notional Amount \| $	624
Interest rate swaps \| Interest Rate Swap Maturing 2026
Disclosure of financial assets [line items]
Notional Amount \| $	$ 152
Cross currency swaps (receive euros/pay US$)
Disclosure of financial assets [line items]
Notional Amount \| €		€ 475
Cross currency swaps (receive euros/pay US$) \| Cross Currency Swap, Three-Month LIBOR, Maturing 2024
Disclosure of financial assets [line items]
Notional Amount \| €		83
Cross currency swaps (receive euros/pay US$) \| Cross Currency Swap, Six-Month LIBOR, Maturing 2024
Disclosure of financial assets [line items]
Notional Amount \| €		335
Cross currency swaps (receive euros/pay US$) \| Cross Currency Swap Maturing 2026
Disclosure of financial assets [line items]
Notional Amount \| €		€ 57

Summary of Significant Policies, Judgements, Estimates and Assumptions - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
Increase (decrease) in accounting estimate \| $	$ 628
Increase in basic earnings per share (in USD per share)	$ 1.24
Increase in diluted earnings per share (in USD per share)	$ 1.24

Summary of Significant Policies, Judgements, Estimates and Assumptions - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Disclosure of changes in accounting estimates [line items]
Useful life (in years)	3 years

Summary of Significant Policies, Judgements, Estimates and Assumptions - government grants (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of changes in accounting estimates [line items]
Income from government grants	$ 42	$ 33	$ 51

Net Revenue - Disaggregated Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 8,108	$ 6,585	$ 4,851
Revenue recognized over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	445	357	4,228
Revenue recognized at a point in time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	7,663	6,228	623
Wafer fabrication
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	7,627	6,204	4,440
Engineering and other pre-fabrication services
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 481	$ 381	$ 411

Net Revenue - Narrative (Details) $ in Millions	12 Months Ended
Net Revenue - Narrative (Details) $ in Millions	Dec. 31, 2020 USD ($)
Revenue from Contracts with Customers [Abstract]
Change in revenue through contract modification	$ 315
Change in cost of sales through contract modification	226
Change in gross profit through contract modification	$ 60

Cost of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
Cost of Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contracts with Customers [Abstract]
Depreciation and amortisation expense	$ 1,468	$ 1,422	$ 2,187
Inventory changes and materials costs and other	1,834	1,726	1,187
Staff costs, maintenance costs, and utilities(2)	2,567	2,424	2,189
Total cost of revenues	5,869	5,572	5,563
Staff, maintenance, and utility costs	$ 64	$ 55	$ 0

Research and Development Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Analysis of income and expense [abstract]
Staff costs, maintenance costs, and utilities(1)	$ 247	$ 257	$ 230
Depreciation of PPE and amortization of intangible assets	110	147	220
Other	125	74	26
Research and development expense	482	478	476
Staff, maintenance, and utility costs	$ 27	$ 22	$ 0

Selling, General and Administrative Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Analysis of income and expense [abstract]
Staff costs, maintenance costs, and utilities	$ 417	$ 537	$ 340
Depreciation of PPE and amortization of intangible assets	45	49	115
Other	34	9	(10)
Selling, general and administrative expense	496	595	445
Expense from share-based payment transactions with employees	$ 92	$ 152	$ 1

Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring [Abstract]
Restructuring charges	$ 94	$ 0	$ 0
Accelerated share-based compensation expense	3
Restructuring [Roll Forward]
Beginning balance as of December 31, 2021	0
Restructuring charges	91
Amounts paid	5
Ending balance as of December 31, 2022	$ 86	$ 0

Impairment Charges (Details) - USD ($) $ in Millions	12 Months Ended
Impairment Charges (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of impairment loss and reversal of impairment loss [line items]
Total impairment charges	$ 0	$ 0	$ 23
Property, plant and equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Total impairment charges	$ 0	$ 0	$ 23

Finance Expenses (Details) - USD ($) $ in Millions	12 Months Ended
Finance Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Analysis of income and expense [abstract]
Interest on long-term debt	$ 69	$ 72	$ 98
Interest on lease obligations	23	27	35
Commitment fees and amortization of debt issuance costs	13	12	18
Accretion costs and other	6	3	3
Total finance expenses	$ 111	$ 114	$ 154

Gain on Sale of a Business - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of analysis of single amount of discontinued operations [line items]
Deposits from customers	$ 73	$ 118
Gain on sale of East Fishkill (“EFK”) business	403	0	$ 0
Discontinued Operations - Tampines, Singapore Facility
Disclosure of analysis of single amount of discontinued operations [line items]
Consideration received	406	$ 170
Gain on sale of East Fishkill (“EFK”) business	403
Net assets	$ (9)

Gain on Sale of a Business - Schedule of Net Assets Derecognized (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of analysis of single amount of discontinued operations [line items]
Property, plant and equipment	$ 10,596	$ 8,713
Total Assets	17,841	15,028
Lease liabilities	(345)	(426)
Total Liabilities	(7,881)	$ (6,995)
Discontinued Operations - Tampines, Singapore Facility
Disclosure of analysis of single amount of discontinued operations [line items]
Property, plant and equipment	83
Inventories	43
Total Assets	126
Lease liabilities	(47)
Other current and non-current liabilities	(88)
Total Liabilities	(135)
Net Liabilities	$ (9)

Other Income (Expense), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Analysis of income and expense [abstract]
Gain on legal settlement	$ 0	$ 0	$ 294
Gain on remeasurement of existing interests	0	0	38
Other	22	(8)	110
Total other income (expense), net	$ 22	$ (8)	$ 442

Property, Plant And Equipment - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Right-of-use assets	$ 282	$ 305	$ 292
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Right-of-use assets	888	907
Accumulated Depreciation and Impairment
Disclosure of detailed information about property, plant and equipment [line items]
Right-of-use assets	$ (82)	$ (81)	$ (57)

Property, Plant And Equipment - Summary of Property, Plant And Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	$ 8,713
Property, plant and equipment at end of period	10,596	$ 8,713
Investment tax credits, property plant and equipment	214	179
Land and Land Improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	93
Property, plant and equipment at end of period	83	93
Building and Leasehold Improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	3,310
Property, plant and equipment at end of period	3,323	3,310
Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	3,843
Property, plant and equipment at end of period	3,765	3,843
Computer
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	51
Property, plant and equipment at end of period	48	51
Construction in Progress
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	1,416
Property, plant and equipment at end of period	3,377	1,416
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	31,914	30,446
Additions	3,658	1,925
Transfers from construction in progress	0	0
Disposals	(1,169)	(423)
Effects of exchange rate changes	(22)	(34)
Property, plant and equipment at end of period	34,381	31,914
Cost \| Land and Land Improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	130	104
Additions	0	26
Transfers from construction in progress	1	0
Disposals	(8)	0
Effects of exchange rate changes	(1)	0
Property, plant and equipment at end of period	122	130
Cost \| Building and Leasehold Improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	7,576	7,441
Additions	67	71
Transfers from construction in progress	409	116
Disposals	(182)	(46)
Effects of exchange rate changes	(3)	(6)
Property, plant and equipment at end of period	7,867	7,576
Cost \| Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	22,350	22,039
Additions	27	33
Transfers from construction in progress	935	677
Disposals	(725)	(371)
Effects of exchange rate changes	(18)	(28)
Property, plant and equipment at end of period	22,569	22,350
Cost \| Computer
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	435	411
Additions	0	1
Transfers from construction in progress	21	28
Disposals	(17)	(5)
Effects of exchange rate changes	0	0
Property, plant and equipment at end of period	439	435
Cost \| Construction in Progress
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	1,423	451
Additions	3,564	1,794
Transfers from construction in progress	(1,366)	(821)
Disposals	(237)	(1)
Effects of exchange rate changes	0	0
Property, plant and equipment at end of period	3,384	1,423
Accumulated Depreciation and Impairment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(23,201)	(22,220)
Additions	(1,447)	(1,411)
Disposals	858	411
Effects of exchange rate changes	5	19
Property, plant and equipment at end of period	(23,785)	(23,201)
Accumulated Depreciation and Impairment \| Land and Land Improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(37)	(31)
Additions	(6)	(6)
Disposals	4	0
Effects of exchange rate changes	0	0
Property, plant and equipment at end of period	(39)	(37)
Accumulated Depreciation and Impairment \| Building and Leasehold Improvements
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(4,266)	(3,866)
Additions	(443)	(444)
Disposals	164	44
Effects of exchange rate changes	1	0
Property, plant and equipment at end of period	(4,544)	(4,266)
Accumulated Depreciation and Impairment \| Equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(18,507)	(17,952)
Additions	(975)	(936)
Disposals	674	362
Effects of exchange rate changes	4	19
Property, plant and equipment at end of period	(18,804)	(18,507)
Accumulated Depreciation and Impairment \| Computer
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(384)	(364)
Additions	(23)	(25)
Disposals	16	5
Effects of exchange rate changes	0	0
Property, plant and equipment at end of period	(391)	(384)
Accumulated Depreciation and Impairment \| Construction in Progress
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment at beginning of period	(7)	(7)
Additions	0	0
Disposals	0	0
Effects of exchange rate changes	0	0
Property, plant and equipment at end of period	$ (7)	$ (7)

Property, plant and equipment - Schedule of Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense	$ 2,238	$ 1,411	$ 1,447
Cost of revenue
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense	2,087	1,309	1,377
Research and development expenses
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense	121	73	40
Selling, general and administrative expenses
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense	$ 30	$ 29	$ 30

Goodwill - Schedule of Goodwill and Intangible Assets Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	$ 377
Intangible assets and goodwill at end of period	363	$ 377
Technology, Licenses and Similar Rights
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	335
Intangible assets and goodwill at end of period	246	335
Software
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	6
Intangible assets and goodwill at end of period	92	6
Patents
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	17
Intangible assets and goodwill at end of period	1	17
Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	18
Intangible assets and goodwill at end of period	18	18
Others
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	1
Intangible assets and goodwill at end of period	6	1
Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	1,865	1,913
Additions	163	37
Disposals	(62)	(85)
Intangible assets and goodwill at end of period	1,966	1,865
Cost \| Technology, Licenses and Similar Rights
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	1,202	1,249
Additions	62	33
Disposals	(47)	(80)
Intangible assets and goodwill at end of period	1,217	1,202
Cost \| Software
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	284	280
Additions	96	4
Disposals	(12)	0
Intangible assets and goodwill at end of period	368	284
Cost \| Patents
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	229	234
Additions	0	0
Disposals	(3)	(5)
Intangible assets and goodwill at end of period	226	229
Cost \| Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	18	18
Additions	0	0
Disposals	0	0
Intangible assets and goodwill at end of period	18	18
Cost \| Others
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	132	132
Additions	5	0
Disposals	0	0
Intangible assets and goodwill at end of period	137	132
Accumulated Depreciation and Impairment
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	(1,488)	(1,365)
Additions	(176)	(207)
Disposals	61	84
Intangible assets and goodwill at end of period	(1,603)	(1,488)
Accumulated Depreciation and Impairment \| Technology, Licenses and Similar Rights
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	(867)	(785)
Additions	(150)	(162)
Disposals	46	80
Intangible assets and goodwill at end of period	(971)	(867)
Accumulated Depreciation and Impairment \| Software
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	(278)	(263)
Additions	(10)	(15)
Disposals	12	0
Intangible assets and goodwill at end of period	(276)	(278)
Accumulated Depreciation and Impairment \| Patents
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	(212)	(186)
Additions	(16)	(30)
Disposals	3	4
Intangible assets and goodwill at end of period	(225)	(212)
Accumulated Depreciation and Impairment \| Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	0	0
Additions	0	0
Disposals	0	0
Intangible assets and goodwill at end of period	0	0
Accumulated Depreciation and Impairment \| Others
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Intangible assets and goodwill at beginning of period	(131)	(131)
Additions	0	0
Disposals	0	0
Intangible assets and goodwill at end of period	$ (131)	$ (131)

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Amortization expenses	$ 176	$ 207	$ 284
Cost of revenue
Disclosure of detailed information about intangible assets [line items]
Amortization expenses	91	113	100
Research and development expenses
Disclosure of detailed information about intangible assets [line items]
Amortization expenses	70	74	99
Selling, general and administrative expenses
Disclosure of detailed information about intangible assets [line items]
Amortization expenses	$ 15	$ 20	$ 85

Income Taxes - Income tax benefit (expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current income tax expense:
Current income tax benefit (expense)	$ (14)	$ 2	$ (29)
Adjustments in respect of current income tax of previous year	(5)	(1)	0
Deferred tax
Net operating and investment allowance carryforwards	(44)	(78)	35
Currency effect on non-monetary assets of subsidiary	(12)	(37)	43
Other change in temporary differences	(11)	36	(37)
Income tax benefit (expense)	$ (86)	$ (78)	$ 12

- 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

Income Taxes - Reconciliation of income tax expense applying statutory tax and effective tax rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income taxes [Abstract]
Income (Loss) before income taxes	$ 1,532	$ (176)	$ (1,365)
Tax at Enacted Statutory Rate	0	0	0
Foreign tax rate differential	(98)	(75)	59
Adjustments in respect to current income tax of previous years	(5)	(1)	0
Government grants exempt from tax	7	5	13
Deductible expense for tax purpose	0	(1)	(8)
Impact of unrecognized deferred tax assets	57	9	(63)
Non-deductible expenses for tax purposes	(21)	(4)	0
Effects of foreign exchange gains (loss)	14	22	(40)
Impact of change in liability for uncertain tax positions	1	7	9
Withholding Tax	(11)	0	(34)
Other effects	(2)	4	(4)
Income tax benefit (expense)	$ (86)	$ (78)	$ 12
Effective income tax rate	(5.60%)	44.30%	(0.90%)

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax expense (income) at applicable tax rate	$ 0	$ 0	$ 0
Withholding tax	11	0	34
Unrecognized deferred tax asset	3,708	3,355
Profit (loss), attributable to owners of parent	(1,448)	250	1,350
Deferred tax assets	292	353
Deferred tax liabilities with joint ventrures		0
Current income tax receivable	1
Current income tax payable	14	14
Unused Capital Allowances
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	713	1,169
Unused tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	58	58
Unused Investment Allowances
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 843	843
Republic of Singapore
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets realized (as a percent)	100.00%
Tax expense (income) at applicable tax rate			$ 64
Current income tax payable	$ 9	9
Uncertain tax provisions	8	9
Germany
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Profit (loss), attributable to owners of parent	1,132	1,182
Trade tax losses	$ 851	898
Maximum operating loss carryforwards (as a percent)	60.00%
United States of America
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Current income tax payable	$ 3	3
Uncertain tax provisions	0	0
United States of America \| Operating Loss Carryforward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Operating loss carryforward	7,307	8,066
United States of America \| Unused Tax Credits Due to Expire
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Operating loss carryforward	5,762
United States of America \| Unused Research and Development Tax Credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax asset	157	146
CALIFORNIA \| Operating Loss Carryforward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Operating loss carryforward	822	854
CALIFORNIA \| Unused Research and Development Tax Credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax asset	17	15
Other states \| Operating Loss Carryforward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Operating loss carryforward	885	963
NEW YORK \| Nonrefundable New York Empire Zone
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax asset	1,115	1,115
Texas, Minnesota, Vermont, North Carolina, and New Jersey \| Operating Loss Carryforward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax asset	8	8
Europe
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Current income tax payable	2	2
Uncertain tax provisions	$ 0	$ 3

Income Taxes - schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	$ 266	$ 351	$ 435
Accelerated depreciation on property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(18)	(458)
Losses, credits and investment allowances available for offsetting against future taxable income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	277	394
Accrued expenses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	16	349
Inventory
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	1	65
Other comprehensive income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(8)	0
Currency effect
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	0	(8)
Deferred income
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	0	10
Other
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	$ (2)	$ (1)

Income Taxes - Classification of deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income taxes [Abstract]
Deferred tax assets	$ 292	$ 353
Deferred tax liabilities(1)	(26)	(2)
Deferred tax liability (asset)	$ 266	$ 351	$ 435

Income Taxes - Reconciliation of Deferred Tax assets, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in deferred tax liability (asset) [abstract]
Beginning balance	$ (351)	$ (435)
Tax expense recognized to consolidated statements of operations	(67)	(79)
Tax benefit (expense) recognized to other comprehensive income (loss)	(18)	3
Uncertain tax positions and others	0	(8)
Ending balance	$ (266)	$ (351)

Receivables, Prepayments and Other Assets - Summary of Receivables, Prepayments and Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Trade receivables, other than related parties	$ 824	$ 872
Other receivables	497	238
Unbilled accounts receivable	24	43	$ 62
Receivables from government grant	52	47
Receivables from related parties	11	8
Other current financial assets	79	23
Total	1,487	1,231
Non-current:
Advances to suppliers	235	199
Non-trade receivables	10	13
Payment in Lieu of Tax (“PILOT”’) Bonds	11	8
Other	25	34
Total	$ 281	$ 254

Receivables, Prepayments and Other Assets - Schedule of Unbilled Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Trade and other current receivables [abstract]
Beginning balance	$ 43	$ 62
Revenue recognized during the year	87	44
Amounts invoiced	(106)	(69)
Other	0	6
Ending balance	$ 24	$ 43

Receivables, Prepayments and Other Assets - Maturity Schedule (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of provision matrix [line items]
Trade receivables, other than related parties	$ 824	$ 872
Receivables neither past due nor impaired
Disclosure of provision matrix [line items]
Trade receivables, other than related parties	708	830
Less than 30 days
Disclosure of provision matrix [line items]
Trade receivables, other than related parties	83	41
31 to 60 days
Disclosure of provision matrix [line items]
Trade receivables, other than related parties	22	0
61 to 90 days
Disclosure of provision matrix [line items]
Trade receivables, other than related parties	11	0
90 to 120 days
Disclosure of provision matrix [line items]
Trade receivables, other than related parties	$ 0	$ 1

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventories [Abstract]
Work in progress	$ 1,079	$ 961
Raw materials and supplies	375	260
Inventory reserves	(115)	(100)	$ (243)
Total	$ 1,339	$ 1,121

Inventories - Inventory Reserve Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Inventories [Abstract]
Beginning balance	$ 115,000	$ 100,000
Additions	88,000	126,000
Written-off and scrapped	(35,000)	(29,000)
Elimination of reserves upon sale of inventory	(38,000)	(240,000)
Ending balance	$ 100,000	243,000
Additions during period arising from adjustment to cost of revenues		$ 26,000

Other Financial Assets And Liabilities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets and liabilities [Line Items]
Other comprehensive income that will be reclassified to profit or loss, net of tax	$ 137	$ (54)	$ (25)
Cash flow hedges
Disclosure of financial assets and liabilities [Line Items]
Other comprehensive income that will be reclassified to profit or loss, net of tax	$ 17

Other Financial Assets And Liabilities - Fair Value and Location of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivatives Designated As Hedging Instruments [Abstract]
Assets Derivatives	$ 177	$ 25
Liabilities Derivatives	(66)	(66)
Forward Contracts, Currency Swap
Derivatives Not Designated As Hedging Instruments [Abstract]
Assets Derivatives	10	3
Liabilities Derivatives	(1)	(2)
Forward Contracts, Currency Swap
Derivatives Designated As Hedging Instruments [Abstract]
Assets Derivatives		6
Liabilities Derivatives	(52)	(46)
Interest rate swaps
Derivatives Designated As Hedging Instruments [Abstract]
Assets Derivatives	42
Liabilities Derivatives	0	(8)
Cross currency swaps (receive euros/pay US$)
Derivatives Designated As Hedging Instruments [Abstract]
Assets Derivatives	53	0
Liabilities Derivatives	(3)	(8)
Commodity hedge
Derivatives Designated As Hedging Instruments [Abstract]
Assets Derivatives	0	14
Liabilities Derivatives	(8)	(1)
Other Hedging Instrument
Derivatives Designated As Hedging Instruments [Abstract]
Assets Derivatives	0	2
Liabilities Derivatives	$ (2)	$ (1)

Other Financial Assets And Liabilities - Effect on Financial Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Forward Contracts, Currency Swap
Disclosure of detailed information about hedging instruments [line items]
Amount of Gains (Losses) Recognized in Accumulated OCI on Derivatives (effective Portion)	$ (105)	$ (76)
Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment	(93)	(6)
Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion)	(76)	11
Amount of Gain (Losses) Recognized into income (Ineffective Portion)	(5)	1
Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Amount of Gains (Losses) Recognized in Accumulated OCI on Derivatives (effective Portion)	55	21
Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment	0	0
Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion)	6	(5)
Amount of Gain (Losses) Recognized into income (Ineffective Portion)	0	0
Cross currency swaps (receive euros/pay US$)
Disclosure of detailed information about hedging instruments [line items]
Amount of Gains (Losses) Recognized in Accumulated OCI on Derivatives (effective Portion)	72	(2)
Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment	0	0
Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion)	0	(10)
Amount of Gain (Losses) Recognized into income (Ineffective Portion)	4	(1)
Commodity hedge
Disclosure of detailed information about hedging instruments [line items]
Amount of Gains (Losses) Recognized in Accumulated OCI on Derivatives (effective Portion)	(5)	29
Amount of Gains (Losses) Reclassified from Accumulated OCI to cost of Property, Plant and Equipment	0	0
Amounts of Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion)	26	24
Amount of Gain (Losses) Recognized into income (Ineffective Portion)	$ (8)	$ 0

Other Financial Assets And Liabilities - Effect of Derivatives on Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments [Abstract]
Amount of Gains (Losses) Recognized in Income on Derivative	$ (22)	$ (17)	$ 6

Cash And Cash Equivalents - Schedule of Cash and Cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of cash flows [abstract]
Cash balances on hand and at banks	$ 990	$ 764
Investments in money market funds	953	2,150
Time deposits	401	25
Other cash and cash equivalents	8	0
Total	$ 2,352	$ 2,939	$ 908	$ 997

Cash And Cash Equivalents - Reconciliation of Assets and Liabilities Arising from Financing Activities (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 03, 2021	Dec. 31, 2022	Dec. 31, 2021
Changes in liabilities arising from financing activities [abstract]
Liabilities arising from financing activities at beginning of period		$ (25,890)	$ (25,094)
Cash Flows Inflows/ (Outflows)		(842)	(650)
Addition		(6)	(10,104)
Foreign exchange movement		18	60
Others		74	9,898
Liabilities arising from financing activities at end of period		(26,646)	(25,890)
Cash and cash equivalents at the end of the year		2,352	2,939
Receivables from government grant		52	47
Debt
Changes in liabilities arising from financing activities [abstract]
Liabilities arising from financing activities at beginning of period		(2,013)	(2,338)
Cash Flows Inflows/ (Outflows)		(670)	264
Addition		(6)
Foreign exchange movement		10	51
Others		168	10
Liabilities arising from financing activities at end of period		(2,511)	(2,013)
Lease obligations
Changes in liabilities arising from financing activities [abstract]
Liabilities arising from financing activities at beginning of period		(426)	(465)
Cash Flows Inflows/ (Outflows)		89	78
Addition		(18)	(52)
Foreign exchange movement		9	12
Others		1	1
Liabilities arising from financing activities at end of period		(345)	(426)
Loan from Shareholder
Changes in liabilities arising from financing activities [abstract]
Liabilities arising from financing activities at beginning of period		0	(10,681)
Cash Flows Inflows/ (Outflows)			568
Others			10,113
Liabilities arising from financing activities at end of period			0
Share capital
Changes in liabilities arising from financing activities [abstract]
Liabilities arising from financing activities at beginning of period		(11)	(10)
Cash Flows Inflows/ (Outflows)			(1)
Liabilities arising from financing activities at end of period		(11)	(11)
Additional Paid-In Capital
Changes in liabilities arising from financing activities [abstract]
Liabilities arising from financing activities at beginning of period		(23,487)	(11,708)
Cash Flows Inflows/ (Outflows)		(168)	(1,443)
Addition	$ 10,100
Addition			(10,113)
Others		(176)	(223)
Liabilities arising from financing activities at end of period		(23,831)	(23,487)
Restricted cash
Changes in liabilities arising from financing activities [abstract]
Assets arising from financing activities at beginning of period		1	36
Cash Flows Inflows/ (Outflows)			(34)
Others			(1)
Assets arising from financing activities at end of period		1	1
Government grants receivable
Changes in liabilities arising from financing activities [abstract]
Assets arising from financing activities at beginning of period		47	30
Cash Flows Inflows/ (Outflows)		(93)	(41)
Addition		18	60
Foreign exchange movement		(1)	(2)
Others		81
Assets arising from financing activities at end of period		52	47
Receivables from government grant		52	47
Other receivables
Changes in liabilities arising from financing activities [abstract]
Assets arising from financing activities at beginning of period		(1)	42
Liabilities arising from financing activities at beginning of period		(1)
Cash Flows Inflows/ (Outflows)			(41)
Addition			1
Foreign exchange movement			(1)
Others			(2)
Assets arising from financing activities at end of period		$ (1)	(1)
Liabilities arising from financing activities at end of period			$ (1)

Cash And Cash Equivalents - Concentration of Cash and Cash Equivalents by Geography (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of geographical areas [line items]
Cash and cash equivalents	$ 2,352	$ 2,939	$ 908	$ 997
United States of America
Disclosure of geographical areas [line items]
Cash and cash equivalents	484	1,357
Republic of Singapore
Disclosure of geographical areas [line items]
Cash and cash equivalents	1,775	1,485
Other
Disclosure of geographical areas [line items]
Cash and cash equivalents	$ 93	$ 97

Issued Capital and Reserves (Details) - $ / shares	Sep. 12, 2021	Dec. 31, 2022	Dec. 31, 2021	Oct. 27, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of classes of share capital [line items]
Stock split (in shares)	0.5
Number of shares issued (in shares)		547,755,000	531,846,000
Par value per share (in dollars per share)		$ 0.02	$ 0.02
Number of shares outstanding (in shares)		547,755,000	531,846,000
Ordinary shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)		548,000,000
Number of shares authorised (in shares)		1,300,000,000
Par value per share (in dollars per share)		$ 0.02
Number of shares outstanding (in shares)		548,000,000
Preference shares
Disclosure of classes of share capital [line items]
Number of shares authorised (in shares)		200,000,000
Par value per share (in dollars per share)		$ 0.02
Common Share
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)		548,000,000	532,000,000		500,000,000	500,000,000
IPO
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)				30,250,000
Private Placement
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)				1,595,744

Long-Term Debt - Schedule of Noncurrent and Current Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Current portion of long-term debt	$ 223	$ 297
Non-current:
Non-current portion of long-term debt	2,288	1,716
Total	$ 2,511	$ 2,013	$ 2,338

Long-Term Debt - Narrative (Details) $ in Millions, $ in Millions			12 Months Ended
	Oct. 13, 2021 USD ($)	Sep. 03, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 03, 2021 SGD ($)	Feb. 17, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Loans and borrowings			$ 2,511	$ 2,013			$ 2,338
Non-current portion of long-term debt			2,288	1,716
Accounts Receivable Factoring [Member]
Disclosure of detailed information about borrowings [line items]
Loans and borrowings			$ 0	16		$ 92
Nominal Interest Rate						0.90%
2021 SGD EDB Loan
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate		1.40%	1.40%		1.40%
Maximum borrowing capacity		$ 1,149			$ 1,541
New loans and borrowings			$ 1,082	111
Non-current portion of long-term debt			923	90
Borrowing term (in years)		5 years
Five-year Revolving and Letter of Credit Facilities Agreement
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 1,000
Borrowing term (in years)	5 years
Deferred Financing costs Netting
Disclosure of detailed information about borrowings [line items]
Loans and borrowings			12	$ 18
Deferred Income From Government Grants \| 2021 SGD EDB Loan
Disclosure of detailed information about borrowings [line items]
Loans and borrowings			$ 184
Nominal Interest Rate			3.20%

Long-Term Debt - Movements in Interest bearing Borrowings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Borrowing costs Abstract [Abstract]
Opening balance	$ 2,013	$ 2,338
New loans and borrowings	971	618
Repayments	(301)	(882)
Other	(172)	(61)
Ending balance	$ 2,511	$ 2,013

Long-Term Debt - Summary of Term Loan Facilities (Details) $ in Millions, $ in Millions	Apr. 23, 2020 USD ($)	Jan. 21, 2019 USD ($)	Mar. 02, 2018 USD ($) bank	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 03, 2021 USD ($)	Sep. 03, 2021 SGD ($)	Dec. 31, 2020 USD ($)	Oct. 31, 2019 USD ($) bank
Disclosure of detailed information about borrowings [line items]
Current portion of non-current borrowings				$ 223	$ 297
Non-current portion of non-current borrowings				2,288	1,716
Total				2,511	2,013			$ 2,338
Lease obligations				$ 345	426
Number of banks \| bank			4						5
Proceeds from sales of property, plant and equipment	$ 300	$ 425	$ 375
Equipment
Disclosure of detailed information about borrowings [line items]
Lease obligations			$ 375
2018 Tool Equipment Purchase and Lease Financing
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate				0.00016%
Current portion of non-current borrowings				$ 19	75
2019 Tool Equipment Purchase and Lease Financing
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate				0.00018%
Current portion of non-current borrowings				$ 85	84
Non-current portion of non-current borrowings				$ 21	106
2019 USD Dresden Equipment Financing
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate				0.00018%
Current portion of non-current borrowings				$ 36	36
Non-current portion of non-current borrowings				$ 108	144
2020 USD Equipment Financing
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate				0.00019%
Current portion of non-current borrowings				$ 59	59
Non-current portion of non-current borrowings				$ 93	152
USD Term Loan A
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate				0.00029%
Non-current portion of non-current borrowings				$ 649	647
EUR Term Loan A
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate				0.00026%
Non-current portion of non-current borrowings				$ 89	94
2019 EUR Dresden Equipment Financing
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate				0.00018%
Current portion of non-current borrowings				$ 13	14
Non-current portion of non-current borrowings				$ 387	423
Maximum borrowing capacity									$ 750
2021 SGD EDB Loan
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate				1.40%		1.40%	1.40%
Non-current portion of non-current borrowings				$ 923	90
Maximum borrowing capacity						$ 1,149	$ 1,541
Various Financing
Disclosure of detailed information about borrowings [line items]
Current portion of non-current borrowings				11	29
Non-current portion of non-current borrowings				$ 18	$ 60
2019 USD Dresden Equipment Financing Non-Current
Disclosure of detailed information about borrowings [line items]
Nominal Interest Rate				0.00023%

Long-Term Debt - Summary of Unutilized Credit Facilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	$ 1,118	$ 2,144
2021 SGD EDB Loan
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	42	1,029
Revolving Credit Facility
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	1,012	1,009
Singapore Factoring
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	0	75
Other Borrowings
Disclosure of detailed information about borrowings [line items]
Unutilized borrowing facilities	$ 64	$ 31

Leases - Additional Information about Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Amortization of right-of-use assets	$ 82	$ 81
Interest expense on lease liabilities	23	27	$ 35
Short-term and low-value leases expense	1	1
Total net lease cost	$ 106	$ 109
Weighted average remaining lease term	7 years 2 months 4 days	6 years 6 months 3 days
Weighted average discount rate	4.75%	6.65%

Leases - Maturity of Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	$ 427	$ 512
Present value of operating lease payments to be received	345	426
finance charges	(82)	(86)
Minimum undiscounted operating lease payments due	345	426
Minimum present value of operating lease payments due	345	426
Current	75	135
Non-current	270	291
Total lease liabilities	345	426
Within 1 year
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	92	157
Present value of operating lease payments to be received	75	135
2-5 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	184	232
Present value of operating lease payments to be received	146	191
After 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Undiscounted operating lease payments to be received	151	123
Present value of operating lease payments to be received	$ 124	$ 100

Leases - Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows used in operating activities:
Payments of short-term and low-value leases	$ (1)	$ (1)
Interest paid	(23)	(27)	$ (35)
Cash flows used in financing activities:
Payment of lease obligations	$ (89)	$ (78)

Leases - Schedule of Lease Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Beginning balance	$ 305	$ 292
Additions	59	94
Amortization	(82)	(81)
Ending balance	$ 282	$ 305

Provisions - Movement in Provision for Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in other provisions [abstract]
Provisions at beginning of period	$ 349	$ 353
Arising during the period	2	0
Accretion cost	(4)	(1)
Restructuring charges	91	0
Utilized	(52)	(3)
Reversal to P/L	(88)	0
Provisions at end of period	298	$ 349
Provisions related to the sale of a business	(7)
Provisions related to asset retirement obligations	$ (40)

Provisions - Narrative (Details)	12 Months Ended
Provisions - Narrative (Details)	Dec. 31, 2022	Dec. 31, 2021
Minimum
Disclosure of other provisions [line items]
Discount rate (as a percent)	1.58%	(1.59%)
Maximum
Disclosure of other provisions [line items]
Discount rate (as a percent)	4.04%	1.95%

Government Grants - Roll forward of Government Grants (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Government grants [Abstract]
Beginning balance	$ 176	$ 169
Received/receivable during the period	270	40
Released to the consolidated statements of operations	(42)	(33)
Ending balance	404	176
Current	110	29
Non-current	294	147
Total government grants	$ 404	$ 176

Government Grants - Located in Consolidated Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Government Grants [Line Items]
Income from government grants	$ 42	$ 33	$ 51
Cost of revenue
Government Grants [Line Items]
Income from government grants	30	33	49
Research and development expenses
Government Grants [Line Items]
Income from government grants	11	0	2
Selling, general and administrative expenses
Government Grants [Line Items]
Income from government grants	$ 1	$ 0	$ 0

Trade Payables and Other Liabilities - Schedule of Noncurrent and Current Trade and Other Payables (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current:
Trade payables	$ 532	$ 551
Accrued expenses	573	603
Current contract liabilities	592	533
Current advances and deposits	93	309
Payable for PPE and Intangible Assets	961	472
Other	98	118
Current payables	2,849	2,586
Non-current:
Payable for Intangible Assets	92	45
Contract liabilities	1,326	1,368
Deferred tax liabilities	26	2
Other non-current payables	30	30
Non-current trade payables	1,474	1,445
Deposits from customers	$ 73	$ 118

Trade Payables and Other Liabilities - Reconciliation of Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Beginning contract liabilities balance	$ 1,901	$ 135
Cash receipts in advance of satisfaction of performance obligations	1,189	1,894
Released to the consolidated statements of operations and comprehensive loss	(951)	(128)
Amounts credited to customers	(221)	0
Ending contract liabilities balance	1,918	1,901
Current	592	533
Non-current	1,326	1,368
Deferred revenue	$ 522	$ 48

Employee Benefits Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefits Plans (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Benefits [Abstract]
Employee contributions matched by employer (as a percent)	3.00%
Additional employee contributions matched by employer (as a percent)	3.00%
Maximum employee contributions matched by employer (as a percent)	4.50%
Contribution 401(K) expense	$ 32	$ 31	$ 32
Contribution expense	$ 31	$ 29	$ 22

Commitments and Contingencies - Unconditional Purchase Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Provisions, Contingent Liabilities, and Contingent Assets [Abstract]
Contracts for capital expenditures	$ 2,774	$ 2,995
Contracts for operating expenditures	3,587	3,405
Contractual capital and operating commitments	6,361	6,400
Due within the next 12 months	$ 2,732	$ 3,543

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Apr. 28, 2021	Dec. 31, 2020
Disclosure of contingent liabilities [line items]
Loans and borrowings	$ 2,511	$ 2,013			$ 2,338
Bank guarantees	$ 4	3
Minimum interest on license agreement	49.00%
Provisions	$ 298	349	$ 34	$ 2,500	$ 353
PILOT Bonds, Letters Of Credit
Disclosure of contingent liabilities [line items]
Loans and borrowings	$ 20	$ 20

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [abstract]
Net income (loss) available to equity shareholders of the Company	$ (1,448)	$ 250	$ 1,350
Basic weighted average common shares outstanding (in shares)	539,000,000	506,000,000	500,000,000
Weighted average common shares outstanding (in shares)	552,000,000	506,000,000	500,000,000
Total basic and diluted earnings per share attributable to equity shareholders (in USD per share)	$ 2.69	$ (0.49)	$ (2.70)
Total basic and diluted earnings per share attributable to equity shareholders (in USD per share)	$ 2.62	$ (0.49)	$ (2.70)
Antidilutive securities (in shares)	6,000,000	22,000,000	22,000,000

Related Party Disclosures - Balances in the Consolidated Statement of Financial Position (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Due from Related Parties	$ 11	$ 8
Due to Related Parties	10	9
SMP
Disclosure of transactions between related parties [line items]
Due from Related Parties	11	8
Due to Related Parties	$ 10	$ 9

Related Party Disclosures - Transactions with Related Parties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Purchases and recharges from:	$ 60	$ 60	$ 58
Other transactions with:	52	48	48
SMP
Disclosure of transactions between related parties [line items]
Purchases and recharges from:	60	60	58
Other transactions with:	52	45	47
Mubadala Technology (reimbursement of expenses)
Disclosure of transactions between related parties [line items]
Other transactions with:	$ 0	$ 3	$ 1

Related Party Disclosures - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 03, 2021	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Payments to related parties		$ (568)
Loan from Shareholder
Disclosure of transactions between related parties [line items]
Conversion of loan from shareholder		$ (10,113)
Additional Paid-In Capital
Disclosure of transactions between related parties [line items]
Addition	$ (10,100)

Related Party Disclosures - Compensation to Key Management Personnel (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Amount incurred by entity for provision of key management personnel services provided by separate management entity	$ 29	$ 53	$ 12
Short-term benefits
Disclosure of transactions between related parties [line items]
Amount incurred by entity for provision of key management personnel services provided by separate management entity	5	8	11
Share-based payments
Disclosure of transactions between related parties [line items]
Amount incurred by entity for provision of key management personnel services provided by separate management entity	19	42	0
Board of Directors
Disclosure of transactions between related parties [line items]
Amount incurred by entity for provision of key management personnel services provided by separate management entity	$ 5	$ 3	$ 1

Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) shares yr	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) yr $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted (in shares) \| shares			14,956,321	995,409
Additional-paid in capital			$ 9,960	$ 8,033	$ 7,241	$ 9,020
Share-based payment expenses			$ 7	63	251
Term (in years)			10 years
Expense from share-based payment transactions with employees			$ 92	152	1
Additional Paid-In Capital
Disclosure of terms and conditions of share-based payment arrangement [line items]
Additional-paid in capital			$ 23,831	$ 23,487	11,707	$ 11,706
Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment arrangement, vesting percentage			200.00%
Share-based payment arrangement, performance period (in years)	3 years
Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment arrangement, vesting percentage			0.00%
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)			1 year
Vesting percentage			33.33%	25.00%
Unrecognized compensation costs			$ 88	$ 26	0
Share Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Lookback period (in years)			2 years 8 months 26 days
Exercise price of outstanding share options (in dollars per share) \| $ / shares						$ 10.00
Fair value of options		$ 39				$ 64
Weighted average remaining contractual life (in years)		10 years
Share-based payment expenses			$ 173	223	$ 1
Expense from share-based payment transactions with employees			10
Share Options \| Additional Paid-In Capital
Disclosure of terms and conditions of share-based payment arrangement [line items]
Additional-paid in capital			163	$ 0
Share Options \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)						5 years
Granted (in shares) \| yr						25,000,000
Share Options \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period (in years)						4 years
Performance Share Units (PSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Unrecognized compensation costs			$ 24
Performance Share Units (PSU) \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment arrangement, performance period (in years)	2 years
Share Incentive Plan 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share options available for future grant (in shares) \| shares			2,826,758	2,457,663,000
Equity Compensation Plan 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share options available for future grant (in shares) \| shares			13,648,116
Employee Share Purchase Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted (in shares) \| yr			50
Employee subscription rate (as a percent)			10.00%
Maximum employee subscription (in shares) \| shares			2,500
Matching contribution (as a percent)			20.00%
Employee Stock Purchase Plan
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares issued (in shares) \| shares			533,591
Shares available (in shares) \| shares			7,500,000
Commencement period (in years)			8 years
Annual increase percentage			0.25%
Maximum grant limit (in shares) \| shares			18,750,000

Share-Based Compensation - RSU and PSU Activity (Details)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares
Restricted Share Units (RSU)
Number of RSUs
Outstanding at beginning of period (in shares) \| shares	847,430	0
Granted (in shares) \| shares	3,416,545	851,530
Forfeited (in shares) \| shares	(314,158)	(4,100)
Exercised (in shares) \| shares	(738,387)
Outstanding at end of period (in shares) \| shares	3,211,430	847,430
Weighted average grant date fair value
Outstanding at beginning of period (in USD per share) \| $ / shares	$ 39.59
Granted (in USD per share) \| $ / shares	57.09	$ 39.56
Forfeited (in USD per share) \| $ / shares	55.36	34.46
Exercised (in USD per share) \| $ / shares	49.51
Outstanding at end of period (in USD per share) \| $ / shares	$ 54.39	$ 39.59
Performance Share Units (PSU)
Number of RSUs
Outstanding at beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	571,277
Forfeited (in shares) \| shares	(34,082)
Outstanding at end of period (in shares) \| shares	537,195	0
Weighted average grant date fair value
Outstanding at beginning of period (in USD per share) \| $ / shares	$ 0
Granted (in USD per share) \| $ / shares	70.85
Forfeited (in USD per share) \| $ / shares	70.91
Outstanding at end of period (in USD per share) \| $ / shares	$ 70.91	$ 0

Share-Based Compensation - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares	Dec. 31, 2021 yr
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected volatility		45.00%
Expected term \| yr		4.5
Risk-free interest rate		0.56%
Bottom of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Estimated ordinary shares valuation	$ 24.64
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Estimated ordinary shares valuation	$ 26.04
Performance Share Units (PSU)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected dividend yield	0.00%
Expected volatility	45.50%
Risk-free interest rate	2.55%

Share-Based Compensation - Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares
Number of Share options
Beginning balance (in shares) \| shares	21,749,558	22,286,278
Granted (in shares) \| shares	14,956,321	995,409
Forfeited (in shares) \| shares	(532,634)	(1,532,129)
Ending balance (in shares) \| shares	6,260,603	21,749,558
Exercisable (in shares) \| shares	4,873,406
Weighted average exercise price per Share
Beginning balance (in dollars per share) \| $ / shares	$ 10.03	$ 10.04
Granted (in dollars per share) \| $ / shares	10.00	10.00
Forfeited (in dollars per share) \| $ / shares	10.00	10.00
Ending balance (in dollars per share) \| $ / shares	10.02	$ 10.03
Exercisable (in dollars per share) \| $ / shares	$ 10.02

Share-Based Compensation - Range of Exercise Prices, Options Outstanding, and Contractual Life (Details)	12 Months Ended
	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number Outstanding	6,260,603	21,749,558	22,286,278
$10.02
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in dollars per share) \| $ / shares	$ 10.02
Number Outstanding	6,250,068
Weighted average remaining contractual life (in years)	2 years 1 month 17 days
$19.07
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in dollars per share) \| $ / shares	$ 19.07
Number Outstanding	4,515
Weighted average remaining contractual life (in years)	4 years 14 days
$22.54
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in dollars per share) \| $ / shares	$ 22.54
Number Outstanding	4,515
Weighted average remaining contractual life (in years)	4 years 14 days
$26.00
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of outstanding share options (in dollars per share) \| $ / shares	$ 26.00
Number Outstanding	1,505
Weighted average remaining contractual life (in years)	4 years 14 days

Financial Risk Management Objectives and Policies - Sensitivity of Profit or Loss (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments [Abstract]
Sensitivity analysis for types Of market risk, impact of 10 percent increase on earnings	$ 1	$ 0	$ 19
Sensitivity analysis for types Of market risk, impact of 10 percent decrease on earnings	$ 1	$ 0	$ 19

Financial Risk Management Objectives and Policies - Foreign Currency Risk Exposure (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents	$ 2,352	$ 2,939	$ 908	$ 997
Loans and borrowings	(2,511)	(2,013)	$ (2,338)
Currency risk \| EUR
Disclosure of nature and extent of risks arising from financial instruments [line items]
Receivables and prepayments	120	161
Cash and cash equivalents	48	45
Loans and borrowings	(45)	(14)
Trade and other payables	(388)	(254)
Total financial liabilities	(175)	(62)
Currency risk \| JPY
Disclosure of nature and extent of risks arising from financial instruments [line items]
Receivables and prepayments	0	0
Cash and cash equivalents	4	2
Loans and borrowings	0	0
Trade and other payables	(73)	(73)
Total financial liabilities	(69)	(71)
Currency risk \| SGD
Disclosure of nature and extent of risks arising from financial instruments [line items]
Receivables and prepayments	16	13
Cash and cash equivalents	420	4
Loans and borrowings	0	(91)
Trade and other payables	(149)	(147)
Total financial liabilities	$ 287	$ (221)

Financial Risk Management Objectives and Policies - Narrative (Details)	Dec. 31, 2022	Dec. 31, 2021
Five Largest Customers \| Customer Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Customer concentration risk (as a percent)	57.00%	61.00%

Financial Risk Management Objectives and Policies - Aging of Financial assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items]
Carrying Amount	$ 2,511	$ 2,013
Credit risk
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items]
Carrying Amount	2,254	1,067
Credit risk \| Receivables neither past due nor impaired
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items]
Carrying Amount	2,137	1,023
Credit risk \| Less than 30 days
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items]
Carrying Amount	84	42
Credit risk \| 31-90 Days
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items]
Carrying Amount	33	1
Credit risk \| 91-120 Days
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items]
Carrying Amount	0	1
Credit risk \| Great than 120 days
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items]
Carrying Amount	$ 0	$ 0

- 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

Financial Risk Management Objectives and Policies - Maturity of Financial Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Loans and borrowings	$ 2,511	$ 2,013	$ 2,338
Lease obligations	345	426
Derivative financial liability	(66)	(66)
Liquidity risk
Carrying Value
Loans and borrowings	2,511	2,013
Lease obligations	345	426
Derivative financial liability	66	66
Trade payables and other liabilities	2,265	1,895
Total financial liabilities	5,187	4,400
Contractual Cash Flows
Loans and borrowings	2,706	2,205
Lease obligations	427	512
Derivative financial liability	66	66
Trade payables and other liabilities	2,265	1,895
total financial liabilities	5,464	4,678
Liquidity risk \| Within 1 year
Contractual Cash Flows
Loans and borrowings	229	349
Lease obligations	92	157
Derivative financial liability	61	49
Trade payables and other liabilities	2,171	1,848
total financial liabilities	2,553	2,403
Liquidity risk \| 2-5 years
Contractual Cash Flows
Loans and borrowings	1,443	1,736
Lease obligations	184	232
Derivative financial liability	5	17
Trade payables and other liabilities	63	47
total financial liabilities	1,695	2,032
Liquidity risk \| After 5 years
Contractual Cash Flows
Loans and borrowings	1,034	120
Lease obligations	151	123
Derivative financial liability	0	0
Trade payables and other liabilities	31	0
total financial liabilities	$ 1,216	$ 243

Financial Risk Management Objectives and Policies - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of fair value measurement of assets [line items]
Assets	$ 17,841	$ 15,028
Liabilities	7,881	6,995
Cash equivalents \| Recurring fair value measurement
Disclosure of fair value measurement of assets [line items]
Assets	961	2,175
Cash equivalents \| Recurring fair value measurement \| Quoted Prices Identical Assets/ Liabilities (Level 1)
Disclosure of fair value measurement of assets [line items]
Assets	961	2,150
Cash equivalents \| Recurring fair value measurement \| Significant Other Inputs (Level 2)
Disclosure of fair value measurement of assets [line items]
Assets	0	25
Cash equivalents \| Recurring fair value measurement \| Significant Unobservable Inputs (Level 3)
Disclosure of fair value measurement of assets [line items]
Assets	0	0
Investments in equity instruments \| Recurring fair value measurement
Disclosure of fair value measurement of assets [line items]
Assets	15	17
Investments in equity instruments \| Recurring fair value measurement \| Quoted Prices Identical Assets/ Liabilities (Level 1)
Disclosure of fair value measurement of assets [line items]
Assets	0	1
Investments in equity instruments \| Recurring fair value measurement \| Significant Other Inputs (Level 2)
Disclosure of fair value measurement of assets [line items]
Assets	0	0
Investments in equity instruments \| Recurring fair value measurement \| Significant Unobservable Inputs (Level 3)
Disclosure of fair value measurement of assets [line items]
Assets	15	16
Derivatives \| Recurring fair value measurement
Disclosure of fair value measurement of assets [line items]
Assets	177	25
Liabilities	66	66
Derivatives \| Recurring fair value measurement \| Quoted Prices Identical Assets/ Liabilities (Level 1)
Disclosure of fair value measurement of assets [line items]
Assets	0	0
Liabilities	0	0
Derivatives \| Recurring fair value measurement \| Significant Other Inputs (Level 2)
Disclosure of fair value measurement of assets [line items]
Assets	177	25
Liabilities	66	66
Derivatives \| Recurring fair value measurement \| Significant Unobservable Inputs (Level 3)
Disclosure of fair value measurement of assets [line items]
Assets	0	0
Liabilities	0	$ 0
Investments in marketable securities \| Recurring fair value measurement \| Quoted Prices Identical Assets/ Liabilities (Level 1)
Disclosure of fair value measurement of assets [line items]
Assets	994
Investments in marketable securities \| Recurring fair value measurement \| Significant Other Inputs (Level 2)
Disclosure of fair value measurement of assets [line items]
Assets	0
Investments in marketable securities \| Recurring fair value measurement \| Significant Unobservable Inputs (Level 3)
Disclosure of fair value measurement of assets [line items]
Assets	$ 0

Financial Risk Management Objectives and Policies - Assets and Liabilities not Measured at a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of financial assets and liabilities [Line Items]
Carrying Amount	$ 2,511	$ 2,013
Fair Value	2,414	2,006
Other long-term debt
Disclosure of financial assets and liabilities [Line Items]
Carrying Amount	2,511	2,013
Fair Value	$ 2,414	$ 2,006

- Definition

+ References + Details

Operating Segments Information - Revenue by Geography (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Revenue	$ 8,108	$ 6,585	$ 4,851
United States of America
Disclosure of geographical areas [line items]
Revenue	4,898	3,975	3,368
Europe, the Middle East, and Africa
Disclosure of geographical areas [line items]
Revenue	1,182	805	451
Other
Disclosure of geographical areas [line items]
Revenue	$ 2,028	$ 1,805	$ 1,032

Operating Segments Information - Noncurrent Assets by Geography (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical areas [line items]
Certain non-current assets	$ 11,651	$ 9,381
United States of America
Disclosure of geographical areas [line items]
Certain non-current assets	5,149	5,433
Germany
Disclosure of geographical areas [line items]
Certain non-current assets	2,462	1,989
Republic of Singapore
Disclosure of geographical areas [line items]
Certain non-current assets	3,508	1,547
Other
Disclosure of geographical areas [line items]
Certain non-current assets	$ 532	$ 412

Operating Segments Information - Revenue by Major Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of major customers [line items]
Revenue from contracts with customers	$ 8,108	$ 6,585	$ 4,851
Customer A
Disclosure of major customers [line items]
Revenue from contracts with customers	$ 746	$ 811	$ 1,001
Percentage of entity's revenue	9.00%	12.00%	21.00%
Customer B
Disclosure of major customers [line items]
Revenue from contracts with customers	$ 1,329	$ 995	$ 537
Percentage of entity's revenue	16.00%	15.00%	11.00%

Customer And Supplier Concentration (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SOI Wafers
Concentration Risk [Line Items]
Amount due to supplier	$ 56	$ 63
Customer A
Concentration Risk [Line Items]
Trade receivables	71	179
Customer B
Concentration Risk [Line Items]
Trade receivables	$ 163	$ 160
Supplier Risk \| SOI Wafers
Concentration Risk [Line Items]
Supplier concentration risk (as a percent)	54.00%	46.00%	52.00%

Other Financial Assets And Liabilities - Financial Assets and Liabilities (Details) € in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	$ 2,414,000,000		$ 2,006,000,000
Derivative financial assets	177,000,000		25,000,000
Forward Contracts, Currency Swap
Disclosure of financial assets and liabilities [Line Items]
Current derivative financial assets	69,000,000
Non-current derivative financial assets	3,000,000
Derivative financial assets			6,000,000
Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Derivative financial assets	42,000,000
Currency risk
Disclosure of financial assets and liabilities [Line Items]
Notional Amount	4,108,000,000		4,147,000,000
Currency risk \| Euro forward contracts (receive euros/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Notional Amount	1,203,000,000		1,240,000,000
Average Foreign Currency/ US$	$ 940		$ 860
Average Strike Price	0.00%	0.00%	0.00%
Currency risk \| Singapore dollar forward contracts (receive Singapore$/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Notional Amount	$ 496,000,000		$ 858,000,000
Average Foreign Currency/ US$	$ 1,370		$ 1,350
Average Strike Price	0.00%	0.00%	0.00%
Currency risk \| Japanese yen forward contracts (receive Japanese yen/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Notional Amount	$ 236,000,000		$ 300,000,000
Average Foreign Currency/ US$	$ 127,220		$ 112,770
Average Strike Price	0.00%	0.00%	0.00%
Currency risk \| Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Notional Amount	$ 795,000,000		$ 993,000,000
Average Foreign Currency/ US$	$ 0		$ 0
Currency risk \| Interest rate swaps \| Minimum
Disclosure of financial assets and liabilities [Line Items]
Average Strike Price	0.382%	0.382%	0.382%
Currency risk \| Interest rate swaps \| Maximum
Disclosure of financial assets and liabilities [Line Items]
Average Strike Price	1.731%	1.731%	1.731%
Currency risk \| Cross currency swaps (receive euros/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Notional Amount		€ 475	$ 551,000,000
Average Foreign Currency/ US$	$ 890		$ 890
Currency risk \| Cross currency swaps (receive euros/pay US$) \| Minimum
Disclosure of financial assets and liabilities [Line Items]
Average Strike Price	3.834%	3.834%	3.834%
Currency risk \| Cross currency swaps (receive euros/pay US$) \| Maximum
Disclosure of financial assets and liabilities [Line Items]
Average Strike Price	4.182%	4.182%	4.182%
Currency risk \| Cross currency swaps (receive Singapore $/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Notional Amount	$ 796,000,000		$ 109,000,000
Average Foreign Currency/ US$	$ 1,370		$ 1,370
Currency risk \| Cross currency swaps (receive Singapore $/pay US$) \| Minimum
Disclosure of financial assets and liabilities [Line Items]
Average Strike Price	1.83%	1.83%	1.83%
Currency risk \| Cross currency swaps (receive Singapore $/pay US$) \| Maximum
Disclosure of financial assets and liabilities [Line Items]
Average Strike Price	1.941%	1.941%	1.941%
Currency risk \| Commodity hedge
Disclosure of financial assets and liabilities [Line Items]
Notional Amount	$ 47,000,000		$ 96,000,000
Average Foreign Currency/ US$	$ 0		$ 0
Average Strike Price	51256000.00%	51256000.00%	0.00%
Currency risk \| Other Current Financial Liabilities
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	$ (61,000,000)		$ (49,000,000)
Currency risk \| Other Current Financial Liabilities \| Euro forward contracts (receive euros/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	(32,000,000)		(38,000,000)
Currency risk \| Other Current Financial Liabilities \| Singapore dollar forward contracts (receive Singapore$/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	(1,000,000)		(3,000,000)
Currency risk \| Other Current Financial Liabilities \| Japanese yen forward contracts (receive Japanese yen/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	(20,000,000)		(7,000,000)
Currency risk \| Other Current Financial Liabilities \| Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Current Financial Liabilities \| Cross currency swaps (receive euros/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Current Financial Liabilities \| Cross currency swaps (receive Singapore $/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Current Financial Liabilities \| Commodity hedge
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	(8,000,000)		(1,000,000)
Currency risk \| Other Non-current Financial Liabilities
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	(5,000,000)		(17,000,000)
Currency risk \| Other Non-current Financial Liabilities \| Euro forward contracts (receive euros/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Non-current Financial Liabilities \| Singapore dollar forward contracts (receive Singapore$/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Non-current Financial Liabilities \| Japanese yen forward contracts (receive Japanese yen/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Non-current Financial Liabilities \| Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		(8,000,000)
Currency risk \| Other Non-current Financial Liabilities \| Cross currency swaps (receive euros/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	(3,000,000)		(4,000,000)
Notional Amount	535,000,000
Currency risk \| Other Non-current Financial Liabilities \| Cross currency swaps (receive Singapore $/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		(4,000,000)
Currency risk \| Other Non-current Financial Liabilities \| Commodity hedge
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	(2,000,000)		(1,000,000)
Currency risk \| Other Current Financial Assets
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	79,000,000		23,000,000
Currency risk \| Other Current Financial Assets \| Euro forward contracts (receive euros/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	46,000,000		4,000,000
Currency risk \| Other Current Financial Assets \| Singapore dollar forward contracts (receive Singapore$/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	15,000,000		3,000,000
Currency risk \| Other Current Financial Assets \| Japanese yen forward contracts (receive Japanese yen/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	18,000,000		2,000,000
Currency risk \| Other Current Financial Assets \| Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Current Financial Assets \| Cross currency swaps (receive euros/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Current Financial Assets \| Cross currency swaps (receive Singapore $/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Current Financial Assets \| Commodity hedge
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		14,000,000
Currency risk \| Other Non-current Financial Assets
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	98,000,000		2,000,000
Currency risk \| Other Non-current Financial Assets \| Euro forward contracts (receive euros/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	3,000,000		0
Currency risk \| Other Non-current Financial Assets \| Singapore dollar forward contracts (receive Singapore$/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Non-current Financial Assets \| Japanese yen forward contracts (receive Japanese yen/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	0		0
Currency risk \| Other Non-current Financial Assets \| Interest rate swaps
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	42,000,000
Currency risk \| Other Non-current Financial Assets \| Cross currency swaps (receive euros/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	2,000,000		0
Currency risk \| Other Non-current Financial Assets \| Cross currency swaps (receive Singapore $/pay US$)
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	51,000,000		0
Currency risk \| Other Non-current Financial Assets \| Commodity hedge
Disclosure of financial assets and liabilities [Line Items]
Financial assets, at fair value	$ 0		$ 2,000,000