0001709048-25-000024 | 20-F | XBRL Viewer

Cover	12 Months Ended
Cover	Dec. 31, 2024 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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	552,912,823
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	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001709048
Document Fiscal Year Focus	2024
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
Contact Personnel Name	John Hollister
City Area Code	(518)
Local Phone Number	305-9013
Contact Personnel Email Address	ir@gf.com

Related Party Disclosures (Tables)

12 Months Ended

Dec. 31, 2024

Related party [Abstract]

Schedule of 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 which are fully consolidated in our financial statements as GlobalFoundries has controlling power over their operations.:

Subsidiary

Jurisdiction of

Incorporation or

Organization

December 31, 2024

December 31, 2023

December 31, 2022

GLOBALFOUNDRIES Dresden Module One LLC

United States

GLOBALFOUNDRIES Dresden Module Two LLC

United States

GLOBALFOUNDRIES Innovation LLC (formerly 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

N/A

Hudson Valley Research Park Water-Works Corporation

United States

N/A

GF Power LLC

United States

Tagore Technology Inc.

United States

N/A

GLOBALFOUNDRIES Finance Inc.

Cayman Islands

GLOBALFOUNDRIES France SAS

France

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 Center GmbH & Co. KG (50%)

Germany

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

Germany

Advanced Mask Technology Center Verwaltungs GmbH (50%)

Germany

Maskhouse Building Administration Verwaltungs GmbH (50%)

Germany

GLOBALFOUNDRIES Europe Sales & Support GmbH

Germany

GLOBALFOUNDRIES Engineering Private Limited

India

Tagore Technology Private Limited

India

N/A

GLOBALFOUNDRIES Japan Ltd.

Japan

GLOBALFOUNDRIES Malaysia Sdn. Bhd.

Malaysia

GLOBALFOUNDRIES Netherlands Cooperatief U.A.

The Netherlands

GLOBALFOUNDRIES Netherlands Holding B.V.

The Netherlands

GLOBALFOUNDRIES Bulgaria EAD

Bulgaria

GF Asia Investments Pte. Ltd.

Singapore

GF Asia Sales Pte. Ltd.

Singapore

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

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


	December 31, 2024	December 31, 2023
Related Party Name
Silicon Manufacturing Partners Pte Ltd. ("SMP")	Joint venture	Joint venture
MIC	Shareholder entity	Shareholder entity
MTIC	Shareholder entity	Shareholder entity
MDC General Services Holding Company LLC	Shareholder entity	Shareholder entity
Mamoura Holdings (US) LLC	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, 2024				December 31, 2023
(in millions)	Due from Related Parties		Due to Related Parties		Due from Related Parties		Due to Related Parties
SMP	$	9	$	12	$	12	$	10
MDC General Services Holding Company LLC	—		4		—		—
Mamoura Holdings (US) LLC	—		4		—		—
Total(1)	$	9	$	20	$	12	$	10

(1)The total amounts of $9 million and $12 million due from related parties as of the years ended December 31, 2024 and 2023, respectively, have been included in receivables, prepayments and other assets (see Note 6. Receivables, Prepayments and Other Assets). The total amounts of $20 million and $10 million due to related parties’ balance for the years ended December 31, 2024 and 2023, respectively, have been included in trade and other payables (see Note 11. Trade Payables and Other Liabilities).

Government Grants - Roll forward of Government Grants (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Government grants [Abstract]
Received/receivable during the period	$ 34	$ 81
Fair value of EDB loan	0	7
Capitalized to fixed assets	0	(74)
Released to the consolidated statements of operations	(67)	(58)
Current	92	93
Non-current	$ 235	$ 267

Leases - Schedule of Lease Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of Leases [Abstract]
Disposals	$ (1)	$ (7)

Financial Risk Management Objectives and Policies - Maturity of Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Contractual Cash Flows
Total	$ 1,165,000	$ 1,324,000

Restructuring - Schedule of Restructuring Provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring [Roll Forward]
Provision	$ 7	$ 71

Restructuring

12 Months Ended

Dec. 31, 2024

Restructuring [Abstract]

Restructuring

In December 2022, the Company’s management approved and commenced a restructuring plan aimed at realigning 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 met the recognition criteria for the provisioning of phase one restructuring costs in the fourth quarter of 2022.

In February 2023, the Company announced phase two to the restructuring plan. Costs arising from this restructuring program comprised of termination benefits and costs associated with direct transition works.

The Company incurred $7 million and $71 million of restructuring charges for the years ended December 31, 2024 and 2023, respectively. These charges 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 changes to the restructuring provisions recorded on the consolidated statements of financial position as of December 31, 2024 and 2023 are summarized as follows:


(in millions)	2024		2023
Beginning balance	$	31	$	86
Provision	7		71
Amounts paid	(34)		(126)

Ending balance	$	4	$	31

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 impacted and the final termination benefits.

Inventories - Summary of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventories [Abstract]
Inventory reserves	$ (129)	$ (143)

Income Taxes - Reconciliation of income tax expense applying statutory tax and effective tax rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income taxes [Abstract]
Adjustments in respect to current income tax of previous years	$ (6)	$ (1)	$ (5)
Government grants exempt from tax	7	7	7
Deductible expense for tax purpose	(2)	(2)	0
Impact of unrecognized deferred tax assets	(116)	(20)	57
Effects of foreign exchange gains (loss)	(35)	10	(14)
Impact of change in liability for uncertain tax positions	0	3	1
Withholding Tax	$ 0	$ 0	$ (11)

Summary of Material Accounting Policies (Policies)	12 Months Ended
Summary of Material Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
Recent Accounting Pronouncements and Developments	Recent Accounting Pronouncements and Developments Recent Accounting Pronouncements, Adopted: On January 1, 2024, the Company adopted the following amendments, which did not have a material impact on the consolidated financial statements. Classification of Liabilities as Current or Non-current (Amendments to IAS 1, Presentation of Financial Statements)—The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, including compliance with loan covenants before or at the reporting date. The amendments also require disclosures for liabilities subject to future covenants that an entity must comply with after the reporting period, which help users to understand the risk that those liabilities could become repayable within twelve months after the reporting period. Lease Liability in a Sales and Leaseback (Amendments to IFRS 16, Leases)—The amendments specify the requirements that the seller-lessee must meet when measuring the lease liability arising in a sale and leaseback transaction, to ensure that the seller-lessee does not recognize any amount of profit or loss that relates to the right-of-use that it retains. Supplier Finance Arrangements (Amendments to IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures))—The amendments specify disclosure requirements to enhance the current requirements, which are intended to assist the users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. 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 are not yet effective: Classification and Measurement of Financial Instruments (Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures)—The amendments clarify the requirements for the timing of recognition and derecognition of certain financial assets and liabilities, add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion and add new disclosures for certain instruments with contractual terms that can change cash flows. The effective date for adoption of these amendments is annual periods beginning on or after January 1, 2026. IFRS 18, Presentation and Disclosure in Financial Statements (“IFRS 18”)—This new standard will replace IAS 1, Presentation of Financial Statements. The key concepts in IFRS 18 relate to the structure of the statement of profit and loss, required disclosures in the financial statements for certain management-defined performance measures and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. •IFRS 18 introduces new requirements for presentation within the statement of profit and loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit and loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. •It also requires disclosure of management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements and the notes. •In addition, narrow-scope amendments have been made to IAS 7, Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. The effective date for adoption of IFRS 18 is annual periods beginning on or after January 1, 2027, and early adoption is permitted. Retrospective application is required. Annual Improvements to IFRS Accounting Standards—Volume 11— These narrow-scope amendments relate to clarifications, simplifications, corrections or changes to improve consistency in the following IFRS statements: IFRS 7, Financial Instruments: Disclosures, IFRS 9, Financial Instruments, IFRS 10, Consolidated Financial Instruments and IAS 7, Statement of Cash Flows. The effective date for adoption of these amendments is annual periods beginning on or after January 1, 2026. Contracts Referencing Nature-dependent Electricity—Amendments to IFRS 9 and IFRS 7— These amendments help entities better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements. The amendments include clarifying the application of the own-use requirements, permitted hedge accounting if these contracts are used as hedging instruments and adding new disclosure requirements to enable investors to understand the effect of these contracts on an entity’s financial performance and cash flows. The amendments are effective for annual periods beginning on or after January 1, 2026. 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. New Legislation: In August 2022, the CHIPS and Science Act was signed into U.S. law. Designed to boost investment in domestic high tech-research and development and catalyze investment in domestic semiconductor manufacturing capacity, the CHIPS and Science Act provides a 25% refundable advanced manufacturing investment tax credit under Internal Revenue Code Section 48D (“AMITC”) on certain investment and other financial incentives to promote investments in domestic semiconductor manufacturing beginning in 2023. The Company has analyzed the provisions of the law and determined that certain capital expenditures qualified under the law and claimed a $105 million refundable tax credit to the Company on its 2023 U.S. federal tax return. The Company is analyzing final treasury regulations related to the AMITC published in October 2024 and has not identified any material changes to its AMITC position. In August 2022, the U.S. Inflation Reduction Act (the "IRA") was signed into law. The IRA establishes a new corporate alternative minimum tax ("CAMT") of 15% for corporations with an average global adjusted financial statement income in excess of $1 billion over a consecutive three year period, as well as a 1% excise tax on qualifying stock repurchases. The CAMT is effective for tax years beginning after December 31, 2022. The Company recorded $11 million of CAMT in 2024 and $0 in 2023. We may continue to be subject to this tax in future periods. Legislation and administrative guidance continue to evolve under the Organization for Economic Co-operation and Development's ("OECD") international tax reform centering on a global minimum tax regime ("Pillar 2") effective beginning in fiscal year 2024. The Pillar 2 regime seeks to collect additional top-up taxes from multinational groups whose effective tax rates are lower than 15% at a jurisdictional level. Pillar 2 is being accounted for under the scope of IAS 12, Income Taxes, which includes an amendment in May 2023 granting temporary relief from accounting for deferred taxes arising from jurisdictions implementing Pillar 2 minimum taxes. Under the amendment, the Company is applying the exception of neither recognizing nor disclosing deferred tax adjustments related to Pillar 2 income taxes. The Company’s effective tax rate for which Pillar 2 tax is computed is primarily driven by earnings from jurisdictions in which we conduct business, including Germany, Singapore and the U.S. As of December 31, 2024, Germany and Singapore have enacted Pillar 2 rules. We will continue to evaluate and monitor as additional guidance and clarification becomes available. In late 2023, the Netherlands adopted tax legislation amending tax classification rules for domestic and foreign legal entities beginning as of January 1, 2025. This legislation can result in a change in recognition of an entity as either opaque or transparent for Netherlands corporate tax purposes. The Company’s German legal entity structure includes a Netherlands holding entity for which this new law may have an impact, including the German entities held beneath it. The Company is analyzing the potential impact to our tax positions in the Netherlands and Germany, but does not anticipate a material tax expense effect due to tax treaties between Germany and the Netherlands which mitigate potential double taxation in cases where German and Dutch entity classifications may clash.

Inventories - Narrative (Details) $ in Millions	12 Months Ended
Inventories - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Inventories [Abstract]
Cost of goods sold to write-down certain inventories	$ 32

Commitments and Contingencies - Unconditional Purchase Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Other Provisions, Contingent Liabilities, And Contingent Assets [Abstract]
Total	$ 635	$ 1,136
Due within the next 12 months	$ 434	$ 349

Cost of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
Cost of Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contracts with Customers [Abstract]
Staff, maintenance, and utility costs	$ 58	$ 48	$ 64

Employee Benefits Plans (Details)	Dec. 31, 2024 USD ($)
Employee Benefits [Abstract]
Employee contributions matched by employer (as a percent)	3.00%
Matched amount per dollar of additional employee contributions	$ 0.50
Additional employee contributions matched by employer (as a percent)	3.00%
Maximum employee contributions matched by employer (as a percent)	4.50%

Label

Element

Value

Selling, General And Administrative Expenses, Depreciation And Amortisation

gfs_SellingGeneralAndAdministrativeExpensesDepreciationAndAmortisation

$ 26,000,000

Selling, General And Administrative Expenses, Depreciation And Amortisation

gfs_SellingGeneralAndAdministrativeExpensesDepreciationAndAmortisation

25,000,000

Selling, General And Administrative Expenses, Depreciation And Amortisation

gfs_SellingGeneralAndAdministrativeExpensesDepreciationAndAmortisation

45,000,000

Reclassification Adjustments On Cash Flow Hedges For Which Hedged Item Affected Profit Or Loss Due To Missed Forecast, Net Of Tax

gfs_ReclassificationAdjustmentsOnCashFlowHedgesForWhichHedgedItemAffectedProfitOrLossDueToMissedForecastNetOfTax

Reclassification Adjustments On Cash Flow Hedges For Which Hedged Item Affected Profit Or Loss Due To Missed Forecast, Net Of Tax

gfs_ReclassificationAdjustmentsOnCashFlowHedgesForWhichHedgedItemAffectedProfitOrLossDueToMissedForecastNetOfTax

(13,000,000)

Reclassification Adjustments On Cash Flow Hedges For Which Hedged Item Affected Profit Or Loss Due To Missed Forecast, Net Of Tax

gfs_ReclassificationAdjustmentsOnCashFlowHedgesForWhichHedgedItemAffectedProfitOrLossDueToMissedForecastNetOfTax

Current Receivables From Government Grants

gfs_CurrentReceivablesFromGovernmentGrants

133,000,000

Current Receivables From Government Grants

gfs_CurrentReceivablesFromGovernmentGrants

$ 66,000,000

Disclosure Of Other (Income) Expense [Text Block]

gfs_DisclosureOfOtherIncomeExpenseTextBlock

Other Income (Expense), Net


(in millions)	2024		2023		2022
Loss on hedging activities	$	(82)	$	(78)	$	—

Other(1)	70		$	21	$	22
Total other income (expense), net	$	(12)	$	(57)	$	22

(1) Relates primarily to foreign currency gains and losses, share of profits of joint ventures and gains on the sale of property, plant and equipment and intangible assets.

Disclosure Of Other (Income) Expense [Table Text Block]

gfs_DisclosureOfOtherIncomeExpenseTableTextBlock


(in millions)	2024		2023		2022
Loss on hedging activities	$	(82)	$	(78)	$	—

Other(1)	70		$	21	$	22
Total other income (expense), net	$	(12)	$	(57)	$	22

(1) Relates primarily to foreign currency gains and losses, share of profits of joint ventures and gains on the sale of property, plant and equipment and intangible assets.

Other Selling, General And Administrative Expenses

gfs_OtherSellingGeneralAndAdministrativeExpenses

$ 12,000,000

Other Selling, General And Administrative Expenses

gfs_OtherSellingGeneralAndAdministrativeExpenses

106,000,000

Other Selling, General And Administrative Expenses

gfs_OtherSellingGeneralAndAdministrativeExpenses

34,000,000

Certain Non-Current Assets

gfs_CertainNonCurrentAssets

3,575,000,000

Certain Non-Current Assets

gfs_CertainNonCurrentAssets

4,738,000,000

Certain Non-Current Assets

gfs_CertainNonCurrentAssets

2,289,000,000

Certain Non-Current Assets

gfs_CertainNonCurrentAssets

2,400,000,000

Certain Non-Current Assets

gfs_CertainNonCurrentAssets

3,975,000,000

Certain Non-Current Assets

gfs_CertainNonCurrentAssets

3,801,000,000

Certain Non-Current Assets

gfs_CertainNonCurrentAssets

301,000,000

Certain Non-Current Assets

gfs_CertainNonCurrentAssets

457,000,000

Certain Non-Current Assets

gfs_CertainNonCurrentAssets

10,140,000,000

Certain Non-Current Assets

gfs_CertainNonCurrentAssets

11,396,000,000

Increase (Decrease) Through Change In Accretion Cost, Other Provision

gfs_IncreaseDecreaseThroughChangeInAccretionCostOtherProvision

4,000,000

Increase (Decrease) Through Change In Accretion Cost, Other Provision

gfs_IncreaseDecreaseThroughChangeInAccretionCostOtherProvision

$ 5,000,000

Disclosure Of Summary Of Finance Costs [Table Text Block]

gfs_DisclosureOfSummaryOfFinanceCostsTableTextBlock

Finance Expense


(in millions)	2024		2023		2022
Interest on long-term debt	$	80	$	80	$	69
Interest on lease obligations	26		21		23
Commitment fees and amortization of debt issuance costs	11		13		13

Accretion costs and other	28		23		6
Total finance expense	$	145	$	137	$	111

Other Purchases Of Goods, Related Party Transactions