TSMC

Letter to Shareholders

Dear Shareholders,

2021 was a year full of challenges and opportunities for TSMC, as the COVID-19 pandemic persisted against a backdrop of strong semiconductor industry growth. TSMCAlthough the wide availability of vaccines has provided much-needed protection, outbreaks from new variants of the virus continued to lead to heavy health institution overloads, sporadic lockdowns and global supply chain disruptions in 2021. TSMC took stringent precautions to protect the health and safety of our employees, while safeguarding our fab operations to ensure we continue to support our customers amidst the pandemic. ...At the same time, global demand for semiconductors exceeded supply, driven by concerns of supply chain disruptions during the pandemic, and the accelerated digital transformation brought in by COVID-remote lifestyle. Thus, semiconductor shortages became an issue for many areas of the global supply chain in 2021.

Read more ... TSMC

To fulfill TSMC’s mission of being the global logic IC industry’s trusted technology and capacity provider, we focused diligently on improving our productivity and increasing our fab operations quality, to generate more wafer output from our existing capacity to support the fast-growing demand from our customers. We also continued to enhance our service, enrich our R&D infrastructure, expand our capacity, and invest to support our customers’ growth. Our capital spending increased to US$30 billion in 2021. Through our relentless efforts, we delivered a twelfth-consecutive year of record revenue, thanks to strong demand for our industry-leading advanced and specialty technologies, and our 2021 annual revenue increased 24.9% year-over-year in US dollar terms.

We believe TSMC is entering a period of higher structural growth, as the multi-year megatrends of 5G and High Performance Computing (HPC)-related applications are expected to fuel massive demand for computation power, which expand the use of leading edge technologies. The structural increase in the long-term market demand profile will drive growth across our smartphone, HPC, IoT and Automotive platforms, and TSMC is working closely with our customers to plan our capacity, and accelerating our investments in both leading edge and specialty technologies to support their demand.

We are also expanding our global manufacturing footprint in the U.S., Japan and China to better serve our customers, reach for global talents, and sustain and enhance our competitive advantages. We are also aggressively accelerating our digital transformation in our company operations to support our fast expansion.

At the same time, we are committed to achieving a sustainable and proper return that enables us to invest to support our customers’ growth. Our pricing strategy will remain strategic, not opportunistic, to reflect our value creation. We will also work diligently in our fab operations, and with our suppliers, to deliver on cost improvements. By taking such actions, we can continue to invest to support our customers’ growth, and deliver long-term profitable growth for our shareholders.

To address the insatiable demand for energy-efficient computing power, customers rely on TSMC not only for reliable capacity, but also a predictable pace of technology development.

In its second year of volume ramp, our N5 technology has proven to be the industry’s most competitive leading edge technology. N5 demand continued to be very strong, driven by smartphone and HPC applications, and represented 19% of our total wafer revenue in 2021.

Our 3-nanometer technology development is on track with good progress, and we have developed complete platform support for HPC and smartphone applications in preparation for volume production in the second half of 2022.

Our 2nm development program is on track, including a new transistor structure, and we expect our N2 to deliver the best technology maturity, performance and cost for our customers when it is introduced.

In addition, to improve system level performance, TSMC continued to offer new 3DFabric™ design solutions, including TSMC-SoIC™ (System on Integrated Chip) for 3D chip stacking, and InFO (Integrated Fan Out) and CoWoS® (Chip on Wafer on Substrate) for 2.5D advanced packaging, to drive greater system performance, greater energy efficiency, greater compute density, smaller form factor and more cost effectiveness for our customers.

Highlights of TSMC’s accomplishments in 2021:

  • Total wafer shipments were 14.2 million 12-inch equivalent wafers as compared to 12.4 million 12-inch equivalent wafers in 2020.
  • Advanced technologies (7-nanometer and beyond) accounted for 50 percent of total wafer revenue, up from 41 percent in 2020.
  • We deployed 291 distinct process technologies, and manufactured 12,302 products for 535 customers.
  • TSMC produced 26 percent of the world semiconductor excluding memory output value in 2021, as compared to 24 percent in the previous year.

2021 Financial Performance

Consolidated revenue reached NT$1,587.42 billion, an increase of 18.5 percent over NT$1,339.26 billion in 2020. Net income was NT$596.54 billion and diluted earnings per share were NT$23.01. Both increased 15.2 percent from the 2020 level of NT$517.89 billion net income and NT$19.97 diluted EPS.

TSMC generated net income of US$21.35 billion on consolidated revenue of US$56.82 billion, which increased 21.3 percent and 24.9 percent respectively from the 2020 level of US$17.60 billion net income and US$45.51 billion consolidated revenue.

Gross profit margin was 51.6 percent as compared with 53.1 percent in 2020, while operating profit margin was 40.9 percent compared with 42.3 percent a year earlier. Net profit margin was 37.6 percent, a decrease of 1.1 percentage points from 2020’s 38.7 percent.

In 2021, the Company further raised its total cash dividend payments to NT$10.25 per share, up from NT$10.0 a year ago.

Technological Developments

In order to provide our customers with industry-leading technologies, we are committed to investments in R&D. In 2021, we increased our investment in R&D to US$4.46 billion to extend our technology leadership, and enable the global pool of innovators to unleash their innovations and create value for the semiconductor industry.

Our N3 technology will use FinFET transistor structure, to deliver the best technology maturity, performance and density for our customers. Its volume production is scheduled for second half of 2022. We also introduced N3E as an extension to our N3 family, with enhanced performance, power and yield. N3E volume production is scheduled for one year after N3. With our technology leadership and strong customer demand, we are confident that our N3 family will be another large and long-lasting node for TSMC.

To further enhance our N5 family’s performance, power and density, we also introduce N4P and N4X technologies, targeting next wave 5nm products. N4P offers 11% performance boost as compared to N5, while N4X is an offering tailored for workload-intensive HPC applications. N4X is the first in the ‘X’ lineage of TSMC’s extreme performance semiconductor technologies, with a performance boost of 15% over N5. Our first N4P product tape-out is scheduled for the second half of 2022, and N4X is expected to enter risk production in the first half of 2023.

2nm technology has entered the technology development phase in 2021, focusing on test vehicle design and implementation, mask making, and Si pilot runs.

TSMC’s 3DFabric™ design solutions will complement our transistor scaling to improve system-level performance. For TSMC-SoIC™, TSMC successfully demonstrated Chip on Wafer (CoW) technology with good electrical performance on a customer product in 2021. The CoWoS®-S, featuring a new embedded deep trench capacitor and an interposer up to 3-reticle size, was qualified in 2021. It enables more logic and high bandwidth memory (HBM) integration for customers’ high performance computing applications. For InFO, TSMC successfully qualified our 7th generation InFO-PoP Gen-7 for mobile applications with enhanced thermal performance. We also initiated high-volume manufacturing of our 3rd generation of InFO-oS Gen-3 to enable larger package size and higher bandwidth.

TSMC’s ecosystem, the Open Innovation Platform®(OIP), empowers our 535 distinct customers to design in a safe and secure cloud environment, to unleash their innovations with fast time-to-market. We also worked with our ecosystem partners to expand our libraries and silicon IP portfolio to over 40,000 items in 2021. More than 38,000 technology files and over 2,600 process design kits, from 0.5-micron to 3-nanometer, were made available to our customers.

Environmental, Social and Governance

As a global semiconductor industry leader, we are deeply aware that the impact of our actions ripples out to affect customers, suppliers, the communities where we live and operate, consumers around the world, and the global climate and environment. With this responsibility in mind, we are focused on driving changes in Green Manufacturing, Responsible Supply Chain, Inclusive Workplace, Talent Development and Caring for the Underprivileged. In 2021, we also approved the issuance of restricted stock awards, to better align our executives’ compensation with shareholder interests and our ESG achievements.

In 2021, TSMC committed to the goal of Net Zero Emissions by 2050, while setting the short-term goal of Zero Growth in Emissions by 2025. By actively implementing emission reduction measures, the Company works to make its carbon emissions reduced to the 2020 level by 2030. We also published our Task Force on Climate-related Financial Disclosures (TCFD) Report, becoming an industry leader in climate disclosure.

To expand our influence in our massive global supply chain, we established the TSMC Supplier Sustainability Academy through our Supply Online 360 platform. The platform provides free learning resources to suppliers, and avails those resources to the general public. By designating required courses and tracking training status, the Company was able to ensure that tier-1 suppliers continued to improve their sustainability management capabilities, and help our suppliers adhere to their labor rights.

We are committed to diversity and inclusion, including gender diversity. Increasing female representation in our Company is an important focus, and we have introduced programs targeting female hiring, retention, and promotions to maximize our female employee’s potential and valuable contributions to TSMC and society.

TSMC continues to invest in STEM education and semiconductor related research, as the collaboration between industry and academia is critical to nurture and create a sustainable talent pipeline for the semiconductor industry. TSMC is working closely with top universities in Taiwan and overseas, to set up semiconductor programs to help students seamlessly bridge the knowledge they learn at schools and the real practice of the industry. We also believe TSMC’s global footprint expansion will not only enable us to better support our customers, but also give us more opportunities to reach for global talents.

Facing the global threats of the COVID-19 pandemic, TSMC has been devoting its knowledge and global logistics resources to support the worldwide anti-pandemic effort. In 2021, amidst the initial COVID outbreak in Taiwan, TSMC successfully purchased five million doses of BioNTech 162b2 vaccine and donated them to the Taiwan Centers for Disease Control (CDC) of the Ministry of Health and Welfare. The TSMC Charity Foundation also donated contactless testing stations to hospitals to protect healthcare workers. Extending its reach beyond Taiwan, the Charity Foundation donated 1,000 oxygen generators to India, offering relief as a severe wave of infections taxed the country’s medical infrastructure.

Corporate Developments

In December 2021, TSMC established a subsidiary, Japan Advanced Semiconductor Manufacturing, Inc. (JASM), in Kumamoto, Japan, with Sony Semiconductor Solutions Corporation and DENSO Corporation participating as minority shareholders. JASM will construct and operate a fab that utilizes 12/16- and 22/28-nanometer technology to address strong global market demand for specialty technologies. Production is targeted to begin by the end of 2024.

Capacity Plan

Annual Growth Rate
Capacity: million 12-inch equivalent wafers

Wafer Sales Plan

> 7nm
≤ 7nm
2022 wafer shipment is expected to be 15-16 million
12-inch equivalent wafers.

Honors and Awards

TSMC received recognition for achievements in innovation, corporate governance, sustainability, investor relations and overall excellence in management from organizations including Forbes, Fortune Magazine, Asiamoney, FinanceAsia, CommonWealth Magazine, and the Taiwan Stock Exchange. TSMC was also recognized by TIME Magazine as “2021 TIME100 Most Influential Companies.” In sustainability, we were chosen once again as a component of the Dow Jones Sustainability Indices, becoming the only semiconductor company to be selected for 21 consecutive years. We also received MSCI ESG Research’s AAA Rating, S&P Global’s “The Sustainability Yearbook Award 2021” Silver Class, ISS ESG’s “Prime” status in the ESG Corporate Rating, and Corporate Knight’s 2021 “Global 100 Most Sustainable Corporations”. Meanwhile, we remained a major component in various MSCI ESG and FTSE4Good indices. In investor relations, TSMC continued to receive multiple awards from Institutional Investor Magazine.

Outlook

Although COVID-19 and cyclical-related uncertainties may persist in the near-term, the trend of technology becoming more pervasive and essential in people’s lives, and the acceleration of digital transformation, is only becoming stronger. The semiconductor industry value in the supply chain is increasing. Semiconductor technology is becoming a foundational technology for the modern economy.

In the 5G era, an intelligent and more connected world will drive device unit volume growth, and more importantly, substantial semiconductor content enrichment is happening in HPC, smartphone, automotive and IoT applications. Our semiconductor manufacturing excellence will serve as an open platform for innovation, enabling more and more new applications and usage models, to create higher value for end-users at a faster rate than is possible today.

With TSMC’s leadership in advanced and specialty technologies and 3DFabric™ solutions, our position as the world’s largest, reliable and effective capacity provider, and our deep collaborative relationship with customers, we are well-positioned to capture the growth from these favorable industry megatrends.

With our dedication to sound corporate governance, we will continue to make decisions that are in the best interests of the Company, and deliver long-term profitable growth for our shareholders. We will continue to focus on capturing our value, so that even as we shoulder a greater burden of capex investment for the industry, we can continue to invest to support our customers’ growth, and earn a sustainable and proper return.

We recognize the important role of TSMC in the global semiconductor industry, and our impact to many of the world’s economies. Our position as an industry leader has raised us to a new level of challenges, and with them, a new level of rewards, and we do not take such a responsibility lightly. We will hold steadfast to our dedicated foundry business model, and collaborate with all the IC innovators to unleash innovation. We will not deviate from our core values of Integrity, Commitment, Innovation and Customer Trust, which have faithfully guided us through the past 35 years.

As TSMC enters a new era of higher growth, we are excited about the opportunities ahead of us. We are honored that our shareholders have chosen to join us on this journey, and look forward to a long and prosperous future together.

Mark Liu
Chairman
C.C. Wei
Chief Executive Officer

About TSMC

Established in 1987 and headquartered in Hsinchu Science Park, Taiwan, TSMC pioneered the pure-play foundry business model with an exclusive focus on manufacturing customers’ products. By choosing not to design, manufacture or market any semiconductor products under its own name, the Company ensures that it never competes with its customers. Based on this founding principle, the key to TSMC’s success has always been to focus on its customers’ success. TSMC’s foundry business model has enabled the rise of the global fabless industry, and, since its inception, TSMC has been the world’s leading semiconductor foundry. In 2021, the Company manufactured 12,302 different products using 291 distinct technologies for 535 different customers.

TSMC-made semiconductors serve a global customer base that is large and diverse with a wide range of applications. These products are used in a variety of end markets including smartphones, high performance computing, the Internet of Things (IoT), automotive, and digital consumer electronics. Such strong diversification helps to smooth fluctuations in demand, which in turn allows TSMC to maintain higher levels of capacity utilization and profitability, and generate healthy returns for future investment.

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The annual capacity of the manufacturing facilities managed by TSMC and its subsidiaries exceeded 13 million 12-inch equivalent wafers in 2021. These facilities include four 12-inch wafer GIGAFAB® fabs, four 8-inch wafer fabs, and one 6-inch wafer fab – all in Taiwan – as well as one 12-inch wafer fab at a wholly owned subsidiary, TSMC Nanjing Company Limited, and two 8-inch wafer fabs at wholly owned subsidiaries, WaferTech in the United States and TSMC China Company Limited.

In December 2021, TSMC established a subsidiary, Japan Advanced Semiconductor Manufacturing, Inc. (JASM), in Kumamoto, Japan, with Sony Semiconductor Solutions Corporation and DENSO Corporation participating as minority shareholders. JASM will construct and operate a fab that utilizes 12/16- and 22/28-nanometer technology to address strong global market demand for specialty technologies. Production is targeted to begin by the end of 2024.

Meanwhile, the Company continued to execute its plan for an advanced semiconductor fab in Arizona, the United States, with production targeted for 2024.

TSMC provides customer support, account management and engineering services through offices in North America, Europe, Japan, China, and South Korea. At the end of 2021, the Company and its subsidiaries employed more than 65,000 people worldwide.

The Company is listed on the Taiwan Stock Exchange (TWSE) under ticker number 2330, and its American Depositary Shares (ADSs) are traded on the New York Stock Exchange (NYSE) under the symbol TSM.

  • Board
    Members
  • Management
    Team
  • Organization
  • Board Members Gender Nationality or
    Place of Registration
    Date Elected Term Expires Date First Elected
    Chairman
    Mark Liu
    Male U.S. 07/26/2021 07/25/2024 06/08/2017
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    12,913,114 0.05% 12,913,114 0.05% - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor Degree in Electrical Engineering, National Taiwan University
    Master Degree and Ph.D. in Electrical Engineering & Computer Science, University of California, Berkeley, U.S.

    Former President, Worldwide Semiconductor Manufacturing Corp.
    Former Senior Vice President, Advanced Technology Business, TSMC
    Former Senior Vice President, Operations, TSMC
    Former Executive Vice President and Co-Chief Operating Officer, TSMC
    Former President and Co-CEO, TSMC

    Chairman, Taiwan Semiconductor Industry Association (TSIA)
    None
    Vice Chairman
    C.C. Wei
    Male R.O.C. 07/26/2021 07/25/2024 06/08/2017
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    7,179,207 0.03% 5,879,207 0.02% 700,2610.00%
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor and Master Degrees in Electrical Engineering, National Chiao Tung University
    Ph.D. in Electrical Engineering, Yale University, U.S.

    Former Senior Vice President, Chartered Semiconductor Manufacturing Ltd., Singapore
    Former Senior Vice President, Mainstream Technology Business, TSMC
    Former Senior Vice President, Business Development, TSMC
    Former Executive Vice President and Co-Chief Operating Officer, TSMC
    Former President and Co-CEO, TSMC
    CEO, TSMC
    Director
    F.C. Tseng
    Male R.O.C. 07/26/2021 07/25/2024 05/13/1997
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    34,472,675 0.13% 29,472,675 0.11% 5,132,855 0.02%
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor Degree in Electrical Engineering, National Cheng Kung University
    Master Degree in Electrical Engineering, National Chiao Tung University
    Ph.D. in Electrical Engineering, National Cheng Kung University
    Honorary Ph.D., National Chiao Tung University
    Honorary Ph.D., National Tsing Hua University

    Former President, Vanguard International Semiconductor Corp.
    Former President, TSMC
    Former Deputy CEO, TSMC
    Former Vice Chairman, TSMC
    Former Independent Director, Chairman of Audit Committee & Compensation Committee member, Acer Inc.
    Former Director, National Culture and Arts Foundation, R.O.C.

    Chairman, TSMC Education and Culture Foundation
    Director, Cloud Gate Culture and Arts Foundation
    Director, Zu-Ming Medical Foundation
    Chairman of:
    - TSMC China Company Ltd. (a non-public company)
    - Global UniChip Corp.
    Vice Chairman, Vanguard International Semiconductor Corp.
    Director, National Development Fund, Executive Yuan Representative:
    Ming-Hsin Kung
    Male R.O.C. 07/26/2021 07/25/2024 12/10/1986
    07/24/2020
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    1,653,709,980 6.38% 1,653,709,980 6.38% - -
    Representative:
    779 0.00% 779 0.00% - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    B.A., Statistics, Fu Jen Catholic University
    M.A., Economics, National Taiwan University
    Ph.D., Economics, National Chung Hsing University

    Former Minister without Portfolio, Executive Yuan
    Former Deputy Minister, Ministry of Economic Affairs
    Former Deputy Minister, National Development Council
    Former Member, National Stabilization Fund Management Committee, Executive Yuan
    Former Consultant, Ministry of Economic Affairs
    Former Advisory Committee Member, Mainland Affairs Council, Executive Yuan
    Former Vice President, Taiwan Institute of Economic Research
    Former Research Fellow, Taiwan Institute of Economic Research
    Former Research Fellow, Science and Technology Advisory Group, Executive Yuan
    Former Deputy Executive Secretary, Industrial Development Advisory Council, Ministry of Economic Affairs

    Former Adjunct Assistant Professor, Tamkang University

    Minister without Portfolio, Executive Yuan & concurrently Minister, National Development Council, R.O.C.
    Director, Taiwania Capital Management Corp. (Representative of the National Development Fund)
    Independent Director
    Sir Peter L. Bonfield
    Male UK 07/26/2021 07/25/2024 05/07/2002
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor and Honours Degrees in Engineering, Loughborough University
    Fellow of the Royal Academy of Engineering

    Former Chairman and CEO, ICL Plc, UK
    Former CEO and Chairman of the Executive Committee, British Telecommunications Plc
    Former Vice President, the British Quality Foundation
    Former Director, Mentor Graphics Corp., U.S.
    Former Director, Sony Corp., Japan
    Former Director, L.M. Ericsson, Sweden
    Former Chairman, GlobalLogic Inc., U.S.
    Former Senior Advisor, Hampton Group, London
    Former Chair of Council and Senior Pro-Chancellor, Loughborough University, UK

    Board Member, EastWest Institute, New York
    Chairman, NXP Semiconductors N.V., the Netherlands
    Non-Executive Director, Imagination Technologies Group Ltd., UK (a non-public company)
    Advisory Board Member, The Longreach Group Ltd., HK
    Senior Advisor, Alix Partners LLP, London
    Board Mentor, Chairman Mentors International (CMi) Ltd., London (a non-public company)
    Independent Director
    Kok-Choo Chen
    Female R.O.C. 07/26/2021 07/25/2024 06/09/2011
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Inns of Court School of Law, England
    Barrister-at-law, England
    Advocate & Solicitor, Singapore
    Attorney-at-law, California, U.S.

    Lawyer, Tan, Rajah & Cheah, Singapore, 1969-1970
    Lawyer, Sullivan & Cromwell, New York, U.S., 1971-1974
    Lawyer, Heller, Erhman, White & McAuliffe, San Francisco, California, U.S., 1974-1975
    Partner, Ding & Ding Law Offices, R.O.C., 1975-1988
    Partner, Chen & Associates Law Offices, R.O.C., 1988-1992
    Vice President, Echo Publishing, R.O.C., 1992-1995
    President, National Culture and Arts Foundation, R.O.C., 1995-1997
    Senior Vice-President and General Counsel, TSMC, 1997-2001
    Founder and Executive Director, Taipei Story House, 2003-2015
    Advisor, Executive Yuan, R.O.C., 2009-2016
    Director, National Culture and Arts Foundation, R.O.C., 2011-2016
    Chairman, National Performing Arts Center, 2014-2017

    Lecturer, Nanyang University, Singapore, 1970-1971
    Associate Professor, Soochow University, 1981-1998
    Chair Professor, National Tsing Hua University, 1999-2002
    Professor, National Chengchi University, 2001-2004
    Professor, Soochow University, 2001-2008

    Founder and Executive Director, Museum207 (located in Taipei)
    Director, Republic of China Female Cancer Foundation
    None
    Independent Director
    Michael R. Splinter
    Male U.S. 07/26/2021 07/25/2024 06/09/2015
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor and Master Degrees in Electrical Engineering, University of Wisconsin-Madison
    Honorary Ph.D. in Engineering, University of Wisconsin-Madison

    Former Executive Vice President of Technology and Manufacturing group, Intel Corp.
    Former Executive Vice President of Sales and Marketing, Intel Corp.
    Former CEO, Applied Materials, Inc.
    Former Chairman, Applied Materials, Inc.
    Former Director, The NASDAQ OMX Group, Inc.
    Former Director, Silicon Valley Leadership Group
    Former Director, Semiconductor Equipment and Materials International (SEMI)
    Former Director, Meyer Burger Technology Ltd., Switzerland
    Former Director, University of Wisconsin Foundation

    Chairman of the Board, US-Taiwan Business Council
    Chairman of the Board, NASDAQ, Inc.
    Director of:
    - Pica8, Inc., U.S. (a non-public company)
    - Gogoro Inc., Cayman Islands (a non-public company)
    - Tigo Energy, Inc., U.S. (a non-public company)
    - Kioxia Holdings Corp., Japan (a non-public company)
    General Partner, WISC Partners LP, U.S.
    Independent Director
    Moshe N. Gavrielov
    Male U.S. 07/26/2021 07/25/2024 06/05/2019
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Bachelor Degree in Electrical Engineering, Technion - Israel Institute of Technology
    Master Degree in Computer Science, Technion - Israel Institute of Technology
    In a variety of engineering and engineering management positions, National Semiconductor Corp. and Digital Equipment Corp.
    In a variety of executive management positions, LSI Logic Corp. for nearly 10 years

    Former CEO, Verisity, Ltd., U.S.
    Former Executive Vice President and General Manager of the Verification Division, Cadence Design Systems, Inc., U.S.
    Former President and CEO, Xilinx, Inc., U.S.
    Former Director, Xilinx, Inc., U.S.

    Director, San Jose Institute of Contemporary Art, U.S
    Executive Chairman, Wind River Systems, Inc., U.S. (a non-public company)
    Chairman, SiMa Technologies, Inc., U.S. (a non-public company)
    Chairman, Foretellix, Ltd., Israel (a non-public company)
    Independent Director
    Yancey Hai
    Male U.S. 07/26/2021 07/25/2024 06/09/2020
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    M.A., International Business Management, University of Texas at Dallas

    Former Country Manager, GE Capital Taiwan
    Former Vice Chairman and CEO, Delta Electronics, Inc.
    Former Chair, Strategic Steering Committee, Delta, 2012-2021
    Chairman, Delta Electronics, Inc. (Delta), 2012-
    Chair of ESG Committee, Delta
    Director of Delta’s subsidiaries:
    - Delta Electronics (Shanghai) Co., Ltd. (a non-public company)
    - Delta Networks, Inc. (a non-public company)
    - Cyntec Co., Ltd. (a non-public company)
    Independent Director, Audit Committee member, Chair and member of Remuneration Committee and CSR Committee member, USI Corporation
    Director and Commissioner of ESG & Net Zero Committee, CTCI Corporation
    Independent Director
    L. Rafael Reif
    Male U.S. 07/26/2021 07/25/2024 07/26/2021
    Shares Held When Elected Shares Currently Held Shares Currently Held by Spouse & Minors
    - - - - - -
    Selected Education, Past Positions &
    Current Positions at Non-profit Organizations
    Selected Current Positions at TSMC and Other Companies
    Ingeniero Eléctrico Degree, Universidad de Carabobo, Valencia, Venezuela
    Master Degree and Ph.D. in Electrical Engineering, Stanford University
    Honorary Doctor of Laws degree, The Chinese University of Hong Kong (2015)
    Honorary Doctorates from Tsinghua University (2016), the Technion (2017) and Arizona State University (2018)
    Member of Tau Beta Pi, the Engineering Honor Society
    Member of the Electrochemical Society
    Fellow of the Institute of Electrical and Electronics Engineers (IEEE)
    Member of the American Academy of Arts and Sciences, the National Academy of Engineering and the Chinese Academy of Engineering

    Former Assistant Professor, Universidad Simón Bolívar, Caracas, Venezuela
    Former Visiting Assistant Professor of Electrical Engineering, Stanford University
    Former Faculty, Massachusetts Institute of Technology (MIT), since 1980
    Former IBM Faculty Fellowship, MIT Center for Materials Science and Engineering; Analog Devices Career
    Former Development Professorship, MIT Electrical Engineering.
    Former Fariborz Maseeh Professor of Emerging Technology, MIT (2004-2012)
    Former Director of Microsystems Technology Laboratories, MIT
    Former Associate Department Head of Electrical Engineering, MIT
    Former Head of the Department of Electrical Engineering and Computer Science (EECS), MIT
    Former Provost, MIT
    Former Board Director, Schlumberger Limited

    President, MIT, since 2012
    Co-Chair of Growth Technical Advisory Board, Applied Materials, Inc.
    Remarks: 1. No member of the Board of Directors held TSMC shares by nominee arrangement.
    2. Managers or Directors who are spouses or within second-degree relative of consanguinity to the directors: None.
    3. Chairman and President (or someone with an equivalent job responsibility, i.e. the highest ranking manager of the company) are not (1) the same person, (2) in a marital relationship with each other, or (3) within one degree of consanguinity.
  • Title Name Gender Nationality On-board Date
    Chief Executive Officer
    C.C. Wei
    Male R.O.C. 02/01/1998
    Shares Held Spouse & Minor Shares Held in the Name of Others
    7,179,207 0.03% 261 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, Yale University, U.S.
    President and Co-Chief Executive Officer, TSMC
    Executive Vice President and Co-Chief Operating Officer, TSMC
    Senior Vice President, Business Development, TSMC
    Senior Vice President, Mainstream Technology Business, TSMC
    Senior Vice President, Chartered Semiconductor Manufacturing Ltd.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President
    Europe & Asia Sales and Human Resources
    Lora Ho
    Female R.O.C. 06/01/1999
    Shares Held Spouse & Minor Shares Held in the Name of Others
    4,570,080 0.02% 2,230,268 0.01% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Business Administration, National Taiwan University, Taiwan
    Senior Vice President, Chief Financial Officer/Spokesperson, TSMC
    Senior Director, Accounting, TSMC
    Vice President & CFO, TI-Acer Semiconductor Manufacturing Corp.
    Director and/or Supervisor, TSMC subsidiaries
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President, Research and Development
    Wei-Jen Lo
    Male R.O.C. 07/01/2004
    Shares Held Spouse & Minor Shares Held in the Name of Others
    1,444,127 0.01% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Solid State Physics and Surface Chemistry, University of California, Berkeley, U.S.
    Vice President, Technology Development, TSMC
    Vice President, Manufacturing Technology, TSMC
    Vice President, Advanced Technology Business, TSMC
    Vice President, Operations II, TSMC
    Director, Advanced Technology Development and CTM Plant Manager, Intel Corp.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President
    Corporate Strategy Office
    CEO & President
    TSMC Arizona
    Rick Cassidy
    Male U.S. 11/14/1997
    Shares Held Spouse & Minor Shares Held in the Name of Others
    - - - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Bachelor, Engineering Technology, United States Military Academy at West Point, U.S.
    Chief Executive Officer, TSMC North America
    President, TSMC North America
    Vice President, TSMC North America
    President and CEO, TSMC subsidiary
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President
    Operations
    Y.P. Chin
    Male R.O.C. 01/01/1987
    Shares Held Spouse & Minor Shares Held in the Name of Others
    6,920,122 0.03% 2,191,107 0.01% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Electrical Engineering, National Cheng Kung University, Taiwan
    Senior Vice President, Product Development, TSMC
    Vice President, Advanced Technology and Business, TSMC
    Director, TSMC subsidiaries
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President
    Research and Development
    Y.J. Mii
    Male R.O.C. 11/14/1994
    Shares Held Spouse & Minor Shares Held in the Name of Others
    1,000,419 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, University of California, Los Angeles, U.S.
    Vice President, Technology Development, TSMC
    Senior Director, Platform I Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    Director Wayne Yeh Brother in law
    Senior Vice President, Information Technology and Materials Management & Risk Management
    J.K. Lin
    Male R.O.C. 01/01/1987
    Shares Held Spouse & Minor Shares Held in the Name of Others
    12,648,251 0.05% 1,019,961 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Bachelor, Science, National Changhua University of Education, Taiwan
    Vice President, Mainstream Fabs and Manufacturing Technology, TSMC
    Senior Director, Mainstream Fabs, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President, Corporate Planning Organization
    J.K. Wang
    Male R.O.C. 02/11/1987
    Shares Held Spouse & Minor Shares Held in the Name of Others
    2,603,947 0.01% 160,844 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Chemical Engineering, National Cheng Kung University, Taiwan
    Senior Vice President, Fab Operations, TSMC
    Vice President, 300mm Fabs, TSMC
    Senior Director, 300mm Fabs, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President
    Europe & Asia Sales and Research & Development/Corporate Research
    Cliff Hou
    Male R.O.C. 12/15/1997
    Shares Held Spouse & Minor Shares Held in the Name of Others
    384,676 0.00% 60,802 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, Syracuse University, U.S.
    Senior Vice President, Technology Development, TSMC
    Vice President, Design and Technology Platform, TSMC
    Senior Director, Design and Technology Platform, TSMC
    Director and/or President, TSMC subsidiaries
    Director, TSMC affiliate
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Senior Vice President
    Business Development
    Kevin Zhang
    Male U.S. 11/01/2016
    Shares Held Spouse & Minor Shares Held in the Name of Others
    70,000 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, Duke University, U.S.
    Vice President, Design and Technology Platform, TSMC
    Vice President, Technology and Manufacturing Group, Intel Corp.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President and General Counsel/Corporate Governance Officer
    Legal
    Sylvia Fang
    Female R.O.C. 03/20/1995
    Shares Held Spouse & Minor Shares Held in the Name of Others
    700,285 0.00% 67,906 0.00% 384,000 0.00%
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Comparative Law, School of Law, University of Iowa, U.S.
    Attorney-at-law, Taiwan
    Associate General Counsel, TSMC
    Senior Associate, Taiwan International Patent and Law Office (TIPLO)
    Director and/or Supervisor, TSMC subsidiaries
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Human Resources
    Connie Ma
    Female R.O.C. 06/01/2014
    Shares Held Spouse & Minor Shares Held in the Name of Others
    236,0000.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    EMBA, International Business Management, National Taiwan University
    Director, Human Resources, TSMC
    Senior Vice President, Global Human Resources, Trend Micro Inc.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Operations/Fab Operations I
    Y.L. Wang
    Male R.O.C. 06/01/1992
    Shares Held Spouse & Minor Shares Held in the Name of Others
    218,535 0.00% 1,135,529 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, National Chiao Tung University, Taiwan
    Vice President, Fab Operations, TSMC
    Vice President, Technology Development, TSMC
    Vice President, Fab 14B, TSMC
    Senior Director, Fab 14B, TSMC
    Director, TSMC subsidiary
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President and TSMC Distinguished Fellow
    Pathfinding for System Integration
    Doug Yu
    Male R.O.C. 12/28/1994
    Shares Held Spouse & Minor Shares Held in the Name of Others
    250,000 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Materials Engineering, Georgia Institute of Technology, U.S.
    Vice President, Integrated Interconnect & Packaging, TSMC
    Senior Director, Integrated Interconnect & Packaging Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President and TSMC Fellow
    Operations/Advanced Technology and Mask Engineering
    T.S. Chang
    Male R.O.C. 02/06/1995
    Shares Held Spouse & Minor Shares Held in the Name of Others
    173,781 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, National Tsing Hua University, Taiwan
    Vice President, Product Development, TSMC
    Vice President, Fab 12B, TSMC
    Senior Director, Fab 12B, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Research and Development/Platform Development
    Michael Wu
    Male R.O.C. 12/09/1996
    Shares Held Spouse & Minor Shares Held in the Name of Others
    483,501 0.00% 194,943 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering, University of Wisconsin-Madison, U.S.
    Senior Director, Platform Development, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Research and Development/Pathfinding
    Min Cao
    Male U.S. 07/29/2002
    Shares Held Spouse & Minor Shares Held in the Name of Others
    363,152 0.00% 4,470 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Physics, Stanford University, U.S.
    Senior Director, Pathfinding Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Operations/ Advanced Packaging Technology and Service
    Marvin Liao
    Male R.O.C. 06/06/2002
    Shares Held Spouse & Minor Shares Held in the Name of Others
    90,485 0.00% - - 235,000 0.00%
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Materials Science, University of Texas-Arlington, U.S.
    Senior Director, Backend Technology and Service Division, TSMC
    Vice President, Chartered Semiconductor Manufacturing Ltd.
    Director, TSMC subsidiary
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Operations/Fab Operations II
    Y.H. Liaw
    Male R.O.C. 08/03/1988
    Shares Held Spouse & Minor Shares Held in the Name of Others
    370,000 0.00% - - 430,000 0.00%
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Chemical Engineering, National Tsing Hua University, Taiwan
    Vice President, Fab Operations, TSMC
    Vice President, Fab 15B, TSMC
    Senior Director, Fab 15B, TSMC
    Director, TSMC subsidiary
    Director, TSMC affiliate
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Research and Development/ Advanced Tool and Module Development
    Simon Jang
    Male R.O.C. 09/01/1993
    Shares Held Spouse & Minor Shares Held in the Name of Others
    350,695 0.00% 663 0.00% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Materials Science & Engineering, Massachusetts Institute of Technology, U.S.
    Senior Director, Advanced Tool and Module Development Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    1. Deputy Director
    2. Manager
    1. Sharon Jang
    2. Jimmy Hu
    1. Sister
    2. Brother in law
    Vice President and Chief Financial Officer/ Spokesperson
    Finance
    Wendell Huang
    Male R.O.C. 05/03/1999
    Shares Held Spouse & Minor Shares Held in the Name of Others
    1,651,756 0.01% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Business Administration, Cornell University, U.S.
    Deputy Chief Financial Officer, TSMC
    Senior Director, Finance Division, TSMC
    Vice President, Corporate Finance, ING Barings
    Vice President, Corporate Finance, Chase Manhattan Bank
    Vice President, Corporate Finance, Bankers Trust Company
    Director, Supervisor, and/or President, TSMC subsidiaries
    Director, TSMC affiliate
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Research and Development/More than Moore Technologies
    C.S. Yoo
    Male R.O.C. 06/16/1988
    Shares Held Spouse & Minor Shares Held in the Name of Others
    1,703,690 0.01% 219,924 0.00% 851,908 0.00%
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Chemical Engineering, Worcester Polytech. Institute, U.S.
    Senior Director, Office of Strategy Customer Program, TSMC
    Senior Director, E-Beam Operation Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Quality and Reliability
    Jun He
    Male U.S. 05/22/2017
    Shares Held Spouse & Minor Shares Held in the Name of Others
    9,000 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Materials Science and Engineering, University of California, Santa Barbara, U.S.
    Senior Director, Quality and Reliability, TSMC
    Senior Director, Head of Quality and Reliability for Technology & Manufacturing Group, Intel Corp.
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President, Research and Development/ Platform Development
    Geoffrey Yeap
    Male U.S. 03/21/2016
    Shares Held Spouse & Minor Shares Held in the Name of Others
    22,000 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical and Computer Engineering, University of Texas-Austin, U.S.
    Senior Director, Platform Development, TSMC
    Senior Director, Advanced Technology, TSMC
    Vice President, Engineering, Silicon Technology, Qualcomm
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President and Chief Information Officer Information Technology and Materials Management & Risk Management/ Corporate Information Technology
    Chris Horng-Dar Lin
    Male U.S. 01/04/2021
    Shares Held Spouse & Minor Shares Held in the Name of Others
    16,000 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Electrical Engineering and Computer Science, University of California, Berkeley, U.S.
    Vice President, Information Technology, Mozilla
    Director, Enterprise Platform Infrastructure, Facebook
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Corporate Planning Organization
    Jonathan Lee
    Male R.O.C. 05/28/2007
    Shares Held Spouse & Minor Shares Held in the Name of Others
    334,458 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Business Administration, City University of New York, Baruch College, U.S.
    Senior Director, Strategic Planning Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Operations/Facility
    Arthur Chuang
    Male R.O.C. 01/17/1989
    Shares Held Spouse & Minor Shares Held in the Name of Others
    2,602,981 0.01% 1,993,0400.01% - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Civil Engineering, National Taiwan University, Taiwan
    Senior Director, Facility Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    Section Manager Gavin Chuang Brother
    Vice President and TSMC Fellow Research and Development/Design & Technology Platform
    L.C. Lu
    Male R.O.C. 08/01/2000
    Shares Held Spouse & Minor Shares Held in the Name of Others
    130,2270.00% 10,000- - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Ph.D., Computer Science, Yale University, U.S.
    Senior Director, Digital IPs Solution Division, TSMC
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None
    Vice President
    Research and Development/Integrated Interconnect & Packaging
    K.C. Hsu
    Male R.O.C. 11/01/2021
    Shares Held Spouse & Minor Shares Held in the Name of Others
    16,000 0.00% - - - -
    Education and
    Selected Past Positions
    Selected Current Positions at Other Companies
    Master, Technology Management, National Chiao Tung University, Taiwan
    Taiwan Country Manager, Micron Technology Inc.
    President, WaferTech LLC Director, Enterprise Platform Infrastructure, Facebook
    None
    Managers Who are Spouses or within Second-degree Relative of Consanguinity to Each Other
    Title Name Relation
    None None None

Financial Highlight (Note 1)

Unit: NT$ thousands (Except EPS: NT$)

2021 2020 2019 2018 2017
Net Revenue 1,587,415,037 1,339,254,811 1,069,985,448 1,031,473,557 977,447,241
Gross Profit 819,537,266 711,130,120 492,701,896 497,874,253 494,826,402
Income from Operations 649,980,897 566,783,698 372,701,090 383,623,524 385,559,223
Non-operating Income and Expenses 13,145,417 17,993,482 17,144,246 13,886,739 10,573,807
Income before Income Tax 663,126,314 584,777,180 389,845,336 397,510,263 396,133,030
Net Income 597,073,134 518,158,082 345,343,809 351,184,406 343,146,848
Other Comprehensive Income for the Year, Net of Income Tax (7,619,456) (30,321,802) (11,823,562) 9,836,976 (28,821,631)
Total Comprehensive Income for the Year 589,453,678 487,836,280 333,520,247 361,021,382 314,325,217
Net Income (Loss) Attributable to:
Shareholders of the Parent 596,540,013 517,885,387 345,263,668 351,130,884 343,111,476
Noncontrolling Interests 533,121 272,695 80,141 53,522 35,372
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Parent 588,918,059 487,563,478 333,440,460 360,965,015 314,294,993
Noncontrolling Interests 535,619 272,802 79,787 56,367 30,224
Basic/Diluted Earnings Per Share (Note) 23.01 19.97 13.32 13.54 13.23
Note: Based on weighted average shares outstanding in each year.

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