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Fair Value Information | 12 Months Ended
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Dec. 31, 2020
Disclosure Of Fair Value Measurement Of Financial Instruments [Abstract] |
Fair Value Information |
3 9. | FAIR VALUE INFORMATION
The fair value measurement guidance establishes a framework for measuring fair value and expands disclosure about fair value measurements. The standard describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. These levels are: Level 1 fair value measurements: These measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair value measurements: These measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 fair value measurements: These measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
| a. | Financial instruments that are not measured at fair value but for which fair value is disclosed
Except those listed in the table below, the Company considers that the carrying amounts of financial assets and liabilities not measured at fair value approximate their fair values or the fair values cannot be reliable estimated.
|  | December 31, 2019 |  |  | December 31, 2020 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities measured at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds payable |  | $ | — |  |  | $ | — |  |  | $ | 19,980 |  |  | $ | 20,078 |
The fair value of bonds payable is measured using Level 2 inputs. The valuation of fair value is based on the quoted market prices provided by third party pricing services.
| b. | Financial instruments that are measured at fair value on a recurring basis
December 31, 2019
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets at FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Listed stocks |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Non-listed stocks |  |  | — |  |  |  | — |  |  |  | 778 |  |  |  | 778 |
|  | $ | 1 |  |  | $ | — |  |  | $ | 778 |  |  | $ | 779 |
Hedging financial assets |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Financial assets at FVOCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Listed stocks |  | $ | 2,454 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,454 |
Non-listed stocks |  |  | — |  |  |  | — |  |  |  | 4,700 |  |  |  | 4,700 |
|  | $ | 2,454 |  |  | $ | — |  |  | $ | 4,700 |  |  | $ | 7,154 |
Financial liabilities at FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
December 31, 2020
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets at FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Listed stocks |  |  | 8 |  |  |  | — |  |  |  | — |  |  |  | 8 |
Non-listed stocks |  |  | — |  |  |  | — |  |  |  | 677 |  |  |  | 677 |
|  | $ | 8 |  |  | $ | 2 |  |  | $ | 677 |  |  | $ | 687 |
Hedging financial assets |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Financial assets at FVOCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Listed stocks |  | $ | 2,754 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,754 |
Non-listed stocks |  |  | — |  |  |  | — |  |  |  | 4,439 |  |  |  | 4,439 |
|  | $ | 2,754 |  |  | $ | — |  |  | $ | 4,439 |  |  | $ | 7,193 |
Financial liabilities at FVTPL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
There were no transfers between Levels 1 and 2 for the years ended December 31, 2018, 2019 and 2020. The reconciliations for financial assets measured at Level 3 are listed below: 2018
Financial Assets |  | Measured at Fair Value through Profit or Loss |  |  | Measured at Fair Value through Other Comprehensive Income |  |  | Total |
|  | NT$ |  |  | NT$ |  |  | NT$ |
|  |  |  |  |  | (In Millions) |  |  |  |  |
Balance at January 1, 2018 |  | $ | 543 |  |  | $ | 3,925 |  |  | $ | 4,468 |
Acquisition |  |  | — |  |  |  | 290 |  |  |  | 290 |
Recognized in profit or loss under “Other gains and losses” |  |  | (26 | ) |  |  | — |  |  |  | (26 | )
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets at fair value through other comprehensive income” |  |  | — |  |  |  | (175 | ) |  |  | (175 | )
Proceeds from return of investees |  |  | — |  |  |  | (7 | ) |  |  | (7 | )
Balance at December 31, 2018 |  | $ | 517 |  |  | $ | 4,033 |  |  | $ | 4,550 |
Unrealized loss in 2018 |  | $ | (26 | ) |  |  |  |  |  |  |  |
2019
Financial Assets |  | Measured at Fair Value through Profit or Loss |  |  | Measured at Fair Value through Other Comprehensive Income |  |  | Total |
|  | NT$ |  |  | NT$ |  |  | NT$ |
|  |  |  |  |  | (In Millions) |  |  |  |  |
Balance at January 1, 2019 |  | $ | 517 |  |  | $ | 4,033 |  |  | $ | 4,550 |
Acquisition |  |  | 300 |  |  |  | — |  |  |  | 300 |
Recognized in profit or loss under “Other gains and losses” |  |  | (39 | ) |  |  | — |  |  |  | (39 | )
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets at fair value through other comprehensive income” |  |  | — |  |  |  | 676 |  |  |  | 676 |
Proceed from return of investments |  |  | — |  |  |  | (9 | ) |  |  | (9 | )
Balance at December 31, 2019 |  | $ | 778 |  |  | $ | 4,700 |  |  | $ | 5,478 |
Unrealized loss in 2019 |  | $ | (39 | ) |  |  |  |  |  |  |  |
2020
Financial Assets |  | Measured at Fair Value through Profit or Loss |  |  | Measured at Fair Value through Other Comprehensive Income |  |  | Total |
|  | NT$ |  |  | NT$ |  |  | NT$ |
|  |  |  |  |  | (In Millions) |  |  |  |  |
Balance at January 1, 2020 |  | $ | 778 |  |  | $ | 4,700 |  |  | $ | 5,478 |
Reclassified from investments accounted for using equity method |  |  | — |  |  |  | 2 |  |  |  | 2 |
Recognized in profit or loss under “Other gains and losses” |  |  | (101 | ) |  |  | — |  |  |  | (101 | )
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets at fair value through other comprehensive income” |  |  | — |  |  |  | (263 | ) |  |  | (263 | )
Balance at December 31, 2020 |  | $ | 677 |  |  | $ | 4,439 |  |  | $ | 5,116 |
Unrealized loss in 2020 |  | $ | (101 | ) |  |  |  |  |  |  |  |
The fair values of financial assets and financial liabilities of Level 2 are determined as follows:
| 1) | The fair values of financial assets and financial liabilities with standard terms and conditions and traded in active markets are determined with reference to quoted market prices.
| 2) | For derivatives, fair values are estimated using discounted cash flow model. Future cash flows are estimated based on observable inputs including forward exchange rates at the end of the reporting periods and the forward and spot exchange rates stated in the contracts, discounted at a rate that reflects the credit risk of various counterparties.
The fair values of non-listed domestic and foreign equity investments were Level 3 financial assets, and determined using the market approach by reference the Price-to-Book ratios (P/B ratios) of peer companies that traded in active market or using assets approach. The significant unobservable inputs used were listed in the table below. A decrease in discount for the lack of marketability or noncontrolling interests discount would result in increases in the fair values.
|  | December 31
|  | 2019 |  | 2020
Discount for lack of marketability |  | 13.73%-20.00% |  | 14.73%-20.00%
Noncontrolling interests discount |  | 21.45%-25.00% |  | 17.29%-25.00%
If the inputs to the valuation model were changed to reflect reasonably possible alternative assumptions while all the other variables were held constant, the fair values of equity investments would increase as below table. When related discounts increase, the fair value of equity investments would be the negative amount of the same amount.
|  | December 31 |
|  | 2019 |  |  | 2020 |
|  | NT$ |  |  | NT$ |
|  | (In Millions) |
Discount for lack of marketability 5% decrease |  | $ | 342 |  |  | $ | 320 |
Noncontrolling interests discount 5% decrease |  | $ | 54 |  |  | $ | 47 |

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- Definition Disclosure of fair value measurement of financial instruments. + References No definition available. + Details
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