Intercompany balances and transactions between TSMC and its subsidiaries, which are related parties of TSMC, have been eliminated upon consolidation; therefore, those items are not disclosed in this note. The following is a summary of significant transactions between the Company and other related parties:


Related Party Name		Related Party Categories
GUC		Associates
VIS		Associates
SSMC		Associates
Xintec		Associates
TSMC Education and Culture Foundation		Other related parties
TSMC Charity Foundation		Other related parties


		Years Ended December 31
		2018		2019		2020
		NT$		NT$		NT$
		(In Millions)		(In Millions)		(In Millions)
Item	Related Party Categories
Net revenue from sale of goods	Associates	$	8,980.1	$	6,253.9	$	8,129.8
	Other related parties		0.3		—		—


		$	8,980.4	$	6,253.9	$	8,129.8


Net revenue from royalties	Associates	$	362.3	$	183.6	$	195.1


	Years Ended December 31
	2018		2019		2020
	NT$		NT$		NT$
	(In Millions)		(In Millions)		(In Millions)
Related Party Categories
Associates	$	8,809.5	$	6,301.4	$	7,606.4


		December 31, 2019		December 31, 2020
		NT$		NT$
		(In Millions)		(In Millions)
Item	Related Party Name/Categories
Receivables from related parties	GUC	$	741.9	$	370.6
	Xintec		120.2		187.5


		$	862.1	$	558.1


Other receivables from related parties	SSMC	$	46.5	$	45.3
	VIS		3.9		4.3
	Other associates		1.2		1.0


		$	51.6	$	50.6


		December 31, 2019		December 31, 2020
		NT$		NT$
		(In Millions)		(In Millions)
Item	Related Party Name/Categories
Payables to related parties	Xintec	$	736.9	$	1,358.6
	SSMC		487.9		400.8
	VIS		154.0		311.4
	Other associates		56.1		36.9


		$	1,434.9	$	2,107.7


		Years Ended December 31
		2018		2019		2020
		NT$		NT$		NT$
		(In Millions)		(In Millions)		(In Millions)
Item	Related Party Categories
Manufacturing expenses	Associates	$	2,974.6	$	2,823.0	$	5,440.0


Research and development expenses	Associates	$	83.1	$	163.4	$	256.5


General and administrative expenses	Other related parties	$	120.8	$	120.0	$	120.0

The sales prices and payment terms to related parties were not significantly different from those of sales to third parties. For other related party transactions, price and terms were determined in accordance with mutual agreements.

The Company leased factory and office from associates. The lease terms and prices were both determined in accordance with mutual agreements. The rental expenses were paid to associates monthly; the related expenses were both classified under manufacturing expenses.


	Years Ended December 31
	2018		2019		2020
	NT$		NT$		NT$
	(In Millions)		(In Millions)		(In Millions)

Short-term employee benefits	$	2,004.9	$	1,922.2	$	2,666.7
Post-employment benefits		3.4		2.7		2.3


	$	2,008.3	$	1,924.9	$	2,669.0

The compensation to directors and other key management personnel were determined by the Compensation Committee of TSMC in accordance with the individual performance and the market trends.