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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Intel Corporation | NASDAQ:INTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.46 | 34.51 | 34.59 | 0 | 01:00:00 |
☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the fiscal year ended December 31, 2022. | |||||
or | |||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to . |
Delaware | 94-1672743 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
2200 Mission College Boulevard, | Santa Clara, | California | 95054-1549 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
Common stock, $0.001 par value | INTC | Nasdaq Global Select Market |
Large Accelerated Filer | Accelerated Filer | Non-Accelerated Filer | Smaller Reporting Company | Emerging Growth Company | ||||||||||
☑ | ☐ | ☐ | ☐ | ☐ |
Fundamentals of Our Business | Page | |||||||
Availability of Company Information | ||||||||
Introduction to Our Business | ||||||||
A Year in Review | ||||||||
Our Strategy | ||||||||
Our Capital | ||||||||
Management's Discussion and Analysis | ||||||||
Our Products | ||||||||
Segment Trends and Results | ||||||||
Consolidated Results of Operations | ||||||||
Liquidity and Capital Resources | ||||||||
Critical Accounting Estimates | ||||||||
Non-GAAP Financial Measures | ||||||||
Other Key Information | ||||||||
Sales and Marketing | ||||||||
Quantitative and Qualitative Disclosures About Market Risk | ||||||||
Risk Factors | ||||||||
Properties | ||||||||
Market for Our Common Stock | ||||||||
Information About Our Executive Officers | ||||||||
Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934 | ||||||||
Financial Statements and Supplemental Details | ||||||||
Auditor's Reports | ||||||||
Consolidated Financial Statements | ||||||||
Notes to Consolidated Financial Statements | ||||||||
Key Terms | ||||||||
Controls and Procedures | ||||||||
Exhibits | ||||||||
Form 10-K Cross-Reference Index |
![]() | 1 |
![]() | 2 |
A Year in Review | |||||
2022 revenue was $63.1 billion, down $16.0 billion, or 20%, from 2021 as CCG revenue decreased 23%, DCAI revenue decreased 15%, and NEX revenue increased 11%. 2022 results were impacted by an uncertain macroeconomic environment—with slowing consumer demand, persistent inflation, and higher interest rates—that we believe impacts our target markets and creates a high level of uncertainty with our customers. CCG revenue was down on lower notebook and desktop volume in the consumer and education market segments, while notebook and desktop ASPs were higher due to a resulting change in product mix. DCAI server volume decreased, led by enterprise customers, and due to customers tempering purchases to reduce existing inventories in a softening data center market. Server ASPs decreased due to customer and product mix. NEX revenue increased primarily due to Ethernet ASPs and increased demand for 5G products, partially offset by lower demand for Network Xeon. We invested $17.5 billion in R&D, made capital investments of $24.8 billion, and generated $15.4 billion in cash from operations and $(4.1) billion of adjusted free cash flow. |
Revenue | Gross Margin | Diluted EPS Attributable to Intel | Cash Flows | |||||||||||||||||
■ GAAP $B ■ Non-GAAP $B | ■ GAAP ■ Non-GAAP | ■ GAAP ■ Non-GAAP | ■ Operating Cash Flow $B ■ Adjusted Free Cash Flow1 $B |
![]() | Fundamentals of Our Business | 5 |
![]() | Fundamentals of Our Business | 6 |
Our Strategy | |||||
Product Leadership |
![]() | Fundamentals of Our Business | 7 |
Open Platforms |
Manufacturing at Scale |
Our People |
![]() | Fundamentals of Our Business | 8 |
![]() | Fundamentals of Our Business | 9 |
Our Capital | |||||
Capital | Strategy | Value | ||||||
Financial | ||||||||
![]() | Leverage financial capital to invest in ourselves and drive our strategy, provide returns to stockholders and supplement and strengthen our capabilities through acquisitions. | We strategically invest financial capital to create long-term value and provide returns to our stockholders. | ||||||
Intellectual | ||||||||
![]() | Invest significantly in R&D and IP to enable us to deliver on our accelerated process technology roadmap, introduce leading x86 and xPU products, and develop new businesses and capabilities. | We develop IP to enable next-generation products, create synergies across our businesses, expand into new markets, and establish and support our brands. | ||||||
Manufacturing | ||||||||
![]() | Build manufacturing capacity efficiently to meet the growing long-term global demand for semiconductors, aligned with our IDM 2.0 strategy. | Our geographically balanced manufacturing scope and scale enable us to provide our customers with a broad range of leading-edge products. | ||||||
Human | ||||||||
![]() | Build a diverse, inclusive, and safe work environment to attract, develop, and retain top talent needed to build transformative products. | Our talented employees enable the development of solutions and enhance the intellectual and manufacturing capital critical to helping our customers win the technology inflections of the future. | ||||||
Social and Relationship | ||||||||
![]() | Build trusted relationships for both Intel and our stakeholders, including employees, suppliers, customers, local communities, and governments. | We collaborate with stakeholders on programs to empower underserved communities through education and technology, and on initiatives to advance accountability and capabilities across our global supply chain, including accountability for the respect of human rights. | ||||||
Natural | ||||||||
![]() | Strive to reduce our environmental footprint through efficient and responsible use of natural resources and materials used to create our products. | With our proactive efforts, we seek to mitigate climate and water impacts, achieve efficiencies, and lower costs, and position ourselves to respond to the expectations of our stakeholders. |
![]() | Fundamentals of Our Business | Our Capital | 10 |
![]() | Financial Capital |
Cash from Operating Activities $B |
■ Cash from Operating Activities | ■ Adjusted Free Cash Flow1 |
R&D and Capital Investments $B | Cash to Stockholders $B |
■ R&D | ■ Logic | ■ Memory2 | ■ Repurchases | ■ Dividend | ||||||||||||||||||||||
![]() | Fundamentals of Our Business | Our Capital | 11 |
![]() | Intellectual Capital |
Process and packaging. Our leading-edge process and packaging technology and world-class IP portfolio are key to the success of our strategy. This year, we have reaffirmed our commitment to achieving process technology leadership in 2025 by planning to deliver five technology nodes in four years. In addition, we have solidified our process and packaging offerings to external customers through IFS. | |||||
▪We introduced further optimizations to our Intel 7 process node, which is now in production for our 13th Gen Intel Core processors (Raptor Lake). ▪Intel 4, taking advantage of EUV, is a node that is designed to deliver significant density scaling and approximately 20% performance-per-watt improvement over Intel 7. Meteor Lake is scheduled to be our first high-volume client product on Intel 4. ▪We expect Intel 3 to deliver further logic scaling and up to 18% performance-per-watt improvement over Intel 4. Intel 3 is our first advanced node offered to IFS customers and is optimized for the needs of Data Center products. ▪Intel 20A will follow Intel 3 and will introduce two breakthrough technologies that we expect will deliver up to 15% performance-per-watt improvement over Intel 3: RibbonFET and PowerVia. RibbonFET, our implementation of a gate-all-around transistor, is designed to deliver faster transistor switching speeds while achieving the same drive current as multiple fins, but in a smaller footprint. PowerVia is our unique industry-first implementation of backside power delivery that is designed to optimize signal transmission by eliminating the need for power routing on the front side of the wafer. ▪Intel 18A, our second IFS advanced node offering, improves on Intel 20A by delivering ribbon innovation for design optimization and line width reduction. Intel 18A is on schedule and expected to deliver an additional 10% improvement in performance per watt over Intel 20A. ▪Beyond Intel 18A, we have already initiated definition and development of our next two process nodes and continue to define, build, and develop the next-generation High Numerical Aperture EUV lithography into our process technology roadmap. ▪Our family of 3D advanced packaging technology will usher in the next generation of Foveros technology, enabling us to mix multiple top die tiles with multiple base tiles across mixed fab nodes, giving Intel and our customers greater flexibility for disaggregated chip designs. Our future Foveros Direct technology should scale interconnect pitch below 10µm, enable direct copper-to-copper bonding for low-resistance interconnects, and blur the boundary between wafer and package. | |||||
xPU architecture. We believe the future is a diverse mix of scalar, vector, matrix, and spatial architectures deployed in CPU, GPU, accelerator, and FPGA sockets, enabled by a scalable software stack and integrated into systems by advanced packaging technology. We are building processors that span several major computing architectures, moving toward an era of heterogeneous computing: |
![]() | Fundamentals of Our Business | Our Capital | 12 |
![]() | Fundamentals of Our Business | Our Capital | 13 |
![]() | Manufacturing Capital |
![]() | Fundamentals of Our Business | Our Capital | 14 |
![]() | Human Capital |
Inclusion | ![]() | ||||
Diversity and inclusion are core elements of Intel's values and instrumental to driving innovation and positioning us for growth. Over the past decade, we have taken actions to integrate diversity and inclusion expectations into our culture, performance and management systems, leadership expectations, and annual bonus metrics. We are proud of what we have accomplished to advance diversity and inclusion, but we recognize we can achieve more, including beyond the walls of Intel. Our RISE strategy and 2030 goals set our global ambitions for the rest of the decade, including doubling the number of women in senior leadership; doubling the number of underrepresented minorities in US senior leadership; increasing the percentage of employees who self-identify as having a disability to 10%; and exceeding 40% representation of women in technical roles, including engineering positions and other roles with technical job requirements. To drive accountability, we continue to link a portion of our executive and employee compensation to diversity and inclusion metrics. We have committed our scale, expertise, and reach through our comprehensive RISE strategy to work with customers and other stakeholders to accelerate the adoption of inclusive business practices across industries. As part of the Alliance for Global Inclusion, we worked with a coalition of technology companies to create a Global Inclusion Index Survey, which serves as a benchmark for companies to track diversity and inclusion improvements, provide information on current best practices, and highlight opportunities to improve outcomes across industries. The results of the second Global Inclusion Index Survey were published in 2022 and shared with business leaders across industries. The number of companies that completed the inclusion index in 2022 nearly doubled compared to in 2021. This collective effort will allow the industry to more clearly identify actions needed to advance progress on closing persistent gaps and advancing more inclusive practices in workplaces, industry, and society. The survey results for 2022 showed participants making progress in many of these areas. We will also continue to collaborate on initiatives that expand the diverse pipeline of talent for our industry, advance social equity, make technology fully inclusive, and expand digital readiness for millions of people around the world. | |||||
![]() | Fundamentals of Our Business | Our Capital | 15 |
![]() | Social and Relationship Capital |
![]() | Fundamentals of Our Business | Our Capital | 16 |
![]() | Natural Capital |
![]() | Fundamentals of Our Business | Our Capital | 17 |
![]() | Fundamentals of Our Business | Our Capital | 18 |
Management's Discussion and Analysis | |||||
![]() | MD&A | 19 |
Overview | % Intel Revenue | |||||||
We are committed to advancing PC experiences by delivering an annual cadence of leadership products and deepening our relationships with industry partners to co-engineer and deliver leading platform innovation. We engage in an intentional effort focused on long-term operating system, system architecture, hardware, and application integration that enables industry-leading PC experiences. We will embrace these opportunities by simplifying and focusing our roadmap, ramping PC capabilities even more aggressively, and designing PC experiences even more deliberately. By doing this, we believe we will continue to fuel innovation across Intel, providing a growing source of IP, scale, and cash flow. | ![]() | |||||||
Key Developments | ||||||||
■ | Our revenue was $31.7 billion, down 23% in 2022, driven by macroeconomic weakness that negatively impacted PC TAM, particularly in the consumer, education and small/medium business markets. Operating margin was $6.3 billion, down 60% year over year primarily due to lower notebook and desktop revenue, higher unit costs, increased investments in leadership products, and higher inventory reserves. | |||||||
■ | COVID-related dynamics like work- and learn-from-home solidified the PC as an essential tool in the post-pandemic world. We launched our 12th Gen Intel Core H, S, U, and P-series processors and introduced our 13th Gen Intel Core processor family starting with our desktop processors, the second iteration of our performance hybrid architecture built on Intel 7 process technology. | |||||||
■ | We worked with industry partners to co-engineer and deliver more than 153 verified Intel® Evo™ designs and grew the commercial market segment with the launch of our Intel vPro® platform with the 12th Gen Intel Core processor and commercial offerings. |
![]() | MD&A | 20 |
![]() | MD&A | 21 |
CCG Revenue $B | CCG Operating Income $B |
■ | ■ Notebook | ■ | ■ Desktop | ■ | ■ Other |
Revenue Summary |
![]() | MD&A | 22 |
Operating Income Summary |
(In Millions) | ||||||||||||||
$ | 6,266 | 2022 Operating Income | ||||||||||||
(3,047) | Lower gross margin from notebook revenue | |||||||||||||
(2,183) | Higher notebook and desktop unit cost primarily from increased mix of Intel 7 products | |||||||||||||
(1,306) | Lower gross margin from desktop revenue | |||||||||||||
(1,284) | Higher operating expenses driven by increased investments in leadership products | |||||||||||||
(969) | Higher period charges primarily driven by inventory reserves taken in 2022 | |||||||||||||
(320) | Lower CCG other product gross margin driven by lower demand for our wireless and connectivity products and the continued ramp down from the exit of our 5G smartphone modem business | |||||||||||||
(262) | Higher period charges primarily associated with the ramp of Intel 4 | |||||||||||||
(162) | Higher period charges related excess capacity charges | |||||||||||||
192 | Lower period charges due to a benefit related to insurance proceeds received for business interruption and property damage that occurred in 2020 | |||||||||||||
(97) | Other | |||||||||||||
$ | 15,704 | 2021 Operating Income | ||||||||||||
(840) | Higher period charges primarily associated with ramp up of Intel 4 and subsequent ramp down of 14nm | |||||||||||||
(675) | Higher operating expenses driven by increased investment in leadership products | |||||||||||||
(290) | Lower gross margin from notebook revenue | |||||||||||||
(140) | Higher period charges driven by less sell-through of reserves on products in 2021 as compared to in 2020, and additional reserves taken in 2021 | |||||||||||||
1,080 | Higher gross margin from desktop revenue | |||||||||||||
660 | Lower unit cost primarily due to cost improvements in 10nm SuperFin | |||||||||||||
165 | Lower period charges primarily driven by a decrease in engineering samples | |||||||||||||
(56) | Other | |||||||||||||
$ | 15,800 | 2020 Operating Income |
![]() | MD&A | 23 |
Overview | % Intel Revenue | |||||||
DCAI delivers industry-leading workload-optimized solutions to cloud service providers and enterprise customers, along with silicon devices for communications service providers and high-performance computing customers. We are uniquely positioned to deliver solutions to help solve our customers’ most complex challenges with the depth and breadth of our hardware and software portfolio combined with silicon and platforms, advanced packaging, and at-scale manufacturing made possible by being the world’s only IDM at scale. Our customers and partners include cloud hyperscalers, MNCs, small and medium-sized businesses, independent software vendors, systems integrators, communications service providers, and governments around the world. | ![]() | |||||||
Key Developments | ||||||||
■ | Our revenue was $19.2 billion, down 15% in 2022, driven by challenging macroeconomic conditions and industry supply constraints, that both negatively impacted TAM, in addition to competitive pressures and product execution delays. Operating margin was $2.3 billion, down 73% year over year, primarily due to top-line headwinds paired with process node acceleration and increased investments in leadership products. | |||||||
■ | We began high-volume manufacturing of 4th Gen Intel Xeon Scalable processors and started shipping to customers, including Amazon Web Services and Google Cloud. | |||||||
■ | We launched five new Intel FPGA products, including the Intel® Agilex™ FPGA, which extends capabilities to cost-optimized, lower-power, and small-form factor applications, including embedded and edge. We also launched Habana Gaudi2 and Habana Greco, our second-generation deep-learning processors for training and inference. | |||||||
■ | We introduced an innovative service-based security implementation, named Project Amber, which provides customers and partners with a secure foundation for confidential computing, secure and responsible AI, and quantum-resistant crypto in the quantum era. | |||||||
![]() | MD&A | 24 |
■ | A portfolio of hardware, including Intel Xeon processors, Intel Agilex and Intel® Stratix® FPGAs, Intel® eASIC™ devices, Habana Gaudi and Habana Greco AI accelerators. | ||||
■ | Platform enabling and validation in partnership with ODMs, OEMs, and independent software vendors. | ||||
■ | Optimized solutions for leading workloads such as AI, cryptography, security, and networking, leveraging differentiated features supporting diverse compute environments. |
![]() | MD&A | 25 |
DCAI Revenue $B | DCAI Operating Income $B |
Revenue Summary |
Operating Income Summary |
(In Millions) | ||||||||||||||
$ | 2,288 | 2022 Operating Income | ||||||||||||
(3,330) | Lower gross margin from server revenue | |||||||||||||
(1,139) | Higher period charges primarily associated with the ramp up of Intel 4 | |||||||||||||
(1,001) | Higher operating expenses driven by increased investments in leadership products | |||||||||||||
(671) | Higher server unit cost from increased mix of 10nm SuperFin products | |||||||||||||
(441) | Higher period charges driven by inventory reserves taken in 2022 | |||||||||||||
(305) | Higher other period charges primarily related to product development costs | |||||||||||||
(189) | Higher period charges related to excess capacity charges | |||||||||||||
702 | Higher gross margin from DCAI other product revenue | |||||||||||||
223 | Lower period charges due to a benefit related to insurance proceeds received for business interruption and property damage that occurred in 2020 | |||||||||||||
$ | 8,439 | 2021 Operating Income | ||||||||||||
(1,050) | Higher DCAI server unit cost primarily from increased mix of 10nm SuperFin products | |||||||||||||
(820) | Higher period charges primarily driven by ramp up of Intel 4 and subsequent ramp down of 14nm | |||||||||||||
(725) | Lower gross margin from server revenue | |||||||||||||
(475) | Higher operating expenses driven by investment in leadership products | |||||||||||||
(65) | Higher period charges driven by increased engineering samples | |||||||||||||
375 | Higher gross margin from other DCAI product revenue | |||||||||||||
130 | Lower period charges driven by absence of reserves taken in 2020, partially offset by reserves recorded in 2021 | |||||||||||||
(7) | Other | |||||||||||||
$ | 11,076 | 2020 Operating Income |
![]() | MD&A | 26 |
Overview | % Intel Revenue | |||||||
NEX lifts the world's networks and edge compute systems from inflexible fixed-function hardware to general-purpose compute, acceleration, and networking devices running cloud native software on programmable hardware. We work with partners and customers to deliver and deploy intelligent edge platforms that allow software developers to achieve agility and to drive automation using AI for efficient operations while securing the integrity of their data at the edge. We have a broad portfolio of hardware and software platforms, tools, and ecosystem partnerships for the rapid digital transformation happening from the cloud to the edge. We are leveraging our core strengths in process, software, and manufacturing at scale to grow traditional markets and to accelerate entry into emerging ones. | ![]() | |||||||
Key Developments | ||||||||
■ | Our revenue was $8.9 billion, up 11% in 2022, driven by the cloud networking and telecommunications market segments. Most notably, we saw strength in our Ethernet ASPs and in 5G product demand. Operating margin was $740 million, down $971 million year over year primarily due to higher investments in product roadmap leadership and process node acceleration, and higher inventory reserves. | |||||||
■ | We announced the Mount Evans IPU, Intel's first dedicated ASIC-based IPU, the Intel Xeon D-1700 series, the Intel Xeon D-2700 series, and the 4th Gen Intel Xeon processor with Intel® vRAN Boost. | |||||||
■ | We continue to update solutions to improve developers' digital strategies and to accelerate market adoption of edge and AI applications. We announced 12th Gen Intel Core Processors for Internet of Things Edge and the Intel® Geti™ computer vision platform with OpenVINO toolkit built in. | |||||||
■ | We continue to work with our ecosystem partners like Ericsson, Nokia, Cisco, Dell Technologies, HPE, Lenovo, Amazon, Google, and Microsoft to drive the software defined transformation of the world’s network and edge infrastructure and accelerate AI driven automation of physical operations. |
![]() | MD&A | 27 |
![]() | MD&A | 28 |
NEX Revenue $B | NEX Operating Income $B |
Revenue Summary |
Operating Income Summary |
(In Millions) | ||||||||||||||
$ | 740 | 2022 Operating Income | ||||||||||||
(530) | Higher operating expenses driven by increased investments in leadership products | |||||||||||||
(461) | Higher period charges primarily associated with the ramp up of Intel 4 | |||||||||||||
(359) | Higher period charges driven by reserves taken in 2022 and lack of sell-through of reserves compared to 2021 | |||||||||||||
(150) | Higher period charges primarily due to other product enhancements | |||||||||||||
(98) | Lower gross margin from Network Xeon revenue | |||||||||||||
522 | Higher gross margin from Ethernet revenue | |||||||||||||
191 | Lower unit cost primarily from10nm SuperFin products | |||||||||||||
(86) | Other | |||||||||||||
$ | 1,711 | 2021 Operating Income | ||||||||||||
895 | Lower NEX unit cost due to cost improvements in the 10nm SuperFin process | |||||||||||||
285 | Lower period charges due to reserve sell through and a decrease in engineering samples | |||||||||||||
215 | Higher gross margin from NEX revenue, primarily driven by Ethernet and Edge | |||||||||||||
(300) | Higher operating expenses primarily due to roadmap investments | |||||||||||||
(220) | Higher period charges primarily associated with the ramp of Intel 4 | |||||||||||||
(10) | Other | |||||||||||||
$ | 846 | 2020 Operating Income |
![]() | MD&A | 29 |
![]() | MD&A | 30 |
![]() | MD&A | 31 |
Mobileye Revenue $B | Mobileye Operating Income $B |
Revenue and Operating Income Summary |
![]() | MD&A | 32 |
![]() | MD&A | 33 |
![]() | MD&A | 34 |
AXG Revenue $B | AXG Operating Income (Loss) $B |
Revenue and Operating Income (Loss) Summary |
![]() | MD&A | 35 |
Overview | % Intel Revenue | |||||||
As the first Open System Foundry, we offer customers differentiated full stack solutions created from the best of Intel and the foundry industry ecosystem, delivered from a secure and sustainable source of supply with an array of flexible business models to enable customers to lead in their industry. In addition to a world-class foundry offering enabled by a rich ecosystem, customers have access to our expertise and technologies, including cores, accelerators, and advanced packaging such as EMIB. Our early customers and strategic partners include traditional fabless customers, cloud service providers, automotive customers, and military, aerospace, and defense firms. We also offer mask-making equipment for advanced lithography used by many of the world’s leading-edge foundries. | ![]() | |||||||
Key Developments | ||||||||
■ | Our revenue was $895 million, up 14% in 2022, primarily driven by higher sales of MBMW tools. Operating loss was $320 million, compared to a loss of $23 million in 2021, primarily due to increased spending to drive strategic growth. | |||||||
■ | We have secured anchor customers and are engaged with seven of ten of the industry’s largest foundry customers. Since beginning production in late 2021 with Amazon Web Services as our lead customer, our packaging business expanded to other customers during the year. We expect Mediatek to be a lead silicon customer using Intel 16 process technology to create smart edge devices, with production expected to begin in 2024. | |||||||
■ | We launched the IFS Accelerator program, a comprehensive ecosystem alliance designed to help foundry customers seamlessly bring their silicon products from idea to implementation. IFS Accelerator taps the leading capabilities available in the industry to accelerate customer innovation on IFS manufacturing platforms. It features innovative ecosystem partner companies across each of the five alliances of the program: EDA, IP, Design Services, Cloud, and USMAG Alliances. | |||||||
■ | In Q1 2022, we entered into a definitive agreement to acquire Tower in a cash-for-stock transaction. The acquisition is expected to advance our IDM 2.0 strategy by accelerating our global end-to-end open systems foundry business. While we continue to work to close within the first quarter of 2023, the transaction may close in the first half of 2023, subject to certain regulatory approvals and customary closing conditions. Tower is a leading foundry for analog semiconductor solutions. | |||||||
■ | We continue to grow the Foundry organization and have hired over 50 leaders from the foundry and fabless industry to complement the talent recruited within Intel. The pending acquisition of Tower would further expand our talent pool. This combination of internal and external talent will help us deliver the best of Intel and the foundry industry to our customers. | |||||||
![]() | MD&A | 36 |
![]() | MD&A | 37 |
IFS Revenue $B | IFS Operating Income (Loss) $B |
Revenue and Operating Income (Loss) Summary |
![]() | MD&A | 38 |
Consolidated Results of Operations | |||||
Years Ended (In Millions, Except Per Share Amounts) | December 31, 2022 | December 25, 2021 | December 26, 2020 | |||||||||||||||||||||||||||||||||||
Amount | % of Net Revenue | Amount | % of Net Revenue | Amount | % of Net Revenue | |||||||||||||||||||||||||||||||||
Net revenue | $ | 63,054 | 100.0 | % | $ | 79,024 | 100.0 | % | $ | 77,867 | 100.0 | % | ||||||||||||||||||||||||||
Cost of sales | 36,188 | 57.4 | % | 35,209 | 44.6 | % | 34,255 | 44.0 | % | |||||||||||||||||||||||||||||
Gross margin | 26,866 | 42.6 | % | 43,815 | 55.4 | % | 43,612 | 56.0 | % | |||||||||||||||||||||||||||||
Research and development | 17,528 | 27.8 | % | 15,190 | 19.2 | % | 13,556 | 17.4 | % | |||||||||||||||||||||||||||||
Marketing, general and administrative | 7,002 | 11.1 | % | 6,543 | 8.3 | % | 6,180 | 7.9 | % | |||||||||||||||||||||||||||||
Restructuring and other charges | 2 | — | % | 2,626 | 3.3 | % | 198 | 0.3 | % | |||||||||||||||||||||||||||||
Operating income | 2,334 | 3.7 | % | 19,456 | 24.6 | % | 23,678 | 30.4 | % | |||||||||||||||||||||||||||||
Gains (losses) on equity investments, net | 4,268 | 6.8 | % | 2,729 | 3.5 | % | 1,904 | 2.4 | % | |||||||||||||||||||||||||||||
Interest and other, net | 1,166 | 1.8 | % | (482) | (0.6) | % | (504) | (0.6) | % | |||||||||||||||||||||||||||||
Income before taxes | 7,768 | 12.3 | % | 21,703 | 27.5 | % | 25,078 | 32.2 | % | |||||||||||||||||||||||||||||
Provision for (benefit from) taxes | (249) | (0.4) | % | 1,835 | 2.3 | % | 4,179 | 5.4 | % | |||||||||||||||||||||||||||||
Net income | 8,017 | 12.7 | % | 19,868 | 25.1 | % | 20,899 | 26.8 | % | |||||||||||||||||||||||||||||
Less: Net income attributable to non-controlling interests | 3 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net income attributable to Intel | $ | 8,014 | — | $ | 19,868 | — | $ | 20,899 | — | |||||||||||||||||||||||||||||
Earnings per share attributable to Intel—diluted | $ | 1.94 | $ | 4.86 | $ | 4.94 |
![]() | MD&A | 39 |
Segment Revenue Walk $B |
![]() | MD&A | 40 |
Gross Margin $B | ||
(Percentages in chart indicate gross margin as a percentage of total revenue) |
(In Millions) | ||||||||
$ | 26,866 | 2022 Gross Margin | ||||||
(4,673) | Lower gross margin from CCG revenue, driven by notebook and desktop revenue | |||||||
(3,330) | Lower gross margin from DCAI server revenue | |||||||
(2,663) | Higher unit cost primarily from increased mix of Intel 7 products and 10nm SuperFin | |||||||
(2,159) | Higher period charges primarily driven by inventory reserves taken in 2022 | |||||||
(2,012) | Higher period charges primarily associated with the ramp up of Intel 4 and other product enhancements | |||||||
(1,995) | Lower gross margin related to the divested NAND memory business | |||||||
(723) | Optane inventory impairment related to the wind down of our Intel Optane memory business | |||||||
(584) | Lack of revenue recognized in Q1 2021 from a prepaid customer supply contract | |||||||
(313) | Higher stock-based compensation | |||||||
(423) | Higher period charges due to excess capacity charges | |||||||
(204) | Corporate charges from patent settlement | |||||||
484 | Lower period charges due to a benefit related to insurance proceeds received for business interruption and property damage that occurred in 2020 | |||||||
522 | Higher gross margin from NEX Ethernet revenue | |||||||
702 | Higher gross margin from DCAI other product revenue | |||||||
422 | Other | |||||||
$ | 43,815 | 2021 Gross Margin | ||||||
790 | Higher gross margin from CCG revenue, driven by desktop revenue partially offset by notebook | |||||||
584 | Prepaid customer supply agreement settled and recognized to revenue in Q1 2021 | |||||||
505 | Lower unit cost primarily due to cost improvements in 10nm SuperFin | |||||||
471 | Higher gross margin related to the NAND memory business | |||||||
375 | Higher gross margin from DCAI other product revenue | |||||||
262 | Lower period charges due to reserve sell through, partially offset by reserves taken in 2021 | |||||||
215 | Higher gross margin from NEX revenue, primarily driven by Ethernet and Edge | |||||||
(1,880) | Higher period charges primarily associated with ramp up of Intel 4 and subsequent ramp down of 14nm | |||||||
(725) | Lower gross margin from DCAI server revenue | |||||||
(394) | Other | |||||||
$ | 43,612 | 2020 Gross Margin |
![]() | MD&A | 41 |
Research and Development $B | Marketing, General and Administrative $B | |||||||
(Percentages indicate expenses as a percentage of total revenue) |
![]() | MD&A | 42 |
Research and Development |
2022 vs. 2021 | |||||
R&D spending increased by $2.3 billion, or 15%, driven by the following: | |||||
+ | Investments in our process technology | ||||
+ | Increase in corporate spending | ||||
+ | Investments in our businesses to drive strategic growth | ||||
- | Incentive-based cash compensation | ||||
2021 vs. 2020 | |||||
R&D spending increased by $1.6 billion, or 12%, driven by the following: | |||||
+ | Investments in our businesses to drive strategic growth | ||||
+ | Investments in our process technology | ||||
+ | Incentive-based cash compensation | ||||
Marketing, General and Administrative |
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Employee severance and benefit arrangements | $ | 1,038 | $ | 48 | $ | 124 | ||||||||||||||
Litigation charges and other | (1,187) | 2,291 | 67 | |||||||||||||||||
Asset impairment charges | 151 | 287 | 7 | |||||||||||||||||
Total restructuring and other charges | $ | 2 | $ | 2,626 | $ | 198 |
![]() | MD&A | 43 |
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Ongoing mark-to-market adjustments on marketable equity securities | $ | (787) | $ | (130) | $ | (133) | ||||||||||||||
Observable price adjustments on non-marketable equity securities | 299 | 750 | 176 | |||||||||||||||||
Impairment charges | (190) | (154) | (303) | |||||||||||||||||
Sale of equity investments and other | 4,946 | 2,263 | 2,164 | |||||||||||||||||
Gains (losses) on equity investments, net | $ | 4,268 | $ | 2,729 | $ | 1,904 | ||||||||||||||
Interest and other, net | $ | 1,166 | $ | (482) | $ | (504) |
Years Ended (Dollars in Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Income before taxes | $ | 7,768 | $ | 21,703 | $ | 25,078 | ||||||||||||||
Provision for (benefit from) taxes | $ | (249) | $ | 1,835 | $ | 4,179 | ||||||||||||||
Effective tax rate | (3.2) | % | 8.5 | % | 16.7 | % |
![]() | MD&A | 44 |
(In Millions) | Dec 31, 2022 | Dec 25, 2021 | ||||||||||||
Cash and cash equivalents | $ | 11,144 | $ | 4,827 | ||||||||||
Short-term investments | 17,194 | 24,426 | ||||||||||||
Loans receivable and other | 463 | 240 | ||||||||||||
Total cash and investments1 | $ | 28,801 | $ | 29,493 | ||||||||||
Total debt | $ | 42,051 | $ | 38,101 | ||||||||||
![]() | MD&A | 45 |
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Net cash provided by operating activities | $ | 15,433 | $ | 29,456 | $ | 35,864 | ||||||||||||||
Net cash used for investing activities | (10,477) | (24,449) | (21,524) | |||||||||||||||||
Net cash provided by (used for) financing activities | 1,361 | (6,045) | (12,669) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 6,317 | $ | (1,038) | $ | 1,671 |
![]() | MD&A | 46 |
Non-GAAP adjustment or measure | Definition | Usefulness to management and investors | ||||||
NAND memory business | We completed the first closing of the divestiture of our NAND memory business to SK hynix on December 29, 2021 and fully deconsolidated our ongoing interests in the NAND OpCo Business in the first quarter of 2022. | We exclude the impact of our NAND memory business in certain non-GAAP measures. While the second closing of the sale is still pending and subject to closing conditions, we deconsolidated this business in Q1 2022 and management does not view the historical results of the business as a part of our core operations. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model and how management currently evaluates core operational performance. In making these adjustments, we have not made any changes to our methods for measuring and calculating revenue or other financial statement amounts. |
![]() | MD&A | 47 |
![]() | MD&A | 48 |
Years Ended (In Millions, Except Per Share Amounts) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||||||||||||||
Net revenue | $ | 63,054 | $ | 79,024 | $ | 77,867 | |||||||||||
NAND memory business | — | (4,306) | (4,967) | ||||||||||||||
Non-GAAP net revenue | $ | 63,054 | $ | 74,718 | $ | 72,900 | |||||||||||
Gross margin percentage | 42.6 | % | 55.4 | % | 56.0 | % | |||||||||||
Acquisition-related adjustments | 2.1 | % | 1.6 | % | 1.6 | % | |||||||||||
Share-based compensation | 1.0 | % | 0.4 | % | 0.4 | % | |||||||||||
Patent settlement | 0.3 | % | — | % | — | % | |||||||||||
Optane inventory impairment | 1.1 | % | — | % | — | % | |||||||||||
NAND memory business | — | % | 0.6 | % | 1.8 | % | |||||||||||
Non-GAAP gross margin percentage | 47.3 | % | 58.1 | % | 59.8 | % | |||||||||||
Earnings per share—diluted1 | $ | 1.94 | $ | 4.86 | $ | 4.94 | |||||||||||
Acquisition-related adjustments | 0.37 | 0.36 | 0.33 | ||||||||||||||
Share-based compensation | 0.76 | 0.50 | 0.44 | ||||||||||||||
Patent settlement | 0.05 | — | — | ||||||||||||||
Optane inventory impairment | 0.18 | — | — | ||||||||||||||
Restructuring and other charges | — | 0.64 | 0.05 | ||||||||||||||
(Gains) losses on equity investments, net | (1.04) | (0.67) | (0.45) | ||||||||||||||
(Gains) losses from divestiture | (0.28) | — | — | ||||||||||||||
NAND memory business | — | (0.33) | (0.22) | ||||||||||||||
Tax Reform | (0.20) | — | — | ||||||||||||||
Income tax effects | 0.06 | (0.06) | (0.03) | ||||||||||||||
Non-GAAP earnings per share—diluted | $ | 1.84 | $ | 5.30 | $ | 5.06 |
![]() | MD&A | 49 |
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | Dec 28, 2019 | Dec 29, 2018 | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 15,433 | $ | 29,456 | $ | 35,864 | $ | 32,618 | $ | 29,757 | ||||||||||||||||||||||
Net additions to property, plant, and equipment | (23,724) | (18,567) | (14,086) | (15,948) | (14,649) | |||||||||||||||||||||||||||
Payments on finance leases | (345) | — | — | — | — | |||||||||||||||||||||||||||
Sale of equity investment | 4,561 | — | — | — | — | |||||||||||||||||||||||||||
Adjusted free cash flow | $ | (4,075) | $ | 10,889 | $ | 21,778 | $ | 16,670 | $ | 15,108 | ||||||||||||||||||||||
Net cash used for investing activities | $ | (10,477) | $ | (24,449) | $ | (21,524) | $ | (13,579) | $ | (11,638) | ||||||||||||||||||||||
Net cash provided by (used for) financing activities | $ | 1,361 | $ | (6,045) | $ | (12,669) | $ | (17,864) | $ | (18,533) |
![]() | MD&A | 50 |
Other Key Information | |||||
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(Square Feet in Millions) | United States | Other Countries | Total | |||||||||||||||||
Owned facilities | 34 | 25 | 59 | |||||||||||||||||
Leased facilities | 1 | 5 | 6 | |||||||||||||||||
Total facilities | 35 | 30 | 65 |
![]() | Other Key Information | 67 |
Years Ended | Dec 30, 2017 | Dec 29, 2018 | Dec 28, 2019 | Dec 26, 2020 | Dec 25, 2021 | Dec 31, 2022 | ||||||||||||||||||||||||||||||||
Intel Corporation | $ | 100 | $ | 104 | $ | 137 | $ | 110 | $ | 123 | $ | 66 | ||||||||||||||||||||||||||
S&P 100 Index | $ | 100 | $ | 95 | $ | 128 | $ | 152 | $ | 199 | $ | 158 | ||||||||||||||||||||||||||
S&P 500 Index | $ | 100 | $ | 95 | $ | 126 | $ | 147 | $ | 190 | $ | 157 | ||||||||||||||||||||||||||
S&P 500 IT Index | $ | 100 | $ | 99 | $ | 150 | $ | 214 | $ | 289 | $ | 208 | ||||||||||||||||||||||||||
SOX Index | $ | 100 | $ | 93 | $ | 154 | $ | 232 | $ | 336 | $ | 219 |
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Christoph Schell | 51 | Mr. Schell has been our Executive Vice President and Chief Commercial Officer since March 2022. In his role, he oversees Intel’s global sales, business management, marketing, communications, corporate planning, customer support, and customer success teams, leading the company’s efforts to foster innovative go-to-market approaches that broaden Intel’s business opportunities and deepen customer and partner relationships and outcomes worldwide. Prior to joining Intel, Mr. Schell served as the Chief Commercial Officer of HP Inc., an American multinational information technology company, from November 2019 to March 2022. During his 25 years with HP, Mr. Schell held various senior management roles across the globe, including President of 3D Printing and Digital Manufacturing from November 2018 to October 2019 and President of the Americas region from November 2015 to November 2018. Prior to rejoining HP in 2014, Mr. Schell served as Executive Vice President of Growth Markets for Philips, a lighting solutions company, where he led the lighting business across Asia Pacific, Japan, Africa, Russia, India, Central Asia, and the Middle East. He started his career in his family’s distribution and industrial solutions company before working in brand management at Procter & Gamble. | ||||||||||||
Executive Vice President and Chief Commercial Officer, Sales, Marketing and Communications | ||||||||||||||
David Zinsner | 54 | Mr. Zinsner has been our Executive Vice President and Chief Financial Officer since January 2022, overseeing our global finance organization. He joined Intel from Micron Technology, Inc., a manufacturer of memory and storage products, where he most recently served as Executive Vice President and Chief Financial Officer. From February 2018 to October 2021, he served as Senior Vice President and Chief Financial Officer of Micron. From April 2017 to February 2018, he served as President and Chief Operating Officer of Affirmed Networks, Inc. From January 2009 to April 2017, he served as Senior Vice President of Finance and Chief Financial Officer of Analog Devices, Inc. From July 2005 to January 2009, Mr. Zinsner served as Senior Vice President and Chief Financial Officer of Intersil Corporation. | ||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
![]() | Other Key Information | 71 |
Index to Consolidated Financial Statements | Page | ||||||||||
Reports of Independent Registered Public Accounting Firm | (PCAOB ID: 42) | ||||||||||
Consolidated Statements of Income | |||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||
Consolidated Balance Sheets | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
Consolidated Statements of Stockholders' Equity | |||||||||||
Notes to Consolidated Financial Statements | |||||||||||
Basis | |||||||||||
Note 1: Basis of Presentation | |||||||||||
Note 2: Accounting Policies | |||||||||||
Performance and Operations | |||||||||||
Note 3: Operating Segments | |||||||||||
Note 4: Non-Controlling Interests | |||||||||||
Note 5: Earnings Per Share | |||||||||||
Note 6: Other Financial Statement Details | |||||||||||
Note 7: Restructuring and Other Charges | |||||||||||
Note 8: Income Taxes | |||||||||||
Investments, Long-Term Assets, and Debt | |||||||||||
Note 9: Investments | |||||||||||
Note 10: Acquisitions and Divestitures | |||||||||||
Note 11: Goodwill | |||||||||||
Note 12: Identified Intangible Assets | |||||||||||
Note 13: Borrowings | |||||||||||
Note 14: Fair Value | |||||||||||
Risk Management and Other | |||||||||||
Note 15: Other Comprehensive Income (Loss) | |||||||||||
Note 16: Derivative Financial Instruments | |||||||||||
Note 17: Retirement Benefit Plans | |||||||||||
Note 18: Employee Equity Incentive Plans | |||||||||||
Note 19: Commitments and Contingencies | |||||||||||
Key Terms | |||||||||||
Index to Supplemental Details | |||||||||||
Controls and Procedures | |||||||||||
Exhibits | |||||||||||
Form 10-K Cross-Reference Index |
![]() | 72 |
Report of Independent Registered Public Accounting Firm | |||||
![]() | Auditor's Reports | 73 |
Inventory Valuation | ||||||||
Description of the Matter | The Company's net inventory totaled $13.2 billion as of December 31, 2022, representing 7.3% of total assets. As explained in "Note 2: Accounting Policies" within the Consolidated Financial Statements, the Company computes inventory cost on a first-in, first-out basis, and applies judgment in determining saleability of products and the valuation of inventories. The Company assesses inventory at each reporting date in order to assert that it is recorded at net realizable value, giving consideration to, among other factors: whether the products have achieved the substantive engineering milestones to qualify for sale to customers; the determination of normal capacity levels in its manufacturing process to determine which manufacturing overhead costs can be included in the valuation of inventory; whether the product is valued at the lower of cost or net realizable value; and the estimation of excess and obsolete inventory or that which is not of saleable quality. | |||||||
Auditing management's assessment of net realizable value for inventory was challenging because the determination of lower of cost or net realizable value and excess and obsolete inventory reserves is judgmental and considers a number of factors that are affected by market and economic conditions, such as customer forecasts, dynamic pricing environments, and industry supply and demand. Additionally, for certain new product launches there is limited historical data with which to evaluate forecasts. | ||||||||
How We Addressed the Matter in Our Audit | We evaluated and tested the design and operating effectiveness of the Company's internal controls over the costing of inventory, the determination of whether inventory is of saleable quality, the calculation of lower of cost or net realizable value reserves including related estimated costs and selling prices, and the determination of demand forecasts and related application against on hand inventory. | |||||||
Our audit procedures included, among others, testing the significant assumptions (e.g., estimated product costs and selling prices, and product demand forecasts) and the underlying data used in management's inventory valuation assessment. We compared the significant assumptions used by management to current industry and economic trends. We assessed whether there were any potential sources of contrary information, including historical forecast accuracy or history of significant revisions to previously recorded inventory valuation adjustments, and performed sensitivity analyses over significant assumptions to evaluate the changes in inventory valuation that would result from changes in the assumptions. |
![]() | Auditor's Reports | 74 |
Report of Independent Registered Public Accounting Firm | |||||
![]() | Auditor's Reports | 75 |
Consolidated Statements of Income | |||||
Years Ended (In Millions, Except Per Share Amounts) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Net revenue | $ | 63,054 | $ | 79,024 | $ | 77,867 | ||||||||||||||
Cost of sales | 36,188 | 35,209 | 34,255 | |||||||||||||||||
Gross margin | 26,866 | 43,815 | 43,612 | |||||||||||||||||
Research and development | 17,528 | 15,190 | 13,556 | |||||||||||||||||
Marketing, general and administrative | 7,002 | 6,543 | 6,180 | |||||||||||||||||
Restructuring and other charges | 2 | 2,626 | 198 | |||||||||||||||||
Operating expenses | 24,532 | 24,359 | 19,934 | |||||||||||||||||
Operating income | 2,334 | 19,456 | 23,678 | |||||||||||||||||
Gains (losses) on equity investments, net | 4,268 | 2,729 | 1,904 | |||||||||||||||||
Interest and other, net | 1,166 | (482) | (504) | |||||||||||||||||
Income before taxes | 7,768 | 21,703 | 25,078 | |||||||||||||||||
Provision for (benefit from) taxes | (249) | 1,835 | 4,179 | |||||||||||||||||
Net income | 8,017 | 19,868 | 20,899 | |||||||||||||||||
Less: Net income attributable to non-controlling interests | 3 | — | — | |||||||||||||||||
Net income attributable to Intel | $ | 8,014 | $ | 19,868 | $ | 20,899 | ||||||||||||||
Earnings per share attributable to Intel—basic | $ | 1.95 | $ | 4.89 | $ | 4.98 | ||||||||||||||
Earnings per share attributable to Intel—diluted | $ | 1.94 | $ | 4.86 | $ | 4.94 | ||||||||||||||
Weighted average shares of common stock outstanding: | ||||||||||||||||||||
Basic | 4,108 | 4,059 | 4,199 | |||||||||||||||||
Diluted | 4,123 | 4,090 | 4,232 |
![]() | Financial Statements | Consolidated Statements of Income | 76 |
Consolidated Statements of Comprehensive Income | |||||
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Net income | $ | 8,017 | $ | 19,868 | $ | 20,899 | ||||||||||||||
Changes in other comprehensive income, net of tax: | ||||||||||||||||||||
Net unrealized holding gains (losses) on derivatives | (510) | (520) | 677 | |||||||||||||||||
Actuarial valuation and other pension benefits (expenses), net | 855 | 451 | (183) | |||||||||||||||||
Translation adjustments and other | (27) | (60) | 35 | |||||||||||||||||
Other comprehensive income (loss) | 318 | (129) | 529 | |||||||||||||||||
Total comprehensive income | 8,335 | 19,739 | 21,428 | |||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | 3 | — | — | |||||||||||||||||
Total comprehensive income attributable to Intel | $ | 8,332 | $ | 19,739 | $ | 21,428 |
![]() | Financial Statements | Consolidated Statements of Comprehensive Income | 77 |
Consolidated Balance Sheets | |||||
(In Millions, Except Par Value) | Dec 31, 2022 | Dec 25, 2021 | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 11,144 | $ | 4,827 | ||||||||||
Short-term investments | 17,194 | 24,426 | ||||||||||||
Accounts receivable, net | 4,133 | 9,457 | ||||||||||||
Inventories | 13,224 | 10,776 | ||||||||||||
Assets held for sale | 45 | 6,942 | ||||||||||||
Other current assets | 4,667 | 2,130 | ||||||||||||
Total current assets | 50,407 | 58,558 | ||||||||||||
Property, plant and equipment, net | 80,860 | 63,245 | ||||||||||||
Equity investments | 5,912 | 6,298 | ||||||||||||
Goodwill | 27,591 | 26,963 | ||||||||||||
Identified intangible assets, net | 6,018 | 7,270 | ||||||||||||
Other long-term assets | 11,315 | 6,072 | ||||||||||||
Total assets | $ | 182,103 | $ | 168,406 | ||||||||||
Liabilities and stockholders' equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term debt | $ | 4,367 | $ | 4,591 | ||||||||||
Accounts payable | 9,595 | 5,747 | ||||||||||||
Accrued compensation and benefits | 4,084 | 4,535 | ||||||||||||
Income taxes payable | 2,251 | 1,076 | ||||||||||||
Other accrued liabilities | 11,858 | 11,513 | ||||||||||||
Total current liabilities | 32,155 | 27,462 | ||||||||||||
Debt | 37,684 | 33,510 | ||||||||||||
Long-term income taxes payable | 3,796 | 4,305 | ||||||||||||
Deferred income taxes | 202 | 2,667 | ||||||||||||
Other long-term liabilities | 4,980 | 5,071 | ||||||||||||
Commitments and Contingencies (Note 19) | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Preferred stock, $0.001 par value, 50 shares authorized; none issued | — | — | ||||||||||||
Common stock, $0.001 par value, 10,000 shares authorized; 4,137 shares issued and outstanding (4,070 issued and outstanding in 2021) and capital in excess of par value | 31,580 | 28,006 | ||||||||||||
Accumulated other comprehensive income (loss) | (562) | (880) | ||||||||||||
Retained earnings | 70,405 | 68,265 | ||||||||||||
Total Intel stockholders' equity | 101,423 | 95,391 | ||||||||||||
Non-controlling interests | 1,863 | — | ||||||||||||
Total stockholders’ equity | 103,286 | 95,391 | ||||||||||||
Total liabilities and stockholders' equity | $ | 182,103 | $ | 168,406 |
![]() | Financial Statements | Consolidated Balance Sheets | 78 |
Consolidated Statements of Cash Flows | |||||
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Cash and cash equivalents, beginning of period | $ | 4,827 | $ | 5,865 | $ | 4,194 | ||||||||||||||
Cash flows provided by (used for) operating activities: | ||||||||||||||||||||
Net income | 8,017 | 19,868 | 20,899 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation | 11,128 | 9,953 | 10,482 | |||||||||||||||||
Share-based compensation | 3,128 | 2,036 | 1,854 | |||||||||||||||||
Restructuring and other charges | 1,074 | 2,626 | 198 | |||||||||||||||||
Amortization of intangibles | 1,907 | 1,839 | 1,757 | |||||||||||||||||
(Gains) losses on equity investments, net | (4,254) | (1,458) | (1,757) | |||||||||||||||||
(Gains) losses on divestitures | (1,059) | — | (30) | |||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Accounts receivable | 5,327 | (2,674) | 883 | |||||||||||||||||
Inventories | (2,436) | (2,339) | (687) | |||||||||||||||||
Accounts payable | (29) | 1,190 | 405 | |||||||||||||||||
Accrued compensation and benefits | (1,533) | 515 | 348 | |||||||||||||||||
Prepaid customer supply agreements | (24) | (1,583) | (181) | |||||||||||||||||
Income taxes | (4,535) | (441) | 1,620 | |||||||||||||||||
Other assets and liabilities | (1,278) | (76) | 73 | |||||||||||||||||
Total adjustments | 7,416 | 9,588 | 14,965 | |||||||||||||||||
Net cash provided by operating activities | 15,433 | 29,456 | 35,864 | |||||||||||||||||
Cash flows provided by (used for) investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (24,844) | (18,733) | (14,259) | |||||||||||||||||
Additions to held for sale NAND property, plant and equipment | (206) | (1,596) | (194) | |||||||||||||||||
Purchase of short-term investments | (43,647) | (40,554) | (29,239) | |||||||||||||||||
Maturities and sales of short-term investments | 48,730 | 35,299 | 22,158 | |||||||||||||||||
Purchases of equity investments | (510) | (613) | (720) | |||||||||||||||||
Sales of equity investments | 4,961 | 581 | 910 | |||||||||||||||||
Proceeds from divestitures | 6,579 | — | 123 | |||||||||||||||||
Other investing | (1,540) | 1,167 | (303) | |||||||||||||||||
Net cash used for investing activities | (10,477) | (24,449) | (21,524) | |||||||||||||||||
Cash flows provided by (used for) financing activities: | ||||||||||||||||||||
Issuance of commercial paper, net of issuance costs | 3,945 | — | — | |||||||||||||||||
Payments on finance leases | (345) | — | — | |||||||||||||||||
Partner contributions | 874 | — | — | |||||||||||||||||
Proceeds from Mobileye IPO | 1,032 | — | — | |||||||||||||||||
Issuance of term debt, net of issuance costs | 6,548 | 4,974 | 10,247 | |||||||||||||||||
Repayment of term debt and debt conversions | (4,984) | (2,500) | (4,525) | |||||||||||||||||
Proceeds from sales of common stock through employee equity incentive plans | 977 | 1,020 | 897 | |||||||||||||||||
Repurchase of common stock | — | (2,415) | (14,229) | |||||||||||||||||
Payment of dividends to stockholders | (5,997) | (5,644) | (5,568) | |||||||||||||||||
Other financing | (689) | (1,480) | 509 | |||||||||||||||||
Net cash provided by (used for) financing activities | 1,361 | (6,045) | (12,669) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 6,317 | (1,038) | 1,671 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 11,144 | $ | 4,827 | $ | 5,865 | ||||||||||||||
Supplemental disclosures: | ||||||||||||||||||||
Acquisition of property, plant and equipment included in accounts payable and accrued liabilities | $ | 5,431 | $ | 1,619 | $ | 2,973 | ||||||||||||||
Cash paid during the year for: | ||||||||||||||||||||
Interest, net of capitalized interest | $ | 459 | $ | 545 | $ | 594 | ||||||||||||||
Income taxes, net of refunds | $ | 4,282 | $ | 2,263 | $ | 2,436 | ||||||||||||||
![]() | Financial Statements | Consolidated Statements of Cash Flows | 79 |
Consolidated Statements of Stockholders' Equity | |||||
Common Stock and Capital in Excess of Par Value | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Non-Controlling Interests | Total | ||||||||||||||||||||||||||||||||||
(In Millions, Except Per Share Amounts) | Number of Shares | Amount | ||||||||||||||||||||||||||||||||||||
Balance as of December 28, 2019 | 4,290 | $ | 25,261 | $ | (1,280) | $ | 53,523 | — | $ | 77,504 | ||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 20,899 | — | 20,899 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | 529 | — | — | 529 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 21,428 | |||||||||||||||||||||||||||||||||||||
Employee equity incentive plans and other | 55 | 1,018 | — | — | — | 1,018 | ||||||||||||||||||||||||||||||||
Share-based compensation | — | 1,854 | — | — | — | 1,854 | ||||||||||||||||||||||||||||||||
Temporary equity reduction | — | 155 | — | — | — | 155 | ||||||||||||||||||||||||||||||||
Convertible debt | — | (750) | — | — | — | (750) | ||||||||||||||||||||||||||||||||
Repurchase of common stock | (275) | (1,628) | — | (12,481) | — | (14,109) | ||||||||||||||||||||||||||||||||
Restricted stock unit withholdings | (8) | (354) | — | (140) | — | (494) | ||||||||||||||||||||||||||||||||
Cash dividends declared ($1.32 per share of common stock) | — | — | — | (5,568) | — | (5,568) | ||||||||||||||||||||||||||||||||
Balance as of December 26, 2020 | 4,062 | 25,556 | (751) | 56,233 | — | 81,038 | ||||||||||||||||||||||||||||||||
Adjustment to opening balance from change in accounting principle | 35 | 35 | ||||||||||||||||||||||||||||||||||||
Opening balance as of December 27, 2020 | 4,062 | 25,556 | (751) | 56,268 | — | 81,073 | ||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 19,868 | — | 19,868 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | (129) | — | — | (129) | ||||||||||||||||||||||||||||||||
Total comprehensive income | 19,739 | |||||||||||||||||||||||||||||||||||||
Employee equity incentive plans and other | 54 | 1,022 | — | — | — | 1,022 | ||||||||||||||||||||||||||||||||
Share-based compensation | — | 2,036 | — | — | — | 2,036 | ||||||||||||||||||||||||||||||||
Repurchase of common stock | (40) | (249) | — | (2,166) | — | (2,415) | ||||||||||||||||||||||||||||||||
Restricted stock unit withholdings | (6) | (359) | — | (61) | — | (420) | ||||||||||||||||||||||||||||||||
Cash dividends declared ($1.39 per share of common stock) | — | — | — | (5,644) | — | (5,644) | ||||||||||||||||||||||||||||||||
Balance as of December 25, 2021 | 4,070 | 28,006 | (880) | 68,265 | — | 95,391 | ||||||||||||||||||||||||||||||||
Components of comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 8,014 | 3 | 8,017 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | 318 | — | — | 318 | ||||||||||||||||||||||||||||||||
Total comprehensive income | 8,335 | |||||||||||||||||||||||||||||||||||||
Net proceeds received from IPO and partner contributions | — | 75 | — | — | 1,831 | 1,906 | ||||||||||||||||||||||||||||||||
Employee equity incentive plans and other | 79 | 1,009 | — | — | — | 1,009 | ||||||||||||||||||||||||||||||||
Share-based compensation | — | 3,099 | — | — | 29 | 3,128 | ||||||||||||||||||||||||||||||||
Restricted stock unit withholdings | (12) | (609) | — | 123 | — | (486) | ||||||||||||||||||||||||||||||||
Cash dividends declared ($1.46 per share of common stock) | — | — | — | (5,997) | — | (5,997) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 4,137 | $ | 31,580 | $ | (562) | $ | 70,405 | $ | 1,863 | $ | 103,286 |
![]() | Financial Statements | Consolidated Statements of Stockholders' Equity | 80 |
Notes to Consolidated Financial Statements | |||||
Note 1 : | Basis of Presentation |
Note 2 : | Accounting Policies |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 81 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 82 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 83 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 84 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 85 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 86 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 87 |
Note 3 : | Operating Segments |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 88 |
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Operating segment revenue: | ||||||||||||||||||||
Client Computing | ||||||||||||||||||||
Desktop | $ | 10,661 | $ | 12,437 | $ | 11,179 | ||||||||||||||
Notebook | 18,783 | 25,443 | 24,897 | |||||||||||||||||
Other | 2,264 | 3,187 | 4,459 | |||||||||||||||||
31,708 | 41,067 | 40,535 | ||||||||||||||||||
Data Center and AI | 19,196 | 22,691 | 23,413 | |||||||||||||||||
Network and Edge | 8,873 | 7,976 | 7,132 | |||||||||||||||||
Mobileye | 1,869 | 1,386 | 967 | |||||||||||||||||
Accelerated Computing Systems and Graphics | 837 | 774 | 651 | |||||||||||||||||
Intel Foundry Services | 895 | 786 | 715 | |||||||||||||||||
All other | 196 | 5,019 | 5,091 | |||||||||||||||||
Total operating segment revenue | $ | 63,574 | $ | 79,699 | $ | 78,504 | ||||||||||||||
Operating income (loss): | ||||||||||||||||||||
Client Computing | $ | 6,266 | $ | 15,704 | $ | 15,800 | ||||||||||||||
Data Center and AI | 2,288 | 8,439 | 11,076 | |||||||||||||||||
Network and Edge | 740 | 1,711 | 846 | |||||||||||||||||
Mobileye | 690 | 554 | 323 | |||||||||||||||||
Accelerated Computing Systems and Graphics | (1,716) | (1,207) | (403) | |||||||||||||||||
Intel Foundry Services | (320) | (23) | 45 | |||||||||||||||||
All other | (5,614) | (5,722) | (4,009) | |||||||||||||||||
Total operating income | $ | 2,334 | $ | 19,456 | $ | 23,678 |
Total operating segment revenue | $ | 63,574 | $ | 79,699 | $ | 78,504 | ||||||||||||||
Less: Accelerated Computing Systems and Graphics intersegment revenue | (520) | (675) | (637) | |||||||||||||||||
Total net revenue | $ | 63,054 | $ | 79,024 | $ | 77,867 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 89 |
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
China | $ | 17,125 | $ | 22,961 | $ | 20,257 | ||||||||||||||
Singapore | 9,664 | 18,096 | 17,845 | |||||||||||||||||
United States | 16,529 | 14,322 | 16,573 | |||||||||||||||||
Taiwan | 8,287 | 11,418 | 11,605 | |||||||||||||||||
Other regions | 11,449 | 12,227 | 11,587 | |||||||||||||||||
Total net revenue | $ | 63,054 | $ | 79,024 | $ | 77,867 |
Note 4 : | Non-Controlling Interests |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 90 |
Note 5 : | Earnings Per Share |
Years Ended (In Millions, Except Per Share Amounts) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Net income | $ | 8,017 | $ | 19,868 | $ | 20,899 | ||||||||||||||
Less: Net income attributable to non-controlling interests | 3 | — | — | |||||||||||||||||
Net income attributable to Intel | $ | 8,014 | $ | 19,868 | $ | 20,899 | ||||||||||||||
Weighted average shares of common stock outstanding—basic | 4,108 | 4,059 | 4,199 | |||||||||||||||||
Dilutive effect of employee incentive plans | 15 | 31 | 33 | |||||||||||||||||
Weighted average shares of common stock outstanding—diluted | 4,123 | 4,090 | 4,232 | |||||||||||||||||
Earnings per share attributable to Intel—basic | $ | 1.95 | $ | 4.89 | $ | 4.98 | ||||||||||||||
Earnings per share attributable to Intel—diluted | $ | 1.94 | $ | 4.86 | $ | 4.94 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 91 |
Note 6 : | Other Financial Statement Details |
(In Millions) | Dec 31, 2022 | Dec 25, 2021 | ||||||||||||
Raw materials | $ | 1,517 | $ | 1,441 | ||||||||||
Work in process | 7,565 | 6,656 | ||||||||||||
Finished goods | 4,142 | 2,679 | ||||||||||||
Total inventories | $ | 13,224 | $ | 10,776 |
(In Millions) | Dec 31, 2022 | Dec 25, 2021 | ||||||||||||
Land and buildings | $ | 44,808 | $ | 40,039 | ||||||||||
Machinery and equipment | 92,711 | 86,955 | ||||||||||||
Construction in progress | 36,727 | 21,545 | ||||||||||||
Total property, plant and equipment, gross | 174,246 | 148,539 | ||||||||||||
Less: Accumulated depreciation | (93,386) | (85,294) | ||||||||||||
Total property, plant and equipment, net | $ | 80,860 | $ | 63,245 |
(In Millions) | Dec 31, 2022 | Dec 25, 2021 | ||||||||||||
United States | $ | 53,681 | $ | 43,428 | ||||||||||
Ireland | 13,179 | 7,503 | ||||||||||||
Israel | 7,908 | 7,754 | ||||||||||||
Other countries | 6,092 | 4,560 | ||||||||||||
Total property, plant and equipment, net | $ | 80,860 | $ | 63,245 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 92 |
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Interest income | $ | 589 | $ | 144 | $ | 272 | ||||||||||||||
Interest expense | (496) | (597) | (629) | |||||||||||||||||
Other, net | 1,073 | (29) | (147) | |||||||||||||||||
Total interest and other, net | $ | 1,166 | $ | (482) | $ | (504) |
Note 7 : | Restructuring and Other Charges |
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Employee severance and benefit arrangements | $ | 1,038 | $ | 48 | $ | 124 | ||||||||||||||
Litigation charges and other | (1,187) | 2,291 | 67 | |||||||||||||||||
Asset impairment charges | 151 | 287 | 7 | |||||||||||||||||
Total restructuring and other charges | $ | 2 | $ | 2,626 | $ | 198 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 93 |
Note 8 : | Income Taxes |
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Income before taxes: | ||||||||||||||||||||
US | $ | (1,161) | $ | 9,361 | $ | 15,452 | ||||||||||||||
Non-US | 8,929 | 12,342 | 9,626 | |||||||||||||||||
Total income before taxes | 7,768 | 21,703 | 25,078 | |||||||||||||||||
Provision for (benefit from) taxes: | ||||||||||||||||||||
Current: | ||||||||||||||||||||
Federal | 4,106 | 1,304 | 1,120 | |||||||||||||||||
State | 68 | 75 | 46 | |||||||||||||||||
Non-US | 735 | 1,198 | 1,244 | |||||||||||||||||
Total current provision for (benefit from) taxes | 4,909 | 2,577 | 2,410 | |||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | (5,806) | (863) | 1,369 | |||||||||||||||||
State | (40) | (25) | 25 | |||||||||||||||||
Non-US | 688 | 146 | 375 | |||||||||||||||||
Total deferred provision for (benefit from) taxes | (5,158) | (742) | 1,769 | |||||||||||||||||
Total provision for (benefit from) taxes | $ | (249) | $ | 1,835 | $ | 4,179 | ||||||||||||||
Effective tax rate | (3.2) | % | 8.5 | % | 16.7 | % |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 94 |
(In Millions) | Dec 31, 2022 | Dec 25, 2021 | ||||||||||||
Deferred tax assets: | ||||||||||||||
R&D expenditures capitalization | $ | 5,067 | $ | 519 | ||||||||||
State credits and net operating losses | 2,259 | 2,010 | ||||||||||||
Inventory | 1,788 | 914 | ||||||||||||
Accrued compensation and other benefits | 1,031 | 1,019 | ||||||||||||
Share-based compensation | 557 | 477 | ||||||||||||
Litigation charge | 470 | 467 | ||||||||||||
Other, net | 709 | 819 | ||||||||||||
Gross deferred tax assets | 11,881 | 6,225 | ||||||||||||
Valuation allowance | (2,586) | (2,259) | ||||||||||||
Total deferred tax assets | 9,295 | 3,966 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Property, plant and equipment | (4,776) | (4,213) | ||||||||||||
Licenses and intangibles | (386) | (486) | ||||||||||||
Unrealized gains on investments and derivatives | (415) | (819) | ||||||||||||
Other, net | (470) | (241) | ||||||||||||
Total deferred tax liabilities | (6,047) | (5,759) | ||||||||||||
Net deferred tax assets (liabilities) | $ | 3,248 | $ | (1,793) | ||||||||||
Reported as: | ||||||||||||||
Deferred tax assets | 3,450 | 874 | ||||||||||||
Deferred tax liabilities | (202) | (2,667) | ||||||||||||
Net deferred tax assets (liabilities) | $ | 3,248 | $ | (1,793) |
Years Ended (In Millions) | Balance at Beginning of Year | Additions Charged to Expenses/ Other Accounts | Net (Deductions) Recoveries | Balance at End of Year | ||||||||||||||||||||||
Valuation allowance for deferred tax assets | ||||||||||||||||||||||||||
December 31, 2022 | $ | 2,259 | $ | 401 | $ | (74) | $ | 2,586 | ||||||||||||||||||
December 25, 2021 | $ | 1,963 | $ | 442 | $ | (146) | $ | 2,259 | ||||||||||||||||||
December 26, 2020 | $ | 1,534 | $ | 378 | $ | 51 | $ | 1,963 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 95 |
(In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Beginning gross unrecognized tax benefits | $ | 1,020 | $ | 828 | $ | 548 | ||||||||||||||
Settlements and effective settlements with tax authorities | (18) | (25) | (142) | |||||||||||||||||
Changes in balances related to tax position taken during prior periods | (120) | (26) | 165 | |||||||||||||||||
Changes in balances related to tax position taken during current period | 347 | 243 | 257 | |||||||||||||||||
Ending gross unrecognized tax benefits | $ | 1,229 | $ | 1,020 | $ | 828 |
Note 9 : | Investments |
(In Millions) | Fair Value | |||||||
Due in 1 year or less | $ | 12,680 | ||||||
Due in 1–2 years | 1,844 | |||||||
Due in 2–5 years | 4,139 | |||||||
Due after 5 years | 665 | |||||||
Instruments not due at a single maturity date | 7,095 | |||||||
Total | $ | 26,423 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 96 |
(In Millions) | Dec 31, 2022 | Dec 25, 2021 | ||||||||||||
Marketable equity securities1 | $ | 1,341 | $ | 2,171 | ||||||||||
Non-marketable equity securities | 4,561 | 4,111 | ||||||||||||
Equity method investments | 10 | 16 | ||||||||||||
Total | $ | 5,912 | $ | 6,298 |
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Ongoing mark-to-market adjustments on marketable equity securities | $ | (787) | $ | (130) | $ | (133) | ||||||||||||||
Observable price adjustments on non-marketable equity securities | 299 | 750 | 176 | |||||||||||||||||
Impairment charges | (190) | (154) | (303) | |||||||||||||||||
Sale of equity investments and other 1 | 4,946 | 2,263 | 2,164 | |||||||||||||||||
Total gains (losses) on equity investments, net | $ | 4,268 | $ | 2,729 | $ | 1,904 |
(In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Net unrealized gains (losses) recognized during the period on equity securities | $ | (314) | $ | 1,210 | $ | 1,679 | ||||||||||||||
Less: Net (gains) losses recognized during the period on equity securities sold during the period | 1 | (259) | (254) | |||||||||||||||||
Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date | $ | (313) | $ | 951 | $ | 1,425 |
Note 10 : | Acquisitions and Divestitures |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 97 |
(In Millions) | Dec 29, 2021 | |||||||
Inventories | $ | 941 | ||||||
Property, plant and equipment, net | 6,018 | |||||||
Total assets | $ | 6,959 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 98 |
Note 11 : | Goodwill |
(In Millions) | Dec 25, 2021 | Acquisitions | Other | Dec 31, 2022 | ||||||||||||||||||||||
Client Computing | $ | 4,237 | $ | 17 | $ | — | $ | 4,254 | ||||||||||||||||||
Data Center and AI | 8,595 | 418 | — | 9,013 | ||||||||||||||||||||||
Network and Edge | 2,774 | 35 | — | 2,809 | ||||||||||||||||||||||
Mobileye | 10,928 | — | (9) | 10,919 | ||||||||||||||||||||||
Accelerated Computing Systems and Graphics | 429 | 167 | — | 596 | ||||||||||||||||||||||
All other | — | — | — | — | ||||||||||||||||||||||
Total | $ | 26,963 | $ | 637 | $ | (9) | $ | 27,591 |
(In Millions) | Dec 26, 2020 | Acquisitions | Other | Dec 25, 2021 | ||||||||||||||||||||||
Client Computing | $ | 4,164 | $ | 73 | $ | — | $ | 4,237 | ||||||||||||||||||
Data Center and AI | 8,476 | 85 | 34 | 8,595 | ||||||||||||||||||||||
Network and Edge | 2,774 | — | — | 2,774 | ||||||||||||||||||||||
Mobileye | 10,928 | — | — | 10,928 | ||||||||||||||||||||||
Accelerated Computing Systems and Graphics | 391 | 38 | — | 429 | ||||||||||||||||||||||
All other | 238 | — | (238) | — | ||||||||||||||||||||||
Total | $ | 26,971 | $ | 196 | $ | (204) | $ | 26,963 |
(In Millions) | Dec 25, 2021 | Transfers Out | Transfers In | Dec 25, 2021 | ||||||||||||||||||||||
Client Computing | $ | 4,433 | $ | (275) | $ | 79 | $ | 4,237 | ||||||||||||||||||
Data Center Group | 7,355 | (7,355) | — | — | ||||||||||||||||||||||
Data Center and AI | — | — | 8,595 | 8,595 | ||||||||||||||||||||||
Internet of Things Group | 1,591 | (1,591) | — | — | ||||||||||||||||||||||
Network and Edge | — | — | 2,774 | 2,774 | ||||||||||||||||||||||
Mobileye | 10,928 | — | — | 10,928 | ||||||||||||||||||||||
Accelerated Computing Systems and Graphics | — | — | 429 | 429 | ||||||||||||||||||||||
Programmable Solutions Group | 2,656 | (2,656) | — | — | ||||||||||||||||||||||
Total | $ | 26,963 | $ | (11,877) | $ | 11,877 | $ | 26,963 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 99 |
Note 12 : | Identified Intangible Assets |
December 31, 2022 | December 25, 2021 | |||||||||||||||||||||||||||||||||||||
(In Millions) | Gross Assets | Accumulated Amortization | Net | Gross Assets | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||
Developed technology | $ | 10,964 | $ | (7,216) | $ | 3,748 | $ | 11,102 | $ | (6,026) | $ | 5,076 | ||||||||||||||||||||||||||
Customer relationships and brands | 1,986 | (1,114) | 872 | 2,110 | (1,063) | 1,047 | ||||||||||||||||||||||||||||||||
Licensed technology and patents | 3,219 | (1,821) | 1,398 | 2,893 | (1,746) | 1,147 | ||||||||||||||||||||||||||||||||
Total identified intangible assets | $ | 16,169 | $ | (10,151) | $ | 6,018 | $ | 16,105 | $ | (8,835) | $ | 7,270 |
Years Ended (In Millions) | Location | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | Weighted Average Useful Life1 | |||||||||||||||||||||||||||
Developed technology | Cost of sales | $ | 1,341 | $ | 1,283 | $ | 1,211 | 9 years | ||||||||||||||||||||||||
Customer relationships and brands | Marketing, general and administrative | 185 | 209 | 205 | 12 years | |||||||||||||||||||||||||||
Licensed technology and patents | Cost of sales | 381 | 347 | 341 | 12 years | |||||||||||||||||||||||||||
Total amortization expenses | $ | 1,907 | $ | 1,839 | $ | 1,757 |
(In Millions) | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Future amortization expenses | $ | 1,730 | $ | 1,297 | $ | 883 | $ | 680 | $ | 511 | $ | 917 | $ | 6,018 |
Note 13 : | Borrowings |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 100 |
Dec 31, 2022 | Dec 25, 2021 | |||||||||||||||||||
(In Millions) | Effective Interest Rate | Amount | Amount | |||||||||||||||||
Floating-rate senior note: | ||||||||||||||||||||
Three-month LIBOR plus 0.35%, due May 2022 | —% | $ | — | $ | 800 | |||||||||||||||
Fixed-rate senior notes: | ||||||||||||||||||||
2.35%, due May 2022 | —% | — | 750 | |||||||||||||||||
3.10%, due July 2022 | —% | — | 1,000 | |||||||||||||||||
4.00%, due December 2022 | —% | — | 398 | |||||||||||||||||
2.70%, due December 2022 | —% | — | 1,500 | |||||||||||||||||
4.10%, due November 2023 | —% | — | 400 | |||||||||||||||||
2.88%, due May 2024 | 2.34% | 1,250 | 1,250 | |||||||||||||||||
2.70%, due June 2024 | 2.14% | 600 | 600 | |||||||||||||||||
3.40%, due March 2025 | 3.44% | 1,500 | 1,500 | |||||||||||||||||
3.70%, due July 2025 | 3.83% | 2,250 | 2,250 | |||||||||||||||||
2.60%, due May 2026 | 2.25% | 1,000 | 1,000 | |||||||||||||||||
3.75%, due March 2027 | 3.78% | 1,000 | 1,000 | |||||||||||||||||
3.15%, due May 2027 | 2.84% | 1,000 | 1,000 | |||||||||||||||||
3.75%, due August 2027 | 3.80% | 1,250 | — | |||||||||||||||||
1.60%, due August 2028 | 1.67% | 1,000 | 1,000 | |||||||||||||||||
4.00%, due August 2029 | 4.05% | 850 | — | |||||||||||||||||
2.45%, due November 2029 | 2.38% | 2,000 | 2,000 | |||||||||||||||||
3.90%, due March 2030 | 3.92% | 1,500 | 1,500 | |||||||||||||||||
2.00%, due August 2031 | 2.02% | 1,250 | 1,250 | |||||||||||||||||
4.15%, due August 2032 | 4.17% | 1,250 | — | |||||||||||||||||
4.00%, due December 2032 | 2.20% | 750 | 750 | |||||||||||||||||
4.60%, due March 2040 | 4.59% | 750 | 750 | |||||||||||||||||
2.80%, due August 2041 | 2.81% | 750 | 750 | |||||||||||||||||
4.80%, due October 2041 | 3.70% | 802 | 802 | |||||||||||||||||
4.25%, due December 2042 | 2.32% | 567 | 567 | |||||||||||||||||
4.90%, due July 2045 | 3.80% | 772 | 772 | |||||||||||||||||
4.10%, due May 2046 | 3.03% | 1,250 | 1,250 | |||||||||||||||||
4.10%, due May 2047 | 3.00% | 1,000 | 1,000 | |||||||||||||||||
4.10%, due August 2047 | 2.54% | 640 | 640 | |||||||||||||||||
3.73%, due December 2047 | 3.31% | 1,967 | 1,967 | |||||||||||||||||
3.25%, due November 2049 | 3.19% | 2,000 | 2,000 | |||||||||||||||||
4.75%, due March 2050 | 4.73% | 2,250 | 2,250 | |||||||||||||||||
3.05%, due August 2051 | 3.06% | 1,250 | 1,250 | |||||||||||||||||
4.90%, due August 2052 | 4.88% | 1,750 | — | |||||||||||||||||
3.10%, due February 2060 | 3.10% | 1,000 | 1,000 | |||||||||||||||||
4.95%, due March 2060 | 4.98% | 1,000 | 1,000 | |||||||||||||||||
3.20%, due August 2061 | 3.20% | 750 | 750 | |||||||||||||||||
5.05%, due August 2062 | 5.03% | 900 | — |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 101 |
Dec 31, 2022 | Dec 25, 2021 | |||||||||||||||||||
(In Millions) | Effective Interest Rate | Amount | Amount | |||||||||||||||||
Oregon and Arizona bonds: | ||||||||||||||||||||
2.40% - 2.70%, due December 2035 - 2040 | 2.49% | $ | 423 | $ | 423 | |||||||||||||||
5.00%, due September 2042 | 3.41% | 131 | — | |||||||||||||||||
5.00%, due March 2049 | —% | — | 138 | |||||||||||||||||
5.00%, due June 2049 | 2.15% | 438 | 438 | |||||||||||||||||
5.00%, due September 2052 | 3.17% | 445 | — | |||||||||||||||||
Total senior notes and other borrowings | 39,285 | 37,695 | ||||||||||||||||||
Unamortized premium/discount and issuance costs | (417) | (405) | ||||||||||||||||||
Hedge accounting fair value adjustments | (761) | 811 | ||||||||||||||||||
Long-term debt | 38,107 | 38,101 | ||||||||||||||||||
Current portion of long-term debt | (423) | (4,591) | ||||||||||||||||||
Total long-term debt | $ | 37,684 | $ | 33,510 |
(In Millions) | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and thereafter | Total | |||||||||||||||||||||||||||||||||||||
$ | 423 | $ | 2,288 | $ | 3,750 | $ | 1,000 | $ | 3,826 | $ | 27,998 | $ | 39,285 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 102 |
Note 14 : | Fair Value |
December 31, 2022 | December 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measured and Recorded at Reporting Date Using | Total | Fair Value Measured and Recorded at Reporting Date Using | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(In Millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | $ | — | $ | 856 | $ | — | $ | 856 | $ | — | $ | 65 | $ | — | $ | 65 | ||||||||||||||||||||||||||||||||||
Financial institution instruments1 | 6,899 | 1,474 | — | 8,373 | 1,216 | 763 | — | 1,979 | ||||||||||||||||||||||||||||||||||||||||||
Reverse repurchase agreements | — | 1,301 | — | 1,301 | — | 1,595 | — | 1,595 | ||||||||||||||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt | — | 5,381 | — | 5,381 | — | 6,367 | — | 6,367 | ||||||||||||||||||||||||||||||||||||||||||
Financial institution instruments1 | 196 | 4,729 | — | 4,925 | 154 | 5,162 | — | 5,316 | ||||||||||||||||||||||||||||||||||||||||||
Government debt2 | 48 | 6,840 | — | 6,888 | 50 | 12,693 | — | 12,743 | ||||||||||||||||||||||||||||||||||||||||||
Other current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
— | 1,264 | — | 1,264 | 80 | 576 | — | 656 | |||||||||||||||||||||||||||||||||||||||||||
Loans receivable3 | — | 53 | — | 53 | — | 152 | — | 152 | ||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities4 | 1,341 | — | — | 1,341 | 1,854 | 317 | — | 2,171 | ||||||||||||||||||||||||||||||||||||||||||
Other long-term assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
— | 10 | — | 10 | — | 772 | 7 | 779 | |||||||||||||||||||||||||||||||||||||||||||
Loans receivable3 | — | — | — | — | — | 57 | — | 57 | ||||||||||||||||||||||||||||||||||||||||||
Total assets measured and recorded at fair value | $ | 8,484 | $ | 21,908 | $ | — | $ | 30,392 | $ | 3,354 | $ | 28,519 | $ | 7 | $ | 31,880 | ||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other accrued liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 111 | $ | 485 | $ | 89 | $ | 685 | $ | 4 | $ | 516 | $ | — | $ | 520 | |||||||||||||||||||||||||||||||||||
Other long-term liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
— | 699 | — | 699 | — | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities measured and recorded at fair value | $ | 111 | $ | 1,184 | $ | 89 | $ | 1,384 | $ | 4 | $ | 525 | $ | — | $ | 529 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 103 |
Note 15 : | Other Comprehensive Income (Loss) |
(In Millions) | Unrealized Holding Gains (Losses) on Derivatives | Actuarial Valuation and Other Pension Expenses | Translation Adjustments and Other | Total | ||||||||||||||||||||||
December 28, 2019 | $ | 54 | $ | (1,382) | $ | 48 | $ | (1,280) | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 806 | (323) | 55 | 538 | ||||||||||||||||||||||
Amounts reclassified out of accumulated other comprehensive income (loss) | (8) | 89 | (11) | 70 | ||||||||||||||||||||||
Tax effects | (121) | 51 | (9) | (79) | ||||||||||||||||||||||
Other comprehensive income (loss) | 677 | (183) | 35 | 529 | ||||||||||||||||||||||
December 26, 2020 | 731 | (1,565) | 83 | (751) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (434) | 476 | (58) | (16) | ||||||||||||||||||||||
Amounts reclassified out of accumulated other comprehensive income (loss) | (226) | 101 | (19) | (144) | ||||||||||||||||||||||
Tax effects | 140 | (126) | 17 | 31 | ||||||||||||||||||||||
Other comprehensive income (loss) | (520) | 451 | (60) | (129) | ||||||||||||||||||||||
December 25, 2021 | 211 | (1,114) | 23 | (880) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (910) | 923 | (28) | (15) | ||||||||||||||||||||||
Amounts reclassified out of accumulated other comprehensive income (loss) | 410 | 82 | (6) | 486 | ||||||||||||||||||||||
Tax effects | (10) | (150) | 7 | (153) | ||||||||||||||||||||||
Other comprehensive income (loss) | (510) | 855 | (27) | 318 | ||||||||||||||||||||||
December 31, 2022 | $ | (299) | $ | (259) | $ | (4) | $ | (562) | ||||||||||||||||||
![]() | Financial Statements | Notes to Consolidated Financial Statements | 104 |
Note 16 : | Derivative Financial Instruments |
(In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Foreign currency contracts | $ | 31,603 | $ | 38,024 | $ | 31,209 | ||||||||||||||
Interest rate contracts | 16,011 | 15,209 | 14,461 | |||||||||||||||||
Other | 2,094 | 2,517 | 2,026 | |||||||||||||||||
Total | $ | 49,708 | $ | 55,750 | $ | 47,696 |
December 31, 2022 | December 25, 2021 | |||||||||||||||||||||||||
(In Millions) | Assets1 | Liabilities2 | Assets1 | Liabilities2 | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||
Foreign currency contracts3 | $ | 142 | $ | 290 | $ | 80 | $ | 163 | ||||||||||||||||||
Interest rate contracts | — | 777 | 774 | — | ||||||||||||||||||||||
Total derivatives designated as hedging instruments | 142 | 1,067 | 854 | 163 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Foreign currency contracts3 | 866 | 194 | 475 | 297 | ||||||||||||||||||||||
Interest rate contracts | 266 | 12 | 26 | 65 | ||||||||||||||||||||||
Equity contracts | — | 111 | 80 | 4 | ||||||||||||||||||||||
Total derivatives not designated as hedging instruments | 1,132 | 317 | 581 | 366 | ||||||||||||||||||||||
Total derivatives | $ | 1,274 | $ | 1,384 | $ | 1,435 | $ | 529 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Balance Sheet | ||||||||||||||||||||||||||||||||||||||
(In Millions) | Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | Financial Instruments | Cash and Non-Cash Collateral Received or Pledged | Net Amount | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Derivative assets subject to master netting arrangements | $ | 1,231 | $ | — | $ | 1,231 | $ | (546) | $ | (682) | $ | 3 | ||||||||||||||||||||||||||
Reverse repurchase agreements | 1,701 | — | 1,701 | — | (1,701) | — | ||||||||||||||||||||||||||||||||
Total assets | 2,932 | — | 2,932 | (546) | (2,383) | 3 | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Derivative liabilities subject to master netting arrangements | 1,337 | — | 1,337 | (546) | (712) | 79 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,337 | $ | — | $ | 1,337 | $ | (546) | $ | (712) | $ | 79 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 105 |
December 25, 2021 | ||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Balance Sheet | ||||||||||||||||||||||||||||||||||||||
(In Millions) | Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | Financial Instruments | Cash and Non-Cash Collateral Received or Pledged | Net Amount | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Derivative assets subject to master netting arrangements | $ | 1,427 | $ | — | $ | 1,427 | $ | (332) | $ | (986) | $ | 109 | ||||||||||||||||||||||||||
Reverse repurchase agreements | 1,595 | — | 1,595 | — | (1,595) | — | ||||||||||||||||||||||||||||||||
Total assets | 3,022 | — | 3,022 | (332) | (2,581) | 109 | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Derivative liabilities subject to master netting arrangements | 392 | — | 392 | (332) | (60) | — | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 392 | $ | — | $ | 392 | $ | (332) | $ | (60) | $ | — |
Gains (Losses) Recognized in Statement of Income on Derivatives | ||||||||||||||||||||
Years Ended (In Millions) | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | |||||||||||||||||
Interest rate contracts | $ | (1,551) | $ | (723) | $ | 817 | ||||||||||||||
Hedged items | 1,551 | 723 | (817) | |||||||||||||||||
$ | — | $ | — | $ | — |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 106 |
Years Ended (In Millions) | Location of Gains (Losses) Recognized in Income on Derivatives | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||||||||||||||||||||||
Interest and other, net | $ | 1,492 | $ | 677 | $ | (572) | ||||||||||||||||||||
Interest and other, net | 309 | 31 | (90) | |||||||||||||||||||||||
Other | Various | (502) | 360 | 284 | ||||||||||||||||||||||
Total | $ | 1,299 | $ | 1,068 | $ | (378) |
Note 17 : | Retirement Benefit Plans |
(In Millions) | 2023 | 2024 | 2025 | 2026 | 2027 | 2028-2032 | ||||||||||||||||||||||||||||||||
Postretirement medical benefits | $ | 40 | $ | 41 | $ | 41 | $ | 43 | $ | 44 | $ | 222 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 107 |
(In Millions) | Dec 31, 2022 | Dec 25, 2021 | ||||||||||||
Changes in projected benefit obligation: | ||||||||||||||
Beginning projected benefit obligation | $ | 4,456 | $ | 4,929 | ||||||||||
Service cost | 58 | 54 | ||||||||||||
Interest cost | 91 | 91 | ||||||||||||
Actuarial (gain) loss | (1,500) | (284) | ||||||||||||
Currency exchange rate changes | (233) | (150) | ||||||||||||
Plan settlements | (96) | (126) | ||||||||||||
Other | (71) | (58) | ||||||||||||
Ending projected benefit obligation1 | 2,705 | 4,456 | ||||||||||||
Changes in fair value of plan assets: | ||||||||||||||
Beginning fair value of plan assets | 2,817 | 2,878 | ||||||||||||
Actual return on plan assets | (478) | 145 | ||||||||||||
Currency exchange rate changes | (102) | (63) | ||||||||||||
Plan settlements | (96) | (126) | ||||||||||||
Other | (11) | (17) | ||||||||||||
Ending fair value of plan assets2 | 2,130 | 2,817 | ||||||||||||
Net unfunded status | $ | 575 | $ | 1,639 | ||||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||||||||
Other long-term assets | $ | 74 | $ | — | ||||||||||
Other long-term liabilities | $ | 649 | $ | 1,639 | ||||||||||
Accumulated other comprehensive loss (income), before tax3 | $ | 406 | $ | 1,445 | ||||||||||
Accumulated benefit obligation | $ | 2,507 | $ | 4,086 |
Dec 31, 2022 | Dec 25, 2021 | ||||||||||
Plan with accumulated benefit obligation in excess of plan assets | |||||||||||
Accumulated benefit obligation | $ | 559 | $ | 4,086 | |||||||
Plan assets | $ | 97 | $ | 2,817 | |||||||
Plan with projected benefit obligation in excess of plan assets | |||||||||||
Projected benefit obligation | $ | 1,048 | $ | 4,456 | |||||||
Plan assets | $ | 399 | $ | 2,817 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 108 |
Dec 31, 2022 | Dec 25, 2021 | |||||||||||||
Weighted average actuarial assumptions used to determine benefit obligations | ||||||||||||||
Discount rate | 4.9 | % | 2.2 | % | ||||||||||
Rate of compensation increase | 3.7 | % | 3.2 | % |
2022 | 2021 | 2020 | ||||||||||||||||||
Weighted average actuarial assumptions used to determine costs | ||||||||||||||||||||
Discount rate | 2.2 | % | 1.9 | % | 2.3 | % | ||||||||||||||
Expected long-term rate of return on plan assets | 3.2 | % | 2.7 | % | 3.3 | % | ||||||||||||||
Rate of compensation increase | 3.2 | % | 3.2 | % | 3.2 | % |
December 31, 2022 | Dec 25, 2021 | |||||||||||||||||||||||||||||||
Fair Value Measured at Reporting Date Using | ||||||||||||||||||||||||||||||||
(In Millions) | Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||||||||||||
Equity securities | $ | — | $ | 297 | $ | — | $ | 297 | $ | 342 | ||||||||||||||||||||||
Fixed income | — | 106 | 24 | 130 | 142 | |||||||||||||||||||||||||||
Assets measured by fair value hierarchy | $ | — | $ | 403 | $ | 24 | $ | 427 | $ | 484 | ||||||||||||||||||||||
Assets measured at net asset value | 1,683 | 2,311 | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 20 | 22 | ||||||||||||||||||||||||||||||
Total pension plan assets at fair value | $ | 2,130 | $ | 2,817 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 109 |
(In Millions) | 2023 | 2024 | 2025 | 2026 | 2027 | 2028-2032 | ||||||||||||||||||||||||||||||||
Pension benefits | $ | 125 | $ | 113 | $ | 118 | $ | 126 | $ | 129 | $ | 700 |
Note 18 : | Employee Equity Incentive Plans |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 110 |
Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||||||||||||||||||
Estimated values | $ | 41.12 | $ | 50.82 | $ | 54.82 | ||||||||||||||
Risk-free interest rate | 2.2 | % | 0.2 | % | 0.4 | % | ||||||||||||||
Dividend yield | 3.4 | % | 2.6 | % | 2.3 | % | ||||||||||||||
Volatility | 40 | % | 37 | % | 30 | % |
Number of Stock Units (In Millions) | Weighted Average Grant-Date Fair Value | |||||||||||||
December 25, 2021 | 118.0 | $ | 51.29 | |||||||||||
Granted | 104.2 | $ | 41.12 | |||||||||||
Vested | (50.3) | $ | 48.90 | |||||||||||
Forfeited | (13.2) | $ | 48.99 | |||||||||||
December 31, 2022 | 158.7 | $ | 45.56 | |||||||||||
Expected to vest | 142.7 | $ | 45.78 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 111 |
Note 19 : | Commitments and Contingencies |
(In Millions) | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Operating lease payments | $ | 179 | $ | 107 | $ | 72 | $ | 34 | $ | 26 | $ | 28 | $ | 446 | ||||||||||||||||||||||||||||||
Finance lease payments | $ | 682 | $ | 122 | $ | 5 | $ | — | $ | — | $ | — | $ | 809 | ||||||||||||||||||||||||||||||
Present value of lease payments | $ | 1,218 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 112 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 113 |
![]() | Financial Statements | Notes to Consolidated Financial Statements | 114 |
Key Terms | |||||
Term | Definition | |||||||
2006 ESPP | 2006 Employee Stock Purchase Plan | |||||||
2006 Plan | 2006 Equity Incentive Plan | |||||||
5G | The fifth-generation mobile network, which brings dramatic improvements in network speeds and latency, and which we view as a transformative technology and opportunity for many industries | |||||||
ADAS | Advanced driver-assistance systems | |||||||
AI | Artificial intelligence | |||||||
AMaaS | Autonomous Mobility as a Service | |||||||
ARM | Advanced RISC machine | |||||||
ASIC | Application-specific integrated circuit | |||||||
ASP | Average selling price | |||||||
AV | Autonomous vehicle | |||||||
AXG | Advanced Computing and Graphics operating segment | |||||||
BIOS | Basic input/output system | |||||||
CAGR | Compound annual growth rate | |||||||
CCG | Client Computing Group operating segment | |||||||
CDP | A nonprofit organization that runs a global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts | |||||||
CODM | Chief operating decision maker | |||||||
CoSP | Communication service provider | |||||||
COVID-19 | The infectious disease caused by the most recently discovered coronavirus (aka SARS-CoV-2), which was declared a global pandemic by the World Health Organization | |||||||
CPU | Processor or central processing unit | |||||||
CSP | Cloud service provider | |||||||
CXL | Compute Express Link; an open standard for high-speed CPU-to-device and CPU-to-memory connections | |||||||
DCAI | Data Center and AI operating segment | |||||||
eASIC | An Intel line of structured ASICs that are an intermediary technology between FPGAs and standard-cell ASICs | |||||||
EC | European Commission | |||||||
EDA | Electronic design automation, tools used to design and verify electronic systems, such as integrated circuits and printed circuit boards | |||||||
Edge computing or intelligent edge | The placement of resources to move, store, and process data closer to where data is generated and consumed | |||||||
EEO-1 | EEO-1 Component 1 report; a mandatory annual data collection that requires employers meeting certain criteria to submit demographic workforce data, including data by race/ethnicity, sex, and job categories. | |||||||
EMIB | Embedded multi-die interconnect bridge, a form of "2.5D" packaging technology developed by Intel that enables high-density interconnect of heterogeneous chips | |||||||
EPS | Earnings per share | |||||||
ERISA | Employee Retirement Income Security Act | |||||||
ESG | Environmental, social, and governance | |||||||
EUV | Extreme ultraviolet lithography | |||||||
Exchange Act | Securities Exchange Act of 1934 | |||||||
Form 10-K | Annual Report on Form 10-K | |||||||
Foveros | Intel's high-performance three-dimensional stacked chip architecture | |||||||
FPGA | Field-programmable gate array | |||||||
GPU | Graphics processing unit | |||||||
HBM | High-bandwidth memory | |||||||
HPC | High-performance computing | |||||||
IDM | Integrated device manufacturer, a semiconductor company that both designs and builds chips | |||||||
IFS | Intel Foundry Services operating segment | |||||||
Internet of Things | The Internet of Things market in which we sell our NEX and Mobileye products | |||||||
IP | Intellectual property | |||||||
![]() | Supplemental Details | 115 |
IPO | Initial public offering | |||||||
IPU | Infrastructure processing unit, a programmable networking device designed to enable cloud and communication service providers to reduce overhead and free up performance for CPUs | |||||||
ISA | Intel system architecture | |||||||
L1 | Level 1 of autonomous driving; most functions are controlled by a human driver; certain functions (parking assist, acceleration, and limited steering) can be done automatically by the vehicle | |||||||
L2 | Level 2 of autonomous driving; the system controls both steering and acceleration using information about the driving environment, but with the expectation that a human will perform all remaining aspects of driving; the driver can have his or her hands off the steering wheel, but must monitor the "dynamic driving task" at all times | |||||||
L4 | Level 4 of autonomous driving; the system performs all aspects of the driving task even if the driver does not respond appropriately to a request for intervention, including all safety-critical driving functions and monitoring roadway conditions for an entire trip. For a defined use case, no driver intervention is required at all. | |||||||
MaaS | Mobility as a service | |||||||
MBMW | Multi-beam mask writer | |||||||
MD&A | Management's Discussion and Analysis | |||||||
MG&A | Marketing, general and administrative | |||||||
MNC | Multinational corporation | |||||||
NAND | NAND flash memory | |||||||
Network Xeon | Part of the Intel Xeon processor family designed for network and edge solutions | |||||||
NEX | Networking and Edge operating segment | |||||||
NIC | Network interface controller | |||||||
nm | Nanometer | |||||||
ODM | Original design manufacturer | |||||||
OEM | Original equipment manufacturer | |||||||
oneAPI | Open, cross-architecture programming model that frees developers to use a single code base across multiple architectures | |||||||
OKR | Objective and key results, a goal-setting method used widely across industries as a proven approach to setting and achieving challenging goals | |||||||
OSAT | Outsourced assembly and test | |||||||
PPAC | Power performance area cost | |||||||
Program (specific to Mobileye business) | A process that takes two to three years of intense activity with the carmaker and Tier 1 after a design win until Mobileye technology is launched into production | |||||||
PRQ | Product release qualification, the milestone when costs to manufacture a product are included in inventory valuation | |||||||
PSU | Performance stock unit | |||||||
RAN | Radio access network | |||||||
R&D | Research and development | |||||||
RDFV | Readily determinable fair value | |||||||
RSS | Responsibility-safety sensitive | |||||||
RSU | Restricted stock unit | |||||||
SaaS | Software as a service | |||||||
SASB | Sustainability Accounting Standards Board | |||||||
SCIP | Semiconductor Co-Investment Program | |||||||
SEC | US Securities and Exchange Commission | |||||||
SoC | A system on a chip, which integrates most of the components of a computer or other electronic system into a single silicon chip. We offer a range of SoC products in CCG, DCAI, and NEX. In our DCAI and NEX businesses, we offer SoCs across many market segments for a variety of applications, including products targeted for 5G base stations and network infrastructure | |||||||
SOFR | Secured Overnight Financing Rate, a benchmark interest rate for dollar-denominated derivatives and loans, replacing LIBOR | |||||||
SSD | Solid-state drive | |||||||
TAM | Total addressable market | |||||||
Tax Reform | US Tax Cuts and Jobs Act | |||||||
TCFD | Task Force on Climate-Related Financial Disclosures | |||||||
TSR | Total stockholder return | |||||||
UCIe | Universal Chiplet Interconnect Express | |||||||
US GAAP | US Generally Accepted Accounting Principles |
![]() | Supplemental Details | 116 |
USMAG | United States Military, Aerospace, and Government | |||||||
US Pension Plan | US Intel Minimum Pension Plan | |||||||
US Retiree Medical Plan | US Postretirement Medical Benefits Plan | |||||||
VIE | Variable interest entity | |||||||
vRAN | Virtualized radio access network | |||||||
xPU | A term for processors that are designed for one of four major computing architectures: CPU, GPU, AI accelerator, and FPGA |
![]() | Supplemental Details | 117 |
Controls and Procedures | |||||
![]() | Supplemental Details | 118 |
Exhibits | |||||
![]() | Supplemental Details | 119 |
Exhibit Number | Incorporated by Reference | Filed or Furnished Herewith | ||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | File Number | Exhibit | Filing Date | ||||||||||||||||||||||||||||||||||
2.1 | 8-K | 000-06217 | 2.1 | 10/20/2020 | ||||||||||||||||||||||||||||||||||
3.1 | 8-K | 000-06217 | 3.1 | 5/22/2006 | ||||||||||||||||||||||||||||||||||
3.2 | 8-K | 000-06217 | 3.2 | 3/16/2021 | ||||||||||||||||||||||||||||||||||
4.1 | S-3ASR | 333-132865 | 4.4 | 3/30/2006 | ||||||||||||||||||||||||||||||||||
4.2 | 10-K | 000-06217 | 4.2.4 | 2/20/2008 | ||||||||||||||||||||||||||||||||||
4.3 | 8-K | 000-06217 | 4.01 | 9/19/2011 | ||||||||||||||||||||||||||||||||||
4.4 | 8-K | 000-06217 | 4.01 | 12/11/2012 | ||||||||||||||||||||||||||||||||||
4.5 | 8-K | 000-06217 | 4.01 | 12/14/2012 | ||||||||||||||||||||||||||||||||||
4.6 | 8-K | 000-06217 | 4.1 | 7/29/2015 | ||||||||||||||||||||||||||||||||||
4.7 | 8-K | 000-06217 | 4.1 | 5/19/2016 | ||||||||||||||||||||||||||||||||||
4.8 | 8-K | 000-06217 | 4.1 | 5/11/2017 | ||||||||||||||||||||||||||||||||||
4.9 | 8-K | 000-06217 | 4.1 | 6/16/2017 | ||||||||||||||||||||||||||||||||||
4.10 | 8-K | 000-06217 | 4.1 | 8/14/2017 | ||||||||||||||||||||||||||||||||||
4.11 | 10-K | 000-06217 | 4.2.13 | 2/16/2018 |
![]() | Supplemental Details | 120 |
Exhibit Number | Incorporated by Reference | Filed or Furnished Herewith | ||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | File Number | Exhibit | Filing Date | ||||||||||||||||||||||||||||||||||
4.12 | 8-K | 000-06217 | 4.1 | 11/21/2019 | ||||||||||||||||||||||||||||||||||
4.13 | 8-K | 000-06217 | 4.1 | 2/13/2020 | ||||||||||||||||||||||||||||||||||
4.14 | 8-K | 000-06217 | 4.2 | 2/13/2020 | ||||||||||||||||||||||||||||||||||
4.15 | 8-K | 000-06217 | 4.1 | 3/25/2020 | ||||||||||||||||||||||||||||||||||
4.16 | 8-K | 000-06217 | 4.1 | 8/12/2021 | ||||||||||||||||||||||||||||||||||
4.17 | 8-K | 000-06217 | 4.1 | 8/5/2022 | ||||||||||||||||||||||||||||||||||
4.18 | 10-K | 000-06217 | 4.18 | 1/27/2022 | ||||||||||||||||||||||||||||||||||
10.1† | 10-Q | 000-06217 | 10.2 | 7/29/2022 | ||||||||||||||||||||||||||||||||||
10.1.2† | 10-Q | 000-06217 | 10.1 | 10/25/2018 | ||||||||||||||||||||||||||||||||||
10.1.3† | 10-Q | 000-06217 | 10.3 | 4/26/2019 | ||||||||||||||||||||||||||||||||||
10.1.4† | 10-Q | 000-06217 | 10.4 | 4/26/2019 | ||||||||||||||||||||||||||||||||||
10.1.5† | 10-Q | 000-06217 | 10.5 | 4/26/2019 | ||||||||||||||||||||||||||||||||||
10.1.6† | 10-Q | 000-06217 | 10.1 | 4/24/2020 | ||||||||||||||||||||||||||||||||||
10.1.7† | 10-Q | 000-06217 | 10.6 | 4/26/2019 | ||||||||||||||||||||||||||||||||||
10.1.8† | 8-K | 000-06217 | 10.1 | 11/22/2022 |
![]() | Supplemental Details | 121 |
Exhibit Number | Incorporated by Reference | Filed or Furnished Herewith | ||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | File Number | Exhibit | Filing Date | ||||||||||||||||||||||||||||||||||
10.1.9† | 8-K | 000-06217 | 10.2 | 11/22/2022 | ||||||||||||||||||||||||||||||||||
10.1.10† | 8-K | 000-06217 | 10.3 | 11/22/2022 | ||||||||||||||||||||||||||||||||||
10.1.11† | 10-Q | 000-06217 | 10.9 | 4/26/2019 | ||||||||||||||||||||||||||||||||||
10.1.12† | 10-Q | 000-06217 | 10.7 | 4/26/2019 | ||||||||||||||||||||||||||||||||||
10.1.13† | 10-Q | 000-06217 | 10.11 | 4/26/2019 | ||||||||||||||||||||||||||||||||||
10.1.14† | 10-Q | 000-6217 | 10.3 | 10/28/2022 | ||||||||||||||||||||||||||||||||||
10.1.15† | S-8 | 333-253077 | 99.1 | 2/12/2021 | ||||||||||||||||||||||||||||||||||
10.1.16† | 10-Q | 000-06217 | 10.3 | 4/23/2021 | ||||||||||||||||||||||||||||||||||
10.1.17† | 10-Q | 000-06217 | 10.4 | 4/23/2021 | ||||||||||||||||||||||||||||||||||
10.1.18† | 10-Q | 000-06217 | 10.5 | 4/23/2021 | ||||||||||||||||||||||||||||||||||
10.1.19† | 10-Q | 000-06217 | 10.6 | 4/23/2021 | ||||||||||||||||||||||||||||||||||
10.1.20† | 10-Q | 000-06217 | 10.7 | 4/23/2021 | ||||||||||||||||||||||||||||||||||
10.1.21† | 10-Q | 000-06217 | 10.8 | 4/23/2021 | ||||||||||||||||||||||||||||||||||
10.2† | 8-K | 000-06217 | 10.1 | 1/22/2020 | ||||||||||||||||||||||||||||||||||
10.3† | 10-Q | 000-06217 | 10.3 | 4/24/2020 | ||||||||||||||||||||||||||||||||||
10.4† | 10-Q | 000-06217 | 10.1 | 7/29/2022 | ||||||||||||||||||||||||||||||||||
10.5† | X | |||||||||||||||||||||||||||||||||||||
10.6† | 10-Q | 000-06217 | 10.2 | 4/29/2022 |
![]() | Supplemental Details | 122 |
Exhibit Number | Incorporated by Reference | Filed or Furnished Herewith | ||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | File Number | Exhibit | Filing Date | ||||||||||||||||||||||||||||||||||
10.7† | 10-K | 000-06217 | 10.41 | 2/26/2007 | ||||||||||||||||||||||||||||||||||
10.8† | 10-K | 000-06217 | 10.15 | 2/22/2005 | ||||||||||||||||||||||||||||||||||
10.9† | 10-Q | 000-06217 | 10.2 | 10/31/2016 | ||||||||||||||||||||||||||||||||||
10.10 | 8-K | 000-06217 | 10.1 | 11/12/2009 | ||||||||||||||||||||||||||||||||||
10.11†† | 8-K | 000-06217 | 10.1 | 1/10/2011 | ||||||||||||||||||||||||||||||||||
10.12^ | 8-K | 000-06217 | 10.1 | 8/23/2022 | ||||||||||||||||||||||||||||||||||
10.13^ | 8-K | 000-06217 | 10.1 | 11/22/2022 | ||||||||||||||||||||||||||||||||||
10.14† | 10-Q | 000-06217 | 10.1 | 7/23/2021 | ||||||||||||||||||||||||||||||||||
10.15† | 8-K | 000-06217 | 10.1 | 1/14/2021 | ||||||||||||||||||||||||||||||||||
10.16† | 8-K | 000-06217 | 10.1 | 1/10/2022 | ||||||||||||||||||||||||||||||||||
10.17† | 10-Q | 000-06217 | 10.12 | 4/26/2019 | ||||||||||||||||||||||||||||||||||
10.18† | 8-K | 000-06217 | 10.1 | 4/3/2019 | ||||||||||||||||||||||||||||||||||
21.1 | X | |||||||||||||||||||||||||||||||||||||
23.1 | X | |||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||
99.1 | X | |||||||||||||||||||||||||||||||||||||
101 | Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Financial Statements and Supplemental Details | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File - formatted in Inline XBRL and included as Exhibit 101 | X |
![]() | Supplemental Details | 123 |
Form 10-K Cross-Reference Index | |||||
Item Number | Item | |||||||
Part I | ||||||||
Item 1. | Business: | |||||||
General development of business | ||||||||
Description of business | ||||||||
Available information | Page 2 | |||||||
Item 1A. | Risk Factors | |||||||
Item 1B. | Unresolved Staff Comments | Not applicable | ||||||
Item 2. | Properties | |||||||
Item 3. | Legal Proceedings | |||||||
Item 4. | Mine Safety Disclosures | Not applicable | ||||||
Part II | ||||||||
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities | |||||||
Item 6. | [Reserved] | |||||||
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations: | |||||||
Liquidity and capital resources | ||||||||
Results of operations | ||||||||
Critical accounting estimates | ||||||||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | Page 52 | ||||||
Item 8. | Financial Statements and Supplementary Data | |||||||
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | Not applicable | ||||||
Item 9A. | Controls and Procedures | Page 118 | ||||||
Item 9B. | Other Information | |||||||
Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934 | Page 71 | |||||||
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | Not applicable | ||||||
Part III | ||||||||
Item 10. | Directors, Executive Officers, and Corporate Governance | |||||||
Item 11. | Executive Compensation | (b) | ||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | (c) | ||||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence | (d) | ||||||
Item 14. | Principal Accountant Fees and Services | (e) | ||||||
Part IV | ||||||||
Item 15. | Exhibits and Financial Statement Schedules | |||||||
Item 16. | Form 10-K Summary | Not applicable | ||||||
Signatures | Page 125 |
![]() | Supplemental Details | 124 |
Signatures | |||||
INTEL CORPORATION Registrant | |||||||||||
By: | /s/ PATRICK P. GELSINGER | ||||||||||
Patrick P. Gelsinger | |||||||||||
Chief Executive Officer, Director, and Principal Executive Officer | |||||||||||
January 26, 2023 |
/s/ PATRICK P. GELSINGER | /s/ DAVID ZINSNER | |||||||||||||
Patrick P. Gelsinger | David Zinsner | |||||||||||||
Chief Executive Officer, Director, and Principal Executive Officer | Executive Vice President, Chief Financial Officer, and Principal | |||||||||||||
Financial Officer | ||||||||||||||
January 26, 2023 | January 26, 2023 | |||||||||||||
/s/ SCOTT GAWEL | |||||
Scott Gawel | |||||
Corporate Vice President, Chief Accounting Officer and Principal Accounting Officer | |||||
January 26, 2023 | |||||
/s/ JAMES J. GOETZ | /s/ DR. TSU-JAE KING LIU | |||||||||||||
James J. Goetz | Dr. Tsu-Jae King Liu | |||||||||||||
Director | Director | |||||||||||||
January 26, 2023 | January 26, 2023 | |||||||||||||
/s/ DR. ANDREA J. GOLDSMITH | /s/ GREGORY D. SMITH | |||||||||||||
Dr. Andrea J. Goldsmith | Gregory D. Smith | |||||||||||||
Director | Director | |||||||||||||
January 26, 2023 | January 26, 2023 | |||||||||||||
/s/ ALYSSA HENRY | /s/ LIP-BU TAN | |||||||||||||
Alyssa Henry | Lip-Bu Tan | |||||||||||||
Director | Director | |||||||||||||
January 26, 2023 | January 26, 2023 | |||||||||||||
/s/ DR. OMAR ISHRAK | /s/ DION J. WEISLER | |||||||||||||
Dr. Omar Ishrak | Dion J. Weisler | |||||||||||||
Director | Director | |||||||||||||
January 26, 2023 | January 26, 2023 | |||||||||||||
/s/ DR. RISA LAVIZZO-MOUREY | /s/ FRANK D. YEARY | |||||||||||||
Dr. Risa Lavizzo-Mourey | Frank D. Yeary | |||||||||||||
Director | Chair of the Board and Director | |||||||||||||
January 26, 2023 | January 26, 2023 | |||||||||||||
/s/ BARBARA G NOVICK | ||||||||||||||
Barbara G. Novick | ||||||||||||||
Director | ||||||||||||||
January 26, 2023 | ||||||||||||||
![]() | Supplemental Details | 125 |
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