Cover Page
Cover Page - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Dec. 26, 2020 | Jan. 15, 2021 | Jun. 26, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 26, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-06217 | ||
Entity Registrant Name | INTEL CORPORATION | ||
Entity Central Index Key | 0000050863 | ||
Company Fiscal Year End Date | --12-26 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-1672743 | ||
Entity Address, Address Line One | 2200 Mission College Boulevard, | ||
Entity Address, City or Town | Santa Clara, | ||
Entity Address, State or Province | CA | ||
City Area Code | 408 | ||
Local Phone Number | 765-8080 | ||
Title of 12(b) Security | Common stock, $0.001 par value | ||
Trading Symbol | INTC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 4,063 | ||
Entity Public Float | $ 244.5 | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant’s proxy statement related to its 2021 Annual Stockholders' Meeting to be filed subsequently are incorporated by reference into Part III of this Form 10-K. Except as expressly incorporated by reference, the registrant's proxy statement shall not be deemed to be part of this report. | ||
Entity Address, Postal Zip Code | 95054-1549 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Statement [Abstract] | |||
Net revenue | $ 77,867 | $ 71,965 | $ 70,848 |
Cost of sales | 34,255 | 29,825 | 27,111 |
Gross margin | 43,612 | 42,140 | 43,737 |
Research and development | 13,556 | 13,362 | 13,543 |
Marketing, general and administrative | 6,180 | 6,350 | 6,950 |
Restructuring and other charges | 198 | 393 | (72) |
Operating expenses | 19,934 | 20,105 | 20,421 |
Operating income | 23,678 | 22,035 | 23,316 |
Gains (losses) on equity investments, net | 1,904 | 1,539 | (125) |
Interest and other, net | (504) | 484 | 126 |
Income before taxes | 25,078 | 24,058 | 23,317 |
Provision for taxes | 4,179 | 3,010 | 2,264 |
Net income | $ 20,899 | $ 21,048 | $ 21,053 |
Earnings per share—basic | $ 4.98 | $ 4.77 | $ 4.57 |
Earnings per share—diluted | $ 4.94 | $ 4.71 | $ 4.48 |
Weighted average shares of common stock outstanding: | |||
Basic (shares) | 4,199 | 4,417 | 4,611 |
Diluted (shares) | 4,232 | 4,473 | 4,701 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 20,899 | $ 21,048 | $ 21,053 |
Other comprehensive income, net of tax: | |||
Net unrealized holding gains (losses) on derivatives | 677 | 177 | (253) |
Actuarial valuation and other pension benefits (expenses), net | (183) | (564) | 210 |
Translation adjustments and other | 35 | 81 | (3) |
Other comprehensive income (loss) | 529 | (306) | (46) |
Total comprehensive income | $ 21,428 | $ 20,742 | $ 21,007 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 26, 2020 | Dec. 28, 2019 |
Current assets: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 5,865 | $ 4,194 |
Short-term investments | 2,292 | 1,082 |
Trading assets | 15,738 | 7,847 |
Accounts receivable, net of allowance for doubtful accounts | 6,782 | 7,659 |
Inventories | 8,427 | 8,744 |
Assets held for sale | 5,400 | 0 |
Other current assets | 2,745 | 1,713 |
Total current assets | 47,249 | 31,239 |
Property, plant and equipment, net | 56,584 | 55,386 |
Equity investments | 5,152 | 3,967 |
Other long-term investments | 2,192 | 3,276 |
Goodwill | 26,971 | 26,276 |
Identified intangible assets, net | 9,026 | 10,827 |
Other long-term assets | 5,917 | 5,553 |
Total assets | 153,091 | 136,524 |
Current liabilities: | ||
Short-term debt | 2,504 | 3,693 |
Accounts payable | 5,581 | 4,128 |
Accrued compensation and benefits | 3,999 | 3,853 |
Other accrued liabilities | 12,670 | 10,636 |
Total current liabilities | 24,754 | 22,310 |
Debt | 33,897 | 25,308 |
Contract Liabilities | 1,367 | 1,368 |
Income taxes payable, non-current | 4,578 | 4,919 |
Deferred income taxes | 3,843 | 2,044 |
Other long-term liabilities | 3,614 | 2,916 |
Commitments and Contingencies (Note 19) | ||
Temporary equity | 0 | 155 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 50 shares authorized; none issued | 0 | 0 |
Common stock, $0.001 par value, 10,000 shares authorized; 4,062 shares issued and outstanding (4,290 issued and outstanding in 2019) and capital in excess of par value | 25,556 | 25,261 |
Accumulated other comprehensive income (loss) | (751) | (1,280) |
Retained earnings | 56,233 | 53,523 |
Total stockholders' equity | 81,038 | 77,504 |
Total liabilities, temporary equity, and stockholders' equity | $ 153,091 | $ 136,524 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Dec. 26, 2020 | Dec. 28, 2019 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50 | 50 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000 | 10,000 |
Common stock, shares issued | 4,062 | 4,290 |
Common stock, shares outstanding | 4,062 | 4,290 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents, beginning of period | $ 4,194 | $ 3,019 | $ 3,433 |
Cash flows provided by (used for) operating activities: | |||
Net income | 20,899 | 21,048 | 21,053 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 10,482 | 9,204 | 7,520 |
Share-based compensation | 1,854 | 1,705 | 1,546 |
Amortization of intangibles | 1,757 | 1,622 | 1,565 |
(Gains) losses on equity investments, net | (1,757) | (892) | 155 |
(Gains) losses on divestitures | (30) | (690) | (497) |
Changes in assets and liabilities: | |||
Accounts receivable | 883 | (935) | (1,714) |
Inventories | (687) | (1,481) | (214) |
Accounts payable | 412 | 696 | 211 |
Accrued compensation and benefits | 463 | 91 | (260) |
Customer deposits and prepaid supply agreements | (181) | (782) | 1,367 |
Income taxes | 1,620 | 885 | (1,601) |
Other assets and liabilities | (331) | 2,674 | 301 |
Total adjustments | 14,485 | 12,097 | 8,379 |
Net cash provided by operating activities | 35,384 | 33,145 | 29,432 |
Cash flows provided by (used for) investing activities: | |||
Additions to property, plant and equipment | (14,259) | (16,213) | (15,181) |
Additions to held for sale NAND property, plant, and equipment | 194 | 0 | 0 |
Acquisitions, net of cash acquired | (837) | (1,958) | (190) |
Purchases of available-for-sale debt investments | (6,862) | (2,268) | (3,843) |
Maturities and sales of available-for-sale debt investments | 6,781 | 4,226 | 3,163 |
Purchases of trading assets | (22,377) | (9,162) | (9,503) |
Maturities and sales of trading assets | 15,377 | 7,178 | 12,111 |
Purchases of equity investments | (720) | (522) | (874) |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 910 | 2,688 | 2,802 |
Proceeds from Divestiture of Businesses | 123 | 911 | 548 |
Other investing | 1,262 | 715 | (272) |
Net cash used for investing activities | (20,796) | (14,405) | (11,239) |
Cash flows provided by (used for) financing activities: | |||
Issuance of term debt, net of issuance costs | 10,247 | 3,392 | 423 |
Repayments of Long-term Debt | (4,525) | (2,627) | (3,026) |
Proceeds from sales of common stock through employee equity incentive plans | 897 | 750 | 555 |
Repurchase of common stock | (14,229) | (13,576) | (10,730) |
Payment of dividends to stockholders | (5,568) | (5,576) | (5,541) |
Other financing | 261 | 72 | (288) |
Net cash provided by (used for) financing activities | (12,917) | (17,565) | (18,607) |
Net increase (decrease) in cash and cash equivalents | 1,671 | 1,175 | (414) |
Cash and cash equivalents, end of period | 5,865 | 4,194 | 3,019 |
Supplemental disclosures: | |||
Acquisition of property, plant and equipment included in accounts payable and accrued liabilities | 2,973 | 1,761 | 2,340 |
Interest, net of capitalized interest | 594 | 469 | 448 |
Income taxes, net of refunds | $ 2,436 | $ 2,110 | $ 3,813 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Mobileye N.V. [Member] | Common Stock and Capital in Excess of Par Value [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
Beginning Balance, shares at Dec. 30, 2017 | 4,687 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 56 | ||||
Repurchase of common stock, shares | (217) | ||||
Restricted stock unit withholdings, shares | (10) | ||||
Ending Balance, shares at Dec. 29, 2018 | 4,516 | ||||
Beginning Balance at Dec. 30, 2017 | $ 69,653 | $ 26,074 | $ (928) | $ 44,507 | |
Components of comprehensive income, net of tax: | |||||
Net income | 21,053 | 21,053 | |||
Other comprehensive income (loss) | (46) | (46) | |||
Total comprehensive income | 21,007 | ||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 424 | 424 | 0 | ||
Share-based compensation | 1,548 | 1,548 | |||
Reclassifications of Temporary to Permanent Equity | 447 | 447 | |||
Temporary Equity, Carrying Amount, Period Increase (Decrease) | (1,591) | (1,591) | |||
Repurchase of common stock | (10,858) | (1,208) | (9,650) | ||
Restricted stock unit withholdings | (526) | (329) | (197) | ||
Cash dividends declared | (5,541) | (5,541) | |||
Ending Balance at Dec. 29, 2018 | $ 74,563 | $ 25,365 | (974) | 50,172 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 55 | ||||
Repurchase of common stock, shares | (272) | ||||
Restricted stock unit withholdings, shares | (9) | ||||
Ending Balance, shares at Dec. 28, 2019 | 4,290 | 4,290 | |||
Components of comprehensive income, net of tax: | |||||
Net income | $ 21,048 | 21,048 | |||
Other comprehensive income (loss) | (306) | (306) | |||
Total comprehensive income | 20,742 | ||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 892 | $ 892 | |||
Share-based compensation | 1,705 | 1,705 | |||
Reclassifications of Temporary to Permanent Equity | 265 | 265 | |||
Temporary Equity, Carrying Amount, Period Increase (Decrease) | (1,032) | (1,032) | |||
Repurchase of common stock | (13,565) | (1,592) | (11,973) | ||
Restricted stock unit withholdings | (488) | (342) | (146) | ||
Cash dividends declared | (5,578) | (5,578) | |||
Ending Balance at Dec. 28, 2019 | $ 77,504 | $ 25,261 | (1,280) | 53,523 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 55 | ||||
Repurchase of common stock, shares | (275) | ||||
Restricted stock unit withholdings, shares | (8) | ||||
Ending Balance, shares at Dec. 26, 2020 | 4,062 | 4,062 | |||
Components of comprehensive income, net of tax: | |||||
Net income | $ 20,899 | 20,899 | |||
Other comprehensive income (loss) | 529 | 529 | |||
Total comprehensive income | 21,428 | ||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 1,018 | $ 1,018 | |||
Share-based compensation | 1,854 | 1,854 | |||
Reclassifications of Temporary to Permanent Equity | 155 | 155 | |||
Temporary Equity, Carrying Amount, Period Increase (Decrease) | (750) | (750) | |||
Repurchase of common stock | (14,109) | (1,628) | (12,481) | ||
Restricted stock unit withholdings | (494) | (354) | (140) | ||
Cash dividends declared | (5,568) | (5,568) | |||
Ending Balance at Dec. 26, 2020 | $ 81,038 | $ 25,556 | $ (751) | $ 56,233 | |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 375 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Retained Earnings [Member] | |||
Cash dividends declared per common share (in dollars per share) | $ 1.3200 | $ 1.26 | $ 1.20 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 26, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation [Text Block] | Note 1 : Basis of Presentation We have a 52- or 53-week fiscal year that ends on the last Saturday in December. Fiscal years 2020, 2019, and 2018 were 52-week fiscal years. Our Consolidated Financial Statements include the accounts of Intel and our subsidiaries. We have eliminated intercompany accounts and transactions. We have reclassified certain prior period amounts to conform to current period presentation. Use of Estimates The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the amounts reported in our Consolidated Financial Statements and the accompanying notes. The inputs into our judgments and estimates consider the economic implications of COVID-19 on our critical and significant accounting estimates. The actual results that we experience may differ materially from our estimates. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 26, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies [Text Block] | Note 2 : Accounting Policies Revenue Recognition We recognize net product revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. Substantially all of our revenue is derived from product sales. In accordance with contract terms, revenue for product sales is recognized at the time of product shipment from our facilities or delivery to the customer location, as determined by the agreed upon shipping terms. We measure revenue based on the amount of consideration we expect to be entitled to in exchange for products or services. Variable consideration is estimated and reflected as an adjustment to the transaction price. We determine variable consideration, which consists primarily of various sales price concessions, by estimating the most likely amount of consideration we expect to receive from the customer based on historical analysis of customer purchase volumes. Sales rebates earned by customers are offset against their receivable balances. Rebates earned by customers when they do not have outstanding receivable balances are recorded within other accrued liabilities. We make payments to our customers through cooperative advertising programs for marketing activities for some of our products. We generally record the payment as a reduction in revenue in the period that the revenue is earned, unless the payment is for a distinct service, which we record as expense when the marketing activities occur. Inventories We compute inventory cost on a first-in, first-out basis. Our process and product development life cycle corresponds with substantive engineering milestones. These engineering milestones are regularly and consistently applied in assessing the point at which our activities and associated costs change in nature from R&D to cost of sales, and when cost of sales can be capitalized as inventory. For a product to be manufactured in high volumes and sold to our customers under our standard warranty, it must meet our rigorous technical quality specifications. This milestone is known as PRQ. We have identified PRQ as the point at which the costs incurred to manufacture our products are included in the valuation of inventory. A single PRQ has previously valued inventory up to $870 million in the quarter the PRQ milestone was achieved. Prior to PRQ, costs that do not meet the criteria for R&D are included in cost of sales in the period incurred. The valuation of inventory includes determining which fixed production overhead costs can be included in inventory based on the normal capacity of our manufacturing and assembly and test facilities. We apply our historical loadings compared to our total available capacity in a statistical model to determine our normal capacity level. If the factory loadings are below the established normal capacity level, a portion of our fixed production overhead costs would not be included in the cost of inventory; instead, it would be recognized as cost of sales in that period. We refer to these costs as excess capacity charges. Excess capacity charges are insignificant in the years presented. Charges in years prior to those presented have ranged up to $1.1 billion taken in connection with the 2009 economic recession. Inventory is valued at the lower of cost or net realizable value, based upon assumptions about future demand and market conditions. Product-specific facts and circumstances reviewed in the inventory valuation process include a review of our customer base, the stage of the product life cycle, variations in market pricing, and an assessment of selling price in relation to product cost. Lower of cost or net realizable value inventory reserves fluctuate as we ramp new process technologies with costs improving over time due to scale and improved yields. Additionally, inventory valuation is impacted by cyclical changes in market conditions and the associated pricing environment. Property, Plant and Equipment We compute depreciation using the straight-line method over the estimated useful life of assets. We also capitalize interest on borrowings related to eligible capital expenditures. Capitalized interest is added to the cost of qualified assets and depreciated together with that asset cost. We record capital-related government grants earned as a reduction to property, plant and equipment. We evaluate the period over which we expect to recover the economic value of our property, plant and equipment, considering factors such as the process technology cadence between node transitions, changes in machinery and equipment technology, and re-use of machinery and tools across each generation of process technology. As we make manufacturing process conversions and other factory planning decisions, we use assumptions involving the use of management judgments regarding the remaining useful lives of assets, primarily process-specific semiconductor manufacturing tools and building improvements. When we determine that the useful lives of assets are shorter or longer than we had originally estimated, we adjust the rate of depreciation to reflect the assets' revised useful lives. Assets are "grouped" and evaluated for impairment at the lowest level of identifiable cash flows. Factors that we consider in deciding when to perform an impairment review include significant under-performance of a business or product line in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in our use and fungibility of the assets. If an asset grouping carrying value is not recoverable through the related undiscounted cash flows, the asset grouping is considered to be impaired. Fair Value When determining fair value, we consider the principal or most advantageous market in which we would transact, as well as assumptions that market participants would use when pricing the asset or liability. Our financial assets are measured and recorded at fair value on a recurring basis, except for equity securities measured using the measurement alternative, equity method investments, grants receivable, and reverse repurchase agreements with original maturities greater than three months. We assess fair value hierarchy levels for our issued debt and fixed-income investment portfolio based on the underlying instrument type. The three levels of inputs that may be used to measure fair value are: ▪ Level 1 . Quoted prices in active markets for identical assets or liabilities. We evaluate security-specific market data when determining whether a market is active. ▪ Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets, or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. We use LIBOR-based yield curves, overnight indexed swap curves, currency spot and forward rates, and credit ratings as significant inputs in our valuations. Level 2 inputs also include non-binding market consensus prices, as well as quoted prices that were adjusted for security-specific restrictions. When we use non-binding market consensus prices, we corroborate them with quoted market prices for similar instruments or compare them to output from internally developed pricing models such as discounted cash flow models. ▪ Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help ensure the fair value measurements are reasonable and consistent with market experience in similar asset classes. Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data. Debt Investments We consider all highly liquid debt investments with original maturities from the date of purchase of three months or less as cash equivalents. Cash equivalents can include investments such as corporate debt, financial institution instruments, government debt, and reverse repurchase agreements. Marketable debt investments are generally designated as trading assets when a market risk is economically hedged at inception with a related derivative instrument, or when the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. Investments designated as trading assets are reported at fair value. Gains or losses on these investments arising from changes in fair value due to interest rate and currency market fluctuations and credit market volatility, largely offset by losses or gains on the related derivative instruments and balance sheet remeasurement, are recorded in interest and other, net. Marketable debt investments are considered available-for-sale investments when the interest rate and foreign currency risks are not hedged at the inception of the investment or when our criteria for designation as trading assets are not met. Available-for-sale debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt investments with original maturities at the date of purchase greater than approximately three months and remaining maturities of less than one year are classified as short-term investments. Available-for-sale debt investments with remaining maturities beyond one year are classified as other long-term investments. Available-for-sale debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss). We determine the cost of the investment sold based on an average cost basis at the individual security level, and record the interest income and realized gains or losses on the sale of these investments in interest and other, net. Our available-for-sale debt investments are subject to periodic impairment reviews. For investments in an unrealized loss position, we determine whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. We recognize an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and write down the amortized cost basis of the investment if it is more likely than not we will be required or we intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in interest and other, net, and unrealized losses not related to credit losses are recognized in other comprehensive income (loss). Equity Investments We regularly invest in equity securities of public and private companies to promote business and strategic objectives. Equity investments are measured and recorded as follows: ▪ Marketable equity securities are equity securities with RDFV that are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. ▪ Non-marketable equity securities are equity securities without RDFV that are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. ▪ Equity method investments are equity securities in investees we do not control but over which we have the ability to exercise significant influence. Equity method investments are measured at cost minus impairment, if any, plus or minus our share of equity method investee income or loss. Our proportionate share of the income or loss from equity method investments is recognized on a one-quarter lag. Realized and unrealized gains and losses resulting from changes in fair value or the sale of our equity investments are recorded in gains (losses) on equity investments, net. The carrying value of our non-marketable equity securities is adjusted for qualifying observable price changes resulting from the issuance of similar or identical securities in an orderly transaction by the same issuer. Determining whether an observed transaction is similar to a security within our portfolio requires judgment based on the rights and preferences of the securities. Recording upward and downward adjustments to the carrying value of our equity securities as a result of observable price changes requires quantitative assessments of the fair value of our securities using various valuation methodologies and involves the use of estimates. Non-marketable equity securities and equity method investments (collectively referred to as non-marketable equity investments) are also subject to periodic impairment reviews. Our quarterly impairment analysis considers both qualitative and quantitative factors that may have a significant impact on the investee's fair value. Qualitative factors considered include the investee's financial condition and business outlook, industry and sector performance, market for technology, operational and financing cash flow activities, and other relevant events and factors affecting the investee. When indicators of impairment exist, we prepare quantitative assessments of the fair value of our non-marketable equity investments using both the market and income approaches, which require judgment and the use of estimates, including discount rates, investee revenue and costs, and comparable market data of private and public companies, among others. ▪ Non-marketable equity securities are tested for impairment using a qualitative model similar to the model used for goodwill and long-lived assets. Upon determining that an impairment may exist, the security's fair value is calculated and compared to its carrying value and an impairment is recognized immediately if the carrying value exceeds the fair value. ▪ Equity method investments are subject to periodic impairment reviews using the other-than-temporary impairment model, which considers the severity and duration of a decline in fair value below cost and our ability and intent to hold the investment for a sufficient period of time to allow for recovery. Impairments of equity investments are recorded in gains (losses) on equity investments, net. Derivative Financial Instruments Our primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk, and, to a lesser extent, equity market risk, commodity price risk, and credit risk. We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. We also enter into collateral security arrangements with certain of our counterparties to exchange cash collateral when the net fair value of certain derivative instruments fluctuates from contractually established thresholds. For presentation on our Consolidated Balance Sheets, we do not offset fair value amounts recognized for derivative instruments under master netting arrangements. Our derivative financial instruments, including related collateral amounts, are presented at fair value on a gross basis and are included in other current assets, other long-term assets, other accrued liabilities, or other long-term liabilities. Cash flow hedges use foreign currency contracts, such as currency forwards and currency interest rate swaps, to hedge exposures for variability in the U.S.-dollar equivalent of non-U.S.-dollar-denominated cash flows associated with our forecasted operating and capital purchases spending. The after-tax gains or losses from the effective portion of a cash flow hedge is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods in which the hedged transaction affects earnings, and in the same line item on the Consolidated Statements of Income as the impact of the hedge transaction. For foreign currency contracts hedging our capital purchases, forward points are excluded from the hedge effectiveness assessment, and are recognized in earnings in the same income statement line item used to present the earnings effect of the hedged item. If the cash flow hedge transactions become improbable, the corresponding amounts deferred in accumulated other comprehensive income (loss) would be immediately reclassified to interest and other, net. These derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item. Fair value hedges use interest rate contracts, such as interest rate swaps, to hedge against changes in the fair value on certain of our fixed-rate indebtedness attributable to changes in the benchmark interest rate. The gains or losses on these hedges, as well as the offsetting losses or gains related to the changes in the fair value of the underlying hedged item attributable to the hedged risk, are recognized in earnings in the current period, primarily in interest and other, net. These derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item, primarily within cash flows from financing activities. Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of investments in debt instruments, derivative financial instruments, loans receivable, reverse repurchase agreements, and trade receivables. We generally place investments with high-credit-quality counterparties and, by policy, we limit the amount of credit exposure to any one counterparty based on our analysis of that counterparty's relative credit standing. As required per our investment policy, substantially all of our investments in debt instruments and financing receivables are in investment-grade instruments. Credit-rating criteria for derivative instruments are similar to those for other investments. We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. Due to master netting arrangements, the amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which the counterparty's obligations exceed our obligations with that counterparty. As of December 26, 2020, our total credit exposure to any single counterparty, excluding money market funds invested in U.S. treasury and U.S. agency securities and reverse repurchase agreements collateralized by treasury and agency securities, did not exceed $2.0 billion. To further reduce credit risk, we enter into collateral security arrangements with certain of our derivative counterparties and obtain and secure collateral from counterparties against obligations, including securities lending transactions when we deem it appropriate. Cash collateral exchanged under our collateral security arrangements are included in other current assets, other long-term assets, other accrued liabilities, or other long-term liabilities. For reverse repurchase agreements collateralized by other securities, we do not record the collateral as an asset or a liability unless the collateral is repledged. A substantial majority of our trade receivables are derived from sales to OEMs and ODMs. We also have accounts receivable derived from sales to industrial and communications equipment manufacturers in the computing and communications industries. We believe the net accounts receivable balances from our three largest customers (43% as of December 26, 2020) do not represent a significant credit risk, based on cash flow forecasts, balance sheet analysis, and past collection experience. We have adopted credit policies and standards intended to accommodate industry growth and inherent risk. We believe credit risks are moderated by the financial stability of our major customers. We assess credit risk through quantitative and qualitative analysis. From this analysis, we establish shipping and credit limits, and determine whether we will seek to use one or more credit support protection devices, such as obtaining a parent guarantee, standby letter of credit, or credit insurance. Business Combinations We allocate the purchase price paid for assets acquired and liabilities assumed in connection with our acquisitions based on their estimated fair values at the time of acquisition. This allocation involves a number of assumptions, estimates, and judgments in determining the fair value of the following: ▪ intangible assets, including the valuation methodology, estimations of future cash flows, discount rates, market segment growth rates, and our assumed market segment share, as well as the estimated useful life of intangible assets; ▪ deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances, which are initially estimated as of the acquisition date; ▪ inventory; property, plant and equipment; pre-existing liabilities or legal claims; deferred revenue; and contingent consideration, each as may be applicable; and ▪ goodwill as measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Our assumptions and estimates are based upon comparable market data and information obtained from our management and the management of the acquired companies. We allocate goodwill to the reporting units of the business that are expected to benefit from the business combination. Goodwill We perform an annual impairment assessment of goodwill at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The analysis may include both qualitative and quantitative factors to assess the likelihood of an impairment. The reporting unit's carrying value used in an impairment test represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments, and debt. Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. Additionally, as part of this assessment, we may perform a quantitative analysis to support the qualitative factors above by applying sensitivities to assumptions and inputs used in measuring a reporting unit's fair value. Our quantitative impairment test considers both the income approach and the market approach to estimate a reporting unit's fair value. Significant estimates include market segment growth rates, our assumed market segment share, estimated costs, and discount rates based on a reporting unit's weighted average cost of capital. Identified Intangible Assets We amortize acquisition-related intangible assets that are subject to amortization over their estimated useful life. Acquisition-related in-process R&D assets represent the fair value of incomplete R&D projects that had not reached technological feasibility as of the date of acquisition; initially, these are classified as in-process R&D and are not subject to amortization. Once these R&D projects are completed, the asset balances are transferred from in-process R&D to acquisition-related developed technology and are subject to amortization from this point forward. The asset balances relating to projects that are abandoned after acquisition are impaired and expensed to R&D. Employee Equity Incentive Plans We use the straight-line amortization method to recognize share-based compensation expense over the service period of the award, net of estimated forfeitures. Upon exercise, cancellation, forfeiture, or expiration of stock options, or upon vesting or forfeiture of RSUs, we eliminate deferred tax assets for options and RSUs with multiple vesting dates for each vesting period on a first-in, first-out basis as if each vesting period were a separate award. Income Taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. We measure deferred tax assets and liabilities using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We assess the likelihood that we will be able to recover our deferred tax assets. If recovery is not likely, we must increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable. We believe that we will ultimately recover the deferred tax assets recorded on our Consolidated Balance Sheets. Recovery of a portion of our deferred tax assets is affected by management's plans with respect to holding or disposing of certain investments; therefore, such changes could also affect our future provision for taxes. We recognize tax benefits from uncertain tax positions only if (based on the technical merits of the position) it is more likely than not that the tax positions will be sustained on examination by the tax authority. The tax benefits recognized in the financial statements from such positions are measured based on the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits within the provision for taxes on the Consolidated Statements of Income. Leases Leases primarily consist of real property, and, to a lesser extent, certain machinery and equipment. Our lease terms may include options to extend when it is reasonably certain that we will exercise that option. We have lease agreements with lease and non-lease components, and the non-lease components are accounted for separately and not included in our leased assets and corresponding liabilities. Payments on leases may be fixed or variable, and variable lease payments are based on output of the underlying leased assets. Loss Contingencies We are subject to loss contingencies, including various legal and regulatory proceedings, asserted and potential claims, liabilities related to repair or replacement of parts in connection with product defects, as well as product warranties and potential asset impairments that arise in the ordinary course of business. An estimated loss from such contingencies is recognized as a charge to income if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 26, 2020 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 3 : Operating Segments We manage our business through the following operating segments: ▪ DCG ▪ IOTG ▪ Mobileye ▪ NSG ▪ PSG ▪ CCG We derive a substantial majority of our revenue from platform products, which are our principal products and considered as one class of product. We offer platform products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone SoC, or a multichip package, based on Intel architecture. Platform products are used in various form factors across our DCG, IOTG, and CCG operating segments. Our non-platform, or adjacent, products can be combined with platform products to form comprehensive platform solutions to meet customer needs. DCG and CCG are our reportable operating segments. IOTG, Mobileye, NSG, and PSG do not meet the quantitative thresholds to qualify as reportable operating segments; however, we have elected to disclose the results of these non-reportable operating segments. Our Internet of Things portfolio, presented as Internet of Things, is comprised of the IOTG and Mobileye operating segments. Beginning with the first quarter of 2021, we expect our DCG operating segment to include the results of our Intel Optane memory business, and our NSG segment will be composed of our NAND memory business. We have sales and marketing, manufacturing, engineering, finance, and administration groups. Expenses for these groups are generally allocated to the operating segments. We have an "all other" category that includes revenue, expenses, and charges such as: ▪ results of operations from non-reportable segments not otherwise presented; ▪ historical results of operations from divested businesses; ▪ results of operations of start-up businesses that support our initiatives, including our foundry business; ▪ amounts included within restructuring and other charges; ▪ a portion of employee benefits, compensation, and other expenses not allocated to the operating segments; and ▪ acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. The CODM, who is our CEO, allocates resources to and assesses the performance of each operating segment using information about the operating segment's revenue and operating income (loss). The CODM does not evaluate operating segments using discrete asset information and we do not identify or allocate assets by operating segments. Based on the interchangeable nature of our manufacturing and assembly and test assets, most of the related depreciation expense is not directly identifiable within our operating segments, as it is included in overhead cost pools and subsequently absorbed into inventory as each product passes through our manufacturing process. Because our products are then sold across multiple operating segments, it is impracticable to determine the total depreciation expense included as a component of each operating segment's operating income (loss) results. Operating segments do not record inter-segment revenue. We do not allocate gains and losses from equity investments, interest and other income, or taxes to operating segments. Although the CODM uses operating income to evaluate the segments, operating costs included in one segment may benefit other segments. The accounting policies for segment reporting are the same as for Intel as a whole. Net revenue and operating income (loss) for each period were as follows: Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Net revenue: Data Center Group Platform $ 23,056 $ 21,441 $ 21,155 Adjacent 3,047 2,040 1,836 26,103 23,481 22,991 Internet of Things IOTG 3,007 3,821 3,455 Mobileye 967 879 698 3,974 4,700 4,153 Non-Volatile Memory Solutions Group 5,358 4,362 4,307 Programmable Solutions Group 1,853 1,987 2,123 Client Computing Group Platform 35,642 32,681 33,234 Adjacent 4,415 4,465 3,770 40,057 37,146 37,004 All other 522 289 270 Total net revenue $ 77,867 $ 71,965 $ 70,848 Operating income (loss): Data Center Group $ 10,571 $ 10,227 $ 11,476 Internet of Things IOTG 497 1,097 980 Mobileye 241 245 143 738 1,342 1,123 Non-Volatile Memory Solutions Group 361 (1,176) (5) Programmable Solutions Group 260 318 466 Client Computing Group 15,129 15,202 14,222 All other (3,381) (3,878) (3,966) Total operating income $ 23,678 $ 22,035 $ 23,316 Disaggregated net revenue for each period was as follows: Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Platform revenue DCG platform $ 23,056 $ 21,441 $ 21,155 IOTG platform 2,705 3,440 3,065 CCG desktop platform 10,692 11,822 12,220 CCG notebook platform 24,903 20,779 20,930 CCG other platform 1 47 80 84 61,403 57,562 57,454 Adjacent revenue 2 16,464 14,403 13,394 Total revenue $ 77,867 $ 71,965 $ 70,848 1 Includes our tablet and service provider revenue. Net revenue by country, based on the billing location of the customer, was as follows: Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 China (including Hong Kong) $ 20,257 $ 20,026 $ 18,824 Singapore 17,845 15,650 15,409 United States 16,573 15,617 14,303 Taiwan 11,605 10,058 10,646 Other countries 11,587 10,614 11,666 Total net revenue $ 77,867 $ 71,965 $ 70,848 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 26, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 4 : Earnings Per Share Years Ended (In Millions, Except Per Share Amounts) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Net income available to common stockholders $ 20,899 $ 21,048 $ 21,053 Weighted average shares of common stock outstanding—basic 4,199 4,417 4,611 Dilutive effect of employee incentive plans 33 41 50 Dilutive effect of convertible debt — 15 40 Weighted average shares of common stock outstanding—diluted 4,232 4,473 4,701 Earnings per share—basic $ 4.98 $ 4.77 $ 4.57 Earnings per share—diluted $ 4.94 $ 4.71 $ 4.48 We computed diluted earnings per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period. Potentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the 2006 ESPP. In January 2020, we fully redeemed the remaining principal of our 2009 Debentures. We included our 2009 Debentures in the calculation of diluted earnings per share of common stock in 2019 and 2018 by applying the treasury stock method because the average market price was above the conversion price. Securities that would have been anti-dilutive are insignificant and are excluded from the computation of diluted earnings per share in all periods presented. |
Contract Liabilities
Contract Liabilities | 12 Months Ended |
Dec. 26, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Contract Liabilities | Note 5 : Contract Liabilities (In Millions) Dec 26, 2020 Dec 28, 2019 Prepaid supply agreements $ 1,625 $ 1,805 Other 250 236 Total contract liabilities $ 1,875 $ 2,041 Contract liabilities are primarily related to prepayments received from customers on long-term prepaid supply agreements toward future NSG product delivery. The short-term portion of contract liabilities ($508 million as of December 26, 2020 and $673 million as of December 28, 2019) is reported on the Consolidated Balance Sheets within other accrued liabilities. The following table shows the changes in contract liability balances relating to long-term prepaid supply agreements during 2020: (In Millions) Prepaid supply agreements balance as of December 28, 2019 $ 1,805 Additions 70 Prepaids utilized (250) Prepaid supply agreements balance as of December 26, 2020 $ 1,625 During the second quarter of 2020, we issued a contract termination notification for breach to our largest prepaid supply customer with a $1.6 billion contract liability balance. The timing and amount of future anticipated revenue or reversal of any contract liability balance resulting from contract termination may vary due to ongoing customer negotiations. |
Other Financial Statement Detai
Other Financial Statement Details | 12 Months Ended |
Dec. 26, 2020 | |
Other Financial Statement Details [Abstract] | |
Other Financial Statement Details [Text Block] | Note 6 : Other Financial Statement Details Inventories (In Millions) Dec 26, 2020 Dec 28, 2019 Raw materials $ 908 $ 840 Work in process 6,007 6,225 Finished goods 1,512 1,679 Total inventories $ 8,427 $ 8,744 Property, Plant and Equipment (In Millions) Dec 26, 2020 Dec 28, 2019 Land and buildings $ 37,536 $ 37,743 Machinery and equipment 79,384 74,901 Construction in progress 17,309 16,063 Total property, plant and equipment, gross 134,229 128,707 Less: accumulated depreciation (77,645) (73,321) Total property, plant and equipment, net $ 56,584 $ 55,386 Our depreciable property, plant and equipment assets are depreciated over the following estimated useful lives: machinery and equipment, 2 to 5 years, and buildings, 10 to 25 years. Net property, plant and equipment by country at the end of each period was as follows: (In Millions) Dec 26, 2020 Dec 28, 2019 United States $ 38,829 $ 35,262 Israel 7,837 8,463 China 851 5,315 Ireland 5,828 3,854 Other countries 3,239 2,492 Total property, plant and equipment, net $ 56,584 $ 55,386 Other Long-term Assets (In Millions) Dec 26, 2020 Dec 28, 2019 Derivative assets $ 1,550 $ 706 Deferred tax assets 1,232 1,209 Pre-payments for property, plant and equipment 1,502 1,641 Other 1,633 1,997 Total other long-term assets $ 5,917 $ 5,553 Other Accrued Liabilities Other accrued liabilities include deferred compensation of $2.5 billion as of December 26, 2020 ($2.1 billion as of December 28, 2019) and collateral received for derivatives under credit support annex agreements of $2.0 billion as of December 26, 2020 ($846 million as of December 28, 2019). Interest and Other, Net Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Interest income $ 272 $ 483 $ 438 Interest expense (629) (489) (468) Other, net (147) 490 156 Total interest and other, net $ (504) $ 484 $ 126 Interest expense in the preceding table is net of Accelerated Share Repurchases In August 2020, we entered into ASR agreements with financial institutions under which we paid an aggregate of $10.0 billion and received an aggregate initial share delivery of 165.5 million shares of our common stock, which were immediately retired. We received and immediately retired an additional 37.7 million shares upon settlement of the ASR agreements in December 2020. In total, 203.2 million shares were repurchased under the ASR agreements at an average repurchase price per share of $49.20. The ASR agreements were entered into pursuant to our existing share repurchase program. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 26, 2020 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Restructuring and Other Charges [Text Block] | Note 7 : Restructuring and Other Charges Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 2020 Restructuring Program $ 198 $ — $ — 2019 Restructuring Program — 393 — 2016 Restructuring Program — — (72) Total restructuring and other charges $ 198 $ 393 $ (72) 2020 and 2019 Restructuring Programs A restructuring program, which is ongoing, was approved in the first quarter of 2020 to further align our workforce with our continuing investments in the business and to execute the planned divestiture of Home Gateway Platform, a division of CCG. These actions are expected to be substantially completed in 2021. A restructuring program was approved in the second quarter of 2019 to align our workforce with our exit of the 5G smartphone modem business. This action was substantially completed in the third quarter of 2020. Restructuring and other charges (benefits) by type for the 2020 and 2019 Restructuring Programs were as follows: Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Employee severance and benefit arrangements $ 124 $ 280 Asset impairment and other charges 74 113 Total restructuring and other charges $ 198 $ 393 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 26, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Note 8 : Income Taxes Income Tax Provision Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Income before taxes: U.S. $ 15,452 $ 13,729 $ 14,753 Non-U.S. 9,626 10,329 8,564 Total income before taxes 25,078 24,058 23,317 Provision for taxes: Current: Federal 1,120 1,391 2,786 State 46 37 (11) Non-U.S. 1,244 1,060 1,097 Total current provision for taxes 2,410 2,488 3,872 Deferred: Federal 1,369 597 (1,389) State 25 1 11 Non-U.S. 375 (76) (230) Total deferred provision for taxes 1,769 522 (1,608) Total provision for taxes $ 4,179 $ 3,010 $ 2,264 Effective tax rate 16.7 % 12.5 % 9.7 % The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before income taxes (effective tax rate) for each period was as follows: Years Ended Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) in rate resulting from: Non-U.S. income taxed at different rates (3.7) (3.7) (3.6) Research and development tax credits (2.1) (2.3) (2.7) Foreign derived intangible income benefit (1.9) (3.2) (3.7) Change in permanent reinvestment assertion 1.6 — 0.2 Tax Reform — — (1.3) Other 1.8 0.7 (0.2) Effective tax rate 16.7 % 12.5 % 9.7 % Our effective tax rate increased in 2020 compared to 2019, primarily driven by a change in our permanent reinvestment assertion with respect to undistributed earnings in China, as a result of our planned divestiture of the NAND memory business. It also increased due to the reduction in our foreign derived intangible income benefit in 2020. Our effective tax rate increased in 2019 compared to 2018, primarily driven by one-time benefits that occurred in 2018. We derive the effective tax rate benefit attributed to non-U.S. income taxed at different rates primarily from our operations in China, Hong Kong, Ireland, and Israel. The statutory tax rates in these jurisdictions range from 12.5% to 25.0%. In addition, we are subject to reduced tax rates in China and Israel as long as we conduct certain eligible activities and make certain capital investments. These conditional reduced tax rates expire at various dates through 2035 and we expect to apply for renewals upon expiration. Deferred and Current Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities at the end of each period were as follows: (In Millions) Dec 26, 2020 Dec 28, 2019 Deferred tax assets: Accrued compensation and other benefits $ 865 $ 740 Share-based compensation 324 294 Inventory 835 760 State credits and net operating losses 1,829 1,511 Other, net 617 515 Gross deferred tax assets 4,470 3,820 Valuation allowance (1,963) (1,534) Total deferred tax assets 2,507 2,286 Deferred tax liabilities: Property, plant and equipment (3,109) (1,807) Licenses and intangibles (725) (720) Convertible debt — (88) Unrealized gains on investments and derivatives (735) (292) Unremitted earnings of non-U.S. subsidiaries (403) (28) Other, net (146) (186) Total deferred tax liabilities (5,118) (3,121) Net deferred tax assets (liabilities) $ (2,611) $ (835) Reported as: Deferred tax assets 1,232 1,209 Deferred tax liabilities (3,843) (2,044) Net deferred tax assets (liabilities) $ (2,611) $ (835) Change in valuation allowance for deferred tax assets were as follows: Years Ended (In Millions) Balance at Beginning of Year Additions Charged to Expenses/ Net Balance at Valuation allowance for deferred tax assets December 26, 2020 $ 1,534 $ 378 $ 51 $ 1,963 December 28, 2019 $ 1,302 $ 239 $ (7) $ 1,534 December 29, 2018 $ 1,171 $ 185 $ (54) $ 1,302 Deferred tax assets are included within other long-term assets on the Consolidated Balance Sheets. The valuation allowance as of December 26, 2020 included allowances primarily related to unrealized state credit carryforwards of $1.8 billion. As of December 26, 2020, our federal and non-U.S. net operating loss carryforwards for income tax purposes were $345 million and $826 million, respectively. Most of the non-U.S. net operating loss carryforwards have no expiration date. The remaining non-U.S. and U.S. federal net operating loss carryforwards expire at various dates through 2040. A significant amount of the net operating loss carryforwards in the U.S. relates to acquisitions and, as a result, is limited in the amount that can be recognized in any one year. The non-U.S. net operating loss carryforwards include $772 million that is not likely to be recovered and has been reduced by a valuation allowance. At December 26, 2020, we have undistributed earnings of certain foreign subsidiaries of approximately $19.0 billion that we have indefinitely invested, and on which we have not recognized deferred taxes. Estimating the amount of potential tax is not practicable because of the complexity and variety of assumptions necessary to compute the tax. Current income taxes receivable of $131 million as of December 26, 2020 ($76 million as of December 28, 2019) are included in other current assets. Current income taxes payable of $756 million as of December 26, 2020 ($575 million as of December 28, 2019) are included in other accrued liabilities. Long-term income taxes payable of $4.6 billion as of December 26, 2020 ($4.9 billion as of December 28, 2019) is primarily comprised of the transition tax from Tax Reform, which is payable over eight years beginning in 2018, as well as amounts for uncertain tax positions, reduced by the associated deduction for state taxes and non-U.S. tax credits. Uncertain Tax Positions (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Beginning gross unrecognized tax benefits $ 548 $ 283 $ 211 Settlements and effective settlements with tax authorities (142) (4) (7) Changes in balances related to tax position taken during prior periods 165 122 (11) Changes in balances related to tax position taken during current period 257 147 90 Ending gross unrecognized tax benefits $ 828 $ 548 $ 283 If the remaining balance of unrecognized tax benefits were recognized in a future period, it would result in a tax benefit of $550 million as of December 26, 2020 ($454 million as of December 28, 2019) and a reduction in the effective tax rate. Interest, penalties, and accrued interest related to unrecognized tax benefits were insignificant in the periods presented. We comply with the tax laws, regulations, and filing requirements of all jurisdictions in which we conduct business. We regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that certain U.S. federal and non-U.S. tax audits may be concluded within the next 12 months, which could increase or decrease the balance of our gross unrecognized tax benefits. We estimate that the unrecognized tax benefits as of December 26, 2020 could decrease by as much as $430 million in the next 12 months. We file federal, state, and non-U.S. tax returns. Excluding pre-acquisition Altera tax years, we are no longer subject to U.S. federal and non-U.S. tax examinations for years prior to 2010. For U.S. state tax returns, we are no longer subject to tax examination for years prior to 2012. |
Investments
Investments | 12 Months Ended |
Dec. 26, 2020 | |
Investments [Abstract] | |
Investments [Text Block] | Note 9 : Investments Debt Investments Trading Assets Net gains related to trading assets still held at the reporting date were $694 million in 2020 (net gains of $26 million in 2019 and net losses of $188 million in 2018). Net losses on the related derivatives were $667 million in 2020 (net gains of $22 million in 2019 and net gains of $163 million in 2018). Available-for-Sale Debt Investments Available-for-sale investments include corporate debt, government debt, and financial institution instruments. Government debt includes instruments such as non-U.S. government bonds and U.S. agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms, such as commercial paper, fixed- and floating-rate bonds, money market fund deposits, and time deposits. As of December 26, 2020 and December 28, 2019, substantially all time deposits were issued by institutions outside the U.S. T he adjusted cost of our available-for-sale investments was $7.8 billion as of December 26, 2020 and $6.5 billion as of December 28, 2019. The adjusted cost of our available-for-sale investments approximated the fair value for these periods. The fair values of available-for-sale debt investments by contractual maturity as of December 26, 2020 were as follows: (In Millions) Fair Value Due in 1 year or less $ 2,978 Due in 1–2 years 1,093 Due in 2–5 years 1,099 Due after 5 years — Instruments not due at a single maturity date 2,781 Total $ 7,951 Equity Investments (In Millions) Dec 26, 2020 Dec 28, 2019 Marketable equity securities $ 1,830 $ 450 Non-marketable equity securities 3,304 3,480 Equity method investments 18 37 Total $ 5,152 $ 3,967 The components of gains (losses) on equity investments, net for each period were as follows: Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Ongoing mark-to-market adjustments on marketable equity securities $ (133) $ 277 $ (129) Observable price adjustments on non-marketable equity securities 176 293 202 Impairment charges (303) (122) (424) Sale of equity investments and other 1 2,164 1,091 226 Total gains (losses) on equity investments, net $ 1,904 $ 1,539 $ (125) 1 Sale of equity investments and other includes initial fair value adjustments recorded upon a security becoming marketable, realized gains (losses) on sales of non-marketable equity investments, and our share of equity method investee gains (losses) and distributions. In 2020, we recognized higher than historically experienced impairment charges on our non-marketable portfolio based on our assessment of the impact of recent public and private market volatility and tightening of liquidity. We recognized impairments of $290 million on non-marketable equity securities in 2020 ($122 million in 2019 and $132 million in 2018). Gains and losses for our marketable and non-marketable equity securities during each period were as follows: (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Net gains (losses) recognized during the period on equity securities $ 1,679 $ 734 $ 298 Less: Net (gains) losses recognized during the period on equity securities sold during the period (254) (424) (445) Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date $ 1,425 $ 310 $ (147) As of December 28, 2019, Intel owned $307 million of shares in Cloudera, all of which we sold in 2020. As of December 29, 2018, Intel owned $1.1 billion of shares in ASML, all of which we sold in 2019. IMFT IMFT was formed in 2006 by Micron Technology, Inc. (Micron) and Intel to jointly develop NAND and 3D XPoint technology products. We owned a 49% interest in the entity. Upon Micron's notice of intent to exercise its right to call our interest in IMFT, we recognized an impairment charge of $290 million related to our investment in the third quarter of 2018. In 2019, Micron exercised its right and we sold our non-controlling interest in IMFT to Micron. We received $1.7 billion in sales proceeds and certain other repayments from Micron during 2019 and reported a gain of $107 million. We continue to purchase products manufactured by Micron at the IMFT facility under our supply agreement, which includes the next generation of 3D XPoint technology. McAfee |
Acquisitions & Divestitures
Acquisitions & Divestitures | 12 Months Ended |
Dec. 26, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures [Text Block] | Note 10 : Acquisitions and Divestitures Acquisitions We completed six acquisitions in 2020 and five acquisitions in 2019, all of which qualified as business combinations. The consideration for the acquisitions in 2020 and 2019 primarily consisted of cash and was allocated to goodwill and identified intangible assets. For information on the assignment of goodwill to our operating segments, see "Note 11: Goodwill," and for information on the classification of intangible assets, see "Note 12: Identified Intangible Assets." Moovit On May 4, 2020, we acquired Moovit, a MaaS solutions company, for total consideration of $915 million. The fair values of the assets acquired relate to goodwill of $638 million and intangible assets of $331 million. The goodwill arising from the acquisition is attributed to the expected synergies and other benefits that will be generated from the combination of Intel and Moovit. We expect substantially all of the goodwill will not be deductible for local tax purposes. The acquisition-related intangible assets are primarily related to Moovit's monthly active user base and application platform. The goodwill and operating results of Moovit are included in our Mobileye operating segment. Habana Labs On December 12, 2019, we acquired Habana Labs, an Israel-based developer of programmable deep learning accelerators targeting AI workloads in the data center, for total consideration of $1.7 billion. Habana Labs strengthens our AI portfolio and accelerates our efforts to capitalize on the nascent, fast-growing AI silicon market opportunity. The fair values of the assets acquired relate to goodwill of $1.5 billion and acquisition-related intangible assets of $250 million. The goodwill arising from the acquisition is attributed to the expected synergies and other benefits that will be generated from the combination of Intel and Habana Labs. We expect substantially all of the goodwill will not be deductible for tax purposes. The acquisition-related intangible assets are primarily related to in-process R&D. The goodwill and operating results of Habana Labs are included in our DCG operating segment. Divestitures NAND Memory Business On October 19, 2020, we signed an agreement with SK hynix Inc. (SK hynix) to divest our NAND memory business, including our NAND memory fabrication facility in Dalian, China and certain related equipment and tangible assets (the Fab Assets), our NAND SSD business (the NAND SSD Business), and our NAND memory technology and manufacturing business (the NAND OpCo Business). Our Intel Optane memory business is expressly excluded from the transaction. The transaction will occur over two closings for total consideration of $9.0 billion in cash, of which $7.0 billion will be received upon initial closing, not to occur prior to November 1, 2021, and the remaining $2.0 billion will be received no earlier than March 2025. The consummations of the first closing and the second closing are subject to customary conditions, including the receipt of certain governmental approvals. At the first closing, Intel will sell to SK hynix the Fab Assets and the NAND SSD Business, and SK hynix will assume from Intel certain liabilities related to the Fab Assets and the NAND SSD Business. In connection with the first closing, we and certain affiliates of SK hynix will also enter into a NAND wafer manufacturing and sale agreement pursuant to which we will manufacture and sell to SK hynix NAND memory wafers to be manufactured using the Fab Assets in Dalian, China, until the second closing. We will transfer certain employees, IP, and other assets related to the NAND OpCo Business to separately created, wholly owned subsidiaries of Intel at the first closing. The equity interest of these wholly owned subsidiaries will transfer to SK hynix at the second closing. We have concluded based on the terms of the transaction agreements that the subsidiaries will be variable interest entities for which we are not the primary beneficiary, and accordingly will deconsolidate at the first closing. The carrying amounts of the major classes of NAND assets held for sale included the following: (In Millions) Dec 26, 2020 Inventories $ 962 Property, plant and equipment, net 4,363 Total assets held for sale $ 5,325 We ceased recording depreciation on property, plant and equipment as of the date the assets triggered held for sale accounting. Additional capital purchases of approximately $1.8 billion expected prior to first close will be classified as assets held for sale in the Consolidated Balance Sheet and within additions to held for sale NAND property, plant and equipment on the Consolidated Statement of Cash Flows. Home Gateway Platform Division On July 31, 2020, we completed the divestiture of the majority of Home Gateway Platform, a division of CCG, for proceeds of $150 million. The divestiture included the transfer of certain employees, equipment, and an ongoing supply agreement for future units. Smartphone Modem Business On December 2, 2019, we completed the divestiture of the majority of our smartphone modem business, including certain employees, IP, equipment, and leases. Net assets sold were $267 million. We recognized a pre-tax gain of $690 million on the divestiture. Wind River During the second quarter of 2018, we completed the divestiture of Wind River and recognized a pre-tax gain of $494 million. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 26, 2020 | |
Business Combination, Goodwill [Abstract] | |
Goodwill [Text Block] | Note 11 : Goodwill Dec 28, 2019 Acquisitions Other Dec 26, 2020 Data Center Group $ 7,182 $ 50 $ — $ 7,232 Internet of Things Group 1,579 12 — 1,591 Mobileye 10,290 638 — 10,928 Programmable Solutions Group 2,654 2 (34) 2,622 Client Computing Group 4,333 27 — 4,360 All other 238 — — 238 Total $ 26,276 $ 729 $ (34) $ 26,971 (In Millions) Dec 29, 2018 Acquisitions Other Dec 28, 2019 Data Center Group $ 5,424 $ 1,758 $ — $ 7,182 Internet of Things Group 1,579 — — 1,579 Mobileye 10,290 — — 10,290 Programmable Solutions Group 2,579 67 8 2,654 Client Computing Group 4,403 — (70) 4,333 All other 238 — — 238 Total $ 24,513 $ 1,825 $ (62) $ 26,276 |
Identified Intangible Assets
Identified Intangible Assets | 12 Months Ended |
Dec. 26, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Identified Intangible Assets [Text Block] | Note 12 : Identified Intangible Assets December 26, 2020 December 28, 2019 (In Millions) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Developed technology $ 10,188 $ (4,880) $ 5,308 $ 9,407 $ (3,801) $ 5,606 Customer relationships and brands 2,110 (854) 1,256 2,160 (708) 1,452 Licensed technology and patents 2,836 (1,629) 1,207 2,975 (1,455) 1,520 In-process R&D 954 — 954 1,664 — 1,664 Other non-amortizing intangibles 301 — 301 585 — 585 Total identified intangible assets $ 16,389 $ (7,363) $ 9,026 $ 16,791 $ (5,964) $ 10,827 Amortization expenses recorded for identified intangible assets in the Consolidated Statements of Income for each period and the weighted average useful life were as follows: Years Ended (In Millions) Location Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Weighted Average Useful Life 1 Developed technology Cost of sales $ 1,211 $ 1,124 $ 1,105 9 years Customer relationships and brands Marketing, general and administrative 205 200 200 11 years Licensed technology and patents Cost of sales 341 298 260 13 years Total amortization expenses $ 1,757 $ 1,622 $ 1,565 1 Represents weighted average useful life in years of intangible assets during 2020. We expect future amortization expense for the next five years and thereafter to be as follows: (In Millions) 2021 2022 2023 2024 2025 Thereafter Total Future amortization expenses $ 1,749 $ 1,618 $ 1,453 $ 1,076 $ 672 $ 1,203 $ 7,771 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 26, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings [Text Block] | Note 13 : Borrowings Short-Term Debt Short-term debt, which primarily includes the current portion of long-term debt, was $2.5 billion as of December 26, 2020 and $3.7 billion as of December 28, 2019. The current portion of long-term debt includes debt classified as short-term based on time remaining until maturity and, in 2019, also included amounts outstanding under our 2009 Debentures. We have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion under our commercial paper program. Long-Term Debt Dec 26, 2020 Dec 28, 2019 (In Millions) Effective Interest Rate Amount Amount Floating-rate senior notes: Three-month LIBOR plus 0.08%, due May 2020 —% $ — $ 700 Three-month LIBOR plus 0.35%, due May 2022 1.25% 800 800 Fixed-rate senior notes: 1.85%, due May 2020 —% — 1,000 2.45%, due July 2020 —% — 1,750 1.70%, due May 2021 1.79% 500 500 3.30%, due October 2021 2.99% 2,000 2,000 2.35%, due May 2022 1.96% 750 750 3.10%, due July 2022 2.70% 1,000 1,000 4.00%, due December 2022 1 2.83% 417 382 2.70%, due December 2022 2.28% 1,500 1,500 4.10%, due November 2023 3.22% 400 400 2.88%, due May 2024 2.31% 1,250 1,250 2.70%, due June 2024 2.14% 600 600 3.40%, due March 2025 3.46% 1,500 — 3.70%, due July 2025 2.93% 2,250 2,250 2.60%, due May 2026 1.36% 1,000 1,000 3.75%, due March 2027 3.80% 1,000 — 3.15%, due May 2027 1.91% 1,000 1,000 2.45%, due November 2029 2.39% 2,000 1,250 3.90%, due March 2030 3.94% 1,500 — 4.00%, due December 2032 1.84% 750 750 4.60%, due March 2040 4.62% 750 — 4.80%, due October 2041 2.82% 802 802 4.25%, due December 2042 2.01% 567 567 4.90%, due July 2045 2.90% 772 772 4.10%, due May 2046 2.13% 1,250 1,250 4.10%, due May 2047 2.07% 1,000 1,000 4.10%, due August 2047 1.64% 640 640 3.73%, due December 2047 2.39% 1,967 1,967 3.25%, due November 2049 3.20% 2,000 1,500 4.75%, due March 2050 4.76% 2,250 — 3.10%, due February 2060 3.12% 1,000 — 4.95%, due March 2060 5.00% 1,000 — Oregon and Arizona bonds: 2.40% - 2.70%, due December 2035 - 2040 2.49% 423 423 5.00%, due March 2049 2.13% 138 138 5.00%, due June 2049 2.15% 438 438 Junior subordinated convertible debentures: 3.25%, due August 2039 —% — 372 Total senior notes and other borrowings 35,214 28,751 Unamortized premium/discount and issuance costs (378) (529) Hedge accounting fair value adjustments 1,565 781 Long-term debt 36,401 29,003 Current portion of long-term debt (2,504) (3,695) Total long-term debt $ 33,897 $ 25,308 1 To manage foreign currency risk associated with the Australian-dollar-denominated notes issued in 2015, we entered into currency interest rate swaps which had an aggregate outstanding notional amount of $396 million at December 26, 2020, which effectively converted these notes to U.S.-dollar-denominated notes. For further discussion on our currency interest rate swaps, see "Note 16: Derivative Financial Instruments." Principal and unamortized discount/issuance costs for the Australian-dollar-denominated notes in the table above were calculated using foreign currency exchange rates as of December 26, 2020 and December 28, 2019. Senior Notes In 2020, we issued a total of $10.3 billion aggregate principal amount of senior notes. Net proceeds from the offerings are being used for general corporate purposes, which may include refinancing outstanding debt, funding for working capital and capital expenditures, and repurchasing shares of our common stock. During 2020, we repaid $1.0 billion of our 1.85% senior notes that matured in May 2020 and $1.8 billion of our 2.45% senior notes that matured in July 2020. We also repaid $700 million in floating-rate senior notes that matured in May 2020. In 2019, we issued a total of $2.8 billion aggregate principal amount of senior notes and redeemed our $915 million, 4.70% senior notes due December 2045. Our floating-rate senior notes pay interest quarterly and our fixed-rate senior notes pay interest semiannually. We may redeem the fixed-rate notes prior to their maturity at our option at specified redemption prices and subject to certain restrictions. The obligations under the notes rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and will effectively rank junior to all liabilities of our subsidiaries. Oregon and Arizona Bonds In 2019 , we received proceeds of $648 million in aggregate from the sale of the 2019 Arizona Bonds and the 2019 Oregon Bonds. The bonds are our unsecured general obligations in accordance with loan agreements we entered into with the Industrial Development Authority of the City of Chandler, Arizona and the State of Oregon Business Development Commission. The bonds mature in 2049 and carry an interest rate of 5.00%. The 2019 Arizona Bonds and the 2019 Oregon Bonds are subject to mandatory tender in June 2024 and March 2022, respectively, at which time we can re-market the bonds as either fixed-rate bonds for a specified period or as variable-rate bonds until another fixed-rate period is selected or until their final maturity date. Convertible Debentures In 2009, we issued the 2009 Debentures, which were convertible, subject to certain conditions, into shares of our common stock and paid a fixed rate of interest semiannually. In 2019, we paid $1.5 billion to satisfy conversion obligations for $615 million in principal, resulting in a cumulative loss of $156 million in interest and other, net, and $1.0 billion as a reduction in stockholders' equity related to the conversion feature. In 2020, we paid $1.1 billion in cash to settle our remaining $372 million in principal, resulting in a loss of $109 million in interest and other, net and $750 million as a reduction in stockholders' equity related to the conversion feature. Debt Maturities Our aggregate debt maturities, excluding commercial paper and drafts payable, based on outstanding principal as of December 26, 2020, by year payable, are as follows: (In Millions) 2021 2022 2023 2024 2025 2026 and thereafter Total $ 2,500 $ 4,467 $ 400 $ 1,850 $ 3,750 $ 22,247 $ 35,214 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value [Text Block] | Note 14 : Fair Value Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis December 26, 2020 December 28, 2019 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 — $ 50 $ — $ 50 — $ 713 — $ 713 Financial institution instruments 1 2,781 636 — 3,417 1,064 408 — 1,472 Reverse repurchase — 1,900 — 1,900 — 1,500 — 1,500 Short-term investments: Corporate debt — 428 — 428 — 347 — 347 Financial institution instruments 1 — 1,179 — 1,179 — 724 — 724 Government debt 2 — 685 — 685 — 11 — 11 Trading assets: Corporate debt — 3,815 — 3,815 — 2,848 — 2,848 Financial institution instruments 1 131 2,847 — 2,978 87 1,578 — 1,665 Government debt 2 — 8,945 — 8,945 — 3,334 — 3,334 Other current assets: Derivative assets 48 644 — 692 50 230 — 280 Loans receivable 3 — 439 — 439 — — — — Marketable equity securities 136 1,694 — 1,830 450 — — 450 Other long-term investments: Corporate debt — 1,520 — 1,520 — 1,898 — 1,898 Financial institution instruments 1 — 257 — 257 — 825 — 825 Government debt 2 — 415 — 415 — 553 — 553 Other long-term assets: Derivative assets — 1,520 30 1,550 — 690 16 706 Loans receivable 3 — 157 — 157 — 554 — 554 Total assets measured and recorded at fair value $ 3,096 $ 27,131 $ 30 $ 30,257 $ 1,651 $ 16,213 $ 16 $ 17,880 Liabilities Other accrued liabilities: Derivative liabilities $ — $ 810 $ — $ 810 $ 3 $ 287 $ — $ 290 Other long-term liabilities: Derivative liabilities — 5 — 5 — 13 — 13 Total liabilities measured and recorded at fair value $ — $ 815 $ — $ 815 $ 3 $ 300 $ — $ 303 1 Level 1 investments in financial institution instruments consist of money market funds. Level 2 investments consist primarily of commercial paper, certificates of deposit, time deposits, and notes and bonds issued by financial institutions. 2 Level 2 investments in government debt consist primarily of U.S. agency notes and non-U.S. government debt, as well as marketable equity securities subject to security-specific restrictions. 3 The fair value of our loans receivable for which we elected the fair value option did not significantly differ from the contractual principal balance based on the contractual currency. Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Our non-marketable equity securities, equity method investments, and certain non-financial assets, such as intangible assets and property, plant and equipment, are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. If an impairment or observable price adjustment is recognized on our non-marketable equity securities during the period, we classify these assets as Level 3. We classify non-marketable equity securities and non-marketable equity method investments as Level 3. Impairments recognized on these investments held as of December 26, 2020 were $272 million ($113 million held as of December 28, 2019 and $416 million held as of December 29, 2018). Financial Instruments Not Recorded at Fair Value on a Recurring Basis Financial instruments not recorded at fair value on a recurring basis include non-marketable equity securities and equity method investments that have not been remeasured or impaired in the current period, grants receivable, reverse repurchase agreements with original maturities greater than three months, and issued debt. We classify the fair value of grants receivables as Level 2. The estimated fair value of these financial instruments approximates their carrying value. The aggregate carrying value of grants receivable as of December 26, 2020 was $139 million (the aggregate carrying value of grants receivable and reverse repurchase agreements with original maturities greater than three months as of December 28, 2019 was $543 million). |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 26, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) [Text Block] | Note 15 : Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component and related tax effects for each period were as follows: (In Millions) Unrealized Holding Gains (Losses) on Derivatives Actuarial Valuation and Other Pension Expenses Translation Adjustments and Other Total December 31, 2017 1 $ 130 $ (1,028) $ (30) $ (928) Other comprehensive income (loss) before reclassifications (310) 157 (16) (169) Amounts reclassified out of accumulated other comprehensive income (loss) 9 109 8 126 Tax effects 48 (56) 5 (3) Other comprehensive income (loss) (253) 210 (3) (46) December 29, 2018 (123) (818) (33) (974) Other comprehensive income (loss) before reclassifications (11) (753) 109 (655) Amounts reclassified out of accumulated other comprehensive income (loss) 195 67 (6) 256 Tax effects (7) 122 (22) 93 Other comprehensive income (loss) 177 (564) 81 (306) 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) 1 Balances as of December 31, 2017 include opening balance adjustments made as a result of changes in accounting principle due to the adoption of new accounting standards in 2018. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 26, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments [Text Block] | Note 16 : Derivative Financial Instruments Volume of Derivative Activity Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows: (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Foreign currency contracts $ 31,209 $ 23,981 $ 19,223 Interest rate contracts 14,461 14,302 22,447 Other 2,026 1,753 1,356 Total $ 47,696 $ 40,036 $ 43,026 During 2020 and 2019, we did not enter into any new pay-variable, receive-fixed interest rate swaps to hedge against changes in the fair value attributable to benchmark interest rates related to our outstanding senior notes. In 2018, we entered into $7.1 billion of such swaps and designated them as fair value hedges. The total notional amount of these swaps was $12.0 billion as of December 26, 2020 and $12.0 billion as of December 28, 2019. In 2019, we unwound $7.1 billion of swaps, resulting in a $111 million gain to be amortized over the remaining life of the debt. Fair Value of Derivative Instruments in the Consolidated Balance Sheets December 26, 2020 December 28, 2019 (In Millions) Assets 1 Liabilities 2 Assets 1 Liabilities 2 Derivatives designated as hedging instruments Foreign currency contracts 3 $ 551 $ 2 $ 56 $ 159 Interest rate contracts 1,498 — 690 9 Total derivatives designated as hedging instruments 2,049 2 746 168 Derivatives not designated as hedging instruments Foreign currency contracts 3 142 685 179 78 Interest rate contracts 3 128 11 54 Equity contracts 48 — 50 3 Total derivatives not designated as hedging instruments 193 813 240 135 Total derivatives $ 2,242 $ 815 $ 986 $ 303 1 Derivative assets are recorded as other assets, current and long-term. 2 Derivative liabilities are recorded as other liabilities, current and long-term. 3 The majority of these instruments mature within 12 months. Amounts Offset in the Consolidated Balance Sheets Agreements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows: December 26, 2020 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 $ 2,235 $ — $ 2,235 $ (264) $ (1,904) $ 67 Reverse repurchase agreements 1,900 — 1,900 — (1,900) — Total assets 4,135 — 4,135 (264) (3,804) 67 Liabilities: Derivative liabilities subject to master netting arrangements 711 — 711 (264) (447) — Total liabilities $ 711 $ — $ 711 $ (264) $ (447) $ — December 28, 2019 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 $ 974 $ — $ 974 $ (144) $ (808) $ 22 Reverse repurchase agreements 1,850 — 1,850 — (1,850) — Total assets 2,824 — 2,824 (144) (2,658) 22 Liabilities: Derivative liabilities subject to master netting arrangements 262 — 262 (144) (72) 46 Total liabilities $ 262 $ — $ 262 $ (144) $ (72) $ 46 We obtain and secure available collateral from counterparties against obligations, including securities lending transactions and reverse repurchase agreements, when we deem it appropriate. Derivatives in Cash Flow Hedging Relationships The before-tax net gains or losses attributed to the effective portion of cash flow hedges recognized in other comprehensive income (loss) were $806 million net gains in 2020 ($11 million net losses in 2019 and $310 million net losses in 2018). Substantially all of our cash flow hedges are foreign currency contracts for all periods presented. Amounts excluded from effectiveness testing were insignificant during all periods presented. For information on the unrealized holding gains (losses) on derivatives reclassified out of accumulated other comprehensive income into the Consolidated Statements of Income, see "Note 15: Other Comprehensive Income (Loss)." Derivatives in Fair Value Hedging Relationships The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows: Gains (Losses) Recognized in Statement of Income on Derivatives Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Interest rate contracts $ 817 $ 1,071 $ (138) Hedged items (817) (1,071) 138 Total $ — $ — $ — The amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges for each period were as follows: Line Item in the Consolidated Balance Sheet in Which the Hedged Item Is Included Carrying Amount of the Hedged Item Asset/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 26, 2020 Dec 28, 2019 Long-term debt $ (13,495) $ (12,678) $ (1,498) $ (681) Derivatives Not Designated as Hedging Instruments The effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Income for each period were as follows: Years Ended (In Millions) Location of Gains (Losses) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Foreign currency contracts Interest and other, net $ (572) $ 204 $ 372 Interest rate contracts Interest and other, net (90) (32) 9 Other Various 284 297 (147) Total $ (378) $ 469 $ 234 |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 26, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans [Text Block] | Note 17 : Retirement Benefit Plans Defined Contribution Plans We provide tax-qualified defined contribution plans for the benefit of eligible employees, former employees, and retirees in the U.S. and certain other countries. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis. For the benefit of eligible U.S. employees, we also provide an unfunded non-tax-qualified supplemental deferred compensation plan for certain highly compensated employees. We expensed $398 million for matching contributions based on the amount of employee contributions under the U.S. qualified defined contribution and non-qualified deferred compensation plans in 2020. Prior to 2020, the contributions were discretionary and we expensed $379 million in 2019 and $372 million in 2018. U.S. Retiree Medical Plan Upon retirement, we provide certain benefits to eligible U.S. employees who were hired prior to 2014 under the U.S. Retiree Medical Plan. The benefits can be used to pay all or a portion of the cost to purchase eligible coverage in a medical plan. As of December 26, 2020 and December 28, 2019, the projected benefit obligation was $741 million and $633 million, which used the discount rate of 2.4% and 3.3%. The December 26, 2020 and December 28, 2019 corresponding fair value of plan assets was $600 million and $553 million. The investment strategy for U.S. Retiree Medical Plan assets is to invest primarily in liquid assets, due to the level of expected future benefit payments. The assets are invested solely in a tax-aware global equity portfolio, which is actively managed by an external investment manager. The tax-aware global equity portfolio is composed of a diversified mix of equities in developed countries. As of December 26, 2020, substantially all of the U.S. Retiree Medical Plan assets were invested in exchange-traded equity securities and were measured at fair value using Level 1 inputs. The estimated benefit payments for this plan over the next 10 years are as follows: (In Millions) 2021 2022 2023 2024 2025 2026-2030 Postretirement Medical Benefits $ 37 $ 38 $ 39 $ 40 $ 41 $ 218 Pension Benefit Plans We provide defined-benefit pension plans in certain countries, most significantly the U.S., Ireland, Israel, and Germany. A substantial majority of the plans' benefits have been frozen. Benefit Obligation and Plan Assets for Pension Benefit Plans The vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement. Dec 26, 2020 Dec 28, 2019 Changes in projected benefit obligation: Beginning projected benefit obligation $ 4,284 $ 3,433 Service cost 49 54 Interest cost 97 113 Actuarial (gain) loss 373 829 Currency exchange rate changes 261 (2) Plan settlements (79) (57) Other (56) (86) Ending projected benefit obligation 1 4,929 4,284 Changes in fair value of plan assets: Beginning fair value of plan assets 2,654 2,551 Actual return on plan assets 203 193 Currency exchange rate changes 113 3 Other (92) (93) Ending fair value of plan assets 2 2,878 2,654 Net unfunded status $ 2,051 $ 1,630 Amounts recognized in the Consolidated Balance Sheets Other long-term liabilities $ 2,051 $ 1,630 Accumulated other comprehensive loss (income), before tax 3 $ 1,911 $ 1,730 Accumulated benefit obligation 4 $ 4,429 $ 3,862 1 The projected benefit obligation was approximately 35% in the U.S. and 65% outside of the U.S. as of December 26, 2020 and December 28, 2019. 2 The fair value of plan assets was approximately 55% in the U.S. and 45% outside of the U.S. as of December 26, 2020 and December 28, 2019. 3 The accumulated other comprehensive loss (income), before tax, was approximately 35% in the U.S. and 65% outside of the U.S. as of December 26, 2020 and December 28, 2019. 4 All plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets for all periods presented. Changes in actuarial gains and losses in the projected benefit obligation are generally driven by discount rate movement. We use the corridor approach to amortize actuarial gains and losses. Under this approach, net actuarial gains or losses in excess of 10% of the larger of the projected benefit obligation or the fair value of plan assets are amortized on a straight-line basis. Assumptions for Pension Benefit Plans Dec 26, 2020 Dec 28, 2019 Weighted average actuarial assumptions used to determine benefit obligations Discount rate 1.9 % 2.3 % Rate of compensation increase 3.2 % 3.5 % 2020 2019 2018 Weighted average actuarial assumptions used to determine costs Discount rate 2.3 % 3.4 % 3.0 % Expected long-term rate of return on plan assets 3.3 % 4.7 % 4.7 % Rate of compensation increase 3.2 % 3.5 % 3.3 % We establish the discount rate for each pension plan by analyzing current market long-term bond rates and matching the bond maturity with the average duration of the pension liabilities. We establish the long-term expected rate of return by developing a forward-looking, long-term return assumption for each pension fund asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class. Funding Our practice is to fund the various pension plans in amounts sufficient to meet the minimum requirements of applicable local laws and regulations. Additional funding may be provided as deemed appropriate. Funding for the U.S. Retiree Medical Plan is discretionary under applicable laws and regulations; additional funding may be provided as deemed appropriate. On a worldwide basis, our pension and retiree medical plans were 61% funded as of December 26, 2020. The U.S. Pension Plan, which accounts for 31% of the worldwide pension and retiree medical benefit obligations, was 89% funded. Funded status is not indicative of our ability to pay ongoing pension benefits or of our obligation to fund retirement trusts. Required pension funding for U.S. retirement plans is determined in accordance with ERISA, which sets required minimum contributions. Cumulative company funding to the U.S. Pension Plan currently exceeds the minimum ERISA funding requirements. Net Periodic Benefit Cost The net periodic benefit cost for pension and U.S. retiree medical benefits was $164 million in 2020 ($135 million in 2019 and $197 million in 2018). Pension Plan Assets December 26, 2020 Dec 28, 2019 Fair Value Measured at Reporting Date Using (In Millions) Level 1 Level 2 Level 3 Total Total Equity securities $ — $ 320 $ — $ 320 $ 278 Fixed income — 114 21 135 119 Assets measured by fair value hierarchy $ — $ 434 $ 21 $ 455 $ 397 Assets measured at net asset value 2,401 2,236 Cash and cash equivalents 22 21 Total pension plan assets at fair value $ 2,878 $ 2,654 U.S. Plan Assets The investment strategy for U.S. Pension Plan assets is to manage the funded status volatility, taking into consideration the investment horizon and expected volatility to help ensure that sufficient assets are available to pay pension benefits as they come due. The allocation to each asset class will fluctuate with market conditions, such as volatility and liquidity concerns, and will typically be rebalanced when outside the target ranges, which are approximately 90% fixed income and 10% equity investments. During 2020, the U.S. Pension Plan assets were invested in collective investment trust funds, which are measured at net asset value. Non-U.S. Plan Assets The investments of the non-U.S. plans are managed by insurance companies, pension funds, or third-party trustees, consistent with regulations or market practice of the country where the assets are invested. The investment manager makes investment decisions within the guidelines set by Intel or local regulations. Investments managed by qualified insurance companies or pension funds under standard contracts follow local regulations, and we are not actively involved in their investment strategies. For the assets that we have discretion to set investment guidelines, the assets are invested in developed country equity investments and fixed-income investments, either through index funds or direct investment. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes, or individual securities to reduce market risk and to help ensure that the pension assets are available to pay benefits as they come due. The target allocation of the non-U.S. plan assets that we have control over was approximately 45% fixed income, 35% equity, and 20% hedge fund investments in 2020. The equity investments in the non-U.S. plan assets are invested in a diversified mix of equities of developed countries, including the U.S., and emerging markets throughout the world. We have control over the investment strategy related to the majority of the assets measured at net asset value, which are invested in hedge funds, bond index funds, and equity index funds. Estimated Future Benefit Payments for Pension Benefit Plans Estimated benefit payments over the next 10 years are as follows: (In Millions) 2021 2022 2023 2024 2025 2026-2030 Pension benefits $ 158 $ 151 $ 155 $ 149 $ 154 $ 814 |
Employee Equity Incentive Plans
Employee Equity Incentive Plans | 12 Months Ended |
Dec. 26, 2020 | |
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Employee Equity Incentive Plans [Text Block] | Note 18 : Employee Equity Incentive Plans Our equity incentive plans are broad-based, long-term programs intended to attract and retain talented employees and align stockholder and employee interests. Our plans include our 2006 Plan and our 2006 ESPP. Under the 2006 Plan, 866 million shares of common stock have been authorized for issuance as equity awards to employees and non-employee directors through June 2023. As of December 26, 2020, 193 million shares of common stock remained available for future grants. Under the 2006 Plan, we grant RSUs and stock options. We grant RSUs with a service condition as well as RSUs with a market condition, performance condition, and a service condition, which we call PSUs. Prior to 2019, we granted OSUs, which were RSUs with only market and service conditions. PSUs are granted to a group of senior officers and employees. For PSUs granted in 2020, the number of shares of our common stock to be received at vesting will range from 0% to 200% of the target grant amount, equally based on two metrics: our three-year cumulative non-GAAP EPS growth relative to a target rate and TSR of our common stock measured against the benchmark TSR of the S&P 500 IT Sector Index over a three-year period. TSR is a measure of stock price appreciation plus any dividends paid in this performance period. As of December 26, 2020, 12 million PSUs and OSUs were outstanding. PSUs vest three years from the grant date, and OSUs, which were granted prior to 2019, generally vest three years and one month from the grant date. Other RSU awards and option awards generally vest over four years from the grant date. Stock options generally expire 10 years from the date of grant. Share-Based Compensation Share-based compensation recognized in 2020 was $1.9 billion ($1.7 billion in 2019 and $1.5 billion in 2018). During 2020, the tax benefit that we realized for the tax deduction from share-based awards totaled $380 million ($359 million in 2019 and $399 million in 2018). We estimate the fair value of RSUs with a service condition or performance condition using the value of our common stock on the date of grant, reduced by the present value of dividends expected to be paid on our shares of common stock prior to vesting. We estimate the fair value of RSUs with a market condition using a Monte Carlo simulation model as of the date of grant using historical volatility. Restricted Stock Units Weighted average assumptions used in estimating grant values were as follows: Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Estimated values $ 54.82 $ 48.06 $ 48.95 Risk-free interest rate 0.4 % 2.3 % 2.4 % Dividend yield 2.3 % 2.5 % 2.4 % Volatility 30 % 25 % 22 % Summary of activities: Number of Stock Units (In Millions) Weighted Average Grant-Date Fair Value December 28, 2019 84.1 $ 43.86 Granted 40.4 $ 54.82 Vested (33.3) $ 40.54 Forfeited (8.5) $ 47.89 December 26, 2020 82.7 $ 50.14 Expected to vest 76.7 $ 50.06 The aggregate fair value of awards that vested in 2020 was $1.9 billion ($1.9 billion in 2019 and $2.0 billion in 2018), which represents the market value of our common stock on the date that the RSUs vested. The grant-date fair value of awards that vested in 2020 was $1.3 billion ($1.3 billion in 2019 and $1.2 billion in 2018). The number of RSUs vested includes shares of common stock that we withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. RSUs that are expected to vest are net of estimated future forfeitures. As of December 26, 2020, unrecognized compensation costs related to RSUs granted under our equity incentive plans were $2.4 billion. We expect to recognize those costs over a weighted average period of 1.3 years. Stock Purchase Plan The 2006 ESPP allows eligible employees to purchase shares of our common stock at 85% of the value of our common stock on specific dates. Under the 2006 ESPP, 523 million shares of common stock are authorized for issuance through August 2026. As of December 26, 2020, 249 million shares of common stock remained available for issuance. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 26, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 19 : Commitments and Contingencies Leases We recognized leased assets in other long-term assets of $604 million and corresponding accrued liabilities of $173 million, and other long-term liabilities of $354 million as of December 26, 2020. Our leases have remaining terms of 1 to 15 years and may include options to extend the leases for up to 38 years. The weighted average remaining lease term was 4.5 years, and the weighted average discount rate was 2.5% as of December 26, 2020. Lease expense was $416 million in 2020 ($185 million in 2019 and $231 million in 2018), including $237 million in variable lease expense in 2020. Discounted and undiscounted lease payments under non-cancelable leases as of December 26, 2020, excluding non-lease components, were as follows: (In Millions) 2021 2022 2023 2024 2025 Thereafter Total Lease payments $ 175 $ 133 $ 96 $ 69 $ 52 $ 34 $ 559 Present value of lease payments $ 527 Commitments Commitments for construction or purchase of property, plant and equipment totaled $8.6 billion as of December 26, 2020 ($10.9 billion as of December 28, 2019), a substantial majority of which will be due within the next 12 months. Other purchase obligations and commitments totaled approximately $2.6 billion as of December 26, 2020 (approximately $2.8 billion as of December 28, 2019). Other purchase obligations and commitments include payments due under various types of licenses and agreements to purchase goods or services. Legal Proceedings We are a party to various legal proceedings, including those noted in this section. Although management at present believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations, cash flows, or overall trends, legal proceedings and related government investigations are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could include substantial monetary damages. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices, or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, and overall trends. We might also conclude that settling one or more such matters is in the best interests of our stockholders, employees, and customers, and any such settlement could include substantial payments. Except as specifically described below, we have not concluded that settlement of any of the legal proceedings noted in this section is appropriate at this time. European Commission Competition Matter In 2001, the EC commenced an investigation regarding claims by Advanced Micro Devices, Inc. (AMD) that we used unfair business practices to persuade customers to buy our microprocessors. We received numerous requests for information and documents from the EC and we responded to each of those requests. The EC issued a Statement of Objections in July 2007 and held a hearing on that Statement in March 2008. The EC issued a Supplemental Statement of Objections in July 2008. In May 2009, the EC issued a decision finding that we had violated Article 82 of the EC Treaty and Article 54 of the European Economic Area Agreement. In general, the EC found that we violated Article 82 (later renumbered as Article 102 by a new treaty) by offering alleged "conditional rebates and payments" that required our customers to purchase all or most of their x86 microprocessors from us. The EC also found that we violated Article 82 by making alleged "payments to prevent sales of specific rival products." The EC imposed a fine in the amount of €1.1 billion ($1.4 billion as of May 2009), which we subsequently paid during the third quarter of 2009, and ordered us to "immediately bring to an end the infringement referred to in" the EC decision. The EC decision contained no specific direction on whether or how we should modify our business practices. Instead, the decision stated that we should "cease and desist" from further conduct that, in the EC's opinion, would violate applicable law. We took steps, which are subject to the EC's ongoing review, to comply with that decision pending appeal. We had discussions with the EC to better understand the decision and to explain changes to our business practices. We appealed the EC decision to the Court of First Instance (which has been renamed the General Court) in July 2009. The hearing of our appeal took place in July 2012. In June 2014, the General Court rejected our appeal in its entirety. In August 2014, we filed an appeal with the European Court of Justice. In November 2014, Intervener Association for Competitive Technologies filed comments in support of Intel's grounds of appeal. The EC and interveners filed briefs in November 2014, we filed a reply in February 2015, and the EC filed a rejoinder in April 2015. The Court of Justice held oral argument in June 2016. In October 2016, Advocate General Wahl, an advisor to the Court of Justice, issued a non-binding advisory opinion that favored Intel on a number of grounds. The Court of Justice issued its decision in September 2017, setting aside the judgment of the General Court and sending the case back to the General Court to examine whether the rebates at issue were capable of restricting competition. The General Court has appointed a panel of five judges to consider our appeal of the EC's 2009 decision in light of the Court of Justice’s clarifications of the law. In November 2017, the parties filed initial "Observations" about the Court of Justice's decision and the appeal and were invited by the General Court to offer supplemental comments to each other's "Observations," which the parties submitted in March 2018. Responses to other questions posed by the General Court were filed in May and June 2018. The General Court heard oral argument in March 2020. Pending the final decision in this matter, the fine paid by Intel has been placed by the EC in commercial bank accounts where it accrues interest. Litigation Related to Security Vulnerabilities In June 2017, a Google research team notified us and other companies that it had identified security vulnerabilities (now commonly referred to as "Spectre" and "Meltdown") that affect many types of microprocessors, including our products. As is standard when findings like these are presented, we worked together with other companies in the industry to verify the research and develop and validate software and firmware updates for impacted technologies. On January 3, 2018, information on the security vulnerabilities was publicly reported, before software and firmware updates to address the vulnerabilities were made widely available. Numerous lawsuits have been filed against Intel and, in certain cases, our current and former executives and directors, in U.S. federal and state courts and in certain courts in other countries relating to the Spectre and Meltdown security vulnerabilities, as well as other variants of these vulnerabilities that have since been identified. As of January 20, 2021, consumer class action lawsuits relating to the above class of security vulnerabilities publicly disclosed since 2018 were pending in the U.S., Canada, and Israel. The plaintiffs, who purport to represent various classes of purchasers of our products, generally claim to have been harmed by Intel's actions and/or omissions in connection with the security vulnerabilities and assert a variety of common law and statutory claims seeking monetary damages and equitable relief. In the U.S., numerous individual class action suits filed in various jurisdictions were consolidated in April 2018 for all pretrial proceedings in the U.S. District Court for the District of Oregon. In March 2020, the court granted Intel's motion to dismiss the complaint in that consolidated action but granted plaintiffs leave to amend. Plaintiffs filed an amended complaint in May 2020, which Intel moved to dismiss in July 2020; argument on the motion was heard in December 2020. In Canada, in one case pending in the Superior Court of Justice of Ontario, an initial status conference has not yet been scheduled. In a second case pending in the Superior Court of Justice of Quebec, the court has stayed the case until January 2021. In Israel, two consumer class action lawsuits were filed in the District Court of Haifa. In the first case, the District Court denied the parties' joint motion to stay filed in January 2019, but to date has deferred Intel's deadline to respond to the complaint. Intel filed a motion to stay the second case pending resolution of the consolidated proceeding in the U.S., and a hearing on that motion has been scheduled for November 2020. Additional lawsuits and claims may be asserted seeking monetary damages or other related relief. We dispute the pending claims described above and intend to defend those lawsuits vigorously. Given the procedural posture and the nature of those cases, including that the pending proceedings are in the early stages, that alleged damages have not been specified, that uncertainty exists as to the likelihood of a class or classes being certified or the ultimate size of any class or classes if certified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from those matters. In addition to these lawsuits, Intel stockholders filed multiple shareholder derivative lawsuits since January 2018 against certain current and former members of our Board of Directors and certain current and former officers, alleging that the defendants breached their duties to Intel in connection with the disclosure of the security vulnerabilities and the failure to take action in relation to alleged insider trading. The complaints sought to recover damages from the defendants on behalf of Intel. Some of the derivative actions were filed in the U.S. District Court for the Northern District of California and were consolidated, and the others were filed in the Superior Court of the State of California in San Mateo County and were consolidated. The federal court granted defendants' motion to dismiss in August 2018 on the ground that plaintiffs failed to plead facts sufficient to show they were excused from making a pre-lawsuit demand on the Board. The federal court granted plaintiffs leave to amend their complaint, but subsequently dismissed the cases in January 2019 at plaintiffs' request. The California Superior Court entered judgment in defendants' favor in August 2020 after granting defendants' motions to dismiss plaintiffs' consolidated complaint and three successive amended complaints, all for failure to plead facts sufficient to show plaintiffs were excused from making pre-lawsuit demand on the Board. Plaintiffs filed a notice of appeal of the California court's judgment in October 2020. In January 2021, another Intel stockholder filed a derivative lawsuit in the Superior Court in San Mateo County against certain current and former officers and members of our Board of Directors. The lawsuit asserts claims similar to those dismissed in August 2020, except that it alleges that the stockholder made a pre-lawsuit demand on our Board of Directors and that the demand was wrongfully refused. Defendants have not yet responded. Institute of Microelectronics, Chinese Academy of Sciences v. Intel China, Ltd., et al. In February 2018, the Institute of Microelectronics of the Chinese Academy of Sciences (IMECAS) sued Intel China, Ltd., Dell China, Ltd. (Dell) and Beijing JingDong Century Information Technology, Ltd. (JD) for patent infringement in the Beijing High Court. IMECAS alleges that Intel Core processors infringe Chinese patent CN 102956457 ('457 Patent). The complaint demands an injunction and damages of at least RMB 200 million plus the cost of litigation. A trial date is not yet set. In March 2018, Dell tendered indemnity to Intel, which Intel granted in April 2018. JD also tendered indemnity to Intel, which Intel granted in October 2018. In March 2018, Intel filed an invalidation request on the '457 patent with the Chinese Patent Reexamination Board (PRB). The PRB held an oral hearing in September 2018 and in February 2019 upheld the validity of the challenged claims. In January 2020, Intel filed a second invalidation request on the '457 patent with the PRB, for which the PRB heard oral argument in July 2020 and in November 2020 held the challenged apparatus claims invalid. In December 2020, Intel filed a third invalidation request on the '457 patent with the PRB. In September 2018 and March 2019, Intel filed petitions with the United States Patent & Trademark Office (USPTO) requesting institution of inter partes review (IPR) of U.S. Patent No. 9,070,719, the U.S. counterpart to the '457 patent. The USPTO denied institution of Intel's petitions in March and October 2019, respectively. In April 2019, Intel filed a request for rehearing and a petition for a Precedential Opinion Panel (POP) in the USPTO to challenge the denial of its first IPR petition, and in November 2019 Intel filed a request for rehearing on the second IPR petition. In January 2020, the USPTO denied the POP petition on the first IPR petition. In June 2020, the Patent Trial and Appeal Board denied Intel's rehearing requests on both petitions. In October 2019, IMECAS filed second and third lawsuits in the Beijing IP Court, alleging infringement of Chinese Patent No. CN 102386226 ('226 Patent) based on the manufacturing and sale of Intel ® Core i3 microprocessors. Defendants in the second case are Lenovo (Beijing) Co., Ltd. (Lenovo) and Beijing Jiayun Huitong Technology Development Co. Ltd. (BJHT). Defendants in the third case are Intel Corp., Intel China Co., Ltd., the Intel China Beijing Branch, Beijing Digital China Co., Ltd. (Digital China), and JD. Both complaints demand injunctions plus litigation costs and reserve the right to claim damages in unspecified amounts. No proceedings have occurred or are yet scheduled in these lawsuits. In December 2019, Lenovo tendered indemnity to Intel, which Intel granted in March 2020. In July 2020, Intel filed two invalidation requests on the '226 patent with the Chinese PRB. The PRB heard oral argument in December 2020. Given the procedural posture and the nature of these cases, the unspecified nature and extent of damages claimed by IMECAS, and uncertainty regarding the availability of injunctive relief under applicable law, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, arising from these matters. We dispute IMECAS's claims and intend to vigorously defend against them. VLSI Technology LLC v. Intel In October 2017, VLSI Technology LLC (VLSI) filed a complaint against Intel in the U.S. District Court for the Northern District of California alleging infringement of eight patents acquired from NXP Semiconductors, N.V. (NXP). The patents, which originated at Freescale Semiconductor, Inc. and NXP B.V., are U.S. Patent Nos. 7,268,588; 7,675,806; 7,706,207; 7,709,303; 8,004,922; 8,020,014; 8,268,672; and 8,566,836. VLSI accuses various FPGA and processor products of infringement. VLSI estimated its damages to be as high as $7.1 billion, and its complaint further sought enhanced damages, future royalties, attorneys' fees, costs, and interest. In May, June, September, and October 2018, Intel filed IPR petitions challenging the patentability of claims in all eight of the patents in-suit. The PTAB instituted review of six patents and denied institution on two patents. As a result of the institution decisions, the parties stipulated to stay the District Court action in March 2019. In December 2019 and February 2020, the PTAB found all claims of the '588 and '303 patents, and some claims of the '922 patent, to be unpatentable. The PTAB found the challenged claims of the '014, '672 and '207 patents to be patentable. Intel moved for a continuation of the stay in March 2020 as it appealed certain rulings by the PTAB. In June 2020, the District Court issued an order continuing the stay through August 2021 and setting trial for December 2022. In June 2018, VLSI filed a second suit against Intel, in U.S. District Court for the District of Delaware, alleging infringement by various Intel processors of five additional patents acquired from NXP: U.S. Patent Nos. 6,212,663; 7,246,027; 7,247,552; 7,523,331; and 8,081,026. VLSI accused Intel of willful infringement and seeks an injunction or, in the alternative, ongoing royalties, enhanced damages, attorneys' fees and costs, and interest. In March 2019, the District Court dismissed VLSI's claims for willful infringement as to all the patents-in-suit except the '027 patent, and also dismissed VLSI's allegations of indirect infringement as to the '633, '331, and '026 patents. In June 2019, Intel filed IPR petitions challenging the patentability of claims in all five patents-in-suit. In January 2020, the District Court vacated the November 2020 trial date based on agreement of the parties; no trial date is currently set. In January and February 2020, the PTAB instituted review of the '552, '633, '331 and '026 patents and as a result, Intel moved for stay of the District Court proceedings. In May 2020, the District Court stayed the case as to the '026 and '552 patents but allowed the case to proceed on the '027 and '331 patents. For these two patents, VLSI is seeking damages of approximately $4.13 billion plus enhanced damages for the '027 patent. VLSI is no longer asserting claims from the '633 patent. In March 2019, VLSI filed a third suit against Intel, also in U.S. District Court for the District of Delaware, alleging infringement of six more patents acquired from NXP: U.S. Patent Nos. 6,366,522; 6,663,187; 7,292,485; 7,606,983; 7,725,759; and 7,793,025. In April 2019, VLSI voluntarily dismissed this Delaware case without prejudice. In April 2019, VLSI filed three new infringement suits against Intel in the U.S. District Court for the Western District of Texas (WDTX) accusing various Intel processors of infringement. The three suits collectively assert the same six patents from the voluntarily dismissed Delaware case plus two additional patents acquired from NXP, U.S. Patent Nos. 7,523,373 and 8,156,357. VLSI accuses Intel of willful infringement and seeks an injunction or, in the alternative, ongoing royalties, enhanced damages, attorneys' fees and costs, and interest. Specifically, VLSI is seeking damages of approximately $11 billion collectively in the Texas cases, plus enhanced damages for alleged willful infringement. In the first Texas case, VLSI is asserting the '373 and '759 patents. (In December 2020, the court granted Intel summary judgment of non-infringement on the '357 patent.) VLSI seeks approximately $2.5 billion plus enhanced damages for alleged willful infringement in that case. That case was originally scheduled for trial in November 2020, but the court has now moved trial to February 2021. In October and November 2019 and in February 2020, Intel filed IPR petitions on certain asserted claims across six of the patents-in-suit in WDTX. Between May and October 2020, the PTAB denied all of these requests, and Intel has requested a rehearing, as well as a review from the Precedential Opinion Panel (POP), as to all petitions. All requests for POP review were denied in October and December 2020, and in December 2020 requests for rehearing were denied as to petitions filed on the '373 and '759 patents. In May 2019, VLSI filed a case in Shenzhen Intermediate People’s Court against Intel, Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. VLSI asserts Chinese Patent 201410094015.9 accusing certain Intel Core processors of infringement. VLSI requests an injunction as well as RMB 1.3 million in damages. Defendants filed an invalidation petition in October 2019 with the PRB, but no hearing date has been set. In May 2020, defendants filed a motion to stay the trial court proceedings pending a determination on invalidity. The court has not yet ruled on the motion to stay. The court held the first evidentiary hearing in November 2020. In May 2019, VLSI filed a second case in Shanghai Intellectual Property Court against Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. VLSI asserts Chinese Patent 201080024173.7. VLSI accuses certain Intel core processors and seeks an injunction. Defendants filed with the PRB an invalidation petition in October 2019. No hearing date has been set. In June 2020, defendants filed a motion to stay the trial court proceedings pending a determination on invalidity. The court has not yet ruled on the motion to stay. The court held its first evidentiary hearing in September 2020. The Court held a second evidentiary hearing and trial in December 2020 and has not yet issued a ruling. In November 2019, Intel, along with Apple Inc., filed a complaint against Fortress Investment Group LLC, Fortress Credit Co. LLC, Uniloc 2017 LLC, Uniloc USA, Inc., Uniloc Luxembourg S.A.R.L., VLSI, INVT SPE LLC, Inventergy Global, Inc., DSS Technology Management, Inc., IXI IP, LLC, and Seven Networks, LLC. Plaintiffs allege violations of Section 1 of the Sherman Act by certain defendants, Section 7 of the Clayton Act by certain defendants, and California Business and Professions Code section 17200 by all defendants based on defendants' unlawful aggregation of patents. In February 2020, defendants moved to dismiss plaintiffs' complaint. In July 2020, the court granted defendants' motion to dismiss with leave to amend. The court dismissed antitrust claims related to two DSS patents with prejudice. The plaintiffs filed an amended complaint in August 2020, and defendants moved to dismiss in September 2020. The court heard defendants' motion to dismiss the amended complaint in December 2020 and granted the motion in January 2021, with leave to further amend . In June 2020, affiliates controlled by Fortress Investment Group, which also controls VLSI, acquired Finjan Holdings, Inc. Intel had signed a "Settlement, Release and Patent License Agreement" with Finjan in 2012, acquiring a license to the patents of Finjan and its affiliates, current or future, through a capture period of November 20, 2022. The agreement also contains covenants wherein Finjan agrees to cause its affiliates to comply with the agreement. As such, Intel maintains that it now has a license to the patents of VLSI, which has become a Finjan affiliate, and that Finjan must cause VLSI to dismiss its suits against Intel. In August 2020, Intel started dispute resolution proceedings under the agreement. As a part of this dispute resolution process, Intel and Finjan held a mediation in December 2020, but failed to resolve their differences. Intel filed suit to enforce its rights under the License Agreement with Finjan in January 2021 in Delaware Chancery Court . In September 2020, Intel filed motions to stay the Texas, Delaware, and Shanghai matters pending resolution of its dispute with Finjan. In November 2020, Intel filed a motion to stay the Shenzhen matter pending resolution of its dispute with Finjan. In November 2020, the Delaware Court denied Intel's motion to stay. The other stay motions remain pending. Finally, Intel filed a motion to amend its answer in the Texas matters to add a license defense in November 2020. The Court has yet to rule on the motion. Given the procedural posture and the nature of these cases and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, arising from these matters. We dispute VLSI's claims and intend to vigorously defend against them. Litigation Related to 7nm Product Delay Announcement Starting in July 2020, five securities class action lawsuits were filed in the United States District Court for the Northern District of California against Intel and certain current and former officers based on Intel’s July 2020 announcement of 7nm product delays. The plaintiffs, who purport to represent classes of acquirers of Intel stock between October 2019 and July 2020, generally allege that the defendants violated securities laws by making false and misleading statements about the timeline for 7nm products in light of subsequently announced delays. In October 2020, the court consolidated the lawsuits and appointed lead plaintiffs, and in January 2021 the lead plaintiffs filed a consolidated complaint. We dispute the claims described above and intend to defend the lawsuits vigorously. Given the procedural posture and the nature of these cases, including that the proceedings are in the early stages, that alleged damages have not been specified, that uncertainty exists as to the likelihood of a class or classes being certified or the ultimate size of any class or classes if certified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from these matters. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 26, 2020 | |
Accounting Policies [Abstract] | |
Revenue Recognition [Policy Text Block] | Revenue Recognition We recognize net product revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. Substantially all of our revenue is derived from product sales. In accordance with contract terms, revenue for product sales is recognized at the time of product shipment from our facilities or delivery to the customer location, as determined by the agreed upon shipping terms. We measure revenue based on the amount of consideration we expect to be entitled to in exchange for products or services. Variable consideration is estimated and reflected as an adjustment to the transaction price. We determine variable consideration, which consists primarily of various sales price concessions, by estimating the most likely amount of consideration we expect to receive from the customer based on historical analysis of customer purchase volumes. Sales rebates earned by customers are offset against their receivable balances. Rebates earned by customers when they do not have outstanding receivable balances are recorded within other accrued liabilities. We make payments to our customers through cooperative advertising programs for marketing activities for some of our products. We generally record the payment as a reduction in revenue in the period that the revenue is earned, unless the payment is for a distinct service, which we record as expense when the marketing activities occur. |
Inventories [Policy Text Block] | Inventories We compute inventory cost on a first-in, first-out basis. Our process and product development life cycle corresponds with substantive engineering milestones. These engineering milestones are regularly and consistently applied in assessing the point at which our activities and associated costs change in nature from R&D to cost of sales, and when cost of sales can be capitalized as inventory. For a product to be manufactured in high volumes and sold to our customers under our standard warranty, it must meet our rigorous technical quality specifications. This milestone is known as PRQ. We have identified PRQ as the point at which the costs incurred to manufacture our products are included in the valuation of inventory. A single PRQ has previously valued inventory up to $870 million in the quarter the PRQ milestone was achieved. Prior to PRQ, costs that do not meet the criteria for R&D are included in cost of sales in the period incurred. The valuation of inventory includes determining which fixed production overhead costs can be included in inventory based on the normal capacity of our manufacturing and assembly and test facilities. We apply our historical loadings compared to our total available capacity in a statistical model to determine our normal capacity level. If the factory loadings are below the established normal capacity level, a portion of our fixed production overhead costs would not be included in the cost of inventory; instead, it would be recognized as cost of sales in that period. We refer to these costs as excess capacity charges. Excess capacity charges are insignificant in the years presented. Charges in years prior to those presented have ranged up to $1.1 billion taken in connection with the 2009 economic recession. Inventory is valued at the lower of cost or net realizable value, based upon assumptions about future demand and market conditions. Product-specific facts and circumstances reviewed in the inventory valuation process include a review of our customer base, the stage of the product life cycle, variations in market pricing, and an assessment of selling price in relation to product cost. Lower of cost or net realizable value inventory reserves fluctuate as we ramp new process technologies with costs improving over time due to scale and improved yields. Additionally, inventory valuation is impacted by cyclical changes in market conditions and the associated pricing environment. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equipment We compute depreciation using the straight-line method over the estimated useful life of assets. We also capitalize interest on borrowings related to eligible capital expenditures. Capitalized interest is added to the cost of qualified assets and depreciated together with that asset cost. We record capital-related government grants earned as a reduction to property, plant and equipment. We evaluate the period over which we expect to recover the economic value of our property, plant and equipment, considering factors such as the process technology cadence between node transitions, changes in machinery and equipment technology, and re-use of machinery and tools across each generation of process technology. As we make manufacturing process conversions and other factory planning decisions, we use assumptions involving the use of management judgments regarding the remaining useful lives of assets, primarily process-specific semiconductor manufacturing tools and building improvements. When we determine that the useful lives of assets are shorter or longer than we had originally estimated, we adjust the rate of depreciation to reflect the assets' revised useful lives. |
Fair Value [Policy Text Block] | Fair Value When determining fair value, we consider the principal or most advantageous market in which we would transact, as well as assumptions that market participants would use when pricing the asset or liability. Our financial assets are measured and recorded at fair value on a recurring basis, except for equity securities measured using the measurement alternative, equity method investments, grants receivable, and reverse repurchase agreements with original maturities greater than three months. We assess fair value hierarchy levels for our issued debt and fixed-income investment portfolio based on the underlying instrument type. The three levels of inputs that may be used to measure fair value are: ▪ Level 1 . Quoted prices in active markets for identical assets or liabilities. We evaluate security-specific market data when determining whether a market is active. ▪ Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets, or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. We use LIBOR-based yield curves, overnight indexed swap curves, currency spot and forward rates, and credit ratings as significant inputs in our valuations. Level 2 inputs also include non-binding market consensus prices, as well as quoted prices that were adjusted for security-specific restrictions. When we use non-binding market consensus prices, we corroborate them with quoted market prices for similar instruments or compare them to output from internally developed pricing models such as discounted cash flow models. ▪ Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help ensure the fair value measurements are reasonable and consistent with market experience in similar asset classes. Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data. |
Cash Equivalents [Policy Text Block] | Cash equivalents can include investments such as corporate debt, financial institution instruments, government debt, and reverse repurchase agreements. |
Available-for-Sale Investments [Policy Text Block] | Debt Investments We consider all highly liquid debt investments with original maturities from the date of purchase of three months or less as cash equivalents. Cash equivalents can include investments such as corporate debt, financial institution instruments, government debt, and reverse repurchase agreements. Marketable debt investments are generally designated as trading assets when a market risk is economically hedged at inception with a related derivative instrument, or when the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. Investments designated as trading assets are reported at fair value. Gains or losses on these investments arising from changes in fair value due to interest rate and currency market fluctuations and credit market volatility, largely offset by losses or gains on the related derivative instruments and balance sheet remeasurement, are recorded in interest and other, net. Marketable debt investments are considered available-for-sale investments when the interest rate and foreign currency risks are not hedged at the inception of the investment or when our criteria for designation as trading assets are not met. Available-for-sale debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt investments with original maturities at the date of purchase greater than approximately three months and remaining maturities of less than one year are classified as short-term investments. Available-for-sale debt investments with remaining maturities beyond one year are classified as other long-term investments. Available-for-sale debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss). We determine the cost of the investment sold based on an average cost basis at the individual security level, and record the interest income and realized gains or losses on the sale of these investments in interest and other, net. Our available-for-sale debt investments are subject to periodic impairment reviews. For investments in an unrealized loss position, we determine whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. We recognize an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and write down the amortized cost basis of the investment if it is more likely than not we will be required or we intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in interest and other, net, and unrealized losses not related to credit losses are recognized in other comprehensive income (loss). |
Non-Marketable and Other Equity Investments [Policy Text Block] | Equity Investments We regularly invest in equity securities of public and private companies to promote business and strategic objectives. Equity investments are measured and recorded as follows: ▪ Marketable equity securities are equity securities with RDFV that are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. ▪ Non-marketable equity securities are equity securities without RDFV that are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. ▪ Equity method investments are equity securities in investees we do not control but over which we have the ability to exercise significant influence. Equity method investments are measured at cost minus impairment, if any, plus or minus our share of equity method investee income or loss. Our proportionate share of the income or loss from equity method investments is recognized on a one-quarter lag. Realized and unrealized gains and losses resulting from changes in fair value or the sale of our equity investments are recorded in gains (losses) on equity investments, net. The carrying value of our non-marketable equity securities is adjusted for qualifying observable price changes resulting from the issuance of similar or identical securities in an orderly transaction by the same issuer. Determining whether an observed transaction is similar to a security within our portfolio requires judgment based on the rights and preferences of the securities. Recording upward and downward adjustments to the carrying value of our equity securities as a result of observable price changes requires quantitative assessments of the fair value of our securities using various valuation methodologies and involves the use of estimates. Non-marketable equity securities and equity method investments (collectively referred to as non-marketable equity investments) are also subject to periodic impairment reviews. Our quarterly impairment analysis considers both qualitative and quantitative factors that may have a significant impact on the investee's fair value. Qualitative factors considered include the investee's financial condition and business outlook, industry and sector performance, market for technology, operational and financing cash flow activities, and other relevant events and factors affecting the investee. When indicators of impairment exist, we prepare quantitative assessments of the fair value of our non-marketable equity investments using both the market and income approaches, which require judgment and the use of estimates, including discount rates, investee revenue and costs, and comparable market data of private and public companies, among others. ▪ Non-marketable equity securities are tested for impairment using a qualitative model similar to the model used for goodwill and long-lived assets. Upon determining that an impairment may exist, the security's fair value is calculated and compared to its carrying value and an impairment is recognized immediately if the carrying value exceeds the fair value. ▪ Equity method investments are subject to periodic impairment reviews using the other-than-temporary impairment model, which considers the severity and duration of a decline in fair value below cost and our ability and intent to hold the investment for a sufficient period of time to allow for recovery. Impairments of equity investments are recorded in gains (losses) on equity investments, net. |
Derivative Financial Instruments [Policy Text Block] | Derivative Financial Instruments Our primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk, and, to a lesser extent, equity market risk, commodity price risk, and credit risk. We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. We also enter into collateral security arrangements with certain of our counterparties to exchange cash collateral when the net fair value of certain derivative instruments fluctuates from contractually established thresholds. For presentation on our Consolidated Balance Sheets, we do not offset fair value amounts recognized for derivative instruments under master netting arrangements. Our derivative financial instruments, including related collateral amounts, are presented at fair value on a gross basis and are included in other current assets, other long-term assets, other accrued liabilities, or other long-term liabilities. Cash flow hedges use foreign currency contracts, such as currency forwards and currency interest rate swaps, to hedge exposures for variability in the U.S.-dollar equivalent of non-U.S.-dollar-denominated cash flows associated with our forecasted operating and capital purchases spending. The after-tax gains or losses from the effective portion of a cash flow hedge is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods in which the hedged transaction affects earnings, and in the same line item on the Consolidated Statements of Income as the impact of the hedge transaction. For foreign currency contracts hedging our capital purchases, forward points are excluded from the hedge effectiveness assessment, and are recognized in earnings in the same income statement line item used to present the earnings effect of the hedged item. If the cash flow hedge transactions become improbable, the corresponding amounts deferred in accumulated other comprehensive income (loss) would be immediately reclassified to interest and other, net. These derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item. Fair value hedges use interest rate contracts, such as interest rate swaps, to hedge against changes in the fair value on certain of our fixed-rate indebtedness attributable to changes in the benchmark interest rate. The gains or losses on these hedges, as well as the offsetting losses or gains related to the changes in the fair value of the underlying hedged item attributable to the hedged risk, are recognized in earnings in the current period, primarily in interest and other, net. These derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item, primarily within cash flows from financing activities. |
Loans Receivable [Policy Text Block] | Loans ReceivableWe elect the fair value option when the interest rate or foreign currency exchange rate risk is economically hedged at the inception of the loan with a related derivative instrument. When the fair value option is not elected, the loans are carried at amortized cost. We measure interest income for all loans receivable using the interest method, which is based on the effective yield of the loans rather than the stated coupon rate. We classify our loans within other current and long-term assets. |
Credit Risk [Policy Text Block] | Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of investments in debt instruments, derivative financial instruments, loans receivable, reverse repurchase agreements, and trade receivables. We generally place investments with high-credit-quality counterparties and, by policy, we limit the amount of credit exposure to any one counterparty based on our analysis of that counterparty's relative credit standing. As required per our investment policy, substantially all of our investments in debt instruments and financing receivables are in investment-grade instruments. Credit-rating criteria for derivative instruments are similar to those for other investments. We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. Due to master netting arrangements, the amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which the counterparty's obligations exceed our obligations with that counterparty. As of December 26, 2020, our total credit exposure to any single counterparty, excluding money market funds invested in U.S. treasury and U.S. agency securities and reverse repurchase agreements collateralized by treasury and agency securities, did not exceed $2.0 billion. To further reduce credit risk, we enter into collateral security arrangements with certain of our derivative counterparties and obtain and secure collateral from counterparties against obligations, including securities lending transactions when we deem it appropriate. Cash collateral exchanged under our collateral security arrangements are included in other current assets, other long-term assets, other accrued liabilities, or other long-term liabilities. For reverse repurchase agreements collateralized by other securities, we do not record the collateral as an asset or a liability unless the collateral is repledged. A substantial majority of our trade receivables are derived from sales to OEMs and ODMs. We also have accounts receivable derived from sales to industrial and communications equipment manufacturers in the computing and communications industries. We believe the net accounts receivable balances from our three largest customers (43% as of December 26, 2020) do not represent a significant credit risk, based on cash flow forecasts, balance sheet analysis, and past collection experience. We have adopted credit policies and standards intended to accommodate industry growth and inherent risk. We believe credit risks are moderated by the financial stability of our major customers. We assess credit risk through quantitative and qualitative analysis. From this analysis, we establish shipping and credit limits, and determine whether we will seek to use one or more credit support protection devices, such as obtaining a parent guarantee, standby letter of credit, or credit insurance. |
Business Combinations Policy [Policy Text Block] | Business Combinations We allocate the purchase price paid for assets acquired and liabilities assumed in connection with our acquisitions based on their estimated fair values at the time of acquisition. This allocation involves a number of assumptions, estimates, and judgments in determining the fair value of the following: ▪ intangible assets, including the valuation methodology, estimations of future cash flows, discount rates, market segment growth rates, and our assumed market segment share, as well as the estimated useful life of intangible assets; ▪ deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances, which are initially estimated as of the acquisition date; ▪ inventory; property, plant and equipment; pre-existing liabilities or legal claims; deferred revenue; and contingent consideration, each as may be applicable; and ▪ goodwill as measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Our assumptions and estimates are based upon comparable market data and information obtained from our management and the management of the acquired companies. We allocate goodwill to the reporting units of the business that are expected to benefit from the business combination. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill We perform an annual impairment assessment of goodwill at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The analysis may include both qualitative and quantitative factors to assess the likelihood of an impairment. The reporting unit's carrying value used in an impairment test represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments, and debt. Qualitative factors include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. Additionally, as part of this assessment, we may perform a quantitative analysis to support the qualitative factors above by applying sensitivities to assumptions and inputs used in measuring a reporting unit's fair value. Our quantitative impairment test considers both the income approach and the market approach to estimate a reporting unit's fair value. Significant estimates include market segment growth rates, our assumed market segment share, estimated costs, and discount rates based on a reporting unit's weighted average cost of capital. |
Identified Intangible Assets [Policy Text Block] | Identified Intangible Assets We amortize acquisition-related intangible assets that are subject to amortization over their estimated useful life. Acquisition-related in-process R&D assets represent the fair value of incomplete R&D projects that had not reached technological feasibility as of the date of acquisition; initially, these are classified as in-process R&D and are not subject to amortization. Once these R&D projects are completed, the asset balances are transferred from in-process R&D to acquisition-related developed technology and are subject to amortization from this point forward. The asset balances relating to projects that are abandoned after acquisition are impaired and expensed to R&D. |
Employee Equity Incentive Plans [Policy Text Block] | Employee Equity Incentive Plans We use the straight-line amortization method to recognize share-based compensation expense over the service period of the award, net of estimated forfeitures. Upon exercise, cancellation, forfeiture, or expiration of stock options, or upon vesting or forfeiture of RSUs, we eliminate deferred tax assets for options and RSUs with multiple vesting dates for each vesting period on a first-in, first-out basis as if each vesting period were a separate award. |
Income Taxes [Policy Text Block] | Income Taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. We measure deferred tax assets and liabilities using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We assess the likelihood that we will be able to recover our deferred tax assets. If recovery is not likely, we must increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable. We believe that we will ultimately recover the deferred tax assets recorded on our Consolidated Balance Sheets. Recovery of a portion of our deferred tax assets is affected by management's plans with respect to holding or disposing of certain investments; therefore, such changes could also affect our future provision for taxes. We recognize tax benefits from uncertain tax positions only if (based on the technical merits of the position) it is more likely than not that the tax positions will be sustained on examination by the tax authority. The tax benefits recognized in the financial statements from such positions are measured based on the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits within the provision for taxes on the Consolidated Statements of Income. |
Leases | Leases Leases primarily consist of real property, and, to a lesser extent, certain machinery and equipment. Our lease terms may include options to extend when it is reasonably certain that we will exercise that option. We have lease agreements with lease and non-lease components, and the non-lease components are accounted for separately and not included in our leased assets and corresponding liabilities. Payments on leases may be fixed or variable, and variable lease payments are based on output of the underlying leased assets. |
Loss Contingencies [Policy Text Block] | Loss Contingencies We are subject to loss contingencies, including various legal and regulatory proceedings, asserted and potential claims, liabilities related to repair or replacement of parts in connection with product defects, as well as product warranties and potential asset impairments that arise in the ordinary course of business. An estimated loss from such contingencies is recognized as a charge to income if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Net revenue and operating income (loss) for each period were as follows: Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Net revenue: Data Center Group Platform $ 23,056 $ 21,441 $ 21,155 Adjacent 3,047 2,040 1,836 26,103 23,481 22,991 Internet of Things IOTG 3,007 3,821 3,455 Mobileye 967 879 698 3,974 4,700 4,153 Non-Volatile Memory Solutions Group 5,358 4,362 4,307 Programmable Solutions Group 1,853 1,987 2,123 Client Computing Group Platform 35,642 32,681 33,234 Adjacent 4,415 4,465 3,770 40,057 37,146 37,004 All other 522 289 270 Total net revenue $ 77,867 $ 71,965 $ 70,848 Operating income (loss): Data Center Group $ 10,571 $ 10,227 $ 11,476 Internet of Things IOTG 497 1,097 980 Mobileye 241 245 143 738 1,342 1,123 Non-Volatile Memory Solutions Group 361 (1,176) (5) Programmable Solutions Group 260 318 466 Client Computing Group 15,129 15,202 14,222 All other (3,381) (3,878) (3,966) Total operating income $ 23,678 $ 22,035 $ 23,316 |
Revenue from External Customers by Products and Services [Table Text Block] | Disaggregated net revenue for each period was as follows: Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Platform revenue DCG platform $ 23,056 $ 21,441 $ 21,155 IOTG platform 2,705 3,440 3,065 CCG desktop platform 10,692 11,822 12,220 CCG notebook platform 24,903 20,779 20,930 CCG other platform 1 47 80 84 61,403 57,562 57,454 Adjacent revenue 2 16,464 14,403 13,394 Total revenue $ 77,867 $ 71,965 $ 70,848 1 Includes our tablet and service provider revenue. |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net revenue by country, based on the billing location of the customer, was as follows: Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 China (including Hong Kong) $ 20,257 $ 20,026 $ 18,824 Singapore 17,845 15,650 15,409 United States 16,573 15,617 14,303 Taiwan 11,605 10,058 10,646 Other countries 11,587 10,614 11,666 Total net revenue $ 77,867 $ 71,965 $ 70,848 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended (In Millions, Except Per Share Amounts) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Net income available to common stockholders $ 20,899 $ 21,048 $ 21,053 Weighted average shares of common stock outstanding—basic 4,199 4,417 4,611 Dilutive effect of employee incentive plans 33 41 50 Dilutive effect of convertible debt — 15 40 Weighted average shares of common stock outstanding—diluted 4,232 4,473 4,701 Earnings per share—basic $ 4.98 $ 4.77 $ 4.57 Earnings per share—diluted $ 4.94 $ 4.71 $ 4.48 |
Contract Liabilities (Tables)
Contract Liabilities (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | (In Millions) Dec 26, 2020 Dec 28, 2019 Prepaid supply agreements $ 1,625 $ 1,805 Other 250 236 Total contract liabilities $ 1,875 $ 2,041 |
Contract with Customer, Asset and Liability | The following table shows the changes in contract liability balances relating to long-term prepaid supply agreements during 2020: (In Millions) Prepaid supply agreements balance as of December 28, 2019 $ 1,805 Additions 70 Prepaids utilized (250) Prepaid supply agreements balance as of December 26, 2020 $ 1,625 |
Other Financial Statement Det_2
Other Financial Statement Details (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Other Financial Statement Details [Abstract] | |
Inventories [Table Text Block] | (In Millions) Dec 26, 2020 Dec 28, 2019 Raw materials $ 908 $ 840 Work in process 6,007 6,225 Finished goods 1,512 1,679 Total inventories $ 8,427 $ 8,744 |
Property, Plant and Equipment [Table Text Block] | (In Millions) Dec 26, 2020 Dec 28, 2019 Land and buildings $ 37,536 $ 37,743 Machinery and equipment 79,384 74,901 Construction in progress 17,309 16,063 Total property, plant and equipment, gross 134,229 128,707 Less: accumulated depreciation (77,645) (73,321) Total property, plant and equipment, net $ 56,584 $ 55,386 |
Long-lived Assets by Geographic Areas [Table Text Block] | Net property, plant and equipment by country at the end of each period was as follows: (In Millions) Dec 26, 2020 Dec 28, 2019 United States $ 38,829 $ 35,262 Israel 7,837 8,463 China 851 5,315 Ireland 5,828 3,854 Other countries 3,239 2,492 Total property, plant and equipment, net $ 56,584 $ 55,386 |
Schedule of Other Assets, Noncurrent [Table Text Block] | (In Millions) Dec 26, 2020 Dec 28, 2019 Derivative assets $ 1,550 $ 706 Deferred tax assets 1,232 1,209 Pre-payments for property, plant and equipment 1,502 1,641 Other 1,633 1,997 Total other long-term assets $ 5,917 $ 5,553 |
Interest and Other, Net [Table Text Block] | Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Interest income $ 272 $ 483 $ 438 Interest expense (629) (489) (468) Other, net (147) 490 156 Total interest and other, net $ (504) $ 484 $ 126 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | $ 198 | $ 393 |
Restructuring and Related Costs [Table Text Block] | Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 2020 Restructuring Program $ 198 $ — $ — 2019 Restructuring Program — 393 — 2016 Restructuring Program — — (72) Total restructuring and other charges $ 198 $ 393 $ (72) | |
2019 Restructuring Program [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Incurred Cost | $ 0 | $ 393 |
Restructuring and Related Costs [Table Text Block] | Restructuring and other charges (benefits) by type for the 2020 and 2019 Restructuring Programs were as follows: Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Employee severance and benefit arrangements $ 124 $ 280 Asset impairment and other charges 74 113 Total restructuring and other charges $ 198 $ 393 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Income before taxes: U.S. $ 15,452 $ 13,729 $ 14,753 Non-U.S. 9,626 10,329 8,564 Total income before taxes 25,078 24,058 23,317 Provision for taxes: Current: Federal 1,120 1,391 2,786 State 46 37 (11) Non-U.S. 1,244 1,060 1,097 Total current provision for taxes 2,410 2,488 3,872 Deferred: Federal 1,369 597 (1,389) State 25 1 11 Non-U.S. 375 (76) (230) Total deferred provision for taxes 1,769 522 (1,608) Total provision for taxes $ 4,179 $ 3,010 $ 2,264 Effective tax rate 16.7 % 12.5 % 9.7 % |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Income before taxes: U.S. $ 15,452 $ 13,729 $ 14,753 Non-U.S. 9,626 10,329 8,564 Total income before taxes 25,078 24,058 23,317 Provision for taxes: Current: Federal 1,120 1,391 2,786 State 46 37 (11) Non-U.S. 1,244 1,060 1,097 Total current provision for taxes 2,410 2,488 3,872 Deferred: Federal 1,369 597 (1,389) State 25 1 11 Non-U.S. 375 (76) (230) Total deferred provision for taxes 1,769 522 (1,608) Total provision for taxes $ 4,179 $ 3,010 $ 2,264 Effective tax rate 16.7 % 12.5 % 9.7 % |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before income taxes (effective tax rate) for each period was as follows: Years Ended Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) in rate resulting from: Non-U.S. income taxed at different rates (3.7) (3.7) (3.6) Research and development tax credits (2.1) (2.3) (2.7) Foreign derived intangible income benefit (1.9) (3.2) (3.7) Change in permanent reinvestment assertion 1.6 — 0.2 Tax Reform — — (1.3) Other 1.8 0.7 (0.2) Effective tax rate 16.7 % 12.5 % 9.7 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities at the end of each period were as follows: (In Millions) Dec 26, 2020 Dec 28, 2019 Deferred tax assets: Accrued compensation and other benefits $ 865 $ 740 Share-based compensation 324 294 Inventory 835 760 State credits and net operating losses 1,829 1,511 Other, net 617 515 Gross deferred tax assets 4,470 3,820 Valuation allowance (1,963) (1,534) Total deferred tax assets 2,507 2,286 Deferred tax liabilities: Property, plant and equipment (3,109) (1,807) Licenses and intangibles (725) (720) Convertible debt — (88) Unrealized gains on investments and derivatives (735) (292) Unremitted earnings of non-U.S. subsidiaries (403) (28) Other, net (146) (186) Total deferred tax liabilities (5,118) (3,121) Net deferred tax assets (liabilities) $ (2,611) $ (835) Reported as: Deferred tax assets 1,232 1,209 Deferred tax liabilities (3,843) (2,044) Net deferred tax assets (liabilities) $ (2,611) $ (835) |
Summary of Valuation Allowance [Table Text Block] | Change in valuation allowance for deferred tax assets were as follows: Years Ended (In Millions) Balance at Beginning of Year Additions Charged to Expenses/ Net Balance at Valuation allowance for deferred tax assets December 26, 2020 $ 1,534 $ 378 $ 51 $ 1,963 December 28, 2019 $ 1,302 $ 239 $ (7) $ 1,534 December 29, 2018 $ 1,171 $ 185 $ (54) $ 1,302 |
Schedule of Unrecognized Tax Benefits Roll Forward | Uncertain Tax Positions (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Beginning gross unrecognized tax benefits $ 548 $ 283 $ 211 Settlements and effective settlements with tax authorities (142) (4) (7) Changes in balances related to tax position taken during prior periods 165 122 (11) Changes in balances related to tax position taken during current period 257 147 90 Ending gross unrecognized tax benefits $ 828 $ 548 $ 283 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |
Investment [Table Text Block] | (In Millions) Dec 26, 2020 Dec 28, 2019 Marketable equity securities $ 1,830 $ 450 Non-marketable equity securities 3,304 3,480 Equity method investments 18 37 Total $ 5,152 $ 3,967 |
Gain (Loss) on Securities [Table Text Block] | The components of gains (losses) on equity investments, net for each period were as follows: Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Ongoing mark-to-market adjustments on marketable equity securities $ (133) $ 277 $ (129) Observable price adjustments on non-marketable equity securities 176 293 202 Impairment charges (303) (122) (424) Sale of equity investments and other 1 2,164 1,091 226 Total gains (losses) on equity investments, net $ 1,904 $ 1,539 $ (125) 1 Sale of equity investments and other includes initial fair value adjustments recorded upon a security becoming marketable, realized gains (losses) on sales of non-marketable equity investments, and our share of equity method investee gains (losses) and distributions. Gains and losses for our marketable and non-marketable equity securities during each period were as follows: (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Net gains (losses) recognized during the period on equity securities $ 1,679 $ 734 $ 298 Less: Net (gains) losses recognized during the period on equity securities sold during the period (254) (424) (445) Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date $ 1,425 $ 310 $ (147) |
Available-for-sale Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The fair values of available-for-sale debt investments by contractual maturity as of December 26, 2020 were as follows: (In Millions) Fair Value Due in 1 year or less $ 2,978 Due in 1–2 years 1,093 Due in 2–5 years 1,099 Due after 5 years — Instruments not due at a single maturity date 2,781 Total $ 7,951 |
Acquisitions & Divestitures (Ta
Acquisitions & Divestitures (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Business Combinations [Abstract] | |
Carrying Amount of Major Classes of Assets Held For Sale | The carrying amounts of the major classes of NAND assets held for sale included the following: (In Millions) Dec 26, 2020 Inventories $ 962 Property, plant and equipment, net 4,363 Total assets held for sale $ 5,325 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Business Combination, Goodwill [Abstract] | |
Schedule of Goodwill [Table Text Block] | Dec 28, 2019 Acquisitions Other Dec 26, 2020 Data Center Group $ 7,182 $ 50 $ — $ 7,232 Internet of Things Group 1,579 12 — 1,591 Mobileye 10,290 638 — 10,928 Programmable Solutions Group 2,654 2 (34) 2,622 Client Computing Group 4,333 27 — 4,360 All other 238 — — 238 Total $ 26,276 $ 729 $ (34) $ 26,971 (In Millions) Dec 29, 2018 Acquisitions Other Dec 28, 2019 Data Center Group $ 5,424 $ 1,758 $ — $ 7,182 Internet of Things Group 1,579 — — 1,579 Mobileye 10,290 — — 10,290 Programmable Solutions Group 2,579 67 8 2,654 Client Computing Group 4,403 — (70) 4,333 All other 238 — — 238 Total $ 24,513 $ 1,825 $ (62) $ 26,276 |
Identified Intangible Assets (T
Identified Intangible Assets (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 26, 2020 December 28, 2019 (In Millions) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Developed technology $ 10,188 $ (4,880) $ 5,308 $ 9,407 $ (3,801) $ 5,606 Customer relationships and brands 2,110 (854) 1,256 2,160 (708) 1,452 Licensed technology and patents 2,836 (1,629) 1,207 2,975 (1,455) 1,520 In-process R&D 954 — 954 1,664 — 1,664 Other non-amortizing intangibles 301 — 301 585 — 585 Total identified intangible assets $ 16,389 $ (7,363) $ 9,026 $ 16,791 $ (5,964) $ 10,827 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | December 26, 2020 December 28, 2019 (In Millions) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Developed technology $ 10,188 $ (4,880) $ 5,308 $ 9,407 $ (3,801) $ 5,606 Customer relationships and brands 2,110 (854) 1,256 2,160 (708) 1,452 Licensed technology and patents 2,836 (1,629) 1,207 2,975 (1,455) 1,520 In-process R&D 954 — 954 1,664 — 1,664 Other non-amortizing intangibles 301 — 301 585 — 585 Total identified intangible assets $ 16,389 $ (7,363) $ 9,026 $ 16,791 $ (5,964) $ 10,827 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expenses recorded for identified intangible assets in the Consolidated Statements of Income for each period and the weighted average useful life were as follows: Years Ended (In Millions) Location Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Weighted Average Useful Life 1 Developed technology Cost of sales $ 1,211 $ 1,124 $ 1,105 9 years Customer relationships and brands Marketing, general and administrative 205 200 200 11 years Licensed technology and patents Cost of sales 341 298 260 13 years Total amortization expenses $ 1,757 $ 1,622 $ 1,565 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | We expect future amortization expense for the next five years and thereafter to be as follows: (In Millions) 2021 2022 2023 2024 2025 Thereafter Total Future amortization expenses $ 1,749 $ 1,618 $ 1,453 $ 1,076 $ 672 $ 1,203 $ 7,771 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt Dec 26, 2020 Dec 28, 2019 (In Millions) Effective Interest Rate Amount Amount Floating-rate senior notes: Three-month LIBOR plus 0.08%, due May 2020 —% $ — $ 700 Three-month LIBOR plus 0.35%, due May 2022 1.25% 800 800 Fixed-rate senior notes: 1.85%, due May 2020 —% — 1,000 2.45%, due July 2020 —% — 1,750 1.70%, due May 2021 1.79% 500 500 3.30%, due October 2021 2.99% 2,000 2,000 2.35%, due May 2022 1.96% 750 750 3.10%, due July 2022 2.70% 1,000 1,000 4.00%, due December 2022 1 2.83% 417 382 2.70%, due December 2022 2.28% 1,500 1,500 4.10%, due November 2023 3.22% 400 400 2.88%, due May 2024 2.31% 1,250 1,250 2.70%, due June 2024 2.14% 600 600 3.40%, due March 2025 3.46% 1,500 — 3.70%, due July 2025 2.93% 2,250 2,250 2.60%, due May 2026 1.36% 1,000 1,000 3.75%, due March 2027 3.80% 1,000 — 3.15%, due May 2027 1.91% 1,000 1,000 2.45%, due November 2029 2.39% 2,000 1,250 3.90%, due March 2030 3.94% 1,500 — 4.00%, due December 2032 1.84% 750 750 4.60%, due March 2040 4.62% 750 — 4.80%, due October 2041 2.82% 802 802 4.25%, due December 2042 2.01% 567 567 4.90%, due July 2045 2.90% 772 772 4.10%, due May 2046 2.13% 1,250 1,250 4.10%, due May 2047 2.07% 1,000 1,000 4.10%, due August 2047 1.64% 640 640 3.73%, due December 2047 2.39% 1,967 1,967 3.25%, due November 2049 3.20% 2,000 1,500 4.75%, due March 2050 4.76% 2,250 — 3.10%, due February 2060 3.12% 1,000 — 4.95%, due March 2060 5.00% 1,000 — Oregon and Arizona bonds: 2.40% - 2.70%, due December 2035 - 2040 2.49% 423 423 5.00%, due March 2049 2.13% 138 138 5.00%, due June 2049 2.15% 438 438 Junior subordinated convertible debentures: 3.25%, due August 2039 —% — 372 Total senior notes and other borrowings 35,214 28,751 Unamortized premium/discount and issuance costs (378) (529) Hedge accounting fair value adjustments 1,565 781 Long-term debt 36,401 29,003 Current portion of long-term debt (2,504) (3,695) Total long-term debt $ 33,897 $ 25,308 1 To manage foreign currency risk associated with the Australian-dollar-denominated notes issued in 2015, we entered into currency interest rate swaps which had an aggregate outstanding notional amount of $396 million at December 26, 2020, which effectively converted these notes to U.S.-dollar-denominated notes. For further discussion on our currency interest rate swaps, see "Note 16: Derivative Financial Instruments." Principal and unamortized discount/issuance costs for the Australian-dollar-denominated notes in the table above were calculated using foreign currency exchange rates as of December 26, 2020 and December 28, 2019. |
Schedule of Maturities of Long-term Debt [Table Text Block] | Our aggregate debt maturities, excluding commercial paper and drafts payable, based on outstanding principal as of December 26, 2020, by year payable, are as follows: (In Millions) 2021 2022 2023 2024 2025 2026 and thereafter Total $ 2,500 $ 4,467 $ 400 $ 1,850 $ 3,750 $ 22,247 $ 35,214 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis December 26, 2020 December 28, 2019 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 — $ 50 $ — $ 50 — $ 713 — $ 713 Financial institution instruments 1 2,781 636 — 3,417 1,064 408 — 1,472 Reverse repurchase — 1,900 — 1,900 — 1,500 — 1,500 Short-term investments: Corporate debt — 428 — 428 — 347 — 347 Financial institution instruments 1 — 1,179 — 1,179 — 724 — 724 Government debt 2 — 685 — 685 — 11 — 11 Trading assets: Corporate debt — 3,815 — 3,815 — 2,848 — 2,848 Financial institution instruments 1 131 2,847 — 2,978 87 1,578 — 1,665 Government debt 2 — 8,945 — 8,945 — 3,334 — 3,334 Other current assets: Derivative assets 48 644 — 692 50 230 — 280 Loans receivable 3 — 439 — 439 — — — — Marketable equity securities 136 1,694 — 1,830 450 — — 450 Other long-term investments: Corporate debt — 1,520 — 1,520 — 1,898 — 1,898 Financial institution instruments 1 — 257 — 257 — 825 — 825 Government debt 2 — 415 — 415 — 553 — 553 Other long-term assets: Derivative assets — 1,520 30 1,550 — 690 16 706 Loans receivable 3 — 157 — 157 — 554 — 554 Total assets measured and recorded at fair value $ 3,096 $ 27,131 $ 30 $ 30,257 $ 1,651 $ 16,213 $ 16 $ 17,880 Liabilities Other accrued liabilities: Derivative liabilities $ — $ 810 $ — $ 810 $ 3 $ 287 $ — $ 290 Other long-term liabilities: Derivative liabilities — 5 — 5 — 13 — 13 Total liabilities measured and recorded at fair value $ — $ 815 $ — $ 815 $ 3 $ 300 $ — $ 303 1 Level 1 investments in financial institution instruments consist of money market funds. Level 2 investments consist primarily of commercial paper, certificates of deposit, time deposits, and notes and bonds issued by financial institutions. 2 Level 2 investments in government debt consist primarily of U.S. agency notes and non-U.S. government debt, as well as marketable equity securities subject to security-specific restrictions. 3 The fair value of our loans receivable for which we elected the fair value option did not significantly differ from the contractual principal balance based on the contractual currency. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in accumulated other comprehensive income (loss) by component and related tax effects for each period were as follows: (In Millions) Unrealized Holding Gains (Losses) on Derivatives Actuarial Valuation and Other Pension Expenses Translation Adjustments and Other Total December 31, 2017 1 $ 130 $ (1,028) $ (30) $ (928) Other comprehensive income (loss) before reclassifications (310) 157 (16) (169) Amounts reclassified out of accumulated other comprehensive income (loss) 9 109 8 126 Tax effects 48 (56) 5 (3) Other comprehensive income (loss) (253) 210 (3) (46) December 29, 2018 (123) (818) (33) (974) Other comprehensive income (loss) before reclassifications (11) (753) 109 (655) Amounts reclassified out of accumulated other comprehensive income (loss) 195 67 (6) 256 Tax effects (7) 122 (22) 93 Other comprehensive income (loss) 177 (564) 81 (306) 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) 1 Balances as of December 31, 2017 include opening balance adjustments made as a result of changes in accounting principle due to the adoption of new accounting standards in 2018. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows: (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Foreign currency contracts $ 31,209 $ 23,981 $ 19,223 Interest rate contracts 14,461 14,302 22,447 Other 2,026 1,753 1,356 Total $ 47,696 $ 40,036 $ 43,026 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value of Derivative Instruments in the Consolidated Balance Sheets December 26, 2020 December 28, 2019 (In Millions) Assets 1 Liabilities 2 Assets 1 Liabilities 2 Derivatives designated as hedging instruments Foreign currency contracts 3 $ 551 $ 2 $ 56 $ 159 Interest rate contracts 1,498 — 690 9 Total derivatives designated as hedging instruments 2,049 2 746 168 Derivatives not designated as hedging instruments Foreign currency contracts 3 142 685 179 78 Interest rate contracts 3 128 11 54 Equity contracts 48 — 50 3 Total derivatives not designated as hedging instruments 193 813 240 135 Total derivatives $ 2,242 $ 815 $ 986 $ 303 1 Derivative assets are recorded as other assets, current and long-term. 2 Derivative liabilities are recorded as other liabilities, current and long-term. 3 The majority of these instruments mature within 12 months. The amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges for each period were as follows: Line Item in the Consolidated Balance Sheet in Which the Hedged Item Is Included Carrying Amount of the Hedged Item Asset/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 26, 2020 Dec 28, 2019 Long-term debt $ (13,495) $ (12,678) $ (1,498) $ (681) |
Offsetting Assets [Table Text Block] | greements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows: December 26, 2020 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 $ 2,235 $ — $ 2,235 $ (264) $ (1,904) $ 67 Reverse repurchase agreements 1,900 — 1,900 — (1,900) — Total assets 4,135 — 4,135 (264) (3,804) 67 Liabilities: Derivative liabilities subject to master netting arrangements 711 — 711 (264) (447) — Total liabilities $ 711 $ — $ 711 $ (264) $ (447) $ — December 28, 2019 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 $ 974 $ — $ 974 $ (144) $ (808) $ 22 Reverse repurchase agreements 1,850 — 1,850 — (1,850) — Total assets 2,824 — 2,824 (144) (2,658) 22 Liabilities: Derivative liabilities subject to master netting arrangements 262 — 262 (144) (72) 46 Total liabilities $ 262 $ — $ 262 $ (144) $ (72) $ 46 |
Offsetting Liabilities [Table Text Block] | greements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows: December 26, 2020 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 $ 2,235 $ — $ 2,235 $ (264) $ (1,904) $ 67 Reverse repurchase agreements 1,900 — 1,900 — (1,900) — Total assets 4,135 — 4,135 (264) (3,804) 67 Liabilities: Derivative liabilities subject to master netting arrangements 711 — 711 (264) (447) — Total liabilities $ 711 $ — $ 711 $ (264) $ (447) $ — December 28, 2019 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 $ 974 $ — $ 974 $ (144) $ (808) $ 22 Reverse repurchase agreements 1,850 — 1,850 — (1,850) — Total assets 2,824 — 2,824 (144) (2,658) 22 Liabilities: Derivative liabilities subject to master netting arrangements 262 — 262 (144) (72) 46 Total liabilities $ 262 $ — $ 262 $ (144) $ (72) $ 46 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows: Gains (Losses) Recognized in Statement of Income on Derivatives Years Ended (In Millions) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Interest rate contracts $ 817 $ 1,071 $ (138) Hedged items (817) (1,071) 138 Total $ — $ — $ — |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Income for each period were as follows: Years Ended (In Millions) Location of Gains (Losses) Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Foreign currency contracts Interest and other, net $ (572) $ 204 $ 372 Interest rate contracts Interest and other, net (90) (32) 9 Other Various 284 297 (147) Total $ (378) $ 469 $ 234 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | The vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement. Dec 26, 2020 Dec 28, 2019 Changes in projected benefit obligation: Beginning projected benefit obligation $ 4,284 $ 3,433 Service cost 49 54 Interest cost 97 113 Actuarial (gain) loss 373 829 Currency exchange rate changes 261 (2) Plan settlements (79) (57) Other (56) (86) Ending projected benefit obligation 1 4,929 4,284 Changes in fair value of plan assets: Beginning fair value of plan assets 2,654 2,551 Actual return on plan assets 203 193 Currency exchange rate changes 113 3 Other (92) (93) Ending fair value of plan assets 2 2,878 2,654 Net unfunded status $ 2,051 $ 1,630 Amounts recognized in the Consolidated Balance Sheets Other long-term liabilities $ 2,051 $ 1,630 Accumulated other comprehensive loss (income), before tax 3 $ 1,911 $ 1,730 Accumulated benefit obligation 4 $ 4,429 $ 3,862 1 The projected benefit obligation was approximately 35% in the U.S. and 65% outside of the U.S. as of December 26, 2020 and December 28, 2019. 2 The fair value of plan assets was approximately 55% in the U.S. and 45% outside of the U.S. as of December 26, 2020 and December 28, 2019. 3 The accumulated other comprehensive loss (income), before tax, was approximately 35% in the U.S. and 65% outside of the U.S. as of December 26, 2020 and December 28, 2019. |
Defined Benefit Plan, Assumptions [Table Text Block] | Assumptions for Pension Benefit Plans Dec 26, 2020 Dec 28, 2019 Weighted average actuarial assumptions used to determine benefit obligations Discount rate 1.9 % 2.3 % Rate of compensation increase 3.2 % 3.5 % 2020 2019 2018 Weighted average actuarial assumptions used to determine costs Discount rate 2.3 % 3.4 % 3.0 % Expected long-term rate of return on plan assets 3.3 % 4.7 % 4.7 % Rate of compensation increase 3.2 % 3.5 % 3.3 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Pension Plan Assets December 26, 2020 Dec 28, 2019 Fair Value Measured at Reporting Date Using (In Millions) Level 1 Level 2 Level 3 Total Total Equity securities $ — $ 320 $ — $ 320 $ 278 Fixed income — 114 21 135 119 Assets measured by fair value hierarchy $ — $ 434 $ 21 $ 455 $ 397 Assets measured at net asset value 2,401 2,236 Cash and cash equivalents 22 21 Total pension plan assets at fair value $ 2,878 $ 2,654 |
Postretirement Health Coverage [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | The estimated benefit payments for this plan over the next 10 years are as follows: (In Millions) 2021 2022 2023 2024 2025 2026-2030 Postretirement Medical Benefits $ 37 $ 38 $ 39 $ 40 $ 41 $ 218 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated benefit payments over the next 10 years are as follows: (In Millions) 2021 2022 2023 2024 2025 2026-2030 Pension benefits $ 158 $ 151 $ 155 $ 149 $ 154 $ 814 |
Employee Equity Incentive Pla_2
Employee Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Restricted Stock Units Estimated Values And Weighted Average Assumptions [Table Text Block] | Restricted Stock Units Weighted average assumptions used in estimating grant values were as follows: Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Estimated values $ 54.82 $ 48.06 $ 48.95 Risk-free interest rate 0.4 % 2.3 % 2.4 % Dividend yield 2.3 % 2.5 % 2.4 % Volatility 30 % 25 % 22 % |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Summary of activities: Number of Stock Units (In Millions) Weighted Average Grant-Date Fair Value December 28, 2019 84.1 $ 43.86 Granted 40.4 $ 54.82 Vested (33.3) $ 40.54 Forfeited (8.5) $ 47.89 December 26, 2020 82.7 $ 50.14 Expected to vest 76.7 $ 50.06 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 26, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | Discounted and undiscounted lease payments under non-cancelable leases as of December 26, 2020, excluding non-lease components, were as follows: (In Millions) 2021 2022 2023 2024 2025 Thereafter Total Lease payments $ 175 $ 133 $ 96 $ 69 $ 52 $ 34 $ 559 Present value of lease payments $ 527 |
Accounting Policies (Detail)
Accounting Policies (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Production Related Impairments or Charges [Abstract] | ||
PRQ Max | $ 870 | |
Credit Concentration Risk [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 2,000 | |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 43.00% | 39.00% |
Maximum | ||
Revenue, Major Customer [Line Items] | ||
Manufacturing Costs | $ 1,100 |
Operating Segments and Geograph
Operating Segments and Geographic Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 77,867 | $ 71,965 | $ 70,848 |
Operating Income (Loss) | 23,678 | 22,035 | 23,316 |
InternetofThings [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 3,974 | ||
Operating Income (Loss) | 738 | 1,342 | 1,123 |
IOTG Platform [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 2,705 | 3,440 | 3,065 |
DCG Platform [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 23,056 | 21,441 | 21,155 |
CCG Notebook Platform [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 24,903 | 20,779 | 20,930 |
CCG Desktop Platform [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 10,692 | 11,822 | 12,220 |
Other Platform [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 47 | 80 | 84 |
Other Product Or Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 16,464 | 14,403 | 13,394 |
Platform [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 61,403 | 57,562 | 57,454 |
Data Center Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 26,103 | 23,481 | 22,991 |
Operating Income (Loss) | 10,571 | 10,227 | 11,476 |
Data Center Group [Member] | Other Product Or Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 3,047 | 2,040 | 1,836 |
Internet of Things Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 3,007 | ||
Operating Income (Loss) | 497 | 1,097 | 980 |
Internet of Things Group [Member] | InternetofThings [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 4,700 | 4,153 | |
Internet of Things Group [Member] | Other Product Or Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 879 | 698 | |
Internet of Things Group [Member] | Platform [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 3,821 | 3,455 | |
Mobileye [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 967 | ||
Operating Income (Loss) | 241 | 245 | 143 |
Non-Volatile Memory Solutions Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 5,358 | 4,362 | 4,307 |
Operating Income (Loss) | 361 | (1,176) | (5) |
Programmable Solutions Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 1,853 | 1,987 | 2,123 |
Operating Income (Loss) | 260 | 318 | 466 |
Client Computing Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 40,057 | 37,146 | 37,004 |
Operating Income (Loss) | 15,129 | 15,202 | 14,222 |
Client Computing Group [Member] | Other Product Or Service [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 4,415 | 4,465 | 3,770 |
Client Computing Group [Member] | Platform [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 35,642 | 32,681 | 33,234 |
All other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 522 | 289 | 270 |
Operating Income (Loss) | $ (3,381) | $ (3,878) | $ (3,966) |
Operating Segments and Geogra_2
Operating Segments and Geographic Information, Revenue by Major Customers (Detail) | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 39.00% | 41.00% | 39.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Dell Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 17.00% | 17.00% | 16.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Lenovo Group Limited [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 13.00% | 12.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | HP Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 11.00% | 11.00% |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 43.00% | 39.00% |
Operating Segments and Geogra_3
Operating Segments and Geographic Information, Revenues from External Customers by Country (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 77,867 | $ 71,965 | $ 70,848 |
China (Including Hong Kong) [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 20,257 | 20,026 | 18,824 |
Singapore [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 17,845 | 15,650 | 15,409 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 16,573 | 15,617 | 14,303 |
Taiwan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 11,605 | 10,058 | 10,646 |
Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 11,587 | $ 10,614 | $ 11,666 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net Income | $ 20,899 | $ 21,048 | $ 21,053 |
Weighted average shares of common stock outstanding-basic | 4,199 | 4,417 | 4,611 |
Dilutive effect of employee equity incentive plans (shares) | 33 | 41 | 50 |
Dilutive effect of convertible debt (shares) | 0 | 15 | 40 |
Weighted average shares of common stock outstanding-diluted | 4,232 | 4,473 | 4,701 |
Earnings per share—basic | $ 4.98 | $ 4.77 | $ 4.57 |
Earnings per share—diluted | $ 4.94 | $ 4.71 | $ 4.48 |
Contract Liabilities (Details)
Contract Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | Jun. 27, 2020 | |
Capitalized Contract Cost [Line Items] | ||||
Contract with Customer, Liability | $ 1,875 | $ 2,041 | ||
Customer deposits and prepaid supply agreements | (181) | (782) | $ 1,367 | |
Contract liability balance | $ 1,600 | |||
Prepaid supply agreements | ||||
Capitalized Contract Cost [Line Items] | ||||
Contract with Customer, Liability | 1,625 | 1,805 | ||
Contract with Customer, Liability, Current | 508 | 673 | ||
Customer deposits and prepaid supply agreements | 70 | |||
Contract with Customer, Liability, Revenue Recognized | (250) | |||
Other | ||||
Capitalized Contract Cost [Line Items] | ||||
Contract with Customer, Liability | $ 250 | $ 236 |
Other Financial Statement Det_3
Other Financial Statement Details Inventories (Details) - USD ($) $ in Millions | Dec. 26, 2020 | Dec. 28, 2019 |
Inventory, Net [Abstract] | ||
Raw materials | $ 908 | $ 840 |
Work in process | 6,007 | 6,225 |
Finished goods | 1,512 | 1,679 |
Total inventories | $ 8,427 | $ 8,744 |
Other Financial Statement Det_4
Other Financial Statement Details Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 134,229 | $ 128,707 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (77,645) | (73,321) |
Property, plant and equipment, net | 56,584 | 55,386 |
UNITED STATES | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 38,829 | 35,262 |
ISRAEL | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 7,837 | 8,463 |
CHINA | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 851 | 5,315 |
IRELAND | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 5,828 | 3,854 |
Other Countries [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 3,239 | 2,492 |
Land and Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 37,536 | 37,743 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 79,384 | 74,901 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 17,309 | $ 16,063 |
Minimum | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum | Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Maximum | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Maximum | Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years |
Other Financial Statement Det_5
Other Financial Statement Details Other Long-Term Assets (Details) - USD ($) $ in Millions | Dec. 26, 2020 | Dec. 28, 2019 |
Other Financial Statement Details [Abstract] | ||
Derivative assets | $ 1,550 | $ 706 |
Deferred tax assets | 1,232 | 1,209 |
Pre-payments for property, plant and equipment | 1,502 | 1,641 |
Other | 1,633 | 1,997 |
Total other long-term assets | $ 5,917 | $ 5,553 |
Other Financial Statement Det_6
Other Financial Statement Details Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 26, 2020 | Dec. 28, 2019 |
Statement of Financial Position [Abstract] | ||
Deferred compensation liabilities | $ 2,500 | $ 2,100 |
Collateral received under credit support annex agreements | $ 2,000 | $ 846 |
Other Financial Statement Det_7
Other Financial Statement Details Advertising (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Statement [Abstract] | |||
Advertising Expense | $ 763 | $ 832 | $ 1,200 |
Other Financial Statement Det_8
Other Financial Statement Details Gains (Losses) on Equity Investments, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Gain (Loss) on Securities [Line Items] | |||
Impairment charges | $ (303) | $ (122) | $ (424) |
Total gains (losses) on equity investments, net | $ 1,904 | $ 1,539 | $ (125) |
Other Financial Statement Det_9
Other Financial Statement Details Interest and Other, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Interest income | $ 272 | $ 483 | $ 438 |
Interest expense | (629) | (489) | (468) |
Other, net | (147) | 490 | 156 |
Total Interest and other, net | (504) | 484 | 126 |
Interest Costs, Capitalized During Period | $ (338) | $ 472 | $ 496 |
Other Financial Statement De_10
Other Financial Statement Details - Accelerated Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 5 Months Ended | 12 Months Ended | |||
Dec. 26, 2020 | Aug. 31, 2020 | Dec. 26, 2020 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Other Income and Expenses [Abstract] | ||||||
Repurchase of common stock | $ 10,000 | $ 14,229 | $ 13,576 | $ 10,730 | ||
Repurchased (in shares) | 37.7 | 165.5 | 203.2 | |||
Average repurchased share amount (in dollars per share) | $ 49.20 |
Restructuring and Other Charg_3
Restructuring and Other Charges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | $ 198 | $ 393 | $ (72) |
Restructuring and Related Cost, Incurred Cost | 198 | 393 | |
2019 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 0 | ||
Restructuring and Related Cost, Incurred Cost | 0 | 393 | |
Severance Costs | 280 | ||
Asset Impairment Charges | 113 | ||
2016 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 0 | 0 | (72) |
2020 Restructuring Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | $ 0 | ||
Restructuring and Related Cost, Incurred Cost | 198 | $ 0 | |
Severance Costs | 124 | ||
Asset Impairment Charges | $ 74 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income before taxes: U.S. | $ 15,452 | $ 13,729 | $ 14,753 |
Income before taxes: Non-U.S. | 9,626 | 10,329 | 8,564 |
Income before taxes | 25,078 | 24,058 | 23,317 |
Provision for taxes, Current: Federal | 1,120 | 1,391 | 2,786 |
Provision for taxes, Current: State | 46 | 37 | (11) |
Provision for taxes, Current: Non-U.S. | 1,244 | 1,060 | 1,097 |
Total current provision for taxes | 2,410 | 2,488 | 3,872 |
Provision for taxes, Deferred: Federal | 1,369 | 597 | (1,389) |
Deferred State and Local Income Tax Expense (Benefit) | 25 | 1 | 11 |
Deferred Other Tax Expense (Benefit) | 375 | (76) | (230) |
Total deferred provision for taxes | 1,769 | 522 | (1,608) |
Total Provision for taxes | $ 4,179 | $ 3,010 | $ 2,264 |
Effective tax rate | 16.70% | 12.50% | 9.70% |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
Increase (reduction) in rate resulting from: Non-U.S. income taxed at different rates | (3.70%) | (3.70%) | (3.60%) |
Increase (reduction) in rate resulting from: Research and Development tax credits | (2.10%) | (2.30%) | (2.70%) |
Income Tax Reconciliation, Transition Tax for Accumulated Foreign Earnings | (1.90%) | (3.20%) | (3.70%) |
Effective Income Tax Rate Reconciliation, Change in Permanent Reinvestment Assertion, Percent | 1.60% | 0.00% | 0.20% |
Effective Income Tax Rate Reconciliation, Transition Tax for Accumulated Foreign Earnings, Percent | 0.00% | 0.00% | (1.30%) |
Increase (reduction) in rate resulting from: Other | 1.80% | 0.70% | (0.20%) |
Effective tax rate | 16.70% | 12.50% | 9.70% |
Income Tax Disclosure [Line Items] | |||
Operating loss carryforward, subject to expiration | $ 772 | ||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
Increase (reduction) in rate resulting from: Non-U.S. income taxed at different rates | (3.70%) | (3.70%) | (3.60%) |
Income Tax Holiday, Termination Date | 2035 | ||
Income Tax Expense (Benefit) | $ 4,179 | $ 3,010 | $ 2,264 |
Undistributed earnings on certain foreign subsidiaries | 19,000 | ||
Accrued Income Taxes, Current | 756 | 575 | |
Long-term income taxes payable | 4,578 | 4,919 | |
Income Taxes Receivable, Current | 131 | 76 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Deferred tax assets, Accrued compensation and other benefits | 865 | 740 | |
Deferred tax assets, Share-based compensation | 324 | 294 | |
Deferred tax assets, Inventory | 835 | 760 | |
Deferred tax assets, State credits and net operating losses | 1,829 | 1,511 | |
Deferred tax assets, Other, net | 617 | 515 | |
Gross deferred tax assets | 4,470 | 3,820 | |
Deferred tax assets, Valuation allowance | (1,963) | (1,534) | |
Total deferred tax assets | 2,507 | 2,286 | |
Deferred tax liabilities, Property, plant and equipment | (3,109) | (1,807) | |
Deferred tax liabilities, Licenses and intangibles | (725) | (720) | |
Deferred tax liabilities, Convertible debt | 0 | (88) | |
Deferred Tax Liabilities, Unrealized Gains On Investments And Derivatives | (735) | (292) | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | (403) | (28) | |
Deferred tax liabilities, Other, net | (146) | (186) | |
Total deferred tax liabilities | (5,118) | (3,121) | |
Net deferred tax assets (liabilities) | (2,611) | (835) | |
Deferred tax assets | 1,232 | 1,209 | |
Deferred tax liabilities | (3,843) | (2,044) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning gross unrecognized tax benefits | 548 | 283 | 211 |
Settlements and effective settlements with tax authorities | (142) | (4) | (7) |
Changes in balances related to tax position taken during prior periods | 165 | 122 | (11) |
Changes in balances related to tax position taken during current period | 257 | 147 | 90 |
Ending gross unrecognized tax benefits | 828 | 548 | $ 283 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 550 | 454 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation Allowance, Amount | (1,963) | $ (1,534) | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 430 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 345 | ||
Non-U.S. [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 826 | ||
Minimum | |||
Income Tax Disclosure [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Foreign Statutory Income Tax Rate, Percent | 12.50% | ||
Maximum | |||
Income Tax Disclosure [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Foreign Statutory Income Tax Rate, Percent | 25.00% |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Contingency [Line Items] | ||||
Unrealized state credit carryforwards | $ 1,800 | |||
Undistributed earnings on certain foreign subsidiaries | 19,000 | |||
Balance at Beginning of Year | 1,534 | |||
Balance at End of Year | 1,963 | $ 1,534 | ||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net (Deductions) Recoveries | 51 | (7) | $ (54) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 1,963 | 1,534 | 1,302 | $ 1,171 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | $ 378 | $ 239 | $ 185 |
Investments, Available For Sale
Investments, Available For Sale Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Adjusted cost for available-for-sale investments | $ 7,800 | $ 6,500 | |
Due in 1 year or less | 2,978 | ||
Due in 1–2 years | 1,093 | ||
Due in 2–5 years | 1,099 | ||
Due after 5 years | 0 | ||
Instruments not due at a single maturity date | 2,781 | ||
Debt Securities, Available-for-sale | 7,951 | ||
Equity method investments | 18 | 37 | |
Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | 694 | 26 | $ (188) |
Unrealized Gain (Loss) on Derivatives | $ (667) | $ 22 | $ 163 |
Investments Investments, Equity
Investments Investments, Equity Investments (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 29, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Schedule of Investments [Line Items] | ||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 910 | $ 2,688 | $ 2,802 | |
Marketable equity securities | 1,830 | 450 | ||
Non-marketable equity securities | 3,304 | 3,480 | ||
Equity method investments | 18 | 37 | ||
Total | 5,152 | 3,967 | ||
Ongoing mark-to-market adjustments on marketable equity securities | (133) | 277 | (129) | |
Observable price adjustments on non-marketable equity securities | (176) | (293) | (202) | |
Impairment charges | (303) | (122) | (424) | |
Sale of equity investments and other | 2,164 | 1,091 | 226 | |
Gain (Loss) on Investments | 1,904 | 1,539 | (125) | |
Net gains (losses) recognized during the period on equity securities | 1,679 | 734 | 298 | |
Less: Net (gains) losses recognized during the period on equity securities sold during the period | (254) | (424) | (445) | |
Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date | $ 1,425 | $ 310 | (147) | |
Cloudera, Inc. [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned (in shares) | 307 | |||
IM Flash Technologies, LLC [Member] | ||||
Schedule of Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 49.00% | |||
Impairment on equity method investments | $ 290 | |||
McAfee [Member] | ||||
Schedule of Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 40.00% | |||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 126 | $ 632 | ||
ASML Holding N.V. [Member] | ||||
Schedule of Investments [Line Items] | ||||
Marketable equity securities | 1,100 | |||
Cost-method Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Impairment charges | $ (290) | $ (122) | $ (132) |
Investments, Equity Method and
Investments, Equity Method and Cost Method Investments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 26, 2020 | Jun. 29, 2019 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 18 | $ 18 | $ 37 | ||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 910 | 2,688 | $ 2,802 | ||
Impairments | $ 303 | 122 | 424 | ||
IM Flash Technologies, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Impairment on equity method investments | $ 290 | ||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||
Cash proceeds from sale of equity method investment | $ 1,700 | ||||
Gain on sale of equity method investment | $ 107 | ||||
McAfee [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | |||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 126 | 632 | |||
Cost-method Investments [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Impairments | $ 290 | $ 122 | $ 132 |
Investments, Non-Marketable Cos
Investments, Non-Marketable Cost Method Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Gain (Loss) on Securities [Line Items] | |||
Non-marketable equity securities | $ 18 | $ 37 | |
Impairments | 303 | 122 | $ 424 |
Cost-method Investments [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Impairments | $ 290 | $ 122 | $ 132 |
Investments, Trading Assets (De
Investments, Trading Assets (Detail) - Debt Securities [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ 694 | $ 26 | $ (188) |
Unrealized Gain (Loss) on Derivatives | $ (667) | $ 22 | $ 163 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | May 04, 2020USD ($) | Dec. 12, 2019USD ($) | Dec. 26, 2020USD ($)Acquisition | Dec. 28, 2019USD ($)Acquisition | Dec. 19, 2019USD ($) | Dec. 29, 2018USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 26,971 | $ 26,276 | $ 24,513 | |||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of businesses acquired | Acquisition | 6 | 5 | ||||
Habana Labs [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration to acquire business | $ 1,700 | |||||
Goodwill | $ 1,500 | |||||
Acquisition-related intangible assets | $ 250 | |||||
Moovit [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration to acquire business | $ 915 | |||||
Goodwill | 638 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 331 |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Millions | Nov. 01, 2021 | Oct. 19, 2020 | Jul. 31, 2020 | Mar. 31, 2025 | Nov. 01, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Total consideration in cash | $ 150 | $ 123 | $ 911 | $ 548 | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 30 | 690 | 497 | |||||
Acquisition of property, plant and equipment included in accounts payable and accrued liabilities | 2,973 | 1,761 | 2,340 | |||||
Current Income Tax Expense (Benefit) | 2,410 | 2,488 | $ 3,872 | |||||
Forecast | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Additional Capital Purchases Expected | $ 1,800 | |||||||
NAND Memory Business | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Total consideration in cash | $ 7,000 | $ 9,000 | ||||||
NAND Memory Business | Discontinued Operations, Held-for-sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Inventories | 962 | |||||||
Property, plant and equipment, net | 4,363 | |||||||
Total assets held for sale | 5,325 | |||||||
NAND Memory Business | Forecast | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Total consideration in cash | $ 2,000 | |||||||
Smartphone Modem Business | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Total consideration in cash | 267 | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 690 | |||||||
Wind River Systems, Inc. | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 494 |
Goodwill (Detail)
Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 26, 2020 | Dec. 28, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 26,276 | $ 24,513 |
Goodwill, Acquisitions | 729 | 1,825 |
Goodwill, Other | (34) | (62) |
Goodwill, Ending Balance | 26,971 | 26,276 |
Goodwill, Impaired, Accumulated Impairment Loss | 719 | |
Client Computing Group [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 4,333 | 4,403 |
Goodwill, Acquisitions | 27 | 0 |
Goodwill, Other | 0 | (70) |
Goodwill, Ending Balance | 4,360 | 4,333 |
Goodwill, Impaired, Accumulated Impairment Loss | 365 | |
Data Center Group [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 7,182 | 5,424 |
Goodwill, Acquisitions | 50 | 1,758 |
Goodwill, Other | 0 | 0 |
Goodwill, Ending Balance | 7,232 | 7,182 |
Goodwill, Impaired, Accumulated Impairment Loss | 275 | |
Internet of Things Group [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 1,579 | 1,579 |
Goodwill, Acquisitions | 12 | 0 |
Goodwill, Other | 0 | 0 |
Goodwill, Ending Balance | 1,591 | 1,579 |
Goodwill, Impaired, Accumulated Impairment Loss | 79 | |
Mobileye [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 10,290 | 10,290 |
Goodwill, Acquisitions | 638 | 0 |
Goodwill, Other | 0 | 0 |
Goodwill, Ending Balance | 10,928 | 10,290 |
Programmable Solutions Group [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 2,654 | 2,579 |
Goodwill, Acquisitions | 2 | 67 |
Goodwill, Other | (34) | 8 |
Goodwill, Ending Balance | 2,622 | 2,654 |
All other [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 238 | 238 |
Goodwill, Acquisitions | 0 | 0 |
Goodwill, Other | 0 | 0 |
Goodwill, Ending Balance | $ 238 | $ 238 |
Identified Intangible Assets (D
Identified Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Finite Lived Intangible Assets [Line Items] | |||
Gross Assets, Finite-lived Intangible Assets | $ 16,389 | $ 16,791 | |
Accumulated Amortization | (7,363) | (5,964) | |
Total, net | 7,771 | ||
Total identified intangible assets | 9,026 | 10,827 | |
Amortization of intangibles | 1,757 | 1,622 | $ 1,565 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Future Amortization Expense, 2020 | 1,749 | ||
Future Amortization Expense, 2021 | 1,618 | ||
Future Amortization Expense, 2022 | 1,453 | ||
Future Amortization Expense, 2023 | 1,076 | ||
Future Amortization Expense, 2024 | 672 | ||
Future Amortization Expense, Thereafter | 1,203 | ||
Total, net | 7,771 | ||
Acquisition-related Developed Technology [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross Assets, Finite-lived Intangible Assets | 10,188 | 9,407 | |
Accumulated Amortization | (4,880) | (3,801) | |
Total, net | $ 5,308 | 5,606 | |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 9 years | ||
Amortization of intangibles | $ 1,211 | 1,124 | 1,105 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Total, net | 5,308 | 5,606 | |
Acquisition-related Customer Relationships and Brands [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross Assets, Finite-lived Intangible Assets | 2,110 | 2,160 | |
Accumulated Amortization | (854) | (708) | |
Total, net | $ 1,256 | 1,452 | |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 11 years | ||
Amortization of intangibles | $ 205 | 200 | 200 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Total, net | 1,256 | 1,452 | |
Licensed Technology and Patents [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross Assets, Finite-lived Intangible Assets | 2,836 | 2,975 | |
Accumulated Amortization | (1,629) | (1,455) | |
Total, net | $ 1,207 | 1,520 | |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 13 years | ||
Amortization of intangibles | $ 341 | 298 | $ 260 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Total, net | 1,207 | 1,520 | |
In Process Research and Development [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Gross assets, Indefinite-Lived Intangible Assets | 954 | 1,664 | |
Other Intangible Assets [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Gross assets, Indefinite-Lived Intangible Assets | $ 301 | $ 585 |
Borrowings, Short-term Debt (De
Borrowings, Short-term Debt (Detail) - USD ($) | Dec. 26, 2020 | Dec. 28, 2019 |
Short-term Debt [Line Items] | ||
Current portion of long-term debt | $ 2,504,000,000 | $ 3,695,000,000 |
Total short-term debt | 2,504,000,000 | $ 3,693,000,000 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000,000 |
Borrowings, Long-term Debt (Det
Borrowings, Long-term Debt (Detail) - USD ($) | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 35,214,000,000 | $ 28,751,000,000 | |
Long-term debt | (2,504,000,000) | (3,695,000,000) | |
Total long-term debt | 33,897,000,000 | 25,308,000,000 | |
Derivative, notional amount | 47,696,000,000 | 40,036,000,000 | $ 43,026,000,000 |
Long-term Debt, Fair Value | 40,900,000,000 | 30,600,000,000 | |
Debt Instrument, Face Amount | 2,800,000,000 | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (378,000,000) | (529,000,000) | |
Long-term Debt | 36,401,000,000 | 29,003,000,000 | |
Temporary equity | 0 | 155,000,000 | |
2021 | 2,500,000,000 | ||
2022 | 4,467,000,000 | ||
2023 | 400,000,000 | ||
2024 | 1,850,000,000 | ||
2025 | 3,750,000,000 | ||
2026 and thereafter | $ 22,247,000,000 | ||
2017 Senior notes due May 2020 at .08% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.08% | ||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | ||
Long-term Debt, Gross | $ 0 | 700,000,000 | |
2017 Senior notes due May 2022 at .35% [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.35% | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.25% | ||
Long-term Debt, Gross | $ 800,000,000 | 800,000,000 | |
2017 Senior notes due May 2020 at 1.85% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 1.85% | ||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | ||
Long-term Debt, Gross | $ 0 | 1,000,000,000 | |
2015 Senior notes due July 2020 at 2.45% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 2.45% | ||
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | ||
Long-term Debt, Gross | $ 0 | 1,750,000,000 | |
2016 Senior notes due May 2021 at 1.70% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 1.70% | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.79% | ||
Long-term Debt, Gross | $ 500,000,000 | 500,000,000 | |
2011 Senior notes due October 2021 at 3.30% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 3.30% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.99% | ||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 | |
2017 Senior notes due May 2022 at 2.35% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 2.35% | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.96% | ||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | |
2015 Senior notes due July 2022 at 3.10% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 3.10% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.70% | ||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | |
2015 Senior notes due December 2022 at 4.00% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 4.00% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.83% | ||
Long-term Debt, Gross | $ 417,000,000 | 382,000,000 | |
2012 Senior notes due December 2022 at 2.70% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 2.70% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.28% | ||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 | |
2016 Altera acquired Senior notes due November 2023 at 4.10% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 4.10% | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.22% | ||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | |
2017 Senior notes due May 2024 at 2.88% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 2.88% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.31% | ||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | |
2017 Senior notes due June 2024 at 2.70% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 2.70% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.14% | ||
Long-term Debt, Gross | $ 600,000,000 | 600,000,000 | |
2015 Senior notes due July 2025 at 3.70% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 3.70% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.93% | ||
Long-term Debt, Gross | $ 2,250,000,000 | 2,250,000,000 | |
2016 Senior notes due May 2026 at 2.60% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 2.60% | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.36% | ||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | |
2017 Senior notes due May 2027 at 3.15% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 3.15% | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.91% | ||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | |
2019 Senior Notes due December 2029 at 2.45% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 2.45% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.39% | ||
Long-term Debt, Gross | $ 2,000,000,000 | 1,250,000,000 | |
2012 Senior notes due December 2032 at 4.00% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 4.00% | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.84% | ||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | |
2011 Senior notes due October 2041 at 4.80% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 4.80% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.82% | ||
Long-term Debt, Gross | $ 802,000,000 | 802,000,000 | |
2012 Senior notes due December 2042 at 4.25% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 4.25% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.01% | ||
Long-term Debt, Gross | $ 567,000,000 | 567,000,000 | |
2015 Senior notes due July 2045 at 4.90% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 4.90% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.90% | ||
Long-term Debt, Gross | $ 772,000,000 | 772,000,000 | |
2015 Senior notes due December 2045 at 4.70% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 4.70% | ||
Debt Instrument, Repurchased Face Amount | $ 915,000,000 | ||
Industrial Authority of the City of Chandler, Arizona [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.15% | ||
Long-term Debt, Gross | $ 438,000,000 | 438,000,000 | |
2016 Senior notes due May 2046 at 4.10% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 4.10% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.13% | ||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | |
2017 Senior notes due May 2047 at 4.10% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 4.10% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.07% | ||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | |
2017 Senior notes due December 2047 at 3.73% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 3.73% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.39% | ||
Long-term Debt, Gross | $ 1,967,000,000 | 1,967,000,000 | |
2019 Senior Notes due December 2049 at 3.25% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 3.25% | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | ||
Long-term Debt, Gross | $ 2,000,000,000 | 1,500,000,000 | |
Industrial Authority of the City of Chandler, Arizona, 2.70% due December 2035 [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 2.70% | ||
Oregon and Arizona Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.49% | ||
Long-term Debt, Gross | $ 423,000,000 | 423,000,000 | |
State of Oregon Business Development Commission [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.13% | ||
Long-term Debt, Gross | $ 138,000,000 | 138,000,000 | |
State of Oregon Business Development Commission, 2.40% due December 2035 [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 2.40% | ||
State of Oregon Business Development Commission, 5.00% due March 2049 [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 5.00% | ||
Industrial Authority of the City of Chandler, Arizona, 5.00% due June 2049 [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 5.00% | ||
Junior Subordinate due August 2039 at 3.25% [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 3.25% | ||
Repayment of debt | $ 1,100,000,000 | 1,500,000,000 | |
Conversion obligation | $ 372,000,000 | 615,000,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 0.00% | ||
Convertible Subordinated Debt | $ 0 | 372,000,000 | |
Gain (Loss) on Extinguishment of Debt | 109,000,000 | 156,000,000 | |
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | $ 750,000,000 | 1,000,000,000 | |
Fixed-rate Senior Notes, 3.40% due March 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.46% | ||
Long-term Debt, Gross | $ 1,500,000,000 | 0 | |
Fixed-rate Senior Notes, 3.75% due March 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | ||
Long-term Debt, Gross | $ 1,000,000,000 | 0 | |
Fixed-rate Senior Notes, 3.90%, due March 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.94% | ||
Long-term Debt, Gross | $ 1,500,000,000 | 0 | |
Fixed-rate Senior Notes, 4.60%, due March 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.62% | ||
Long-term Debt, Gross | $ 750,000,000 | 0 | |
Fixed-rate Senior Notes, 4.75%, due March 2050 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.76% | ||
Long-term Debt, Gross | $ 2,250,000,000 | 0 | |
Fixed-rate Senior Notes, 3.10%, due February 2060 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.12% | ||
Long-term Debt, Gross | $ 1,000,000,000 | 0 | |
Fixed-rate Senior Notes, 4.95%, due March 2060 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | ||
Long-term Debt, Gross | $ 1,000,000,000 | 0 | |
$640, 4.10%, Senior Notes due August 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 4.10% | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.64% | ||
Long-term Debt, Gross | $ 640,000,000 | 640,000,000 | |
Senior Notes, 2.45% due July 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 2.45% | ||
Repayment of debt | $ 1,800,000,000 | ||
Senior Notes, 1.85%, due May 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 1.85% | ||
Repayment of debt | $ 1,000,000,000 | ||
Floating-rate Senior Notes due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Repayment of debt | 700,000,000 | ||
Interest Rate Swaps [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, notional amount | $ 7,100,000,000 | ||
Cross Currency Interest Rate Contract [Member] | 2015 AUD-denominated Senior notes [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, notional amount | 396,000,000 | ||
Fair Value Hedging [Member] | Interest Rate Swaps [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 1,498,000,000 | 681,000,000 | |
Fair Value Hedging [Member] | Long-term Debt [Member] | Interest Rate Swaps [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Amount of Hedged Item | 12,000,000,000 | 12,000,000,000 | |
Derivative, Gain (Loss) on Derivative, Net | $ 1,565,000,000 | $ 781,000,000 | |
Unsecured Debt [Member] | Industrial Authority of the City of Chandler, Arizona [Member] | |||
Debt Instrument [Line Items] | |||
Effective Interest Rate | 5.00% | ||
Debt Instrument, Face Amount | $ 648,000,000 | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 10,300,000,000 |
Fair Value (Detail)
Fair Value (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | $ 15,738 | $ 7,847 | |
Derivative Assets, Fair Value Disclosure | 2,235 | 974 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 711 | 262 | |
Other than Temporary Impairment Losses, Investments | 303 | 122 | $ 424 |
Non-marketable equity securities | 3,304 | 3,480 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 30,257 | 17,880 | |
Liabilities, Fair Value Disclosure | 815 | 303 | |
Fair Value, Nonrecurring [Member] | Carrying Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Grants Receivable | 139 | 543 | |
Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 3,815 | 2,848 | |
Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 2,978 | 1,665 | |
Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 8,945 | 3,334 | |
Marketable equity securities | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,830 | 450 | |
Cost-method Investments [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other than Temporary Impairment Losses, Investments | 272 | 113 | $ 416 |
Cash Equivalents [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 50 | 713 | |
Cash Equivalents [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 3,417 | 1,472 | |
Cash Equivalents [Member] | Repurchase Agreements [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,900 | 1,500 | |
Short-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 428 | 347 | |
Short-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,179 | 724 | |
Short-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 685 | 11 | |
Other Current Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Fair Value Disclosure | 692 | 280 | |
Loans Receivable, Fair Value Disclosure | 439 | 0 | |
Other Long-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,520 | 1,898 | |
Other Long-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 257 | 825 | |
Other Long-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 415 | 553 | |
Other Long-Term Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Fair Value Disclosure | 1,550 | 706 | |
Loans Receivable, Fair Value Disclosure | 157 | 554 | |
Other Accrued Liabilities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 810 | 290 | |
Other Long-Term Liabilities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 5 | 13 | |
Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 3,096 | 1,651 | |
Liabilities, Fair Value Disclosure | 0 | 3 | |
Level 1 [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 0 | 0 | |
Level 1 [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 131 | 87 | |
Level 1 [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 0 | 0 | |
Level 1 [Member] | Marketable equity securities | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 136 | 450 | |
Level 1 [Member] | Cash Equivalents [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Cash Equivalents [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 2,781 | 1,064 | |
Level 1 [Member] | Cash Equivalents [Member] | Repurchase Agreements [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Short-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Short-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Short-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Fair Value Disclosure | 48 | 50 | |
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Other Long-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Other Long-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Other Long-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Other Long-Term Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Fair Value Disclosure | 0 | 0 | |
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Level 1 [Member] | Other Accrued Liabilities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 3 | |
Level 1 [Member] | Other Long-Term Liabilities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 27,131 | 16,213 | |
Liabilities, Fair Value Disclosure | 815 | 300 | |
Level 2 [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 3,815 | 2,848 | |
Level 2 [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 2,847 | 1,578 | |
Level 2 [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 8,945 | 3,334 | |
Level 2 [Member] | Marketable equity securities | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,694 | 0 | |
Level 2 [Member] | Cash Equivalents [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 50 | 713 | |
Level 2 [Member] | Cash Equivalents [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 636 | 408 | |
Level 2 [Member] | Cash Equivalents [Member] | Repurchase Agreements [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,900 | 1,500 | |
Level 2 [Member] | Short-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 428 | 347 | |
Level 2 [Member] | Short-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,179 | 724 | |
Level 2 [Member] | Short-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 685 | 11 | |
Level 2 [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Fair Value Disclosure | 644 | 230 | |
Loans Receivable, Fair Value Disclosure | 439 | 0 | |
Level 2 [Member] | Other Long-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,520 | 1,898 | |
Level 2 [Member] | Other Long-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 257 | 825 | |
Level 2 [Member] | Other Long-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 415 | 553 | |
Level 2 [Member] | Other Long-Term Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Fair Value Disclosure | 1,520 | 690 | |
Loans Receivable, Fair Value Disclosure | 157 | 554 | |
Level 2 [Member] | Other Accrued Liabilities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 810 | 287 | |
Level 2 [Member] | Other Long-Term Liabilities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 5 | 13 | |
Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 30 | 16 | |
Liabilities, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 0 | 0 | |
Level 3 [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 0 | 0 | |
Level 3 [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading assets | 0 | 0 | |
Level 3 [Member] | Marketable equity securities | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Cash Equivalents [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Cash Equivalents [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Cash Equivalents [Member] | Repurchase Agreements [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Short-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Short-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Short-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Fair Value Disclosure | 0 | 0 | |
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Other Long-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Other Long-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Other Long-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Other Long-Term Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets, Fair Value Disclosure | 30 | 16 | |
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Other Accrued Liabilities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Level 3 [Member] | Other Long-Term Liabilities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | $ 538 | $ (655) | $ (169) | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | 70 | 256 | 126 | |
Tax effects | (79) | 93 | (3) | |
Other comprehensive income (loss) | 529 | (306) | (46) | |
Net derivative gains included in accumulated comprehensive income (loss) into earnings within next 12 months | 330 | |||
Unrealized holding gains (losses) on derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 731 | 54 | (123) | $ 130 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 806 | (11) | (310) | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | (8) | 195 | 9 | |
Tax effects | (121) | (7) | 48 | |
Other comprehensive income (loss) | 677 | 177 | (253) | |
Actuarial gains (losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,565) | (1,382) | (818) | (1,028) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (323) | (753) | 157 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | 89 | 67 | 109 | |
Tax effects | 51 | 122 | (56) | |
Other comprehensive income (loss) | (183) | (564) | 210 | |
Foreign Currency translation adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 83 | 48 | (33) | (30) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 55 | 109 | (16) | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | (11) | (6) | 8 | |
Tax effects | (9) | (22) | 5 | |
Other comprehensive income (loss) | 35 | 81 | (3) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (751) | $ (1,280) | $ (974) | $ (928) |
Derivative Financial Instrume_3
Derivative Financial Instruments (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 29, 2018 | Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Derivative [Line Items] | ||||
Impairments | $ 303,000,000 | $ 122,000,000 | $ 424,000,000 | |
Derivative Asset, Fair Value, Gross Asset | 2,235,000,000 | 974,000,000 | ||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (817,000,000) | (1,071,000,000) | 138,000,000 | |
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | 47,696,000,000 | 40,036,000,000 | 43,026,000,000 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Assets Subject To Master Netting Arrangements, Gross Amounts Offset In The Balance Sheet | 0 | 0 | ||
Derivative Assets, Fair Value Disclosure | 2,235,000,000 | 974,000,000 | ||
Derivative Asset, Not Offset, Policy Election Deduction | (264,000,000) | (144,000,000) | ||
Derivative, Collateral, Obligation to Return Cash | (1,904,000,000) | (808,000,000) | ||
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 67,000,000 | 22,000,000 | ||
Reverse Repurchase Agreements, Gross Amounts Recognized | 1,900,000,000 | 1,850,000,000 | ||
Reverse Repurchase Agreements, Gross Amounts Offset In The Balance Sheet | 0 | 0 | ||
Securities Purchased under Agreements to Resell | 1,900,000,000 | 1,850,000,000 | ||
Securities Purchased under Agreements to Resell, Not Offset, Policy Election Deduction | 0 | 0 | ||
Reverse Repurchase Agreements, Gross Amounts Not Offset In The Balance Sheet - Financial Instruments | (1,900,000,000) | (1,850,000,000) | ||
Securities Purchased under Agreements to Resell, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 0 | 0 | ||
Total Assets, Gross Amounts Recognized | 4,135,000,000 | 2,824,000,000 | ||
Total Assets, Gross Amounts Offset In The Balance Sheet | 0 | 0 | ||
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed | 4,135,000,000 | 2,824,000,000 | ||
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Not Offset, Policy Election Deduction | (264,000,000) | (144,000,000) | ||
Total Assets, Gross Amounts Not Offset In The Balance Sheet - Cash and Non-Cash Collateral Received Or Pledged | (3,804,000,000) | (2,658,000,000) | ||
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 67,000,000 | 22,000,000 | ||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 711,000,000 | 262,000,000 | ||
Derivative Liabilities Subject To Master Netting Arrangements, Gross Amounts Offset In The Balance Sheet | 0 | 0 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 711,000,000 | 262,000,000 | ||
Derivative Liability, Not Offset, Policy Election Deduction | (264,000,000) | (144,000,000) | ||
Derivative, Collateral, Right to Reclaim Cash | (447,000,000) | (72,000,000) | ||
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 0 | 46,000,000 | ||
Designated as Hedging Instrument [Member] | Interest and other, net [Member] | ||||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 0 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | (378,000,000) | 469,000,000 | 234,000,000 | |
Fair Value Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 0 | 0 | ||
Assets [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 2,242,000,000 | 986,000,000 | ||
Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 2,049,000,000 | 746,000,000 | ||
Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 193,000,000 | 240,000,000 | ||
Liabilities [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 815,000,000 | 303,000,000 | ||
Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 2,000,000 | 168,000,000 | ||
Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 813,000,000 | 135,000,000 | ||
Foreign currency contracts [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | 31,209,000,000 | 23,981,000,000 | 19,223,000,000 | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net [Abstract] (Deprecated 2018-01-31) | ||||
Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Derivatives (Effective Portion) | $ (310,000,000) | 806,000,000 | (11,000,000) | |
Foreign currency contracts [Member] | Not Designated as Hedging Instrument [Member] | Interest and other, net [Member] | ||||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | (572,000,000) | 204,000,000 | 372,000,000 | |
Foreign currency contracts [Member] | Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 551,000,000 | 56,000,000 | ||
Foreign currency contracts [Member] | Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 142,000,000 | 179,000,000 | ||
Foreign currency contracts [Member] | Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 2,000,000 | 159,000,000 | ||
Foreign currency contracts [Member] | Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 685,000,000 | 78,000,000 | ||
Interest Rate Contracts [Member] | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 817,000,000 | 1,071,000,000 | (138,000,000) | |
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | 14,461,000,000 | 14,302,000,000 | 22,447,000,000 | |
Interest Rate Contracts [Member] | Not Designated as Hedging Instrument [Member] | Interest and other, net [Member] | ||||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | (90,000,000) | (32,000,000) | 9,000,000 | |
Interest Rate Contracts [Member] | Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1,498,000,000 | 690,000,000 | ||
Interest Rate Contracts [Member] | Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 3,000,000 | 11,000,000 | ||
Interest Rate Contracts [Member] | Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 0 | 9,000,000 | ||
Interest Rate Contracts [Member] | Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 128,000,000 | 54,000,000 | ||
Other contracts [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | 2,026,000,000 | 1,753,000,000 | 1,356,000,000 | |
Other contracts [Member] | Not Designated as Hedging Instrument [Member] | Various [Member] | ||||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 284,000,000 | 297,000,000 | (147,000,000) | |
Other contracts [Member] | Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 48,000,000 | 50,000,000 | ||
Other contracts [Member] | Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 0 | 3,000,000 | ||
Interest Rate Swaps [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | 7,100,000,000 | |||
Interest Rate Swaps [Member] | Fair Value Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, amount discontinued | 7,100,000,000 | |||
Gain to be amortized over remaining life of debt | 111,000,000 | |||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | (1,498,000,000) | (681,000,000) | ||
Interest Rate Swaps [Member] | Long-term Debt [Member] | Fair Value Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | (13,495,000,000) | (12,678,000,000) | ||
Derivative, Amount of Hedged Item | 12,000,000,000 | 12,000,000,000 | ||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | (1,565,000,000) | (781,000,000) | ||
Cost-method Investments [Member] | Fair Value, Nonrecurring [Member] | ||||
Derivative [Line Items] | ||||
Impairments | $ 272,000,000 | $ 113,000,000 | $ 416,000,000 |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning projected benefit obligation | $ 4,929 | $ 4,284 | $ 3,433 |
Service cost | 49 | 54 | |
Interest cost | 97 | 113 | |
Actuarial (gain) loss | 373 | 829 | |
Currency exchange rate changes | 261 | (2) | |
Plan settlements | (79) | (57) | |
Other changes in projected benefit obligation | (56) | (86) | |
Fair value of plan assets | 2,878 | 2,654 | $ 2,551 |
Actual return on plan assets | 203 | 193 | |
Currency exchange rate changes | 113 | 3 | |
Other | (92) | (93) | |
Net unfunded status | 2,051 | 1,630 | |
Accumulated other comprehensive loss (income), before tax3 | $ 1,911 | 1,730 | |
Defined Benefit Plan, Additional Information [Abstract] | |||
Net Actuarial (Gain) Loss Amortization Percent | 10.00% | ||
Accumulated benefit obligations | $ 4,429 | $ 3,862 | |
Defined Benefit Plan, Funded Status Percentage [Abstract] | |||
Defined Benefit Plan, Funded Percentage | 61.00% | ||
Defined Benefit Plan, Component Of Worldwide Pension And Postretirement Benefit Obligation (percent) | 31.00% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 1.90% | 2.30% | |
Rate of compensation increase | 3.20% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.30% | 3.40% | 3.00% |
Expected long-term rate of return on plan assets | 3.30% | 4.70% | 4.70% |
Rate of compensation increase | 3.20% | 3.50% | 3.30% |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
Estimated Benefit Payments, 2019 | $ 158 | ||
Estimated Benefit Payments, 2020 | 151 | ||
Estimated Benefit Payments, 2021 | 155 | ||
Estimated Benefit Payments, 2022 | 149 | ||
Estimated Benefit Payments, 2023 | 154 | ||
Estimated Benefit Payments, 2024-2028 | 814 | ||
Other long-term liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net unfunded status | 2,051 | $ 1,630 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 455 | 397 | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligations Percentage Split | 35.00% | ||
Fair Value of Plan Assets Percentage Split | 55.00% | ||
AOCI Percentage Split | 35.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 398 | 379 | $ 372 |
Defined Benefit Plan, Funded Status Percentage [Abstract] | |||
Defined Benefit Plan, Funded Percentage | 89.00% | ||
UNITED STATES | Pension Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 164 | 135 | $ 197 |
UNITED STATES | Postretirement Health Coverage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning projected benefit obligation | 741 | 633 | |
Fair value of plan assets | $ 600 | $ 553 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.40% | 3.30% | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
Estimated Benefit Payments, 2019 | $ 37 | ||
Estimated Benefit Payments, 2020 | 38 | ||
Estimated Benefit Payments, 2021 | 39 | ||
Estimated Benefit Payments, 2022 | 40 | ||
Estimated Benefit Payments, 2023 | 41 | ||
Estimated Benefit Payments, 2024-2028 | $ 218 | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligations Percentage Split | 65.00% | ||
Fair Value of Plan Assets Percentage Split | 45.00% | ||
AOCI Percentage Split | 65.00% | ||
Marketable equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 320 | $ 278 | |
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 35.00% | ||
Marketable equity securities | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 10.00% | ||
Financial institution instruments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 135 | 119 | |
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 45.00% | ||
Financial institution instruments | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 90.00% | ||
Assets measured at net asset value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,401 | 2,236 | |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 22 | $ 21 | |
Hedge Funds [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 20.00% | ||
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | ||
Level 1 [Member] | Marketable equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 1 [Member] | Financial institution instruments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 434 | ||
Level 2 [Member] | Marketable equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 320 | ||
Level 2 [Member] | Financial institution instruments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 114 | ||
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21 | ||
Level 3 [Member] | Marketable equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 [Member] | Financial institution instruments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 21 |
Employee Equity Incentive Pla_3
Employee Equity Incentive Plans (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Market-Based Restricted Stock Units Performance Period (In Years) | 3 years | ||
Share-based Payment Arrangement, Noncash Expense | $ 1,854 | $ 1,705 | $ 1,546 |
Tax Benefit from Compensation Expense | $ 380 | 359 | 399 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Award Requisite Service Period | 4 years | ||
RSUs Vested in Period, Total Fair Value | $ 1,900 | 1,900 | 2,000 |
RSUs Aggregate Intrinsic Value, Vested | 1,300 | $ 1,300 | $ 1,200 |
Compensation Cost Not yet Recognized | $ 2,400 | ||
Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||
Estimated Values And Weighted Average Assumptions [Abstract] | |||
Estimated values (in dollars per share) | $ 54.82 | $ 48.06 | $ 48.95 |
Risk-free interest rate | 0.40% | 2.30% | 2.40% |
Dividend yield | 2.30% | 2.50% | 2.40% |
Restricted Stock Units Activity [Roll Forward] | |||
Number of RSUs outstanding, beginning balance | 84.1 | ||
Number of RSUs granted | 40.4 | ||
Number of RSUs vested | (33.3) | ||
Number of RSUs forfeited | (8.5) | ||
Number of RSUs outstanding, ending balance | 82.7 | 84.1 | |
Number of RSUs expected to vest | 76.7 | ||
Weighted average grant date fair value, RSUs outstanding | $ 50.14 | $ 43.86 | |
Weighted average grant date fair value, RSUs granted | 54.82 | ||
Weighted average grant date fair value, RSUs vested | 40.54 | ||
Weighted average grant date fair value, RSUs forfeited | 47.89 | ||
Weighted average grant date fair value, RSUs expected to vest | $ 50.06 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Expiration Period | 10 years | ||
Market-Based Restricted Stock Units (OSUs) [Member] | |||
Estimated Values And Weighted Average Assumptions [Abstract] | |||
Volatility (percent) | 30.00% | 25.00% | 22.00% |
Restricted Stock Units Activity [Roll Forward] | |||
Number of RSUs outstanding, ending balance | 12 | ||
Market-Based Restricted Stock Units (OSUs) [Member] | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Vesting range (percent) | 0.00% | ||
Market-Based Restricted Stock Units (OSUs) [Member] | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Vesting range (percent) | 200.00% | ||
Stock Purchase Plan RIghts [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Compensation Cost Not yet Recognized | $ 48 | ||
Compensation Cost Not yet Recognized, Period for Recognition | 2 months | ||
Stock Purchase Plan Shares Issued in Period | 21 | 17 | 14 |
Employee Purchases, Amount | $ 876 | $ 688 | $ 468 |
2006 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Number of Shares Authorized | 866 | ||
Number of Shares Available for Grant | 193 | ||
2006 Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Number of Shares Authorized | 523 | ||
Number of Shares Available for Grant | 249 | ||
Stock Purchase Plan, Purchase Price of Common Stock, Percent | 85.00% |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2020 | Dec. 28, 2019 | Dec. 29, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | $ 527 | ||
Lessor, Operating Lease, Renewal Term | 38 years | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 6 months | ||
Operating Lease, Weighted Average Discount Rate, Percent | 2.50% | ||
Operating Lease, Expense | $ 416 | ||
Operating Leases, Rent Expense | $ 185 | $ 231 | |
Variable Lease, Cost | $ 237 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 15 years | ||
Other Long-Term Assets [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 604 | ||
Accrued Liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | 173 | ||
Other Long-Term Liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | $ 354 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Billions | Dec. 26, 2020 | Dec. 28, 2019 |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Unrecorded Unconditional Purchase Obligation | $ 2.6 | $ 2.8 |
Capital Addition Purchase Commitments [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Unrecorded Unconditional Purchase Obligation | $ 8.6 | $ 10.9 |
Contingencies (Details)
Contingencies (Details) - 1 months ended May 31, 2009 € in Billions, $ in Billions | EUR (€) | USD ($) |
EC Fine [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Paid, Value | € 1.1 | $ 1.4 |
Schedule of Payments on Operati
Schedule of Payments on Operating Lease Liabilities (Details) $ in Millions | Dec. 26, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ 175 |
Operating Leases, Future Minimum Payments, Due in Two Years | 133 |
Operating Leases, Future Minimum Payments, Due in Three Years | 96 |
Operating Leases, Future Minimum Payments, Due in Four Years | 69 |
Operating Leases, Future Minimum Payments, Due in Five Years | 52 |
Operating Leases, Future Minimum Payments, Due Thereafter | 34 |
Operating Leases, Future Minimum Payments Due | 559 |
Operating Lease, Liability | $ 527 |