Cover Page
Cover Page - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 20, 2023 | Jul. 01, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-06217 | ||
Entity Registrant Name | INTEL CORPORATION | ||
Entity Central Index Key | 0000050863 | ||
Company Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
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 | 4,137 | ||
Entity Public Float | $ 149.2 | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant’s proxy statement related to its 2023 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 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | San Jose, California |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Income Statement [Abstract] | |||
Net revenue | $ 63,054 | $ 79,024 | $ 77,867 |
Cost of sales | 36,188 | 35,209 | 34,255 |
Gross margin | 26,866 | 43,815 | 43,612 |
Research and development | 17,528 | 15,190 | 13,556 |
Marketing, general and administrative | 7,002 | 6,543 | 6,180 |
Restructuring and other charges | 2 | 2,626 | 198 |
Operating expenses | 24,532 | 24,359 | 19,934 |
Operating income | 2,334 | 19,456 | 23,678 |
Gains (losses) on equity investments, net | 4,268 | 2,729 | 1,904 |
Interest and other, net | 1,166 | (482) | (504) |
Income before taxes | 7,768 | 21,703 | 25,078 |
Provision for (benefit from) taxes | (249) | 1,835 | 4,179 |
Net income | 8,017 | 19,868 | 20,899 |
Net loss attributable to non-controlling interest | 3 | 0 | 0 |
Net income attributable to Intel | $ 8,014 | $ 19,868 | $ 20,899 |
Earnings per share attributable to Intel—basic | $ 1.95 | $ 4.89 | $ 4.98 |
Earnings per share attributable to Intel—diluted | $ 1.94 | $ 4.86 | $ 4.94 |
Weighted average shares of common stock outstanding: | |||
Basic (shares) | 4,108 | 4,059 | 4,199 |
Diluted (shares) | 4,123 | 4,090 | 4,232 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 8,017 | $ 19,868 | $ 20,899 |
Other comprehensive income, net of tax: | |||
Net unrealized holding gains (losses) on derivatives | (510) | (520) | 677 |
Actuarial valuation and other pension benefits (expenses), net | 855 | 451 | (183) |
Translation adjustments and other | (27) | (60) | 35 |
Other comprehensive income (loss) | 318 | (129) | 529 |
Total comprehensive income | 8,335 | 19,739 | 21,428 |
Less: Comprehensive income attributable to non-controlling interests | 3 | 0 | 0 |
Total comprehensive income attributable to Intel | $ 8,332 | $ 19,739 | $ 21,428 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 25, 2021 |
Current assets: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 11,144 | $ 4,827 |
Short-term investments | 17,194 | 24,426 |
Accounts receivable, net | 4,133 | 9,457 |
Inventories | 13,224 | 10,776 |
Assets held for sale | 45 | 6,942 |
Other current assets | 4,667 | 2,130 |
Total current assets | 50,407 | 58,558 |
Property, plant and equipment, net | 80,860 | 63,245 |
Equity investments | 5,912 | 6,298 |
Goodwill | 27,591 | 26,963 |
Identified intangible assets, net | 6,018 | 7,270 |
Other long-term assets | 11,315 | 6,072 |
Total assets | 182,103 | 168,406 |
Current liabilities: | ||
Short-term debt | 4,367 | 4,591 |
Accounts payable | 9,595 | 5,747 |
Accrued compensation and benefits | 4,084 | 4,535 |
Income taxes payable | 2,251 | 1,076 |
Other accrued liabilities | 11,858 | 11,513 |
Total current liabilities | 32,155 | 27,462 |
Debt | 37,684 | 33,510 |
Income taxes payable, non-current | 3,796 | 4,305 |
Deferred income taxes | 202 | 2,667 |
Other long-term liabilities | 4,980 | 5,071 |
Commitments and Contingencies (Note 19) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 50 shares authorized; none issued | 0 | 0 |
Common stock, $0.001 par value, 10,000 shares authorized; 4,137 shares issued and outstanding (4,070 issued and outstanding in 2021) and capital in excess of par value | 31,580 | 28,006 |
Accumulated other comprehensive income (loss) | (562) | (880) |
Retained earnings | 70,405 | 68,265 |
Total Intel stockholders' equity | 101,423 | 95,391 |
Non-controlling interests | 1,863 | 0 |
Total stockholders’ equity | 103,286 | 95,391 |
Total liabilities and stockholders' equity | $ 182,103 | $ 168,406 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Dec. 31, 2022 | Dec. 25, 2021 |
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 | 4,137 | 4,070 |
Common stock, shares outstanding | 4,137 | 4,070 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents, beginning of period | $ 4,827 | $ 5,865 | $ 4,194 |
Cash flows provided by (used for) operating activities: | |||
Net income | 8,017 | 19,868 | 20,899 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 11,128 | 9,953 | 10,482 |
Share-based compensation | 3,128 | 2,036 | 1,854 |
Restructuring and other charges | 1,074 | 2,626 | 198 |
Amortization of intangibles | 1,907 | 1,839 | 1,757 |
(Gains) losses on equity investments, net | (4,254) | (1,458) | (1,757) |
(Gains) losses on divestitures | (1,059) | 0 | (30) |
Changes in assets and liabilities: | |||
Accounts receivable | 5,327 | (2,674) | 883 |
Inventories | (2,436) | (2,339) | (687) |
Accounts payable | (29) | 1,190 | 405 |
Accrued compensation and benefits | (1,533) | 515 | 348 |
Customer deposits and prepaid supply agreements | (24) | (1,583) | (181) |
Income taxes | (4,535) | (441) | 1,620 |
Other assets and liabilities | (1,278) | (76) | 73 |
Total adjustments | 7,416 | 9,588 | 14,965 |
Net cash provided by operating activities | 15,433 | 29,456 | 35,864 |
Cash flows provided by (used for) investing activities: | |||
Additions to property, plant and equipment | (24,844) | (18,733) | (14,259) |
Additions to held for sale NAND property, plant, and equipment | 206 | 1,596 | 194 |
Purchase of short-term investments | (43,647) | (40,554) | (29,239) |
Maturities and sales of short-term investments | 48,730 | 35,299 | 22,158 |
Purchases of equity investments | (510) | (613) | (720) |
Sales of equity investments | 4,961 | 581 | 910 |
Proceeds from divestitures | 6,579 | 0 | 123 |
Other investing | (1,540) | 1,167 | (303) |
Net cash used for investing activities | (10,477) | (24,449) | (21,524) |
Cash flows provided by (used for) financing activities: | |||
Issuance of commercial paper, net of issuance costs | 3,945 | 0 | 0 |
Payments on finance leases | (345) | 0 | 0 |
Partner contributions | 874 | 0 | 0 |
Proceeds from Mobileye IPO | 1,032 | 0 | 0 |
Issuance of term debt, net of issuance costs | 6,548 | 4,974 | 10,247 |
Repayments of Long-term Debt | (4,984) | (2,500) | (4,525) |
Proceeds from sales of common stock through employee equity incentive plans | 977 | 1,020 | 897 |
Repurchase of common stock | 0 | (2,415) | (14,229) |
Payment of dividends to stockholders | (5,997) | (5,644) | (5,568) |
Other financing | (689) | (1,480) | 509 |
Net cash provided by (used for) financing activities | 1,361 | (6,045) | (12,669) |
Net increase (decrease) in cash and cash equivalents | 6,317 | (1,038) | 1,671 |
Cash and cash equivalents, end of period | 11,144 | 4,827 | 5,865 |
Supplemental disclosures: | |||
Acquisition of property, plant and equipment included in accounts payable and accrued liabilities | 5,431 | 1,619 | 2,973 |
Interest, net of capitalized interest | 459 | 545 | 594 |
Income taxes, net of refunds | $ 4,282 | $ 2,263 | $ 2,436 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock and Capital in Excess of Par Value [Member] | Common Stock and Capital in Excess of Par Value [Member] Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance | Non-controlling Interests |
Beginning Balance, shares at Dec. 28, 2019 | 4,290 | ||||||||||
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 | |||||||||
Beginning Balance at Dec. 28, 2019 | $ 77,504 | $ 25,261 | $ (1,280) | $ 53,523 | |||||||
Components of comprehensive income, net of tax: | |||||||||||
Net income | 20,899 | ||||||||||
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 | 0 | ||||||||
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 | $ 35 | $ 81,073 | $ 25,556 | $ 25,556 | (751) | $ (751) | 56,233 | $ 35 | $ 56,268 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 54 | ||||||||||
Repurchase of common stock, shares | (40) | ||||||||||
Restricted stock unit withholdings, shares | (6) | ||||||||||
Ending Balance, shares at Dec. 25, 2021 | 4,070 | 4,070 | |||||||||
Components of comprehensive income, net of tax: | |||||||||||
Net income | $ 19,868 | ||||||||||
Net income | 19,868 | 19,868 | |||||||||
Other comprehensive income (loss) | (129) | (129) | |||||||||
Total comprehensive income | 19,739 | ||||||||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 1,022 | $ 1,022 | |||||||||
Share-based compensation | 2,036 | 2,036 | |||||||||
Repurchase of common stock | (2,415) | (249) | (2,166) | ||||||||
Restricted stock unit withholdings | (420) | (359) | (61) | ||||||||
Cash dividends declared | (5,644) | (5,644) | |||||||||
Ending Balance at Dec. 25, 2021 | $ 95,391 | $ 28,006 | (880) | 68,265 | $ 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 79 | ||||||||||
Restricted stock unit withholdings, shares | (12) | ||||||||||
Ending Balance, shares at Dec. 31, 2022 | 4,137 | 4,137 | |||||||||
Components of comprehensive income, net of tax: | |||||||||||
Net income | $ 8,014 | 8,014 | |||||||||
Net income | 8,017 | 8,014 | 3 | ||||||||
Other comprehensive income (loss) | 318 | 318 | |||||||||
Total comprehensive income | 8,335 | ||||||||||
Net proceeds received from IPO and partner contributions | 1,906 | $ 75 | 1,831 | ||||||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 1,009 | 1,009 | |||||||||
Share-based compensation | 3,128 | 3,099 | 29 | ||||||||
Restricted stock unit withholdings | (486) | (609) | 123 | ||||||||
Cash dividends declared | (5,997) | (5,997) | |||||||||
Ending Balance at Dec. 31, 2022 | $ 103,286 | $ 31,580 | $ (562) | $ 70,405 | $ 1,863 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Retained Earnings [Member] | |||
Cash dividends declared per common share (in dollars per share) | $ 1.4600 | $ 1.3900 | $ 1.32 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
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 year 2022 was a 53-week fiscal year. Fiscal years 2021 and 2020 were 52-week fiscal years. Fiscal 2023 is a 52-week fiscal year. Our Consolidated Financial Statements include the accounts of Intel and our wholly-owned and majority-owned subsidiaries, which include entities consolidated under the variable interest model. We have eliminated intercompany accounts and transactions. We have reclassified certain prior period amounts to conform to current period presentation. In the first quarter of 2022, we reclassified the presentation of cash paid and received under our credit support annex agreements with derivative counterparties within our Consolidated Statements of Cash Flows. These reclassifications better reflect the economic intent of the credit support annex agreements, and result in changes to amounts previously reported for net cash provided by (used for) operating, investing , and financing activities . In the first quarter of 2022, we reclassified the presentation of certain marketable debt investments within our Consolidated Balance Sheets, combining all marketable debt investments with original contractual maturities of three months or more into short-term investments as they represent the investment of cash available for current operations. These reclassifications simplify our Consolidated Balance Sheets and result in changes to amounts previously reported as short-term investments , trading assets , and other long-term investments . Use of Estimates The preparation of Consolidated Financial Statements in conformity with US GAAP requires us to make estimates and judgments that affect the amounts reported in our Consolidated Financial Statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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. Our products often include a software component, such as firmware, that is highly interdependent and interrelated with the product and is substantially accounted for as a combined performance obligation. In accordance with contract terms, the revenue for combined performance obligations and standalone 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 an 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 were $423 million in 2022 and insignificant in the comparative periods presented. Charges in years prior to those presented have ranged up to $1.1 billion taken in a particular fiscal year, such as 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 generally 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. At least annually, 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. Based on our latest evaluation, effective January 2023, the estimated useful life of certain machinery and equipment in our wafer fabrication facilities will increase from 5 to 8 years. This change in estimate will be applied prospectively beginning in the first quarter of 2023. Assets are categorized 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. Identified Intangible Assets We amortize acquisition-related intangible assets that are subject to amortization over their estimated useful lives. 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 that point forward. The asset balances relating to projects that are abandoned after acquisition are impaired and expensed to R&D. We perform periodic reviews of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for specific product lines. Periodically, we also evaluate the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization. We may adjust the period over which these assets are amortized to reflect the period in which they contribute to our cash flows. Goodwill Our reporting units are the same as our operating segments. We evaluate our reporting units annually or when triggered, such as upon reorganization of our operating segments. 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 reporting unit's carrying value used in an impairment assessment represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments, and debt. The impairment assessment may include both qualitative and quantitative factors to assess the likelihood of an impairment. Qualitative factors used include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. We may also perform a quantitative analysis to support the qualitative factors by applying sensitivities to assumptions and inputs used in measuring a reporting unit's fair value. Our quantitative impairment assessment 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 gross margins, operating expenses, and discount rates based on a reporting unit's weighted average cost of capital. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. These estimates change from year to year based on operating results, market conditions, and other factors and could materially affect the determination of each reporting unit's fair value and potential goodwill impairment for each reporting unit. Our quantitative assessment is sensitive to changes in underlying estimates and assumptions, the most sensitive of which is the discount rate. Our 2022 annual qualitative assessment indicated that a more detailed quantitative analysis was necessary for one of our reporting units. No impairment was required, even when considering a hypothetical increase in the discount rate of 1%, which would cause a material decrease in the estimated fair value of the reporting unit. Government Incentives We enter into government incentive arrangements with domestic and foreign, local, regional, and national governments, which vary in size, duration, and conditions. These arrangements allow us to maintain a market-comparable foothold across various geographies. We receive capital-related and operating grants, the benefits of which generally offset the cost of acquired capital and other expenses and are primarily structured as cash grants and non-income tax incentives. Government grants, including non-income tax incentives, are recognized when there is reasonable assurance that the grant will be received and we will comply with the conditions specified in the grant agreement. We are eligible to receive these grants because we engage in qualifying capital investments, research and development, and other activities as defined by the relevant government entities awarding the grants. Each grant agreement requires that we comply with certain conditions, including achievement of future operational targets and committing to minimum levels of capital investment. We record capital-related grants as a reduction to property, plant and equipment, net within our Consolidated Balance Sheets and recognize a reduction to depreciation and amortization expense over the useful life of the corresponding acquired asset. We record operating grants as a reduction to expense in the same line item on the Consolidated Statements of Income as the expenditure for which the grant is intended to compensate. Capital-related grants reduced gross property, plant and equipment by $3.3 billion as of December 31, 2022, of which $373 million was recognized in 2022. Contra-depreciation expense reduced cost of sales by $230 million in 2022. A majority of operating grants are recognized as a reduction to cost of sales , benefiting operating income by $104 million in 2022. Capital-related and operating grants receivables totaled $437 million as of December 31, 2022 and a substantial majority of the capital-related and operating grants receivables were reflected within other long-term assets on our Consolidated Balance Sheets. 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, and grants receivable. 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- and SOFR-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 confirm that 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 Debt investments include investments in corporate debt, government debt, and financial institution instruments. Debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents . Debt investments with original maturities at the date of purchase greater than approximately three months are classified as short-term investments , as they represent the investment of cash available for current operations. For certain of our marketable debt investments, we economically hedge market risks at inception with a related derivative instrument, or the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. These hedged investments 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 . Our remaining unhedged marketable 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 . Unhedged 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 property, plant and equipment. 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 US-dollar equivalent of non-US-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 . Cash flows associated with 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 . Cash flows associated with 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 . Non-designated hedges use foreign currency contracts to economically hedge the functional currency equivalent cash flows of recognized monetary assets and liabilities, non-US-dollar-denominated debt instruments classified as hedged investments, and non-US-dollar-denominated loans receivable recognized at fair value. We also use interest rate contracts to hedge interest rate risk related to our US-dollar-denominated fixed-rate debt investments classified as hedged investments. The change in fair value of these derivatives is recorded through earnings in the line item on the Consolidated Statements of Income to which the derivatives most closely relate, primarily in interest and other, net 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 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 31, 2022, our total credit exposure to any single counterparty, excluding money market funds invested in US treasury and US agency securities and reverse repurchase agreements collateralized by treasury and agency securities, did not exceed $2.9 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 is 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 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 (53% as of December 31, 2022) 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. Variable Interest Entities We have economic interests in entities that are VIEs. If we conclude we are the primary beneficiary of the VIE, we are required to consolidate the entity in our financial statements. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide services to the VIE. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary. 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: ▪ inventory; property, plant and equipment; pre-existing liabilities or legal claims; and contingent consideration; each as may be applicable; ▪ 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; 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. 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 (benefit from) taxes on the Consolidated Statements of Income. Leases Leases consist of real property and machinery and equipment. Our lease terms may include options to extend when it is reasonably certain that we will exercise such options. 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 and are subject to change, including due to sudden or rapid developments in proceedings or claims. 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. We evaluate developments that could affect prior disclosures or previously-accrued liabilities, and make adjustments as appropriate. Significant judgment is required |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 3 : Operating Segments We previously announced several organizational changes that would accelerate the execution and innovation of our company by allowing us to capture growth in both large traditional markets and high-growth emerging markets. This includes reorganization of our business units to capture this growth and to provide increased transparency, focus, and accountability. As a result, we modified our segment reporting in the first quarter of 2022 to align to the previously announced business reorganization. All prior-period segment data has been retrospectively adjusted to reflect the way our CODM internally receives information and manages and monitors our operating segment performance starting in fiscal year 2022. We manage our business through the following operating segments: ▪ Client Computing Group ▪ Data Center and AI ▪ Network and Edge ▪ Mobileye ▪ Accelerated Computing Systems and Graphics ▪ Intel Foundry Services We derive a substantial majority of our revenue from our principal products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone SoC, or a multichip package, which are based on Intel architecture. CCG, DCAI, NEX and AXG are our reportable operating segments. Mobileye, and IFS 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. AXG revenue includes integrated graphics royalties from our CCG and NEX operating segments and are recorded as if the sales or transfers were to third parties at prices that approximate market-based selling prices. When we enter into federal contracts, they are aligned to the sponsoring operating segment. 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: ▪ historical results of operations from divested businesses; ▪ results of operations of start-up businesses that support our initiatives; ▪ amounts included within restructuring and other charges; ▪ employee benefits, compensation, impairment charges, and other expenses not allocated to the operating segments (beginning the first quarter of 2022, this includes all of our stock-based compensation); 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. We do not allocate gains and losses from equity investments, interest and other income, share-based compensation, or taxes to our operating segments. Although the CODM uses operating income (loss) 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 31, 2022 Dec 25, 2021 Dec 26, 2020 Operating segment revenue: Client Computing Desktop $ 10,661 $ 12,437 $ 11,179 Notebook 18,783 25,443 24,897 Other 2,264 3,187 4,459 31,708 41,067 40,535 Data Center and AI 19,196 22,691 23,413 Network and Edge 8,873 7,976 7,132 Mobileye 1,869 1,386 967 Accelerated Computing Systems and Graphics 837 774 651 Intel Foundry Services 895 786 715 All other 196 5,019 5,091 Total operating segment revenue $ 63,574 $ 79,699 $ 78,504 Operating income (loss): Client Computing $ 6,266 $ 15,704 $ 15,800 Data Center and AI 2,288 8,439 11,076 Network and Edge 740 1,711 846 Mobileye 690 554 323 Accelerated Computing Systems and Graphics (1,716) (1,207) (403) Intel Foundry Services (320) (23) 45 All other (5,614) (5,722) (4,009) Total operating income $ 2,334 $ 19,456 $ 23,678 The following table presents intersegment revenue before eliminations: Total operating segment revenue $ 63,574 $ 79,699 $ 78,504 Less: Accelerated Computing Systems and Graphics intersegment revenue (520) (675) (637) Total net revenue $ 63,054 $ 79,024 $ 77,867 In 2022, we initiated the wind-down of our Intel Optane memory business, which is part of our DCAI operating segment. While Intel Optane is a leading technology, it was not aligned to our strategic priorities. Separately, we continue to embrace the CXL standard. As a result, we recognized an inventory impairment of $723 million in c ost of sales on the Consolidated Statements of Income in 2022. The impairment charge is recognized as a Corporate charge in the "all other" category presented above. As we wind down the Intel Optane business, we expect to continue to meet existing customer commitments. Net revenue by region, based on the billing location of the customer, was as follows: Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 China $ 17,125 $ 22,961 $ 20,257 Singapore 9,664 18,096 17,845 United States 16,529 14,322 16,573 Taiwan 8,287 11,418 11,605 Other regions 11,449 12,227 11,587 Total net revenue $ 63,054 $ 79,024 $ 77,867 The 2021 net revenue by region presented in the table above has been adjusted from our Form 10-K filed January 27, 2022 to reflect the correct allocation to each region. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 5 : Earnings Per Share Years Ended (In Millions, Except Per Share Amounts) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Net income $ 8,017 $ 19,868 $ 20,899 Less: Net income attributable to non-controlling interests 3 — — Net income attributable to Intel $ 8,014 $ 19,868 $ 20,899 Weighted average shares of common stock outstanding—basic 4,108 4,059 4,199 Dilutive effect of employee incentive plans 15 31 33 Weighted average shares of common stock outstanding—diluted 4,123 4,090 4,232 Earnings per share attributable to Intel—basic $ 1.95 $ 4.89 $ 4.98 Earnings per share attributable to Intel—diluted $ 1.94 $ 4.86 $ 4.94 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. During 2022, 70 million RSUs and stock options, as calculated on a weighted average basis for the year, were excluded from the computation of diluted earnings per share in the table above because they would have been anti-dilutive. These RSUs and options could potentially be included in the diluted earnings per share calculation in the future if the average market value of the common shares increases above the exercise price. For 2021 and 2020, all other periods presented, securities which would have been anti-dilutive were insignificant and have been excluded from the computation of diluted earnings per share. |
Contract Liabilities
Contract Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contract Liabilities | Note : Contract Liabilities Contract liabilities consist of prepayments received on long-term prepaid customer supply agreements toward future product delivery and other revenue deferrals from regular ongoing business activity. Contract liabilities were $577 million$498 million as of December 31, 2022 ($498 million$1.9 billion as of December 25, 2021). The following table shows the changes in contract liability balances relating to long-term prepaid customer supply agreements during 2022: (In Millions) Prepaid customer supply agreements balance as of December 25, 2021 $ 43 Concession payment (950) Prepaids utilized (633) Prepaid customer supply agreements balance as of December 31, 2022 $ 20 |
Other Financial Statement Detai
Other Financial Statement Details | 12 Months Ended |
Dec. 31, 2022 | |
Other Financial Statement Details [Abstract] | |
Other Financial Statement Details [Text Block] | Note 6 : Other Financial Statement Details Accounts Receivable In 2022, we began selling certain of our accounts receivable on a non-recourse basis to third-party financial institutions. We record these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the Consolidated Statements of Cash Flows. Accounts receivable sold under non-recourse factoring arrangements were $665 million during 2022 and $0 during 2021. After the sale of our accounts receivable, we will collect payment from the customer and remit it to the third-party financial institution. Inventories (In Millions) Dec 31, 2022 Dec 25, 2021 Raw materials $ 1,517 $ 1,441 Work in process 7,565 6,656 Finished goods 4,142 2,679 Total inventories $ 13,224 $ 10,776 Property, Plant and Equipment (In Millions) Dec 31, 2022 Dec 25, 2021 Land and buildings $ 44,808 $ 40,039 Machinery and equipment 92,711 86,955 Construction in progress 36,727 21,545 Total property, plant and equipment, gross 174,246 148,539 Less: Accumulated depreciation (93,386) (85,294) Total property, plant and equipment, net $ 80,860 $ 63,245 Our depreciable property, plant and equipment assets are depreciated over the following estimated useful lives: machinery and equipment, 3 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 31, 2022 Dec 25, 2021 United States $ 53,681 $ 43,428 Ireland 13,179 7,503 Israel 7,908 7,754 Other countries 6,092 4,560 Total property, plant and equipment, net $ 80,860 $ 63,245 Other Accrued Liabilities Other accrued liabilities include deferred compensation of $2.4 billion as of December 31, 2022 ($2.8 billion as of December 25, 2021) and collateral received for derivatives under credit support annex agreements of $0.7 billion as of December 31, 2022 ($1.0 billion as of December 25, 2021). Interest and Other, Net Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Interest income $ 589 $ 144 $ 272 Interest expense (496) (597) (629) Other, net 1,073 (29) (147) Total interest and other, net $ 1,166 $ (482) $ (504) Interest expense is net of $785 million of interest capitalized in 2022 ($398 million in 2021 and $338 million in 2020). Other, net includes a $1.0 billion gain recognized in 2022 from the first closing of the divestiture of our NAND memory business. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Restructuring and Other Charges [Text Block] | Note 7 : Restructuring and Other Charges Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Employee severance and benefit arrangements $ 1,038 $ 48 $ 124 Litigation charges and other (1,187) 2,291 67 Asset impairment charges 151 287 7 Total restructuring and other charges $ 2 $ 2,626 $ 198 The 2022 Restructuring Program was approved to rebalance our workforce and operations to create efficiencies and improve our product execution in alignment with our strategy. Restructuring charges are primarily comprised of employee severance and benefit arrangements and are recorded as corporate charges in the "all other" category presented in "Note 3: Operating Segments" within the Notes to Consolidated Financial Statements. As of December 31, 2022, we have accrued $873 million as a current liability within Accrued compensation and benefits on our Consolidated Balance Sheets; $165 million in payments or other adjustments were made during the period. We expect these actions to be substantially completed by the end of 2023, but this is subject to change. Any changes to the estimates or timing of executing the 2022 Restructuring Program will be reflected in our future results of operations. Litigation charges and other includes a $1.2 billion benefit in 2022 from the annulled penalty related to an EC fine that was recorded and paid in 2009, and a charge of $2.2 billion in 2021 related to the VLSI litigation. These were recorded as a corporate benefit and charge in the "all other" category presented in "Note 3: Operating Segments" within the Notes to Consolidated Financial Statements. Refer to "Note 19: Commitments and Contingencies" within the Notes to Consolidated Financial Statements for further information on legal proceedings related to the EC fine and the VLSI litigation. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Note 8 : Income Taxes Provision for (Benefit From) Taxes Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Income before taxes: US $ (1,161) $ 9,361 $ 15,452 Non-US 8,929 12,342 9,626 Total income before taxes 7,768 21,703 25,078 Provision for (benefit from) taxes: Current: Federal 4,106 1,304 1,120 State 68 75 46 Non-US 735 1,198 1,244 Total current provision for (benefit from) taxes 4,909 2,577 2,410 Deferred: Federal (5,806) (863) 1,369 State (40) (25) 25 Non-US 688 146 375 Total deferred provision for (benefit from) taxes (5,158) (742) 1,769 Total provision for (benefit from) taxes $ (249) $ 1,835 $ 4,179 Effective tax rate (3.2) % 8.5 % 16.7 % 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 31, 2022 Dec 25, 2021 Dec 26, 2020 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) in rate resulting from: Non-US income taxed at different rates (13.4) (5.9) (3.7) Research and development tax credits (11.4) (2.4) (2.1) Foreign derived intangible income benefit (9.7) (2.2) (1.9) Unrecognized tax benefits and settlements 4.5 1.1 0.6 Restructuring of certain non-US subsidiaries — (3.4) — Change in permanent reinvestment assertion — — 1.6 Other 5.8 0.3 1.2 Effective tax rate (3.2) % 8.5 % 16.7 % Our effective tax rate decreased in 2022 compared to 2021 , primarily driven by a higher proportion of our income being taxed in non-US jurisdictions and a change in tax law from 2017 Tax Reform related to the capitalization of R&D expenses that went into effect in January 2022. Our effective tax rate decreased in 2021 compared to 2020, primarily driven by one-time tax benefits due to the restructuring of certain non-US subsidiaries as well as a higher proportion of our income in non-US jurisdictions. As a result of the restructuring, we established deferred tax assets and released the valuation allowances of certain foreign deferred tax assets. The majority of these deferred tax assets established in 2021 fully offset the deferred tax liabilities recognized in 2020 driven by a change in our permanent reinvestment assertion with respect to undistributed earnings in China, as a result of the divestiture of our NAND memory business. We derive the effective tax rate benefit attributed to non-US income taxed at different rates primarily from our operations in Hong Kong, Ireland, Israel, and Malaysia. The statutory tax rates in these jurisdictions range from 12.5% to 24.0%. We are subject to reduced tax rates in Israel and Malaysia as long as we conduct certain eligible activities and make certain capital investments. We have conditional reduced tax rates that expire at various dates through 2056 and we expect to apply for renewals upon expiration. In 2022, the tax benefit specifically attributable to tax holidays was $220 million ($187 million for 2021 and $134 million for 2020) with a $0.05 impact on diluted earnings per share ($0.05 for 2021 and $0.03 for 2020). 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 31, 2022 Dec 25, 2021 Deferred tax assets: R&D expenditures capitalization $ 5,067 $ 519 State credits and net operating losses 2,259 2,010 Inventory 1,788 914 Accrued compensation and other benefits 1,031 1,019 Share-based compensation 557 477 Litigation charge 470 467 Other, net 709 819 Gross deferred tax assets 11,881 6,225 Valuation allowance (2,586) (2,259) Total deferred tax assets 9,295 3,966 Deferred tax liabilities: Property, plant and equipment (4,776) (4,213) Licenses and intangibles (386) (486) Unrealized gains on investments and derivatives (415) (819) Other, net (470) (241) Total deferred tax liabilities (6,047) (5,759) Net deferred tax assets (liabilities) $ 3,248 $ (1,793) Reported as: Deferred tax assets 3,450 874 Deferred tax liabilities (202) (2,667) Net deferred tax assets (liabilities) $ 3,248 $ (1,793) Changes in the 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 31, 2022 $ 2,259 $ 401 $ (74) $ 2,586 December 25, 2021 $ 1,963 $ 442 $ (146) $ 2,259 December 26, 2020 $ 1,534 $ 378 $ 51 $ 1,963 Deferred tax assets are included within other long-term assets on the Consolidated Balance Sheets. The valuation allowance as of December 31, 2022 included allowances primarily related to unrealized state credit carryforwards of $2.3 billion. As of December 31, 2022, our federal and non-US net operating loss carryforwards for income tax purposes were $379 million and $478 million, respectively. The majority of the federal and non-US net operating loss carryforwards have no expiration date. The remaining federal and non-US net operating loss carryforwards expire at various dates through 2040. The federal and non-US net operating loss carryforwards include $141 million and $442 million, respectively, that is not likely to be recovered and has been reduced by a valuation allowance. As of December 31, 2022, we have undistributed earnings of certain foreign subsidiaries of approximately $19.3 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 $138 million as of December 31, 2022 ($23 million as of December 25, 2021) are included in other current assets . Long-term income taxes payable of $3.8 billion as of December 31, 2022 ($4.3 billion as of December 25, 2021) 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-US tax credits. Uncertain Tax Positions (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Beginning gross unrecognized tax benefits $ 1,020 $ 828 $ 548 Settlements and effective settlements with tax authorities (18) (25) (142) Changes in balances related to tax position taken during prior periods (120) (26) 165 Changes in balances related to tax position taken during current period 347 243 257 Ending gross unrecognized tax benefits $ 1,229 $ 1,020 $ 828 If the remaining balance of unrecognized tax benefits were recognized in a future period, it would result in a tax benefit of $914 million as of December 31, 2022 ($721 million as of December 25, 2021) 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 regularly engage in discussions and negotiations with tax authorities regarding tax matters in the various jurisdictions in which we conduct business. Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that certain US federal and non-US 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 31, 2022 could decrease by as much as $366 million in the next 12 months. We file federal, state, and non-US tax returns. Excluding pre-acquisition Altera tax years, we are no longer subject to US federal and non-US tax examinations for years prior to 2013 and 2012. For US state tax returns, we are no longer subject to tax examination for years prior to 2015. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Investments [Text Block] | Note 9 : Investments Short-term Investments Short-term investments include marketable debt investments in corporate debt, government debt, and financial institution instruments. Government debt includes instruments such as non-US government bonds and US 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 31, 2022 and December 25, 2021, substantially all time deposits were issued by institutions outside the US. For certain of our marketable debt investments, we economically hedge market risks at inception with a related derivative instrument or the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. These hedged investments are reported at fair value with gains or losses from the investments and the related derivative instruments recorded in interest and other, net . The fair value of our hedged investments was $16.2 billion as of December 31, 2022 ($21.5 billion as of December 25, 2021). For hedged investments still held at the reporting date, we recorded net losses of $748 million in 2022 (net losses of $606 million in 2021 and net gains of $694 million in 2020). Net gains on the related derivatives were $752 million in 2022 (net gains of $609 million in 2021 and net losses of $667 million in 2020). Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss) . The adjusted cost of our unhedged investments was $10.2 billion as of December 31, 2022 ($5.0 billion as of December 25, 2021), which approximated the fair value for these periods. The fair value of marketable debt investments, by contractual maturity, as of December 31, 2022, was as follows: (In Millions) Fair Value Due in 1 year or less $ 12,680 Due in 1–2 years 1,844 Due in 2–5 years 4,139 Due after 5 years 665 Instruments not due at a single maturity date 7,095 Total $ 26,423 Equity Investments (In Millions) Dec 31, 2022 Dec 25, 2021 Marketable equity securities 1 $ 1,341 $ 2,171 Non-marketable equity securities 4,561 4,111 Equity method investments 10 16 Total $ 5,912 $ 6,298 1 Over 90% of our marketable equity securities are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. The trading volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange. The components of gains (losses) on equity investments, net for each period were as follows: Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Ongoing mark-to-market adjustments on marketable equity securities $ (787) $ (130) $ (133) Observable price adjustments on non-marketable equity securities 299 750 176 Impairment charges (190) (154) (303) Sale of equity investments and other 1 4,946 2,263 2,164 Total gains (losses) on equity investments, net $ 4,268 $ 2,729 $ 1,904 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 equity method investments, and our share of equity method investee gains (losses) and distributions. In 2022, we recognized impairments of $190 million on non-marketable equity securities ($154 million in 2021 and $290 million in 2020). As of December 31, 2022, the cumulative amount of impairments for equity securities without readily determinable fair value was $955 million ($916 million as of December 25, 2021) and upward observable price adjustments were $1.4 billion ($1.1 billion as of December 25, 2021). Net unrealized gains and losses for our marketable and non-marketable equity securities during each period were as follows: (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Net unrealized gains (losses) recognized during the period on equity securities $ (314) $ 1,210 $ 1,679 Less: Net (gains) losses recognized during the period on equity securities sold during the period 1 (259) (254) Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date $ (313) $ 951 $ 1,425 McAfee Corp. McAfee Corp. (McAfee) completed its IPO offering in October 2020. Due to our 41% ownership and significant influence as of December 25, 2021, we accounted for our investment in McAfee as an equity method investment. We had no accounting carrying value as of December 25, 2021. During 2022, the sale of McAfee's consumer business was completed and we received $4.6 billion in cash for the sale of our remaining share of McAfee, recognizing a $4.6 billion gain in sale of equity investments and other. In 2021, we recognized McAfee dividends of $1.3 billion, which included a special dividend of $1.1 billion paid in connection with the sale of McAfee's enterprise business, and recognized $228 million related to the partial sale of our investment in McAfee. We recognized McAfee dividends of $126 million in 2020. Beijing Unisoc Technology Ltd. We account for our interest in Beijing Unisoc Technology Ltd. (Unisoc) as a non-marketable equity security. During 2021, we recognized $471 million in observable price adjustments in our investment in Unisoc and as of December 31, 2022, the net book value of the investment was $1.1 billion ($1.1 billion as of December 25, 2021). |
Acquisitions & Divestitures
Acquisitions & Divestitures | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures [Text Block] | Note 10 : Acquisitions and Divestitures Acquisitions We completed eight acquisitions in 2022 and four acquisitions in 2021, all of which qualified as business combinations. The consideration for the acquisitions in 2022 and 2021 primarily consisted of cash and was substantially all 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" within the Notes to Consolidated Financial Statements. Acquisition of Tower Semiconductor During the first quarter of 2022 , we entered into a definitive agreement to acquire Tower Semiconductor Ltd. (Tower) in a cash-for-stock transaction. Tower is a leading foundry for analog semiconductor solutions. The acquisition is expected to advance our IDM 2.0 strategy by accelerating our global end-to-end systems foundry business. Upon completion of the acquisition, each issued and outstanding ordinary share of Tower will be converted into the right to receive $53 per share in cash, representing a total enterprise value of approximately $5.4 billion as of the agreement date. While we continue to work to close within the first quarter of 2023, the transaction may close in the first half of 2023, subject to certain regulatory approvals and customary closing conditions. If the agreement is terminated under certain circumstances involving the failure to obtain required regulatory approvals, we will be obligated to pay Tower a termination fee of $353 million. Tower will be included in our IFS operating segment. Divestitures NAND Memory Business In October 2020, we signed an agreement with SK hynix Inc. (SK hynix) to divest our NAND memory business for $9.0 billion in cash. The NAND memory business includes 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). The transaction will be completed in two closings. The first closing was completed on December 29, 2021. At first closing, SK hynix paid $7.0 billion of consideration, with the remaining $2.0 billion to be received at the second closing of the transaction, expected to be no earlier than March 2025. In connection with the first closing, we recognized a pre-tax gain of $1.0 billion within interest and other, net , and tax expense of $495 million. Based on our ongoing obligation under the NAND wafer manufacturing and sale agreement, $583 million of the first closing consideration was deferred and will be recognized between the first and second closing within interest and other, net . At the first closing, we sold to SK hynix the Fab Assets and the NAND SSD Business and transferred certain employees, IP, and other assets related to the NAND OpCo Business to separately created wholly owned subsidiaries of Intel. The equity interest of the NAND OpCo Business will transfer to SK hynix at the second closing. In connection with the first closing, we and certain affiliates of SK hynix also entered 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 have concluded, based on the terms of the transaction agreements, that the subsidiaries are VIEs for which we are not the primary beneficiary, because the governance structure of these entities does not allow us to direct the activities that would most significantly impact their economic performance. In line with this conclusion, we fully deconsolidated our ongoing interests in the NAND OpCo Business, and recorded a receivable for the remaining proceeds of $1.9 billion in other long-term assets , which remains outstanding as of December 31, 2022. The carrying amounts of the major classes of NAND assets as of the first closing date included the following: (In Millions) Dec 29, 2021 Inventories $ 941 Property, plant and equipment, net 6,018 Total assets $ 6,959 The wafer manufacturing and sale agreement includes incentives and penalties that are contingent on the cost of operation and output of the NAND OpCo Business. These incentives and penalties present a maximum exposure of up to $500 million annually, and $1.5 billion in the aggregate. We are currently in negotiations with SK hynix to update the operating plan of the NAND OpCo Business in light of the current business environment and projections, which may impact the metrics associated with the incentives and penalties and our expectations of the performance of the NAND OpCo Business against those metrics. Our transactions with the NAND OpCo Business between the first and second closings are considered related party transactions due to our equity interest and the wafer manufacturing and sales agreement. Related party transactions include certain assets that transferred at first closing between Intel and the NAND OpCo Business, or costs that we incurred on behalf of the NAND OpCo Business, for which we are entitled to be reimbursed, including approximately $35 million per quarter in 2022 for corporate function services, such as human resources, information technology, finance, supply chain, and other compliance requirements associated with being wholly owned subsidiaries. As of December 31, 2022, we have a receivable due to Intel of $133 million recorded within other current assets on our Consolidated Balance Sheets. 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. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination, Goodwill [Abstract] | |
Goodwill [Text Block] | Note 11 : Goodwill (In Millions) Dec 25, 2021 Acquisitions Other Dec 31, 2022 Client Computing $ 4,237 $ 17 $ — $ 4,254 Data Center and AI 8,595 418 — 9,013 Network and Edge 2,774 35 — 2,809 Mobileye 10,928 — (9) 10,919 Accelerated Computing Systems and Graphics 429 167 — 596 All other — — — — Total $ 26,963 $ 637 $ (9) $ 27,591 (In Millions) Dec 26, 2020 Acquisitions Other Dec 25, 2021 Client Computing $ 4,164 $ 73 $ — $ 4,237 Data Center and AI 8,476 85 34 8,595 Network and Edge 2,774 — — 2,774 Mobileye 10,928 — — 10,928 Accelerated Computing Systems and Graphics 391 38 — 429 All other 238 — (238) — Total $ 26,971 $ 196 $ (204) $ 26,963 As described in " Note 3: Operating Segments" within the Notes to Consolidated Financial Statements, we modified our segment reporting in the first quarter of 2022 to align to our previously announced business reorganization, and have retrospectively adjusted all prior-period amounts in our goodwill footnote to reflect the changes in our operating segments. We reallocated goodwill among our affected reporting units based on the relative fair value of our new operating segments. We performed a quantitative impairment assessment for each of our reporting units immediately before and after our business reorganization, concluding that goodwill was not impaired. Goodwill reallocated was as follows: Dec 25, 2021 Transfers Out Transfers In Dec 25, 2021 Client Computing $ 4,433 $ (275) $ 79 $ 4,237 Data Center Group 7,355 (7,355) — — Data Center and AI — — 8,595 8,595 Internet of Things Group 1,591 (1,591) — — Network and Edge — — 2,774 2,774 Mobileye 10,928 — — 10,928 Accelerated Computing Systems and Graphics — — 429 429 Programmable Solutions Group 2,656 (2,656) — — Total $ 26,963 $ (11,877) $ 11,877 $ 26,963 During the second quarter of 2021, we recognized a goodwill impairment loss of $238 million related to two non-strategic businesses that we exited, recorded within our all other |
Identified Intangible Assets
Identified Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Identified Intangible Assets [Text Block] | Note 12 : Identified Intangible Assets December 31, 2022 December 25, 2021 (In Millions) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Developed technology $ 10,964 $ (7,216) $ 3,748 $ 11,102 $ (6,026) $ 5,076 Customer relationships and brands 1,986 (1,114) 872 2,110 (1,063) 1,047 Licensed technology and patents 3,219 (1,821) 1,398 2,893 (1,746) 1,147 Total identified intangible assets $ 16,169 $ (10,151) $ 6,018 $ 16,105 $ (8,835) $ 7,270 During 2022 , we entered into and/or renewed several licensed technology arrangements totaling $634 million , which are subject to amortization. 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 31, 2022 Dec 25, 2021 Dec 26, 2020 Weighted Average Useful Life 1 Developed technology Cost of sales $ 1,341 $ 1,283 $ 1,211 9 years Customer relationships and brands Marketing, general and administrative 185 209 205 12 years Licensed technology and patents Cost of sales 381 347 341 12 years Total amortization expenses $ 1,907 $ 1,839 $ 1,757 1 Represents weighted average useful life in years of intangible assets as of December 31, 2022. We expect future amortization expense for the next five years and thereafter to be as follows: (In Millions) 2023 2024 2025 2026 2027 Thereafter Total Future amortization expenses $ 1,730 $ 1,297 $ 883 $ 680 $ 511 $ 917 $ 6,018 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 25, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings [Text Block] | Note 13 : Borrowings Short-Term Debt As of December 31, 2022, short-term debt was $4.4 billion, composed of $423 million of the current portion of long-term debt and $3.9 billion of commercial paper. As of December 25, 2021, short-term debt was $4.6 billion, primarily composed of our current portion of long-term debt. The current portion of long-term debt includes debt classified as short term based on time remaining until maturity. We have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion under our commercial paper program. As of December 31, 2022 and December 25, 2021, we had $3.9 billion and $0 commercial paper outstanding, respectively, with maturities generally less than six months. The weighted-average interest rate of the commercial paper was 4.39% as of December 31, 2022. Long-Term Debt Dec 31, 2022 Dec 25, 2021 (In Millions) Effective Interest Rate Amount Amount Floating-rate senior note: Three-month LIBOR plus 0.35%, due May 2022 —% $ — $ 800 Fixed-rate senior notes: 2.35%, due May 2022 —% — 750 3.10%, due July 2022 —% — 1,000 4.00%, due December 2022 —% — 398 2.70%, due December 2022 —% — 1,500 4.10%, due November 2023 —% — 400 2.88%, due May 2024 2.34% 1,250 1,250 2.70%, due June 2024 2.14% 600 600 3.40%, due March 2025 3.44% 1,500 1,500 3.70%, due July 2025 3.83% 2,250 2,250 2.60%, due May 2026 2.25% 1,000 1,000 3.75%, due March 2027 3.78% 1,000 1,000 3.15%, due May 2027 2.84% 1,000 1,000 3.75%, due August 2027 3.80% 1,250 — 1.60%, due August 2028 1.67% 1,000 1,000 4.00%, due August 2029 4.05% 850 — 2.45%, due November 2029 2.38% 2,000 2,000 3.90%, due March 2030 3.92% 1,500 1,500 2.00%, due August 2031 2.02% 1,250 1,250 4.15%, due August 2032 4.17% 1,250 — 4.00%, due December 2032 2.20% 750 750 4.60%, due March 2040 4.59% 750 750 2.80%, due August 2041 2.81% 750 750 4.80%, due October 2041 3.70% 802 802 4.25%, due December 2042 2.32% 567 567 4.90%, due July 2045 3.80% 772 772 4.10%, due May 2046 3.03% 1,250 1,250 4.10%, due May 2047 3.00% 1,000 1,000 4.10%, due August 2047 2.54% 640 640 3.73%, due December 2047 3.31% 1,967 1,967 3.25%, due November 2049 3.19% 2,000 2,000 4.75%, due March 2050 4.73% 2,250 2,250 3.05%, due August 2051 3.06% 1,250 1,250 4.90%, due August 2052 4.88% 1,750 — 3.10%, due February 2060 3.10% 1,000 1,000 4.95%, due March 2060 4.98% 1,000 1,000 3.20%, due August 2061 3.20% 750 750 5.05%, due August 2062 5.03% 900 — Long-Term Debt Dec 31, 2022 Dec 25, 2021 (In Millions) Effective Interest Rate Amount Amount Oregon and Arizona bonds: 2.40% - 2.70%, due December 2035 - 2040 2.49% $ 423 $ 423 5.00%, due September 2042 3.41% 131 — 5.00%, due March 2049 —% — 138 5.00%, due June 2049 2.15% 438 438 5.00%, due September 2052 3.17% 445 — Total senior notes and other borrowings 39,285 37,695 Unamortized premium/discount and issuance costs (417) (405) Hedge accounting fair value adjustments (761) 811 Long-term debt 38,107 38,101 Current portion of long-term debt (423) (4,591) Total long-term debt $ 37,684 $ 33,510 Senior Notes In 2022, we issued a total of $6.0 billion aggregate principal amount of senior notes, including our inaugural green bond issuance of $1.3 billion principal amount, and settled in cash $1.6 billion of our senior notes that matured in May 2022, $1.0 billion of our senior notes that matured in July 2022, and $1.9 billion of our senior notes that matured in December 2022. We also early cash settled $400 million of our senior notes due November 2023. In 2021, we issued a total of $5.0 billion aggregate principal amount of senior notes and repaid $500 million of our 1.70% senior notes that matured in May 2021 and $2.0 billion of our 3.30% senior notes that matured in October 2021. 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 2022, we received proceeds of $600 million in the aggregate for the sale of bonds issued by the Industrial Development Authority of the City of Chandler, Arizona (CIDA). The bonds are our unsecured general obligations in accordance with the loan with the CIDA. The bonds mature in 2042 and 2052 and carry an interest rate of 5.0%. The bonds are subject to mandatory tender in September 2027, 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. Our other Oregon and Arizona bonds listed in the table above are also subject to periodic mandatory tender. We settled in cash $138 million of bonds issued by the Oregon Business Development Commission in March 2022. Revolving Credit Facilities In 2022, we entered into a $5.0 billion 364-day variable-rate unsecured revolving credit facility that, if drawn, is expected to be used for general corporate purposes. The revolving credit facility matures in November 2023. We also amended our $5.0 billion variable-rate revolving credit facility agreement that we entered into in 2021, extending the maturity date by one year to March 2027 and transitioning from LIBOR to term SOFR. The revolving credit facilities had no borrowings outstanding as of December 31, 2022. Debt Maturities Our aggregate debt maturities, excluding commercial paper, based on outstanding principal as of December 31, 2022, by year payable, are as follows: (In Millions) 2023 2024 2025 2026 2027 2028 and thereafter Total $ 423 $ 2,288 $ 3,750 $ 1,000 $ 3,826 $ 27,998 $ 39,285 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
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 31, 2022 December 25, 2021 Fair Value Measured and Recorded at Reporting Date Using Total Fair Value Measured and Total (In Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents: Corporate debt $ — $ 856 $ — $ 856 $ — $ 65 $ — $ 65 Financial institution instruments 1 6,899 1,474 — 8,373 1,216 763 — 1,979 Reverse repurchase — 1,301 — 1,301 — 1,595 — 1,595 Short-term investments: Corporate debt — 5,381 — 5,381 — 6,367 — 6,367 Financial institution instruments 1 196 4,729 — 4,925 154 5,162 — 5,316 Government debt 2 48 6,840 — 6,888 50 12,693 — 12,743 Other current assets: Derivative assets — 1,264 — 1,264 80 576 — 656 Loans receivable 3 — 53 — 53 — 152 — 152 Marketable equity securities 4 1,341 — — 1,341 1,854 317 — 2,171 Other long-term assets: Derivative assets — 10 — 10 — 772 7 779 Loans receivable 3 — — — — — 57 — 57 Total assets measured and recorded at fair value $ 8,484 $ 21,908 $ — $ 30,392 $ 3,354 $ 28,519 $ 7 $ 31,880 Liabilities Other accrued liabilities: Derivative liabilities $ 111 $ 485 $ 89 $ 685 $ 4 $ 516 $ — $ 520 Other long-term liabilities: Derivative liabilities — 699 — 699 — 9 — 9 Total liabilities measured and recorded at fair value $ 111 $ 1,184 $ 89 $ 1,384 $ 4 $ 525 $ — $ 529 1. Level 1 investments consist of money market funds recorded at Net Asset Value. Level 2 investments consist primarily of commercial paper, certificates of deposit, time deposits, and notes and bonds issued by financial institutions 2. Level 1 investments consist primarily of US Treasury securities. Level 2 investments consist primarily of non-US government debt. 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. 4. Level 2 investments consist of marketable equity securities subject to security-specific restrictions for which a fair value adjustment was recorded. 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 31, 2022 were $179 million ($138 million on investments held as of December 25, 2021). 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, and issued debt. We classify the fair value of grants receivable and reverse repurchase agreements with original maturities greater than three months 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 31, 2022 was $437 million (the aggregate carrying value of grants receivable as of December 25, 2021 was $317 million). The aggregate carrying value of reverse repurchase agreements with original maturities greater than three months as of December 31, 2022 was $400 million (the aggregate carrying value as of December 25, 2021 was $0 million). |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
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 28, 2019 $ 54 $ (1,382) $ 48 $ (1,280) Other comprehensive income (loss) before reclassifications 806 (323) 55 538 Amounts reclassified out of accumulated other comprehensive income (loss) (8) 89 (11) 70 Tax effects (121) 51 (9) (79) Other comprehensive income (loss) 677 (183) 35 529 December 26, 2020 731 (1,565) 83 (751) Other comprehensive income (loss) before reclassifications (434) 476 (58) (16) Amounts reclassified out of accumulated other comprehensive income (loss) (226) 101 (19) (144) Tax effects 140 (126) 17 31 Other comprehensive income (loss) (520) 451 (60) (129) December 25, 2021 211 (1,114) 23 (880) Other comprehensive income (loss) before reclassifications (910) 923 (28) (15) Amounts reclassified out of accumulated other comprehensive income (loss) 410 82 (6) 486 Tax effects (10) (150) 7 (153) Other comprehensive income (loss) (510) 855 (27) 318 December 31, 2022 $ (299) $ (259) $ (4) $ (562) |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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 31, 2022 Dec 25, 2021 Dec 26, 2020 Foreign currency contracts $ 31,603 $ 38,024 $ 31,209 Interest rate contracts 16,011 15,209 14,461 Other 2,094 2,517 2,026 Total $ 49,708 $ 55,750 $ 47,696 During 2022 and 2021, 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. The total notional amount of outstanding pay-variable, receive-fixed interest rate swaps was $12.0 billion as of December 31, 2022, and $12.0 billion as of December 25, 2021. Fair Value of Derivative Instruments in the Consolidated Balance Sheets December 31, 2022 December 25, 2021 (In Millions) Assets 1 Liabilities 2 Assets 1 Liabilities 2 Derivatives designated as hedging instruments: Foreign currency contracts 3 $ 142 $ 290 $ 80 $ 163 Interest rate contracts — 777 774 — Total derivatives designated as hedging instruments 142 1,067 854 163 Derivatives not designated as hedging instruments: Foreign currency contracts 3 866 194 475 297 Interest rate contracts 266 12 26 65 Equity contracts — 111 80 4 Total derivatives not designated as hedging instruments 1,132 317 581 366 Total derivatives $ 1,274 $ 1,384 $ 1,435 $ 529 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 31, 2022 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 1,231 $ — $ 1,231 $ (546) $ (682) $ 3 Reverse repurchase agreements 1,701 — 1,701 — (1,701) — Total assets 2,932 — 2,932 (546) (2,383) 3 Liabilities: Derivative liabilities subject to master netting arrangements 1,337 — 1,337 (546) (712) 79 Total liabilities $ 1,337 $ — $ 1,337 $ (546) $ (712) $ 79 December 25, 2021 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 1,427 $ — $ 1,427 $ (332) $ (986) $ 109 Reverse repurchase agreements 1,595 — 1,595 — (1,595) — Total assets 3,022 — 3,022 (332) (2,581) 109 Liabilities: Derivative liabilities subject to master netting arrangements 392 — 392 (332) (60) — Total liabilities $ 392 $ — $ 392 $ (332) $ (60) $ — 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 $910 million net losses in 2022 ($434 million net losses in 2021 and $806 million net gains in 2020). 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 (loss) into the Consolidated Statements of Income, see "Note 15: Other Comprehensive Income (Loss)" within the Notes to Consolidated Financial Statements. 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 31, 2022 Dec 25, 2021 Dec 26, 2020 Interest rate contracts $ (1,551) $ (723) $ 817 Hedged items 1,551 723 (817) Total $ — $ — $ — The amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows: Line Item in the Consolidated Balance Sheets in Which the Hedged Item Is Included Carrying Amount of the Hedged Item Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 31, 2022 Dec 25, 2021 Long-term debt $ (11,221) $ (12,772) $ 776 $ (775) 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 31, 2022 Dec 25, 2021 Dec 26, 2020 Foreign currency contracts Interest and other, net $ 1,492 $ 677 $ (572) Interest rate contracts Interest and other, net 309 31 (90) Other Various (502) 360 284 Total $ 1,299 $ 1,068 $ (378) |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
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 US 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 US employees, we also provide an unfunded non-tax-qualified supplemental deferred compensation plan for certain highly compensated employees. We expensed $489 million in 2022, $444 million in 2021 and $398 million in 2020 for matching contributions based on the amount of employee contributions under the US qualified defined contribution and non-qualified deferred compensation plans. US Retiree Medical Plan Upon retirement, we provide certain benefits to eligible US employees who were hired prior to 2014 under the US 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 31, 2022 and December 25, 2021, the projected benefit obligation was $527 million and $682 million, which used the discount rates of 5.6% and 2.8%. The December 31, 2022 and December 25, 2021 corresponding fair value of plan assets was $501 million and $669 million. The investment strategy for US Retiree Medical Plan assets is to invest primarily in liquid assets, due to the level of expected future benefit payments. The assets are invested in tax-aware global equity and fixed-income long credit portfolios. Both portfolios are actively managed by external managers. The tax-aware global equity portfolio is composed of a diversified mix of equities in developed countries. The tax-aware fixed-income long credit portfolio is composed of domestic securities. 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 55% equity and 45% fixed-income investments. As of December 31, 2022, the majority of the US Retiree Medical Plan assets were invested in exchange-traded equity securities and were measured at fair value using Level 1 inputs. The remaining US Retiree Medical Plan assets were invested in fixed-income investments and were measured at fair value using Level 2 inputs. As of December 31, 2022, the estimated benefit payments for this plan over the next 10 years are as follows: (In Millions) 2023 2024 2025 2026 2027 2028-2032 Postretirement medical benefits $ 40 $ 41 $ 41 $ 43 $ 44 $ 222 Pension Benefit Plans We provide defined-benefit pension plans in certain countries, most significantly the US, Ireland, Israel, and Germany. The 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 31, 2022 Dec 25, 2021 Changes in projected benefit obligation: Beginning projected benefit obligation $ 4,456 $ 4,929 Service cost 58 54 Interest cost 91 91 Actuarial (gain) loss (1,500) (284) Currency exchange rate changes (233) (150) Plan settlements (96) (126) Other (71) (58) Ending projected benefit obligation 1 2,705 4,456 Changes in fair value of plan assets: Beginning fair value of plan assets 2,817 2,878 Actual return on plan assets (478) 145 Currency exchange rate changes (102) (63) Plan settlements (96) (126) Other (11) (17) Ending fair value of plan assets 2 2,130 2,817 Net unfunded status $ 575 $ 1,639 Amounts recognized in the Consolidated Balance Sheets Other long-term assets $ 74 $ — Other long-term liabilities $ 649 $ 1,639 Accumulated other comprehensive loss (income), before tax 3 $ 406 $ 1,445 Accumulated benefit obligation $ 2,507 $ 4,086 1 The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 31, 2022 and December 25, 2021. 2 The fair value of plan assets was approximately 40% in the US and 60% outside of the US as of December 31, 2022 and approximately 50% in the US and 50% outside of the US as of December 25, 2021. 3 The accumulated other comprehensive loss (income), before tax, was approximately 90% in the US and 10% outside of the US as of December 31, 2022 and approximately 30% in the US and 70% outside of the US as of December 25, 2021. 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. As of December 31, 2022, the accumulated benefit obligations were $0.9 billion and $1.6 billion for the US plan and non-US plans, respectively. In 2022, the US and Ireland plans were in the net asset position and the other non-US plans had projected benefit obligations in excess of plan assets. In 2022, the US, Ireland and Israel plans had assets in excess of accumulated benefit obligations, whereas the remaining non-US plans had accumulated benefit obligations in excess of plan assets. As of December 25, 2021, the accumulated benefit obligations were $1.4 billion and $2.6 billion for the US plan and non-US plans, respectively, and all plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets. Dec 31, 2022 Dec 25, 2021 Plan with accumulated benefit obligation in excess of plan assets Accumulated benefit obligation $ 559 $ 4,086 Plan assets $ 97 $ 2,817 Plan with projected benefit obligation in excess of plan assets Projected benefit obligation $ 1,048 $ 4,456 Plan assets $ 399 $ 2,817 Assumptions for Pension Benefit Plans Dec 31, 2022 Dec 25, 2021 Weighted average actuarial assumptions used to determine benefit obligations Discount rate 4.9 % 2.2 % Rate of compensation increase 3.7 % 3.2 % 2022 2021 2020 Weighted average actuarial assumptions used to determine costs Discount rate 2.2 % 1.9 % 2.3 % Expected long-term rate of return on plan assets 3.2 % 2.7 % 3.3 % Rate of compensation increase 3.2 % 3.2 % 3.2 % 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. Funding for the US Retiree Medical Plan is discretionary under applicable laws and regulations. Additional funding may be provided for the pension and retiree medical plans as deemed appropriate. On a worldwide basis, our pension and retiree medical plans were 81% funded as of December 31, 2022. The US Pension Plan, which accounts for 28% of the worldwide pension and retiree medical benefit obligations, was 102% 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 US retirement plans is determined in accordance with ERISA, which sets required minimum contributions. Cumulative company funding to the US Pension Plan currently exceeds the minimum ERISA funding requirements. Net Periodic Benefit Cost The net periodic benefit cost for pension and US retiree medical benefits was $139 million in 2022 ($162 million in 2021 and $164 million in 2020). Pension Plan Assets December 31, 2022 Dec 25, 2021 Fair Value Measured at Reporting Date Using (In Millions) Level 1 Level 2 Level 3 Total Total Equity securities $ — $ 297 $ — $ 297 $ 342 Fixed income — 106 24 130 142 Assets measured by fair value hierarchy $ — $ 403 $ 24 $ 427 $ 484 Assets measured at net asset value 1,683 2,311 Cash and cash equivalents 20 22 Total pension plan assets at fair value $ 2,130 $ 2,817 US Plan Assets The investment strategy for US Pension Plan assets is to manage the funded status volatility, taking into consideration the investment horizon and expected volatility to help enable sufficient assets to be 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 90% fixed income and 10% equity investments. During 2022, the US Pension Plan assets were invested in collective investment trust funds, which are measured at net asset value. Non-US Plan Assets The investments of the non-US 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 the 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 enable sufficient pension assets to be available to pay benefits as they come due. The equity investments in the non-US plan assets are invested in a diversified mix of equities of developed countries, including the US, 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. The target allocation of the non-US plan assets that we have control over was approximately 45% fixed income, 35% equity, and 20% hedge fund investments in 2022. Estimated Future Benefit Payments for Pension Benefit Plans As of December 31, 2022, estimated benefit payments over the next 10 years are as follows: (In Millions) 2023 2024 2025 2026 2027 2028-2032 Pension benefits $ 125 $ 113 $ 118 $ 126 $ 129 $ 700 |
Employee Equity Incentive Plans
Employee Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
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, 946 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 31, 2022, 119 million shares of common stock remained available for future grants. Under the 2006 Plan, we may 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. PSUs are granted to a group of senior officers and employees. For PSUs granted in 2022, the number of shares of our common stock to be received at vesting at the end of the three-year performance period will range from 0% to 200% of the target grant amount and will be determined based on our performance relative to annual targets for each year in the performance period with respect to a revenue growth metric, weighted 60%, and a cash flow from operations metric, weighted 40%. The results are then averaged at the end of the performance period. Additionally, an adjustment to the performance goals aggregate achievement percentage is based on the TSR of our common stock measured against the benchmark TSR of the S&P 500 Index over a three-year period and revenue CAGR for the three-year performance period. TSR is a measure of stock price appreciation plus any dividends paid in this performance period. As of December 31, 2022, 15 million PSUs were outstanding. PSUs vest three years from the grant date. Other RSU awards and option awards generally vest over four years from the grant date. Share-Based Compensation Share-based compensation recognized in 2022 was $3.1 billion ($2.0 billion in 2021 and $1.9 billion in 2020). During 2022, the tax benefit that we realized for the tax deduction from share-based awards totaled $478 million ($377 million in 2021 and $380 million in 2020). We estimate the fair value of RSUs and PSUs 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 PSUs with a market condition using a Monte Carlo simulation model as of the date of grant using historical volatility. Restricted Stock Units and Performance Stock Units Weighted average assumptions used in estimating grant values were as follows: Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Estimated values $ 41.12 $ 50.82 $ 54.82 Risk-free interest rate 2.2 % 0.2 % 0.4 % Dividend yield 3.4 % 2.6 % 2.3 % Volatility 40 % 37 % 30 % Summary of activities: Number of Weighted Average Grant-Date Fair Value December 25, 2021 118.0 $ 51.29 Granted 104.2 $ 41.12 Vested (50.3) $ 48.90 Forfeited (13.2) $ 48.99 December 31, 2022 158.7 $ 45.56 Expected to vest 142.7 $ 45.78 The aggregate fair value of awards that vested in 2022 was $2.0 billion ($1.7 billion in 2021 and $1.9 billion in 2020), 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 2022 was $2.5 billion ($1.4 billion in 2021 and $1.3 billion in 2020). 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 31, 2022, unrecognized compensation costs related to RSUs granted under our equity incentive plans were $4.6 billion. We expect to recognize those costs over a weighted average period of 1.4 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 31, 2022, 200 million shares of common stock remained available for issuance. Employees purchased 27 million shares of common stock in 2022 for $931 million under the 2006 ESPP (22 million shares of common stock for $925 million in 2021 and 21 million shares of common stock for $876 million in 2020). As of December 31, 2022, unrecognized share-based compensation costs related to rights to acquire shares of common stock under the 2006 ESPP totaled $73 million. We expect to recognize those costs over a period of approximately two months. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 19 : Commitments and Contingencies Leases We recognized operating leased assets in other long-term assets Operating lease expense was $729 million in 2022 ($798 million in 2021 and $416 million in 2020), including $551 million in variable lease expense in 2022 ($620 million in 2021 and $237 million in 2020). In 2021 and 2022, we signed finance leases for supplier capacity extending over approximately 8 years. The leases will commence upon start of supplier production expected in 2023 and 2024. Prepayments of $430 million were recognized in property, plant and equipment as of December 31, 2022. Discounted and undiscounted lease payments under non-cancelable leases as of December 31, 2022 excluding non-lease components, were as follows: (In Millions) 2023 2024 2025 2026 2027 Thereafter Total Operating lease payments $ 179 $ 107 $ 72 $ 34 $ 26 $ 28 $ 446 Finance lease payments $ 682 $ 122 $ 5 $ — $ — $ — $ 809 Present value of lease payments $ 1,218 Commitments Commitments for capital expenditures totaled $31.0 billion as of December 31, 2022, ($27.0 billion as of December 25, 2021) a majority of which will be due within the next 12 months. Other purchase obligations and commitments totaled approximately $10.7 billion as of December 31, 2022 (approximately $12.4 billion as of December 25, 2021). Other purchase obligations and commitments include payments due under supply agreements and various types of licenses and agreements to purchase goods or services. Contractual obligations for purchases of goods or services relate to agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Other purchase obligations reflect the non-cancelable portion or the minimum cancellation fee under the agreement. Other commitments include a $5.4 billion commitment associated with our pending acquisition of Tower and our unrecognized commitment to fund our respective share of the total construction costs of $29.0 billion of Arizona Fab in connection with the definitive agreement entered into with Brookfield. Our remaining unfunded contribution was $13.5 billion as of December 31, 2022. Legal Proceedings We are regularly party to various ongoing claims, litigation, and other proceedings, including those noted in this section. We have accrued a charge of $2.2 billion related to litigation involving VLSI, described below. Excluding the VLSI claims described below, 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; however, legal proceedings and related government investigations are subject to inherent uncertainties, and unfavorable rulings, excessive verdicts, or other events could occur. Unfavorable resolutions could include substantial monetary damages, fines, or penalties. Certain of these outstanding matters include speculative, substantial, or indeterminate monetary awards. 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 I n 2009, the European Commission (EC) found that Intel had used unfair business practices to persuade customers to buy microprocessors in violation of Article 82 of the EC Treaty (later renumbered Article 102) and Article 54 of the European Economic Area Agreement. In general, the EC found that we violated Article 82 by offering alleged “conditional rebates and payments” that required customers to purchase all or most of their x86 microprocessors from us and by making alleged “payments to prevent sales of specific rival products.” The EC ordered us to end the alleged infringement referred to in its decision and imposed a €1.1 billion fine, which we paid in the third quarter of 2009. We appealed the EC decision to the European Court of Justice in 2014, after the General Court (then called the Court of First Instance) rejected our appeal of the EC decision in its entirety. In September 2017, the Court of Justice sent the case back to the General Court to examine whether the rebates at issue were capable of restricting competition. In January 2022, the General Court annulled the EC’s 2009 findings against us regarding rebates, as well as the fine imposed on Intel, which was returned to us in February 2022. In April 2022, the EC appealed the General Court’s decision to the Court of Justice. A hearing date on the appeal has not been scheduled. The General Court’s January 2022 decision did not annul the EC’s 2009 finding that Intel made payments to prevent sales of specific rival products, and in January 2023 the EC reopened its administrative procedure to determine a fine against Intel based on that alleged conduct. Given the procedural posture and the nature of this proceeding, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from this matter. In a related matter, we filed applications with the General Court in April 2022 seeking an order requiring the EC to pay Intel approximately €593 million in default interest. Litigation Related to Security Vulnerabilities In June 2017, a Google research team notified Intel 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. In January 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 relating to Spectre, Meltdown, and other variants of the security vulnerabilities that have been identified since 2018. As of January 25, 2023, consumer class action lawsuits against Intel were pending in the United States, Canada, and Argentina. 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 United States, class action suits filed in various jurisdictions were consolidated for all pretrial proceedings in the United States District Court for the District of Oregon, which entered final judgment in favor of Intel in July 2022 based on plaintiffs’ failure to plead a viable claim. Plaintiffs have appealed that decision to the Ninth Circuit Court of Appeals. In Canada, an initial status conference has not yet been scheduled in one case pending in the Superior Court of Justice of Ontario, and a stay of a second case pending in the Superior Court of Justice of Quebec is in effect. In Argentina, Intel Argentina was served with, and responded to, a class action complaint in June 2022. 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. Litigation Related to 7nm Product Delay Announcement Starting in July 2020, five securities class action lawsuits were filed in the U. S. 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 or misleading statements about the timeline for 7nm products in light of subsequently announced delays. In October 2020, the court consolidated the lawsuits, appointed lead plaintiffs, and in January 2021 the lead plaintiffs filed a consolidated complaint. Defendants moved to dismiss the consolidated complaint in March 2021. We dispute the claims described above and intend to defend the 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 July 2021, Intel introduced a new process node naming structure, and the 7nm process is now Intel 4. Litigation Related to Patent and IP Claims We have had IP infringement lawsuits filed against us, including but not limited to those discussed below. Most involve claims that certain of our products, services, and technologies infringe others' IP rights. Adverse results in these lawsuits may include awards of substantial fines and penalties, costly royalty or licensing agreements, or orders preventing us from offering certain features, functionalities, products, or services. As a result, we may have to change our business practices, and develop non-infringing products or technologies, which could result in a loss of revenue for us and otherwise harm our business. In addition, certain agreements with our customers require us to indemnify them against certain IP infringement claims, which can increase our costs as a result of defending such claims, and may require that we pay significant damages, accept product returns, or supply our customers with non-infringing products if there were an adverse ruling in any such claims. In addition, our customers and partners may discontinue the use of our products, services, and technologies, as a result of injunctions or otherwise, which could result in loss of revenue and adversely affect our business. VLSI Technology LLC v. Intel I n October 2017, VLSI Technology LLC (VLSI) filed a complaint against Intel in the U.S. District Court for the Northern District of California alleging that various Intel FPGA and processor products infringe eight patents that VLSI acquired from NXP Semiconductors, N.V. (NXP). VLSI estimates its damages to be at least $5.5 billion, and seeks enhanced damages, future royalties, attorneys’ fees, costs, and interest. Intel filed Inter Partes Review (IPR) petitions with the Patent Trial and Appeal Board (PTAB) in 2018 challenging patentability, and the parties stipulated to stay the district court action pending the PTAB's review. The PTAB subsequently found all claims of two patents, and some claims of two other patents, to be unpatentable. The district court lifted the stay in September 2021 and scheduled trial for March 2024 on the claims that were found patentable by the PTAB. In June 2018, VLSI filed a second suit against Intel, in U.S. District Court for the District of Delaware, seeking $4.4 billion in damages for the alleged infringement by various Intel processors of five additional patents that VLSI acquired from NXP. In December 2022, VLSI stipulated to dismiss with prejudice its claims, for which Intel paid nothing. The court dismissed the case in January 2023. In April 2019, VLSI filed three infringement suits against Intel in the Western District of Texas (WDTX) accusing various Intel processors of infringement of eight additional patents it had acquired from NXP. The first Texas case went to trial in February 2021, and the jury awarded VLSI $1.5 billion for literal infringement of one patent and $675 million for infringement of another patent under the doctrine of equivalents. In April 2022, the court entered final judgment, awarding VLSI $2.2 billion in damages and approximately $162.3 million in pre-judgment and post-judgment interest. Intel has appealed the judgment to the Federal Circuit Court of Appeals, including its claim to have a license from Fortress Investment Group’s acquisition of Finjan. In December 2021 and January 2022 the PTAB instituted IPRs on the claims found to have been infringed in the first Texas case, but it has not yet issued a final written decision on either petition. The second Texas case went to trial in April 2021, and the jury found that Intel does not infringe the asserted patents. VLSI had sought approximately $3.0 billion for alleged infringement, plus enhanced damages for willful infringement. The court has not yet entered final judgment following the second trial in Texas. The third Texas case went to trial in November 2022, with VLSI asserting one remaining patent. The jury found the patent valid and infringed, and awarded VLSI nearly $949 million in damages, plus a running royalty. The court has not yet entered final judgment following the third trial in Texas. We intend to file motions for a judgment notwithstanding the verdict, and further appeals are possible. 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 one patent against certain Intel Core processors. Defendants filed an invalidation petition in October 2019 with the China National Intellectual Property Administration (CNIPA) which held a hearing in September 2021. CNIPA has not yet issued a decision. The Shenzhen court held trial proceedings in July 2021 and indicated that further trial proceedings were needed but would be stayed pending the outcome of defendants’ invalidity challenge at the CNIPA. VLSI seeks an injunction as well as RMB 1.3 million in costs and expenses, but no damages. In May 2019, VLSI filed a case in Shanghai Intellectual Property Court against Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. asserting one patent against certain Intel core processors. The court held a trial hearing in December 2020, where VLSI requested expenses (RMB 300 thousand) and an injunction. The court held a second trial hearing in May 2022, but has yet to issue its final decision. In December 2022, Intel filed a second petition to invalidate the patent at issue. 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 September 2021, the district court dismissed the claims with prejudice, entering judgment in favor of defendants. In November 2022 the Ninth Circuit affirmed the district court’s decision. Intel has accrued a charge of approximately $2.2 billion related to the VLSI litigation. While we dispute VLSI’s claims and intend to vigorously defend against them, we are unable to make a reasonable estimate of losses in excess of recorded amounts given recent developments and future proceedings. Business Interruption Insurance Proceeds We received $484 million of insurance proceeds, primarily in the fourth quarter of 2022, to compensate for business interruption and property damage from a temporary electrical breakdown that occurred at one of our facilities in 2020. We recognized these receipts as a reduction of Cost of sales |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Note 4 : Non-Controlling Interests Semiconductor Co-Investment Program In the fourth quarter of 2022, we closed a transaction with Brookfield Asset Management (Brookfield) resulting in the formation of Arizona Fab LLC (Arizona Fab), a VIE for which we and Brookfield own 51% and 49%, respectively. Because we are the primary beneficiary of the VIE, we fully consolidate the results of Arizona Fab into our consolidated financial statements. Generally, contributions will be made to, and distributions will be received from, Arizona Fab based on both parties’ proportional ownership. We will be the sole operator and majority owner of two new chip factories that will be constructed by Arizona Fab, and we will have the right to purchase 100% of the related factory output. Once production commences, we will be required to operate Arizona Fab at minimum production levels measured in wafer starts per week and will be required to limit excess inventory held on site or we will be subject to certain penalties. We have an unrecognized commitment to fund our respective share of the total construction costs of $29.0 billion . Refer to "Note 19: Commitments and Contingencies" within the Notes to Consolidated Financial Statements. As of December 31, 2022, substantially all of the assets of Arizona Fab consisted of property, plant and equipment. The assets held by Arizona Fab, which can be used only to settle obligations of the VIE and are not available to us, were $1.8 billion as of December 31, 2022. Non-controlling interest in Arizona Fab was $874 million as of December 31, 2022 and there was no net income (loss) attributable to Arizona Fab's non-controlling interest in 2022. Mobileye In the fourth quarter of 2022, Mobileye completed its IPO and certain other equity financing transactions that resulted in net proceeds of $1.0 billion. As of December 31, 2022, Intel held approximately 94% of the outstanding equity interest in Mobileye. Non-controlling interest in Mobileye was $989 million as of December 31, 2022. Net Income attributable to Mobileye's non-controlling interest was $3 million in 2022. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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. Our products often include a software component, such as firmware, that is highly interdependent and interrelated with the product and is substantially accounted for as a combined performance obligation. In accordance with contract terms, the revenue for combined performance obligations and standalone 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 an 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 were $423 million in 2022 and insignificant in the comparative periods presented. Charges in years prior to those presented have ranged up to $1.1 billion taken in a particular fiscal year, such as 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 generally 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. At least annually, 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. Based on our latest evaluation, effective January 2023, the estimated useful life of certain machinery and equipment in our wafer fabrication facilities will increase from 5 to 8 years. This change in estimate will be applied prospectively beginning in the first quarter of 2023. Assets are categorized 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. |
Identified Intangible Assets [Policy Text Block] | Identified Intangible Assets We amortize acquisition-related intangible assets that are subject to amortization over their estimated useful lives. 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 that point forward. The asset balances relating to projects that are abandoned after acquisition are impaired and expensed to R&D. |
Goodwill [Policy Text Block] | Goodwill Our reporting units are the same as our operating segments. We evaluate our reporting units annually or when triggered, such as upon reorganization of our operating segments. 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 reporting unit's carrying value used in an impairment assessment represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments, and debt. The impairment assessment may include both qualitative and quantitative factors to assess the likelihood of an impairment. Qualitative factors used include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. We may also perform a quantitative analysis to support the qualitative factors by applying sensitivities to assumptions and inputs used in measuring a reporting unit's fair value. Our quantitative impairment assessment 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 gross margins, operating expenses, and discount rates based on a reporting unit's weighted average cost of capital. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. These estimates change from year to year based on operating results, market conditions, and other factors and could materially affect the determination of each reporting unit's fair value and potential goodwill impairment for each reporting unit. Our quantitative assessment is sensitive to changes in underlying estimates and assumptions, the most sensitive of which is the discount rate. Our 2022 annual qualitative assessment indicated that a more detailed quantitative analysis was necessary for one of our reporting units. No impairment was required, even when considering a hypothetical increase in the discount rate of 1%, which would cause a material decrease in the estimated fair value of the reporting unit. |
Government Assistance [Policy Text Block] | Government Incentives We enter into government incentive arrangements with domestic and foreign, local, regional, and national governments, which vary in size, duration, and conditions. These arrangements allow us to maintain a market-comparable foothold across various geographies. We receive capital-related and operating grants, the benefits of which generally offset the cost of acquired capital and other expenses and are primarily structured as cash grants and non-income tax incentives. Government grants, including non-income tax incentives, are recognized when there is reasonable assurance that the grant will be received and we will comply with the conditions specified in the grant agreement. We are eligible to receive these grants because we engage in qualifying capital investments, research and development, and other activities as defined by the relevant government entities awarding the grants. Each grant agreement requires that we comply with certain conditions, including achievement of future operational targets and committing to minimum levels of capital investment. We record capital-related grants as a reduction to property, plant and equipment, net within our Consolidated Balance Sheets and recognize a reduction to depreciation and amortization expense over the useful life of the corresponding acquired asset. We record operating grants as a reduction to expense in the same line item on the Consolidated Statements of Income as the expenditure for which the grant is intended to compensate. Capital-related grants reduced gross property, plant and equipment by $3.3 billion as of December 31, 2022, of which $373 million was recognized in 2022. Contra-depreciation expense reduced cost of sales by $230 million in 2022. A majority of operating grants are recognized as a reduction to cost of sales , benefiting operating income by $104 million in 2022. Capital-related and operating grants receivables totaled $437 million as of December 31, 2022 and a substantial majority of the capital-related and operating grants receivables were reflected within other long-term assets on our Consolidated Balance Sheets. |
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, and grants receivable. 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- and SOFR-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 confirm that 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] | Debt investments include investments in corporate debt, government debt, and financial institution instruments. Debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents . Debt investments with original maturities at the date of purchase greater than approximately three months are classified as short-term investments |
Debt Investments and Equity Investments [Policy Text Block] | Debt Investments Debt investments include investments in corporate debt, government debt, and financial institution instruments. Debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents . Debt investments with original maturities at the date of purchase greater than approximately three months are classified as short-term investments , as they represent the investment of cash available for current operations. For certain of our marketable debt investments, we economically hedge market risks at inception with a related derivative instrument, or the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. These hedged investments 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 . Our remaining unhedged marketable 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 . Unhedged 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 property, plant and equipment. 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 US-dollar equivalent of non-US-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 . Cash flows associated with 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 . Cash flows associated with 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 . Non-designated hedges use foreign currency contracts to economically hedge the functional currency equivalent cash flows of recognized monetary assets and liabilities, non-US-dollar-denominated debt instruments classified as hedged investments, and non-US-dollar-denominated loans receivable recognized at fair value. We also use interest rate contracts to hedge interest rate risk related to our US-dollar-denominated fixed-rate debt investments classified as hedged investments. The change in fair value of these derivatives is recorded through earnings in the line item on the Consolidated Statements of Income to which the derivatives most closely relate, primarily in interest and other, net |
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 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 31, 2022, our total credit exposure to any single counterparty, excluding money market funds invested in US treasury and US agency securities and reverse repurchase agreements collateralized by treasury and agency securities, did not exceed $2.9 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 is 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 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 (53% as of December 31, 2022) 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. |
Variable Interest Entities [Policy Text Block] | Variable Interest Entities We have economic interests in entities that are VIEs. If we conclude we are the primary beneficiary of the VIE, we are required to consolidate the entity in our financial statements. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide services to the VIE. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary. |
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: ▪ inventory; property, plant and equipment; pre-existing liabilities or legal claims; and contingent consideration; each as may be applicable; ▪ 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; 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. |
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 (benefit from) taxes on the Consolidated Statements of Income. |
Lessee [Policy Text Block] | Leases Leases consist of real property and machinery and equipment. Our lease terms may include options to extend when it is reasonably certain that we will exercise such options. 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 and are subject to change, including due to sudden or rapid developments in proceedings or claims. 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. We evaluate developments that could affect prior disclosures or previously-accrued liabilities, and make adjustments as appropriate. Significant judgment is required to determine both likelihood of there being, and the estimated amount of, a loss related to such matters. If one or more of these matters were resolved against us for amounts in excess of management's estimates of losses, our results of operations and financial condition could be materially adversely affected. |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 31, 2022 Dec 25, 2021 Dec 26, 2020 Operating segment revenue: Client Computing Desktop $ 10,661 $ 12,437 $ 11,179 Notebook 18,783 25,443 24,897 Other 2,264 3,187 4,459 31,708 41,067 40,535 Data Center and AI 19,196 22,691 23,413 Network and Edge 8,873 7,976 7,132 Mobileye 1,869 1,386 967 Accelerated Computing Systems and Graphics 837 774 651 Intel Foundry Services 895 786 715 All other 196 5,019 5,091 Total operating segment revenue $ 63,574 $ 79,699 $ 78,504 Operating income (loss): Client Computing $ 6,266 $ 15,704 $ 15,800 Data Center and AI 2,288 8,439 11,076 Network and Edge 740 1,711 846 Mobileye 690 554 323 Accelerated Computing Systems and Graphics (1,716) (1,207) (403) Intel Foundry Services (320) (23) 45 All other (5,614) (5,722) (4,009) Total operating income $ 2,334 $ 19,456 $ 23,678 The following table presents intersegment revenue before eliminations: Total operating segment revenue $ 63,574 $ 79,699 $ 78,504 Less: Accelerated Computing Systems and Graphics intersegment revenue (520) (675) (637) Total net revenue $ 63,054 $ 79,024 $ 77,867 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Net revenue by region, based on the billing location of the customer, was as follows: Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 China $ 17,125 $ 22,961 $ 20,257 Singapore 9,664 18,096 17,845 United States 16,529 14,322 16,573 Taiwan 8,287 11,418 11,605 Other regions 11,449 12,227 11,587 Total net revenue $ 63,054 $ 79,024 $ 77,867 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended (In Millions, Except Per Share Amounts) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Net income $ 8,017 $ 19,868 $ 20,899 Less: Net income attributable to non-controlling interests 3 — — Net income attributable to Intel $ 8,014 $ 19,868 $ 20,899 Weighted average shares of common stock outstanding—basic 4,108 4,059 4,199 Dilutive effect of employee incentive plans 15 31 33 Weighted average shares of common stock outstanding—diluted 4,123 4,090 4,232 Earnings per share attributable to Intel—basic $ 1.95 $ 4.89 $ 4.98 Earnings per share attributable to Intel—diluted $ 1.94 $ 4.86 $ 4.94 |
Contract Liabilities (Tables)
Contract Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following table shows the changes in contract liability balances relating to long-term prepaid customer supply agreements during 2022: (In Millions) Prepaid customer supply agreements balance as of December 25, 2021 $ 43 Concession payment (950) Prepaids utilized (633) Prepaid customer supply agreements balance as of December 31, 2022 $ 20 |
Other Financial Statement Det_2
Other Financial Statement Details (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Financial Statement Details [Abstract] | |
Inventories [Table Text Block] | (In Millions) Dec 31, 2022 Dec 25, 2021 Raw materials $ 1,517 $ 1,441 Work in process 7,565 6,656 Finished goods 4,142 2,679 Total inventories $ 13,224 $ 10,776 |
Property, Plant and Equipment [Table Text Block] | (In Millions) Dec 31, 2022 Dec 25, 2021 Land and buildings $ 44,808 $ 40,039 Machinery and equipment 92,711 86,955 Construction in progress 36,727 21,545 Total property, plant and equipment, gross 174,246 148,539 Less: Accumulated depreciation (93,386) (85,294) Total property, plant and equipment, net $ 80,860 $ 63,245 |
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 31, 2022 Dec 25, 2021 United States $ 53,681 $ 43,428 Ireland 13,179 7,503 Israel 7,908 7,754 Other countries 6,092 4,560 Total property, plant and equipment, net $ 80,860 $ 63,245 |
Interest and Other, Net [Table Text Block] | Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Interest income $ 589 $ 144 $ 272 Interest expense (496) (597) (629) Other, net 1,073 (29) (147) Total interest and other, net $ 1,166 $ (482) $ (504) |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Employee severance and benefit arrangements $ 1,038 $ 48 $ 124 Litigation charges and other (1,187) 2,291 67 Asset impairment charges 151 287 7 Total restructuring and other charges $ 2 $ 2,626 $ 198 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Income before taxes: US $ (1,161) $ 9,361 $ 15,452 Non-US 8,929 12,342 9,626 Total income before taxes 7,768 21,703 25,078 Provision for (benefit from) taxes: Current: Federal 4,106 1,304 1,120 State 68 75 46 Non-US 735 1,198 1,244 Total current provision for (benefit from) taxes 4,909 2,577 2,410 Deferred: Federal (5,806) (863) 1,369 State (40) (25) 25 Non-US 688 146 375 Total deferred provision for (benefit from) taxes (5,158) (742) 1,769 Total provision for (benefit from) taxes $ (249) $ 1,835 $ 4,179 Effective tax rate (3.2) % 8.5 % 16.7 % |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Income before taxes: US $ (1,161) $ 9,361 $ 15,452 Non-US 8,929 12,342 9,626 Total income before taxes 7,768 21,703 25,078 Provision for (benefit from) taxes: Current: Federal 4,106 1,304 1,120 State 68 75 46 Non-US 735 1,198 1,244 Total current provision for (benefit from) taxes 4,909 2,577 2,410 Deferred: Federal (5,806) (863) 1,369 State (40) (25) 25 Non-US 688 146 375 Total deferred provision for (benefit from) taxes (5,158) (742) 1,769 Total provision for (benefit from) taxes $ (249) $ 1,835 $ 4,179 Effective tax rate (3.2) % 8.5 % 16.7 % |
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 31, 2022 Dec 25, 2021 Dec 26, 2020 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) in rate resulting from: Non-US income taxed at different rates (13.4) (5.9) (3.7) Research and development tax credits (11.4) (2.4) (2.1) Foreign derived intangible income benefit (9.7) (2.2) (1.9) Unrecognized tax benefits and settlements 4.5 1.1 0.6 Restructuring of certain non-US subsidiaries — (3.4) — Change in permanent reinvestment assertion — — 1.6 Other 5.8 0.3 1.2 Effective tax rate (3.2) % 8.5 % 16.7 % |
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 31, 2022 Dec 25, 2021 Deferred tax assets: R&D expenditures capitalization $ 5,067 $ 519 State credits and net operating losses 2,259 2,010 Inventory 1,788 914 Accrued compensation and other benefits 1,031 1,019 Share-based compensation 557 477 Litigation charge 470 467 Other, net 709 819 Gross deferred tax assets 11,881 6,225 Valuation allowance (2,586) (2,259) Total deferred tax assets 9,295 3,966 Deferred tax liabilities: Property, plant and equipment (4,776) (4,213) Licenses and intangibles (386) (486) Unrealized gains on investments and derivatives (415) (819) Other, net (470) (241) Total deferred tax liabilities (6,047) (5,759) Net deferred tax assets (liabilities) $ 3,248 $ (1,793) Reported as: Deferred tax assets 3,450 874 Deferred tax liabilities (202) (2,667) Net deferred tax assets (liabilities) $ 3,248 $ (1,793) |
Summary of Valuation Allowance [Table Text Block] | Changes in the 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 31, 2022 $ 2,259 $ 401 $ (74) $ 2,586 December 25, 2021 $ 1,963 $ 442 $ (146) $ 2,259 December 26, 2020 $ 1,534 $ 378 $ 51 $ 1,963 |
Schedule of Unrecognized Tax Benefits Roll Forward | Uncertain Tax Positions (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Beginning gross unrecognized tax benefits $ 1,020 $ 828 $ 548 Settlements and effective settlements with tax authorities (18) (25) (142) Changes in balances related to tax position taken during prior periods (120) (26) 165 Changes in balances related to tax position taken during current period 347 243 257 Ending gross unrecognized tax benefits $ 1,229 $ 1,020 $ 828 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |
Investment [Table Text Block] | (In Millions) Dec 31, 2022 Dec 25, 2021 Marketable equity securities 1 $ 1,341 $ 2,171 Non-marketable equity securities 4,561 4,111 Equity method investments 10 16 Total $ 5,912 $ 6,298 1 Over 90% of our marketable equity securities are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. The trading volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange. |
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 31, 2022 Dec 25, 2021 Dec 26, 2020 Ongoing mark-to-market adjustments on marketable equity securities $ (787) $ (130) $ (133) Observable price adjustments on non-marketable equity securities 299 750 176 Impairment charges (190) (154) (303) Sale of equity investments and other 1 4,946 2,263 2,164 Total gains (losses) on equity investments, net $ 4,268 $ 2,729 $ 1,904 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 equity method investments, and our share of equity method investee gains (losses) and distributions. Net unrealized gains and losses for our marketable and non-marketable equity securities during each period were as follows: (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Net unrealized gains (losses) recognized during the period on equity securities $ (314) $ 1,210 $ 1,679 Less: Net (gains) losses recognized during the period on equity securities sold during the period 1 (259) (254) Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date $ (313) $ 951 $ 1,425 |
Available-for-sale Securities | |
Debt Securities, Available-for-sale [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The fair value of marketable debt investments, by contractual maturity, as of December 31, 2022, was as follows: (In Millions) Fair Value Due in 1 year or less $ 12,680 Due in 1–2 years 1,844 Due in 2–5 years 4,139 Due after 5 years 665 Instruments not due at a single maturity date 7,095 Total $ 26,423 |
Acquisitions & Divestitures (Ta
Acquisitions & Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The carrying amounts of the major classes of NAND assets as of the first closing date included the following: (In Millions) Dec 29, 2021 Inventories $ 941 Property, plant and equipment, net 6,018 Total assets $ 6,959 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination, Goodwill [Abstract] | |
Schedule of Goodwill [Table Text Block] | (In Millions) Dec 25, 2021 Acquisitions Other Dec 31, 2022 Client Computing $ 4,237 $ 17 $ — $ 4,254 Data Center and AI 8,595 418 — 9,013 Network and Edge 2,774 35 — 2,809 Mobileye 10,928 — (9) 10,919 Accelerated Computing Systems and Graphics 429 167 — 596 All other — — — — Total $ 26,963 $ 637 $ (9) $ 27,591 (In Millions) Dec 26, 2020 Acquisitions Other Dec 25, 2021 Client Computing $ 4,164 $ 73 $ — $ 4,237 Data Center and AI 8,476 85 34 8,595 Network and Edge 2,774 — — 2,774 Mobileye 10,928 — — 10,928 Accelerated Computing Systems and Graphics 391 38 — 429 All other 238 — (238) — Total $ 26,971 $ 196 $ (204) $ 26,963 Dec 25, 2021 Transfers Out Transfers In Dec 25, 2021 Client Computing $ 4,433 $ (275) $ 79 $ 4,237 Data Center Group 7,355 (7,355) — — Data Center and AI — — 8,595 8,595 Internet of Things Group 1,591 (1,591) — — Network and Edge — — 2,774 2,774 Mobileye 10,928 — — 10,928 Accelerated Computing Systems and Graphics — — 429 429 Programmable Solutions Group 2,656 (2,656) — — Total $ 26,963 $ (11,877) $ 11,877 $ 26,963 |
Identified Intangible Assets (T
Identified Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2022 December 25, 2021 (In Millions) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Developed technology $ 10,964 $ (7,216) $ 3,748 $ 11,102 $ (6,026) $ 5,076 Customer relationships and brands 1,986 (1,114) 872 2,110 (1,063) 1,047 Licensed technology and patents 3,219 (1,821) 1,398 2,893 (1,746) 1,147 Total identified intangible assets $ 16,169 $ (10,151) $ 6,018 $ 16,105 $ (8,835) $ 7,270 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | December 31, 2022 December 25, 2021 (In Millions) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Developed technology $ 10,964 $ (7,216) $ 3,748 $ 11,102 $ (6,026) $ 5,076 Customer relationships and brands 1,986 (1,114) 872 2,110 (1,063) 1,047 Licensed technology and patents 3,219 (1,821) 1,398 2,893 (1,746) 1,147 Total identified intangible assets $ 16,169 $ (10,151) $ 6,018 $ 16,105 $ (8,835) $ 7,270 |
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 31, 2022 Dec 25, 2021 Dec 26, 2020 Weighted Average Useful Life 1 Developed technology Cost of sales $ 1,341 $ 1,283 $ 1,211 9 years Customer relationships and brands Marketing, general and administrative 185 209 205 12 years Licensed technology and patents Cost of sales 381 347 341 12 years Total amortization expenses $ 1,907 $ 1,839 $ 1,757 |
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) 2023 2024 2025 2026 2027 Thereafter Total Future amortization expenses $ 1,730 $ 1,297 $ 883 $ 680 $ 511 $ 917 $ 6,018 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt Dec 31, 2022 Dec 25, 2021 (In Millions) Effective Interest Rate Amount Amount Floating-rate senior note: Three-month LIBOR plus 0.35%, due May 2022 —% $ — $ 800 Fixed-rate senior notes: 2.35%, due May 2022 —% — 750 3.10%, due July 2022 —% — 1,000 4.00%, due December 2022 —% — 398 2.70%, due December 2022 —% — 1,500 4.10%, due November 2023 —% — 400 2.88%, due May 2024 2.34% 1,250 1,250 2.70%, due June 2024 2.14% 600 600 3.40%, due March 2025 3.44% 1,500 1,500 3.70%, due July 2025 3.83% 2,250 2,250 2.60%, due May 2026 2.25% 1,000 1,000 3.75%, due March 2027 3.78% 1,000 1,000 3.15%, due May 2027 2.84% 1,000 1,000 3.75%, due August 2027 3.80% 1,250 — 1.60%, due August 2028 1.67% 1,000 1,000 4.00%, due August 2029 4.05% 850 — 2.45%, due November 2029 2.38% 2,000 2,000 3.90%, due March 2030 3.92% 1,500 1,500 2.00%, due August 2031 2.02% 1,250 1,250 4.15%, due August 2032 4.17% 1,250 — 4.00%, due December 2032 2.20% 750 750 4.60%, due March 2040 4.59% 750 750 2.80%, due August 2041 2.81% 750 750 4.80%, due October 2041 3.70% 802 802 4.25%, due December 2042 2.32% 567 567 4.90%, due July 2045 3.80% 772 772 4.10%, due May 2046 3.03% 1,250 1,250 4.10%, due May 2047 3.00% 1,000 1,000 4.10%, due August 2047 2.54% 640 640 3.73%, due December 2047 3.31% 1,967 1,967 3.25%, due November 2049 3.19% 2,000 2,000 4.75%, due March 2050 4.73% 2,250 2,250 3.05%, due August 2051 3.06% 1,250 1,250 4.90%, due August 2052 4.88% 1,750 — 3.10%, due February 2060 3.10% 1,000 1,000 4.95%, due March 2060 4.98% 1,000 1,000 3.20%, due August 2061 3.20% 750 750 5.05%, due August 2062 5.03% 900 — Long-Term Debt Dec 31, 2022 Dec 25, 2021 (In Millions) Effective Interest Rate Amount Amount Oregon and Arizona bonds: 2.40% - 2.70%, due December 2035 - 2040 2.49% $ 423 $ 423 5.00%, due September 2042 3.41% 131 — 5.00%, due March 2049 —% — 138 5.00%, due June 2049 2.15% 438 438 5.00%, due September 2052 3.17% 445 — Total senior notes and other borrowings 39,285 37,695 Unamortized premium/discount and issuance costs (417) (405) Hedge accounting fair value adjustments (761) 811 Long-term debt 38,107 38,101 Current portion of long-term debt (423) (4,591) Total long-term debt $ 37,684 $ 33,510 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Our aggregate debt maturities, excluding commercial paper, based on outstanding principal as of December 31, 2022, by year payable, are as follows: (In Millions) 2023 2024 2025 2026 2027 2028 and thereafter Total $ 423 $ 2,288 $ 3,750 $ 1,000 $ 3,826 $ 27,998 $ 39,285 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 31, 2022 December 25, 2021 Fair Value Measured and Recorded at Reporting Date Using Total Fair Value Measured and Total (In Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents: Corporate debt $ — $ 856 $ — $ 856 $ — $ 65 $ — $ 65 Financial institution instruments 1 6,899 1,474 — 8,373 1,216 763 — 1,979 Reverse repurchase — 1,301 — 1,301 — 1,595 — 1,595 Short-term investments: Corporate debt — 5,381 — 5,381 — 6,367 — 6,367 Financial institution instruments 1 196 4,729 — 4,925 154 5,162 — 5,316 Government debt 2 48 6,840 — 6,888 50 12,693 — 12,743 Other current assets: Derivative assets — 1,264 — 1,264 80 576 — 656 Loans receivable 3 — 53 — 53 — 152 — 152 Marketable equity securities 4 1,341 — — 1,341 1,854 317 — 2,171 Other long-term assets: Derivative assets — 10 — 10 — 772 7 779 Loans receivable 3 — — — — — 57 — 57 Total assets measured and recorded at fair value $ 8,484 $ 21,908 $ — $ 30,392 $ 3,354 $ 28,519 $ 7 $ 31,880 Liabilities Other accrued liabilities: Derivative liabilities $ 111 $ 485 $ 89 $ 685 $ 4 $ 516 $ — $ 520 Other long-term liabilities: Derivative liabilities — 699 — 699 — 9 — 9 Total liabilities measured and recorded at fair value $ 111 $ 1,184 $ 89 $ 1,384 $ 4 $ 525 $ — $ 529 1. Level 1 investments consist of money market funds recorded at Net Asset Value. Level 2 investments consist primarily of commercial paper, certificates of deposit, time deposits, and notes and bonds issued by financial institutions 2. Level 1 investments consist primarily of US Treasury securities. Level 2 investments consist primarily of non-US government debt. 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. 4. Level 2 investments consist of marketable equity securities subject to security-specific restrictions for which a fair value adjustment was recorded. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 28, 2019 $ 54 $ (1,382) $ 48 $ (1,280) Other comprehensive income (loss) before reclassifications 806 (323) 55 538 Amounts reclassified out of accumulated other comprehensive income (loss) (8) 89 (11) 70 Tax effects (121) 51 (9) (79) Other comprehensive income (loss) 677 (183) 35 529 December 26, 2020 731 (1,565) 83 (751) Other comprehensive income (loss) before reclassifications (434) 476 (58) (16) Amounts reclassified out of accumulated other comprehensive income (loss) (226) 101 (19) (144) Tax effects 140 (126) 17 31 Other comprehensive income (loss) (520) 451 (60) (129) December 25, 2021 211 (1,114) 23 (880) Other comprehensive income (loss) before reclassifications (910) 923 (28) (15) Amounts reclassified out of accumulated other comprehensive income (loss) 410 82 (6) 486 Tax effects (10) (150) 7 (153) Other comprehensive income (loss) (510) 855 (27) 318 December 31, 2022 $ (299) $ (259) $ (4) $ (562) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 31, 2022 Dec 25, 2021 Dec 26, 2020 Foreign currency contracts $ 31,603 $ 38,024 $ 31,209 Interest rate contracts 16,011 15,209 14,461 Other 2,094 2,517 2,026 Total $ 49,708 $ 55,750 $ 47,696 |
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 31, 2022 December 25, 2021 (In Millions) Assets 1 Liabilities 2 Assets 1 Liabilities 2 Derivatives designated as hedging instruments: Foreign currency contracts 3 $ 142 $ 290 $ 80 $ 163 Interest rate contracts — 777 774 — Total derivatives designated as hedging instruments 142 1,067 854 163 Derivatives not designated as hedging instruments: Foreign currency contracts 3 866 194 475 297 Interest rate contracts 266 12 26 65 Equity contracts — 111 80 4 Total derivatives not designated as hedging instruments 1,132 317 581 366 Total derivatives $ 1,274 $ 1,384 $ 1,435 $ 529 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 Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows: Line Item in the Consolidated Balance Sheets in Which the Hedged Item Is Included Carrying Amount of the Hedged Item Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 31, 2022 Dec 25, 2021 Long-term debt $ (11,221) $ (12,772) $ 776 $ (775) |
Offsetting Assets [Table Text Block] | 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 31, 2022 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 1,231 $ — $ 1,231 $ (546) $ (682) $ 3 Reverse repurchase agreements 1,701 — 1,701 — (1,701) — Total assets 2,932 — 2,932 (546) (2,383) 3 Liabilities: Derivative liabilities subject to master netting arrangements 1,337 — 1,337 (546) (712) 79 Total liabilities $ 1,337 $ — $ 1,337 $ (546) $ (712) $ 79 December 25, 2021 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 1,427 $ — $ 1,427 $ (332) $ (986) $ 109 Reverse repurchase agreements 1,595 — 1,595 — (1,595) — Total assets 3,022 — 3,022 (332) (2,581) 109 Liabilities: Derivative liabilities subject to master netting arrangements 392 — 392 (332) (60) — Total liabilities $ 392 $ — $ 392 $ (332) $ (60) $ — |
Offsetting Liabilities [Table Text Block] | 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 31, 2022 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 1,231 $ — $ 1,231 $ (546) $ (682) $ 3 Reverse repurchase agreements 1,701 — 1,701 — (1,701) — Total assets 2,932 — 2,932 (546) (2,383) 3 Liabilities: Derivative liabilities subject to master netting arrangements 1,337 — 1,337 (546) (712) 79 Total liabilities $ 1,337 $ — $ 1,337 $ (546) $ (712) $ 79 December 25, 2021 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 1,427 $ — $ 1,427 $ (332) $ (986) $ 109 Reverse repurchase agreements 1,595 — 1,595 — (1,595) — Total assets 3,022 — 3,022 (332) (2,581) 109 Liabilities: Derivative liabilities subject to master netting arrangements 392 — 392 (332) (60) — Total liabilities $ 392 $ — $ 392 $ (332) $ (60) $ — |
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 31, 2022 Dec 25, 2021 Dec 26, 2020 Interest rate contracts $ (1,551) $ (723) $ 817 Hedged items 1,551 723 (817) 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 31, 2022 Dec 25, 2021 Dec 26, 2020 Foreign currency contracts Interest and other, net $ 1,492 $ 677 $ (572) Interest rate contracts Interest and other, net 309 31 (90) Other Various (502) 360 284 Total $ 1,299 $ 1,068 $ (378) |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 31, 2022 Dec 25, 2021 Changes in projected benefit obligation: Beginning projected benefit obligation $ 4,456 $ 4,929 Service cost 58 54 Interest cost 91 91 Actuarial (gain) loss (1,500) (284) Currency exchange rate changes (233) (150) Plan settlements (96) (126) Other (71) (58) Ending projected benefit obligation 1 2,705 4,456 Changes in fair value of plan assets: Beginning fair value of plan assets 2,817 2,878 Actual return on plan assets (478) 145 Currency exchange rate changes (102) (63) Plan settlements (96) (126) Other (11) (17) Ending fair value of plan assets 2 2,130 2,817 Net unfunded status $ 575 $ 1,639 Amounts recognized in the Consolidated Balance Sheets Other long-term assets $ 74 $ — Other long-term liabilities $ 649 $ 1,639 Accumulated other comprehensive loss (income), before tax 3 $ 406 $ 1,445 Accumulated benefit obligation $ 2,507 $ 4,086 1 The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 31, 2022 and December 25, 2021. 2 The fair value of plan assets was approximately 40% in the US and 60% outside of the US as of December 31, 2022 and approximately 50% in the US and 50% outside of the US as of December 25, 2021. 3 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Dec 31, 2022 Dec 25, 2021 Plan with accumulated benefit obligation in excess of plan assets Accumulated benefit obligation $ 559 $ 4,086 Plan assets $ 97 $ 2,817 Plan with projected benefit obligation in excess of plan assets Projected benefit obligation $ 1,048 $ 4,456 Plan assets $ 399 $ 2,817 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | Dec 31, 2022 Dec 25, 2021 Plan with accumulated benefit obligation in excess of plan assets Accumulated benefit obligation $ 559 $ 4,086 Plan assets $ 97 $ 2,817 Plan with projected benefit obligation in excess of plan assets Projected benefit obligation $ 1,048 $ 4,456 Plan assets $ 399 $ 2,817 |
Defined Benefit Plan, Assumptions [Table Text Block] | Assumptions for Pension Benefit Plans Dec 31, 2022 Dec 25, 2021 Weighted average actuarial assumptions used to determine benefit obligations Discount rate 4.9 % 2.2 % Rate of compensation increase 3.7 % 3.2 % 2022 2021 2020 Weighted average actuarial assumptions used to determine costs Discount rate 2.2 % 1.9 % 2.3 % Expected long-term rate of return on plan assets 3.2 % 2.7 % 3.3 % Rate of compensation increase 3.2 % 3.2 % 3.2 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Pension Plan Assets December 31, 2022 Dec 25, 2021 Fair Value Measured at Reporting Date Using (In Millions) Level 1 Level 2 Level 3 Total Total Equity securities $ — $ 297 $ — $ 297 $ 342 Fixed income — 106 24 130 142 Assets measured by fair value hierarchy $ — $ 403 $ 24 $ 427 $ 484 Assets measured at net asset value 1,683 2,311 Cash and cash equivalents 20 22 Total pension plan assets at fair value $ 2,130 $ 2,817 |
Postretirement Health Coverage [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | December 31, 2022, the estimated benefit payments for this plan over the next 10 years are as follows: (In Millions) 2023 2024 2025 2026 2027 2028-2032 Postretirement medical benefits $ 40 $ 41 $ 41 $ 43 $ 44 $ 222 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | As of December 31, 2022, estimated benefit payments over the next 10 years are as follows: (In Millions) 2023 2024 2025 2026 2027 2028-2032 Pension benefits $ 125 $ 113 $ 118 $ 126 $ 129 $ 700 |
Employee Equity Incentive Pla_2
Employee Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 and Performance Stock Units Weighted average assumptions used in estimating grant values were as follows: Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Estimated values $ 41.12 $ 50.82 $ 54.82 Risk-free interest rate 2.2 % 0.2 % 0.4 % Dividend yield 3.4 % 2.6 % 2.3 % Volatility 40 % 37 % 30 % |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Summary of activities: Number of Weighted Average Grant-Date Fair Value December 25, 2021 118.0 $ 51.29 Granted 104.2 $ 41.12 Vested (50.3) $ 48.90 Forfeited (13.2) $ 48.99 December 31, 2022 158.7 $ 45.56 Expected to vest 142.7 $ 45.78 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | Discounted and undiscounted lease payments under non-cancelable leases as of December 31, 2022 excluding non-lease components, were as follows: (In Millions) 2023 2024 2025 2026 2027 Thereafter Total Operating lease payments $ 179 $ 107 $ 72 $ 34 $ 26 $ 28 $ 446 Finance lease payments $ 682 $ 122 $ 5 $ — $ — $ — $ 809 Present value of lease payments $ 1,218 |
Accounting Policies (Details)
Accounting Policies (Details) $ in Millions | 12 Months Ended | |||
Dec. 23, 2023 | Dec. 31, 2022 USD ($) | Dec. 25, 2021 USD ($) | Dec. 26, 2020 USD ($) | |
Revenue, Major Customer [Line Items] | ||||
Cost of sales | $ 36,188 | $ 35,209 | $ 34,255 | |
Grants receivable | 437 | |||
Production Related Impairments or Charges [Abstract] | ||||
PRQ Max | 870 | |||
Capacity | ||||
Revenue, Major Customer [Line Items] | ||||
Cost of sales | 423 | |||
Capital-Related Grants | ||||
Revenue, Major Customer [Line Items] | ||||
Grants recorded in property, plant and equipment | 3,300 | |||
Grants recognized in property, plant and equipment during the year | 373 | |||
Contra-depreciation expense for grants | 230 | |||
Operating Grants | ||||
Revenue, Major Customer [Line Items] | ||||
Reduction to cost of sales for grants | $ 104 | |||
Measurement Input, Discount Rate | ||||
Revenue, Major Customer [Line Items] | ||||
Goodwill measurement input | 0.01 | |||
Credit Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 2,900 | |||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Three Largest Customers | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 53% | |||
Maximum | Capacity | ||||
Revenue, Major Customer [Line Items] | ||||
Cost of sales | $ 1,100 | |||
Maximum | Machinery and equipment | ||||
Revenue, Major Customer [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Maximum | Forecast | Machinery and equipment | ||||
Revenue, Major Customer [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 8 years | |||
Minimum | Machinery and equipment | ||||
Revenue, Major Customer [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Minimum | Forecast | Machinery and equipment | ||||
Revenue, Major Customer [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years |
Operating Segments, Net Revenue
Operating Segments, Net Revenue and Operating Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 63,054 | $ 79,024 | $ 77,867 |
Operating Income (Loss) | 2,334 | 19,456 | 23,678 |
Inventory impairment charge | 723 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 63,574 | 79,699 | 78,504 |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net revenue | (520) | (675) | (637) |
Client Computing | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 6,266 | 15,704 | 15,800 |
Client Computing | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 31,708 | 41,067 | 40,535 |
Client Computing | Desktop | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 10,661 | 12,437 | 11,179 |
Client Computing | Notebook | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 18,783 | 25,443 | 24,897 |
Client Computing | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 2,264 | 3,187 | 4,459 |
Datacenter and AI | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 2,288 | 8,439 | 11,076 |
Datacenter and AI | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 19,196 | 22,691 | 23,413 |
Network and Edge | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 740 | 1,711 | 846 |
Network and Edge | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 8,873 | 7,976 | 7,132 |
Mobileye | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 690 | 554 | 323 |
Mobileye | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 1,869 | 1,386 | 967 |
Accelerated Computing Systems and Graphics | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (1,716) | (1,207) | (403) |
Accelerated Computing Systems and Graphics | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 837 | 774 | 651 |
Intel Foundry Services | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (320) | (23) | 45 |
Intel Foundry Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 895 | 786 | 715 |
All other | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (5,614) | (5,722) | (4,009) |
All other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | $ 196 | $ 5,019 | $ 5,091 |
Operating Segments, Revenue by
Operating Segments, Revenue by Major Customers (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Three Largest Customers | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 42% | 43% | 39% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Dell Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 19% | 21% | 17% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Lenovo Group Limited [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 12% | 12% | 12% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | HP Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 11% | 10% | 10% |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Three Largest Customers | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 53% |
Operating Segments, Revenues fr
Operating Segments, Revenues from External Customers by Country (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 63,054 | $ 79,024 | $ 77,867 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 17,125 | 22,961 | 20,257 |
Singapore | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 9,664 | 18,096 | 17,845 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 16,529 | 14,322 | 16,573 |
Taiwan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 8,287 | 11,418 | 11,605 |
Other regions | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 11,449 | $ 12,227 | $ 11,587 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net Income | $ 8,014 | $ 19,868 | $ 20,899 |
Weighted average shares of common stock outstanding-basic | 4,108 | 4,059 | 4,199 |
Dilutive effect of employee equity incentive plans (shares) | 15 | 31 | 33 |
Weighted average shares of common stock outstanding-diluted | 4,123 | 4,090 | 4,232 |
Earnings per share attributable to Intel—basic | $ 1.95 | $ 4.89 | $ 4.98 |
Earnings per share attributable to Intel—diluted | $ 1.94 | $ 4.86 | $ 4.94 |
Securities excluded from the computation of diluted earnings per share (shares) | 70 |
Contract Liabilities (Details)
Contract Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 02, 2022 | Dec. 31, 2022 | Dec. 25, 2021 | |
Capitalized Contract Cost [Line Items] | |||
Contract liability balance | $ 1,600 | ||
Prepaid Supply Agreements [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Contract with Customer, Liability | $ 20 | $ 43 | |
Contract with Customer, Liability, Concession Payments | (950) | ||
Contract with Customer, Liability, Revenue Recognized | $ (633) | ||
Contract with Customer, Liability, Current | 950 | ||
Contract with Customer, Liability, Revenue Recognized and Retained During Period | $ 584 |
Other Financial Statement Det_3
Other Financial Statement Details, Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 25, 2021 | |
Other Income and Expenses [Abstract] | ||
Accounts Receivable, Sale | $ 665 | $ 0 |
Other Financial Statement Det_4
Other Financial Statement Details, Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 25, 2021 |
Inventory, Net [Abstract] | ||
Raw materials | $ 1,517 | $ 1,441 |
Work in process | 7,565 | 6,656 |
Finished goods | 4,142 | 2,679 |
Total inventories | $ 13,224 | $ 10,776 |
Other Financial Statement Det_5
Other Financial Statement Details, Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 23, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 174,246 | $ 148,539 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (93,386) | (85,294) | |
Property, plant and equipment, net | 80,860 | 63,245 | |
United States | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 53,681 | 43,428 | |
ISRAEL | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 7,908 | 7,754 | |
IRELAND | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 13,179 | 7,503 | |
Other regions | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 6,092 | 4,560 | |
Land and buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 44,808 | 40,039 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 92,711 | 86,955 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 36,727 | $ 21,545 | |
Minimum | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum | Machinery and equipment | Forecast | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Minimum | Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Maximum | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Maximum | Machinery and equipment | Forecast | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 8 years | ||
Maximum | Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years |
Other Financial Statement Det_6
Other Financial Statement Details, Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 25, 2021 |
Statement of Financial Position [Abstract] | ||
Deferred compensation liabilities | $ 2,400 | $ 2,800 |
Collateral received under credit support annex agreements | $ 700 | $ 1,000 |
Other Financial Statement Det_7
Other Financial Statement Details, Advertising (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Income Statement [Abstract] | |||
Advertising Expense | $ 1,200,000,000 | $ 1,100,000,000 | $ 763,000,000 |
Other Financial Statement Det_8
Other Financial Statement Details, Interest and Other, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Interest income | $ 589 | $ 144 | $ 272 |
Interest expense | (496) | (597) | (629) |
Other, net | 1,073 | (29) | (147) |
Total Interest and other, net | 1,166 | (482) | (504) |
Interest Costs, Capitalized During Period | 785 | 398 | 338 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 1,059 | $ 0 | $ 30 |
Restructuring and Other Charg_3
Restructuring and Other Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |||
Severance Costs | $ 1,038 | $ 48 | $ 124 |
Litigation Charges and Other | (1,187) | 2,291 | 67 |
Asset Impairment Charges | 151 | 287 | 7 |
Total restructuring and other charges | $ 2 | $ 2,626 | $ 198 |
Restructuring and Other Charg_4
Restructuring and Other Charges, Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Oct. 01, 2022 | Dec. 25, 2021 | Sep. 25, 2021 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Accrued restructuring | $ 873 | |||||
Payments for restructuring | (165) | |||||
Benefit recorded in litigation charges and other | $ 1,187 | $ (2,291) | $ (67) | |||
Litigation charges | $ 2,200 | |||||
Goodwill, Impairment Loss | $ 238 | |||||
EC Fine [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Benefit recorded in litigation charges and other | $ 1,200 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income before taxes: U.S. | $ (1,161) | $ 9,361 | $ 15,452 |
Income before taxes: Non-U.S. | 8,929 | 12,342 | 9,626 |
Income before taxes | 7,768 | 21,703 | 25,078 |
Provision for taxes, Current: Federal | 4,106 | 1,304 | 1,120 |
Provision for taxes, Current: State | 68 | 75 | 46 |
Provision for taxes, Current: Non-U.S. | 735 | 1,198 | 1,244 |
Total current provision for taxes | 4,909 | 2,577 | 2,410 |
Provision for taxes, Deferred: Federal | (5,806) | (863) | 1,369 |
Deferred State and Local Income Tax Expense (Benefit) | (40) | (25) | 25 |
Deferred Other Tax Expense (Benefit) | 688 | 146 | 375 |
Total deferred provision for taxes | (5,158) | (742) | 1,769 |
Total Provision for taxes | $ (249) | $ 1,835 | $ 4,179 |
Effective tax rate | (3.20%) | 8.50% | 16.70% |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
Increase (reduction) in rate resulting from: Non-U.S. income taxed at different rates | (13.40%) | (5.90%) | (3.70%) |
Increase (reduction) in rate resulting from: Research and Development tax credits | (11.40%) | (2.40%) | (2.10%) |
Income Tax Reconciliation, Transition Tax for Accumulated Foreign Earnings | (9.70%) | (2.20%) | (1.90%) |
Increase (reduction) in rate resulting from: Unrecognized tax benefits and settlements | 4.50% | 1.10% | 0.60% |
Increase (reduction) in rate resulting from: Restructuring of certain non-US subsidiaries | 0% | (3.40%) | 0% |
Effective Income Tax Rate Reconciliation, Change in Permanent Reinvestment Assertion, Percent | 0% | 0% | 1.60% |
Increase (reduction) in rate resulting from: Other | 5.80% | 0.30% | 1.20% |
Effective tax rate | (3.20%) | 8.50% | 16.70% |
Income Tax Disclosure [Line Items] | |||
Income tax holiday benefit | $ 220 | $ 187 | $ 134 |
Income tax holiday, impact on diluted earnings per share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.03 |
Statutory federal income tax rate | 21% | 21% | 21% |
Increase (reduction) in rate resulting from: Non-U.S. income taxed at different rates | (13.40%) | (5.90%) | (3.70%) |
Income Tax Holiday, Termination Date | 2056 | ||
Income Tax Expense (Benefit) | $ (249) | $ 1,835 | $ 4,179 |
Undistributed earnings on certain foreign subsidiaries | 19,300 | ||
Income taxes payable | 2,251 | 1,076 | |
Long-term income taxes payable | 3,796 | 4,305 | |
Income Taxes Receivable, Current | 138 | 23 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Deferred Tax Assets, Research and Development Capitalized | 5,067 | 519 | |
Deferred tax assets, State credits and net operating losses | 2,259 | 2,010 | |
Deferred tax assets, Inventory | 1,788 | 914 | |
Deferred tax assets, Accrued compensation and other benefits | 1,031 | 1,019 | |
Deferred tax assets, Share-based compensation | 557 | 477 | |
Deferred Tax Assets, Tax Deferred Expense, Litigation Expense | 470 | 467 | |
Deferred tax assets, Other, net | 709 | 819 | |
Gross deferred tax assets | 11,881 | 6,225 | |
Deferred tax assets, Valuation allowance | (2,586) | (2,259) | |
Total deferred tax assets | 9,295 | 3,966 | |
Deferred tax liabilities, Property, plant and equipment | (4,776) | (4,213) | |
Deferred tax liabilities, Licenses and intangibles | (386) | (486) | |
Deferred Tax Liabilities, Unrealized Gains On Investments And Derivatives | (415) | (819) | |
Deferred tax liabilities, Other, net | (470) | (241) | |
Total deferred tax liabilities | (6,047) | (5,759) | |
Net deferred tax assets | 3,248 | ||
Net deferred tax liabilities | (1,793) | ||
Deferred tax assets | 3,450 | 874 | |
Deferred tax liabilities | (202) | (2,667) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning gross unrecognized tax benefits | 1,020 | 828 | 548 |
Settlements and effective settlements with tax authorities | (18) | (25) | (142) |
Changes in balances related to tax position taken during prior periods | (120) | (26) | (165) |
Changes in balances related to tax position taken during current period | 347 | 243 | 257 |
Ending gross unrecognized tax benefits | 1,229 | 1,020 | $ 828 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 914 | 721 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation Allowance, Amount | (2,586) | $ (2,259) | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 366 | ||
Domestic Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforward, subject to expiration | 141 | ||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 379 | ||
Non-U.S. [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforward, subject to expiration | 442 | ||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 478 | ||
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 | 24% |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Income Tax Contingency [Line Items] | ||||
Unrealized state credit carryforwards | $ 2,300 | |||
Undistributed earnings on certain foreign subsidiaries | 19,300 | |||
Balance at Beginning of Year | 2,259 | |||
Balance at End of Year | 2,586 | $ 2,259 | ||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net (Deductions) Recoveries | (74) | (146) | $ 51 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 2,586 | 2,259 | 1,963 | $ 1,534 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | $ 401 | $ 442 | $ 378 |
Investments, Short-term Investm
Investments, Short-term Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Gains (losses) on hedged investments | $ (748) | $ (606) | $ 694 |
Adjusted cost for unhedged investments | 10,200 | 5,000 | |
Available-for-sale Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Value of hedged investments | 16,200 | 21,500 | |
Gains (losses) on derivatives | $ 752 | $ 609 | $ (667) |
Investments, Marketable Debt In
Investments, Marketable Debt Investments Contractual Maturity (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Investments [Abstract] | |
Due in 1 year or less | $ 12,680 |
Due in 1–2 years | 1,844 |
Due in 2–5 years | 4,139 |
Due after 5 years | 665 |
Instruments not due at a single maturity date | 7,095 |
Total | $ 26,423 |
Investments Investments, Equity
Investments Investments, Equity Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Apr. 02, 2022 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Schedule of Investments [Line Items] | ||||
Marketable equity securities | $ 1,341 | $ 2,171 | ||
Non-marketable equity securities | 4,561 | 4,111 | ||
Equity method investments | 10 | 16 | ||
Total | $ 5,912 | 6,298 | ||
Marketable equity securities subject to trading-volume or market-based restrictions | 90% | |||
Marketable equity securities threshold percentage of shares owned resulting in trading volume restrictions | 1% | |||
Ongoing mark-to-market adjustments on marketable equity securities | $ (787) | (130) | $ (133) | |
Observable price adjustments on non-marketable equity securities | (299) | (750) | (176) | |
Impairment charges | (190) | (154) | (303) | |
Sale of equity investments and other | 4,946 | 2,263 | 2,164 | |
Total gains (losses) on equity investments, net | 4,268 | 2,729 | 1,904 | |
Equity Securities, FV-NI, Gain (Loss), Net | (314) | 1,210 | 1,679 | |
Less: Net (gains) losses recognized during the period on equity securities sold during the period | 1 | (259) | (254) | |
Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date | (313) | 951 | 1,425 | |
Sales of equity investments | $ 4,961 | 581 | 910 | |
McAfee [Member] | ||||
Schedule of Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 41% | |||
Sales of equity investments | $ 1,300 | 126 | ||
Cash proceeds from sale of equity method investment | 228 | |||
McAfee [Member] | McAfee Enterprise Business | ||||
Schedule of Investments [Line Items] | ||||
Sales of equity investments | 1,100 | |||
Bejing Unisoc Technology Ltd. | ||||
Schedule of Investments [Line Items] | ||||
Total gains (losses) on equity investments, net | $ 471 | |||
Equity Securities, FV-NI, Cost | 1,100 | 1,100 | ||
Cost-method Investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Impairment charges | $ (190) | $ (154) | $ (290) |
Investments, Equity Method and
Investments, Equity Method and Cost Method Investments (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Impairments | $ 190 | $ 154 | $ 303 | |
Sales of equity investments | 4,961 | 581 | 910 | |
Equity method investments | $ 10 | $ 10 | 16 | |
McAfee [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 41% | 41% | ||
Gain on sale of equity method investment | $ 4,600 | |||
Sales of equity investments | $ 1,300 | 126 | ||
Cash proceeds from sale of equity method investment | 228 | |||
Cost-method Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Impairments | $ 190 | $ 154 | $ 290 |
Investments, Non-Marketable Cos
Investments, Non-Marketable Cost Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Gain (Loss) on Securities [Line Items] | |||
Non-marketable equity securities | $ 10 | $ 16 | |
Impairments | 190 | 154 | $ 303 |
Cumulative impairment for equity securities without readily determinable fair value | 955 | 916 | |
Upward observable price adjustments for equity securities without readily determinable fair value | 1,400 | 1,100 | |
Cost-method Investments [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Impairments | $ 190 | $ 154 | $ 290 |
Acquisitions & Divestitures, Ac
Acquisitions & Divestitures, Acquisitions (Details) | 12 Months Ended | |||
May 04, 2020 USD ($) | Dec. 31, 2022 USD ($) Acquisition | Dec. 25, 2021 USD ($) Acquisition | Dec. 26, 2020 USD ($) | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 27,591,000,000 | $ 26,963,000,000 | $ 26,971,000,000 | |
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | Acquisition | 8 | 4 | ||
Moovit [Member] | ||||
Business Acquisition [Line Items] | ||||
Total consideration to acquire business | $ 53 | |||
Goodwill | 5,400,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 353,000,000 |
Acquisitions & Divestitures, Di
Acquisitions & Divestitures, Divestitures (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Dec. 29, 2021 | Oct. 19, 2020 | Jul. 31, 2020 | Mar. 31, 2025 | Jun. 24, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Oct. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Total consideration in cash | $ 6,579 | $ 0 | $ 123 | ||||||
Pre-tax gain on divestiture | 1,059 | 0 | 30 | ||||||
Tax expense | (249) | 1,835 | 4,179 | ||||||
Acquisition of property, plant and equipment included in accounts payable and accrued liabilities | 5,431 | 1,619 | 2,973 | ||||||
Current Income Tax Expense (Benefit) | 4,909 | 2,577 | $ 2,410 | ||||||
NAND Memory Business Divestiture | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Current related party receivable | 133 | ||||||||
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 | |||||||
Pre-tax gain on divestiture | 1,000 | ||||||||
Tax expense | 495 | ||||||||
Deferred consideration | $ 583 | ||||||||
Nontrade Receivables, Noncurrent | $ 1,900 | ||||||||
Maximum exposure annually | $ 500 | ||||||||
Maximum exposure | $ 1,500 | ||||||||
NAND Memory Business | Discontinued Operations, Held-for-sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Inventories | 941 | ||||||||
Property, plant and equipment, net | 6,018 | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Total | $ 6,959 | ||||||||
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 | ||||||||
Pre-tax gain | $ 35 | ||||||||
Home Gateway Platform Division | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Total consideration in cash | $ 150 |
Goodwill, Rollforward (Details)
Goodwill, Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 25, 2021 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 26,963 | $ 26,971 |
Goodwill, Acquisitions | 637 | 196 |
Goodwill, Other | (9) | (204) |
Goodwill, Ending Balance | 27,591 | 26,963 |
Datacenter and AI | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 8,595 | 8,476 |
Goodwill, Acquisitions | 418 | 85 |
Goodwill, Other | 0 | 34 |
Goodwill, Ending Balance | 9,013 | 8,595 |
Network and Edge | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 2,774 | 2,774 |
Goodwill, Acquisitions | 35 | 0 |
Goodwill, Other | 0 | 0 |
Goodwill, Ending Balance | 2,809 | 2,774 |
Mobileye | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 10,928 | 10,928 |
Goodwill, Acquisitions | 0 | 0 |
Goodwill, Other | (9) | 0 |
Goodwill, Ending Balance | 10,919 | 10,928 |
Client Computing | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 4,237 | 4,164 |
Goodwill, Acquisitions | 17 | 73 |
Goodwill, Other | 0 | 0 |
Goodwill, Ending Balance | 4,254 | 4,237 |
Accelerated Computing Systems and Graphics | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 429 | 391 |
Goodwill, Acquisitions | 167 | 38 |
Goodwill, Other | 0 | 0 |
Goodwill, Ending Balance | 596 | 429 |
All other | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 0 | 238 |
Goodwill, Acquisitions | 0 | 0 |
Goodwill, Other | 0 | (238) |
Goodwill, Ending Balance | $ 0 | $ 0 |
Goodwill, Reallocation (Details
Goodwill, Reallocation (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 |
Goodwill [Line Items] | |||
Goodwill | $ 27,591 | $ 26,963 | $ 26,971 |
Client Computing | |||
Goodwill [Line Items] | |||
Goodwill | 4,254 | 4,237 | 4,164 |
Data Center Group | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Datacenter and AI | |||
Goodwill [Line Items] | |||
Goodwill | 9,013 | 8,595 | 8,476 |
Internet of Things Group | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Network and Edge | |||
Goodwill [Line Items] | |||
Goodwill | 2,809 | 2,774 | 2,774 |
Accelerated Computing Systems and Graphics | |||
Goodwill [Line Items] | |||
Goodwill | 596 | 429 | 391 |
Mobileye | |||
Goodwill [Line Items] | |||
Goodwill | $ 10,919 | 10,928 | $ 10,928 |
Programmable Solutions Group | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Previously Reported | |||
Goodwill [Line Items] | |||
Goodwill | 26,963 | ||
Previously Reported | Client Computing | |||
Goodwill [Line Items] | |||
Goodwill | 4,433 | ||
Previously Reported | Data Center Group | |||
Goodwill [Line Items] | |||
Goodwill | 7,355 | ||
Previously Reported | Datacenter and AI | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Previously Reported | Internet of Things Group | |||
Goodwill [Line Items] | |||
Goodwill | 1,591 | ||
Previously Reported | Network and Edge | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Previously Reported | Accelerated Computing Systems and Graphics | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Previously Reported | Mobileye | |||
Goodwill [Line Items] | |||
Goodwill | 10,928 | ||
Previously Reported | Programmable Solutions Group | |||
Goodwill [Line Items] | |||
Goodwill | 2,656 | ||
Transfers Out | |||
Goodwill [Line Items] | |||
Goodwill | (11,877) | ||
Transfers Out | Client Computing | |||
Goodwill [Line Items] | |||
Goodwill | (275) | ||
Transfers Out | Data Center Group | |||
Goodwill [Line Items] | |||
Goodwill | (7,355) | ||
Transfers Out | Datacenter and AI | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Transfers Out | Internet of Things Group | |||
Goodwill [Line Items] | |||
Goodwill | (1,591) | ||
Transfers Out | Network and Edge | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Transfers Out | Accelerated Computing Systems and Graphics | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Transfers Out | Mobileye | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Transfers Out | Programmable Solutions Group | |||
Goodwill [Line Items] | |||
Goodwill | (2,656) | ||
Transfers In | |||
Goodwill [Line Items] | |||
Goodwill | 11,877 | ||
Transfers In | Client Computing | |||
Goodwill [Line Items] | |||
Goodwill | 79 | ||
Transfers In | Data Center Group | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Transfers In | Datacenter and AI | |||
Goodwill [Line Items] | |||
Goodwill | 8,595 | ||
Transfers In | Internet of Things Group | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Transfers In | Network and Edge | |||
Goodwill [Line Items] | |||
Goodwill | 2,774 | ||
Transfers In | Accelerated Computing Systems and Graphics | |||
Goodwill [Line Items] | |||
Goodwill | 429 | ||
Transfers In | Mobileye | |||
Goodwill [Line Items] | |||
Goodwill | 0 | ||
Transfers In | Programmable Solutions Group | |||
Goodwill [Line Items] | |||
Goodwill | $ 0 |
Goodwill, Narrative (Details)
Goodwill, Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 02, 2022 | Dec. 25, 2021 | Dec. 31, 2022 | |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 238 | ||
Goodwill, Impaired, Accumulated Impairment Loss | $ 957 | ||
All other | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 238 | ||
Client Computing | |||
Goodwill [Line Items] | |||
Goodwill, Impaired, Accumulated Impairment Loss | 365 | ||
Data Center Group | |||
Goodwill [Line Items] | |||
Goodwill, Impaired, Accumulated Impairment Loss | 275 | ||
Internet of Things Group | |||
Goodwill [Line Items] | |||
Goodwill, Impaired, Accumulated Impairment Loss | $ 79 |
Identified Intangible Assets (D
Identified Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Finite Lived Intangible Assets [Line Items] | |||
Gross Assets, Finite-lived Intangible Assets | $ 16,169 | $ 16,105 | |
Accumulated Amortization | (10,151) | (8,835) | |
Total | 6,018 | ||
Total identified intangible assets | 6,018 | 7,270 | |
Amortization of intangibles | 1,907 | 1,839 | $ 1,757 |
Future amortization expenses | |||
2023 | 1,730 | ||
2024 | 1,297 | ||
2025 | 883 | ||
2026 | 680 | ||
2027 | 511 | ||
Thereafter | 917 | ||
Total | 6,018 | ||
Acquisition-related Developed Technology [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross Assets, Finite-lived Intangible Assets | 10,964 | 11,102 | |
Accumulated Amortization | (7,216) | (6,026) | |
Total | $ 3,748 | 5,076 | |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 9 years | ||
Amortization of intangibles | $ 1,341 | 1,283 | 1,211 |
Future amortization expenses | |||
Total | 3,748 | 5,076 | |
Acquisition-related Customer Relationships and Brands [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross Assets, Finite-lived Intangible Assets | 1,986 | 2,110 | |
Accumulated Amortization | (1,114) | (1,063) | |
Total | $ 872 | 1,047 | |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 12 years | ||
Amortization of intangibles | $ 185 | 209 | 205 |
Future amortization expenses | |||
Total | 872 | 1,047 | |
Licensed Technology and Patents [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross Assets, Finite-lived Intangible Assets | 3,219 | 2,893 | |
Accumulated Amortization | (1,821) | (1,746) | |
Total | $ 1,398 | 1,147 | |
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 12 years | ||
Amortization of intangibles | $ 381 | 347 | $ 341 |
Future amortization expenses | |||
Total | 1,398 | $ 1,147 | |
Licensed Technology | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets acquired | $ 634 |
Borrowings, Short-term Debt (De
Borrowings, Short-term Debt (Details) - USD ($) | Dec. 31, 2022 | Dec. 25, 2021 |
Short-term Debt [Line Items] | ||
Total short-term debt | $ 4,367,000,000 | $ 4,591,000,000 |
Current portion of long-term debt | 423,000,000 | 4,591,000,000 |
Commercial Paper | $ 3,900,000,000 | $ 0 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Weighted average interest rate | 4.39% | |
Maximum borrowing capacity | $ 10,000,000,000 |
Borrowings, Long-term Debt (Det
Borrowings, Long-term Debt (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 39,285,000,000 | $ 37,695,000,000 | ||
Long-term debt | (423,000,000) | (4,591,000,000) | ||
Total long-term debt | 37,684,000,000 | 33,510,000,000 | ||
Derivative, notional amount | 49,708,000,000 | 55,750,000,000 | $ 47,696,000,000 | |
Long-term Debt, Fair Value | 34,300,000,000 | 41,500,000,000 | ||
Repayments of Long-term Debt | 4,984,000,000 | 2,500,000,000 | $ 4,525,000,000 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (417,000,000) | (405,000,000) | ||
Long-term Debt | 38,107,000,000 | 38,101,000,000 | ||
2023 | 423,000,000 | |||
2024 | 2,288,000,000 | |||
2025 | 3,750,000,000 | |||
2026 | 1,000,000,000 | |||
2027 | 3,826,000,000 | |||
2028 and thereafter | $ 27,998,000,000 | |||
2017 Senior notes due May 2022 at .35% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0% | |||
Long-term Debt, Gross | $ 0 | 800,000,000 | ||
2017 Senior notes due May 2022 at 2.35% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0% | |||
Long-term Debt, Gross | $ 0 | 750,000,000 | ||
2015 Senior notes due July 2022 at 3.10% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0% | |||
Long-term Debt, Gross | $ 0 | 1,000,000,000 | ||
2015 Senior notes due December 2022 at 4.00% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0% | |||
Long-term Debt, Gross | $ 0 | 398,000,000 | ||
2012 Senior notes due December 2022 at 2.70% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0% | |||
Long-term Debt, Gross | $ 0 | 1,500,000,000 | ||
2016 Altera acquired Senior notes due November 2023 at 4.10% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0% | |||
Long-term Debt, Gross | $ 0 | 400,000,000 | ||
2017 Senior notes due May 2024 at 2.88% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.34% | |||
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] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.14% | |||
Long-term Debt, Gross | $ 600,000,000 | 600,000,000 | ||
Fixed-rate Senior Notes, 3.40% due March 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.44% | |||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 | ||
2015 Senior notes due July 2025 at 3.70% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.83% | |||
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] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.25% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
Fixed-rate Senior Notes, 3.75% due March 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.78% | |||
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] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.84% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
Fixed-rate Senior Notes, 3.75% due August 2027 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 0 | ||
Fixed-rate Senior Notes, 1.60% due August 2028 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 1.67% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
Fixed-rate Senior Notes, 4.05% due August 2029 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.05% | |||
Long-term Debt, Gross | $ 850,000,000 | 0 | ||
2019 Senior Notes due December 2029 at 2.45% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.38% | |||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 | ||
Fixed-rate Senior Notes, 3.90%, due March 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.92% | |||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 | ||
Fixed-rate Senior Notes, 2.00% due August 2031 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.02% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | ||
Fixed-rate Senior Notes, 4.15% due August 2032 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.17% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 0 | ||
2012 Senior notes due December 2032 at 4.00% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.20% | |||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | ||
Fixed-rate Senior Notes, 4.60%, due March 2040 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.59% | |||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | ||
Fixed-rate Senior Notes, 2.80%, due August 2041 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.81% | |||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | ||
2011 Senior notes due October 2041 at 4.80% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.70% | |||
Long-term Debt, Gross | $ 802,000,000 | 802,000,000 | ||
2012 Senior notes due December 2042 at 4.25% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.32% | |||
Long-term Debt, Gross | $ 567,000,000 | 567,000,000 | ||
2015 Senior notes due July 2045 at 4.90% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | |||
Long-term Debt, Gross | $ 772,000,000 | 772,000,000 | ||
2016 Senior notes due May 2046 at 4.10% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.03% | |||
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] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
$640, 4.10%, Senior Notes due August 2047 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.54% | |||
Long-term Debt, Gross | $ 640,000,000 | 640,000,000 | ||
2017 Senior notes due December 2047 at 3.73% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.31% | |||
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] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.19% | |||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 | ||
Fixed-rate Senior Notes, 4.75%, due March 2050 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.73% | |||
Long-term Debt, Gross | $ 2,250,000,000 | 2,250,000,000 | ||
Fixed-rate Senior Notes, 3.05% due August 2051 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.06% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | ||
Fixed-rate Senior Notes, 4.90% due August 2052 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.88% | |||
Long-term Debt, Gross | $ 1,750,000,000 | 0 | ||
Fixed-rate Senior Notes, 3.10%, due February 2060 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.10% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
Fixed-rate Senior Notes, 4.95%, due March 2060 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.98% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
Fixed-rate Senior Notes, 3.20% due August 2061 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | |||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | ||
Fixed-rate Senior Notes, 5.05% due August 2062 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.03% | |||
Long-term Debt, Gross | $ 900,000,000 | 0 | ||
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 | ||
5.00% Oregon and Arizona Bonds due September 2042 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.41% | |||
Long-term Debt, Gross | $ 131,000,000 | 0 | ||
State of Oregon Business Development Commission [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0% | |||
Long-term Debt, Gross | $ 0 | 138,000,000 | ||
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 | ||
5.00% Oregon and Arizona Bonds due September 2052 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.17% | |||
Long-term Debt, Gross | $ 445,000,000 | 0 | ||
2016 Senior notes due May 2021 at 1.70% [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 1.70% | |||
Repayment of debt | $ 500,000,000 | |||
2011 Senior notes due October 2021 at 3.30% [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 3.30% | |||
Repayment of debt | $ 2,000,000,000 | |||
Senior Notes Due May 2022 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 1,600,000,000 | |||
Senior Notes Due July 2022 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 1,000,000,000 | |||
Senior Notes Due December 2022 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 1,900,000,000 | |||
Senior Notes Due November 2023 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 400,000,000 | |||
Fair Value Hedging [Member] | Interest Rate Swaps [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (776,000,000) | 775,000,000 | ||
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 | (761,000,000) | 811,000,000 | ||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 6,000,000,000 | $ 5,000,000,000 | ||
Senior Notes [Member] | Green Bonds | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 1,300,000,000 | |||
Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 5,000,000,000 | |||
Debt Instrument, Extension, Term | 1 year | |||
Line of Credit | 2022 Variable Rate Unsecured Revolving Credit Agreement Maturing in November 2023 | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 5,000,000,000 | |||
Debt Instrument, Term | 364 days | |||
Municipal Bonds | CIDA Bonds | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 5% | |||
Debt Instrument, Face Amount | $ 600,000,000 | |||
Municipal Bonds | Oregon Business Development Commission Bonds | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | $ 138,000,000 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other than Temporary Impairment Losses, Investments | $ 190 | $ 154 | $ 303 |
Grants receivable | $ 437 | ||
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current | |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Current | $ 1,264 | $ 656 | |
Derivative Assets, Fair Value Disclosure | 10 | 779 | |
Assets, Fair Value Disclosure | 30,392 | 31,880 | |
Derivative Liability, Current | 685 | 520 | |
Derivative Liability, Noncurrent | 699 | 9 | |
Liabilities, Fair Value Disclosure | 1,384 | 529 | |
Fair Value, Nonrecurring [Member] | Carrying Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Grants receivable | 437 | 317 | |
Equity securities | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,341 | 2,171 | |
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 | 179 | 138 | |
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 | 856 | 65 | |
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 | 8,373 | 1,979 | |
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 | 1,301 | 1,595 | |
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 | 5,381 | 6,367 | |
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 | 4,925 | 5,316 | |
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 | 6,888 | 12,743 | |
Other Current Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | 53 | 152 | |
Other Long-Term Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | 0 | 57 | |
Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Current | 0 | 80 | |
Derivative Assets, Fair Value Disclosure | 0 | 0 | |
Assets, Fair Value Disclosure | 8,484 | 3,354 | |
Derivative Liability, Current | 111 | 4 | |
Derivative Liability, Noncurrent | 0 | 0 | |
Liabilities, Fair Value Disclosure | 111 | 4 | |
Level 1 [Member] | Equity securities | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,341 | 1,854 | |
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 | 6,899 | 1,216 | |
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 | 196 | 154 | |
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 | 48 | 50 | |
Level 1 [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, 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] | |||
Loans Receivable, 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] | |||
Derivative Asset, Current | 1,264 | 576 | |
Derivative Assets, Fair Value Disclosure | 10 | 772 | |
Assets, Fair Value Disclosure | 21,908 | 28,519 | |
Derivative Liability, Current | 485 | 516 | |
Derivative Liability, Noncurrent | 699 | 9 | |
Liabilities, Fair Value Disclosure | 1,184 | 525 | |
Level 2 [Member] | Fair Value, Nonrecurring [Member] | Carrying Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Reverse repurchase agreements | 400 | 0 | |
Level 2 [Member] | Equity securities | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 0 | 317 | |
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 | 856 | 65 | |
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 | 1,474 | 763 | |
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 | 1,301 | 1,595 | |
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 | 5,381 | 6,367 | |
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 | 4,729 | 5,162 | |
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 | 6,840 | 12,693 | |
Level 2 [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | 53 | 152 | |
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] | |||
Loans Receivable, Fair Value Disclosure | 0 | 57 | |
Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Current | 0 | 0 | |
Derivative Assets, Fair Value Disclosure | 0 | 7 | |
Assets, Fair Value Disclosure | 0 | 7 | |
Derivative Liability, Current | 89 | 0 | |
Derivative Liability, Noncurrent | 0 | 0 | |
Liabilities, Fair Value Disclosure | 89 | 0 | |
Level 3 [Member] | 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] | |||
Loans Receivable, 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] | |||
Loans Receivable, 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. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | Dec. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 103,286 | $ 95,391 | $ 81,038 | $ 77,504 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (15) | (16) | 538 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | 486 | (144) | 70 | |
Tax effects | (153) | 31 | (79) | |
Other comprehensive income (loss) | 318 | (129) | 529 | |
Net derivative gains included in accumulated comprehensive income (loss) into earnings within next 12 months | 254 | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (562) | (880) | (751) | (1,280) |
Unrealized holding gains (losses) on derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (299) | 211 | 731 | 54 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (910) | (434) | 806 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | 410 | (226) | (8) | |
Tax effects | (10) | 140 | (121) | |
Other comprehensive income (loss) | (510) | (520) | 677 | |
Actuarial gains (losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (259) | (1,114) | (1,565) | (1,382) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 923 | 476 | (323) | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | 82 | 101 | 89 | |
Tax effects | (150) | (126) | 51 | |
Other comprehensive income (loss) | 855 | 451 | (183) | |
Foreign Currency translation adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (4) | 23 | 83 | $ 48 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (28) | (58) | 55 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | (6) | (19) | (11) | |
Tax effects | 7 | 17 | (9) | |
Other comprehensive income (loss) | $ (27) | $ (60) | $ 35 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $ 1,231 | $ 1,231 | $ 1,427 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 1,551 | 723 | $ (817) | |
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | 49,708 | 49,708 | 55,750 | 47,696 |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 1,231 | 1,231 | 1,427 | |
Derivative Assets Subject To Master Netting Arrangements, Gross Amounts Offset In The Balance Sheet | 0 | 0 | 0 | |
Derivative Asset, Subject to Master Netting Arrangement, after Offset | 1,231 | 1,231 | 1,427 | |
Derivative Asset, Not Offset, Policy Election Deduction | (546) | (546) | (332) | |
Derivative, Collateral, Obligation to Return Cash | (682) | (682) | (986) | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 3 | 3 | 109 | |
Reverse Repurchase Agreements, Gross Amounts Recognized | 1,701 | 1,701 | 1,595 | |
Reverse Repurchase Agreements, Gross Amounts Offset In The Balance Sheet | 0 | 0 | 0 | |
Securities Purchased under Agreements to Resell | 1,701 | 1,701 | 1,595 | |
Securities Purchased under Agreements to Resell, Not Offset, Policy Election Deduction | 0 | 0 | 0 | |
Reverse Repurchase Agreements, Gross Amounts Not Offset In The Balance Sheet - Financial Instruments | (1,701) | (1,701) | (1,595) | |
Securities Purchased under Agreements to Resell, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 0 | 0 | 0 | |
Total Assets, Gross Amounts Recognized | 2,932 | 2,932 | 3,022 | |
Total Assets, Gross Amounts Offset In The Balance Sheet | 0 | 0 | 0 | |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed | 2,932 | 2,932 | 3,022 | |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Not Offset, Policy Election Deduction | (546) | (546) | (332) | |
Total Assets, Gross Amounts Not Offset In The Balance Sheet - Cash and Non-Cash Collateral Received Or Pledged | (2,383) | (2,383) | (2,581) | |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 3 | 3 | 109 | |
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 1,337 | 1,337 | 392 | |
Derivative Liabilities Subject To Master Netting Arrangements, Gross Amounts Offset In The Balance Sheet | 0 | 0 | 0 | |
Derivative Liability, Subject to Master Netting Arrangement, after Offset | 1,337 | 1,337 | 392 | |
Derivative Liability, Not Offset, Policy Election Deduction | (546) | (546) | (332) | |
Derivative, Collateral, Right to Reclaim Cash | (712) | (712) | (60) | |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 79 | 79 | 0 | |
Designated as Hedging Instrument [Member] | ||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 0 | 0 | 0 | |
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 Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 1,299 | 1,068 | (378) | |
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 1,299 | 1,068 | (378) | |
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 | 1,274 | 1,274 | 1,435 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 1,274 | 1,274 | 1,435 | |
Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 142 | 142 | 854 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 142 | 142 | 854 | |
Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1,132 | 1,132 | 581 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 1,132 | 1,132 | 581 | |
Liabilities [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 1,384 | 1,384 | 529 | |
Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 1,067 | 1,067 | 163 | |
Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 317 | 317 | 366 | |
Foreign currency contracts [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | $ 31,603 | 31,603 | 38,024 | 31,209 |
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (910) | (434) | 806 | |
Foreign currency contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 1,492 | 677 | (572) | |
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | $ 1,492 | $ 677 | $ (572) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other, net | Interest and other, net | Interest and other, net | Interest and other, net |
Foreign currency contracts [Member] | Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $ 142 | $ 142 | $ 80 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 142 | 142 | 80 | |
Foreign currency contracts [Member] | Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 866 | 866 | 475 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 866 | 866 | 475 | |
Foreign currency contracts [Member] | Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 290 | 290 | 163 | |
Foreign currency contracts [Member] | Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 194 | 194 | 297 | |
Interest Rate Contracts [Member] | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (1,551) | (723) | $ 817 | |
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | 16,011 | 16,011 | 15,209 | 14,461 |
Interest Rate Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 309 | 31 | (90) | |
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | $ 309 | $ 31 | $ (90) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other, net | Interest and other, net | Interest and other, net | |
Interest Rate Contracts [Member] | Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | $ 0 | $ 774 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 0 | 0 | 774 | |
Interest Rate Contracts [Member] | Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 266 | 266 | 26 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 266 | 266 | 26 | |
Interest Rate Contracts [Member] | Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 777 | 777 | 0 | |
Interest Rate Contracts [Member] | Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 12 | 12 | 65 | |
Other contracts [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | 2,094 | 2,094 | 2,517 | $ 2,026 |
Other contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | (502) | 360 | 284 | |
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | $ (502) | $ 360 | $ 284 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income, Not Disclosed Flag | Other | Other | Other | |
Other contracts [Member] | Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | $ 0 | $ 80 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 0 | 0 | 80 | |
Other contracts [Member] | Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 111 | 111 | 4 | |
Interest Rate Swaps [Member] | Fair Value Hedging [Member] | ||||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 776 | (775) | ||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 776 | (775) | ||
Interest Rate Swaps [Member] | Long-term Debt [Member] | Fair Value Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Amount of Hedged Item | 12,000 | 12,000 | 12,000 | |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Derivative, Fair Value, Net | $ (11,221) | (11,221) | (12,772) | |
Gains (Losses) Recognized in Income on Derivatives | 761 | (811) | ||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | $ 761 | $ (811) |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning projected benefit obligation | $ 2,705 | $ 4,456 | $ 4,929 |
Service cost | 58 | 54 | |
Interest cost | $ 91 | $ 91 | |
Defined Benefit Plan Net Periodic Benefit Cost Credit Interest Cost Statement Of Income Or Comprehensive Income Extensible ListNotDisclosedFlag | Interest cost | Interest cost | |
Actuarial (gain) loss | $ (1,500) | $ (284) | |
Currency exchange rate changes | (233) | (150) | |
Plan settlements | (96) | (126) | |
Other changes in projected benefit obligation | (71) | (58) | |
Fair value of plan assets | 2,130 | 2,817 | $ 2,878 |
Actual return on plan assets | (478) | 145 | |
Currency exchange rate changes | (102) | (63) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (96) | (126) | |
Other | (11) | (17) | |
Net unfunded status | 575 | 1,639 | |
Accumulated other comprehensive loss (income), before tax3 | $ 406 | 1,445 | |
Defined Benefit Plan, Additional Information [Abstract] | |||
Net Actuarial (Gain) Loss Amortization Percent | 10% | ||
Accumulated benefit obligations | $ 2,507 | 4,086 | |
Defined Benefit Plan, Funded Status Percentage [Abstract] | |||
Defined Benefit Plan, Funded Percentage | 81% | ||
Defined Benefit Plan, Component Of Worldwide Pension And Postretirement Benefit Obligation (percent) | 28% | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | |||
Accumulated benefit obligation | $ 559 | 4,086 | |
Plan assets | 97 | 2,817 | |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation | 1,048 | 4,456 | |
Plan assets | $ 399 | $ 2,817 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.90% | 2.20% | |
Rate of compensation increase | 3.70% | 3.20% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.20% | 1.90% | 2.30% |
Expected long-term rate of return on plan assets | 3.20% | 2.70% | 3.30% |
Rate of compensation increase | 3.20% | 3.20% | 3.20% |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
Estimated Benefit Payments, 2019 | $ 125 | ||
Estimated Benefit Payments, 2020 | 113 | ||
Estimated Benefit Payments, 2021 | 118 | ||
Estimated Benefit Payments, 2022 | 126 | ||
Estimated Benefit Payments, 2023 | 129 | ||
Estimated Benefit Payments, 2024-2028 | 700 | ||
Other long-term assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net unfunded status | (74) | $ 0 | |
Other long-term liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net unfunded status | 649 | 1,639 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 427 | $ 484 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligations Percentage Split | 30% | ||
Fair Value of Plan Assets Percentage Split | 40% | 50% | |
AOCI Percentage Split | 90% | 30% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 489 | $ 444 | $ 398 |
Defined Benefit Plan, Additional Information [Abstract] | |||
Accumulated benefit obligations | $ 900 | 1,400 | |
Defined Benefit Plan, Funded Status Percentage [Abstract] | |||
Defined Benefit Plan, Funded Percentage | 102% | ||
United States | Pension Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 139 | 162 | $ 164 |
United States | Postretirement Health Coverage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning projected benefit obligation | 527 | 682 | |
Fair value of plan assets | $ 501 | $ 669 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 5.60% | 2.80% | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
Estimated Benefit Payments, 2019 | $ 40 | ||
Estimated Benefit Payments, 2020 | 41 | ||
Estimated Benefit Payments, 2021 | 41 | ||
Estimated Benefit Payments, 2022 | 43 | ||
Estimated Benefit Payments, 2023 | 44 | ||
Estimated Benefit Payments, 2024-2028 | $ 222 | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligations Percentage Split | 70% | ||
Fair Value of Plan Assets Percentage Split | 60% | 50% | |
AOCI Percentage Split | 10% | 70% | |
Defined Benefit Plan, Additional Information [Abstract] | |||
Accumulated benefit obligations | $ 1,600 | $ 2,600 | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 35% | ||
Fair value of plan assets | $ 297 | 342 | |
Equity securities | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 10% | ||
Equity securities | United States | Postretirement Health Coverage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 55% | ||
Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 45% | ||
Fair value of plan assets | $ 130 | 142 | |
Fixed income | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 90% | ||
Fixed income | United States | Postretirement Health Coverage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 45% | ||
Assets measured at net asset value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,683 | 2,311 | |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 20 | $ 22 | |
Hedge Funds [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 20% | ||
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | ||
Level 1 [Member] | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 1 [Member] | Fixed income | |||
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 | 403 | ||
Level 2 [Member] | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 297 | ||
Level 2 [Member] | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 106 | ||
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24 | ||
Level 3 [Member] | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 [Member] | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 24 |
Employee Equity Incentive Pla_3
Employee Equity Incentive Plans (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
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 | $ 3,128 | $ 2,036 | $ 1,854 |
Tax Benefit from Compensation Expense | $ 478 | 377 | 380 |
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 | $ 2,000 | 1,700 | 1,900 |
RSUs Aggregate Intrinsic Value, Vested | 2,500 | $ 1,400 | $ 1,300 |
Compensation Cost Not yet Recognized | $ 4,600 | ||
Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | ||
Estimated Values And Weighted Average Assumptions [Abstract] | |||
Estimated values (in dollars per share) | $ 41.12 | $ 50.82 | $ 54.82 |
Risk-free interest rate | 2.20% | 0.20% | 0.40% |
Dividend yield | 3.40% | 2.60% | 2.30% |
Restricted Stock Units Activity [Roll Forward] | |||
Number of RSUs outstanding, beginning balance | 118 | ||
Number of RSUs granted | 104.2 | ||
Number of RSUs vested | (50.3) | ||
Number of RSUs forfeited | (13.2) | ||
Number of RSUs outstanding, ending balance | 158.7 | 118 | |
Number of RSUs expected to vest | 142.7 | ||
Weighted average grant date fair value, RSUs outstanding | $ 45.56 | $ 51.29 | |
Weighted average grant date fair value, RSUs granted | 41.12 | ||
Weighted average grant date fair value, RSUs vested | 48.90 | ||
Weighted average grant date fair value, RSUs forfeited | 48.99 | ||
Weighted average grant date fair value, RSUs expected to vest | $ 45.78 | ||
Market-Based Restricted Stock Units (OSUs) [Member] | |||
Estimated Values And Weighted Average Assumptions [Abstract] | |||
Volatility (percent) | 40% | 37% | 30% |
Restricted Stock Units Activity [Roll Forward] | |||
Number of RSUs outstanding, ending balance | 15 | ||
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% | ||
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% | ||
Stock Purchase Plan RIghts [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Compensation Cost Not yet Recognized | $ 73 | ||
Compensation Cost Not yet Recognized, Period for Recognition | 2 months | ||
Stock Purchase Plan Shares Issued in Period | 27 | 22 | 21 |
Employee Purchases, Amount | $ 931 | $ 925 | $ 876 |
2006 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Number of Shares Authorized | 946 | ||
Number of Shares Available for Grant | 119 | ||
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 | 200 | ||
Stock Purchase Plan, Purchase Price of Common Stock, Percent | 85% |
Commitments and Contingencies,
Commitments and Contingencies, Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | ||
Operating Lease, Right-of-Use Asset | $ 487 | ||
Lessor, Operating Lease, Renewal Term | 36 years | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 8 months 12 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.30% | ||
Operating Lease, Expense | $ 729 | $ 798 | $ 416 |
Variable Lease, Cost | 551 | 620 | 237 |
Finance Lease, Liability, Payment, Due | 809 | ||
Payments on finance leases | 345 | $ 0 | $ 0 |
Supplier Capacity, Eight Year Lease | |||
Lessee, Lease, Description [Line Items] | |||
Payments on finance leases | $ 430 | ||
Lessee, Finance Lease, Term of Contract | 8 years | ||
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 | 13 years | ||
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 | $ 236 |
Commitments and Contingencies_2
Commitments and Contingencies, Commitments (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Sep. 25, 2021 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | May 04, 2020 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Unrecorded Unconditional Purchase Obligation | $ 10,700 | $ 12,400 | |||
Goodwill | 27,591 | 26,963 | $ 26,971 | ||
Litigation charges | $ 2,200 | ||||
Moovit [Member] | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Goodwill | $ 5,400 | ||||
Semiconductor Co-Investment Program, Construction Costs | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Unrecognized commitment | 13,500 | ||||
Semiconductor Co-Investment Program, Construction Costs | Intel and Brookfield | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Unrecognized commitment | 29,000 | ||||
Capital Addition Purchase Commitments [Member] | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Unrecorded Unconditional Purchase Obligation | $ 31,000 | $ 27,000 |
Commitments and Contingencies_3
Commitments and Contingencies, Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Nov. 30, 2022 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | ||
Gain on Business Interruption Insurance Recovery | $ 484 | |
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | |
VLSI Technology LLC v. Intel | ||
Loss Contingencies [Line Items] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 949 |
Commitments and Contingencies_4
Commitments and Contingencies, Schedule of Payments on Operating Lease Liabilities (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 179 |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 107 |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 72 |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 34 |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 26 |
Lessee, Operating Lease, Liability, to be Paid, Thereafter | 28 |
Lessee, Operating Lease, Liability, to be Paid | 446 |
Finance Lease, Liability, to be Paid, Year One | 682 |
Finance Lease, Liability, to be Paid, Year Two | 122 |
Finance Lease, Liability, to be Paid, Year Three | 5 |
Finance Lease, Liability, to be Paid, Year Four | 0 |
Finance Lease, Liability, to be Paid, Year Five | 0 |
Finance Lease, Liability, to be Paid, after Year Five | 0 |
Finance Lease, Liability, Payment, Due | 809 |
Present value of lease payments | $ 1,218 |
Non-Controlling Interests, Narr
Non-Controlling Interests, Narrative (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Noncontrolling Interest [Line Items] | |||||
Assets | $ 182,103,000,000 | $ 182,103,000,000 | $ 182,103,000,000 | $ 168,406,000,000 | |
Non-controlling interests | 1,863,000,000 | 1,863,000,000 | 1,863,000,000 | 0 | |
Net loss attributable to non-controlling interest | 3,000,000 | $ 0 | $ 0 | ||
Mobileye | |||||
Noncontrolling Interest [Line Items] | |||||
Net proceeds | 1,000,000,000 | ||||
Semiconductor Co-Investment Program, Construction Costs | |||||
Noncontrolling Interest [Line Items] | |||||
Unrecognized commitment | 13,500,000,000 | 13,500,000,000 | 13,500,000,000 | ||
Semiconductor Co-Investment Program, Construction Costs | Intel and Brookfield | |||||
Noncontrolling Interest [Line Items] | |||||
Unrecognized commitment | 29,000,000,000 | $ 29,000,000,000 | 29,000,000,000 | ||
Arizona Fab LLC | |||||
Noncontrolling Interest [Line Items] | |||||
Percentage of factory output with the right to purchase | 100% | ||||
Non-controlling interests | 874,000,000 | $ 874,000,000 | 874,000,000 | ||
Mobileye | |||||
Noncontrolling Interest [Line Items] | |||||
Non-controlling interests | $ 989,000,000 | 989,000,000 | 989,000,000 | ||
Net loss attributable to non-controlling interest | 3,000,000 | ||||
Ownership percentage after share transactions | 94% | ||||
Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral | |||||
Noncontrolling Interest [Line Items] | |||||
Assets | $ 1,800,000,000 | $ 1,800,000,000 | $ 1,800,000,000 | ||
Variable Interest Entity, Primary Beneficiary | Arizona Fab LLC | |||||
Noncontrolling Interest [Line Items] | |||||
VIE ownership percentage | 51% | ||||
Variable Interest Entity, Not Primary Beneficiary | Arizona Fab LLC | |||||
Noncontrolling Interest [Line Items] | |||||
VIE ownership percentage | 49% |