Cover Page
Cover Page shares in Millions | 9 Months Ended |
Oct. 01, 2022 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Oct. 01, 2022 |
Entity File Number | 000-06217 |
Entity Registrant Name | INTEL CORPORATION |
Entity Central Index Key | 0000050863 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
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 |
Entity Address, Postal Zip Code | 95054-1549 |
City Area Code | (408) |
Local Phone Number | 765-8080 |
Title of 12(b) Security | Common stock, $0.001 par value |
Trading Symbol | INTC |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 4,127 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | |
Income Statement [Abstract] | ||||
Net revenue | $ 15,338 | $ 19,192 | $ 49,012 | $ 58,496 |
Cost of sales | 8,803 | 8,446 | 27,646 | 25,690 |
Gross margin | 6,535 | 10,746 | 21,366 | 32,806 |
Research and development | 4,302 | 3,803 | 13,064 | 11,141 |
Marketing, general and administrative | 1,744 | 1,674 | 5,296 | 4,601 |
Restructuring and other charges | 664 | 42 | (460) | 2,597 |
Operating expenses | 6,710 | 5,519 | 17,900 | 18,339 |
Operating income (loss) | (175) | 5,227 | 3,466 | 14,467 |
Gains (losses) on equity investments, net | (151) | 1,707 | 4,082 | 2,370 |
Interest and other, net | 138 | (76) | 1,016 | (328) |
Income (loss) before taxes | (188) | 6,858 | 8,564 | 16,509 |
Provision for (benefit from) taxes | (1,207) | 35 | (114) | 1,264 |
Net income | $ 1,019 | $ 6,823 | $ 8,678 | $ 15,245 |
Earnings per share - Basic (in dollars per share) | $ 0.25 | $ 1.68 | $ 2.11 | $ 3.76 |
Earnings per share - Diluted (in dollars per share) | $ 0.25 | $ 1.67 | $ 2.10 | $ 3.73 |
Weighted average shares of common stock outstanding: | ||||
Basic (shares) | 4,118 | 4,061 | 4,104 | 4,055 |
Diluted (shares) | 4,125 | 4,086 | 4,123 | 4,089 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,019 | $ 6,823 | $ 8,678 | $ 15,245 |
Changes in other comprehensive income, net of tax: | ||||
Net unrealized holding gains (losses) on derivatives | (436) | (46) | (1,178) | (390) |
Actuarial valuation and other pension benefits (expenses), net | 10 | 13 | 37 | 38 |
Translation adjustments and other | 0 | (19) | (30) | (44) |
Other comprehensive income (loss) | (426) | (52) | (1,171) | (396) |
Total comprehensive income | $ 593 | $ 6,771 | $ 7,507 | $ 14,849 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Millions | Oct. 01, 2022 | Dec. 25, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 4,529 | $ 4,827 |
Short-term investments | 18,030 | 24,426 |
Accounts receivable | 7,469 | 9,457 |
Inventories | 12,831 | 10,776 |
Assets Held-for-sale | 56 | 6,942 |
Other current assets | 6,348 | 2,130 |
Total current assets | 49,263 | 58,558 |
Property, plant and equipment, net of accumulated depreciation of $91,417 ($85,294 as of December 25, 2021) | 75,763 | 63,245 |
Equity Investments | 5,822 | 6,298 |
Goodwill | 27,591 | 26,963 |
Identified intangible assets, net | 6,268 | 7,270 |
Other long-term assets | 10,134 | 6,072 |
Total assets | 174,841 | 168,406 |
Current liabilities: | ||
Short-term debt | 2,283 | 4,591 |
Accounts payable | 7,133 | 5,747 |
Accrued compensation and benefits | 3,421 | 4,535 |
Other accrued liabilities | 14,976 | 12,589 |
Total current liabilities | 27,813 | 27,462 |
Debt | 37,240 | 33,510 |
Income taxes payable, non-current | 3,782 | 4,305 |
Deferred income taxes | 361 | 2,667 |
Other long-term liabilities | 5,760 | 5,071 |
Commitments and Contingencies (Note 12) | ||
Stockholders’ equity: | ||
Common stock and capital in excess of par value, 4,127 issued and outstanding (4,070 issued and outstanding as of December 25, 2021) | 30,912 | 28,006 |
Accumulated other comprehensive income (loss) | (2,051) | (880) |
Retained earnings | 71,024 | 68,265 |
Total stockholders’ equity | 99,885 | 95,391 |
Total liabilities and stockholders’ equity | $ 174,841 | $ 168,406 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Oct. 01, 2022 | Dec. 25, 2021 |
Assets | ||
Accumulated depreciation | $ 91,417 | $ 85,294 |
Stockholders’ equity: | ||
Common stock, shares issued | 4,127 | 4,070 |
Common stock, shares outstanding | 4,127 | 4,070 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Oct. 01, 2022 | Sep. 25, 2021 | |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents, beginning of period | $ 4,827 | $ 5,865 |
Cash flows provided by (used for) operating activities: | ||
Net income | 8,678 | 15,245 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 8,309 | 7,357 |
Share-based compensation | 2,392 | 1,587 |
Restructuring and other charges | 665 | 2,597 |
Amortization of intangibles | 1,439 | 1,361 |
(Gains) losses on equity investments, net | (4,075) | (1,113) |
(Gains) losses on divestitures | (1,072) | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | 1,991 | (1,618) |
Inventories | (2,043) | (1,212) |
Accounts payable | (485) | 1,095 |
Accrued compensation and benefits | (1,912) | (16) |
Prepaid customer supply agreements | (18) | (1,577) |
Income taxes | (4,062) | (570) |
Other assets and liabilities | (2,077) | 917 |
Total adjustments | (948) | 8,808 |
Net cash provided by operating activities | 7,730 | 24,053 |
Cash flows provided by (used for) investing activities: | ||
Additions to property, plant and equipment | (19,145) | (11,579) |
Divestiture, Additions to Property, Plant, and Equipment, Held for Sale | (206) | (1,118) |
Purchases of short-term investments | (31,669) | (30,326) |
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | 35,129 | 22,270 |
Sales of equity investments | 4,880 | 444 |
Proceeds from divestiture | 6,579 | 0 |
Other investing | (2,614) | 766 |
Net cash used for investing activities | (7,046) | (19,543) |
Cash flows provided by (used for) financing activities: | ||
Payments on finance leases | (341) | 0 |
Issuance of long-term debt, net of issuance costs | 6,103 | 4,974 |
Repayment of debt | (3,088) | (500) |
Proceeds from sales of common stock through employee equity incentive plans | 972 | 1,016 |
Repurchase of common stock | 0 | (2,415) |
Payment of dividends to stockholders | (4,488) | (4,231) |
Other financing | (140) | (1,349) |
Net cash provided by (used for) financing activities | (982) | (2,505) |
Net increase (decrease) in cash and cash equivalents | (298) | 2,005 |
Cash and cash equivalents, end of period | 4,529 | 7,870 |
Supplemental disclosures: | ||
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities | 3,386 | 2,693 |
Interest, net of capitalized interest | 315 | 271 |
Income taxes, net of refunds | $ 3,960 | $ 1,831 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Stockholders' Equity Statement - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock and Capital in Excess of Par Value | Common Stock and Capital in Excess of Par Value Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance | [1] |
Total stockholders' equity, beginning at Dec. 26, 2020 | $ 81,073 | $ 25,556 | $ (751) | $ 56,268 | |||||
Common stock, shares outstanding, beginning (in shares) at Dec. 26, 2020 | 4,062 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 15,245 | 15,245 | |||||||
Other comprehensive income (loss) | (396) | (396) | |||||||
Employee equity incentive plans and other | 1,015 | $ 1,015 | |||||||
Employee equity incentive plans (in shares) | 52 | ||||||||
Share-based compensation | 1,587 | $ 1,587 | |||||||
Repurchase of common stock | (2,415) | $ (249) | (2,166) | ||||||
Repurchase of common stock (in shares) | (40) | ||||||||
Restricted stock unit withholdings | (377) | $ (317) | (60) | ||||||
Restricted stock unit withholdings (in shares) | (7) | ||||||||
Cash dividends declared | (5,645) | (5,645) | |||||||
Total stockholders' equity, ending at Sep. 25, 2021 | 90,087 | $ 27,592 | (1,147) | 63,642 | |||||
Common stock, shares outstanding, ending (in shares) at Sep. 25, 2021 | 4,067 | ||||||||
Total stockholders' equity, beginning at Jun. 26, 2021 | 85,207 | $ 26,655 | (1,095) | 59,647 | |||||
Common stock, shares outstanding, beginning (in shares) at Jun. 26, 2021 | 4,057 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 6,823 | 6,823 | |||||||
Other comprehensive income (loss) | (52) | (52) | |||||||
Employee equity incentive plans and other | 427 | $ 427 | |||||||
Employee equity incentive plans (in shares) | 11 | ||||||||
Share-based compensation | 543 | $ 543 | |||||||
Restricted stock unit withholdings | (37) | $ (33) | (4) | ||||||
Restricted stock unit withholdings (in shares) | (1) | ||||||||
Cash dividends declared | (2,824) | (2,824) | |||||||
Total stockholders' equity, ending at Sep. 25, 2021 | 90,087 | $ 27,592 | (1,147) | 63,642 | |||||
Common stock, shares outstanding, ending (in shares) at Sep. 25, 2021 | 4,067 | ||||||||
Total stockholders' equity, beginning at Dec. 25, 2021 | $ 95,391 | $ 95,391 | $ 28,006 | $ (880) | $ 68,265 | ||||
Common stock, shares outstanding, beginning (in shares) at Dec. 25, 2021 | 4,070 | 4,070 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 8,678 | 8,678 | |||||||
Other comprehensive income (loss) | (1,171) | (1,171) | |||||||
Employee equity incentive plans and other | 1,000 | $ 1,000 | |||||||
Employee equity incentive plans (in shares) | 66 | ||||||||
Share-based compensation | 2,392 | $ 2,392 | |||||||
Repurchase of common stock | 0 | $ 0 | 0 | ||||||
Repurchase of common stock (in shares) | 0 | ||||||||
Restricted stock unit withholdings | (407) | $ (486) | 79 | ||||||
Restricted stock unit withholdings (in shares) | (9) | ||||||||
Cash dividends declared | (5,998) | (5,998) | |||||||
Total stockholders' equity, ending at Oct. 01, 2022 | $ 99,885 | $ 30,912 | (2,051) | 71,024 | |||||
Common stock, shares outstanding, ending (in shares) at Oct. 01, 2022 | 4,127 | 4,127 | |||||||
Total stockholders' equity, beginning at Jul. 02, 2022 | $ 101,218 | $ 29,858 | (1,625) | 72,985 | |||||
Common stock, shares outstanding, beginning (in shares) at Jul. 02, 2022 | 4,106 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,019 | 1,019 | |||||||
Other comprehensive income (loss) | (426) | (426) | |||||||
Employee equity incentive plans and other | 399 | $ 399 | |||||||
Employee equity incentive plans (in shares) | 24 | ||||||||
Share-based compensation | 793 | $ 793 | |||||||
Restricted stock unit withholdings | (106) | $ (138) | 32 | ||||||
Restricted stock unit withholdings (in shares) | (3) | ||||||||
Cash dividends declared | (3,012) | (3,012) | |||||||
Total stockholders' equity, ending at Oct. 01, 2022 | $ 99,885 | $ 30,912 | $ (2,051) | $ 71,024 | |||||
Common stock, shares outstanding, ending (in shares) at Oct. 01, 2022 | 4,127 | 4,127 | |||||||
[1]The retained earnings balance as of December 26, 2020 includes an opening balance adjustment made as a result of the adoption of a new accounting standard in 2021. |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Stockholders' Equity Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | |
Retained Earnings | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.73 | $ 0.70 | $ 1.46 | $ 1.39 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 : Basis of Presentation We prepared our interim Consolidated Condensed Financial Statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our 2021 Form 10-K and as updated by our Form 10-Q for the quarter ended April 2, 2022. We have made estimates and judgments affecting the amounts reported in our Consolidated Condensed Financial Statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with the Consolidated Financial Statements in our 2021 Form 10-K where we include additional information on our critical accounting estimates, policies, and the methods and assumptions used in our estimates. |
Operating Segments
Operating Segments | 9 Months Ended |
Oct. 01, 2022 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 2 : 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 now manage our business through the following operating segments: ▪ Client Computing (CCG) ▪ Datacenter and AI (DCAI) ▪ Network and Edge (NEX) ▪ Accelerated Computing Systems and Graphics (AXG) ▪ Mobileye ▪ Intel Foundry Services (IFS) 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 is based on Intel ® architecture. CCG, DCAI and NEX are our reportable operating segments. AXG, 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. There have been no changes to our segment accounting policies disclosed in our 2021 Form 10-K except for the organizational changes and the change in allocation of stock-based compensation expense described above. Net revenue and operating income (loss) for each period were as follows: Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Operating segment revenue: Client Computing Desktop $ 3,222 $ 3,119 $ 8,152 $ 8,682 Notebook 4,410 5,944 15,119 19,634 Other 492 725 1,812 2,448 8,124 9,788 25,083 30,764 Datacenter and AI 4,209 5,778 14,892 16,265 Network and Edge 2,266 1,986 6,812 5,890 Accelerated Computing Systems and Graphics 185 171 590 529 Mobileye 450 326 1,304 1,030 Intel Foundry Services 171 174 576 541 All other 67 1,133 166 3,986 Total operating segment revenue $ 15,472 $ 19,356 $ 49,423 $ 59,005 Operating income (loss): Client Computing $ 1,655 $ 3,592 $ 5,567 $ 11,909 Datacenter and AI 17 2,293 1,917 6,089 Network and Edge 75 511 682 1,359 Accelerated Computing Systems and Graphics (378) (222) (1,275) (566) Mobileye 142 127 480 431 Intel Foundry Services (103) (44) (289) (26) All other (1,583) (1,030) (3,616) (4,729) Total operating income (loss) $ (175) $ 5,227 $ 3,466 $ 14,467 The following table presents intersegment revenue before eliminations: Total operating segment revenue $ 15,472 $ 19,356 $ 49,423 $ 59,005 Less: Accelerated Computing Systems and Graphics intersegment revenue (134) (164) (411) (509) Total net revenue $ 15,338 $ 19,192 $ 49,012 $ 58,496 In the first nine months of 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 $559 million in Cost of sales on the Consolidated Condensed Statements of Income in the first nine months of 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. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 01, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3 : Earnings Per Share We computed basic earnings per share of common stock based on the weighted average number of shares of common stock outstanding during the period. 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. Three Months Ended Nine Months Ended (In Millions, Except Per Share Amounts) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Net income available to common stockholders $ 1,019 $ 6,823 $ 8,678 $ 15,245 Weighted average shares of common stock outstanding—basic 4,118 4,061 4,104 4,055 Dilutive effect of employee equity incentive plans 7 25 19 34 Weighted average shares of common stock outstanding—diluted 4,125 4,086 4,123 4,089 Earnings per share—basic $ 0.25 $ 1.68 $ 2.11 $ 3.76 Earnings per share—diluted $ 0.25 $ 1.67 $ 2.10 $ 3.73 Potentially dilutive shares of common stock from employee equity 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 stock purchase plan. |
Other Financial Statement Detai
Other Financial Statement Details | 9 Months Ended |
Oct. 01, 2022 | |
Other Financial Statement Details [Abstract] | |
Other Financial Statement Details | Note 4 : Other Financial Statement Details Inventories (In Millions) Oct 1, 2022 Dec 25, 2021 Raw materials $ 1,635 $ 1,441 Work in process 7,030 6,656 Finished goods 4,166 2,679 Total inventories $ 12,831 $ 10,776 Interest and Other, Net Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Interest income $ 170 $ 37 $ 315 $ 111 Interest expense (114) (144) (347) (463) Other, net 82 31 1,048 24 Total interest and other, net $ 138 $ (76) $ 1,016 $ (328) Interest expense is net of $220 million of interest capitalized in the third quarter of 2022 and $516 million in the first nine months of 2022 ($95 million in the third quarter of 2021 and $288 million in the first nine months of 2021). Other, net |
Restructuring and Other Charges
Restructuring and Other Charges | 9 Months Ended |
Oct. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Note 5 : Restructuring and Other Charges Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Employee severance and benefit arrangements $ 607 $ 21 $ 650 $ 43 Litigation charges and other 4 16 (1,199) 2,267 Asset impairment charges 53 5 89 287 Total restructuring and other charges $ 664 $ 42 $ (460) $ 2,597 In the third quarter of 2022, the 2022 Restructuring Program was approved to rebalance our workforce and operations to create efficiencies and improve our product execution in alignment with our IDM 2.0 strategy. Restructuring charges are recorded as Corporate charges in the "all other" category presented in Note 2: Operating Segments within Notes to Consolidated Condensed Financial Statements and are primarily comprised of employee severance and benefits arrangements. As of October 1, 2022 we recorded $537 million as a current liability within Accrued compensation and benefits on the Consolidated Condensed Balance Sheets. We expect these actions to be substantially completed by the end of the first half of 2023, but they are 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 the first nine months of 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 the first nine months of 2021 related to the VLSI litigation. These were recorded as a Corporate benefit and charge in the "all other" category presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements. Refer to "Note 12: Commitments and Contingencies" within Notes to Consolidated Condensed Financial Statements for further information on legal proceedings related to the EC fine and the VLSI litigation. |
Investments
Investments | 9 Months Ended |
Oct. 01, 2022 | |
Investments and Cash [Abstract] | |
Investments | Note 6 : 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-U.S. government bonds and U.S. agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms, such as commercial paper, fixed- and floating-rate bonds, money market fund deposits, and time deposits. As of October 1, 2022 and December 25, 2021, substantially all time deposits were issued by institutions outside the U.S. 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 $16.6 billion as of October 1, 2022 and $21.5 billion as of December 25, 2021. For hedged investments still held at the reporting date, we recorded net losses of $861 million in the third quarter of 2022 and net losses of $1.8 billion in the first nine months of 2022 ($144 million of net losses in the third quarter of 2021 and $329 million of net losses in the first nine months of 2021). We recorded net gains on the related derivatives of $916 million in the third quarter of 2022 and net gains of $1.8 billion in the first nine months of 2022 ($156 million of net gains in the third quarter of 2021 and $346 million of net gains in the first nine months of 2021). 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 these investments was $3.6 billion as of October 1, 2022 and $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 October 1, 2022, was as follows: (In Millions) Fair Value Due in 1 year or less $ 11,457 Due in 1–2 years 2,208 Due in 2–5 years 4,962 Due after 5 years 720 Instruments not due at a single maturity date 861 Total $ 20,208 Equity Investments (In Millions) Oct 1, 2022 Dec 25, 2021 Marketable equity securities $ 1,185 $ 2,171 Non-marketable equity securities 4,626 4,111 Equity method investments 11 16 Total $ 5,822 $ 6,298 The components of gains (losses) on equity investments, net for each period were as follows: Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Ongoing mark-to-market adjustments on marketable equity securities $ (244) $ (192) $ (883) $ (345) Observable price adjustments on non-marketable equity securities 67 79 273 702 Impairment charges (45) (38) (112) (111) Sale of equity investments and other¹ 71 1,858 4,804 2,124 Total gains (losses) on equity investments, net $ (151) $ 1,707 $ 4,082 $ 2,370 1 Sale of equity investments and other, includes realized gains (losses) on sales of non-marketable equity investments, our share of equity method investees' gains (losses) and distributions, and initial fair value adjustments recorded upon a security becoming marketable. Gains and losses for our marketable and non-marketable equity securities for each period were as follows: Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Net gains (losses) recognized during the period on equity securities $ (154) $ 346 $ (490) $ 883 Less: Net (gains) losses recognized during the period on equity securities sold during the period 1 (46) 15 (189) Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ (153) $ 300 $ (475) $ 694 McAfee Corp. McAfee Corp. (McAfee) completed its initial public 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. In the first nine months of 2022, the sale of McAfee to an investor group 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. Beijing Unisoc Technology Ltd. We account for our interest in Beijing Unisoc Technology Ltd. (Unisoc) as a non-marketable equity security. In the first nine months of 2021, we recognized $471 million of observable price adjustments for our investment in Unisoc. As of October 1, 2022 the carrying value of the investment was $1.1 billion ($1.1 billion as of December 25, 2021). |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Oct. 01, 2022 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Note 7 : Acquisitions and Divestitures Acquisitions Pending 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 expected to close within twelve months from the date of the agreement. 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 foundry business. Tower will be included in our IFS operating segment. 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. This transaction is 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. 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 by 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 variable interest entities 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 October 1, 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 sold $ 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 interests 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. As of October 1, 2022, we have a receivable due to Intel of $346 million recorded within Other current assets on our Consolidated Condensed Balance Sheets. We will be reimbursed for costs of approximately $35 million per quarter for 2022 for corporate function services, which include human resources, information technology, finance, supply chain, and other compliance requirements associated with being wholly owned subsidiaries. |
Borrowings
Borrowings | 9 Months Ended |
Oct. 01, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 8 : Borrowings In the third quarter of 2022, we settled in cash $1.0 billion of our senior notes due July 2022 and $400 million of our senior notes due November 2023. In the second quarter of 2022, we settled in cash $1.6 billion of our senior notes due May 2022. In the third quarter of 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. During the third quarter of 2022, we received proceeds of $140 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 agreement we entered into with the CIDA. The bonds mature in 2042 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. In the first quarter of 2022, we amended our $5.0 billion variable-rate revolving credit facility agreement, extending the maturity date by one year to March 2027 and transitioning the interest terms from LIBOR to term SOFR. The revolving credit facility had no borrowings outstanding as of October 1, 2022. We have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion under our commercial paper program. Our senior fixed rate 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 our senior fixed rate notes rank equally in the right of payment with all of our other existing and future senior unsecured indebtedness and effectively rank junior to all liabilities of our subsidiaries. |
Fair Value
Fair Value | 9 Months Ended |
Oct. 01, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 9 : Fair Value Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis Oct 1, 2022 Dec 25, 2021 Fair Value Measured and Recorded at Reporting Date Using Fair Value Measured and Recorded at Reporting Date Using (In Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents: Corporate debt $ — $ 103 $ — $ 103 $ — $ 65 $ — $ 65 Financial institution instruments¹ 644 1,431 — 2,075 1,216 763 — 1,979 Reverse repurchase agreements — 1,750 — 1,750 — 1,595 — 1,595 Short-term investments: Corporate debt — 6,457 — 6,457 — 6,367 — 6,367 Financial institution instruments¹ 217 5,615 — 5,832 154 5,162 — 5,316 Government debt² 48 5,693 — 5,741 50 12,693 — 12,743 Other current assets: Derivative assets — 2,003 — 2,003 80 576 — 656 Loans receivable³ — — — — — 152 — 152 Marketable equity securities 4 1,100 85 — 1,185 1,854 317 — 2,171 Other long-term assets: Derivative assets — 10 — 10 — 772 7 779 Loans receivable³ — 48 — 48 — 57 — 57 Total assets measured and recorded at fair value $ 2,009 $ 23,195 $ — $ 25,204 $ 3,354 $ 28,519 $ 7 $ 31,880 Liabilities Other accrued liabilities: Derivative liabilities $ 151 $ 1,386 $ — $ 1,537 $ 4 $ 516 $ — $ 520 Other long-term liabilities: Derivative liabilities — 689 89 778 — 9 — 9 Total liabilities measured and recorded at fair value $ 151 $ 2,075 $ 89 $ 2,315 $ 4 $ 525 $ — $ 529 1 Level 1 investments consist of money market funds. Level 2 investments consist primarily of commercial paper, certificates of deposit, time deposits, and notes and bonds issued by financial institutions. 2 Level 1 investments consist primarily of U.S. Treasury securities. Level 2 investments consist primarily of U.S. agency notes and non-U.S. 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. 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 observable price adjustment or impairment is recognized on our non-marketable equity securities during the period, we classify these assets as Level 3. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Financial instruments not recorded at fair value on a recurring basis include non-marketable equity securities and equity method investments that have not been remeasured or impaired in the current period, grants receivable, reverse repurchase agreements with original maturities greater than three months, and issued debt. We classify the fair value of grants 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 October 1, 2022 was $569 million (the aggregate carrying value 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 October 1, 2022 was $400 million (the aggregate carrying value as of December 25, 2021 was $0). |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Oct. 01, 2022 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Note 10 : Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component and related tax effects in the first nine months of 2022 were as follows: (In Millions) Unrealized Holding Gains (Losses) on Derivatives Actuarial Valuation and Other Pension Expenses Translation Adjustments and Other Total Balance as of December 25, 2021 $ 211 $ (1,114) $ 23 $ (880) Other comprehensive income (loss) before reclassifications (1,575) — (38) (1,613) Amounts reclassified out of accumulated other comprehensive income (loss) 205 34 239 Tax effects 192 3 8 203 Other comprehensive income (loss) (1,178) 37 (30) (1,171) Balance as of October 1, 2022 $ (967) $ (1,077) $ (7) $ (2,051) |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Oct. 01, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 11 : Derivative Financial Instruments Volume of Derivative Activity Total gross notional amounts for outstanding derivatives at the end of each period were as follows: (In Millions) Oct 1, 2022 Dec 25, 2021 Foreign currency contracts $ 32,561 $ 38,024 Interest rate contracts 16,760 15,209 Other 2,055 2,517 Total $ 51,376 $ 55,750 Fair Value of Derivative Instruments Oct 1, 2022 Dec 25, 2021 (In Millions) Assets 1 Liabilities 2 Assets 1 Liabilities 2 Derivatives designated as hedging instruments: Foreign currency contracts 3 $ 1 $ 1,164 $ 80 $ 163 Interest rate contracts — 762 774 — Total derivatives designated as hedging instruments 1 1,926 854 163 Derivatives not designated as hedging instruments: Foreign currency contracts 3 1,703 215 475 297 Interest rate contracts 309 23 26 65 Equity contracts — 151 80 4 Total derivatives not designated as hedging instruments 2,012 389 581 366 Total derivatives $ 2,013 $ 2,315 $ 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 Condensed Balance Sheets The gross amounts of our derivative instruments and reverse repurchase 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: Oct 1, 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 $ 1,965 $ — $ 1,965 $ (653) $ (1,300) $ 12 Reverse repurchase agreements 2,150 — 2,150 — (2,150) — Total assets 4,115 — 4,115 (653) (3,450) 12 Liabilities: Derivative liabilities subject to master netting arrangements 2,237 — 2,237 (653) (1,350) 234 Total liabilities $ 2,237 $ — $ 2,237 $ (653) $ (1,350) $ 234 Dec 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 cash flow hedges recognized in other comprehensive income (loss) were $678 million net losses in the third quarter of 2022 and $1.6 billion net losses in the first nine months of 2022 ($28 million net losses in the third quarter of 2021 and $313 million net losses in the first nine months of 2021). Substantially all of our cash flow hedges were foreign currency contracts for all periods presented. During the first nine months of 2022 and 2021, the amounts excluded from effectiveness testing were insignificant. 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 Consolidated Condensed Statements of Income on Derivatives Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Interest rate contracts $ (589) $ (55) $ (1,536) $ (532) Hedged items 589 55 1,536 532 Total $ — $ — $ — $ — The amounts recorded on the Consolidated Condensed Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows: Line Item in the Consolidated Condensed Balance Sheets in Which the Hedged Item is Included Carrying Amount of the Hedged Item Asset/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) (In Millions) Oct 1, 2022 Dec 25, 2021 Oct 1, 2022 Dec 25, 2021 Long-term debt $ (11,236) $ (12,772) $ 761 $ (775) The total notional amount of pay-variable and receive-fixed interest rate swaps was $12.0 billion as of October 1, 2022 and $12.0 billion as of December 25, 2021. Derivatives Not Designated as Hedging Instruments The effects of derivative instruments not designated as hedging instruments on the Consolidated Condensed Statements of Income for each period were as follows: Three Months Ended Nine Months Ended (In Millions) Location of Gains (Losses) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Foreign currency contracts Interest and other, net $ 771 $ 170 $ 1,952 $ 382 Interest rate contracts Interest and other, net 164 (7) 289 14 Other Various (97) 84 (562) 279 Total $ 838 $ 247 $ 1,679 $ 675 |
Contingencies
Contingencies | 9 Months Ended |
Oct. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 12 : Commitments and Contingencies Commitments In the third quarter of 2022, we signed a definitive agreement with Brookfield Asset Management (Brookfield). This arrangement represents an equity partnership whereby we and Brookfield own 51% and 49%, respectively, of what will be a newly-formed entity, Arizona Fab LLC (Arizona Fab), which we will fully consolidate into our consolidated financial statements. We expect Arizona Fab to spend up to $30.0 billion of investments in expanded manufacturing infrastructure at our Ocotillo campus in Chandler, Arizona. Generally, contributions will be made to, and distributions will be received from, Arizona Fab based upon our and Brookfield’s proportional ownership, subject to the terms and conditions within the definitive agreement. The definitive agreement includes provisions that require us to utilize Arizona Fab’s expanded manufacturing capacity at specified minimum levels or be subject to penalties. Brookfield’s ownership stake as a non-controlling interest holder in Arizona Fab will be shown as a separate component of equity within our consolidated balance sheet. The transaction with Brookfield is expected to close by the end of 2022, subject to customary closing conditions. Legal Proceedings We are a party to various legal proceedings, including those noted in this section. In the first quarter of 2021, we accrued a charge of $2.2 billion related to litigation involving VLSI, described below. Excluding this charge, 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 or other events could occur. Unfavorable resolutions could include substantial monetary damages. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices, or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, and overall trends. We might also conclude that settling one or more such matters is in the best interests of our stockholders, employees, and customers, and any such settlement could include substantial payments. Except as specifically described below, we have not concluded that settlement of any of the legal proceedings noted in this section is appropriate at this time. European Commission Competition Matter In 2001, the European Commission (EC) commenced an investigation regarding claims by Advanced Micro Devices, Inc. (AMD) that we used unfair business practices to persuade customers to buy our microprocessors. In May 2009, the EC issued a decision finding that we had violated Article 82 of the EC Treaty and Article 54 of the European Economic Area Agreement. In general, the EC found that we violated Article 82 (later renumbered as Article 102 by a new treaty) by offering alleged "conditional rebates and payments" that required our customers to purchase all or most of their x86 microprocessors from us. The EC also found that we violated Article 82 by making alleged "payments to prevent sales of specific rival products." The EC imposed a fine in the amount of €1.1 billion ($1.4 billion as of May 2009), which we subsequently paid during the third quarter of 2009, and ordered us to "immediately bring to an end the infringement referred to in" the EC decision. We appealed the EC decision to the Court of First Instance (which has been renamed the General Court) in July 2009. In June 2014, the General Court rejected our appeal in its entirety. In August 2014, we filed an appeal with the European Court of Justice. In November 2014, Intervener Association for Competitive Technologies filed comments in support of Intel’s grounds of appeal. The Court of Justice issued its decision in September 2017, setting aside the judgment of the General Court and sending the case back to the General Court to examine whether the rebates at issue were capable of restricting competition. The General Court appointed a panel of five judges to consider our appeal of the EC’s 2009 decision in light of the Court of Justice’s clarifications of the law, and in January 2022, the General Court issued a decision annulling the EC's findings against Intel regarding rebates as well as the fine imposed on Intel, which was returned to Intel in February 2022. In April 2022, the EC appealed the General Court's decision to the Court of Justice, seeking an order that would require a further proceeding and decision by the General Court. In June 2022, Intel filed a response in opposition to the EC appeal, and in July 2022, the Intervener Association for Competitive Technologies filed a response in opposition to the EC appeal. 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, Intel 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. On January 2, 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 October 26, 2022, consumer class action lawsuits against Intel were pending in the United States, Canada, Israel, 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 until November 2022. In Israel, the plaintiff in a lawsuit pending in the District Court of Haifa advised the court in September 2022 that it intends to seek leave in October 2022 to withdraw its motion for class certification and voluntarily dismiss the action. 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. VLSI Technology LLC v. Intel In October 2017, VLSI Technology LLC (VLSI) filed a complaint against Intel in the U.S. District Court for the Northern District of California alleging infringement of eight patents acquired from NXP Semiconductors, N.V. (NXP). The patents, which originated at Freescale Semiconductor, Inc. and NXP B.V., are U.S. Patent Nos. 7,268,588; 7,675,806; 7,706,207; 7,709,303; 8,004,922; 8,020,014; 8,268,672; and 8,566,836. VLSI accuses various FPGA and processor products of infringement. VLSI estimated its damages to be at least $5.5 billion, and its complaint further sought enhanced damages, future royalties, attorneys’ fees, and costs and interest. In May, June, September, and October 2018, Intel filed Inter Partes Review (IPR) petitions challenging the patentability of claims in all eight of the patents in-suit. The Patent Trial and Appeal Board (PTAB) instituted review of six patents and denied institution on two patents. As a result of the institution decisions, the parties stipulated to stay the District Court action in March 2019. In December 2019 and February 2020, the PTAB found all claims of the '588 and '303 patents, and some claims of the '922 patent, to be unpatentable. The PTAB found the challenged claims of the '014, '672, and '207 patents to be patentable. Intel appealed the PTAB's decision as to '014, '672 and '207 patents. The Federal Circuit affirmed the PTAB's decision as to the '672 and '207 patents, but reversed and remanded as to the '014 patent. Intel moved for a continuation of the stay in March 2020 pending the appeal. In June 2020, the District Court issued an order continuing the stay through August 2021. The court lifted the stay in September 2021, and scheduled a trial for March 2024. In June 2018, VLSI filed a second suit against Intel, in U.S. District Court for the District of Delaware, alleging infringement by various Intel processors of five additional patents acquired from NXP: U.S. Patent Nos. 6,212,663; 7,246,027; 7,247,552; 7,523,331; and 8,081,026. VLSI accused Intel of willful infringement and seeks an injunction or, in the alternative, ongoing royalties, enhanced damages, attorneys’ fees and costs, and interest. In March 2019, the District Court dismissed VLSI’s claims for willful infringement as to all the patents-in-suit except the ‘027 patent, and also dismissed VLSI’s allegations of indirect infringement as to the ‘633, ‘331, and ‘026 patents. In June 2019, Intel filed IPR petitions challenging the patentability of certain claims in all five patents-in-suit. In January 2020, VLSI said that it was no longer asserting any claims of the ‘633 patent. In January and February 2020, the PTAB instituted review of the '552, '633, '331 and '026 patents, but declined to institute review on the '027 patent. As a result, the District Court stayed the case as to the '026 and '552 patents but allowed the case to proceed on the '027 and '331 patents. In January 2021, the PTAB invalidated certain asserted claims of the ‘026 patent, and in February the PTAB invalidated all asserted claims of the ‘552 patent. Both parties filed notices of appeal regarding the PTAB’s decision as to the ‘026 patent in March 2021, and in April 2021, VLSI filed a notice of appeal of the PTAB's decision as to the '552 patent. The case remains stayed as to both of those patents. For the '027 and '331 patents, VLSI is seeking damages of approximately $4.13 billion plus enhanced damages for the '027 patent. The parties have completed summary judgment and expert witness testimony briefing. In June 2022, the court granted in part and denied in part Intel’s motion to exclude testimony of VLSI’s technical expert, barring him from testifying regarding Intel’s purported litigation misconduct and the alleged benefits of certain claims of the ‘027 patent. In August 2022, the court stayed the case in light of VLSI's failure to fully disclose its investors pursuant to the court's standing order. In March 2019, VLSI filed a third suit against Intel, also in U.S. District Court for the District of Delaware, alleging infringement of six more patents acquired from NXP: U.S. Patent Nos. 6,366,522; 6,663,187; 7,292,485; 7,606,983; 7,725,759; and 7,793,025. In April 2019, VLSI voluntarily dismissed this Delaware case without prejudice. In April 2019, VLSI filed three new infringement suits against Intel in the Western District of Texas (WDTX) accusing various Intel processors of infringement. The three suits collectively assert the same six patents from the voluntarily dismissed Delaware case plus two additional patents acquired from NXP, U.S. Patent Nos. 7,523,373 and 8,156,357. VLSI accuses Intel of willful infringement and seeks an injunction or, in the alternative, ongoing royalties, enhanced damages, attorneys’ fees and costs, and interest. In the first Texas case, VLSI asserted the ‘373 and ‘759 patents (in December 2020 the court granted Intel summary judgment of non-infringement on the ‘357 patent, which had also been asserted in the first Texas case). That case went to trial in February 2021, and the jury awarded a “lump sum” to VLSI of $1.5 billion for literal infringement of the ‘373 patent and $675 million for infringement under the doctrine of equivalents of the ‘759 patent. The jury found that Intel had not willfully infringed either patent. Intel challenged the verdict with post-trial motions, including filing in May 2021 a motion for a new trial, which the court denied in August, a motion for judgment as a matter of law that the ‘373 and ‘759 patents are not infringed and the ‘759 patent is invalid, and a motion that VLSI is entitled to no damages, both of which the court denied in March 2022. In April 2022, the court entered final judgment and awarded VLSI $2.175 billion in damages, approximately $162.3 million in pre-judgment interest, and post-judgment interest at the Treasury Bill rate, compounded annually. Intel filed its opening appellate brief in September 2022. The second Texas case went to trial in April 2021, and the jury found that Intel does not infringe the ‘522 and ‘187 patents. VLSI had sought approximately $3.0 billion for alleged infringement of those patents, plus enhanced damages for willful infringement. The court has not yet entered final judgment following second trial in Texas. The third Texas case was set for trial in April 2022 but was cancelled after the first day due to a COVID-19 outbreak. A new trial date has been set for November 2022. In that case, VLSI initially sought approximately $2.2 - $2.4 billion for alleged infringement of the ‘983, ‘025 and ‘485 patents, plus enhanced damages for willful infringement. In April 2022, VLSI informed the court that it would not present an infringement case at trial for the '025 patent. Later in April 2022, VLSI informed the court that it would not present willful infringement or an infringement case for the '485 patent at trial. This limits VLSI's damages demand to approximately $1.0 billion for the alleged infringement of the remaining '983 patent. In May 2019, VLSI filed a case in Shenzhen Intermediate People’s Court against Intel, Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. VLSI asserts Chinese Patent 201410094015.9 accusing certain Intel Core processors of infringement. VLSI requests an injunction as well as RMB 1 million in damages and RMB 300 thousand in expenses. Defendants filed an invalidation petition in October 2019 with the CNIPA, which held a hearing in September 2021. The CNIPA has not yet issued a decision. In May 2020, defendants filed a motion to stay the trial court proceedings pending a determination on invalidity. The court held the first evidentiary hearing in November 2020 and the second in July 2021. The court also held trial proceedings in the hearing in July 2021 and concluded that further trial proceedings were needed but indicated those would be stayed pending the outcome of defendants’ invalidity challenge at the CNIPA. In July 2021, VLSI dismissed its case, but refiled it in August 2021. VLSI seeks an injunction in its newly filed case, as well as RMB 1.3 million in reasonable costs and expenses, but no damages. In November 2021, Intel moved for a stay of the August 2021 action pending a ruling on invalidity. The court has not yet ruled on that motion. In May 2019, VLSI filed a second case in Shanghai Intellectual Property Court against Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. VLSI asserts Chinese Patent 201080024173.7. VLSI accuses certain Intel Core processors and seeks an injunction, as well as RMB 1 million in damages and RMB 300 thousand in expenses. Defendants filed with the CNIPA an invalidation petition in October 2019, and the CNIPA held a hearing in September 2021, but has not yet issued a decision. In June 2020, defendants filed a motion to stay the trial court proceedings pending a determination on invalidity. The court held its first evidentiary hearing in September 2020. The court held a second evidentiary hearing in December 2020, and a trial the same month. At trial, VLSI dropped its monetary damages claim, but still requested expenses (RMB 300 thousand) and an injunction. The court has not yet issued a decision following the trial. Rather, the court stayed the case in December 2020 pending a determination on invalidity by the CNIPA. In March 2022, the CNIPA issued an order holding the claims of the patent to be valid. The court held a second trial in May 2022 following the CNIPA ruling, but has yet to issue its final decision. 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 2020 and 2021, the court twice dismissed plaintiffs' complaint with leave to amend. In December 2020, the court granted a joint motion by Apple and Seven Networks to dismiss with prejudice Apple’s claims against Seven Networks. Plaintiffs filed a second amended complaint in March 2021. Defendants moved to dismiss the Second Amended Complaint in May 2021. Apple withdrew from the case and dismissed its claims in June 2021. The court heard defendants’ motion to dismiss the Second Amended Complaint in September 2021, and dismissed Intel’s claims with prejudice that same month, entering judgment in favor of defendants. Intel filed a notice of appeal in December 2021. Appellate briefing concluded in June 2022 and oral argument was held in October 2022. In June 2020, affiliates controlled by Fortress Investment Group, which also controls VLSI, acquired Finjan Holdings, Inc. Intel had signed a “Settlement, Release and Patent License Agreement” with Finjan in 2012, acquiring a license to the patents of Finjan and its affiliates, current or future, through a capture period of November 20, 2022. The agreement also contains covenants wherein Finjan agrees to cause its affiliates to comply with the agreement. As such, Intel maintains that it now has a license to the patents of VLSI, which has become a Finjan affiliate, and that Finjan must cause VLSI to dismiss its suits against Intel. In August 2020, Intel started dispute resolution proceedings under the agreement. As a part of this dispute resolution process, Intel and Finjan held a mediation in December 2020, but failed to resolve their differences. Intel filed suit to enforce its rights under the License Agreement with Finjan in January 2021 in Delaware Chancery Court. In March 2021, defendants filed motions to dismiss the Chancery Court proceedings. The court heard those motions in May 2021, and dismissed all of Intel’s claims—except the breach of contract claim—with prejudice in September 2021 for lack of jurisdiction because, the court reasoned, Intel’s license defense has been raised in the other U.S. suits between Intel and VLSI and could be adjudicated in one of those actions. The court stayed Intel’s breach of contract claim pending a determination on whether Intel is licensed to VLSI’s patents. In September 2020, Intel filed motions to stay the Texas, Delaware, and Shanghai matters pending resolution of its dispute with Finjan. In November 2020, Intel filed a motion to stay the Shenzhen matter pending resolution of its dispute with Finjan. In November 2020, the Delaware Court denied Intel’s motion to stay. The other stay motions remain pending. Finally, Intel filed a motion to amend its answer in the Texas matters to add a license defense in November 2020, and filed a motion to amend its answer in the Delaware matter to add a license defense in February 2021. The Delaware Court granted Intel's motion in July 2021, but in March 2022, the Texas Court denied Intel's motion, holding, among other things, that it would be futile for Intel to add the license defense as it would not be meritorious. Intel has appealed this ruling as a part of its appeal of the verdict in the first VLSI Texas trial. In October and November 2019, and in February 2020, Intel filed IPR petitions on certain asserted claims across six of the patents-in-suit in WDTX. Between May and October 2020, the PTAB denied all of these petitions on a discretionary basis and without reviewing the merits. Intel requested a rehearing, and review from the POP as to all petitions. All requests for POP review and rehearing were denied. Intel filed notices of appeal regarding the discretionary denials for all petitions in February and March of 2021. The Federal Circuit dismissed the appeals in May 2021 for lack of jurisdiction. The Federal Circuit denied Intel’s petition for hearing en banc in August 2021. In March 2022, the Supreme Court denied Intel’s petition for writ of certiorari. In June 2021, OpenSky Industries LLC (OpenSky) requested IPR of certain claims of the '373 and '759 patents at-issue in the first Texas case, including those claims found to be infringed in that judgment. Both petitions copied Intel's earlier petitions, and used the expert declarations previously submitted by Intel. Another entity named Patent Quality Assurance LLC (PQA) also petitioned for IPR of certain claims of the '373 patent, those claims found to be infringed in the first Texas case judgment. PQA also largely copied Intel's petition, but (1) added a challenge to an additional claim and (2) included newly signed declarations from Intel's experts. In December 2021, the PTAB instituted OpenSky's petition on the '759 patent, but declined to institute on the '373 patent. In December 2021, Intel filed a motion to join OpenSky's '759 IPR. In January 2022, the PTAB instituted PQA's petition on the '373 patent. In February, Intel filed a motion to join PQA's petition. Both of Intel's joinder motions were granted in June 2022, allowing Intel to participate in the IPRs. Hearings were held in September 2022 for the OpenSky petition and in October 2022 for the PQA petition. PTAB decisions are expected in December 2022 on the '759 patent, and January 2023 on the '373 patent. At the same time, the Director of the United States Patent & Trademark Office is reviewing both the OpenSky and PQA IPRs to determine if they should be allowed to proceed to final written decisions. The Director has said that that process may delay the final written decision of the '759 patent IPR, but has not made any similar statement regarding the timeline for the '373 patent IPR. After consideration of the verdicts in the WDTX cases and the additional pending lawsuits filed by VLSI, Intel accrued a charge of $2.2 billion in the first quarter of 2021 and anticipates losses, if any, in excess of this amount would be immaterial to the financial statements. We dispute VLSI’s claims and intend to vigorously defend against them. Litigation Related to 7nm Product Delay Announcement Starting in July 2020, five securities class action lawsuits were filed in the United States District Court for the Northern District of California against Intel and certain current and former officers based on Intel’s July 2020 announcement of 7nm product delays. The plaintiffs, who purport to represent classes of acquirers of Intel stock between October 2019 and July 2020, generally allege that the defendants violated securities laws by making false 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. |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Oct. 01, 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: Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Operating segment revenue: Client Computing Desktop $ 3,222 $ 3,119 $ 8,152 $ 8,682 Notebook 4,410 5,944 15,119 19,634 Other 492 725 1,812 2,448 8,124 9,788 25,083 30,764 Datacenter and AI 4,209 5,778 14,892 16,265 Network and Edge 2,266 1,986 6,812 5,890 Accelerated Computing Systems and Graphics 185 171 590 529 Mobileye 450 326 1,304 1,030 Intel Foundry Services 171 174 576 541 All other 67 1,133 166 3,986 Total operating segment revenue $ 15,472 $ 19,356 $ 49,423 $ 59,005 Operating income (loss): Client Computing $ 1,655 $ 3,592 $ 5,567 $ 11,909 Datacenter and AI 17 2,293 1,917 6,089 Network and Edge 75 511 682 1,359 Accelerated Computing Systems and Graphics (378) (222) (1,275) (566) Mobileye 142 127 480 431 Intel Foundry Services (103) (44) (289) (26) All other (1,583) (1,030) (3,616) (4,729) Total operating income (loss) $ (175) $ 5,227 $ 3,466 $ 14,467 The following table presents intersegment revenue before eliminations: Total operating segment revenue $ 15,472 $ 19,356 $ 49,423 $ 59,005 Less: Accelerated Computing Systems and Graphics intersegment revenue (134) (164) (411) (509) Total net revenue $ 15,338 $ 19,192 $ 49,012 $ 58,496 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended (In Millions, Except Per Share Amounts) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Net income available to common stockholders $ 1,019 $ 6,823 $ 8,678 $ 15,245 Weighted average shares of common stock outstanding—basic 4,118 4,061 4,104 4,055 Dilutive effect of employee equity incentive plans 7 25 19 34 Weighted average shares of common stock outstanding—diluted 4,125 4,086 4,123 4,089 Earnings per share—basic $ 0.25 $ 1.68 $ 2.11 $ 3.76 Earnings per share—diluted $ 0.25 $ 1.67 $ 2.10 $ 3.73 |
Other Financial Statement Det_2
Other Financial Statement Details (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Other Financial Statement Details [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In Millions) Oct 1, 2022 Dec 25, 2021 Raw materials $ 1,635 $ 1,441 Work in process 7,030 6,656 Finished goods 4,166 2,679 Total inventories $ 12,831 $ 10,776 |
Interest and Other, Net [Table Text Block] | Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Interest income $ 170 $ 37 $ 315 $ 111 Interest expense (114) (144) (347) (463) Other, net 82 31 1,048 24 Total interest and other, net $ 138 $ (76) $ 1,016 $ (328) |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Other Charges | Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Employee severance and benefit arrangements $ 607 $ 21 $ 650 $ 43 Litigation charges and other 4 16 (1,199) 2,267 Asset impairment charges 53 5 89 287 Total restructuring and other charges $ 664 $ 42 $ (460) $ 2,597 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Investments and Cash [Abstract] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The fair value of marketable debt investments, by contractual maturity, as of October 1, 2022, was as follows: (In Millions) Fair Value Due in 1 year or less $ 11,457 Due in 1–2 years 2,208 Due in 2–5 years 4,962 Due after 5 years 720 Instruments not due at a single maturity date 861 Total $ 20,208 |
Investment [Table Text Block] | (In Millions) Oct 1, 2022 Dec 25, 2021 Marketable equity securities $ 1,185 $ 2,171 Non-marketable equity securities 4,626 4,111 Equity method investments 11 16 Total $ 5,822 $ 6,298 |
Gain (Loss) on Securities [Table Text Block] | The components of gains (losses) on equity investments, net for each period were as follows: Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Ongoing mark-to-market adjustments on marketable equity securities $ (244) $ (192) $ (883) $ (345) Observable price adjustments on non-marketable equity securities 67 79 273 702 Impairment charges (45) (38) (112) (111) Sale of equity investments and other¹ 71 1,858 4,804 2,124 Total gains (losses) on equity investments, net $ (151) $ 1,707 $ 4,082 $ 2,370 1 Sale of equity investments and other, includes realized gains (losses) on sales of non-marketable equity investments, our share of equity method investees' gains (losses) and distributions, and initial fair value adjustments recorded upon a security becoming marketable. Gains and losses for our marketable and non-marketable equity securities for each period were as follows: Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Net gains (losses) recognized during the period on equity securities $ (154) $ 346 $ (490) $ 883 Less: Net (gains) losses recognized during the period on equity securities sold during the period 1 (46) 15 (189) Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ (153) $ 300 $ (475) $ 694 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Business Combinations [Abstract] | |
Disposal Groups, Including Discontinued Operations | 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 sold $ 6,959 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Oct. 01, 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 Oct 1, 2022 Dec 25, 2021 Fair Value Measured and Recorded at Reporting Date Using Fair Value Measured and Recorded at Reporting Date Using (In Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents: Corporate debt $ — $ 103 $ — $ 103 $ — $ 65 $ — $ 65 Financial institution instruments¹ 644 1,431 — 2,075 1,216 763 — 1,979 Reverse repurchase agreements — 1,750 — 1,750 — 1,595 — 1,595 Short-term investments: Corporate debt — 6,457 — 6,457 — 6,367 — 6,367 Financial institution instruments¹ 217 5,615 — 5,832 154 5,162 — 5,316 Government debt² 48 5,693 — 5,741 50 12,693 — 12,743 Other current assets: Derivative assets — 2,003 — 2,003 80 576 — 656 Loans receivable³ — — — — — 152 — 152 Marketable equity securities 4 1,100 85 — 1,185 1,854 317 — 2,171 Other long-term assets: Derivative assets — 10 — 10 — 772 7 779 Loans receivable³ — 48 — 48 — 57 — 57 Total assets measured and recorded at fair value $ 2,009 $ 23,195 $ — $ 25,204 $ 3,354 $ 28,519 $ 7 $ 31,880 Liabilities Other accrued liabilities: Derivative liabilities $ 151 $ 1,386 $ — $ 1,537 $ 4 $ 516 $ — $ 520 Other long-term liabilities: Derivative liabilities — 689 89 778 — 9 — 9 Total liabilities measured and recorded at fair value $ 151 $ 2,075 $ 89 $ 2,315 $ 4 $ 525 $ — $ 529 1 Level 1 investments consist of money market funds. Level 2 investments consist primarily of commercial paper, certificates of deposit, time deposits, and notes and bonds issued by financial institutions. 2 Level 1 investments consist primarily of U.S. Treasury securities. Level 2 investments consist primarily of U.S. agency notes and non-U.S. 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. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Oct. 01, 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 in the first nine months of 2022 were as follows: (In Millions) Unrealized Holding Gains (Losses) on Derivatives Actuarial Valuation and Other Pension Expenses Translation Adjustments and Other Total Balance as of December 25, 2021 $ 211 $ (1,114) $ 23 $ (880) Other comprehensive income (loss) before reclassifications (1,575) — (38) (1,613) Amounts reclassified out of accumulated other comprehensive income (loss) 205 34 239 Tax effects 192 3 8 203 Other comprehensive income (loss) (1,178) 37 (30) (1,171) Balance as of October 1, 2022 $ (967) $ (1,077) $ (7) $ (2,051) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Total gross notional amounts for outstanding derivatives at the end of each period were as follows: (In Millions) Oct 1, 2022 Dec 25, 2021 Foreign currency contracts $ 32,561 $ 38,024 Interest rate contracts 16,760 15,209 Other 2,055 2,517 Total $ 51,376 $ 55,750 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value of Derivative Instruments Oct 1, 2022 Dec 25, 2021 (In Millions) Assets 1 Liabilities 2 Assets 1 Liabilities 2 Derivatives designated as hedging instruments: Foreign currency contracts 3 $ 1 $ 1,164 $ 80 $ 163 Interest rate contracts — 762 774 — Total derivatives designated as hedging instruments 1 1,926 854 163 Derivatives not designated as hedging instruments: Foreign currency contracts 3 1,703 215 475 297 Interest rate contracts 309 23 26 65 Equity contracts — 151 80 4 Total derivatives not designated as hedging instruments 2,012 389 581 366 Total derivatives $ 2,013 $ 2,315 $ 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 Condensed Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows: Line Item in the Consolidated Condensed Balance Sheets in Which the Hedged Item is Included Carrying Amount of the Hedged Item Asset/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) (In Millions) Oct 1, 2022 Dec 25, 2021 Oct 1, 2022 Dec 25, 2021 Long-term debt $ (11,236) $ (12,772) $ 761 $ (775) |
Offsetting Assets [Table Text Block] | The gross amounts of our derivative instruments and reverse repurchase 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: Oct 1, 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 $ 1,965 $ — $ 1,965 $ (653) $ (1,300) $ 12 Reverse repurchase agreements 2,150 — 2,150 — (2,150) — Total assets 4,115 — 4,115 (653) (3,450) 12 Liabilities: Derivative liabilities subject to master netting arrangements 2,237 — 2,237 (653) (1,350) 234 Total liabilities $ 2,237 $ — $ 2,237 $ (653) $ (1,350) $ 234 Dec 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] | The gross amounts of our derivative instruments and reverse repurchase 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: Oct 1, 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 $ 1,965 $ — $ 1,965 $ (653) $ (1,300) $ 12 Reverse repurchase agreements 2,150 — 2,150 — (2,150) — Total assets 4,115 — 4,115 (653) (3,450) 12 Liabilities: Derivative liabilities subject to master netting arrangements 2,237 — 2,237 (653) (1,350) 234 Total liabilities $ 2,237 $ — $ 2,237 $ (653) $ (1,350) $ 234 Dec 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) $ — |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The effects of derivative instruments not designated as hedging instruments on the Consolidated Condensed Statements of Income for each period were as follows: Three Months Ended Nine Months Ended (In Millions) Location of Gains (Losses) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Foreign currency contracts Interest and other, net $ 771 $ 170 $ 1,952 $ 382 Interest rate contracts Interest and other, net 164 (7) 289 14 Other Various (97) 84 (562) 279 Total $ 838 $ 247 $ 1,679 $ 675 |
Interest and other, net [Member] | Fair Value Hedging | |
Derivative [Line Items] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [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 Consolidated Condensed Statements of Income on Derivatives Three Months Ended Nine Months Ended (In Millions) Oct 1, 2022 Sep 25, 2021 Oct 1, 2022 Sep 25, 2021 Interest rate contracts $ (589) $ (55) $ (1,536) $ (532) Hedged items 589 55 1,536 532 Total $ — $ — $ — $ — |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net revenue | $ 15,338 | $ 19,192 | $ 49,012 | $ 58,496 |
Operating Income (Loss) | (175) | 5,227 | 3,466 | 14,467 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 15,472 | 19,356 | 49,423 | 59,005 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | (134) | (164) | (411) | (509) |
Client Computing Group | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 1,655 | 3,592 | 5,567 | 11,909 |
Client Computing Group | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 8,124 | 9,788 | 25,083 | 30,764 |
Client Computing Group | Desktop | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 3,222 | 3,119 | 8,152 | 8,682 |
Client Computing Group | Notebook | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 4,410 | 5,944 | 15,119 | 19,634 |
Client Computing Group | Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 492 | 725 | 1,812 | 2,448 |
Datacenter and AI | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 17 | 2,293 | 1,917 | 6,089 |
Datacenter and AI | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 4,209 | 5,778 | 14,892 | 16,265 |
Network and Edge | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 75 | 511 | 682 | 1,359 |
Network and Edge | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 2,266 | 1,986 | 6,812 | 5,890 |
Accelerated Computing Systems and Graphics | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | (378) | (222) | (1,275) | (566) |
Accelerated Computing Systems and Graphics | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 185 | 171 | 590 | 529 |
Mobileye | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 142 | 127 | 480 | 431 |
Mobileye | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 450 | 326 | 1,304 | 1,030 |
Intel Foundry Services | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | (103) | (44) | (289) | (26) |
Intel Foundry Services | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 171 | 174 | 576 | 541 |
All other | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | (1,583) | (1,030) | (3,616) | (4,729) |
All other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | $ 67 | $ 1,133 | $ 166 | $ 3,986 |
Operating Segments - Narrative
Operating Segments - Narrative (Details) $ in Millions | 9 Months Ended |
Oct. 01, 2022 USD ($) | |
All other | |
Segment Reporting Information [Line Items] | |
Inventory impairment charge | $ 559 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 1,019 | $ 6,823 | $ 8,678 | $ 15,245 |
Weighted average shares of common stock outstanding—basic | 4,118 | 4,061 | 4,104 | 4,055 |
Dilutive effect of employee equity incentive plans (shares) | 7 | 25 | 19 | 34 |
Weighted average shares of common stock outstanding—diluted | 4,125 | 4,086 | 4,123 | 4,089 |
Earnings per share - Basic (in dollars per share) | $ 0.25 | $ 1.68 | $ 2.11 | $ 3.76 |
Earnings per share - Diluted (in dollars per share) | $ 0.25 | $ 1.67 | $ 2.10 | $ 3.73 |
Other Financial Statement Det_3
Other Financial Statement Details Inventories (Details) - USD ($) $ in Millions | Oct. 01, 2022 | Dec. 25, 2021 |
Inventory, Net [Abstract] | ||
Raw materials | $ 1,635 | $ 1,441 |
Work in process | 7,030 | 6,656 |
Finished goods | 4,166 | 2,679 |
Total inventories | $ 12,831 | $ 10,776 |
Other Financial Statement Det_4
Other Financial Statement Details Interest and Other, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 29, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |||||
Interest income | $ 170 | $ 37 | $ 315 | $ 111 | |
Interest expense | (114) | (144) | (347) | (463) | |
Other, net | 82 | 31 | 1,048 | 24 | |
Total interest and other, net | 138 | (76) | 1,016 | (328) | |
Interest Costs Capitalized | (220) | $ (95) | (516) | (288) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gains on divestitures | $ 1,072 | $ 0 | |||
NAND Memory Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gains on divestitures | $ 1,000 | $ 1,000 |
Restructuring and Other Charg_3
Restructuring and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | |
Restructuring and Related Activities [Abstract] | ||||
Employee severance and benefit arrangements | $ 607 | $ 21 | $ 650 | $ 43 |
Litigation charges and other | 4 | 16 | (1,199) | 2,267 |
Asset impairment charges | 53 | 5 | 89 | 287 |
Restructuring and other charges | $ 664 | $ 42 | $ (460) | $ 2,597 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 01, 2022 | Jul. 02, 2022 | Sep. 25, 2021 | Jun. 26, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | |
Loss Contingencies [Line Items] | ||||||
Current restructuring liability | $ 537 | $ 537 | ||||
Benefit recorded in litigation charges and other | $ (4) | $ (16) | $ 1,199 | $ (2,267) | ||
Litigation charges | $ 2,200 | |||||
Goodwill impairment | $ 237 | |||||
EC Fine | ||||||
Loss Contingencies [Line Items] | ||||||
Benefit recorded in litigation charges and other | $ 1,200 |
Investments, Short-term Investm
Investments, Short-term Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | Dec. 25, 2021 | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Debt Securities, Realized Gain (Loss) | $ (861) | $ 144 | $ (1,800) | $ 329 | |
Debt Securities, Available-for-sale, Amortized Cost | 3,600 | 3,600 | $ 5,000 | ||
Available-for-sale Securities | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Derivative, Amount of Hedged Item | 16,600 | 16,600 | $ 21,500 | ||
Unrealized Gain (Loss) on Derivatives | $ 916 | $ 156 | $ 1,800 | $ 346 |
Investments, Available-for-Sale
Investments, Available-for-Sale Debt Investments (Details) $ in Millions | Oct. 01, 2022 USD ($) |
Investments and Cash [Abstract] | |
Due in 1 year or less | $ 11,457 |
Due in 1–2 years | 2,208 |
Due in 2–5 years | 4,962 |
Due after 5 years | 720 |
Instruments not due at a single maturity date | 861 |
Total | $ 20,208 |
Investments, Equity Investments
Investments, Equity Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | Dec. 25, 2021 | |
Investments, All Other Investments [Abstract] | |||||
Marketable Securities | $ 1,185 | $ 1,185 | $ 2,171 | ||
Cost Method Investments | 4,626 | 4,626 | 4,111 | ||
Equity Method Investments | 11 | 11 | 16 | ||
Equity Investments | 5,822 | 5,822 | $ 6,298 | ||
Mark to market on marketable equity securities1 | (244) | $ (192) | (883) | $ (345) | |
Observable price adjustments on non-marketable | 67 | 79 | 273 | 702 | |
Impairments | (45) | (38) | (112) | (111) | |
Other Net Equity Investments | 71 | 1,858 | 4,804 | 2,124 | |
Gain (Loss) on Investments | (151) | 1,707 | 4,082 | 2,370 | |
Net gains (losses) recognized during the period on equity securities | (154) | 346 | (490) | 883 | |
Less: Net (gains) losses recognized during the period on equity securities sold during the period | 1 | (46) | 15 | (189) | |
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date | $ (153) | $ 300 | $ (475) | $ 694 | |
McAfee | |||||
Schedule of Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 41% |
Investments - Equity Investment
Investments - Equity Investments, Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Special dividend recognized in sale of equity investments and other | $ 71 | $ 1,858 | $ 4,804 | $ 2,124 |
McAfee | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale of equity method investment | $ 4,600 |
Investments - Bejing Unisoc Tec
Investments - Bejing Unisoc Technology (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | Dec. 25, 2021 | |
Schedule of Investments [Line Items] | |||||
Gains (losses) on equity investments, net | $ (151) | $ 1,707 | $ 4,082 | $ 2,370 | |
Bejing Unisoc Technology Ltd. | |||||
Schedule of Investments [Line Items] | |||||
Gains (losses) on equity investments, net | $ 471 | ||||
Net book value of nonmarketable equity investment | $ 1,100 | $ 1,100 | $ 1,100 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Dec. 29, 2021 | Oct. 19, 2020 | Mar. 31, 2025 | Oct. 01, 2022 | Sep. 25, 2021 | Jun. 24, 2023 | Oct. 01, 2022 | Sep. 25, 2021 | Dec. 25, 2021 | Oct. 31, 2020 | |
Business Acquisition [Line Items] | ||||||||||
Proceeds from divestiture | $ 6,579 | $ 0 | ||||||||
Gains on divestitures | 1,072 | 0 | ||||||||
Income Tax Expense (Benefit) | $ (1,207) | $ 35 | (114) | $ 1,264 | ||||||
Goodwill | 27,591 | 27,591 | $ 26,963 | |||||||
NAND Memory Business Divestiture | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current related party receivable | 346 | 346 | ||||||||
NAND Memory Business | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration transferred for divestiture of business | $ 9,000 | |||||||||
Proceeds from divestiture | $ 7,000 | |||||||||
Gains on divestitures | 1,000 | 1,000 | ||||||||
Income Tax Expense (Benefit) | 495 | |||||||||
Additions to held for sale NAND property, plant and equipment | $ 583 | |||||||||
Maximum exposure annually | $ 500 | |||||||||
Maximum exposure | $ 1,500 | |||||||||
Nontrade Receivables, Noncurrent | $ 1,900 | $ 1,900 | ||||||||
Forecast | Affiliated Entity | NAND Memory Business Divestiture | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Quarterly expense reimbursement | $ 35 | |||||||||
Forecast | NAND Memory Business | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Proceeds from divestiture | $ 2,000 | |||||||||
Tower | Forecast | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash paid per acquiree share (in dollars per share) | $ 53 | |||||||||
Total enterprise value | $ 5,400 | |||||||||
Termination fee upon failure to obtain required regulatory approvals | $ 353 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Schedule of Assets Held for Sale (Details) $ in Millions | Dec. 29, 2021 USD ($) |
Business Combinations [Abstract] | |
Inventories | $ 941 |
Property, plant and equipment, net | 6,018 |
Total sold | $ 6,959 |
Borrowings Borrowings, Narrativ
Borrowings Borrowings, Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Jul. 02, 2022 | Oct. 01, 2022 | Sep. 25, 2021 | |
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | $ 3,088,000,000 | $ 500,000,000 | ||
Proceeds from issuance of debt | 6,103,000,000 | $ 4,974,000,000 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt issued | $ 6,000,000,000 | $ 6,000,000,000 | ||
Municipal Bonds | ||||
Debt Instrument [Line Items] | ||||
Proceeds from issuance of debt | $ 140,000,000 | |||
Interest rate | 5% | 5% | ||
Commercial Paper | ||||
Debt Instrument [Line Items] | ||||
Authorization to borrow | $ 10,000,000,000 | $ 10,000,000,000 | ||
Senior Notes Due July 2022 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 1,000,000,000 | |||
Senior Notes Due November 2023 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 400,000,000 | |||
Senior Notes Due May 2022 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | $ 1,600,000,000 | |||
Green Bonds | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt issued | 1,300,000,000 | 1,300,000,000 | ||
Variable Rate Revolving Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Variable rate revolving credit facility | $ 5,000,000,000 | $ 5,000,000,000 |
Fair Value (Detail)
Fair Value (Detail) - USD ($) $ in Millions | Oct. 01, 2022 | Dec. 25, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reverse repurchase agreements | $ 2,150 | $ 1,595 |
Derivative assets, Fair Value Disclosure | 1,965 | 1,427 |
Derivative liabilities, Fair Value Disclosure | 2,237 | 392 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 25,204 | 31,880 |
Liabilities, Fair Value Disclosure | 2,315 | 529 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Grants & loans Receivable, Reverse repurchase agreements, CV | 569 | 317 |
Short-term and Long-term Debt, Fair Value | 34,800 | 41,500 |
Marketable Equity Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,185 | 2,171 |
Cash Equivalents [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reverse repurchase agreements | 1,750 | 1,595 |
Cash Equivalents [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 103 | 65 |
Cash Equivalents [Member] | Fixed Income Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 2,075 | 1,979 |
Short-Term Investments [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 6,457 | 6,367 |
Short-Term Investments [Member] | Fixed Income Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 5,832 | 5,316 |
Short-Term Investments [Member] | Government Debt [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 5,741 | 12,743 |
Other Current Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, Fair Value Disclosure | 2,003 | 656 |
Loans receivable, Fair Value Disclosure | 0 | 152 |
Other Long-Term Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, Fair Value Disclosure | 10 | 779 |
Loans receivable, Fair Value Disclosure | 48 | 57 |
Other Accrued Liabilities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, Fair Value Disclosure | 1,537 | 520 |
Other Long-Term Liabilities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, Fair Value Disclosure | 778 | 9 |
Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,009 | 3,354 |
Liabilities, Fair Value Disclosure | 151 | 4 |
Level 1 [Member] | Marketable Equity Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,100 | 1,854 |
Level 1 [Member] | Cash Equivalents [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reverse repurchase agreements | 0 | 0 |
Level 1 [Member] | Cash Equivalents [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 1 [Member] | Cash Equivalents [Member] | Fixed Income Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 644 | 1,216 |
Level 1 [Member] | Short-Term Investments [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 1 [Member] | Short-Term Investments [Member] | Fixed Income Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 217 | 154 |
Level 1 [Member] | Short-Term Investments [Member] | Government Debt [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] | ||
Derivative assets, Fair Value Disclosure | 0 | 80 |
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] | ||
Derivative assets, Fair Value Disclosure | 0 | 0 |
Loans receivable, Fair Value Disclosure | 0 | 0 |
Level 1 [Member] | Other Accrued Liabilities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, Fair Value Disclosure | 151 | 4 |
Level 1 [Member] | Other Long-Term Liabilities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, Fair Value Disclosure | 0 | 0 |
Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 23,195 | 28,519 |
Liabilities, Fair Value Disclosure | 2,075 | 525 |
Level 2 [Member] | Fair Value, Nonrecurring [Member] | Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reverse repurchase agreements | 400 | 0 |
Level 2 [Member] | Marketable Equity Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 85 | 317 |
Level 2 [Member] | Cash Equivalents [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reverse repurchase agreements | 1,750 | 1,595 |
Level 2 [Member] | Cash Equivalents [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 103 | 65 |
Level 2 [Member] | Cash Equivalents [Member] | Fixed Income Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,431 | 763 |
Level 2 [Member] | Short-Term Investments [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 6,457 | 6,367 |
Level 2 [Member] | Short-Term Investments [Member] | Fixed Income Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 5,615 | 5,162 |
Level 2 [Member] | Short-Term Investments [Member] | Government Debt [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 5,693 | 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] | ||
Derivative assets, Fair Value Disclosure | 2,003 | 576 |
Loans receivable, Fair Value Disclosure | 0 | 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] | ||
Derivative assets, Fair Value Disclosure | 10 | 772 |
Loans receivable, Fair Value Disclosure | 48 | 57 |
Level 2 [Member] | Other Accrued Liabilities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, Fair Value Disclosure | 1,386 | 516 |
Level 2 [Member] | Other Long-Term Liabilities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, Fair Value Disclosure | 689 | 9 |
Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 7 |
Liabilities, Fair Value Disclosure | 89 | 0 |
Level 3 [Member] | Marketable Equity 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] | Cash Equivalents [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reverse repurchase agreements | 0 | 0 |
Level 3 [Member] | Cash Equivalents [Member] | Corporate 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] | Cash Equivalents [Member] | Fixed Income 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] | Short-Term Investments [Member] | Corporate 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] | Short-Term Investments [Member] | Fixed Income 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] | Short-Term Investments [Member] | Government Debt [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, Fair Value Disclosure | 0 | 0 |
Loans receivable, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Other Long-Term Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, Fair Value Disclosure | 0 | 7 |
Loans receivable, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Other Accrued Liabilities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Other Long-Term Liabilities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, Fair Value Disclosure | $ 89 | $ 0 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Sep. 25, 2021 | Oct. 01, 2022 | Sep. 25, 2021 | Dec. 25, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 623 | ||||
Other comprehensive income (loss) | $ (426) | $ (52) | (1,171) | $ (396) | |
Unrealized holding gains (losses) on available-for-sale investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss) | (967) | (967) | $ 211 | ||
Other comprehensive income (loss) before reclassifications | (1,575) | ||||
Amounts reclassified out of accumulated other comprehensive income (loss) | 205 | ||||
Tax effects | 192 | ||||
Other comprehensive income (loss) | (1,178) | ||||
Unrealized holding gains (losses) on derivatives [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss) | (1,077) | (1,077) | (1,114) | ||
Other comprehensive income (loss) before reclassifications | 0 | ||||
Amounts reclassified out of accumulated other comprehensive income (loss) | 34 | ||||
Tax effects | 3 | ||||
Other comprehensive income (loss) | 37 | ||||
Actuarial gains (losses) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss) | (7) | (7) | 23 | ||
Other comprehensive income (loss) before reclassifications | (38) | ||||
Amounts reclassified out of accumulated other comprehensive income (loss) | |||||
Tax effects | 8 | ||||
Other comprehensive income (loss) | (30) | ||||
Foreign currency translation adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss) | $ (2,051) | (2,051) | $ (880) | ||
Other comprehensive income (loss) before reclassifications | (1,613) | ||||
Amounts reclassified out of accumulated other comprehensive income (loss) | 239 | ||||
Tax effects | 203 | ||||
Other comprehensive income (loss) | $ (1,171) |
Derivative Financial Instrume_3
Derivative Financial Instruments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Sep. 25, 2021 | Jul. 02, 2022 | Oct. 01, 2022 | Sep. 25, 2021 | Dec. 25, 2021 | |
Notional Disclosures [Abstract] | ||||||
Notional amount | $ 51,376 | $ 51,376 | $ 55,750 | |||
Offsetting Derivative Assets [Abstract] | ||||||
Derivative Assets, Fair Value, Gross Amounts | 1,965 | 1,965 | 1,427 | |||
Derivative Assets Subject to Master Netting Arrangements, Gross Amounts Offset in the Balance Sheet | 0 | 0 | 0 | |||
Derivative Assets Subject to Master Netting Arrangements, Net Amount Presented in the Balance Sheet | 1,965 | 1,965 | 1,427 | |||
Derivative Assets, Financial Instruments Not Offset in the Balance Sheet | (653) | (653) | (332) | |||
Derivative Assets, Cash Collateral Not Offset in the Balance Sheet | (1,300) | (1,300) | (986) | |||
Derivative Assets Subject to Master Netting Arrangements, Net Amount | 12 | 12 | 109 | |||
Reverse Repurchase Agreements, Gross Amounts Recognized | 2,150 | 2,150 | 1,595 | |||
Reverse Repurchase Agreements, Gross Amounts Offset In The Balance Sheet | 0 | 0 | 0 | |||
Reverse Repurchase Agreements, Net Amount Presented in the Balance Sheet | 2,150 | 2,150 | 1,595 | |||
Reverse Repurchase Agreements, Financial Instruments Not Offset in the Balance Sheet | 0 | 0 | 0 | |||
Reverse Repurchase Agreements, Cash Collateral Not Offset in the Balance Sheet | (2,150) | (2,150) | (1,595) | |||
Reverse Repurchase Agreements, Net Amount | 0 | 0 | 0 | |||
Total Assets, Gross Amounts Recognized | 4,115 | 4,115 | 3,022 | |||
Total Assets, Gross Amounts Offset in the Balance Sheet | 0 | 0 | 0 | |||
Total Assets, Net Amounts Presented in the Balance Sheet | 4,115 | 4,115 | 3,022 | |||
Total Assets, Financial Instruments, Not Offset in the Balance Sheet | (653) | (653) | (332) | |||
Total Assets, Cash and Non Cash Collateral, Not Offset in the Balance Sheet | (3,450) | (3,450) | (2,581) | |||
Total Assets, Net Amount | 12 | 12 | 109 | |||
Offsetting Derivative Liabilities [Abstract] | ||||||
Derivative Liabilities, Fair Value, Gross Amounts | 2,237 | 2,237 | 392 | |||
Derivative Liabilities Subject to Master Netting Arrangements, Gross Amounts Offset in the Balance Sheet | 0 | 0 | 0 | |||
Derivative Liabilities Subject to Master Netting Arrangements, Net Amount Presented in the Balance Sheet | 2,237 | 2,237 | 392 | |||
Derivative Liabilities, Financial Instruments Not Offset in the Balance Sheet | (653) | (653) | (332) | |||
Derivative Liabilities, Cash Collateral Not Offset in the Balance Sheet | (1,350) | (1,350) | (60) | |||
Derivative Liabilities Subject to Master Netting Arrangements, Net Amount | 234 | 234 | 0 | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 589 | $ 55 | 1,536 | $ 532 | ||
Net Change In Unrealized Gain (Loss) Recognized In Income Statement On Fair Value Hedging Instruments And On Hedged Item In Fair Value Hedge | 0 | 0 | 0 | 0 | ||
Assets | ||||||
Offsetting Derivative Assets [Abstract] | ||||||
Derivative Assets, Fair Value, Gross Amounts | 2,013 | 2,013 | 1,435 | |||
Liabilities | ||||||
Offsetting Derivative Liabilities [Abstract] | ||||||
Derivative Liabilities, Fair Value, Gross Amounts | 2,315 | 2,315 | 529 | |||
Designated as Hedging Instrument [Member] | Assets | ||||||
Offsetting Derivative Assets [Abstract] | ||||||
Derivative Assets, Fair Value, Gross Amounts | 1 | 1 | 854 | |||
Designated as Hedging Instrument [Member] | Liabilities | ||||||
Offsetting Derivative Liabilities [Abstract] | ||||||
Derivative Liabilities, Fair Value, Gross Amounts | 1,926 | 1,926 | 163 | |||
Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||||
Gains (Losses) Recognized in Income On Derivatives | 838 | 247 | 1,679 | 675 | ||
Not Designated as Hedging Instrument [Member] | Assets | ||||||
Offsetting Derivative Assets [Abstract] | ||||||
Derivative Assets, Fair Value, Gross Amounts | 2,012 | 2,012 | 581 | |||
Not Designated as Hedging Instrument [Member] | Liabilities | ||||||
Offsetting Derivative Liabilities [Abstract] | ||||||
Derivative Liabilities, Fair Value, Gross Amounts | 389 | 389 | 366 | |||
Foreign currency contracts | ||||||
Notional Disclosures [Abstract] | ||||||
Notional amount | 32,561 | 32,561 | 38,024 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||||
Before-tax net gains (losses) attributed to cash flow hedges, recognized in other comprehensive income (loss) | 678 | 28 | (1,600) | (313) | ||
Foreign currency contracts | Designated as Hedging Instrument [Member] | Assets | ||||||
Offsetting Derivative Assets [Abstract] | ||||||
Derivative Assets, Fair Value, Gross Amounts | 1 | 1 | 80 | |||
Foreign currency contracts | Designated as Hedging Instrument [Member] | Liabilities | ||||||
Offsetting Derivative Liabilities [Abstract] | ||||||
Derivative Liabilities, Fair Value, Gross Amounts | 1,164 | 1,164 | 163 | |||
Foreign currency contracts | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||||
Gains (Losses) Recognized in Income On Derivatives | 771 | 170 | 1,952 | 382 | ||
Foreign currency contracts | Not Designated as Hedging Instrument [Member] | Assets | ||||||
Offsetting Derivative Assets [Abstract] | ||||||
Derivative Assets, Fair Value, Gross Amounts | 1,703 | 1,703 | 475 | |||
Foreign currency contracts | Not Designated as Hedging Instrument [Member] | Liabilities | ||||||
Offsetting Derivative Liabilities [Abstract] | ||||||
Derivative Liabilities, Fair Value, Gross Amounts | 215 | 215 | 297 | |||
Interest rate contracts | ||||||
Notional Disclosures [Abstract] | ||||||
Notional amount | 16,760 | 16,760 | 15,209 | |||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (589) | (55) | (1,536) | (532) | ||
Interest rate contracts | Designated as Hedging Instrument [Member] | Assets | ||||||
Offsetting Derivative Assets [Abstract] | ||||||
Derivative Assets, Fair Value, Gross Amounts | 0 | 0 | 774 | |||
Interest rate contracts | Designated as Hedging Instrument [Member] | Liabilities | ||||||
Offsetting Derivative Liabilities [Abstract] | ||||||
Derivative Liabilities, Fair Value, Gross Amounts | 762 | 762 | 0 | |||
Interest rate contracts | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||||
Gains (Losses) Recognized in Income On Derivatives | 164 | (7) | 289 | 14 | ||
Interest rate contracts | Not Designated as Hedging Instrument [Member] | Assets | ||||||
Offsetting Derivative Assets [Abstract] | ||||||
Derivative Assets, Fair Value, Gross Amounts | 309 | 309 | 26 | |||
Interest rate contracts | Not Designated as Hedging Instrument [Member] | Liabilities | ||||||
Offsetting Derivative Liabilities [Abstract] | ||||||
Derivative Liabilities, Fair Value, Gross Amounts | 23 | 23 | 65 | |||
Other | ||||||
Notional Disclosures [Abstract] | ||||||
Notional amount | 2,055 | 2,055 | 2,517 | |||
Other | Not Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||||
Gains (Losses) Recognized in Income On Derivatives | (97) | $ 84 | (562) | $ 279 | ||
Other | Not Designated as Hedging Instrument [Member] | Assets | ||||||
Offsetting Derivative Assets [Abstract] | ||||||
Derivative Assets, Fair Value, Gross Amounts | 0 | 0 | 80 | |||
Other | Not Designated as Hedging Instrument [Member] | Liabilities | ||||||
Offsetting Derivative Liabilities [Abstract] | ||||||
Derivative Liabilities, Fair Value, Gross Amounts | 151 | 151 | 4 | |||
Interest Rate Swap | Long-term Debt | Fair Value Hedging | ||||||
Derivative [Line Items] | ||||||
Derivative, Amount of Hedged Item | 12,000 | 12,000 | 12,000 | |||
Derivative, Fair Value, Net | $ (11,236) | (11,236) | $ (12,772) | |||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ||||||
Gains (Losses) Recognized in Income On Derivatives | $ (775) | $ 761 |
Contingencies (Detail)
Contingencies (Detail) $ in Millions, € in Billions | 1 Months Ended | 9 Months Ended | |||
May 31, 2009 USD ($) | May 31, 2009 EUR (€) | Oct. 01, 2022 USD ($) | Sep. 25, 2021 USD ($) | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||||
Finance lease prepayments | $ 341 | $ 0 | |||
EC Fine | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, damages paid, value | $ 1,400 | € 1.1 | |||
Arizona Fab | Forecast | |||||
Loss Contingencies [Line Items] | |||||
Noncontrolling interest percent held by parent | 51% | ||||
Noncontrolling interest percent held by noncontrolling interest holders | 49% | ||||
Noncontrolling interest maximum expected spending on manufacturing and infrastructure | $ 30,000 |