Cover Page
Cover Page - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Dec. 30, 2023 | Jan. 19, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 30, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-06217 | ||
Entity Registrant Name | INTEL CORPORATION | ||
Entity Central Index Key | 0000050863 | ||
Company Fiscal Year End Date | --12-30 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-1672743 | ||
Entity Address, Address Line One | 2200 Mission College Boulevard, | ||
Entity Address, City or Town | Santa Clara, | ||
Entity Address, State or Province | CA | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 4,228 | ||
Entity Public Float | $ 140 | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant's proxy statement related to its 2024 Annual Stockholders' Meeting to be filed subsequently are incorporated by reference into Part III of this Form 10-K. Except as expressly incorporated by reference, the registrant's proxy statement shall not be deemed to be part of this report. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 30, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | San Jose, California |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Income Statement [Abstract] | |||
Net revenue | $ 54,228 | $ 63,054 | $ 79,024 |
Cost of sales | 32,517 | 36,188 | 35,209 |
Gross margin | 21,711 | 26,866 | 43,815 |
Research and development | 16,046 | 17,528 | 15,190 |
Marketing, general, and administrative | 5,634 | 7,002 | 6,543 |
Restructuring and other charges | (62) | 2 | 2,626 |
Operating expenses | 21,618 | 24,532 | 24,359 |
Operating income | 93 | 2,334 | 19,456 |
Gains (losses) on equity investments, net | 40 | 4,268 | 2,729 |
Interest and other, net | 629 | 1,166 | (482) |
Income before taxes | 762 | 7,768 | 21,703 |
Provision for (benefit from) taxes | (913) | (249) | 1,835 |
Net income | 1,675 | 8,017 | 19,868 |
Net loss attributable to non-controlling interest | (14) | 3 | 0 |
Net income attributable to Intel | $ 1,689 | $ 8,014 | $ 19,868 |
Earnings per share attributable to Intel—basic | $ 0.40 | $ 1.95 | $ 4.89 |
Earnings per share attributable to Intel—diluted | $ 0.40 | $ 1.94 | $ 4.86 |
Weighted average shares of common stock outstanding: | |||
Basic (shares) | 4,190 | 4,108 | 4,059 |
Diluted (shares) | 4,212 | 4,123 | 4,090 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,675 | $ 8,017 | $ 19,868 |
Other comprehensive income, net of tax: | |||
Net unrealized holding gains (losses) on derivatives | 272 | (510) | (520) |
Actuarial valuation and other pension benefits (expenses), net | 66 | 855 | 451 |
Translation adjustments and other | 9 | (27) | (60) |
Other comprehensive income (loss) | 347 | 318 | (129) |
Total comprehensive income | 2,022 | 8,335 | 19,739 |
Less: comprehensive income (loss) attributable to non-controlling interests | (14) | 3 | 0 |
Total comprehensive income attributable to Intel | $ 2,036 | $ 8,332 | $ 19,739 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 7,079 | $ 11,144 |
Short-term investments | 17,955 | 17,194 |
Accounts receivable, net | 3,402 | 4,133 |
Inventories | 11,127 | 13,224 |
Other current assets | 3,706 | 4,712 |
Total current assets | 43,269 | 50,407 |
Property, plant, and equipment, net | 96,647 | 80,860 |
Equity investments | 5,829 | 5,912 |
Goodwill | 27,591 | 27,591 |
Identified intangible assets, net | 4,589 | 6,018 |
Other long-term assets | 13,647 | 11,315 |
Total assets | 191,572 | 182,103 |
Current liabilities: | ||
Short-term debt | 2,288 | 4,367 |
Accounts payable | 8,578 | 9,595 |
Accrued compensation and benefits | 3,655 | 4,084 |
Income taxes payable | 1,107 | 2,251 |
Other accrued liabilities | 12,425 | 11,858 |
Total current liabilities | 28,053 | 32,155 |
Debt | 46,978 | 37,684 |
Other long-term liabilities | 6,576 | 8,978 |
Commitments and Contingencies (Note 19) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 50 shares authorized; none issued | 0 | 0 |
Common stock, $0.001 par value, 10,000 shares authorized; 4,228 shares issued and outstanding (4,137 issued and outstanding in 2022) and capital in excess of par value | 36,649 | 31,580 |
Accumulated other comprehensive income (loss) | (215) | (562) |
Retained earnings | 69,156 | 70,405 |
Total Intel stockholders' equity | 105,590 | 101,423 |
Non-controlling interests | 4,375 | 1,863 |
Total stockholders' equity | 109,965 | 103,286 |
Total liabilities and stockholders' equity | $ 191,572 | $ 182,103 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50 | 50 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000 | 10,000 |
Common stock, shares issued | 4,228 | 4,137 |
Common stock, shares outstanding | 4,228 | 4,137 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents, beginning of period | $ 11,144 | $ 4,827 | $ 5,865 |
Cash flows provided by (used for) operating activities: | |||
Net income | 1,675 | 8,017 | 19,868 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 7,847 | 11,128 | 9,953 |
Share-based compensation | 3,229 | 3,128 | 2,036 |
Restructuring and other charges | (424) | 1,074 | 2,626 |
Amortization of intangibles | 1,755 | 1,907 | 1,839 |
(Gains) losses on equity investments, net | (42) | (4,254) | (1,458) |
(Gains) losses on divestitures | 0 | (1,059) | 0 |
Changes in assets and liabilities: | |||
Accounts receivable | 731 | 5,327 | (2,674) |
Inventories | 2,097 | (2,436) | (2,339) |
Accounts payable | (801) | (29) | 1,190 |
Accrued compensation and benefits | (614) | (1,533) | 515 |
Customer deposits and prepaid supply agreements | 0 | (24) | (1,583) |
Income taxes | (3,531) | (4,535) | (441) |
Other assets and liabilities | (451) | (1,278) | (76) |
Total adjustments | 9,796 | 7,416 | 9,588 |
Net cash provided by operating activities | 11,471 | 15,433 | 29,456 |
Cash flows provided by (used for) investing activities: | |||
Additions to property, plant, and equipment | (25,750) | (24,844) | (18,733) |
Additions to held for sale NAND property, plant, and equipment | 0 | 206 | 1,596 |
Proceeds From Capital Grants | 1,011 | 246 | 166 |
Purchase of short-term investments | (44,414) | (43,647) | (40,554) |
Maturities and sales of short-term investments | 44,077 | 48,730 | 35,299 |
Purchases of equity investments | (399) | (510) | (613) |
Sales of equity investments | 472 | 4,961 | 581 |
Proceeds from divestitures | 0 | 6,579 | 0 |
Other investing | 962 | (1,540) | 1,167 |
Net cash used for investing activities | (24,041) | (10,231) | (24,283) |
Cash flows provided by (used for) financing activities: | |||
Issuance of commercial paper, net of issuance costs | 0 | 3,945 | 0 |
Repayment of commercial paper | (3,944) | 0 | 0 |
Payments on finance leases | (96) | (345) | 0 |
Partner contributions | 1,511 | 874 | 0 |
Proceeds from sales of subsidiary shares | 2,959 | 1,032 | 0 |
Issuance of long-term debt, net of issuance costs | 11,391 | 6,548 | 4,974 |
Repayments of Long-term Debt | (423) | (4,984) | (2,500) |
Proceeds from sales of common stock through employee equity incentive plans | 1,042 | 977 | 1,020 |
Repurchase of common stock | 0 | 0 | (2,415) |
Payment of dividends to stockholders | (3,088) | (5,997) | (5,644) |
Other financing | (847) | (935) | (1,646) |
Net cash provided by (used for) financing activities | 8,505 | 1,115 | (6,211) |
Net increase (decrease) in cash and cash equivalents | (4,065) | 6,317 | (1,038) |
Cash and cash equivalents, end of period | 7,079 | 11,144 | 4,827 |
Supplemental disclosures: | |||
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities | 4,804 | 5,431 | 1,619 |
Interest, net of capitalized interest | 613 | 459 | 545 |
Income taxes, net of refunds | $ 2,621 | $ 4,282 | $ 2,263 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock and Capital in Excess of Par | Common Stock and Capital in Excess of Par Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance | Non-controlling Interests |
Beginning Balance, shares at Dec. 26, 2020 | 4,062 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 54 | ||||||||||
Repurchase of common stock, shares | (40) | ||||||||||
Restricted stock unit withholdings, shares | (6) | ||||||||||
Ending Balance, shares at Dec. 25, 2021 | 4,070 | ||||||||||
Beginning Balance at Dec. 26, 2020 | $ 81,038 | $ 35 | $ 81,073 | $ 25,556 | $ (751) | $ 56,233 | $ 35 | $ 56,268 | $ 0 | ||
Components of comprehensive income, net of tax: | |||||||||||
Net income | 19,868 | 19,868 | |||||||||
Other comprehensive income (loss) | (129) | $ (129) | |||||||||
Total comprehensive income | 19,739 | ||||||||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 1,022 | $ 1,022 | 0 | ||||||||
Share-based compensation | 2,036 | 2,036 | |||||||||
Repurchase of common stock | (2,415) | (249) | (2,166) | ||||||||
Restricted stock unit withholdings | (420) | (359) | (61) | ||||||||
Cash dividends declared | (5,644) | (5,644) | |||||||||
Ending Balance at Dec. 25, 2021 | $ 95,391 | $ 28,006 | (880) | 68,265 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 79 | ||||||||||
Restricted stock unit withholdings, shares | (12) | ||||||||||
Ending Balance, shares at Dec. 31, 2022 | 4,137 | 4,137 | |||||||||
Components of comprehensive income, net of tax: | |||||||||||
Net income | $ 8,017 | 8,014 | 3 | ||||||||
Other comprehensive income (loss) | 318 | 318 | |||||||||
Total comprehensive income | 8,335 | ||||||||||
Proceeds from sales of subsidiary shares and partner contributions | 1,906 | $ 75 | 1,831 | ||||||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 1,009 | 1,009 | |||||||||
Share-based compensation | 3,128 | 3,099 | 29 | ||||||||
Restricted stock unit withholdings | (486) | (609) | 123 | ||||||||
Cash dividends declared | (5,997) | (5,997) | |||||||||
Ending Balance at Dec. 31, 2022 | $ 103,286 | $ 31,580 | (562) | 70,405 | 1,863 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 107 | ||||||||||
Restricted stock unit withholdings, shares | (16) | ||||||||||
Ending Balance, shares at Dec. 30, 2023 | 4,228 | 4,228 | |||||||||
Components of comprehensive income, net of tax: | |||||||||||
Net income | $ 1,675 | 1,689 | (14) | ||||||||
Other comprehensive income (loss) | 347 | 347 | |||||||||
Total comprehensive income | 2,022 | ||||||||||
Proceeds from sales of subsidiary shares and partner contributions | 4,005 | $ 1,620 | 2,385 | ||||||||
APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | 1,044 | 1,044 | |||||||||
Share-based compensation | 3,229 | 3,088 | 141 | ||||||||
Restricted stock unit withholdings | (533) | (683) | 150 | ||||||||
Cash dividends declared | (3,088) | (3,088) | |||||||||
Ending Balance at Dec. 30, 2023 | $ 109,965 | $ 36,649 | $ (215) | $ 69,156 | $ 4,375 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Retained Earnings [Member] | |||
Cash dividends declared per common share (in dollars per share) | $ 0.7400 | $ 1.4600 | $ 1.39 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation [Text Block] | Note 1 : Basis of Presentation We have a 52- or 53-week fiscal year that ends on the last Saturday in December. Fiscal years 2023 and 2021 were 52-week fiscal years; 2022 was a 53-week fiscal year. Fiscal 2024 is a 52-week fiscal year. Our Consolidated Financial Statements include the accounts of Intel and our wholly owned and majority-owned subsidiaries, which include entities consolidated under the variable interest and voting interest models. We have eliminated intercompany accounts and transactions. We have reclassified certain prior period amounts to conform to current period presentation. Use of Estimates The preparation of Consolidated Financial Statements in conformity with US GAAP requires us to make estimates and judgments that affect the amounts reported in our Consolidated Financial Statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Accounting Policies [Text Block] | Note 2 : Accounting Policies Revenue Recognition We recognize net product revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. Substantially all of our revenue is derived from product sales. Our products often include a software component, such as firmware, that is highly interdependent and interrelated with the product and is substantially accounted for as a combined performance obligation. In accordance with contract terms, the revenue for combined performance obligations and standalone product sales is recognized at the time of product shipment from our facilities or delivery to the customer location, as determined by the agreed-upon shipping terms. We measure revenue based on the amount of consideration we expect to be entitled to in exchange for products or services. Variable consideration is estimated and reflected as an adjustment to the transaction price. We determine variable consideration, which consists primarily of various sales price concessions, by estimating the most likely amount of consideration we expect to receive from the customer based on historical analysis of customer purchase volumes. Sales rebates earned by customers are offset against their receivable balances. Rebates earned by customers when they do not have outstanding receivable balances are recorded within other accrued liabilities . We make payments to our customers through cooperative advertising programs for marketing activities for some of our products. We generally record the payment as a reduction in revenue in the period that the revenue is earned, unless the payment is for a distinct service, which we record as an expense when the marketing activities occur. Inventories We compute inventory cost on a first-in, first-out basis. Our process and product development life cycle corresponds with substantive engineering milestones. These engineering milestones are regularly and consistently applied in assessing the point at which our activities and associated costs change in nature from R&D to cost of sales, and when cost of sales can be capitalized as inventory. For a product to be manufactured in high volumes and sold to our customers under our standard warranty, it must meet our rigorous technical quality specifications. This milestone is known as PRQ. We have identified PRQ as the point at which the costs incurred to manufacture our products are included in the valuation of inventory. A single PRQ has previously valued inventory up to $870 million in the quarter the PRQ milestone was achieved. Prior to PRQ, costs that do not meet the criteria for R&D are included in cost of sales in the period incurred. The valuation of inventory includes determining which fixed production overhead costs can be included in inventory based on the normal capacity of our manufacturing and assembly and test facilities. We apply our historical loading compared to our total available capacity in a statistical model to determine our expectations of normal capacity level. If the factory loading is below the established normal capacity level, a portion of our fixed production overhead costs would not be included in the cost of inventory; instead, it would be recognized as cost of sales in that period. We refer to these costs as excess capacity charges. Excess capacity charges were $834 million in 2023, $423 million in 2022, and insignificant in 2021. Inventory is valued at the lower of cost or net realizable value, based upon assumptions about future demand and market conditions. Product-specific facts and circumstances reviewed in the inventory valuation process include a review of our customer base, the stage of the product life cycle, variations in market pricing, and an assessment of selling price in relation to product cost. Lower of cost or net realizable value inventory reserves fluctuate as we ramp new process technologies, with costs generally improving over time due to scale and improved yields. Additionally, inventory valuation is impacted by cyclical changes in market conditions and the associated pricing environment. Property, Plant, and Equipment We compute depreciation using the straight-line method over the estimated useful life of assets. We also capitalize interest on borrowings related to eligible capital expenditures. Capitalized interest is added to the cost of qualified assets and depreciated together with that asset cost. At least annually, we evaluate the period over which we expect to recover the economic value of our property, plant, and equipment, considering factors such as the process technology cadence between node transitions, changes in machinery and equipment technology, and re-use of machinery and tools across each generation of process technology. As we make manufacturing process conversions and other factory planning decisions, we use assumptions involving the use of management judgments regarding the remaining useful lives of assets, primarily process-specific semiconductor manufacturing tools and building improvements. When we determine that the useful lives of assets are shorter or longer than we had originally estimated, we adjust the rate of depreciation to reflect the assets' revised useful lives. Effective January 2023, the estimated useful lives of certain machinery and equipment in our wafer fabrication facilities were increased from 5 to 8 years. This change in estimate was applied prospectively beginning in the first quarter of 2023. Assets are categorized and evaluated for impairment at the lowest level of identifiable cash flows. Factors that we consider in deciding when to perform an impairment review include significant under-performance of a business or product line in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in our use and fungibility of the assets. If an asset grouping carrying value is not recoverable through the related undiscounted cash flows, the asset grouping is considered to be impaired. Identified Intangible Assets We amortize acquisition-related intangible assets that are subject to amortization over their estimated useful lives. Acquisition-related, in-process R&D assets represent the fair value of incomplete R&D projects that had not reached technological feasibility as of the date of acquisition; initially, these are classified as in-process R&D and are not subject to amortization. Once these R&D projects are completed, the asset balances are transferred from in-process R&D to acquisition-related developed technology and are subject to amortization from that point forward. The asset balances relating to projects that are abandoned after acquisition are impaired and expensed to R&D. We perform periodic reviews of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for specific product lines. Periodically, we also evaluate the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization. We may adjust the period over which these assets are amortized to reflect the period in which they contribute to our cash flows. Goodwill Our reporting units are the same as our operating segments. We evaluate our reporting units annually or when triggered, such as upon reorganization of our operating segments. We perform an annual impairment assessment of goodwill at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The reporting unit's carrying value used in an impairment assessment represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments, and debt. The impairment assessment may include both qualitative and quantitative factors to assess the likelihood of an impairment. Qualitative factors used include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. We may also perform a quantitative analysis to support the qualitative factors by applying sensitivities to assumptions and inputs used in measuring a reporting unit's fair value. Our quantitative impairment assessment considers both the income approach and the market approach to estimate a reporting unit's fair value. Significant estimates include market segment growth rates, our assumed market segment share, estimated gross margins, operating expenses, and discount rates based on a reporting unit's weighted average cost of capital. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. These estimates change from year to year based on operating results, market conditions, and other factors and could materially affect the determination of each reporting unit's fair value and potential goodwill impairment for each reporting unit. Our quantitative assessment is sensitive to changes in underlying estimates and assumptions, the most sensitive of which is the discount rate. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. In 2023, the fair value for all of our reporting units exceeded their carrying value, and our annual qualitative assessment did not indicate that a more detailed quantitative analysis was necessary. Government Incentives Government incentives, including cash grants and refundable tax credits, are recognized when there is reasonable assurance that the incentive will be received and we will comply with the conditions specified in the agreement or statutory requirements. We record capital-related incentives as a reduction to property, plant, and equipment, net within our Consolidated Balance Sheets and recognize a reduction to depreciation expense over the useful life of the corresponding acquired asset. We record operating-related incentives as a reduction to expense in the same line item on the Consolidated Statements of Income as the expenditure for which the incentive is intended to compensate. Fair Value When determining fair value, we consider the principal or most advantageous market in which we would transact, as well as assumptions that market participants would use when pricing the asset or liability. Our financial assets are measured and recorded at fair value on a recurring basis, except for equity securities measured using the measurement alternative, equity method investments, and grants receivable. We assess fair value hierarchy levels for our issued debt and fixed-income investment portfolio based on the underlying instrument type. The three levels of inputs that may be used to measure fair value are: ▪ Level 1 . Quoted prices in active markets for identical assets or liabilities. We evaluate security-specific market data when determining whether a market is active. ▪ Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets, or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. We use yield curves, overnight indexed swap curves, currency spot and forward rates, and credit ratings as significant inputs in our valuations. Level 2 inputs also include non-binding market consensus prices, as well as quoted prices that were adjusted for security-specific restrictions. When we use non-binding market consensus prices, we corroborate them with quoted market prices for similar instruments or compare them to output from internally developed pricing models such as discounted cash flow models. ▪ Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help confirm that the fair value measurements are reasonable and consistent with market experience in similar asset classes. Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data. Debt Investments Debt investments include investments in corporate debt, government debt, and financial institution instruments. Unhedged debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents . Unhedged debt investments with original maturities at the date of purchase greater than approximately three months and all economically hedged debt investments are classified as short-term investments , as they represent the investment of cash available for current operations. For certain of our marketable debt investments, we economically hedge market risks at inception with a related derivative instrument, or the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. These hedged investments are reported at fair value. Gains or losses on these investments arising from changes in fair value due to interest rate and currency market fluctuations and credit market volatility, largely offset by losses or gains on the related derivative instruments and balance sheet remeasurement, are recorded in interest and other, net . Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss) . We determine the cost of the investment sold based on an average cost basis at the individual security level and record the interest income and realized gains or losses on the sale of these investments in interest and other, net . Unhedged debt investments are subject to periodic impairment reviews. For investments in an unrealized loss position, we determine whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. We recognize an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and write down the amortized cost basis of the investment if it is more likely than not we will be required or we intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in interest and other, net , and unrealized losses not related to credit losses are recognized in accumulated other comprehensive income (loss) . Equity Investments We regularly invest in equity securities of public and private companies to promote business and strategic objectives. Equity investments are measured and recorded as follows: ▪ Marketable equity securities are equity securities with RDFV that are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. ▪ Non-marketable equity securities are equity securities without RDFV that are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. ▪ Equity method investments are equity securities in investees we do not control but over which we have the ability to exercise significant influence. Equity method investments are measured at cost minus impairment, if any, plus or minus our share of equity method investee income or loss. Our proportionate share of the income or loss from equity method investments is recognized on a one-quarter lag. Realized and unrealized gains and losses resulting from changes in fair value or the sale of our equity investments are recorded in gains (losses) on equity investments, net . The carrying value of our non-marketable equity securities is adjusted for qualifying observable price changes resulting from the issuance of similar or identical securities in an orderly transaction by the same issuer. Determining whether an observed transaction is similar to a security within our portfolio requires judgment based on the rights and preferences of the securities. Non-marketable equity securities and equity method investments (collectively referred to as non-marketable equity investments) are also subject to periodic impairment reviews. Our quarterly impairment analysis considers both qualitative and quantitative factors. When indicators of impairment exist, we prepare quantitative assessments of the fair value of our non-marketable equity investments using both the market and income approaches. ▪ Non-marketable equity securities are tested for impairment using a qualitative model similar to the model used for goodwill and property, plant, and equipment. Upon determining that an impairment may exist, the security's fair value is calculated and compared to its carrying value, and an impairment is recognized immediately if the carrying value exceeds the fair value. ▪ Equity method investments are subject to periodic impairment reviews using the other-than-temporary impairment model, which considers the severity and duration of a decline in fair value below cost and our ability and intent to hold the investment for a sufficient period of time to allow for recovery. Impairments of equity investments are recorded in gains (losses) on equity investments, net . Derivative Financial Instruments Our primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk, and, to a lesser extent, equity market risk, commodity price risk, and credit risk. We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. We also enter into collateral security arrangements with certain of our counterparties to exchange cash collateral when the net fair value of certain derivative instruments fluctuates from contractually established thresholds. For presentation on our Consolidated Balance Sheets, we do not offset fair value amounts recognized for derivative instruments under master netting arrangements. Our derivative financial instruments, including related collateral amounts, are presented at fair value on a gross basis and are included in other current assets , other long-term assets , other accrued liabilities , or other long-term liabilities . Cash flow hedges use foreign currency contracts, such as currency forwards and currency interest rate swaps, to hedge exposures for variability in the US-dollar equivalent of non-US-dollar-denominated cash flows associated with our forecasted operating and capital purchases spending. The after-tax gains or losses from the effective portion of a cash flow hedge is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods in which the hedged transaction affects earnings, and in the same line item on the Consolidated Statements of Income as the impact of the hedge transaction. For foreign currency contracts hedging our capital purchases, forward points are excluded from the hedge effectiveness assessment, and are recognized in earnings in the same income statement line item used to present the earnings effect of the hedged item. If the cash flow hedge transactions become improbable, the corresponding amounts deferred in accumulated other comprehensive income (loss) would be immediately reclassified to interest and other, net . Cash flows associated with these derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item. Fair value hedges use interest rate contracts, such as interest rate swaps, to hedge against changes in the fair value on certain of our fixed-rate indebtedness attributable to changes in the benchmark interest rate. The gains or losses on these hedges, as well as the offsetting losses or gains related to the changes in the fair value of the underlying hedged item attributable to the hedged risk, are recognized in earnings in the current period, primarily in interest and other, net . Cash flows associated with these derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item, primarily within net cash provided by (used for) financing activities . Non-designated hedges use foreign currency contracts to economically hedge the functional currency equivalent cash flows of recognized monetary assets and liabilities, and non-US-dollar-denominated debt instruments classified as hedged investments. We also use interest rate contracts to hedge interest rate risk related to our US-dollar-denominated fixed-rate debt investments classified as hedged investments. The change in fair value of these derivatives is recorded through earnings in the line item on the Consolidated Statements of Income to which the derivatives most closely relate, primarily in interest and other, net Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of investments in debt instruments, derivative financial instruments, reverse repurchase agreements, and trade and other receivables. We generally place investments with high-credit-quality counterparties and, by policy, we limit the amount of credit exposure to any one counterparty based on our analysis of that counterparty's relative credit standing. As required per our investment policy, substantially all of our investments in debt instruments are in investment-grade instruments. Credit-rating criteria for derivative instruments are similar to those for other investments. We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. Due to master netting arrangements, the amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which the counterparty's obligations exceed our obligations with that counterparty. As of December 30, 2023, our total credit exposure to any single counterparty, excluding money market funds invested in US treasury and US agency securities and reverse repurchase agreements collateralized by treasury and agency securities, did not exceed $1.6 billion. To further reduce credit risk, we enter into collateral security arrangements with certain of our derivative counterparties and obtain and secure collateral from counterparties against obligations, including securities lending transactions when we deem it appropriate. Cash collateral exchanged under our collateral security arrangements is included in other current assets , other long-term assets , other accrued liabilities , or other long-term liabilities . For reverse repurchase agreements collateralized by other securities, we do not record the collateral as an asset or a liability unless the collateral is repledged. A substantial majority of our trade receivables are derived from sales to OEMs and ODMs. We also have accounts receivable derived from sales to industrial and communications equipment manufacturers in the computing and communications industries. We believe the net accounts receivable balances from our three largest customers (50% as of December 30, 2023) do not represent a significant credit risk, based on cash flow forecasts, balance sheet analysis, and past collection experience. We have adopted credit policies and standards intended to accommodate industry growth and inherent risk. We believe credit risks are moderated by the financial stability of our major customers. We assess credit risk through quantitative and qualitative analysis. From this analysis, we establish shipping and credit limits and determine whether we will seek to use one or more credit support protection devices, such as obtaining a parent guarantee, standby letter of credit, or credit insurance. Variable Interest Entities We have economic interests in entities that are VIEs. If we conclude we are the primary beneficiary of the VIE, we are required to consolidate the entity in our financial statements. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide services to the VIE. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary. Non-Controlling Interests Our Consolidated Financial Statements include the accounts of majority-owned subsidiaries consolidated under the variable interest and voting interest models. Non-controlling interests represent the portion of equity not attributable to Intel and are reported as a separate component of equity, net of tax and transaction costs, on our Consolidated Balance Sheets. Net income (loss) and comprehensive income (loss) for majority-owned subsidiaries are attributed to Intel and to non-controlling interest holders on our Consolidated Statements of Income and Consolidated Statements of Comprehensive Income based on respective ownership percentages. We account for changes in ownership of our majority-owned subsidiaries as equity transactions when we retain a controlling financial interest. Business Combinations We allocate the purchase price paid for assets acquired and liabilities assumed in connection with our acquisitions based on their estimated fair values at the time of acquisition. This allocation involves a number of assumptions, estimates, and judgments in determining the fair value of the following: ▪ inventory; property, plant, and equipment; pre-existing liabilities or legal claims; and contingent consideration; each as may be applicable; ▪ intangible assets, including the valuation methodology, estimations of future cash flows, discount rates, market segment growth rates, and our assumed market segment share, as well as the estimated useful life of intangible assets; ▪ deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances, which are initially estimated as of the acquisition date; and ▪ goodwill as measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Employee Equity Incentive Plans We use the straight-line amortization method to recognize share-based compensation expense over the service period of the award, net of estimated forfeitures. Upon exercise, cancellation, forfeiture, or expiration of stock options, or upon vesting or forfeiture of RSUs, we eliminate deferred tax assets for options and RSUs with multiple vesting dates for each vesting period on a first-in, first-out basis as if each vesting period were a separate award. For the majority of RSUs granted, the number of shares of common stock issued on the date the RSUs vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. The obligation to pay the relevant taxing authority is contingent upon continued employment. In addition, the amount of the obligation is unknown, as it is based in part on the market price of our common stock when the awards vest. Income Taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. We measure deferred tax assets and liabilities using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We assess the likelihood that we will be able to recover our deferred tax assets. If recovery is not likely, we must increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable. We believe that we will ultimately recover the deferred tax assets recorded on our Consolidated Balance Sheets. Recovery of a portion of our deferred tax assets is affected by management's plans with respect to holding or disposing of certain investments; therefore, such changes could also affect our future provision for taxes. We recognize tax benefits from uncertain tax positions only if (based on the technical merits of the position) it is more likely than not that the tax positions will be sustained on examination by the tax authority. The tax benefits recognized in the financial statements from such positions are measured based on the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits within the provision for (benefit from) taxes on the Consolidated Statements of Income. Leases Leases consist of real property and machinery and equipment. Our lease terms may include options to extend when it is reasonably certain that we will exercise such options. For leases for supplier capacity, we account for the lease and non-lease components as a single lease component. For all other leases, we account for the lease and non-lease components separately and do not include the non-lease components in our leased assets and corresponding liabilities. Payments on leases may be fixed or variable, and variable lease payments are based on output of the underlying leased assets. Loss Contingencies |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 30, 2023 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 3 : Operating Segments We previously announced the organizational change to integrate AXG into CCG and DCAI. This change is intended to drive a more effective go-to-market capability and to accelerate the scale of these businesses, while also reducing costs. As a result, we modified our segment reporting in the first quarter of 2023 to align to this and certain other business reorganizations. 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 2023. We manage our business through the following operating segments: ▪ Client Computing Group ▪ Data Center and AI ▪ Network and Edge ▪ Mobileye ▪ Intel Foundry Services We derive a substantial majority of our revenue from our principal products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone SoC, or a multichip package, which are based on Intel architecture. CCG, DCAI, and NEX are our reportable operating segments. Mobileye and IFS do not qualify as reportable operating segments; however, we have elected to disclose the results of these non-reportable operating segments. 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: ▪ results of operations from non-reportable segments not otherwise presented, and from start-up businesses that support our initiatives; ▪ historical results of operations from divested businesses; ▪ amounts included within restructuring and other charges; ▪ employee benefits, compensation, impairment charges, and other expenses not allocated to the operating segments; and ▪ acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. The CODM, who is our CEO, allocates resources to and assesses the performance of each operating segment using information about the operating segment's revenue and operating income (loss). The CODM does not evaluate operating segments using discrete asset information, and we do not identify or allocate assets by operating segments. Based on the interchangeable nature of our manufacturing and assembly and test assets, most of the related depreciation expense is not directly identifiable within our operating segments, as it is included in overhead cost pools and subsequently absorbed into inventory as each product passes through our manufacturing process. Because our products are then sold across multiple operating segments, it is impracticable to determine the total depreciation expense included as a component of each operating segment's operating income (loss) results. We do not allocate gains and losses from equity investments, interest and other income, share-based compensation, or taxes to our operating segments. Although the CODM uses operating income (loss) to evaluate the segments, operating costs included in one segment may benefit other segments. The accounting policies for segment reporting are the same as for Intel as a whole. Net revenue and operating income (loss) for each period were as follows: Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Net revenue: Client Computing Desktop $ 10,166 $ 10,661 $ 12,437 Notebook 16,990 18,781 25,443 Other 2,102 2,331 3,201 29,258 31,773 41,081 Data Center and AI $ 15,521 $ 19,445 $ 22,774 Network and Edge 5,774 8,409 7,665 Mobileye 2,079 1,869 1,386 Intel Foundry Services 952 469 347 All other 644 1,089 5,771 Total net revenue $ 54,228 $ 63,054 $ 79,024 Operating income (loss): Client Computing $ 6,520 $ 5,569 $ 15,523 Data Center and AI (530) 1,300 7,376 Network and Edge (482) 1,033 1,935 Mobileye 664 690 554 Intel Foundry Services (482) (281) 76 All other (5,597) (5,977) (6,008) Total operating income (loss) $ 93 $ 2,334 $ 19,456 ost of sales on the Consolidated Statements of Income in 2022. The impairment charge is recognized as a corporate charge in the "all other" category presented above. In 2023, substantially all of the revenue from our three largest customers was from the sale of platforms and other components by our CCG and DCAI operating segments. Our three largest customers accounted for the following percentage of our net revenue: Years Ended Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dell Inc. 19 % 19 % 21 % Lenovo Group Limited 11 % 12 % 12 % HP Inc. 10 % 11 % 10 % Total percentage of net revenue 40 % 42 % 43 % Net revenue by region, based on the billing location of the customer, was as follows: Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 China $ 14,854 $ 17,125 $ 22,961 Singapore 8,602 9,664 18,096 United States 13,958 16,529 14,322 Taiwan 6,867 8,287 11,418 Other regions 9,947 11,449 12,227 Total net revenue $ 54,228 $ 63,054 $ 79,024 |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Note 4 : Non-Controlling Interests Dec 30, 2023 Dec 31, 2022 (In Millions) Non-Controlling Interests Non-Controlling Ownership % Non-Controlling Interests Non-Controlling Ownership % Arizona Fab LLC $ 2,359 49 % $ 874 49 % Mobileye 1,838 12 % 989 6 % IMS Nanofabrication 178 32 % — — % Non-controlling interests, net of tax $ 4,375 $ 1,863 Semiconductor Co-Investment Program In 2022, we closed a transaction with Brookfield Asset Management (Brookfield) resulting in the formation of Arizona Fab LLC (Arizona Fab), a VIE that we consolidate into our financial statements because we are the primary beneficiary. Generally, contributions will be made to, and distributions will be received from, Arizona Fab based on both parties' proportional ownership. We will be the sole operator of two new chip factories that will be constructed by Arizona Fab, and we will have the right to purchase 100% of the related factory output. Once production commences, we will be required to operate Arizona Fab at minimum production levels measured in wafer starts per week and will be required to limit excess inventory held on site, or we will be subject to certain penalties. We have an unrecognized commitment to fund our respective share of the total construction costs of Arizona Fab of $29.0 billion. As of December 30, 2023, a substantial majority of the assets of Arizona Fab consisted of property, plant, and equipment. The assets held by Arizona Fab, which can be used only to settle obligations of the VIE and are not available to us, were $4.8 billion as of December 30, 2023 ($1.8 billion as of December 31, 2022). Mobileye In 2022, Mobileye completed its IPO and certain other equity financing transactions that resulted in net proceeds of $1.0 billion. During the second quarter of 2023, we converted 38.5 million of our Mobileye Class B shares into Class A shares, representing 5% of Mobileye's outstanding capital stock, and subsequently sold the Class A shares for $42 per share as part of a secondary offering, receiving net proceeds of $1.6 billion and increasing our capital in excess of par value by $663 million, net of tax. We continue to consolidate the results of Mobileye into our consolidated financial statements. IMS Nanofabrication |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 5 : Earnings Per Share Years Ended (In Millions, Except Per Share Amounts) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Net income $ 1,675 $ 8,017 $ 19,868 Less: Net income (loss) attributable to non-controlling interests (14) 3 — Net income attributable to Intel $ 1,689 $ 8,014 $ 19,868 Weighted average shares of common stock outstanding—basic 4,190 4,108 4,059 Dilutive effect of employee incentive plans 22 15 31 Weighted average shares of common stock outstanding—diluted 4,212 4,123 4,090 Earnings per share attributable to Intel—basic $ 0.40 $ 1.95 $ 4.89 Earnings per share attributable to Intel—diluted $ 0.40 $ 1.94 $ 4.86 We computed diluted earnings per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period. Potentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the 2006 ESPP. During 2022, 70 million RSUs and stock options, as calculated on a weighted average basis for the year, were excluded from the computation of diluted earnings per share in the table above because they would have been anti-dilutive. These RSUs and options could potentially be included in the diluted earnings per share calculation in the future if the average market value of the common shares increases above the exercise price. For all other periods presented, securities that would have been anti-dilutive were insignificant and have been excluded from the computation of diluted earnings per share. |
Other Financial Statement Detai
Other Financial Statement Details | 12 Months Ended |
Dec. 30, 2023 | |
Other Financial Statement Details [Abstract] | |
Other Financial Statement Details [Text Block] | Note 6 : Other Financial Statement Details Accounts Receivable We sell certain of our accounts receivable on a non-recourse basis to third-party financial institutions. We record these transactions as sales of receivables and present cash proceeds as cash flows provided by operating activities in the Consolidated Statements of Cash Flows. Accounts receivable sold under non-recourse factoring arrangements were $2.0 billion during 2023 and $665 million during 2022. After the sale of our accounts receivable, we expect to collect payment from the customers and remit it to the third-party financial institution. Inventories (In Millions) Dec 30, 2023 Dec 31, 2022 Raw materials $ 1,166 $ 1,517 Work in process 6,203 7,565 Finished goods 3,758 4,142 Total inventories $ 11,127 $ 13,224 Property, Plant, and Equipment (In Millions) Dec 30, 2023 Dec 31, 2022 Land and buildings $ 51,182 $ 44,808 Machinery and equipment 100,033 92,711 Construction in progress 43,442 36,727 Total property, plant, and equipment, gross 194,657 174,246 Less: Accumulated depreciation (98,010) (93,386) Total property, plant, and equipment, net $ 96,647 $ 80,860 Our depreciable property, plant, and equipment assets are depreciated over the following estimated useful lives: machinery and equipment, 3 to 8 years; and buildings, 10 to 25 years. Effective January 2023, we increased the estimated useful life of certain production machinery and equipment from 5 to 8 years. When compared to the estimated useful life in place as of the end of 2022, we estimate this change increased gross margin in 2023 by approximately $2.5 billion and decreased R&D expense by approximately $400 million. As of December 30, 2023, we estimate this change decreased ending inventory values by approximately $1.3 billion. These estimates are based on the assets in use and under construction as of the beginning of 2023 and are calculated at that point in time. Net property, plant, and equipment by country at the end of each period was as follows: (In Millions) Dec 30, 2023 Dec 31, 2022 United States $ 63,234 $ 53,681 Ireland 16,746 13,179 Israel 9,290 7,908 Other countries 7,377 6,092 Total property, plant, and equipment, net $ 96,647 $ 80,860 Government Incentives We enter into government incentive arrangements with local, regional, and national governments, both US and non-US. These arrangements vary in size, duration, and conditions and allow us to maintain a market-comparable foothold across various geographies. These incentives are primarily structured as cash grants and refundable tax credits. Capital-related incentives have terms of up to 15 years and operating-related incentives have terms that can vary widely. We are eligible to receive these incentives because we engage in qualifying capital investments, R&D, and other activities as defined by the relevant government entities. This includes qualifying capital investments for semiconductor wafer and advanced packaging manufacturing facilities construction and acquisition of equipment. Each incentive requires that we comply with certain conditions for a period that may exceed the incentive terms. These conditions can include achievement of future operational targets and committing to minimum levels of capital investment. If conditions are not satisfied, the incentives may be subject to reduction, recapture, or termination. Capital-related incentives reduced gross property, plant, and equipment by $5.5 billion as of December 30, 2023 ($3.3 billion as of December 31, 2022), of which $2.2 billion was recognized in 2023 ($373 million in 2022). Capital-related incentives reduced depreciation expense by $226 million in 2023, of which substantially all reduced cost of sale s ($230 million in 2022, all of which reduced cost of sales) . Related incentives recognized during each period consisted of the following: ▪ US federal government pursuant to the US CHIPS and Science Act - We recognized a non-cash refundable advanced manufacturing investment tax credit of $845 million in 2023, which is recorded as an offset to income taxes payable . No incentives were recognized in 2022. ▪ US state governments - We recognized $723 million of grants in 2023 related to two new leading-edge chip factories in Ohio. No incentives were recognized in 2022. ▪ Non-US governments - We recognized $645 million of grants and refundable tax credits in 2023 ($373 million in 2022), a majority of which related to the expansion of silicon wafer manufacturing facilities in Ireland. Operating-related incentives benefited operating income by $202 million in 2023 ($104 million in 2022), a majority of which was recorded in cost of sales . Capital-related and operating-related grants receivables totaled $559 million as of December 30, 2023 ($437 million as of December 31, 2022), a majority of which pertained to capital-related grants and were recognized as non-cash investing activities. A substantial majority of the grants receivables were recorded within other long-term assets on our Consolidated Balance Sheets as of December 30, 2023 and as of December 31, 2022. Capital-related refundable tax credits totaled $365 million as of December 30, 2023 (no balance as of December 31, 2022) and were recorded within income taxes payable on our Consolidated Balance Sheets. Other Accrued Liabilities Advertising Interest and Other, Net Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Interest income $ 1,335 $ 589 $ 144 Interest expense (878) (496) (597) Other, net 172 1,073 (29) Total interest and other, net $ 629 $ 1,166 $ (482) Interest expense is net of $1.5 billion of interest capitalized in 2023 ($785 million in 2022 and $398 million in 2021). Other, net includes a $1.0 billion gain recognized in 2022 from the first closing of the divestiture of our NAND memory business. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 30, 2023 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Restructuring and Other Charges [Text Block] | Note 7 : Restructuring and Other Charges Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Employee severance and benefit arrangements $ 222 $ 1,038 $ 48 Litigation charges and other (329) (1,187) 2,291 Asset impairment charges 45 151 287 Total restructuring and other charges $ (62) $ 2 $ 2,626 The 2022 Restructuring Program was approved to rebalance our workforce and operations to create efficiencies and improve our product execution in alignment with our strategy. Restructuring charges are primarily comprised of employee severance and benefit arrangements and are recorded as corporate charges in the "all other" category presented in "Note 3: Operating Segments" within the Notes to Consolidated Financial Statements. These actions were substantially complete as of December 30, 2023. Restructuring activity for the 2022 Restructuring Program was as follows: (In Millions) Employee Severance and Benefit Arrangements Accrued restructuring balance as of December 25, 2021 $ — Accruals and adjustments 1,038 Cash payments (165) Accrued restructuring balance as of December 31, 2022 873 Accruals and adjustments 222 Cash payments (1,013) Accrued restructuring balance as of December 30, 2023 $ 82 The accrued restructuring balances as of December 30, 2023 and December 31, 2022 were recorded as current liabilities within accrued compensation and benefits on the Consolidated Balance Sheets . The cumulative cost of the 2022 Restructuring Program as of December 30, 2023 was $1.3 billion. Litigation charges and other includes a $1.2 billion benefit in 2023 due to a reduction in the previously accrued $2.2 billion charge as a result of developments in the VLSI litigation in the fourth quarter of 2023. 2023 charges also include a $401 million charge for an EC-imposed fine. In 2009, we recorded and paid an EC-imposed fine that was subsequently annulled, resulting in a benefit of $1.2 billion in 2022. Refer to "Note 19: Commitments and Contingencies" within the Notes to Consolidated Financial Statements for further information on legal proceedings related to the VLSI litigation and EC fine. Also in 2023, we m utually agreed with Tower to terminate the agreement we entered into during 2022 to acquire Tower due to our inability to obtain required regulatory approvals in a timely manner. We paid a termination fee in accordance with the terms of the agreement, resulting in a $353 million charge included in l itigation charges and other . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Note 8 : Income Taxes Provision for (Benefit From) Taxes Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Income (losses) before taxes: US $ (4,749) $ (1,161) $ 9,361 Non-US 5,511 8,929 12,342 Total income before taxes 762 7,768 21,703 Provision for (benefit from) taxes: Current: Federal 538 4,106 1,304 State 23 68 75 Non-US 535 735 1,198 Total current provision for (benefit from) taxes 1,096 4,909 2,577 Deferred: Federal (2,048) (5,806) (863) State (21) (40) (25) Non-US 60 688 146 Total deferred provision for (benefit from) taxes (2,009) (5,158) (742) Total provision for (benefit from) taxes $ (913) $ (249) $ 1,835 Effective tax rate (119.8) % (3.2) % 8.5 % The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before income taxes (effective tax rate) for each period was as follows: Years Ended Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) in rate resulting from: Research and development tax credits (99.0) (11.4) (2.4) Non-US income taxed at different rates (60.6) (13.4) (5.9) Foreign derived intangible income benefit (25.1) (9.7) (2.2) Restructuring of certain non-US subsidiaries (15.8) (2.2) (3.4) Share-based compensation 34.3 3.0 — Unrecognized tax benefits and settlements 16.3 4.5 1.1 Non-deductibility of European Commission fine 11.1 (4.1) — Other (2.0) 9.1 0.3 Effective tax rate (119.8) % (3.2) % 8.5 % Our effective tax rate decreased in 2023 compared to 2022, primarily driven by our R&D tax credits, which provide a tax benefit based on our eligible R&D spending and are not dependent on lower income before taxes, and a higher proportion of our income being taxed in non-US jurisdictions. Our effective tax rate decreased in 2022 compared to 2021, primarily driven by a higher proportion of our income being taxed in non-US jurisdictions and a change in tax law from 2017 Tax Reform related to the capitalization of R&D expenses that went into effect in January 2022. We derive the effective tax rate benefit attributed to non-US income taxed at different rates primarily from our operations in Hong Kong, Ireland, Israel, and Malaysia. The statutory tax rates in these jurisdictions range from 12.5% to 24.0%. We are subject to reduced tax rates in Israel and Malaysia as long as we conduct certain eligible activities and make certain capital investments. We have conditional reduced tax rates that expire at various dates through 2056, and we expect to apply for renewals upon expiration. In 2023 the tax benefit specifically attributable to tax holidays was $129 million ($220 million for 2022 and $187 million for 2021) with a $0.03 impact on diluted earnings per share ($0.05 for 2022 and $0.05 for 2021). Deferred and Current Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities at the end of each period were as follows: (In Millions) Dec 30, 2023 Dec 31, 2022 Deferred tax assets: R&D expenditures capitalization $ 7,726 $ 5,067 State credits and net operating losses 2,624 2,259 Inventory 1,430 1,788 Accrued compensation and other benefits 931 1,031 Share-based compensation 586 557 Litigation charge 308 470 Other, net 926 709 Gross deferred tax assets 14,531 11,881 Valuation allowance (3,047) (2,586) Total deferred tax assets 11,484 9,295 Deferred tax liabilities: Property, plant, and equipment (5,156) (4,776) Licenses and intangibles (494) (386) Unrealized gains on investments and derivatives (358) (415) Other, net (203) (470) Total deferred tax liabilities (6,211) (6,047) Net deferred tax assets (liabilities) $ 5,273 $ 3,248 Reported as: Deferred tax assets 5,459 3,450 Deferred tax liabilities (186) (202) Net deferred tax assets (liabilities) $ 5,273 $ 3,248 Changes in the valuation allowance for deferred tax assets were as follows: Years Ended (In Millions) Balance at Beginning of Year Additions Charged to Expenses/ Net Balance at Valuation allowance for deferred tax assets December 30, 2023 $ 2,586 $ 461 $ — $ 3,047 December 31, 2022 $ 2,259 $ 401 $ (74) $ 2,586 December 25, 2021 $ 1,963 $ 442 $ (146) $ 2,259 Deferred tax assets are included within other long-term assets on the Consolidated Balance Sheets. The valuation allowance as of December 30, 2023 included allowances primarily related to unrealized state credit carryforwards of $2.6 billion. As of December 30, 2023, our federal and non-US net operating loss carryforwards for income tax purposes were $325 million and $1.7 billion, respectively. The majority of the federal and non-US net operating loss carryforwards have no expiration date. The remaining federal and non-US net operating loss carryforwards expire at various dates through 2040. The federal and non-US net operating loss carryforwards include $141 million and $1.7 billion, respectively, that are not likely to be recovered and have been reduced by a valuation allowance. As of December 30, 2023, we have undistributed earnings of certain foreign subsidiaries of approximately $19.9 billion that we have indefinitely invested, and on which we have not recognized deferred taxes. Estimating the amount of potential tax is not practicable because of the complexity and variety of assumptions necessary to compute the tax. Current income taxes receivable of $59 million as of December 30, 2023 ($138 million as of December 31, 2022) are included in other current assets . Long-term income taxes payable of $2.6 billion as of December 30, 2023 ($3.8 billion as of December 31, 2022) are primarily composed of the transition tax from Tax Reform, which is payable over eight years beginning in 2018, as well as amounts for uncertain tax positions, reduced by the associated deduction for state taxes and non-US tax credits. Uncertain Tax Positions (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Beginning gross unrecognized tax benefits $ 1,229 $ 1,020 $ 828 Settlements and effective settlements with tax authorities (288) (18) (25) Changes in balances related to tax position taken during prior periods — (120) (26) Changes in balances related to tax position taken during current period 183 347 243 Ending gross unrecognized tax benefits $ 1,124 $ 1,229 $ 1,020 If the remaining balance of unrecognized tax benefits were recognized in a future period, it would result in a tax benefit of $962 million as of December 30, 2023 ($914 million as of December 31, 2022) and a reduction in the effective tax rate. Interest, penalties, and accrued interest related to unrecognized tax benefits were insignificant in the periods presented. We regularly engage in discussions and negotiations with tax authorities regarding tax matters in the various jurisdictions in which we conduct business. Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that certain US federal and non-US tax audits may be concluded within the next 12 months, which could increase or decrease the balance of our gross unrecognized tax benefits. We estimate that the unrecognized tax benefits as of December 30, 2023 could decrease by as much as $314 million in the next 12 months. We file federal, state, and non-US tax returns. We are no longer subject to US federal and non-US tax examinations for years prior to 2018 and 2015, respectively. For US state tax returns, we are no longer subject to tax examination for years prior to 2015. |
Investments
Investments | 12 Months Ended |
Dec. 30, 2023 | |
Investments [Abstract] | |
Investments [Text Block] | Note 9 : Investments Short-term Investments Short-term investments include marketable debt investments in corporate debt, government debt, and financial institution instruments, and are recorded within cash and cash equivalents and short-term investments on the Consolidated Balance Sheets. Government debt includes instruments such as non-US government bills and bonds and US agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms, such as commercial paper, fixed- and floating-rate bonds, money market fund deposits, and time deposits. As of December 30, 2023 and December 31, 2022, substantially all time deposits were issued by institutions outside the US. The fair value of our economically hedged marketable debt investments was $17.1 billion as of December 30, 2023 ($16.2 billion as of December 31, 2022). For hedged investments still held at the reporting date, we recorded net gains of $534 million in 2023 (net losses of $748 million in 2022 and net losses of $606 million in 2021). Net losses on the related derivatives were $472 million in 2023 (net gains of $752 million in 2022 and net gains of $609 million in 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 our unhedged investments was $4.7 billion as of December 30, 2023 ($10.2 billion as of December 31, 2022), which approximated the fair value for these periods. The fair value of marketable debt investments, by contractual maturity, as of December 30, 2023, was as follows: (In Millions) Fair Value Due in 1 year or less $ 9,575 Due in 1–2 years 2,375 Due in 2–5 years 7,134 Due after 5 years 442 Instruments not due at a single maturity date 2,274 Total $ 21,800 Equity Investments (In Millions) Dec 30, 2023 Dec 31, 2022 Marketable equity securities 1 $ 1,194 $ 1,341 Non-marketable equity securities 4,630 4,561 Equity method investments 5 10 Total $ 5,829 $ 5,912 1 Over 90% of our marketable equity securities are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. The trading volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange. The components of gains (losses) on equity investments, net for each period were as follows: Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Ongoing mark-to-market adjustments on marketable equity securities $ (36) $ (787) $ (130) Observable price adjustments on non-marketable equity securities 17 299 750 Impairment charges (214) (190) (154) Sale of equity investments and other 1 273 4,946 2,263 Total gains (losses) on equity investments, net $ 40 $ 4,268 $ 2,729 1 Sale of equity investments and other includes initial fair value adjustments recorded upon a security becoming marketable, realized gains (losses) on sales of non-marketable equity investments and equity method investments, and our share of equity method investee gains (losses) and distributions. As of December 30, 2023, the cumulative amount of impairments for equity securities without readily determinable fair value was $1.1 billion ($955 million as of December 31, 2022) and upward observable price adjustments were $1.4 billion ($1.4 billion as of December 31, 2022). Net unrealized gains and losses for our marketable and non-marketable equity securities during each period still held at the reporting date were as follows: (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Net gains (losses) recognized during the period on equity securities $ 19 $ (314) $ 1,210 Less: Net (gains) losses recognized during the period on equity securities sold during the period (5) 1 (259) Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date $ 14 $ (313) $ 951 McAfee Corp. During 2022, the sale of McAfee's consumer business was completed and we received $4.6 billion in cash for the sale of our remaining share of McAfee, recognizing a $4.6 billion gain in sale of equity investments and other. In 2021, we recognized McAfee dividends of $1.3 billion, which included a special dividend of $1.1 billion paid in connection with the sale of McAfee's enterprise business, and recognized $228 million related to the partial sale of our investment in McAfee. Beijing Unisoc Technology Ltd. We account for our interest in Beijing Unisoc Technology Ltd. (Unisoc) as a non-marketable equity security. During 2021, we recognized $471 million in observable price adjustments in our investment in Unisoc and as of December 30, 2023, the net book value of the investment was $1.1 billion ($1.1 billion as of December 31, 2022). |
Acquisitions & Divestitures
Acquisitions & Divestitures | 12 Months Ended |
Dec. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures [Text Block] | Note 10 : Divestitures NAND Memory Business On December 29, 2021, we closed the first phase of our agreement with SK hynix Inc. (SK hynix) to divest our NAND memory business for $9.0 billion in cash. Our NAND memory business includes our NAND memory technology and manufacturing business (the NAND OpCo Business), of which we deconsolidated our ongoing interests as part of the sale . The transaction will be completed in two closings and upon the first closing in the first quarter of 2022, SK hynix paid $7.0 billion of consideration and we recognized a pre-tax gain of $1.0 billion within interest and other, net , and tax expense of $495 million. We recorded a receivable in other long-term assets for the remaining proceeds we will receive upon the second closing of the transaction, expected to be no earlier than March 2025. The receivable outstanding was $2.0 billion as of December 30, 2023 and $1.9 billion December 31, 2022. 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. We were reimbursed for costs that we incurred on behalf of the NAND OpCo Business for corporate function services, which include human resources, information technology, finance, supply chain, and other compliance requirements. Reimbursed expenses approximated $145 million in 2022 and $125 million in 2023. We recorded a receivable due from the NAND OpCo Business, a deconsolidated entity, of $145 million within other current assets |
Goodwill
Goodwill | 12 Months Ended |
Dec. 30, 2023 | |
Business Combination, Goodwill [Abstract] | |
Goodwill [Text Block] | Note 11 : Goodwill (In Millions) Dec 31, 2022 Acquisitions Transfers Other Dec 30, 2023 Client Computing $ 4,254 $ — $ 495 $ — $ 4,749 Data Center and AI 9,013 — (292) — 8,721 Network and Edge 2,809 — — — 2,809 Mobileye 10,919 — — — 10,919 Accelerated Computing Systems and Graphics 596 — (596) — — All other — — 393 — 393 Total $ 27,591 $ — $ — $ — $ 27,591 (In Millions) Dec 25, 2021 Acquisitions Transfers Other Dec 31, 2022 Client Computing $ 4,237 $ 17 $ — $ — $ 4,254 Data Center and AI 8,595 418 — — 9,013 Network and Edge 2,774 35 — — 2,809 Mobileye 10,928 — — (9) 10,919 Accelerated Computing Systems and Graphics 429 167 — — 596 All other — — — — — Total $ 26,963 $ 637 $ — $ (9) $ 27,591 As described in " Note 3: Operating Segments" within the Notes to Consolidated Financial Statements, we integrated AXG into CCG and DCAI in the first quarter of 2023. As a result, of the total $596 million of goodwill previously allocated to AXG, we reallocated $495 million to CCG and $101 million to DCAI based on the relative fair value of our updated operating segments. We performed a quantitative impairment assessment for each of our reporting units immediately before and after our business reorganization, concluding that goodwill was not impaired. We also reallocated $393 million of goodwill from DCAI to other businesses during 2023 . During the fourth quarter of 2023 and 2022, we completed our annual impairment assessments and concluded that goodwill was not impaired. During the second quarter of 2021, we recognized a goodwill impairment loss of $238 million related to two non-strategic businesses that we exited, recorded within our "all other" category. The accumulated impairment loss as of December 30, 2023 was $957 million: $365 million associated with CCG, $275 million associated with DCAI, $79 million associated with NEX, and the remainder associated with non-reportable segments. In the first quarter of 2022, we retrospectively adjusted all prior-period amounts in our goodwill footnote to reflect changes to our operating segments. We reallocated goodwill among our affected reporting units based on the relative fair value of our new operating segments. We performed a quantitative impairment assessment for each of our reporting units immediately before and after our business reorganization, concluding that goodwill was not impaired. |
Identified Intangible Assets
Identified Intangible Assets | 12 Months Ended |
Dec. 30, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Identified Intangible Assets [Text Block] | Note 12 : Identified Intangible Assets December 30, 2023 December 31, 2022 (In Millions) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Developed technology $ 10,520 $ (7,996) $ 2,524 $ 10,964 $ (7,216) $ 3,748 Customer relationships and brands 1,986 (1,286) 700 1,986 (1,114) 872 Licensed technology and patents 3,088 (1,728) 1,360 3,219 (1,821) 1,398 Other non-amortizing intangibles 5 — 5 — — — Total identified intangible assets $ 15,599 $ (11,010) $ 4,589 $ 16,169 $ (10,151) $ 6,018 During 2022 and 2023 , we entered into and/or renewed several licensed technology arrangements totaling $634 million and $309 million respectively, which are subject to amortization. Amortization expenses recorded for identified intangible assets in the Consolidated Statements of Income for each period and the weighted average useful life were as follows: Years Ended (In Millions) Location Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Weighted Average Useful Life 1 Developed technology Cost of sales $ 1,235 $ 1,341 $ 1,283 9.1 years Customer relationships and brands Marketing, general, and administrative 172 185 209 11.6 years Licensed technology and patents Cost of sales 348 381 347 12.2 years Total amortization expenses $ 1,755 $ 1,907 $ 1,839 1 Represents weighted average useful life in years of intangible assets as of December 30, 2023. We expect future amortization expense for the next five years and thereafter to be as follows: (In Millions) 2024 2025 2026 2027 2028 Thereafter Total Future amortization expenses $ 1,360 $ 948 $ 742 $ 552 $ 339 $ 643 $ 4,584 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings [Text Block] | Note 13 : Borrowings Short-Term Debt As of December 30, 2023, short-term debt was $2.3 billion, composed of the current portion of long-term debt. As of December 31, 2022, short-term debt was $4.4 billion, composed of $423 million of the current portion of long-term debt and $3.9 billion of commercial paper. The current portion of long-term debt includes debt classified as short-term based on time remaining until maturity. We have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion under our commercial paper program. As of December 30, 2023 we had no commercial paper outstanding ($3.9 billion as of December 31, 2022). Long-Term Debt Dec 30, 2023 Dec 31, 2022 (In Millions) Effective Interest Rate Amount Amount Fixed-rate senior notes: 2.88%, due May 2024 2.32% $ 1,250 $ 1,250 2.70%, due June 2024 2.14% 600 600 3.40%, due March 2025 3.45% 1,500 1,500 3.70%, due July 2025 7.29% 2,250 2,250 4.88%, due February 2026 4.96% 1,500 — 2.60%, due May 2026 5.79% 1,000 1,000 3.75%, due March 2027 3.79% 1,000 1,000 3.15%, due May 2027 6.35% 1,000 1,000 3.75%, due August 2027 3.82% 1,250 1,250 4.88%, due February 2028 4.94% 1,750 — 1.60%, due August 2028 1.67% 1,000 1,000 4.00%, due August 2029 4.06% 850 850 2.45%, due November 2029 2.39% 2,000 2,000 5.13%, due February 2030 5.17% 1,250 — 3.90%, due March 2030 3.93% 1,500 1,500 2.00%, due August 2031 2.03% 1,250 1,250 4.15%, due August 2032 4.18% 1,250 1,250 4.00%, due December 2032 7.21% 750 750 5.20%, due February 2033 5.25% 2,250 — 4.60%, due March 2040 4.61% 750 750 2.80%, due August 2041 2.81% 750 750 4.80%, due October 2041 7.16% 802 802 4.25%, due December 2042 7.45% 567 567 5.63%, due February 2043 5.64% 1,000 — 4.90%, due July 2045 7.29% 772 772 4.10%, due May 2046 6.58% 1,250 1,250 4.10%, due May 2047 6.53% 1,000 1,000 4.10%, due August 2047 6.09% 640 640 3.73%, due December 2047 6.99% 1,967 1,967 3.25%, due November 2049 3.20% 2,000 2,000 4.75%, due March 2050 4.74% 2,250 2,250 3.05%, due August 2051 3.06% 1,250 1,250 4.90%, due August 2052 4.90% 1,750 1,750 5.70%, due February 2053 5.71% 2,000 — 3.10%, due February 2060 3.11% 1,000 1,000 4.95%, due March 2060 4.99% 1,000 1,000 3.20%, due August 2061 3.21% 750 750 5.05%, due August 2062 5.05% 900 900 5.90%, due February 2063 5.91% 1,250 — Dec 30, 2023 Dec 31, 2022 (In Millions) Effective Interest Rate Amount Amount Oregon and Arizona bonds 1 : 2.40% - 2.70%, due December 2035 - 2040 —% — 423 3.80% - 4.10%, due December 2035 - 2040 3.89% 423 — 5.00%, due September 2042 3.64% 131 131 5.00%, due June 2049 2.15% 438 438 5.00%, due September 2052 4.26% 445 445 Total senior notes and other borrowings 50,285 39,285 Unamortized premium/discount and issuance costs (445) (417) Hedge accounting fair value adjustments (574) (761) Long-term debt 49,266 38,107 Current portion of long-term debt (2,288) (423) Total long-term debt $ 46,978 $ 37,684 1 These bonds may be remarketed or tendered on a periodic basis and will be classified within the current portion of long-term debt in the twelve months before remarketing or tendering. Senior Notes In 2023, we issued a total of $11.0 billion aggregate principal amount of senior notes. In 2022, we issued a total of $6.0 billion aggregate principal amount of senior notes, including our inaugural green bond issuance of $1.3 billion principal amount, and settled in cash $1.6 billion of our senior notes that matured in May 2022, $1.0 billion of our senior notes that matured in July 2022, and $1.9 billion of our senior notes that matured in December 2022. We also early cash settled $400 million of our senior notes due November 2023. Our fixed-rate senior notes pay interest semiannually. We may redeem the fixed-rate notes prior to their maturity at our option at specified redemption prices and subject to certain restrictions. The obligations under the notes rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and will effectively rank junior to all liabilities of our subsidiaries. Oregon and Arizona Bonds In 2023, we remarketed $423 million aggregate principal amount of bonds issued by the Industrial Development Authority of the City of Chandler, Arizona (the Arizona bonds) and the State of Oregon Business Development Commission (the Oregon bonds). The bonds are unsecured general obligations in accordance with loan agreements we entered into with each of the Industrial Development Authority of the City of Chandler, Arizona (CIDA) and the State of Oregon Business Development Commission. The bonds mature in 2035 and 2040 and have 3.8% and 4.1% coupons. Both the Arizona and Oregon bonds are subject to optional tender starting in February 2028 and mandatory tender in June 2028, at which time we may remarket the bonds for a new term period. In 2022, we received proceeds of $600 million in the aggregate for the sale of bonds issued by CIDA. The bonds are our unsecured general obligations in accordance with the loan with the CIDA. The bonds mature in 2042 and 2052 and carry an interest rate of 5.0%. The bonds are subject to mandatory tender in September 2027, at which time we can re-market the bonds as either fixed-rate bonds for a specified period or as variable-rate bonds until another fixed-rate period is selected or until their final maturity date. We settled in cash $138 million of bonds issued by the Oregon Business Development Commission in March 2022. Revolving Credit Facilities In 2022, we entered into a $5.0 billion, 364-day variable-rate unsecured revolving credit facility that, if drawn, is expected to be used for general corporate purposes. In 2023, we extended the maturity date from November 2023 to March 2024. In 2022, we amended our $5.0 billion variable-rate revolving credit facility agreement that we entered into in 2021, extending the maturity date by one year to March 2027 and transitioning from LIBOR to term SOFR. In 2023, we extended the maturity date by one year to March 2028. The revolving credit facilities had no borrowings outstanding as of December 30, 2023 and December 31, 2022. Debt Maturities Our aggregate debt maturities, based on outstanding principal as of December 30, 2023, by year payable, are as follows: (In Millions) 2024 2025 2026 2027 2028 2029 and thereafter Total $ 2,288 $ 3,750 $ 2,500 $ 3,826 $ 3,174 $ 34,747 $ 50,285 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value [Text Block] | Note 14 : Fair Value Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis December 30, 2023 December 31, 2022 Fair Value Measured and Total Fair Value Measured and Total (In Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents: Corporate debt $ — $ 769 $ — $ 769 $ — $ 856 $ — $ 856 Financial institution instruments 1 2,241 835 — 3,076 6,899 1,474 — 8,373 Reverse repurchase agreements — 2,554 — 2,554 — 1,301 — 1,301 Short-term investments: Corporate debt — 6,951 — 6,951 — 5,381 — 5,381 Financial institution instruments 1 33 4,215 — 4,248 196 4,729 — 4,925 Government debt 2 — 6,756 — 6,756 48 6,840 — 6,888 Other current assets: Derivative assets 366 809 — 1,175 — 1,264 — 1,264 Loans receivable — — — — — 53 — 53 Marketable equity securities 1,194 — — 1,194 1,341 — — 1,341 Other long-term assets: Derivative assets — 21 — 21 — 10 — 10 Total assets measured and recorded at fair value $ 3,834 $ 22,910 $ — $ 26,744 $ 8,484 $ 21,908 $ — $ 30,392 Liabilities Other accrued liabilities: Derivative liabilities $ — $ 541 $ 99 $ 640 $ 111 $ 485 $ 89 $ 685 Other long-term liabilities: Derivative liabilities — 479 — 479 — 699 — 699 Total liabilities measured and recorded at fair value $ — $ 1,020 $ 99 $ 1,119 $ 111 $ 1,184 $ 89 $ 1,384 1. Level 1 investments consist of money market funds. Level 2 investments consist primarily of commercial paper, certificates of deposit, time deposits, notes and bonds issued by financial institutions. 2. Level 1 investments consist primarily of US Treasury securities. Level 2 investments consist primarily of non-US government debt. Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Our non-marketable equity securities, equity method investments, and certain non-financial assets—such as intangible assets and property, plant, and equipment—are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. If an impairment or observable price adjustment is recognized on our non-marketable equity securities during the period, we classify these assets as Level 3. We classify non-marketable equity securities and non-marketable equity method investments as Level 3. Impairments recognized on these investments held as of December 30, 2023 were $202 million ($179 million on investments held as of December 31, 2022). Financial Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis Financial assets and liabilities 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, long-term receivables, and issued debt. We classify the fair value of grants receivable, long-term receivables, and reverse repurchase agreements with original maturities greater than three months as Level 2. The estimated fair value of these financial assets approximates their carrying value. The aggregate carrying value of grants receivable as of December 30, 2023 was $559 million (the aggregate carrying value of grants receivable as of December 31, 2022 was $437 million). The aggregate carrying value of reverse repurchase agreements with original maturities greater than three months as of December 30, 2023 was $0 (the aggregate carrying value as of December 31, 2022 was $400 million). |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 30, 2023 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) [Text Block] | Note 15 : Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component and related tax effects for each period were as follows: (In Millions) Unrealized Holding Gains (Losses) on Derivatives Actuarial Valuation and Other Pension Expenses Translation Adjustments and Other Total December 26, 2020 $ 731 $ (1,565) $ 83 $ (751) Other comprehensive income (loss) before reclassifications (434) 476 (58) (16) Amounts reclassified out of accumulated other comprehensive income (loss) (226) 101 (19) (144) Tax effects 140 (126) 17 31 Other comprehensive income (loss) (520) 451 (60) (129) December 25, 2021 211 (1,114) 23 (880) Other comprehensive income (loss) before reclassifications (910) 923 (28) (15) Amounts reclassified out of accumulated other comprehensive income (loss) 410 82 (6) 486 Tax effects (10) (150) 7 (153) Other comprehensive income (loss) (510) 855 (27) 318 December 31, 2022 (299) (259) (4) (562) Other comprehensive income (loss) before reclassifications 3 57 11 71 Amounts reclassified out of accumulated other comprehensive income (loss) 328 33 — 361 Tax effects (59) (24) (2) (85) Other comprehensive income (loss) 272 66 9 347 December 30, 2023 $ (27) $ (193) $ 5 $ (215) |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments [Text Block] | Note 16 : Derivative Financial Instruments Volume of Derivative Activity Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows: (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Foreign currency contracts $ 30,064 $ 31,603 $ 38,024 Interest rate contracts 18,363 16,011 15,209 Other 2,103 2,094 2,517 Total $ 50,530 $ 49,708 $ 55,750 The total notional amount of outstanding pay-variable, receive-fixed interest rate swaps was $12.0 billion as of December 30, 2023 and December 31, 2022. Fair Value of Derivative Instruments in the Consolidated Balance Sheets December 30, 2023 December 31, 2022 (In Millions) Assets 1 Liabilities 2 Assets 1 Liabilities 2 Derivatives designated as hedging instruments: Foreign currency contracts 3 $ 255 $ 142 $ 142 $ 290 Interest rate contracts — 578 — 777 Total derivatives designated as hedging instruments 255 720 142 1,067 Derivatives not designated as hedging instruments: Foreign currency contracts 3 314 363 866 194 Interest rate contracts 261 36 266 12 Equity contracts 366 — — 111 Total derivatives not designated as hedging instruments 941 399 1,132 317 Total derivatives $ 1,196 $ 1,119 $ 1,274 $ 1,384 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 A substantial majority of these instruments mature within 12 months. Amounts Offset in the Consolidated Balance Sheets Agreements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows: December 30, 2023 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 $ 1,047 $ — $ 1,047 $ (617) $ (430) $ — Reverse repurchase agreements 2,554 — 2,554 — (2,554) — Total assets 3,601 — 3,601 (617) (2,984) — Liabilities: Derivative liabilities subject to master netting arrangements 1,111 — 1,111 (617) (399) 95 Total liabilities $ 1,111 $ — $ 1,111 $ (617) $ (399) $ 95 December 31, 2022 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 1,231 $ — $ 1,231 $ (546) $ (682) $ 3 Reverse repurchase agreements 1,701 — 1,701 — (1,701) — Total assets 2,932 — 2,932 (546) (2,383) 3 Liabilities: Derivative liabilities subject to master netting arrangements 1,337 — 1,337 (546) (712) 79 Total liabilities $ 1,337 $ — $ 1,337 $ (546) $ (712) $ 79 We obtain and secure available collateral from counterparties against obligations, including securities lending transactions and reverse repurchase agreements, when we deem it appropriate. Derivatives in Cash Flow Hedging Relationships The before-tax net gains or losses attributed to the effective portion of cash flow hedges recognized in other comprehensive income (loss) were $3 million net gains in 2023 ($910 million net losses in 2022 and $434 million net losses in 2021). Substantially all of our cash flow hedges are foreign currency contracts for all periods presented. Amounts excluded from effectiveness testing were $221 million net losses in 2023 ($117 million net losses in 2022 and $19 million net losses in 2021). For information on the unrealized holding gains (losses) on derivatives reclassified out of accumulated other comprehensive income (loss) into the Consolidated Statements of Income, see "Note 15: Other Comprehensive Income (Loss)" within the Notes to Consolidated Financial Statements. Derivatives in Fair Value Hedging Relationships The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows: Gains (Losses) Recognized in Statement of Income on Derivatives Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Interest rate contracts $ 198 $ (1,551) $ (723) Hedged items (198) 1,551 723 Total $ — $ — $ — The amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows: Line Item in the Consolidated Balance Sheets in Which the Hedged Item Is Included Carrying Amount of the Hedged Item Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 30, 2023 Dec 31, 2022 Long-term debt $ (11,419) $ (11,221) $ 578 $ 776 Derivatives Not Designated as Hedging Instruments The effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Income for each period were as follows: Years Ended (In Millions) Location of Gains (Losses) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Foreign currency contracts Interest and other, net $ 106 $ 1,492 $ 677 Interest rate contracts Interest and other, net 50 309 31 Other Various 325 (502) 360 Total $ 481 $ 1,299 $ 1,068 |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 30, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans [Text Block] | Note 17 : Retirement Benefit Plans Defined Contribution Plans We provide tax-qualified defined contribution plans for the benefit of eligible employees, former employees, and retirees in the US and certain other countries. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis. For the benefit of eligible US employees, we also provide an unfunded non-tax-qualified supplemental deferred compensation plan for certain highly compensated employees. We expensed $272 million in 2023, $489 million in 2022, and $444 million in 2021 for matching contributions based on the amount of employee contributions under the US qualified defined contribution and non-qualified deferred compensation plans. The matching contribution in the US qualified defined contribution plan was reduced from March 1 through December 31, 2023. US Retiree Medical Plan Upon retirement, we provide certain benefits to eligible US employees who were hired prior to 2014 under the US Retiree Medical Plan. The benefits can be used to pay all or a portion of the cost to purchase eligible coverage in a medical plan. As of December 30, 2023 and December 31, 2022, the projected benefit obligation was $490 million and $527 million, which used the discount rates of 5.3% and 5.6%. The December 30, 2023 and December 31, 2022 corresponding fair value of plan assets was $548 million and $501 million. As of December 30, 2023, the US Retiree Medical Plan was in the net asset position. The investment strategy for US Retiree Medical Plan assets is to invest primarily in liquid assets, due to the level of expected future benefit payments. The assets are invested in tax-aware global equity and fixed-income long credit portfolios. Both portfolios are actively managed by external managers. The tax-aware global equity portfolio is composed of a diversified mix of equities in developed countries. The tax-aware fixed-income long credit portfolio is composed of domestic securities. The allocation to each asset class will fluctuate with market conditions, such as volatility and liquidity concerns, and will typically be rebalanced when outside the target ranges, which are 45% equity and 55% fixed-income investments. As of December 30, 2023, the majority of the US Retiree Medical Plan assets were invested in exchange-traded equity securities and were measured at fair value using Level 1 inputs. The remaining US Retiree Medical Plan assets were invested in fixed-income investments and were measured at fair value using Level 2 inputs. As of December 30, 2023, the estimated benefit payments for this plan over the next 10 years are as follows: (In Millions) 2024 2025 2026 2027 2028 2029-2033 Postretirement medical benefits $ 34 $ 35 $ 35 $ 35 $ 36 $ 187 Pension Benefit Plans We provide defined-benefit pension plans in certain countries, most significantly Ireland, the US, Germany and Israel. The majority of the plans' benefits have been frozen. Benefit Obligation and Plan Assets for Pension Benefit Plans The vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement. Dec 30, 2023 Dec 31, 2022 Changes in projected benefit obligation: Beginning projected benefit obligation $ 2,705 $ 4,456 Service cost 36 58 Interest cost 127 91 Actuarial (gain) loss 57 (1,500) Currency exchange rate changes 38 (233) Plan settlements (103) (96) Other (35) (71) Ending projected benefit obligation 1 2,825 2,705 Changes in fair value of plan assets: Beginning fair value of plan assets 2,130 2,817 Actual return on plan assets 151 (478) Currency exchange rate changes 34 (102) Plan settlements (103) (96) Other — (11) Ending fair value of plan assets 2 2,212 2,130 Net unfunded status $ 613 $ 575 Amounts recognized in the Consolidated Balance Sheets Other long-term assets $ 62 $ 74 Other long-term liabilities $ 675 $ 649 Accumulated other comprehensive loss (income), before tax 3 $ 410 $ 406 Accumulated benefit obligation $ 2,706 $ 2,507 1 The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 30, 2023 and December 31, 2022. 2 The fair value of plan assets was approximately 40% in the US and 60% outside of the US as of December 30, 2023 and December 31, 2022. 3 The accumulated other comprehensive loss (income), before tax, was approximately 70% in the US and 30% outside of the US as of December 30, 2023 (approximately 90% in the US and 10% outside of the US as of December 31, 2022). Changes in actuarial gains and losses in the projected benefit obligation are generally driven by discount rate movement. We use the corridor approach to amortize actuarial gains and losses. Under this approach, net actuarial gains or losses in excess of 10% of the larger of the projected benefit obligation or the fair value of plan assets are amortized on a straight-line basis. As of December 30, 2023, the accumulated benefit obligations were $0.8 billion and $1.9 billion for the US plan and non-US plans, respectively. As of December 30, 2023, the US plan was in the net asset position and the other non-US plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. As of December 31, 2022, the accumulated benefit obligations were $0.9 billion and $1.6 billion for the US plan and non-US plans, respectively. As of December 31, 2022, the US and Ireland plans were in the net asset position and the other non-US plans had projected benefit obligations in excess of plan assets. As of December 31, 2022, the US, Ireland, and Israel plans had assets in excess of accumulated benefit obligations, whereas the remaining non-US plans had accumulated benefit obligations in excess of plan assets. Dec 30, 2023 Dec 31, 2022 Plan with accumulated benefit obligation in excess of plan assets Accumulated benefit obligation $ 1,857 $ 559 Plan assets $ 1,301 $ 97 Plan with projected benefit obligation in excess of plan assets Projected benefit obligation $ 1,976 $ 1,048 Plan assets $ 1,301 $ 399 Assumptions for Pension Benefit Plans Dec 30, 2023 Dec 31, 2022 Weighted average actuarial assumptions used to determine benefit obligations Discount rate 4.5 % 4.9 % Rate of compensation increase 3.3 % 3.7 % 2023 2022 2021 Weighted average actuarial assumptions used to determine costs Discount rate 4.9 % 2.2 % 1.9 % Expected long-term rate of return on plan assets 5.0 % 3.2 % 2.7 % Rate of compensation increase 3.7 % 3.2 % 3.2 % We establish the discount rate for each pension plan by analyzing current market long-term bond rates and matching the bond maturity with the average duration of the pension liabilities. We establish the expected long-term rate of return on plan assets by developing a forward-looking, long-term return assumption for each pension fund asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class. Funding Our practice is to fund the various pension plans in amounts sufficient to meet the minimum requirements of applicable local laws and regulations. Funding for the US Retiree Medical Plan is discretionary under applicable laws and regulations. Additional funding may be provided for the pension and retiree medical plans as deemed appropriate. On a worldwide basis, our pension and retiree medical plans were 83% funded as of December 30, 2023. The US Pension Plan, which accounts for 26% of the worldwide pension and retiree medical benefit obligations, was 107% funded. Funded status is not indicative of our ability to pay ongoing pension benefits or of our obligation to fund retirement trusts. Required pension funding for US retirement plans is determined in accordance with ERISA, which sets required minimum contributions. Cumulative company funding to the US Pension Plan currently exceeds the minimum ERISA funding requirements. Net Periodic Benefit Cost The net periodic benefit cost for pension and US retiree medical benefits was $107 million in 2023 ($139 million in 2022 and $162 million in 2021). Pension Plan Assets December 30, 2023 Dec 31, 2022 Fair Value Measured at Reporting Date Using (In Millions) Level 1 Level 2 Level 3 Total Total Equity securities $ — $ 383 $ — $ 383 $ 297 Fixed income — 139 25 164 130 Assets measured by fair value hierarchy $ — $ 522 $ 25 $ 547 $ 427 Assets measured at net asset value 1,648 1,683 Cash and cash equivalents 17 20 Total pension plan assets at fair value $ 2,212 $ 2,130 US Plan Assets The investment strategy for US Pension Plan assets is to manage the funded status volatility, taking into consideration the investment horizon and expected volatility to help enable sufficient assets to be available to pay pension benefits as they come due. The allocation to each asset class will fluctuate with market conditions, such as volatility and liquidity concerns, and will typically be rebalanced when outside the target ranges, which are 91% fixed income and 9% equity investments. During 2023, the US Pension Plan assets were invested in collective investment trust funds, which are measured at net asset value. Non-US Plan Assets The investments of the non-US plans are managed by insurance companies, pension funds, or third-party trustees, consistent with regulations or market practice of the country where the assets are invested. The investment manager makes investment decisions within the guidelines set by Intel or local regulations. Investments managed by qualified insurance companies or pension funds under standard contracts follow local regulations, and we are not actively involved in their investment strategies. For the assets that we have the discretion to set investment guidelines, the assets are invested in developed country equity investments and fixed-income investments, either through index funds or direct investment. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes, or individual securities to reduce market risk and to help enable sufficient pension assets to be available to pay benefits as they come due. The equity investments in the non-US plan assets are invested in a diversified mix of equities of developed countries, including the US, and emerging markets throughout the world. We have control over the investment strategy related to the majority of the assets measured at net asset value, which are invested in hedge funds, bond index funds, and equity index funds. The target allocation of the non-US plan assets that we have control over was approximately 40% fixed income, 40% equity, and 20% hedge fund investments in 2023. Estimated Future Benefit Payments for Pension Benefit Plans As of December 30, 2023, estimated benefit payments over the next 10 years are as follows: (In Millions) 2024 2025 2026 2027 2028 2029-2033 Pension benefits $ 95 $ 97 $ 101 $ 106 $ 109 $ 638 |
Employee Equity Incentive Plans
Employee Equity Incentive Plans | 12 Months Ended |
Dec. 30, 2023 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Employee Equity Incentive Plans [Text Block] | Note 18 : Employee Equity Incentive Plans Our equity incentive plans are broad-based, long-term programs intended to attract and retain talented employees and align stockholder and employee interests. Our plans include our 2006 Plan and our 2006 ESPP. Under the 2006 Plan, 1.1 billion shares of common stock have been authorized for issuance as equity awards to employees and non-employee directors through June 2026. As of December 30, 2023, 194 million shares of common stock remained available for future grants. Under the 2006 Plan, we may grant RSUs and stock options. We grant RSUs with a service condition as well as RSUs with a market condition, performance condition, and a service condition, which we call PSUs. PSUs are granted to a group of senior officers and employees. For PSUs granted in 2023 and 2022, the number of shares of our common stock to be received at vesting at the end of the three-year performance period will range from 0% to 200% of the target grant amount. The PSU payout will be determined based on our performance (i) relative to annual targets for each year in the performance period with respect to a revenue growth metric, weighted 60%, and a cash flow from operations metric, weighted 40%, which results are then averaged at the end of the three-year performance period; and (ii) as may be adjusted by two equally weighted modifiers: the TSR of our common stock measured against the benchmark TSR of above median of the S&P 500 Index over a three-year period and revenue CAGR for the three-year performance period. TSR is a measure of stock price appreciation plus any dividends paid in this performance period. For 2023 PSUs, overall payout will be capped at target grant amount if our absolute TSR is negative. As of December 30, 2023, 16 million PSUs were outstanding. PSUs vest three years and one month following the start of the performance period. Other RSU awards and option awards generally vest over four years from the grant date. Share-Based Compensation Share-based compensation recognized in 2023 was $3.2 billion ($3.1 billion in 2022 and $2.0 billion in 2021). During 2023, the tax benefit that we realized for the tax deduction from share-based awards totaled $571 million ($478 million in 2022 and $377 million in 2021). We estimate the fair value of RSUs and PSUs with a service condition or performance condition using the value of our common stock on the date of grant, reduced by the present value of dividends expected to be paid on our shares of common stock prior to vesting. We estimate the fair value of PSUs with a market condition using a Monte Carlo simulation model as of the date of grant using historical volatility. Restricted Stock Units and Performance Stock Units Weighted average assumptions used in estimating grant values were as follows: Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Estimated values $ 28.92 $ 41.12 $ 50.82 Risk-free interest rate 4.7 % 2.2 % 0.2 % Dividend yield 1.6 % 3.4 % 2.6 % Volatility 36 % 40 % 37 % Summary of activities: Number of Stock Units Outstanding (In Millions) Weighted Average Grant-Date Fair Value December 31, 2022 $ 158.7 $ 45.56 Granted $ 98.2 $ 28.92 Vested $ (63.6) $ 43.22 Forfeited $ (20.4) $ 44.87 December 30, 2023 $ 172.9 $ 37.05 Expected to vest $ 153.9 $ 37.45 The aggregate fair value of awards that vested in 2023 was $2.2 billion ($2.0 billion in 2022 and $1.7 billion in 2021), which represents the market value of our common stock on the date that the RSUs vested. The grant-date fair value of awards that vested in 2023 was $2.7 billion ($2.5 billion in 2022 and $1.4 billion in 2021). The number of RSUs vested includes shares of common stock that we withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. RSUs that are expected to vest are net of estimated future forfeitures. As of December 30, 2023, unrecognized compensation costs related to RSUs granted under our equity incentive plans were $4.0 billion. We expect to recognize those costs over a weighted average period of 1.3 years. Stock Purchase Plan The 2006 ESPP allows eligible employees to purchase shares of our common stock at 85% of the value of our common stock on specific dates. Under the 2006 ESPP, 523 million shares of common stock are authorized for issuance through August 2026. As of December 30, 2023, 157 million shares of common stock remained available for issuance. Employees purchased 43 million shares of common stock in 2023 for $1.0 billion under the 2006 ESPP (27 million shares of common stock for $931 million in 2022 and 22 million shares of common stock for $925 million in 2021). As of December 30, 2023, unrecognized share-based compensation costs related to rights to acquire shares of common stock under the 2006 ESPP totaled $57 million. We expect to recognize those costs over a period of approximately two months. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 19 : Commitments and Contingencies Leases We recognized operating leased assets in other long-term assets of $505 million and corresponding accrued liabilities of $142 million, and other long-term liabilities of $289 million as of December 30, 2023. Our operating leases have remaining terms of 1 to 13 years and may include options to extend the leases for up to 38 years. The weighted average remaining lease term was 6.0 years, and the weighted average discount rate was 5.0% as of December 30, 2023, for our operating leases. Operating lease expense was $407 million in 2023 ($729 million in 2022 and $798 million in 2021), including $213 million in variable lease expense in 2023 ($551 million in 2022 and $620 million in 2021). In 2022 and 2021, we signed finance leases for supplier capacity. The leases will commence upon start of supplier production and will have a weighted average remaining lease term of 6.0 years upon commencement. We recognized finance leased assets in property, plant, and equipment of $619 million as of December 30, 2023 ($430 million as of December 31, 2022). Discounted and undiscounted lease payments under non-cancelable leases as of December 30, 2023 were as follows: (In Millions) 2024 2025 2026 2027 2028 Thereafter Total Operating lease payments $ 149 $ 110 $ 62 $ 44 $ 31 $ 103 $ 499 Finance lease payments $ 480 $ 70 $ — $ — $ — $ — $ 550 Present value of lease payments $ 978 Commitments Commitments for capital expenditures totaled $27.5 billion as of December 30, 2023, ($31.0 billion as of December 31, 2022), a substantial majority of which will be due within the next 12 months. Other purchase obligations and commitments totaled approximately $8.3 billion as of December 30, 2023 (approximately $10.7 billion as of December 31, 2022). Other purchase obligations and commitments include payments due under supply agreements and various types of licenses and agreements to purchase goods or services. Contractual obligations for purchases of goods or services relate to agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Other purchase obligations reflect the non-cancelable portion or the minimum cancellation fee under the agreement. Other purchase commitments also include our unrecognized commitment to fund our respective share of the total construction costs of $29.0 billion of Arizona Fab in connection with the definitive agreement entered into with Brookfield. Our remaining unfunded contribution was $12.3 billion as of December 30, 2023. Legal Proceedings We are regularly party to various ongoing claims, litigation, and other proceedings, including those noted in this section. As of December 30, 2023, we have accrued a charge of $1.0 billion related to litigation involving VLSI and a charge of $401 million related to an EC-imposed fine, both as described below. Excluding the VLSI claims described below, management at present believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations, cash flows, or overall trends; however, legal proceedings and related government investigations are subject to inherent uncertainties, and unfavorable rulings, excessive verdicts, or other events could occur. Unfavorable resolutions could include substantial monetary damages, fines, or penalties. Certain of these outstanding matters include speculative, substantial, or indeterminate monetary awards. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices, or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, and overall trends. We might also conclude that settling one or more such matters is in the best interests of our stockholders, employees, and customers, and any such settlement could include substantial payments. Except as specifically described below, we have not concluded that settlement of any of the legal proceedings noted in this section is appropriate at this time. European Commission Competition Matter In 2009, the EC found that we had used unfair business practices to persuade customers to buy microprocessors in violation of Article 82 of the EC Treaty (later renumbered Article 102) and Article 54 of the European Economic Area Agreement. In general, the EC found that we violated Article 82 by offering alleged “conditional rebates and payments” that required customers to purchase all or most of their x86 microprocessors from us and by making alleged “payments to prevent sales of specific rival products.” The EC ordered us to end the alleged infringement referred to in its decision and imposed a €1.1 billion fine, which we paid in the third quarter of 2009. We appealed the EC decision to the European Court of Justice in 2014, after the General Court (then called the Court of First Instance) rejected our appeal of the EC decision in its entirety. In September 2017, the Court of Justice sent the case back to the General Court to examine whether the rebates at issue were capable of restricting competition. In January 2022, the General Court annulled the EC’s 2009 findings against us regarding rebates, as well as the €1.1 billion fine imposed on Intel, which was returned to us in February 2022. The General Court’s January 2022 decision did not annul the EC’s 2009 finding that we made payments to prevent sales of specific rival products. In April 2022, the EC appealed the General Court’s decision to the Court of Justice. In addition, in September 2023 the EC imposed a €376 million ($401 million) fine against us based on its finding that we made payments to prevent sales of specific rival products. We have appealed the EC’s decision. We have accrued a charge for the fine and are unable to make a reasonable estimate of the potential loss or range of losses in excess of this amount given the procedural posture and the nature of these proceedings. In a related matter, in April 2022 we filed applications with the General Court seeking an order requiring the EC to pay us approximately €593 million in default interest on the original €1.1 billion fine that was held by the EC for 12 years, which applications have been stayed pending the EC’s appeal of the General Court’s January 2022 decision. Litigation Related to Security Vulnerabilities In June 2017, a Google research team notified Intel and other companies that it had identified security vulnerabilities, the first variants of which are now commonly referred to as “Spectre” and “Meltdown,” that affect many types of microprocessors, including our products. As is standard when findings like these are presented, we worked together with other companies in the industry to verify the research and develop and validate software and firmware updates for impacted technologies. In January 2018, information on the security vulnerabilities was publicly reported, before software and firmware updates to address the vulnerabilities were made widely available. As of January 24, 2024, consumer class action lawsuits against us were pending in the US, Canada, and Argentina. The plaintiffs, who purport to represent various classes of purchasers of our products, generally claim to have been harmed by our actions and/or omissions in connection with Spectre, Meltdown, and other variants of this class of security vulnerabilities that have been identified since 2018, and assert a variety of common law and statutory claims seeking monetary damages and equitable relief. In the US, class action suits filed in various jurisdictions were consolidated for all pretrial proceedings in the US 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 appealed, and in November 2023 the Ninth Circuit Court of Appeals affirmed the district court’s judgment. In Canada, an initial status conference has not yet been scheduled in one case relating to Spectre and Meltdown pending in the Superior Court of Justice of Ontario, and a stay of a second case pending in the Superior Court of Justice of Quebec is in effect. In Argentina, Intel Argentina was served with, and responded to, a class action complaint relating to Spectre and Meltdown in June 2022. The Argentinian court dismissed plaintiffs’ claims for lack of standing in May 2023, and plaintiffs have appealed. In November 2023, new plaintiffs filed a consumer class action complaint in the US District Court for the Northern District of California with respect to a further vulnerability variant disclosed in August 2023 and commonly referred to as “Downfall.” We moved to dismiss that complaint in January 2024. Additional lawsuits and claims may be asserted seeking monetary damages or other related relief. Given the procedural posture and the nature of these 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 these matters. Litigation Related to 7nm Product Delay Announcement Multiple securities class action lawsuits were filed in the US District Court for the Northern District of California against us and certain officers following our July 2020 announcement of 7nm product delays. The court consolidated the lawsuits and appointed lead plaintiffs in October 2020, and in January 2021 plaintiffs filed a consolidated complaint. Plaintiffs purport to represent all persons who purchased or otherwise acquired our common stock from October 25, 2019 through October 23, 2020, and they generally allege that defendants violated the federal securities laws by making false or misleading statements about the timeline for 7nm products. In March 2023, the court granted the defendants’ motion to dismiss the consolidated complaint, and in April 2023 entered judgment. Plaintiffs have appealed. Given the procedural posture and the nature of the case, including that it is in the early stages, that alleged damages have not been specified, that uncertainty exists as to the likelihood of a class being certified or the ultimate size of any class 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 the matter. In July 2021, we introduced a new process node naming structure, and the 7nm process is now called Intel 4. Litigation Related to Patent and IP Claims We have had IP infringement lawsuits filed against us, including but not limited to those discussed below. Most involve claims that certain of our products, services, and technologies infringe others' IP rights. Adverse results in these lawsuits may include awards of substantial fines and penalties, costly royalty or licensing agreements, or orders preventing us from offering certain features, functionalities, products, or services. As a result, we may have to change our business practices, and develop non-infringing products or technologies, which could result in a loss of revenue for us and otherwise harm our business. In addition, certain agreements with our customers require us to indemnify them against certain IP infringement claims, which can increase our costs as a result of defending such claims, and may require that we pay significant damages, accept product returns, or supply our customers with non-infringing products if there were an adverse ruling in any such claims. In addition, our customers and partners may discontinue the use of our products, services, and technologies, as a result of injunctions or otherwise, which could result in loss of revenue and adversely affect our business. VLSI Technology LLC v. Intel In October 2017, VLSI Technology LLC (VLSI) filed a complaint against us in the US District Court for the Northern District of California alleging that various Intel FPGA and processor products infringe eight patents VLSI acquired from NXP Semiconductors, N.V. (NXP). VLSI granted Intel a covenant not to sue on the two patents the court said can proceed to trial as it appeals losses it suffered earlier in the case on three other patents. VLSI has requested that the judge take the trial scheduled for March 2024 off calendar. In April 2019, VLSI filed three infringement suits against us in the US District Court for the Western District of Texas accusing various of our processors of infringement of eight additional patents it had acquired from NXP: ▪ The first Texas case went to trial in February 2021, and the jury awarded VLSI $1.5 billion for literal infringement of one patent and $675 million for infringement of another patent under the doctrine of equivalents. In April 2022, the court entered final judgment, awarding VLSI $2.1 billion in damages and approximately $162.3 million in pre-judgment and post-judgment interest. We appealed the judgment to the Federal Circuit Court of Appeals, including the court’s rejection of Intel’s claim to have a license from Fortress Investment Group’s acquisition of Finjan. The Federal Circuit Court heard oral argument in October 2023. In December 2023, the Federal Circuit reversed the finding of infringement as to the patent for which VLSI was awarded $675 million. The Federal Circuit affirmed the finding of infringement as to the patent for which VLSI had been awarded $1.5 billion, but vacated the damages award and will send the case back to the trial court for further damages proceedings on that patent. The Federal Circuit also ruled that Intel can advance the defense that it is licensed to VLSI’s patents. In December 2021 and January 2022 the PTAB instituted IPRs on the claims found to have been infringed in the first Texas case, and in May and June 2023 found all of those claims unpatentable; VLSI has appealed the PTAB’s decision. ▪ The second Texas case went to trial in April 2021, and the jury found that we do not infringe the asserted patents. VLSI had sought approximately $3.0 billion for alleged infringement, plus enhanced damages for willful infringement. The court has not yet entered final judgment. ▪ The third Texas case went to trial in November 2022, with VLSI asserting one remaining patent. The jury found the patent valid and infringed, and awarded VLSI approximately $949 million in damages, plus interest and a running royalty. The court has not yet entered final judgment. In February 2023, we filed motions for a new trial and for judgment as a matter of law notwithstanding the verdict on various grounds. Further appeals are possible. In May 2019, VLSI filed a case in Shenzhen Intermediate People’s Court against Intel, Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. VLSI asserted one patent against certain Intel Core processors. Defendants filed an invalidation petition in October 2019 with the China National Intellectual Property Administration (CNIPA) which held a hearing in September 2021. The Shenzhen court held trial proceedings in July 2021, and September 2023. VLSI sought an injunction as well as RMB 1.3 million in costs and expenses, but no damages. In September 2023, the CNIPA invalidated every claim of the asserted patent. In November 2023, the trial court dismissed VLSI’s case. In May 2019, VLSI filed a case in Shanghai Intellectual Property Court against Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. asserting one patent against certain Intel core processors. The court held a trial hearing in December 2020, where VLSI requested expenses (RMB 300 thousand) and an injunction. In December 2022, we filed a petition to invalidate the patent at issue. The court held a second trial hearing in May 2022, and in October 2023, issued a decision finding no infringement and dismissing all claims. In November 2023, VLSI appealed the finding of non-infringement. As a result of recent developments in the VLSI litigation, we revised our loss exposure estimate and reduced our previously accrued charge of $2.2 billion to approximately $1.0 billion. While we dispute VLSI’s claims and intend to vigorously defend against them, we are unable to make a reasonable estimate of losses in excess of recorded amounts given recent developments and future proceedings. R2 Semiconductor Patent Litigation In November 2022, R2 Semiconductor, Inc. (R2) filed a lawsuit in the High Court of Justice in the UK against Intel Corporation (UK) Limited and Intel Corporation, and a lawsuit in the Dusseldorf Regional Court in Germany against Intel Deutschland GmbH and certain Intel customers. R2 asserts one European patent is infringed by Intel’s Ice Lake, Tiger Lake, Alder Lake and Ice Lake Server (Xeon) processors (the accused products), and customer servers and laptops that contain those processors. R2 seeks an injunction in both actions prohibiting the sale and requiring the recall of the alleged infringing products. Intel is indemnifying its customers in the German lawsuit. Intel disputes R2’s claims and intends to defend the lawsuits vigorously. In December 2022, Intel responded in the UK action that the asserted patent is not infringed and that the patent is invalid. In April 2023, defendants filed statements of defense in the German action that the asserted patent is not infringed and that an injunction would be a disproportionate remedy. In May 2023, defendants also filed a nullity action in the German Federal Patent Court on the ground that the asserted patent is invalid. In December 2023, the German Federal Patent Court issued a preliminary opinion finding R2’s patent valid. The German Federal Patent Court’s final decision on invalidity is expected in October 2024. In December 2023, the court in Dusseldorf held a trial on the issue of infringement, and will hand down a decision in February 2024. If defendants lose at trial in Germany, the Dusseldorf Regional Court could impose an injunction and recall order prohibiting sales of some or all of the accused products, and potentially other products, in Germany. The order could take effect and remain in place unless overturned on appeal, or unless the patent is invalidated by the German Federal Patent Court. Trial in the UK matter is scheduled for April 2024. Given the procedural posture and the nature of these cases, including that there are significant factual and legal issues to be resolved and that uncertainty exists as to the scope of an injunction, if any, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from these lawsuits. Business Interruption Insurance Proceeds We received $484 million of insurance proceeds, primarily in the fourth quarter of 2022, to compensate for business interruption and property damage from a temporary electrical breakdown that occurred at one of our facilities in 2020. We recognized these receipts as a reduction of cost of sales |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Revenue Recognition [Policy Text Block] | Revenue Recognition We recognize net product revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. Substantially all of our revenue is derived from product sales. Our products often include a software component, such as firmware, that is highly interdependent and interrelated with the product and is substantially accounted for as a combined performance obligation. In accordance with contract terms, the revenue for combined performance obligations and standalone product sales is recognized at the time of product shipment from our facilities or delivery to the customer location, as determined by the agreed-upon shipping terms. We measure revenue based on the amount of consideration we expect to be entitled to in exchange for products or services. Variable consideration is estimated and reflected as an adjustment to the transaction price. We determine variable consideration, which consists primarily of various sales price concessions, by estimating the most likely amount of consideration we expect to receive from the customer based on historical analysis of customer purchase volumes. Sales rebates earned by customers are offset against their receivable balances. Rebates earned by customers when they do not have outstanding receivable balances are recorded within other accrued liabilities . We make payments to our customers through cooperative advertising programs for marketing activities for some of our products. We generally record the payment as a reduction in revenue in the period that the revenue is earned, unless the payment is for a distinct service, which we record as an expense when the marketing activities occur. |
Inventories [Policy Text Block] | Inventories We compute inventory cost on a first-in, first-out basis. Our process and product development life cycle corresponds with substantive engineering milestones. These engineering milestones are regularly and consistently applied in assessing the point at which our activities and associated costs change in nature from R&D to cost of sales, and when cost of sales can be capitalized as inventory. For a product to be manufactured in high volumes and sold to our customers under our standard warranty, it must meet our rigorous technical quality specifications. This milestone is known as PRQ. We have identified PRQ as the point at which the costs incurred to manufacture our products are included in the valuation of inventory. A single PRQ has previously valued inventory up to $870 million in the quarter the PRQ milestone was achieved. Prior to PRQ, costs that do not meet the criteria for R&D are included in cost of sales in the period incurred. The valuation of inventory includes determining which fixed production overhead costs can be included in inventory based on the normal capacity of our manufacturing and assembly and test facilities. We apply our historical loading compared to our total available capacity in a statistical model to determine our expectations of normal capacity level. If the factory loading is below the established normal capacity level, a portion of our fixed production overhead costs would not be included in the cost of inventory; instead, it would be recognized as cost of sales in that period. We refer to these costs as excess capacity charges. Excess capacity charges were $834 million in 2023, $423 million in 2022, and insignificant in 2021. Inventory is valued at the lower of cost or net realizable value, based upon assumptions about future demand and market conditions. Product-specific facts and circumstances reviewed in the inventory valuation process include a review of our customer base, the stage of the product life cycle, variations in market pricing, and an assessment of selling price in relation to product cost. Lower of cost or net realizable value inventory reserves fluctuate as we ramp new process technologies, with costs generally improving over time due to scale and improved yields. Additionally, inventory valuation is impacted by cyclical changes in market conditions and the associated pricing environment. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant, and Equipment We compute depreciation using the straight-line method over the estimated useful life of assets. We also capitalize interest on borrowings related to eligible capital expenditures. Capitalized interest is added to the cost of qualified assets and depreciated together with that asset cost. At least annually, we evaluate the period over which we expect to recover the economic value of our property, plant, and equipment, considering factors such as the process technology cadence between node transitions, changes in machinery and equipment technology, and re-use of machinery and tools across each generation of process technology. As we make manufacturing process conversions and other factory planning decisions, we use assumptions involving the use of management judgments regarding the remaining useful lives of assets, primarily process-specific semiconductor manufacturing tools and building improvements. When we determine that the useful lives of assets are shorter or longer than we had originally estimated, we adjust the rate of depreciation to reflect the assets' revised useful lives. Effective January 2023, the estimated useful lives of certain machinery and equipment in our wafer fabrication facilities were increased from 5 to 8 years. This change in estimate was applied prospectively beginning in the first quarter of 2023. Assets are categorized and evaluated for impairment at the lowest level of identifiable cash flows. Factors that we consider in deciding when to perform an impairment review include significant under-performance of a business or product line in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in our use and fungibility of the assets. If an asset grouping carrying value is not recoverable through the related undiscounted cash flows, the asset grouping is considered to be impaired. |
Identified Intangible Assets [Policy Text Block] | Identified Intangible Assets We amortize acquisition-related intangible assets that are subject to amortization over their estimated useful lives. Acquisition-related, in-process R&D assets represent the fair value of incomplete R&D projects that had not reached technological feasibility as of the date of acquisition; initially, these are classified as in-process R&D and are not subject to amortization. Once these R&D projects are completed, the asset balances are transferred from in-process R&D to acquisition-related developed technology and are subject to amortization from that point forward. The asset balances relating to projects that are abandoned after acquisition are impaired and expensed to R&D. We perform periodic reviews of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for specific product lines. Periodically, we also evaluate the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization. We may adjust the period over which these assets are amortized to reflect the period in which they contribute to our cash flows. |
Goodwill [Policy Text Block] | Goodwill Our reporting units are the same as our operating segments. We evaluate our reporting units annually or when triggered, such as upon reorganization of our operating segments. We perform an annual impairment assessment of goodwill at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The reporting unit's carrying value used in an impairment assessment represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments, and debt. The impairment assessment may include both qualitative and quantitative factors to assess the likelihood of an impairment. Qualitative factors used include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. We may also perform a quantitative analysis to support the qualitative factors by applying sensitivities to assumptions and inputs used in measuring a reporting unit's fair value. Our quantitative impairment assessment considers both the income approach and the market approach to estimate a reporting unit's fair value. Significant estimates include market segment growth rates, our assumed market segment share, estimated gross margins, operating expenses, and discount rates based on a reporting unit's weighted average cost of capital. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. These estimates change from year to year based on operating results, market conditions, and other factors and could materially affect the determination of each reporting unit's fair value and potential goodwill impairment for each reporting unit. Our quantitative assessment is sensitive to changes in underlying estimates and assumptions, the most sensitive of which is the discount rate. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. In 2023, the fair value for all of our reporting units exceeded their carrying value, and our annual qualitative assessment did not indicate that a more detailed quantitative analysis was necessary. |
Government Assistance [Policy Text Block] | Government Incentives Government incentives, including cash grants and refundable tax credits, are recognized when there is reasonable assurance that the incentive will be received and we will comply with the conditions specified in the agreement or statutory requirements. We record capital-related incentives as a reduction to property, plant, and equipment, net within our Consolidated Balance Sheets and recognize a reduction to depreciation expense over the useful life of the corresponding acquired asset. We record operating-related incentives as a reduction to expense in the same line item on the Consolidated Statements of Income as the expenditure for which the incentive is intended to compensate. |
Fair Value [Policy Text Block] | Fair Value When determining fair value, we consider the principal or most advantageous market in which we would transact, as well as assumptions that market participants would use when pricing the asset or liability. Our financial assets are measured and recorded at fair value on a recurring basis, except for equity securities measured using the measurement alternative, equity method investments, and grants receivable. We assess fair value hierarchy levels for our issued debt and fixed-income investment portfolio based on the underlying instrument type. The three levels of inputs that may be used to measure fair value are: ▪ Level 1 . Quoted prices in active markets for identical assets or liabilities. We evaluate security-specific market data when determining whether a market is active. ▪ Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets, or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. We use yield curves, overnight indexed swap curves, currency spot and forward rates, and credit ratings as significant inputs in our valuations. Level 2 inputs also include non-binding market consensus prices, as well as quoted prices that were adjusted for security-specific restrictions. When we use non-binding market consensus prices, we corroborate them with quoted market prices for similar instruments or compare them to output from internally developed pricing models such as discounted cash flow models. ▪ Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help confirm that the fair value measurements are reasonable and consistent with market experience in similar asset classes. Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data. |
Cash Equivalents [Policy Text Block] | Debt investments include investments in corporate debt, government debt, and financial institution instruments. Unhedged debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents . Unhedged debt investments with original maturities at the date of purchase greater than approximately three months and all economically hedged debt investments are classified as short-term investments |
Debt Investments and Equity Investments [Policy Text Block] | Debt Investments Debt investments include investments in corporate debt, government debt, and financial institution instruments. Unhedged debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents . Unhedged debt investments with original maturities at the date of purchase greater than approximately three months and all economically hedged debt investments are classified as short-term investments , as they represent the investment of cash available for current operations. For certain of our marketable debt investments, we economically hedge market risks at inception with a related derivative instrument, or the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. These hedged investments are reported at fair value. Gains or losses on these investments arising from changes in fair value due to interest rate and currency market fluctuations and credit market volatility, largely offset by losses or gains on the related derivative instruments and balance sheet remeasurement, are recorded in interest and other, net . Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss) . We determine the cost of the investment sold based on an average cost basis at the individual security level and record the interest income and realized gains or losses on the sale of these investments in interest and other, net . Unhedged debt investments are subject to periodic impairment reviews. For investments in an unrealized loss position, we determine whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. We recognize an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and write down the amortized cost basis of the investment if it is more likely than not we will be required or we intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in interest and other, net , and unrealized losses not related to credit losses are recognized in accumulated other comprehensive income (loss) . Equity Investments We regularly invest in equity securities of public and private companies to promote business and strategic objectives. Equity investments are measured and recorded as follows: ▪ Marketable equity securities are equity securities with RDFV that are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. ▪ Non-marketable equity securities are equity securities without RDFV that are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. ▪ Equity method investments are equity securities in investees we do not control but over which we have the ability to exercise significant influence. Equity method investments are measured at cost minus impairment, if any, plus or minus our share of equity method investee income or loss. Our proportionate share of the income or loss from equity method investments is recognized on a one-quarter lag. Realized and unrealized gains and losses resulting from changes in fair value or the sale of our equity investments are recorded in gains (losses) on equity investments, net . The carrying value of our non-marketable equity securities is adjusted for qualifying observable price changes resulting from the issuance of similar or identical securities in an orderly transaction by the same issuer. Determining whether an observed transaction is similar to a security within our portfolio requires judgment based on the rights and preferences of the securities. Non-marketable equity securities and equity method investments (collectively referred to as non-marketable equity investments) are also subject to periodic impairment reviews. Our quarterly impairment analysis considers both qualitative and quantitative factors. When indicators of impairment exist, we prepare quantitative assessments of the fair value of our non-marketable equity investments using both the market and income approaches. ▪ Non-marketable equity securities are tested for impairment using a qualitative model similar to the model used for goodwill and property, plant, and equipment. Upon determining that an impairment may exist, the security's fair value is calculated and compared to its carrying value, and an impairment is recognized immediately if the carrying value exceeds the fair value. ▪ Equity method investments are subject to periodic impairment reviews using the other-than-temporary impairment model, which considers the severity and duration of a decline in fair value below cost and our ability and intent to hold the investment for a sufficient period of time to allow for recovery. Impairments of equity investments are recorded in gains (losses) on equity investments, net . |
Derivative Financial Instruments [Policy Text Block] | Derivative Financial Instruments Our primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk, and, to a lesser extent, equity market risk, commodity price risk, and credit risk. We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. We also enter into collateral security arrangements with certain of our counterparties to exchange cash collateral when the net fair value of certain derivative instruments fluctuates from contractually established thresholds. For presentation on our Consolidated Balance Sheets, we do not offset fair value amounts recognized for derivative instruments under master netting arrangements. Our derivative financial instruments, including related collateral amounts, are presented at fair value on a gross basis and are included in other current assets , other long-term assets , other accrued liabilities , or other long-term liabilities . Cash flow hedges use foreign currency contracts, such as currency forwards and currency interest rate swaps, to hedge exposures for variability in the US-dollar equivalent of non-US-dollar-denominated cash flows associated with our forecasted operating and capital purchases spending. The after-tax gains or losses from the effective portion of a cash flow hedge is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods in which the hedged transaction affects earnings, and in the same line item on the Consolidated Statements of Income as the impact of the hedge transaction. For foreign currency contracts hedging our capital purchases, forward points are excluded from the hedge effectiveness assessment, and are recognized in earnings in the same income statement line item used to present the earnings effect of the hedged item. If the cash flow hedge transactions become improbable, the corresponding amounts deferred in accumulated other comprehensive income (loss) would be immediately reclassified to interest and other, net . Cash flows associated with these derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item. Fair value hedges use interest rate contracts, such as interest rate swaps, to hedge against changes in the fair value on certain of our fixed-rate indebtedness attributable to changes in the benchmark interest rate. The gains or losses on these hedges, as well as the offsetting losses or gains related to the changes in the fair value of the underlying hedged item attributable to the hedged risk, are recognized in earnings in the current period, primarily in interest and other, net . Cash flows associated with these derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item, primarily within net cash provided by (used for) financing activities . Non-designated hedges use foreign currency contracts to economically hedge the functional currency equivalent cash flows of recognized monetary assets and liabilities, and non-US-dollar-denominated debt instruments classified as hedged investments. We also use interest rate contracts to hedge interest rate risk related to our US-dollar-denominated fixed-rate debt investments classified as hedged investments. The change in fair value of these derivatives is recorded through earnings in the line item on the Consolidated Statements of Income to which the derivatives most closely relate, primarily in interest and other, net |
Credit Risk [Policy Text Block] | Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of investments in debt instruments, derivative financial instruments, reverse repurchase agreements, and trade and other receivables. We generally place investments with high-credit-quality counterparties and, by policy, we limit the amount of credit exposure to any one counterparty based on our analysis of that counterparty's relative credit standing. As required per our investment policy, substantially all of our investments in debt instruments are in investment-grade instruments. Credit-rating criteria for derivative instruments are similar to those for other investments. We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. Due to master netting arrangements, the amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which the counterparty's obligations exceed our obligations with that counterparty. As of December 30, 2023, our total credit exposure to any single counterparty, excluding money market funds invested in US treasury and US agency securities and reverse repurchase agreements collateralized by treasury and agency securities, did not exceed $1.6 billion. To further reduce credit risk, we enter into collateral security arrangements with certain of our derivative counterparties and obtain and secure collateral from counterparties against obligations, including securities lending transactions when we deem it appropriate. Cash collateral exchanged under our collateral security arrangements is included in other current assets , other long-term assets , other accrued liabilities , or other long-term liabilities . For reverse repurchase agreements collateralized by other securities, we do not record the collateral as an asset or a liability unless the collateral is repledged. A substantial majority of our trade receivables are derived from sales to OEMs and ODMs. We also have accounts receivable derived from sales to industrial and communications equipment manufacturers in the computing and communications industries. We believe the net accounts receivable balances from our three largest customers (50% as of December 30, 2023) do not represent a significant credit risk, based on cash flow forecasts, balance sheet analysis, and past collection experience. We have adopted credit policies and standards intended to accommodate industry growth and inherent risk. We believe credit risks are moderated by the financial stability of our major customers. We assess credit risk through quantitative and qualitative analysis. From this analysis, we establish shipping and credit limits and determine whether we will seek to use one or more credit support protection devices, such as obtaining a parent guarantee, standby letter of credit, or credit insurance. |
Variable Interest Entities [Policy Text Block] | Variable Interest Entities We have economic interests in entities that are VIEs. If we conclude we are the primary beneficiary of the VIE, we are required to consolidate the entity in our financial statements. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide services to the VIE. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary. |
Non-Controlling Interests [Policy Text Block] | Non-Controlling Interests Our Consolidated Financial Statements include the accounts of majority-owned subsidiaries consolidated under the variable interest and voting interest models. Non-controlling interests represent the portion of equity not attributable to Intel and are reported as a separate component of equity, net of tax and transaction costs, on our Consolidated Balance Sheets. Net income (loss) and comprehensive income (loss) for majority-owned subsidiaries are attributed to Intel and to non-controlling interest holders on our Consolidated Statements of Income and Consolidated Statements of Comprehensive Income based on respective ownership percentages. We account for changes in ownership of our majority-owned subsidiaries as equity transactions when we retain a controlling financial interest. |
Business Combinations Policy [Policy Text Block] | Business Combinations We allocate the purchase price paid for assets acquired and liabilities assumed in connection with our acquisitions based on their estimated fair values at the time of acquisition. This allocation involves a number of assumptions, estimates, and judgments in determining the fair value of the following: ▪ inventory; property, plant, and equipment; pre-existing liabilities or legal claims; and contingent consideration; each as may be applicable; ▪ intangible assets, including the valuation methodology, estimations of future cash flows, discount rates, market segment growth rates, and our assumed market segment share, as well as the estimated useful life of intangible assets; ▪ deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances, which are initially estimated as of the acquisition date; and ▪ goodwill as measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Our assumptions and estimates are based upon comparable market data and information obtained from our management and the management of the acquired companies. These assumptions and estimates are used to value assets acquired and liabilities assumed, and to allocate goodwill to the reporting units of the business that are expected to benefit from the business combination. During the measurement period, which may be up to one year from the business acquisition date, we may recognize adjustments to the assets acquired, liabilities assumed, and related goodwill. |
Employee Equity Incentive Plans [Policy Text Block] | Employee Equity Incentive Plans We use the straight-line amortization method to recognize share-based compensation expense over the service period of the award, net of estimated forfeitures. Upon exercise, cancellation, forfeiture, or expiration of stock options, or upon vesting or forfeiture of RSUs, we eliminate deferred tax assets for options and RSUs with multiple vesting dates for each vesting period on a first-in, first-out basis as if each vesting period were a separate award. For the majority of RSUs granted, the number of shares of common stock issued on the date the RSUs vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. The obligation to pay the relevant taxing authority is contingent upon continued employment. In addition, the amount of the obligation is unknown, as it is based in part on the market price of our common stock when the awards vest. |
Income Taxes [Policy Text Block] | Income Taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. We measure deferred tax assets and liabilities using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We assess the likelihood that we will be able to recover our deferred tax assets. If recovery is not likely, we must increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable. We believe that we will ultimately recover the deferred tax assets recorded on our Consolidated Balance Sheets. Recovery of a portion of our deferred tax assets is affected by management's plans with respect to holding or disposing of certain investments; therefore, such changes could also affect our future provision for taxes. We recognize tax benefits from uncertain tax positions only if (based on the technical merits of the position) it is more likely than not that the tax positions will be sustained on examination by the tax authority. The tax benefits recognized in the financial statements from such positions are measured based on the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits within the provision for (benefit from) taxes on the Consolidated Statements of Income. |
Lessee [Policy Text Block] | Leases Leases consist of real property and machinery and equipment. Our lease terms may include options to extend when it is reasonably certain that we will exercise such options. For leases for supplier capacity, we account for the lease and non-lease components as a single lease component. For all other leases, we account for the lease and non-lease components separately and do not include the non-lease components in our leased assets and corresponding liabilities. Payments on leases may be fixed or variable, and variable lease payments are based on output of the underlying leased assets. |
Loss Contingencies [Policy Text Block] | Loss Contingencies |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Net revenue and operating income (loss) for each period were as follows: Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Net revenue: Client Computing Desktop $ 10,166 $ 10,661 $ 12,437 Notebook 16,990 18,781 25,443 Other 2,102 2,331 3,201 29,258 31,773 41,081 Data Center and AI $ 15,521 $ 19,445 $ 22,774 Network and Edge 5,774 8,409 7,665 Mobileye 2,079 1,869 1,386 Intel Foundry Services 952 469 347 All other 644 1,089 5,771 Total net revenue $ 54,228 $ 63,054 $ 79,024 Operating income (loss): Client Computing $ 6,520 $ 5,569 $ 15,523 Data Center and AI (530) 1,300 7,376 Network and Edge (482) 1,033 1,935 Mobileye 664 690 554 Intel Foundry Services (482) (281) 76 All other (5,597) (5,977) (6,008) Total operating income (loss) $ 93 $ 2,334 $ 19,456 |
Schedule of Revenue by Major Customers by Reporting Segments | In 2023, substantially all of the revenue from our three largest customers was from the sale of platforms and other components by our CCG and DCAI operating segments. Our three largest customers accounted for the following percentage of our net revenue: Years Ended Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dell Inc. 19 % 19 % 21 % Lenovo Group Limited 11 % 12 % 12 % HP Inc. 10 % 11 % 10 % Total percentage of net revenue 40 % 42 % 43 % |
Revenue from External Customers by Geographic Areas | Net revenue by region, based on the billing location of the customer, was as follows: Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 China $ 14,854 $ 17,125 $ 22,961 Singapore 8,602 9,664 18,096 United States 13,958 16,529 14,322 Taiwan 6,867 8,287 11,418 Other regions 9,947 11,449 12,227 Total net revenue $ 54,228 $ 63,054 $ 79,024 |
Non-Controlling Interests (Tabl
Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of Non-Controlling Interests | Dec 30, 2023 Dec 31, 2022 (In Millions) Non-Controlling Interests Non-Controlling Ownership % Non-Controlling Interests Non-Controlling Ownership % Arizona Fab LLC $ 2,359 49 % $ 874 49 % Mobileye 1,838 12 % 989 6 % IMS Nanofabrication 178 32 % — — % Non-controlling interests, net of tax $ 4,375 $ 1,863 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended (In Millions, Except Per Share Amounts) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Net income $ 1,675 $ 8,017 $ 19,868 Less: Net income (loss) attributable to non-controlling interests (14) 3 — Net income attributable to Intel $ 1,689 $ 8,014 $ 19,868 Weighted average shares of common stock outstanding—basic 4,190 4,108 4,059 Dilutive effect of employee incentive plans 22 15 31 Weighted average shares of common stock outstanding—diluted 4,212 4,123 4,090 Earnings per share attributable to Intel—basic $ 0.40 $ 1.95 $ 4.89 Earnings per share attributable to Intel—diluted $ 0.40 $ 1.94 $ 4.86 |
Other Financial Statement Det_2
Other Financial Statement Details (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Other Financial Statement Details [Abstract] | |
Inventories [Table Text Block] | (In Millions) Dec 30, 2023 Dec 31, 2022 Raw materials $ 1,166 $ 1,517 Work in process 6,203 7,565 Finished goods 3,758 4,142 Total inventories $ 11,127 $ 13,224 |
Property, Plant and Equipment [Table Text Block] | (In Millions) Dec 30, 2023 Dec 31, 2022 Land and buildings $ 51,182 $ 44,808 Machinery and equipment 100,033 92,711 Construction in progress 43,442 36,727 Total property, plant, and equipment, gross 194,657 174,246 Less: Accumulated depreciation (98,010) (93,386) Total property, plant, and equipment, net $ 96,647 $ 80,860 |
Long-lived Assets by Geographic Areas [Table Text Block] | Net property, plant, and equipment by country at the end of each period was as follows: (In Millions) Dec 30, 2023 Dec 31, 2022 United States $ 63,234 $ 53,681 Ireland 16,746 13,179 Israel 9,290 7,908 Other countries 7,377 6,092 Total property, plant, and equipment, net $ 96,647 $ 80,860 |
Interest and Other, Net [Table Text Block] | Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Interest income $ 1,335 $ 589 $ 144 Interest expense (878) (496) (597) Other, net 172 1,073 (29) Total interest and other, net $ 629 $ 1,166 $ (482) |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Restructuring and Related Costs | Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Employee severance and benefit arrangements $ 222 $ 1,038 $ 48 Litigation charges and other (329) (1,187) 2,291 Asset impairment charges 45 151 287 Total restructuring and other charges $ (62) $ 2 $ 2,626 |
Schedule of Restructuring Activity | (In Millions) Employee Severance and Benefit Arrangements Accrued restructuring balance as of December 25, 2021 $ — Accruals and adjustments 1,038 Cash payments (165) Accrued restructuring balance as of December 31, 2022 873 Accruals and adjustments 222 Cash payments (1,013) Accrued restructuring balance as of December 30, 2023 $ 82 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Income (losses) before taxes: US $ (4,749) $ (1,161) $ 9,361 Non-US 5,511 8,929 12,342 Total income before taxes 762 7,768 21,703 Provision for (benefit from) taxes: Current: Federal 538 4,106 1,304 State 23 68 75 Non-US 535 735 1,198 Total current provision for (benefit from) taxes 1,096 4,909 2,577 Deferred: Federal (2,048) (5,806) (863) State (21) (40) (25) Non-US 60 688 146 Total deferred provision for (benefit from) taxes (2,009) (5,158) (742) Total provision for (benefit from) taxes $ (913) $ (249) $ 1,835 Effective tax rate (119.8) % (3.2) % 8.5 % |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Income (losses) before taxes: US $ (4,749) $ (1,161) $ 9,361 Non-US 5,511 8,929 12,342 Total income before taxes 762 7,768 21,703 Provision for (benefit from) taxes: Current: Federal 538 4,106 1,304 State 23 68 75 Non-US 535 735 1,198 Total current provision for (benefit from) taxes 1,096 4,909 2,577 Deferred: Federal (2,048) (5,806) (863) State (21) (40) (25) Non-US 60 688 146 Total deferred provision for (benefit from) taxes (2,009) (5,158) (742) Total provision for (benefit from) taxes $ (913) $ (249) $ 1,835 Effective tax rate (119.8) % (3.2) % 8.5 % |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before income taxes (effective tax rate) for each period was as follows: Years Ended Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) in rate resulting from: Research and development tax credits (99.0) (11.4) (2.4) Non-US income taxed at different rates (60.6) (13.4) (5.9) Foreign derived intangible income benefit (25.1) (9.7) (2.2) Restructuring of certain non-US subsidiaries (15.8) (2.2) (3.4) Share-based compensation 34.3 3.0 — Unrecognized tax benefits and settlements 16.3 4.5 1.1 Non-deductibility of European Commission fine 11.1 (4.1) — Other (2.0) 9.1 0.3 Effective tax rate (119.8) % (3.2) % 8.5 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities at the end of each period were as follows: (In Millions) Dec 30, 2023 Dec 31, 2022 Deferred tax assets: R&D expenditures capitalization $ 7,726 $ 5,067 State credits and net operating losses 2,624 2,259 Inventory 1,430 1,788 Accrued compensation and other benefits 931 1,031 Share-based compensation 586 557 Litigation charge 308 470 Other, net 926 709 Gross deferred tax assets 14,531 11,881 Valuation allowance (3,047) (2,586) Total deferred tax assets 11,484 9,295 Deferred tax liabilities: Property, plant, and equipment (5,156) (4,776) Licenses and intangibles (494) (386) Unrealized gains on investments and derivatives (358) (415) Other, net (203) (470) Total deferred tax liabilities (6,211) (6,047) Net deferred tax assets (liabilities) $ 5,273 $ 3,248 Reported as: Deferred tax assets 5,459 3,450 Deferred tax liabilities (186) (202) Net deferred tax assets (liabilities) $ 5,273 $ 3,248 |
Summary of Valuation Allowance [Table Text Block] | Changes in the valuation allowance for deferred tax assets were as follows: Years Ended (In Millions) Balance at Beginning of Year Additions Charged to Expenses/ Net Balance at Valuation allowance for deferred tax assets December 30, 2023 $ 2,586 $ 461 $ — $ 3,047 December 31, 2022 $ 2,259 $ 401 $ (74) $ 2,586 December 25, 2021 $ 1,963 $ 442 $ (146) $ 2,259 |
Schedule of Unrecognized Tax Benefits Roll Forward | Uncertain Tax Positions (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Beginning gross unrecognized tax benefits $ 1,229 $ 1,020 $ 828 Settlements and effective settlements with tax authorities (288) (18) (25) Changes in balances related to tax position taken during prior periods — (120) (26) Changes in balances related to tax position taken during current period 183 347 243 Ending gross unrecognized tax benefits $ 1,124 $ 1,229 $ 1,020 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The fair value of marketable debt investments, by contractual maturity, as of December 30, 2023, was as follows: (In Millions) Fair Value Due in 1 year or less $ 9,575 Due in 1–2 years 2,375 Due in 2–5 years 7,134 Due after 5 years 442 Instruments not due at a single maturity date 2,274 Total $ 21,800 |
Investment [Table Text Block] | Equity Investments (In Millions) Dec 30, 2023 Dec 31, 2022 Marketable equity securities 1 $ 1,194 $ 1,341 Non-marketable equity securities 4,630 4,561 Equity method investments 5 10 Total $ 5,829 $ 5,912 1 Over 90% of our marketable equity securities are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. The trading volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange. |
Gain (Loss) on Securities [Table Text Block] | The components of gains (losses) on equity investments, net for each period were as follows: Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Ongoing mark-to-market adjustments on marketable equity securities $ (36) $ (787) $ (130) Observable price adjustments on non-marketable equity securities 17 299 750 Impairment charges (214) (190) (154) Sale of equity investments and other 1 273 4,946 2,263 Total gains (losses) on equity investments, net $ 40 $ 4,268 $ 2,729 1 Sale of equity investments and other includes initial fair value adjustments recorded upon a security becoming marketable, realized gains (losses) on sales of non-marketable equity investments and equity method investments, and our share of equity method investee gains (losses) and distributions. Net unrealized gains and losses for our marketable and non-marketable equity securities during each period still held at the reporting date were as follows: (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Net gains (losses) recognized during the period on equity securities $ 19 $ (314) $ 1,210 Less: Net (gains) losses recognized during the period on equity securities sold during the period (5) 1 (259) Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date $ 14 $ (313) $ 951 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Business Combination, Goodwill [Abstract] | |
Schedule of Goodwill [Table Text Block] | (In Millions) Dec 31, 2022 Acquisitions Transfers Other Dec 30, 2023 Client Computing $ 4,254 $ — $ 495 $ — $ 4,749 Data Center and AI 9,013 — (292) — 8,721 Network and Edge 2,809 — — — 2,809 Mobileye 10,919 — — — 10,919 Accelerated Computing Systems and Graphics 596 — (596) — — All other — — 393 — 393 Total $ 27,591 $ — $ — $ — $ 27,591 (In Millions) Dec 25, 2021 Acquisitions Transfers Other Dec 31, 2022 Client Computing $ 4,237 $ 17 $ — $ — $ 4,254 Data Center and AI 8,595 418 — — 9,013 Network and Edge 2,774 35 — — 2,809 Mobileye 10,928 — — (9) 10,919 Accelerated Computing Systems and Graphics 429 167 — — 596 All other — — — — — Total $ 26,963 $ 637 $ — $ (9) $ 27,591 |
Identified Intangible Assets (T
Identified Intangible Assets (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 30, 2023 December 31, 2022 (In Millions) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Developed technology $ 10,520 $ (7,996) $ 2,524 $ 10,964 $ (7,216) $ 3,748 Customer relationships and brands 1,986 (1,286) 700 1,986 (1,114) 872 Licensed technology and patents 3,088 (1,728) 1,360 3,219 (1,821) 1,398 Other non-amortizing intangibles 5 — 5 — — — Total identified intangible assets $ 15,599 $ (11,010) $ 4,589 $ 16,169 $ (10,151) $ 6,018 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | December 30, 2023 December 31, 2022 (In Millions) Gross Assets Accumulated Amortization Net Gross Assets Accumulated Amortization Net Developed technology $ 10,520 $ (7,996) $ 2,524 $ 10,964 $ (7,216) $ 3,748 Customer relationships and brands 1,986 (1,286) 700 1,986 (1,114) 872 Licensed technology and patents 3,088 (1,728) 1,360 3,219 (1,821) 1,398 Other non-amortizing intangibles 5 — 5 — — — Total identified intangible assets $ 15,599 $ (11,010) $ 4,589 $ 16,169 $ (10,151) $ 6,018 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization expenses recorded for identified intangible assets in the Consolidated Statements of Income for each period and the weighted average useful life were as follows: Years Ended (In Millions) Location Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Weighted Average Useful Life 1 Developed technology Cost of sales $ 1,235 $ 1,341 $ 1,283 9.1 years Customer relationships and brands Marketing, general, and administrative 172 185 209 11.6 years Licensed technology and patents Cost of sales 348 381 347 12.2 years Total amortization expenses $ 1,755 $ 1,907 $ 1,839 1 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | We expect future amortization expense for the next five years and thereafter to be as follows: (In Millions) 2024 2025 2026 2027 2028 Thereafter Total Future amortization expenses $ 1,360 $ 948 $ 742 $ 552 $ 339 $ 643 $ 4,584 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt Dec 30, 2023 Dec 31, 2022 (In Millions) Effective Interest Rate Amount Amount Fixed-rate senior notes: 2.88%, due May 2024 2.32% $ 1,250 $ 1,250 2.70%, due June 2024 2.14% 600 600 3.40%, due March 2025 3.45% 1,500 1,500 3.70%, due July 2025 7.29% 2,250 2,250 4.88%, due February 2026 4.96% 1,500 — 2.60%, due May 2026 5.79% 1,000 1,000 3.75%, due March 2027 3.79% 1,000 1,000 3.15%, due May 2027 6.35% 1,000 1,000 3.75%, due August 2027 3.82% 1,250 1,250 4.88%, due February 2028 4.94% 1,750 — 1.60%, due August 2028 1.67% 1,000 1,000 4.00%, due August 2029 4.06% 850 850 2.45%, due November 2029 2.39% 2,000 2,000 5.13%, due February 2030 5.17% 1,250 — 3.90%, due March 2030 3.93% 1,500 1,500 2.00%, due August 2031 2.03% 1,250 1,250 4.15%, due August 2032 4.18% 1,250 1,250 4.00%, due December 2032 7.21% 750 750 5.20%, due February 2033 5.25% 2,250 — 4.60%, due March 2040 4.61% 750 750 2.80%, due August 2041 2.81% 750 750 4.80%, due October 2041 7.16% 802 802 4.25%, due December 2042 7.45% 567 567 5.63%, due February 2043 5.64% 1,000 — 4.90%, due July 2045 7.29% 772 772 4.10%, due May 2046 6.58% 1,250 1,250 4.10%, due May 2047 6.53% 1,000 1,000 4.10%, due August 2047 6.09% 640 640 3.73%, due December 2047 6.99% 1,967 1,967 3.25%, due November 2049 3.20% 2,000 2,000 4.75%, due March 2050 4.74% 2,250 2,250 3.05%, due August 2051 3.06% 1,250 1,250 4.90%, due August 2052 4.90% 1,750 1,750 5.70%, due February 2053 5.71% 2,000 — 3.10%, due February 2060 3.11% 1,000 1,000 4.95%, due March 2060 4.99% 1,000 1,000 3.20%, due August 2061 3.21% 750 750 5.05%, due August 2062 5.05% 900 900 5.90%, due February 2063 5.91% 1,250 — Dec 30, 2023 Dec 31, 2022 (In Millions) Effective Interest Rate Amount Amount Oregon and Arizona bonds 1 : 2.40% - 2.70%, due December 2035 - 2040 —% — 423 3.80% - 4.10%, due December 2035 - 2040 3.89% 423 — 5.00%, due September 2042 3.64% 131 131 5.00%, due June 2049 2.15% 438 438 5.00%, due September 2052 4.26% 445 445 Total senior notes and other borrowings 50,285 39,285 Unamortized premium/discount and issuance costs (445) (417) Hedge accounting fair value adjustments (574) (761) Long-term debt 49,266 38,107 Current portion of long-term debt (2,288) (423) Total long-term debt $ 46,978 $ 37,684 1 These bonds may be remarketed or tendered on a periodic basis and will be classified within the current portion of long-term debt in the twelve months before remarketing or tendering. |
Schedule of Maturities of Long-term Debt [Table Text Block] | Our aggregate debt maturities, based on outstanding principal as of December 30, 2023, by year payable, are as follows: (In Millions) 2024 2025 2026 2027 2028 2029 and thereafter Total $ 2,288 $ 3,750 $ 2,500 $ 3,826 $ 3,174 $ 34,747 $ 50,285 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis December 30, 2023 December 31, 2022 Fair Value Measured and Total Fair Value Measured and Total (In Millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents: Corporate debt $ — $ 769 $ — $ 769 $ — $ 856 $ — $ 856 Financial institution instruments 1 2,241 835 — 3,076 6,899 1,474 — 8,373 Reverse repurchase agreements — 2,554 — 2,554 — 1,301 — 1,301 Short-term investments: Corporate debt — 6,951 — 6,951 — 5,381 — 5,381 Financial institution instruments 1 33 4,215 — 4,248 196 4,729 — 4,925 Government debt 2 — 6,756 — 6,756 48 6,840 — 6,888 Other current assets: Derivative assets 366 809 — 1,175 — 1,264 — 1,264 Loans receivable — — — — — 53 — 53 Marketable equity securities 1,194 — — 1,194 1,341 — — 1,341 Other long-term assets: Derivative assets — 21 — 21 — 10 — 10 Total assets measured and recorded at fair value $ 3,834 $ 22,910 $ — $ 26,744 $ 8,484 $ 21,908 $ — $ 30,392 Liabilities Other accrued liabilities: Derivative liabilities $ — $ 541 $ 99 $ 640 $ 111 $ 485 $ 89 $ 685 Other long-term liabilities: Derivative liabilities — 479 — 479 — 699 — 699 Total liabilities measured and recorded at fair value $ — $ 1,020 $ 99 $ 1,119 $ 111 $ 1,184 $ 89 $ 1,384 1. Level 1 investments consist of money market funds. Level 2 investments consist primarily of commercial paper, certificates of deposit, time deposits, notes and bonds issued by financial institutions. 2. Level 1 investments consist primarily of US Treasury securities. Level 2 investments consist primarily of non-US government debt. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in accumulated other comprehensive income (loss) by component and related tax effects for each period were as follows: (In Millions) Unrealized Holding Gains (Losses) on Derivatives Actuarial Valuation and Other Pension Expenses Translation Adjustments and Other Total December 26, 2020 $ 731 $ (1,565) $ 83 $ (751) Other comprehensive income (loss) before reclassifications (434) 476 (58) (16) Amounts reclassified out of accumulated other comprehensive income (loss) (226) 101 (19) (144) Tax effects 140 (126) 17 31 Other comprehensive income (loss) (520) 451 (60) (129) December 25, 2021 211 (1,114) 23 (880) Other comprehensive income (loss) before reclassifications (910) 923 (28) (15) Amounts reclassified out of accumulated other comprehensive income (loss) 410 82 (6) 486 Tax effects (10) (150) 7 (153) Other comprehensive income (loss) (510) 855 (27) 318 December 31, 2022 (299) (259) (4) (562) Other comprehensive income (loss) before reclassifications 3 57 11 71 Amounts reclassified out of accumulated other comprehensive income (loss) 328 33 — 361 Tax effects (59) (24) (2) (85) Other comprehensive income (loss) 272 66 9 347 December 30, 2023 $ (27) $ (193) $ 5 $ (215) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows: (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Foreign currency contracts $ 30,064 $ 31,603 $ 38,024 Interest rate contracts 18,363 16,011 15,209 Other 2,103 2,094 2,517 Total $ 50,530 $ 49,708 $ 55,750 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value of Derivative Instruments in the Consolidated Balance Sheets December 30, 2023 December 31, 2022 (In Millions) Assets 1 Liabilities 2 Assets 1 Liabilities 2 Derivatives designated as hedging instruments: Foreign currency contracts 3 $ 255 $ 142 $ 142 $ 290 Interest rate contracts — 578 — 777 Total derivatives designated as hedging instruments 255 720 142 1,067 Derivatives not designated as hedging instruments: Foreign currency contracts 3 314 363 866 194 Interest rate contracts 261 36 266 12 Equity contracts 366 — — 111 Total derivatives not designated as hedging instruments 941 399 1,132 317 Total derivatives $ 1,196 $ 1,119 $ 1,274 $ 1,384 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 A substantial majority of these instruments mature within 12 months. The amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows: Line Item in the Consolidated Balance Sheets in Which the Hedged Item Is Included Carrying Amount of the Hedged Item Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 30, 2023 Dec 31, 2022 Long-term debt $ (11,419) $ (11,221) $ 578 $ 776 |
Offsetting Assets [Table Text Block] | Agreements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows: December 30, 2023 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 $ 1,047 $ — $ 1,047 $ (617) $ (430) $ — Reverse repurchase agreements 2,554 — 2,554 — (2,554) — Total assets 3,601 — 3,601 (617) (2,984) — Liabilities: Derivative liabilities subject to master netting arrangements 1,111 — 1,111 (617) (399) 95 Total liabilities $ 1,111 $ — $ 1,111 $ (617) $ (399) $ 95 December 31, 2022 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 1,231 $ — $ 1,231 $ (546) $ (682) $ 3 Reverse repurchase agreements 1,701 — 1,701 — (1,701) — Total assets 2,932 — 2,932 (546) (2,383) 3 Liabilities: Derivative liabilities subject to master netting arrangements 1,337 — 1,337 (546) (712) 79 Total liabilities $ 1,337 $ — $ 1,337 $ (546) $ (712) $ 79 |
Offsetting Liabilities [Table Text Block] | Agreements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows: December 30, 2023 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 $ 1,047 $ — $ 1,047 $ (617) $ (430) $ — Reverse repurchase agreements 2,554 — 2,554 — (2,554) — Total assets 3,601 — 3,601 (617) (2,984) — Liabilities: Derivative liabilities subject to master netting arrangements 1,111 — 1,111 (617) (399) 95 Total liabilities $ 1,111 $ — $ 1,111 $ (617) $ (399) $ 95 December 31, 2022 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 1,231 $ — $ 1,231 $ (546) $ (682) $ 3 Reverse repurchase agreements 1,701 — 1,701 — (1,701) — Total assets 2,932 — 2,932 (546) (2,383) 3 Liabilities: Derivative liabilities subject to master netting arrangements 1,337 — 1,337 (546) (712) 79 Total liabilities $ 1,337 $ — $ 1,337 $ (546) $ (712) $ 79 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows: Gains (Losses) Recognized in Statement of Income on Derivatives Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Interest rate contracts $ 198 $ (1,551) $ (723) Hedged items (198) 1,551 723 Total $ — $ — $ — |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Income for each period were as follows: Years Ended (In Millions) Location of Gains (Losses) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Foreign currency contracts Interest and other, net $ 106 $ 1,492 $ 677 Interest rate contracts Interest and other, net 50 309 31 Other Various 325 (502) 360 Total $ 481 $ 1,299 $ 1,068 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | The vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement. Dec 30, 2023 Dec 31, 2022 Changes in projected benefit obligation: Beginning projected benefit obligation $ 2,705 $ 4,456 Service cost 36 58 Interest cost 127 91 Actuarial (gain) loss 57 (1,500) Currency exchange rate changes 38 (233) Plan settlements (103) (96) Other (35) (71) Ending projected benefit obligation 1 2,825 2,705 Changes in fair value of plan assets: Beginning fair value of plan assets 2,130 2,817 Actual return on plan assets 151 (478) Currency exchange rate changes 34 (102) Plan settlements (103) (96) Other — (11) Ending fair value of plan assets 2 2,212 2,130 Net unfunded status $ 613 $ 575 Amounts recognized in the Consolidated Balance Sheets Other long-term assets $ 62 $ 74 Other long-term liabilities $ 675 $ 649 Accumulated other comprehensive loss (income), before tax 3 $ 410 $ 406 Accumulated benefit obligation $ 2,706 $ 2,507 1 The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 30, 2023 and December 31, 2022. 2 The fair value of plan assets was approximately 40% in the US and 60% outside of the US as of December 30, 2023 and December 31, 2022. 3 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Dec 30, 2023 Dec 31, 2022 Plan with accumulated benefit obligation in excess of plan assets Accumulated benefit obligation $ 1,857 $ 559 Plan assets $ 1,301 $ 97 Plan with projected benefit obligation in excess of plan assets Projected benefit obligation $ 1,976 $ 1,048 Plan assets $ 1,301 $ 399 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | Dec 30, 2023 Dec 31, 2022 Plan with accumulated benefit obligation in excess of plan assets Accumulated benefit obligation $ 1,857 $ 559 Plan assets $ 1,301 $ 97 Plan with projected benefit obligation in excess of plan assets Projected benefit obligation $ 1,976 $ 1,048 Plan assets $ 1,301 $ 399 |
Defined Benefit Plan, Assumptions [Table Text Block] | Assumptions for Pension Benefit Plans Dec 30, 2023 Dec 31, 2022 Weighted average actuarial assumptions used to determine benefit obligations Discount rate 4.5 % 4.9 % Rate of compensation increase 3.3 % 3.7 % 2023 2022 2021 Weighted average actuarial assumptions used to determine costs Discount rate 4.9 % 2.2 % 1.9 % Expected long-term rate of return on plan assets 5.0 % 3.2 % 2.7 % Rate of compensation increase 3.7 % 3.2 % 3.2 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Pension Plan Assets December 30, 2023 Dec 31, 2022 Fair Value Measured at Reporting Date Using (In Millions) Level 1 Level 2 Level 3 Total Total Equity securities $ — $ 383 $ — $ 383 $ 297 Fixed income — 139 25 164 130 Assets measured by fair value hierarchy $ — $ 522 $ 25 $ 547 $ 427 Assets measured at net asset value 1,648 1,683 Cash and cash equivalents 17 20 Total pension plan assets at fair value $ 2,212 $ 2,130 |
Postretirement Health Coverage [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | As of December 30, 2023, the estimated benefit payments for this plan over the next 10 years are as follows: (In Millions) 2024 2025 2026 2027 2028 2029-2033 Postretirement medical benefits $ 34 $ 35 $ 35 $ 35 $ 36 $ 187 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | As of December 30, 2023, estimated benefit payments over the next 10 years are as follows: (In Millions) 2024 2025 2026 2027 2028 2029-2033 Pension benefits $ 95 $ 97 $ 101 $ 106 $ 109 $ 638 |
Employee Equity Incentive Pla_2
Employee Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Restricted Stock Units Estimated Values And Weighted Average Assumptions [Table Text Block] | Restricted Stock Units and Performance Stock Units Weighted average assumptions used in estimating grant values were as follows: Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Estimated values $ 28.92 $ 41.12 $ 50.82 Risk-free interest rate 4.7 % 2.2 % 0.2 % Dividend yield 1.6 % 3.4 % 2.6 % Volatility 36 % 40 % 37 % |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Summary of activities: Number of Stock Units Outstanding (In Millions) Weighted Average Grant-Date Fair Value December 31, 2022 $ 158.7 $ 45.56 Granted $ 98.2 $ 28.92 Vested $ (63.6) $ 43.22 Forfeited $ (20.4) $ 44.87 December 30, 2023 $ 172.9 $ 37.05 Expected to vest $ 153.9 $ 37.45 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | Discounted and undiscounted lease payments under non-cancelable leases as of December 30, 2023 were as follows: (In Millions) 2024 2025 2026 2027 2028 Thereafter Total Operating lease payments $ 149 $ 110 $ 62 $ 44 $ 31 $ 103 $ 499 Finance lease payments $ 480 $ 70 $ — $ — $ — $ — $ 550 Present value of lease payments $ 978 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Revenue, Major Customer [Line Items] | |||
Cost of sales | $ 32,517 | $ 36,188 | $ 35,209 |
Production Related Impairments or Charges [Abstract] | |||
PRQ Max | 870 | ||
Capacity | |||
Revenue, Major Customer [Line Items] | |||
Cost of sales | 834 | $ 423 | |
Credit Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 1,600 | ||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Three Largest Customers | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 50% | ||
Maximum | Machinery and equipment | |||
Revenue, Major Customer [Line Items] | |||
Property, plant and equipment, useful life | 8 years | ||
Minimum | Machinery and equipment | |||
Revenue, Major Customer [Line Items] | |||
Property, plant and equipment, useful life | 3 years | 5 years |
Operating Segments, Net Revenue
Operating Segments, Net Revenue and Operating Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 54,228 | $ 63,054 | $ 79,024 |
Operating Income (Loss) | 93 | 2,334 | 19,456 |
Inventory impairment charge | 723 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 54,228 | 63,054 | 79,024 |
Client Computing | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 6,520 | 5,569 | 15,523 |
Client Computing | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 29,258 | 31,773 | 41,081 |
Client Computing | Desktop | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 10,166 | 10,661 | 12,437 |
Client Computing | Notebook | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 16,990 | 18,781 | 25,443 |
Client Computing | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 2,102 | 2,331 | 3,201 |
Datacenter and AI | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (530) | 1,300 | 7,376 |
Datacenter and AI | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 15,521 | 19,445 | 22,774 |
Network and Edge | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (482) | 1,033 | 1,935 |
Network and Edge | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 5,774 | 8,409 | 7,665 |
Mobileye | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | 664 | 690 | 554 |
Mobileye | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 2,079 | 1,869 | 1,386 |
Intel Foundry Services | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (482) | (281) | 76 |
Intel Foundry Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 952 | 469 | 347 |
All other | |||
Segment Reporting Information [Line Items] | |||
Operating Income (Loss) | (5,597) | (5,977) | (6,008) |
All other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenue | $ 644 | $ 1,089 | $ 5,771 |
Operating Segments, Revenue by
Operating Segments, Revenue by Major Customers (Details) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Three Largest Customers | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 40% | 42% | 43% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Dell Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 19% | 19% | 21% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Lenovo Group Limited [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 11% | 12% | 12% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | HP Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 10% | 11% | 10% |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Three Largest Customers | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Percentage | 50% |
Operating Segments, Revenues fr
Operating Segments, Revenues from External Customers by Country (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 54,228 | $ 63,054 | $ 79,024 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 14,854 | 17,125 | 22,961 |
Singapore | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 8,602 | 9,664 | 18,096 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 13,958 | 16,529 | 14,322 |
Taiwan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | 6,867 | 8,287 | 11,418 |
Other regions | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenue | $ 9,947 | $ 11,449 | $ 12,227 |
Non-Controlling Interests - Com
Non-Controlling Interests - Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Noncontrolling Interest [Line Items] | |||
Non-controlling interests | $ 4,375 | $ 1,863 | |
Net loss attributable to non-controlling interest | (14) | 3 | $ 0 |
Arizona Fab LLC | |||
Noncontrolling Interest [Line Items] | |||
Non-controlling interests | $ 2,359 | $ 874 | |
Non-Controlling Ownership % | 49% | 49% | |
Mobileye | |||
Noncontrolling Interest [Line Items] | |||
Non-controlling interests | $ 1,838 | $ 989 | |
Non-Controlling Ownership % | 12% | 6% | |
IMS Nanofabrication | |||
Noncontrolling Interest [Line Items] | |||
Non-controlling interests | $ 178 | $ 0 | |
Non-Controlling Ownership % | 32% | 0% |
Non-Controlling Interests, Narr
Non-Controlling Interests, Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 01, 2023 | Dec. 30, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Noncontrolling Interest [Line Items] | |||||
Assets | $ 191,572 | $ 191,572 | $ 182,103 | ||
Proceeds from sales of subsidiary shares | 1,511 | 874 | $ 0 | ||
Mobileye | |||||
Noncontrolling Interest [Line Items] | |||||
Net proceeds | 1,000 | ||||
Semiconductor Co-Investment Program, Construction Costs | |||||
Noncontrolling Interest [Line Items] | |||||
Unrecognized commitment | 12,300 | 12,300 | |||
Semiconductor Co-Investment Program, Construction Costs | Intel and Brookfield | |||||
Noncontrolling Interest [Line Items] | |||||
Unrecognized commitment | $ 29,000 | $ 29,000 | |||
Arizona Fab LLC | |||||
Noncontrolling Interest [Line Items] | |||||
Percentage of factory output with the right to purchase | 100% | ||||
Mobileye | |||||
Noncontrolling Interest [Line Items] | |||||
Net proceeds | $ 1,600 | ||||
Conversion of stock, shares converted (in shares) | 38,500,000 | ||||
Conversion of stock, shares converted, percentage of outstanding shares | 0.05 | ||||
Shares issued per share (in dollars per share) | $ 42 | ||||
Mobileye | Capital in excess of par value | |||||
Noncontrolling Interest [Line Items] | |||||
Increase from subsidiary equity issuance | $ 663 | ||||
IMS Nanofabrication | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership percentage sold | 32% | ||||
Proceeds from sales of subsidiary shares | $ 1,400 | ||||
IMS Nanofabrication | Bain Capital | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership percentage sold | 20% | ||||
IMS Nanofabrication | TSMC | |||||
Noncontrolling Interest [Line Items] | |||||
Ownership percentage sold | 10% | ||||
IMS Nanofabrication | Capital in excess of par value | |||||
Noncontrolling Interest [Line Items] | |||||
Increase from subsidiary equity issuance | $ 958 | ||||
Variable Interest Entity, Primary Beneficiary | Asset Pledged as Collateral | |||||
Noncontrolling Interest [Line Items] | |||||
Assets | $ 4,800 | $ 4,800 | $ 1,800 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net Income | $ 1,689 | $ 8,014 | $ 19,868 |
Weighted average shares of common stock outstanding-basic | 4,190 | 4,108 | 4,059 |
Dilutive effect of employee equity incentive plans (shares) | 22 | 15 | 31 |
Weighted average shares of common stock outstanding-diluted | 4,212 | 4,123 | 4,090 |
Earnings per share attributable to Intel—basic | $ 0.40 | $ 1.95 | $ 4.89 |
Earnings per share attributable to Intel—diluted | $ 0.40 | $ 1.94 | $ 4.86 |
Securities excluded from the computation of diluted earnings per share (shares) | 70 |
Other Financial Statement Det_3
Other Financial Statement Details, Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Accounts Receivable, Sale | $ 2,000 | $ 665 |
Other Financial Statement Det_4
Other Financial Statement Details, Inventories (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Inventory, Net [Abstract] | ||
Raw materials | $ 1,166 | $ 1,517 |
Work in process | 6,203 | 7,565 |
Finished goods | 3,758 | 4,142 |
Total inventories | $ 11,127 | $ 13,224 |
Other Financial Statement Det_5
Other Financial Statement Details, Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Jan. 01, 2023 | |
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 194,657 | $ 174,246 | ||
Less: Accumulated depreciation | (98,010) | (93,386) | ||
Total property, plant, and equipment, net | 96,647 | 80,860 | ||
Increase to gross margin | 21,711 | 26,866 | $ 43,815 | |
Decrease in R&D expenses | (16,046) | (17,528) | $ (15,190) | |
Decrease in ending inventory | (11,127) | (13,224) | ||
Service Life | ||||
Property, Plant and Equipment [Line Items] | ||||
Increase to gross margin | 2,500 | |||
Decrease in R&D expenses | 400 | |||
Decrease in ending inventory | 1,300 | |||
United States | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property, plant, and equipment, net | 63,234 | 53,681 | ||
Ireland | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property, plant, and equipment, net | 16,746 | 13,179 | ||
Israel | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property, plant, and equipment, net | 9,290 | 7,908 | ||
Other regions | ||||
Property, Plant and Equipment [Line Items] | ||||
Total property, plant, and equipment, net | 7,377 | 6,092 | ||
Land and buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 51,182 | 44,808 | ||
Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 100,033 | 92,711 | ||
Construction in progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 43,442 | $ 36,727 | ||
Machinery And Equipment, Certain Production Assets | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 5 years | 8 years | ||
Minimum | Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | 5 years | ||
Minimum | Buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 10 years | |||
Maximum | Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 8 years | |||
Maximum | Buildings | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 25 years |
Other Financial Statement Det_6
Other Financial Statement Details, Government Incentives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Government Assistance [Line Items] | ||
Grants receivable | $ 559 | $ 437 |
Government Assistance, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Refundable tax credits | $ 365 | $ 0 |
Maximum | ||
Government Assistance [Line Items] | ||
Government incentives duration | 15 years | |
Capital-Related Grants | ||
Government Assistance [Line Items] | ||
Grants recorded in property, plant and equipment | $ 5,500 | 3,300 |
Grants recognized in property, plant and equipment during the year | 2,200 | 373 |
Government incentives, reduction to cost of sales | 226 | 230 |
Federal | ||
Government Assistance [Line Items] | ||
Grants recognized in property, plant and equipment during the year | (845) | |
State | ||
Government Assistance [Line Items] | ||
Grants recognized in property, plant and equipment during the year | (723) | 0 |
Foreign | ||
Government Assistance [Line Items] | ||
Grants recognized in property, plant and equipment during the year | (645) | (373) |
Operating Grants | ||
Government Assistance [Line Items] | ||
Government incentives, reduction to cost of sales | $ 202 | $ 104 |
Other Financial Statement Det_7
Other Financial Statement Details, Other Accrued Liabilities (Details) - USD ($) $ in Billions | Dec. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Deferred compensation liabilities | $ 2.9 | $ 2.4 |
Other Financial Statement Det_8
Other Financial Statement Details, Advertising (Details) - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Income Statement [Abstract] | |||
Advertising Expense | $ 950,000,000 | $ 1,200,000,000 | $ 1,100,000,000 |
Other Financial Statement Det_9
Other Financial Statement Details, Interest and Other, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 29, 2021 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | ||||
Interest income | $ 1,335 | $ 589 | $ 144 | |
Interest expense | (878) | (496) | (597) | |
Other, net | 172 | 1,073 | (29) | |
Total Interest and other, net | 629 | 1,166 | (482) | |
Interest capitalized | 1,500 | 785 | 398 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gains on divestitures | $ 0 | 1,059 | $ 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 - Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |||
Severance Costs | $ 222 | $ 1,038 | $ 48 |
Charge (benefit) recorded in litigation charges and other | (329) | (1,187) | 2,291 |
Asset Impairment Charges | 45 | 151 | 287 |
Total restructuring and other charges | $ (62) | $ 2 | $ 2,626 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Restructuring Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Accruals and adjustments | $ (424) | $ 1,074 | $ 2,626 |
2022 Restructuring Program | |||
Restructuring Reserve [Roll Forward] | |||
Accrued restructuring beginning balance | 873 | 0 | |
Accruals and adjustments | 222 | 1,038 | |
Cash payments | (1,013) | (165) | |
Accrued restructuring ending balance | $ 82 | $ 873 | $ 0 |
Restructuring and Other Charg_5
Restructuring and Other Charges - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Charge (benefit) recorded in litigation charges and other | $ (329) | $ (1,187) | $ 2,291 |
Tower Semiconductor, Ltd. | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge (benefit) recorded in litigation charges and other | 353 | ||
2022 Restructuring Program | |||
Restructuring Cost and Reserve [Line Items] | |||
Cumulative restructuring cost | 1,300 | ||
EC Fine | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge (benefit) recorded in litigation charges and other | 401 | $ (1,200) | |
VSLI Litigation | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge (benefit) recorded in litigation charges and other | $ (1,200) | $ 2,200 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income before taxes: U.S. | $ (4,749) | $ (1,161) | $ 9,361 |
Income before taxes: Non-U.S. | 5,511 | 8,929 | 12,342 |
Income before taxes | 762 | 7,768 | 21,703 |
Provision for taxes, Current: Federal | 538 | 4,106 | 1,304 |
Provision for taxes, Current: State | 23 | 68 | 75 |
Provision for taxes, Current: Non-U.S. | 535 | 735 | 1,198 |
Total current provision for taxes | 1,096 | 4,909 | 2,577 |
Provision for taxes, Deferred: Federal | (2,048) | (5,806) | (863) |
Deferred State and Local Income Tax Expense (Benefit) | (21) | (40) | (25) |
Deferred Other Tax Expense (Benefit) | 60 | 688 | 146 |
Total deferred provision for taxes | (2,009) | (5,158) | (742) |
Total Provision for taxes | $ (913) | $ (249) | $ 1,835 |
Effective tax rate | (119.80%) | (3.20%) | 8.50% |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
Increase (reduction) in rate resulting from: | |||
Research and development tax credits | (99.00%) | (11.40%) | (2.40%) |
Non-US income taxed at different rates | (60.60%) | (13.40%) | (5.90%) |
Foreign derived intangible income benefit | (25.10%) | (9.70%) | (2.20%) |
Restructuring of certain non-US subsidiaries | (15.80%) | (2.20%) | (3.40%) |
Share-based compensation | 34.30% | 3% | 0% |
Unrecognized tax benefits and settlements | 16.30% | 4.50% | 1.10% |
Non-deductibility of European Commission fine | 11.10% | (4.10%) | 0% |
Other | (2.00%) | 9.10% | 0.30% |
Effective tax rate | (119.80%) | (3.20%) | 8.50% |
Income Tax Disclosure [Line Items] | |||
Income tax holiday benefit | $ 129 | $ 220 | $ 187 |
Income tax holiday, impact on diluted earnings per share (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.05 |
Statutory federal income tax rate | 21% | 21% | 21% |
Income Tax Holiday, Termination Date | 2056 | ||
Income Tax Expense (Benefit) | $ (913) | $ (249) | $ 1,835 |
Undistributed earnings on certain foreign subsidiaries | 19,900 | ||
Income taxes payable | 1,107 | 2,251 | |
Long-term income taxes payable | 2,600 | 3,800 | |
Income Taxes Receivable, Current | 59 | 138 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Deferred Tax Assets, Research and Development Capitalized | 7,726 | 5,067 | |
Deferred tax assets, State credits and net operating losses | 2,624 | 2,259 | |
Deferred tax assets, Inventory | 1,430 | 1,788 | |
Deferred tax assets, Accrued compensation and other benefits | 931 | 1,031 | |
Deferred tax assets, Share-based compensation | 586 | 557 | |
Deferred Tax Assets, Tax Deferred Expense, Litigation Expense | 308 | 470 | |
Deferred tax assets, Other, net | 926 | 709 | |
Gross deferred tax assets | 14,531 | 11,881 | |
Deferred tax assets, Valuation allowance | (3,047) | (2,586) | |
Total deferred tax assets | 11,484 | 9,295 | |
Deferred tax liabilities, Property, plant and equipment | (5,156) | (4,776) | |
Deferred tax liabilities, Licenses and intangibles | (494) | (386) | |
Deferred Tax Liabilities, Unrealized Gains On Investments And Derivatives | (358) | (415) | |
Deferred tax liabilities, Other, net | (203) | (470) | |
Total deferred tax liabilities | (6,211) | (6,047) | |
Net deferred tax assets | 5,273 | 3,248 | |
Deferred tax assets | 5,459 | 3,450 | |
Deferred tax liabilities | (186) | (202) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning gross unrecognized tax benefits | 1,229 | 1,020 | 828 |
Settlements and effective settlements with tax authorities | (288) | (18) | (25) |
Changes in balances related to tax position taken during prior periods | 0 | (120) | (26) |
Changes in balances related to tax position taken during current period | 183 | 347 | 243 |
Ending gross unrecognized tax benefits | 1,124 | 1,229 | $ 1,020 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 962 | 914 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation Allowance, Amount | (3,047) | $ (2,586) | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 314 | ||
Domestic Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforward, subject to expiration | 141 | ||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 325 | ||
Non-U.S. [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforward, subject to expiration | 1,700 | ||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 1,700 | ||
Minimum | |||
Income Tax Disclosure [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Foreign Statutory Income Tax Rate, Percent | 12.50% | ||
Maximum | |||
Income Tax Disclosure [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Foreign Statutory Income Tax Rate, Percent | 24% |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Income Tax Contingency [Line Items] | ||||
Unrealized state credit carryforwards | $ 2,600 | |||
Undistributed earnings on certain foreign subsidiaries | 19,900 | |||
Balance at Beginning of Year | 2,586 | |||
Balance at End of Year | 3,047 | $ 2,586 | ||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net (Deductions) Recoveries | 0 | (74) | $ (146) | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 3,047 | 2,586 | 2,259 | $ 1,963 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | $ 461 | $ 401 | $ 442 |
Investments, Short-term Investm
Investments, Short-term Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Gains (losses) on hedged investments | $ 534 | $ 748 | $ 606 |
Adjusted cost for unhedged investments | 4,700 | 10,200 | |
Available-for-sale Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Value of hedged investments | 17,100 | 16,200 | |
Gains (losses) on derivatives | $ 472 | $ 752 | $ 609 |
Investments, Marketable Debt In
Investments, Marketable Debt Investments Contractual Maturity (Details) $ in Millions | Dec. 30, 2023 USD ($) |
Investments [Abstract] | |
Due in 1 year or less | $ 9,575 |
Due in 1–2 years | 2,375 |
Due in 2–5 years | 7,134 |
Due after 5 years | 442 |
Instruments not due at a single maturity date | 2,274 |
Debt Securities, Available-for-Sale, Total | $ 21,800 |
Investments, Equity Investments
Investments, Equity Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 30, 2023 | Apr. 01, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Schedule of Investments [Line Items] | |||||
Marketable equity securities | $ 1,194 | $ 1,194 | $ 1,341 | ||
Non-marketable equity securities | 4,630 | 4,630 | 4,561 | ||
Equity method investments | 5 | 5 | 10 | ||
Equity Investments | 5,829 | $ 5,829 | 5,912 | ||
Marketable equity securities subject to trading-volume or market-based restrictions | 90% | ||||
Marketable equity securities threshold percentage of shares owned resulting in trading volume restrictions | 1% | ||||
Ongoing mark-to-market adjustments on marketable equity securities | $ (36) | (787) | $ (130) | ||
Observable price adjustments on non-marketable equity securities | 17 | 299 | 750 | ||
Impairment charges | (214) | (190) | (154) | ||
Sale of equity investments and other | 273 | 4,946 | 2,263 | ||
Total gains (losses) on equity investments, net | 40 | 4,268 | 2,729 | ||
Equity Securities, FV-NI, Gain (Loss), Net | 19 | (314) | 1,210 | ||
Less: Net (gains) losses recognized during the period on equity securities sold during the period | (5) | 1 | (259) | ||
Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date | 14 | (313) | 951 | ||
Sales of equity investments | 472 | 4,961 | $ 581 | ||
Cumulative impairment for equity securities without readily determinable fair value | 1,100 | 1,100 | 955 | ||
Upward observable price adjustments for equity securities without readily determinable fair value | 1,400 | 1,400 | 1,400 | ||
McAfee [Member] | |||||
Schedule of Investments [Line Items] | |||||
Gain on sale of equity method investment | 4,600 | ||||
Sales of equity investments | 1,300 | ||||
Cash proceeds from sale of equity method investment | 228 | ||||
McAfee [Member] | McAfee Enterprise Business | |||||
Schedule of Investments [Line Items] | |||||
Sales of equity investments | 1,100 | ||||
Bejing Unisoc Technology Ltd. | |||||
Schedule of Investments [Line Items] | |||||
Total gains (losses) on equity investments, net | $ 471 | ||||
Equity Securities, FV-NI, Cost | $ 1,100 | $ 1,100 | $ 1,100 |
Acquisitions & Divestitures, Ac
Acquisitions & Divestitures, Acquisitions (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 27,591 | $ 27,591 | $ 26,963 |
Acquisitions & Divestitures, Di
Acquisitions & Divestitures, Divestitures (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 29, 2021 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Oct. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total consideration in cash | $ 0 | $ 6,579 | $ 0 | ||
Pre-tax gain on divestiture | 0 | 1,059 | 0 | ||
Tax expense | (913) | (249) | $ 1,835 | ||
Receivable recorded in other current assets | 3,706 | 4,712 | |||
NAND Memory Business Divestiture | Affiliated Entity | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Receivable recorded in other current assets | 145 | 133 | |||
Quarterly expense reimbursement | 125 | 145 | |||
NAND Memory Business | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration transferred for divestiture of business | $ 9,000 | ||||
Total consideration in cash | 7,000 | ||||
Pre-tax gain on divestiture | 1,000 | 1,000 | |||
Tax expense | $ 495 | ||||
Receivable | $ 2,000 | $ 1,900 | |||
Maximum exposure annually | $ 500 | ||||
Maximum exposure | $ 1,500 |
Goodwill, Rollforward (Details)
Goodwill, Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Apr. 01, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | $ 27,591 | $ 27,591 | $ 26,963 | |
Goodwill, Acquisitions | 0 | 637 | ||
Goodwill, Transfers | 0 | 0 | ||
Goodwill, Other | 0 | (9) | ||
Goodwill, Ending Balance | 27,591 | 27,591 | ||
Datacenter and AI | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 9,013 | 9,013 | 8,595 | |
Goodwill, Acquisitions | 0 | 418 | ||
Goodwill, Transfers | $ (393) | 101 | (292) | 0 |
Goodwill, Other | 0 | 0 | ||
Goodwill, Ending Balance | 8,721 | 9,013 | ||
Network and Edge | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 2,809 | 2,809 | 2,774 | |
Goodwill, Acquisitions | 0 | 35 | ||
Goodwill, Transfers | 0 | 0 | ||
Goodwill, Other | 0 | 0 | ||
Goodwill, Ending Balance | 2,809 | 2,809 | ||
Mobileye | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 10,919 | 10,919 | 10,928 | |
Goodwill, Acquisitions | 0 | 0 | ||
Goodwill, Transfers | 0 | 0 | ||
Goodwill, Other | 0 | (9) | ||
Goodwill, Ending Balance | 10,919 | 10,919 | ||
Client Computing | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 4,254 | 4,254 | 4,237 | |
Goodwill, Acquisitions | 0 | 17 | ||
Goodwill, Transfers | 495 | 495 | 0 | |
Goodwill, Other | 0 | 0 | ||
Goodwill, Ending Balance | 4,749 | 4,254 | ||
Accelerated Computing Systems and Graphics | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 596 | 596 | 429 | |
Goodwill, Acquisitions | 0 | 167 | ||
Goodwill, Transfers | (596) | 0 | ||
Goodwill, Other | 0 | 0 | ||
Goodwill, Ending Balance | 0 | 596 | ||
All other | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | $ 0 | 0 | 0 | |
Goodwill, Acquisitions | 0 | 0 | ||
Goodwill, Transfers | 393 | 0 | ||
Goodwill, Other | 0 | 0 | ||
Goodwill, Ending Balance | $ 393 | $ 0 |
Goodwill, Narrative (Details)
Goodwill, Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Goodwill [Line Items] | ||||||
Goodwill | $ 27,591 | $ 27,591 | $ 26,963 | |||
Goodwill, Transfers | 0 | 0 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | 957 | |||||
Accelerated Computing Systems and Graphics | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 0 | 596 | 429 | |||
Goodwill, Transfers | (596) | 0 | ||||
Client Computing | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 4,749 | 4,254 | 4,237 | |||
Goodwill, Transfers | $ 495 | 495 | 0 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 365 | |||||
Datacenter and AI | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 8,721 | 9,013 | 8,595 | |||
Goodwill, Transfers | $ (393) | $ 101 | (292) | 0 | ||
All other | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 393 | 0 | $ 0 | |||
Goodwill, Transfers | 393 | $ 0 | ||||
Goodwill, Impairment Loss | $ 238 | |||||
Data Center Group | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Impaired, Accumulated Impairment Loss | 275 | |||||
Internet of Things Group | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 79 |
Identified Intangible Assets, C
Identified Intangible Assets, Components (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (11,010) | $ (10,151) |
Total | 4,584 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Total identified intangible assets, Gross | 15,599 | 16,169 |
Total identified intangible assets, Net | 4,589 | 6,018 |
Other non-amortizing intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross and Net Assets | 5 | 0 |
Developed technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 10,520 | 10,964 |
Accumulated Amortization | (7,996) | (7,216) |
Total | 2,524 | 3,748 |
Customer relationships and brands | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 1,986 | 1,986 |
Accumulated Amortization | (1,286) | (1,114) |
Total | 700 | 872 |
Licensed technology and patents | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 3,088 | 3,219 |
Accumulated Amortization | (1,728) | (1,821) |
Total | $ 1,360 | $ 1,398 |
Identified Intangible Assets, N
Identified Intangible Assets, Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Licensed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Acquisition-related intangible assets | $ 634 | $ 309 |
Identified Intangible Assets, A
Identified Intangible Assets, Amortization Expense and Weighted Average Useful Lives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 1,755 | $ 1,907 | $ 1,839 |
Developed technology | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 1,235 | 1,341 | 1,283 |
Weighted Average Useful Life (in years) | 9 years 1 month 6 days | ||
Customer relationships and brands | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 172 | 185 | 209 |
Weighted Average Useful Life (in years) | 11 years 7 months 6 days | ||
Licensed technology and patents | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 348 | $ 381 | $ 347 |
Weighted Average Useful Life (in years) | 12 years 2 months 12 days |
Identified Intangible Assets, E
Identified Intangible Assets, Expected Future Amortization Expense (Details) $ in Millions | Dec. 30, 2023 USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
2024 | $ 1,360 |
2025 | 948 |
2026 | 742 |
2027 | 552 |
2028 | 339 |
Thereafter | 643 |
Total | $ 4,584 |
Borrowings, Short-term Debt (De
Borrowings, Short-term Debt (Details) - USD ($) | Dec. 30, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Total short-term debt | $ 2,288,000,000 | $ 4,367,000,000 |
Current portion of long-term debt | 2,288,000,000 | 423,000,000 |
Commercial Paper | 0 | $ 3,900,000,000 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 10,000,000,000 |
Borrowings, Long-term Debt (Det
Borrowings, Long-term Debt (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 50,285,000,000 | $ 39,285,000,000 | ||
Unamortized premium/discount and issuance costs | (445,000,000) | (417,000,000) | ||
Long-term debt | 49,266,000,000 | 38,107,000,000 | ||
Current portion of long-term debt | (2,288,000,000) | (423,000,000) | ||
Total long-term debt | 46,978,000,000 | 37,684,000,000 | ||
Repayments of Long-term Debt | 423,000,000 | 4,984,000,000 | $ 2,500,000,000 | |
2024 | 2,288,000,000 | |||
2025 | 3,750,000,000 | |||
2026 | 2,500,000,000 | |||
2027 | 3,826,000,000 | |||
2028 | 3,174,000,000 | |||
2029 and thereafter | $ 34,747,000,000 | |||
2017 Senior notes due May 2024 at 2.88% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.88% | |||
Effective Interest Rate | 2.32% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | ||
2017 Senior notes due June 2024 at 2.70% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.70% | |||
Effective Interest Rate | 2.14% | |||
Long-term Debt, Gross | $ 600,000,000 | 600,000,000 | ||
Fixed-rate Senior Notes, 3.40% due March 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.40% | |||
Effective Interest Rate | 3.45% | |||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 | ||
2015 Senior notes due July 2025 at 3.70% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.70% | |||
Effective Interest Rate | 7.29% | |||
Long-term Debt, Gross | $ 2,250,000,000 | 2,250,000,000 | ||
Fixed-Rate Senior Notes, 4.88% Due February 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.88% | |||
Effective Interest Rate | 4.96% | |||
Long-term Debt, Gross | $ 1,500,000,000 | 0 | ||
2016 Senior notes due May 2026 at 2.60% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.60% | |||
Effective Interest Rate | 5.79% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
Fixed-rate Senior Notes, 3.75% due March 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.75% | |||
Effective Interest Rate | 3.79% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
2017 Senior notes due May 2027 at 3.15% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.15% | |||
Effective Interest Rate | 6.35% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
Fixed-rate Senior Notes, 3.75% due August 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.75% | |||
Effective Interest Rate | 3.82% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | ||
Fixed-Rate Senior Notes, 4.88% Due February 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.88% | |||
Effective Interest Rate | 4.94% | |||
Long-term Debt, Gross | $ 1,750,000,000 | 0 | ||
Fixed-rate Senior Notes, 1.60% due August 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 1.60% | |||
Effective Interest Rate | 1.67% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
Fixed-rate Senior Notes, 4.05% due August 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4% | |||
Effective Interest Rate | 4.06% | |||
Long-term Debt, Gross | $ 850,000,000 | 850,000,000 | ||
2019 Senior Notes due December 2029 at 2.45% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.45% | |||
Effective Interest Rate | 2.39% | |||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 | ||
Fixed-Rate Senior Notes, 5.13% Due February 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.13% | |||
Effective Interest Rate | 5.17% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 0 | ||
Fixed-rate Senior Notes, 3.90%, due March 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.90% | |||
Effective Interest Rate | 3.93% | |||
Long-term Debt, Gross | $ 1,500,000,000 | 1,500,000,000 | ||
Fixed-rate Senior Notes, 2.00% due August 2031 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2% | |||
Effective Interest Rate | 2.03% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | ||
Fixed-rate Senior Notes, 4.15% due August 2032 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.15% | |||
Effective Interest Rate | 4.18% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | ||
2012 Senior notes due December 2032 at 4.00% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4% | |||
Effective Interest Rate | 7.21% | |||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | ||
Fixed-Rate Senior Notes, 5.20% Due February 2033 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.20% | |||
Effective Interest Rate | 5.25% | |||
Long-term Debt, Gross | $ 2,250,000,000 | 0 | ||
Fixed-rate Senior Notes, 4.60%, due March 2040 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.60% | |||
Effective Interest Rate | 4.61% | |||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | ||
Fixed-rate Senior Notes, 2.80%, due August 2041 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.80% | |||
Effective Interest Rate | 2.81% | |||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | ||
2011 Senior notes due October 2041 at 4.80% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.80% | |||
Effective Interest Rate | 7.16% | |||
Long-term Debt, Gross | $ 802,000,000 | 802,000,000 | ||
2012 Senior notes due December 2042 at 4.25% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.25% | |||
Effective Interest Rate | 7.45% | |||
Long-term Debt, Gross | $ 567,000,000 | 567,000,000 | ||
Fixed-Rate Senior Notes, 5.63% Due February 2043 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.63% | |||
Effective Interest Rate | 5.64% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 0 | ||
2015 Senior notes due July 2045 at 4.90% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.90% | |||
Effective Interest Rate | 7.29% | |||
Long-term Debt, Gross | $ 772,000,000 | 772,000,000 | ||
2016 Senior notes due May 2046 at 4.10% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.10% | |||
Effective Interest Rate | 6.58% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | ||
2017 Senior notes due May 2047 at 4.10% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.10% | |||
Effective Interest Rate | 6.53% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
$640, 4.10%, Senior Notes due August 2047 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.10% | |||
Effective Interest Rate | 6.09% | |||
Long-term Debt, Gross | $ 640,000,000 | 640,000,000 | ||
2017 Senior notes due December 2047 at 3.73% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.73% | |||
Effective Interest Rate | 6.99% | |||
Long-term Debt, Gross | $ 1,967,000,000 | 1,967,000,000 | ||
2019 Senior Notes due December 2049 at 3.25% [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.25% | |||
Effective Interest Rate | 3.20% | |||
Long-term Debt, Gross | $ 2,000,000,000 | 2,000,000,000 | ||
Fixed-rate Senior Notes, 4.75%, due March 2050 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.75% | |||
Effective Interest Rate | 4.74% | |||
Long-term Debt, Gross | $ 2,250,000,000 | 2,250,000,000 | ||
Fixed-rate Senior Notes, 3.05% due August 2051 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.05% | |||
Effective Interest Rate | 3.06% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 1,250,000,000 | ||
Fixed-rate Senior Notes, 4.90% due August 2052 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.90% | |||
Effective Interest Rate | 4.90% | |||
Long-term Debt, Gross | $ 1,750,000,000 | 1,750,000,000 | ||
Fixed-Rate Senior Notes, 5.70% Due February 2053 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.70% | |||
Effective Interest Rate | 5.71% | |||
Long-term Debt, Gross | $ 2,000,000,000 | 0 | ||
Fixed-rate Senior Notes, 3.10%, due February 2060 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.10% | |||
Effective Interest Rate | 3.11% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
Fixed-rate Senior Notes, 4.95%, due March 2060 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.95% | |||
Effective Interest Rate | 4.99% | |||
Long-term Debt, Gross | $ 1,000,000,000 | 1,000,000,000 | ||
Fixed-rate Senior Notes, 3.20% due August 2061 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.20% | |||
Effective Interest Rate | 3.21% | |||
Long-term Debt, Gross | $ 750,000,000 | 750,000,000 | ||
Fixed-rate Senior Notes, 5.05% due August 2062 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.05% | |||
Effective Interest Rate | 5.05% | |||
Long-term Debt, Gross | $ 900,000,000 | 900,000,000 | ||
Fixed-Rate Senior Notes, 5.90% Due February 2063 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.90% | |||
Effective Interest Rate | 5.91% | |||
Long-term Debt, Gross | $ 1,250,000,000 | 0 | ||
Oregon and Arizona Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 0% | |||
Long-term Debt, Gross | $ 0 | 423,000,000 | ||
Debt Instrument, Face Amount | $ 423,000,000 | |||
Oregon and Arizona Bonds Due 2035 - 2040 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Interest Rate | 3.89% | |||
Long-term Debt, Gross | $ 423,000,000 | 0 | ||
5.00% Oregon and Arizona Bonds due September 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5% | |||
Effective Interest Rate | 3.64% | |||
Long-term Debt, Gross | $ 131,000,000 | 131,000,000 | ||
Industrial Authority of the City of Chandler, Arizona [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5% | |||
Effective Interest Rate | 2.15% | |||
Long-term Debt, Gross | $ 438,000,000 | 438,000,000 | ||
5.00% Oregon and Arizona Bonds due September 2052 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5% | |||
Effective Interest Rate | 4.26% | |||
Long-term Debt, Gross | $ 445,000,000 | 445,000,000 | ||
Senior Notes Due May 2022 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 1,600,000,000 | |||
Senior Notes Due July 2022 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 1,000,000,000 | |||
Senior Notes Due December 2022 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 1,900,000,000 | |||
Senior Notes Due November 2023 | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | 400,000,000 | |||
Fair Value Hedging [Member] | Interest Rate Swaps [Member] | ||||
Debt Instrument [Line Items] | ||||
Hedge accounting fair value adjustments | (578,000,000) | (776,000,000) | ||
Fair Value Hedging [Member] | Long-term Debt [Member] | Interest Rate Swaps [Member] | ||||
Debt Instrument [Line Items] | ||||
Hedge accounting fair value adjustments | (574,000,000) | (761,000,000) | ||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 11,000,000,000 | 6,000,000,000 | ||
Senior Notes [Member] | Green Bonds | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,300,000,000 | |||
Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 5,000,000,000 | |||
Debt Instrument, Extension, Term | 1 year | |||
Line of Credit | 2022 Variable Rate Unsecured Revolving Credit Agreement Maturing in November 2023 | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 5,000,000,000 | |||
Debt Instrument, Term | 364 days | |||
Municipal Bonds | CIDA Bonds | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5% | |||
Debt Instrument, Face Amount | $ 600,000,000 | |||
Municipal Bonds | Oregon Business Development Commission Bonds | ||||
Debt Instrument [Line Items] | ||||
Repayments of Long-term Debt | $ 138,000,000 | |||
Minimum | Oregon and Arizona Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.40% | |||
Minimum | Oregon and Arizona Bonds Due 2035 - 2040 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.80% | |||
Maximum | Oregon and Arizona Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.70% | |||
Maximum | Oregon and Arizona Bonds Due 2035 - 2040 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 4.10% |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Receivable recorded in other current assets | Receivable recorded in other current assets |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Long-term Debt, Fair Value | $ 47,600 | $ 34,300 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 1,175 | 1,264 |
Derivative Assets, Fair Value Disclosure | 21 | 10 |
Assets, Fair Value Disclosure | 26,744 | 30,392 |
Derivative Liability, Current | 640 | 685 |
Derivative Liability, Noncurrent | 479 | 699 |
Liabilities, Fair Value Disclosure | 1,119 | 1,384 |
Fair Value, Nonrecurring [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Grants receivable | 559 | 437 |
Equity securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,194 | 1,341 |
Cash Equivalents [Member] | Corporate debt | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 769 | 856 |
Cash Equivalents [Member] | Financial institution instruments | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 3,076 | 8,373 |
Cash Equivalents [Member] | Repurchase Agreements [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 2,554 | 1,301 |
Short-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 6,951 | 5,381 |
Short-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 4,248 | 4,925 |
Short-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 6,756 | 6,888 |
Other Current Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | 53 |
Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 366 | 0 |
Derivative Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 3,834 | 8,484 |
Derivative Liability, Current | 0 | 111 |
Derivative Liability, Noncurrent | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 111 |
Level 1 [Member] | Equity securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 1,194 | 1,341 |
Level 1 [Member] | Cash Equivalents [Member] | Corporate debt | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 1 [Member] | Cash Equivalents [Member] | Financial institution instruments | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 2,241 | 6,899 |
Level 1 [Member] | Cash Equivalents [Member] | Repurchase Agreements [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 1 [Member] | Short-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 1 [Member] | Short-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 33 | 196 |
Level 1 [Member] | Short-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 48 |
Level 1 [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | 0 |
Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 809 | 1,264 |
Derivative Assets, Fair Value Disclosure | 21 | 10 |
Assets, Fair Value Disclosure | 22,910 | 21,908 |
Derivative Liability, Current | 541 | 485 |
Derivative Liability, Noncurrent | 479 | 699 |
Liabilities, Fair Value Disclosure | 1,020 | 1,184 |
Level 2 [Member] | Fair Value, Nonrecurring [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Reverse repurchase agreements | 0 | 400 |
Level 2 [Member] | Equity securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 2 [Member] | Cash Equivalents [Member] | Corporate debt | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 769 | 856 |
Level 2 [Member] | Cash Equivalents [Member] | Financial institution instruments | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 835 | 1,474 |
Level 2 [Member] | Cash Equivalents [Member] | Repurchase Agreements [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 2,554 | 1,301 |
Level 2 [Member] | Short-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 6,951 | 5,381 |
Level 2 [Member] | Short-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 4,215 | 4,729 |
Level 2 [Member] | Short-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 6,756 | 6,840 |
Level 2 [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | 53 |
Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Derivative Assets, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Derivative Liability, Current | 99 | 89 |
Derivative Liability, Noncurrent | 0 | 0 |
Liabilities, Fair Value Disclosure | 99 | 89 |
Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairments on non-marketable equity securities | 202 | 179 |
Level 3 [Member] | Equity securities | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Cash Equivalents [Member] | Corporate debt | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Cash Equivalents [Member] | Financial institution instruments | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Cash Equivalents [Member] | Repurchase Agreements [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Short-Term Investments [Member] | Corporate debt | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Short-Term Investments [Member] | Financial institution instruments | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Short-Term Investments [Member] | Government Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Level 3 [Member] | Other Current Assets [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 0 | $ 0 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | Dec. 26, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 109,965 | $ 103,286 | $ 95,391 | $ 81,038 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 71 | (15) | (16) | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | 361 | 486 | (144) | |
Tax effects | (85) | (153) | 31 | |
Other comprehensive income (loss) | 347 | 318 | (129) | |
Net derivative gains included in accumulated comprehensive income (loss) into earnings within next 12 months | 13 | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (215) | (562) | (880) | (751) |
Unrealized holding gains (losses) on derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (27) | (299) | 211 | 731 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 3 | (910) | (434) | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | 328 | 410 | (226) | |
Tax effects | (59) | (10) | 140 | |
Other comprehensive income (loss) | 272 | (510) | (520) | |
Actuarial gains (losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (193) | (259) | (1,114) | (1,565) |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 57 | 923 | 476 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | 33 | 82 | 101 | |
Tax effects | (24) | (150) | (126) | |
Other comprehensive income (loss) | 66 | 855 | 451 | |
Foreign Currency translation adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 5 | (4) | 23 | $ 83 |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 11 | (28) | (58) | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss), before Tax | 0 | (6) | (19) | |
Tax effects | (2) | 7 | 17 | |
Other comprehensive income (loss) | $ 9 | $ (27) | $ (60) |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | $ 50,530 | $ 50,530 | $ 49,708 | $ 55,750 |
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 1,047 | 1,047 | 1,231 | |
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 1,111 | 1,111 | 1,337 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 1,047 | 1,047 | 1,231 | |
Derivative Assets Subject To Master Netting Arrangements, Gross Amounts Offset In The Balance Sheet | 0 | 0 | 0 | |
Derivative Asset, Subject to Master Netting Arrangement, after Offset | 1,047 | 1,047 | 1,231 | |
Derivative Asset, Not Offset, Policy Election Deduction | (617) | (617) | (546) | |
Derivative, Collateral, Obligation to Return Cash | (430) | (430) | (682) | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 0 | 0 | 3 | |
Reverse Repurchase Agreements, Gross Amounts Recognized | 2,554 | 2,554 | 1,701 | |
Reverse Repurchase Agreements, Gross Amounts Offset In The Balance Sheet | 0 | 0 | 0 | |
Securities Purchased under Agreements to Resell | 2,554 | 2,554 | 1,701 | |
Securities Purchased under Agreements to Resell, Not Offset, Policy Election Deduction | 0 | 0 | 0 | |
Reverse Repurchase Agreements, Gross Amounts Not Offset In The Balance Sheet - Financial Instruments | (2,554) | (2,554) | (1,701) | |
Securities Purchased under Agreements to Resell, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 0 | 0 | 0 | |
Total Assets, Gross Amounts Recognized | 3,601 | 3,601 | 2,932 | |
Total Assets, Gross Amounts Offset In The Balance Sheet | 0 | 0 | 0 | |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed | 3,601 | 3,601 | 2,932 | |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Not Offset, Policy Election Deduction | (617) | (617) | (546) | |
Total Assets, Gross Amounts Not Offset In The Balance Sheet - Cash and Non-Cash Collateral Received Or Pledged | (2,984) | (2,984) | (2,383) | |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 0 | 0 | 3 | |
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 1,111 | 1,111 | 1,337 | |
Derivative Liabilities Subject To Master Netting Arrangements, Gross Amounts Offset In The Balance Sheet | 0 | 0 | 0 | |
Derivative Liability, Subject to Master Netting Arrangement, after Offset | 1,111 | 1,111 | 1,337 | |
Derivative Liability, Not Offset, Policy Election Deduction | (617) | (617) | (546) | |
Derivative, Collateral, Right to Reclaim Cash | (399) | (399) | (712) | |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 95 | 95 | 79 | |
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Gail (loss) excluded from effectiveness testing | (221) | (117) | (19) | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (198) | 1,551 | 723 | |
Designated as Hedging Instrument [Member] | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 0 | 0 | 0 | |
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 481 | 1,299 | 1,068 | |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 481 | 1,299 | 1,068 | |
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 481 | 1,299 | 1,068 | |
Assets [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 1,196 | 1,196 | 1,274 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 1,196 | 1,196 | 1,274 | |
Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 255 | 255 | 142 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 255 | 255 | 142 | |
Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 941 | 941 | 1,132 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 941 | 941 | 1,132 | |
Liabilities [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 1,119 | 1,119 | 1,384 | |
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 1,119 | 1,119 | 1,384 | |
Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 720 | 720 | 1,067 | |
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 720 | 720 | 1,067 | |
Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 399 | 399 | 317 | |
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 399 | 399 | 317 | |
Foreign currency contracts [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | $ 30,064 | 30,064 | 31,603 | 38,024 |
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Before-tax net gains (losses) attributed to the effective portion of cash flow hedges recognized in other comprehensive income (loss) | 3 | (910) | (434) | |
Foreign currency contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 106 | $ 1,492 | $ 677 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other, net | Interest and other, net | Interest and other, net | Interest and other, net |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | $ 106 | $ 1,492 | $ 677 | |
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 106 | 1,492 | 677 | |
Foreign currency contracts [Member] | Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | $ 255 | 255 | 142 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 255 | 255 | 142 | |
Foreign currency contracts [Member] | Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 314 | 314 | 866 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 314 | 314 | 866 | |
Foreign currency contracts [Member] | Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 142 | 142 | 290 | |
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 142 | 142 | 290 | |
Foreign currency contracts [Member] | Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 363 | 363 | 194 | |
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 363 | 363 | 194 | |
Interest Rate Contracts [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | 18,363 | 18,363 | 16,011 | 15,209 |
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 198 | (1,551) | (723) | |
Interest Rate Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 50 | $ 309 | $ 31 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other, net | Interest and other, net | Interest and other, net | |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | $ 50 | $ 309 | $ 31 | |
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 50 | 309 | 31 | |
Interest Rate Contracts [Member] | Assets [Member] | Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 0 | 0 | 0 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | |
Interest Rate Contracts [Member] | Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 261 | 261 | 266 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 261 | 261 | 266 | |
Interest Rate Contracts [Member] | Liabilities [Member] | Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 578 | 578 | 777 | |
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 578 | 578 | 777 | |
Interest Rate Contracts [Member] | Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 36 | 36 | 12 | |
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 36 | 36 | 12 | |
Other contracts [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative, notional amount | 2,103 | 2,103 | 2,094 | 2,517 |
Other contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 325 | (502) | 360 | |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 325 | (502) | 360 | |
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 325 | $ (502) | $ 360 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income, Not Disclosed Flag | Other | Other | Other | |
Other contracts [Member] | Assets [Member] | Not Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 366 | $ 366 | $ 0 | |
Offsetting Derivative Assets [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 366 | 366 | 0 | |
Other contracts [Member] | Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 0 | 0 | 111 | |
Offsetting Derivative Liabilities [Abstract] | ||||
Total Liabilities, Gross Amounts Recognized | 0 | 0 | 111 | |
Interest Rate Swaps [Member] | Fair Value Hedging [Member] | ||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 578 | 776 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Gains (Losses) Recognized in Income on Derivatives | 578 | 776 | ||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 578 | 776 | ||
Interest Rate Swaps [Member] | Long-term Debt [Member] | Fair Value Hedging [Member] | ||||
Gross Notional Amounts [Abstract] | ||||
Derivative, Amount of Hedged Item | 12,000 | 12,000 | ||
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | 574 | 761 | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||||
Derivative, Fair Value, Net | $ (11,419) | (11,419) | (11,221) | |
Gains (Losses) Recognized in Income on Derivatives | 574 | 761 | ||
Derivative Instruments Not Designation as Hedging Instruments [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 574 | $ 761 |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning projected benefit obligation | $ 2,825 | $ 2,705 | $ 4,456 |
Service cost | 36 | 58 | |
Interest cost | $ 127 | $ 91 | |
Defined Benefit Plan Net Periodic Benefit Cost Credit Interest Cost Statement Of Income Or Comprehensive Income Extensible ListNotDisclosedFlag | Interest cost | Interest cost | |
Actuarial (gain) loss | $ 57 | $ (1,500) | |
Currency exchange rate changes | 38 | (233) | |
Plan settlements | (103) | (96) | |
Other changes in projected benefit obligation | (35) | (71) | |
Fair value of plan assets | 2,212 | 2,130 | $ 2,817 |
Actual return on plan assets | 151 | (478) | |
Currency exchange rate changes | 34 | (102) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (103) | (96) | |
Other | 0 | (11) | |
Net unfunded status | 613 | 575 | |
Accumulated other comprehensive loss (income), before tax3 | $ 410 | 406 | |
Defined Benefit Plan, Additional Information [Abstract] | |||
Net Actuarial (Gain) Loss Amortization Percent | 10% | ||
Accumulated benefit obligations | $ 2,706 | 2,507 | |
Defined Benefit Plan, Funded Status Percentage [Abstract] | |||
Defined Benefit Plan, Funded Percentage | 83% | ||
Defined Benefit Plan, Component Of Worldwide Pension And Postretirement Benefit Obligation (percent) | 26% | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | |||
Accumulated benefit obligation | $ 1,857 | 559 | |
Plan assets | 1,301 | 97 | |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | |||
Projected benefit obligation | 1,976 | 1,048 | |
Plan assets | $ 1,301 | $ 399 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.50% | 4.90% | |
Rate of compensation increase | 3.30% | 3.70% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.90% | 2.20% | 1.90% |
Expected long-term rate of return on plan assets | 5% | 3.20% | 2.70% |
Rate of compensation increase | 3.70% | 3.20% | 3.20% |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
Estimated Benefit Payments, 2019 | $ 95 | ||
Estimated Benefit Payments, 2020 | 97 | ||
Estimated Benefit Payments, 2021 | 101 | ||
Estimated Benefit Payments, 2022 | 106 | ||
Estimated Benefit Payments, 2023 | 109 | ||
Estimated Benefit Payments, 2024-2028 | 638 | ||
Other long-term assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net unfunded status | (62) | $ (74) | |
Other long-term liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net unfunded status | 675 | 649 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 547 | $ 427 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligations Percentage Split | 30% | ||
Fair Value of Plan Assets Percentage Split | 40% | ||
AOCI Percentage Split | 70% | 90% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 272 | $ 489 | $ 444 |
Defined Benefit Plan, Additional Information [Abstract] | |||
Accumulated benefit obligations | $ 800 | 900 | |
Defined Benefit Plan, Funded Status Percentage [Abstract] | |||
Defined Benefit Plan, Funded Percentage | 107% | ||
United States | Pension Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 107 | 139 | $ 162 |
United States | Postretirement Health Coverage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning projected benefit obligation | 490 | 527 | |
Fair value of plan assets | $ 548 | $ 501 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 5.30% | 5.60% | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
Estimated Benefit Payments, 2019 | $ 34 | ||
Estimated Benefit Payments, 2020 | 35 | ||
Estimated Benefit Payments, 2021 | 35 | ||
Estimated Benefit Payments, 2022 | 35 | ||
Estimated Benefit Payments, 2023 | 36 | ||
Estimated Benefit Payments, 2024-2028 | $ 187 | ||
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligations Percentage Split | 70% | ||
Fair Value of Plan Assets Percentage Split | 60% | ||
AOCI Percentage Split | 30% | 10% | |
Defined Benefit Plan, Additional Information [Abstract] | |||
Accumulated benefit obligations | $ 1,900 | $ 1,600 | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 40% | ||
Fair value of plan assets | $ 383 | 297 | |
Equity securities | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 9% | ||
Equity securities | United States | Postretirement Health Coverage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 45% | ||
Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 40% | ||
Fair value of plan assets | $ 164 | 130 | |
Fixed income | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 91% | ||
Fixed income | United States | Postretirement Health Coverage [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 55% | ||
Assets measured at net asset value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,648 | 1,683 | |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 17 | $ 20 | |
Hedge Funds [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations (percent) | 20% | ||
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | ||
Level 1 [Member] | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 1 [Member] | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 522 | ||
Level 2 [Member] | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 383 | ||
Level 2 [Member] | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 139 | ||
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25 | ||
Level 3 [Member] | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 [Member] | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 25 |
Employee Equity Incentive Pla_3
Employee Equity Incentive Plans (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Market-Based Restricted Stock Units Performance Period (In Years) | 3 years | ||
Share-based Payment Arrangement, Noncash Expense | $ 3,229 | $ 3,128 | $ 2,036 |
Tax Benefit from Compensation Expense | $ 571 | 478 | 377 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Award Requisite Service Period | 4 years | ||
RSUs Vested in Period, Total Fair Value | $ 2,200 | 2,000 | 1,700 |
RSUs Aggregate Intrinsic Value, Vested | 2,700 | $ 2,500 | $ 1,400 |
Compensation Cost Not yet Recognized | $ 4,000 | ||
Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||
Estimated Values And Weighted Average Assumptions [Abstract] | |||
Estimated values (in dollars per share) | $ 28.92 | $ 41.12 | $ 50.82 |
Risk-free interest rate | 4.70% | 2.20% | 0.20% |
Dividend yield | 1.60% | 3.40% | 2.60% |
Restricted Stock Units Activity [Roll Forward] | |||
Number of RSUs outstanding, beginning balance | 158.7 | ||
Number of RSUs granted | 98.2 | ||
Number of RSUs vested | (63.6) | ||
Number of RSUs forfeited | (20.4) | ||
Number of RSUs outstanding, ending balance | 172.9 | 158.7 | |
Number of RSUs expected to vest | 153.9 | ||
Weighted average grant date fair value, RSUs outstanding | $ 37.05 | $ 45.56 | |
Weighted average grant date fair value, RSUs granted | 28.92 | ||
Weighted average grant date fair value, RSUs vested | 43.22 | ||
Weighted average grant date fair value, RSUs forfeited | 44.87 | ||
Weighted average grant date fair value, RSUs expected to vest | $ 37.45 | ||
Market-Based Restricted Stock Units (OSUs) [Member] | |||
Estimated Values And Weighted Average Assumptions [Abstract] | |||
Volatility (percent) | 36% | 40% | 37% |
Restricted Stock Units Activity [Roll Forward] | |||
Number of RSUs outstanding, ending balance | 16 | ||
Market-Based Restricted Stock Units (OSUs) [Member] | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Vesting range (percent) | 0% | ||
Market-Based Restricted Stock Units (OSUs) [Member] | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Vesting range (percent) | 200% | ||
Stock Purchase Plan RIghts [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Compensation Cost Not yet Recognized | $ 57 | ||
Compensation Cost Not yet Recognized, Period for Recognition | 2 months | ||
Stock Purchase Plan Shares Issued in Period | 43 | 27 | 22 |
Employee Purchases, Amount | $ 1,000 | $ 931 | $ 925 |
2006 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Number of Shares Authorized | 1,100 | ||
Number of Shares Available for Grant | 194 | ||
2006 Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Number of Shares Authorized | 523 | ||
Number of Shares Available for Grant | 157 | ||
Stock Purchase Plan, Purchase Price of Common Stock, Percent | 85% |
Commitments and Contingencies,
Commitments and Contingencies, Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | ||
Operating Lease, Right-of-Use Asset | $ 505 | ||
Lessor, Operating Lease, Renewal Term | 38 years | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5% | ||
Lease, Cost | $ 407 | $ 729 | $ 798 |
Variable Lease, Cost | $ 213 | 551 | $ 620 |
Term of finance lease contract | 6 years | ||
Finance leased assets | $ 619 | $ 430 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 13 years | ||
Accrued Liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | $ 142 | ||
Other Long-Term Liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | $ 289 |
Commitments and Contingencies_2
Commitments and Contingencies, Commitments (Details) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded Unconditional Purchase Obligation | $ 8,300 | $ 10,700 | |
Goodwill | 27,591 | 27,591 | $ 26,963 |
Semiconductor Co-Investment Program, Construction Costs | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unfunded commitment | 12,300 | ||
Semiconductor Co-Investment Program, Construction Costs | Intel and Brookfield | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unfunded commitment | 29,000 | ||
Capital Addition Purchase Commitments [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded Unconditional Purchase Obligation | $ 27,500 | $ 31,000 |
Commitments and Contingencies_3
Commitments and Contingencies, Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Dec. 25, 2021 | |
Loss Contingencies [Line Items] | |||
Charge (benefit) recorded in litigation charges and other | $ (329) | $ (1,187) | $ 2,291 |
Gain on Business Interruption Insurance Recovery | $ 484 | ||
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | ||
VLSI Technology LLC v. Intel | |||
Loss Contingencies [Line Items] | |||
Estimated Litigation Liability | $ 1,000 | ||
EC Fine | |||
Loss Contingencies [Line Items] | |||
Charge (benefit) recorded in litigation charges and other | $ 401 | $ (1,200) |
Commitments and Contingencies_4
Commitments and Contingencies, Schedule of Payments on Operating Lease Liabilities (Details) $ in Millions | Dec. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 149 |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 110 |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 62 |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 44 |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 31 |
Lessee, Operating Lease, Liability, to be Paid, Thereafter | 103 |
Lessee, Operating Lease, Liability, to be Paid | 499 |
Finance Lease, Liability, to be Paid, Year One | 480 |
Finance Lease, Liability, to be Paid, Year Two | 70 |
Finance Lease, Liability, to be Paid, Year Three | 0 |
Finance Lease, Liability, to be Paid, Year Four | 0 |
Finance Lease, Liability, to be Paid, Year Five | 0 |
Finance Lease, Liability, to be Paid, after Year Five | 0 |
Finance Lease, Liability, Payment, Due | 550 |
Present value of lease payments | $ 978 |