Financial accounting report

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Income statement

CONSOLIDATED STATEMENTS OF INCOME
Dec 28,  Dec 29,  Dec 30, 
Years Ended (In Millions, Except Per Share Amounts) 2019 2018 2017
Net revenue $ 71,965 $ 70,848 $ 62,761
Cost of sales 29,825 27,111 23,663
Gross margin 42,140 43,737 39,098
Research and development 13,362 13,543 13,035
Marketing, general and administrative 6,150 6,750 7,452
Restructuring and other charges 393 (72) 384
Amortization of acquisition-related intangibles 200 200 177
Operating expenses 20,105 20,421 21,048
Operating income 22,035 23,316 18,050
Gains (losses) on equity investments, net 1,539 (125) 2,651
Interest and other, net 484 126 (349)
Income before taxes 24,058 23,317 20,352
Provision for taxes 3,010 2,264 10,751
Net income $ 21,048 $ 21,053 $ 9,601
Earnings per share—Basic $ 4.77 $ 4.57 $ 2.04
Earnings per share—Diluted $ 4.71 $ 4.48 $ 1.99
Weighted average shares of common stock outstanding:
Basic 4,417 4,611 4,701
Diluted 4,473 4,701 4,835

Balance Sheet

CONSOLIDATED BALANCE SHEETS
Dec 28,  Dec 29,  Dec 30, 
(In Millions, Except Par Value) 2019 2018 2017
Assets
Current assets:
Cash and cash equivalents 4,194 $ 3,019 $ 3,433
Short-term investments 1,082 2,788 1,814
Trading assets 7,847 5,843 8,755
Accounts receivable, net of allowance for doubtful accounts 7,659 6,722 5,607
Inventories 8,744 7,253 6,983
Other current assets 1,713 3,162 2,908
Total current assets 31,239 28,787 29,500
Property, plant and equipment, net 55,386 48,976 41,109
Equity investments 3,967 6,042 8,579
Other long-term investments 3,276 3,388 3,712
Goodwill 26,276 24,513 24,389
Identified intangible assets, net 10,827 11,836 12,745
Other long-term assets 5,553 4,421 3,215
Total assets $ 136,524 $ 127,963 $ 123,249
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt 3,693 $ 1,261 $ 1,776
Accounts payable 4,128 3,824 2,928
Accrued compensation and benefits 3,853 3,622 3,526
Deferred income — — 1,656
Other accrued liabilities 10,636 7,919 7,535
Total current liabilities 22,310 16,626 17,421
Debt 25,308 25,098 25,037
Contract liabilities 1,368 2,049 —
Income taxes payable, non-current 4,919 4,897 4,069
Deferred income taxes 2,044 1,665 3,046
Other long-term liabilities 2,916 2,646 3,791
Commitments and Contingencies (Note 20)
Temporary equity 155 419 866
Stockholders’ equity:
Preferred stock, $0.001 par value, 50 shares authorized; none issued — — —
Common stock, $0.001 par value, 10,000 shares authorized; 4,290 shares issued and outstanding (4,516 issued and outstanding in 2018) and capital in excess of par value 25,261 25,365 26,074
Accumulated other comprehensive income (loss) (1,280) (974) 862
Retained earnings 53,523 50,172 42,083
Total stockholders’ equity 77,504 74,563 69,019
Total liabilities, temporary equity, and stockholders’ equity $ 136,524 $ 127,963 $ 123,249

Intel's Asset at Dec 28, 2019

Cash and cash equivalents Short-term investments Trading assets Accounts receivable, net of allowance for doubtful accounts Inventories Other current assets Property, plant and equipment, net Equity investments Other long-term investments Goodwill Identified intangible assets, net Other long-term assets 4194 1082 7847 7659 8744 1713 55386 3967 3276 26276 10827 5553

Intel's liabilities and equity at Dec 28, 2019

3,693, [百分比] 4,128, [百分比] 3,853, [百分比] 10,636, [百分比] 25,308, [百分比] 1,368, [百分比] 4,919, [百分比] 2,044, [百分比] 2,916, [百分比] 155, [百分比] 25,261, [百分比] -1,280, [百分比] 53,523, [百分比] Short-term debt Accounts payable Accrued compensation and benefits Deferred income Other accrued liabilities Debt Contract liabilities Income taxes payable, non-current Deferred income taxes Other long-term liabilities Temporary equity Preferred stock, $0.001 par value, 50 shares authorized; none issued Common stock, $0.001 par value, 10,000 shares authorized; 4,290 shares issued and outstanding (4,516 issued and outstanding in 2018) and capital in excess of par value Accumulated other comprehensive income (loss) Retained earnings 3693 4128 3853 0 10636 25308 1368 4919 2044 2916 155 0 25261 0 53523

Cash flow

CONSOLIDATED STATEMENTS OF CASH FLOWS
Dec 28,  Dec 29,  Dec 30, 
Years Ended (In Millions) 2019 2018 2017
Cash and cash equivalents, beginning of period $ 3,019 $ 3,433 $ 5,560
Cash flows provided by (used for) operating activities:
Net income 21,048 21,053 9,601
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 9,204 7,520 6,752
Share-based compensation 1,705 1,546 1,358
Amortization of intangibles 1,622 1,565 1,377
(Gains) losses on equity investments, net (892) 155 (2,583)
(Gains) losses on divestitures (690) (497) (387)
Changes in assets and liabilities:
Accounts receivable (935) (1,714) (781)
Inventories (1,481) (214) (1,300)
Accounts payable 696 211 191
Accrued compensation and benefits 91 (260) 311
Customer deposits and prepaid supply agreements (782) 1,367 1,105
Income taxes 885 (1,601) 6,778
Other assets and liabilities 2,674 301 (312)
Total adjustment 12,097 8,379 12,509
Net cash provided by operating activities 33,145 29,432 22,110
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (16,213) (15,181) (11,778)
Acquisitions, net of cash acquired (1,958) (190) (14,499)
Purchases of available-for-sale debt investments (2,268) (3,843) (2,746)
Sales of available-for-sale debt investments 238 195 1,833
Maturities of available-for-sale debt investments 3,988 2,968 3,687
Purchases of trading assets (9,162) (9,503) (13,700)
Maturities and sales of trading assets 7,178 12,111 13,970
Purchases of equity investments (522) (874) (1,619)
Sales of equity investments 2,688 2,802 5,236
Proceeds from divestitures 911 548 3,124
Other investing 715 (272) 730
Net cash used for investing activities (14,405) (11,239) (15,762)
Cash flows provided by (used for) financing activities:
Issuance of long-term debt, net of issuance costs 3,392 423 7,716
Repayment of debt and debt conversion (2,627) (3,026) (8,080)
Proceeds from sales of common stock through employee equity incentive plans 750 555 770
Repurchase of common stock (13,576) (10,730) (3,615)
Payment of dividends to stockholders (5,576) (5,541) (5,072)
Other financing 72 (288) (194)
Net cash provided by (used for) financing activities (17,565) (18,607) (8,475)
Net increase (decrease) in cash and cash equivalents 1,175 (414) (2,127)
Cash and cash equivalents, end of period $ 4,194 $ 3,019 $ 3,433
Supplemental disclosures:
Acquisition of property, plant and equipment included in accounts payable and accrued liabilities $ 1,761 $ 2,340 $ 1,417
Cash paid during the year for:
Interest, net of capitalized interest $ 469 $ 448 $ 624
Income taxes, net of refunds $ 2,110 $ 3,813 $ 3,824

Common size BS

COMMON SIZE BALANCE SHEETS
Dec 28,  Common- Dec 29,  Common- Dec 30,  Common-
(In Millions, Except Par Value) 2019 Size 2018 Size 2017 Size
Assets
Current assets:
Cash and cash equivalents $ 4,194 3.07% $ 3,019 2.36% $ 3,433 2.79%
Short-term investments 1,082 0.79% 2,788 2.18% 1,814 1.47%
Trading assets 7,847 5.75% 5,843 4.57% 8,755 7.10%
Accounts receivable, net of allowance for doubtful accounts 7,659 5.61% 6,722 5.25% 5,607 4.55%
Inventories 8,744 6.40% 7,253 5.67% 6,983 5.67%
Other current assets 1,713 1.25% 3,162 2.47% 2,908 2.36%
Total current assets 31,239 22.88% 28,787 22.50% 29,500 23.94%
Property, plant and equipment, net 55,386 40.57% 48,976 38.27% 41,109 33.35%
Equity investments 3,967 2.91% 6,042 4.72% 8,579 6.96%
Other long-term investments 3,276 2.40% 3,388 2.65% 3,712 3.01%
Goodwill 26,276 19.25% 24,513 19.16% 24,389 19.79%
Identified intangible assets, net 10,827 7.93% 11,836 9.25% 12,745 10.34%
Other long-term assets 5,553 4.07% 4,421 3.45% 3,215 2.61%
Total assets $ 136,524 100.00% $ 127,963 100% $ 123,249 100%
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt $ 3,693 2.71% $ 1,261 0.99% $ 1,776 1.44%
Accounts payable 4,128 3.02% 3,824 2.99% 2,928 2.38%
Accrued compensation and benefits 3,853 2.82% 3,622 2.83% 3,526 2.86%
Deferred income — — — — 1,656 1.34%
Other accrued liabilities 10,636 7.79% 7,919 6.19% 7,535 6.11%
Total current liabilities 22,310 16.34% 16,626 12.99% 17,421 14.13%
Debt 25,308 18.54% 25,098 19.61% 25,037 20.31%
Contract liabilities 1,368 1.00% 2,049 1.60% — —
Income taxes payable, non-current 4,919 3.60% 4,897 3.83% 4,069 3.30%
Deferred income taxes 2,044 1.50% 1,665 1.30% 3,046 2.47%
Other long-term liabilities 2,916 2.14% 2,646 2.07% 3,791 3.08%
Commitments and Contingencies (Note 20)
Temporary equity 155 0.11% 419 0.33% 866 0.70%
Stockholders’ equity:
Preferred stock, $0.001 par value, 50 shares authorized; none issued — — — — — —
Common stock, $0.001 par value, 10,000 shares authorized; 4,290 shares issued and outstanding (4,516 issued and outstanding in 2018) and capital in excess of par value 25,261 18.50% 25,365 19.82% 26,074 21.16%
Accumulated other comprehensive income (loss) (1,280) -0.94% (974) -0.76% 862 0.70%
Retained earnings 53,523 39.20% 50,172 39.21% 42,083 34.14%
Total stockholders’ equity 77,504 56.77% 74,563 58.27% 69,019 56.00%
Total liabilities, temporary equity, and stockholders’ equity $ 136,524 100% $ 127,963 100% $ 123,249 100%

Trend BS

TREND BALANCE SHEETS
Dec 28,  Dec 30,  Trend
(In Millions, Except Par Value) 2019 2017 Percentage
Assets
Current assets:
Cash and cash equivalents $ 4,194 $ 3,433 122.17%
Short-term investments 1,082 1,814 59.65%
Trading assets 7,847 8,755 89.63%
Accounts receivable, net of allowance for doubtful accounts 7,659 5,607 136.60%
Inventories 8,744 6,983 125.22%
Other current assets 1,713 2,908 58.91%
Total current assets 31,239 29,500 105.89%
Property, plant and equipment, net 55,386 41,109 134.73%
Equity investments 3,967 8,579 46.24%
Other long-term investments 3,276 3,712 88.25%
Goodwill 26,276 24,389 107.74%
Identified intangible assets, net 10,827 12,745 84.95%
Other long-term assets 5,553 3,215 172.72%
Total assets $ 136,524 $ 123,249 110.77%
Liabilities, temporary equity, and stockholders’ equity
Current liabilities:
Short-term debt $ 3,693 $ 1,776 207.94%
Accounts payable 4,128 2,928 140.98%
Accrued compensation and benefits 3,853 3,526 109.27%
Deferred income — 1,656 —
Other accrued liabilities 10,636 7,535 141.15%
Total current liabilities 22,310 17,421 128.06%
Debt 25,308 25,037 101.08%
Contract liabilities 1,368 — —
Income taxes payable, non-current 4,919 4,069 120.89%
Deferred income taxes 2,044 3,046 67.10%
Other long-term liabilities 2,916 3,791 76.92%
Commitments and Contingencies (Note 20)
Temporary equity 155 866 17.90%
Stockholders’ equity:
Preferred stock, $0.001 par value, 50 shares authorized; none issued — — —
Common stock, $0.001 par value, 10,000 shares authorized; 4,290 shares issued and outstanding (4,516 issued and outstanding in 2018) and capital in excess of par value 25,261 26,074 96.88%
Accumulated other comprehensive income (loss) (1,280) 862 -148.49%
Retained earnings 53,523 42,083 127.18%
Total stockholders’ equity 77,504 69,019 112.29%
Total liabilities, temporary equity, and stockholders’ equity $ 136,524 $ 123,249 111%

Common size IS

COMMON SIZE STATEMENTS OF INCOME
Dec 28,  Common- Dec 29,  Common- Dec 30,  Common-
Years Ended (In Millions, Except Per Share Amounts) 2019 Size 2018 Size 2017 Size
Net revenue $ 71,965 100% $ 70,848 100% $ 62,761 100%
Cost of sales 29,825 41.44% 27,111 38.27% 23,663 37.70%
Gross margin 42,140 58.56% 43,737 61.73% 39,098 62.30%
Research and development 13,362 18.57% 13,543 19.12% 13,035 20.77%
Marketing, general and administrative 6,150 8.55% 6,750 9.53% 7,452 11.87%
Restructuring and other charges 393 0.55% (72) -0.10% 384 0.61%
Amortization of acquisition-related intangibles 200 0.28% 200 0.28% 177 0.28%
Operating expenses 20,105 27.94% 20,421 28.82% 21,048 33.54%
Operating income 22,035 30.62% 23,316 32.91% 18,050 28.76%
Gains (losses) on equity investments, net 1,539 2.14% (125) -0.18% 2,651 4.22%
Interest and other, net 484 0.67% 126 0.18% (349) -0.56%
Income before taxes 24,058 33.43% 23,317 32.91% 20,352 32.43%
Provision for taxes 3,010 4.18% 2,264 3.20% 10,751 17.13%
Net income $ 21,048 29.25% $ 21,053 29.72% $ 9,601 15.30%
Earnings per share—Basic $ 4.77 $ 4.57 $ 2.04
Earnings per share—Diluted $ 4.71 $ 4.48 $ 1.99
Weighted average shares of common stock outstanding:
Basic 4,417 4,611 4,701
Diluted 4,473 4,701 4,835

Trend IS

TREND STATEMENTS OF INCOME
Dec 28,  Dec 30,  Trend
Years Ended (In Millions, Except Per Share Amounts) 2019 commonsize 2017 Percentage
Net revenue 71965.00 100% 62761.00 100% 114.67%
Cost of sales 29,825 41% 23,663 38% 126.04%
Gross margin 42,140 59% 39,098 62% 107.78%
Research and development 13,362 19% 13,035 21% 102.51%
Marketing, general and administrative 6,150 9% 7,452 12% 82.53%
Restructuring and other charges 393 1% 384 1% 102.34%
Amortization of acquisition-related intangibles 200 0% 177 0% 112.99%
Operating expenses 20,105 28% 21,048 34% 95.52%
Operating income 22,035 31% 18,050 29% 122.08%
Gains (losses) on equity investments, net 1,539 2% 2,651 4% 58.05%
Interest and other, net 484 1% (349) -1% -138.68%
Income before taxes 24,058 33% 20,352 32% 118.21%
Provision for taxes 3,010 4% 10,751 17% 28.00%
Net income 21048.00 29% 9601.00 15% 219.23%
Earnings per share—Basic 4.77 2.04 233.82%
Earnings per share—Diluted 4.71 1.99 236.68%
Weighted average shares of common stock outstanding:
Basic 4,417 6% 4,701 7% 93.96%
Diluted 4,473 6% 4,835 8% 92.51%

Research and development Marketing, general and administrative Restructuring and other charges Amortization of acquisition-related intangibles

2019 EXPENSE

Research and development Marketing, general and administrative Restructuring and other charges Amortization of acquisition-related intangibles 13362 6150 393 200 Research and development Marketing, general and administrative Restructuring and other charges Amortization of acquisition-related intangibles 0.18567359132911831 8.5458208851525053E-2 5.4609879802681857E-3 2.7791287431390261E-3

2017 EXPENSE

Research and development Marketing, general and administrative Restructuring and other charges Amortization of acquisition-related intangibles 13035 7452 384 177 Research and development Marketing, general and administrative Restructuring and other charges Amortization of acquisition-related intangibles 0.20769267538758146 0.11873615780500629 6.1184493554914676E-3 2.8202227497968486E-3