INTC

000005086312-3110-KDecember 31, 20222022FYfalsefalse4,137149.20.0010.0015050——0.0010.00110,00010,0004,1374,1374,1374,0704,1374,1374,1374,0701.46001.39001.32 During the first quarter of 2021, we settled an agreement with our largest prepaid customer, whose prepayment balance made up $1.6 billion of our contract liability balance as of December 26, 2020. We returned $950 million to the customer and recognized $584 million in revenue for having completed performance of the prepaid customer supply agreement. The prepaid customer supply agreement is excluded from the NAND memory business and is recorded as Corporate revenue in 2022 in the "all other" category presented in "Note 3: Operating Segments" within the Consolidated Financial Statements. 43950633201.6950584fourhttp://fasb.org/us-gaap/2022#OtherAssetsCurrenthttp://fasb.org/us-gaap/2022#OtherAssetsCurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2022#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2022#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2022#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2022#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2022#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2022#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2022#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2022#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2022#NonoperatingIncomeExpenseno———P3Yhttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#CostOfGoodsAndServicesSold00000508632021-12-262022-12-3100000508632022-07-01iso4217:USD00000508632023-01-20xbrli:shares0000050863intc:GreenBondsMemberus-gaap:SeniorNotesMember2022-12-3100000508632020-12-272021-12-2500000508632019-12-292020-12-260000050863us-gaap:RetainedEarningsMember2021-12-262022-12-31iso4217:USDxbrli:shares00000508632022-12-3100000508632021-12-250000050863us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-12-3100000508632020-12-2600000508632019-12-280000050863us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-12-280000050863us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-280000050863us-gaap:RetainedEarningsMember2019-12-280000050863us-gaap:RetainedEarningsMember2019-12-292020-12-260000050863us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-292020-12-260000050863us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2019-12-292020-12-260000050863us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-12-260000050863us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-260000050863us-gaap:RetainedEarningsMember2020-12-260000050863us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-260000050863srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-260000050863us-gaap:CommonStockIncludingAdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-260000050863srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-260000050863us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-260000050863srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-260000050863us-gaap:RetainedEarningsMember2020-12-272021-12-250000050863us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-272021-12-250000050863us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2020-12-272021-12-250000050863us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-12-250000050863us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-250000050863us-gaap:RetainedEarningsMember2021-12-250000050863us-gaap:NoncontrollingInterestMember2021-12-250000050863us-gaap:NoncontrollingInterestMember2021-12-262022-12-310000050863us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-262022-12-310000050863us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2021-12-262022-12-310000050863us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000050863us-gaap:RetainedEarningsMember2022-12-310000050863us-gaap:NoncontrollingInterestMember2022-12-310000050863us-gaap:CapacityMember2021-12-262022-12-310000050863srt:MaximumMemberus-gaap:CapacityMember2021-12-262022-12-310000050863us-gaap:MachineryAndEquipmentMembersrt:MinimumMembersrt:ScenarioForecastMember2023-01-012023-12-230000050863us-gaap:MachineryAndEquipmentMembersrt:MaximumMembersrt:ScenarioForecastMember2023-01-012023-12-230000050863us-gaap:MeasurementInputDiscountRateMember2022-12-31xbrli:pure0000050863intc:CapitalRelatedGrantMember2022-12-310000050863intc:CapitalRelatedGrantMember2021-12-262022-12-310000050863intc:OperatingGrantMember2021-12-262022-12-310000050863us-gaap:CreditConcentrationRiskMember2021-12-262022-12-310000050863us-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMemberintc:ThreeLargestCustomersMember2021-12-262022-12-310000050863us-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMemberintc:DesktopMember2021-12-262022-12-310000050863us-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMemberintc:DesktopMember2020-12-272021-12-250000050863us-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMemberintc:DesktopMember2019-12-292020-12-260000050863intc:NotebookMemberus-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMember2021-12-262022-12-310000050863intc:NotebookMemberus-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMember2020-12-272021-12-250000050863intc:NotebookMemberus-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMember2019-12-292020-12-260000050863us-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMemberintc:OtherProductOrServiceMember2021-12-262022-12-310000050863us-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMemberintc:OtherProductOrServiceMember2020-12-272021-12-250000050863us-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMemberintc:OtherProductOrServiceMember2019-12-292020-12-260000050863us-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMember2021-12-262022-12-310000050863us-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMember2020-12-272021-12-250000050863us-gaap:OperatingSegmentsMemberintc:ClientComputingGroupMember2019-12-292020-12-260000050863us-gaap:OperatingSegmentsMemberintc:DatacenterAndAIMember2021-12-262022-12-310000050863us-gaap:OperatingSegmentsMemberintc:DatacenterAndAIMember2020-12-272021-12-250000050863us-gaap:OperatingSegmentsMemberintc:DatacenterAndAIMember2019-12-292020-12-260000050863intc:NetworkAndEdgeMemberus-gaap:OperatingSegmentsMember2021-12-262022-12-310000050863intc:NetworkAndEdgeMemberus-gaap:OperatingSegmentsMember2020-12-272021-12-250000050863intc:NetworkAndEdgeMemberus-gaap:OperatingSegmentsMember2019-12-292020-12-260000050863us-gaap:OperatingSegmentsMemberintc:MobileyeSegmentMember2021-12-262022-12-310000050863us-gaap:OperatingSegmentsMemberintc:MobileyeSegmentMember2020-12-272021-12-250000050863us-gaap:OperatingSegmentsMemberintc:MobileyeSegmentMember2019-12-292020-12-260000050863intc:AcceleratedComputingSystemsAndGraphicsMemberus-gaap:OperatingSegmentsMember2021-12-262022-12-310000050863intc:AcceleratedComputingSystemsAndGraphicsMemberus-gaap:OperatingSegmentsMember2020-12-272021-12-250000050863intc:AcceleratedComputingSystemsAndGraphicsMemberus-gaap:OperatingSegmentsMember2019-12-292020-12-260000050863intc:IntelFoundryServicesMemberus-gaap:OperatingSegmentsMember2021-12-262022-12-310000050863intc:IntelFoundryServicesMemberus-gaap:OperatingSegmentsMember2020-12-272021-12-250000050863intc:IntelFoundryServicesMemberus-gaap:OperatingSegmentsMember2019-12-292020-12-260000050863us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-12-262022-12-310000050863us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2020-12-272021-12-250000050863us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2019-12-292020-12-260000050863us-gaap:OperatingSegmentsMember2021-12-262022-12-310000050863us-gaap:OperatingSegmentsMember2020-12-272021-12-250000050863us-gaap:OperatingSegmentsMember2019-12-292020-12-260000050863intc:ClientComputingGroupMember2021-12-262022-12-310000050863intc:ClientComputingGroupMember2020-12-272021-12-250000050863intc:ClientComputingGroupMember2019-12-292020-12-260000050863intc:DatacenterAndAIMember2021-12-262022-12-310000050863intc:DatacenterAndAIMember2020-12-272021-12-250000050863intc:DatacenterAndAIMember2019-12-292020-12-260000050863intc:NetworkAndEdgeMember2021-12-262022-12-310000050863intc:NetworkAndEdgeMember2020-12-272021-12-250000050863intc:NetworkAndEdgeMember2019-12-292020-12-260000050863intc:MobileyeSegmentMember2021-12-262022-12-310000050863intc:MobileyeSegmentMember2020-12-272021-12-250000050863intc:MobileyeSegmentMember2019-12-292020-12-260000050863intc:AcceleratedComputingSystemsAndGraphicsMember2021-12-262022-12-310000050863intc:AcceleratedComputingSystemsAndGraphicsMember2020-12-272021-12-250000050863intc:AcceleratedComputingSystemsAndGraphicsMember2019-12-292020-12-260000050863intc:IntelFoundryServicesMember2021-12-262022-12-310000050863intc:IntelFoundryServicesMember2020-12-272021-12-250000050863intc:IntelFoundryServicesMember2019-12-292020-12-260000050863us-gaap:AllOtherSegmentsMember2021-12-262022-12-310000050863us-gaap:AllOtherSegmentsMember2020-12-272021-12-250000050863us-gaap:AllOtherSegmentsMember2019-12-292020-12-260000050863us-gaap:IntersegmentEliminationMember2021-12-262022-12-310000050863us-gaap:IntersegmentEliminationMember2020-12-272021-12-250000050863us-gaap:IntersegmentEliminationMember2019-12-292020-12-260000050863us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberintc:ThreeLargestCustomersMember2021-12-262022-12-310000050863us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberintc:ThreeLargestCustomersMember2020-12-272021-12-250000050863us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberintc:ThreeLargestCustomersMember2019-12-292020-12-260000050863intc:DellIncMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-12-262022-12-310000050863intc:DellIncMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-12-272021-12-250000050863intc:DellIncMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2019-12-292020-12-260000050863us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberintc:LenovoGroupLimitedMember2021-12-262022-12-310000050863us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberintc:LenovoGroupLimitedMember2020-12-272021-12-250000050863us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMemberintc:LenovoGroupLimitedMember2019-12-292020-12-260000050863us-gaap:SalesRevenueNetMemberintc:HPInc.Memberus-gaap:CustomerConcentrationRiskMember2021-12-262022-12-310000050863us-gaap:SalesRevenueNetMemberintc:HPInc.Memberus-gaap:CustomerConcentrationRiskMember2020-12-272021-12-250000050863us-gaap:SalesRevenueNetMemberintc:HPInc.Memberus-gaap:CustomerConcentrationRiskMember2019-12-292020-12-260000050863intc:ChinaIncludingHongKongMember2021-12-262022-12-310000050863intc:ChinaIncludingHongKongMember2020-12-272021-12-250000050863intc:ChinaIncludingHongKongMember2019-12-292020-12-260000050863country:SG2021-12-262022-12-310000050863country:SG2020-12-272021-12-250000050863country:SG2019-12-292020-12-260000050863country:US2021-12-262022-12-310000050863country:US2020-12-272021-12-250000050863country:US2019-12-292020-12-260000050863country:TW2021-12-262022-12-310000050863country:TW2020-12-272021-12-250000050863country:TW2019-12-292020-12-260000050863intc:OtherCountriesMember2021-12-262022-12-310000050863intc:OtherCountriesMember2020-12-272021-12-250000050863intc:OtherCountriesMember2019-12-292020-12-260000050863intc:ArizonaFabLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-10-022022-12-310000050863us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberintc:ArizonaFabLLCMember2022-10-022022-12-310000050863intc:ArizonaFabLLCMember2022-10-022022-12-310000050863intc:SemiconductorCoInvestmentProgramConstructionCostsMemberintc:IntelCorporationAndBrookfieldAssetManagementMember2022-12-310000050863us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:AssetPledgedAsCollateralMember2022-12-310000050863intc:ArizonaFabLLCMember2022-12-310000050863intc:MobileyeMember2022-10-262022-12-310000050863intc:MobileyeMember2022-10-262022-12-310000050863intc:MobileyeMember2022-12-310000050863intc:MobileyeMember2021-12-262022-12-310000050863intc:PrepaidSupplyAgreementsMember2021-12-250000050863intc:PrepaidSupplyAgreementsMember2021-12-262022-12-310000050863intc:PrepaidSupplyAgreementsMember2022-12-3100000508632022-04-020000050863intc:PrepaidSupplyAgreementsMember2022-04-020000050863intc:PrepaidSupplyAgreementsMember2021-12-262022-04-020000050863us-gaap:LandAndBuildingMember2022-12-310000050863us-gaap:LandAndBuildingMember2021-12-250000050863us-gaap:MachineryAndEquipmentMember2022-12-310000050863us-gaap:MachineryAndEquipmentMember2021-12-250000050863us-gaap:ConstructionInProgressMember2022-12-310000050863us-gaap:ConstructionInProgressMember2021-12-250000050863us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2021-12-262022-12-310000050863us-gaap:MachineryAndEquipmentMembersrt:MaximumMember2021-12-262022-12-310000050863srt:MinimumMemberus-gaap:BuildingMember2021-12-262022-12-310000050863srt:MaximumMemberus-gaap:BuildingMember2021-12-262022-12-310000050863country:US2022-12-310000050863country:US2021-12-250000050863country:IE2022-12-310000050863country:IE2021-12-250000050863country:IL2022-12-310000050863country:IL2021-12-250000050863intc:OtherCountriesMember2022-12-310000050863intc:OtherCountriesMember2021-12-250000050863intc:NANDMemoryBusinessMember2021-12-292021-12-290000050863intc:EcFineMember2022-07-032022-10-0100000508632021-06-272021-09-2500000508632021-09-262021-12-250000050863srt:MinimumMember2021-12-262022-12-310000050863srt:MaximumMember2021-12-262022-12-310000050863us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2021-12-250000050863us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2021-12-262022-12-310000050863us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-12-310000050863us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2020-12-260000050863us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2020-12-272021-12-250000050863us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2019-12-280000050863us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2019-12-292020-12-260000050863us-gaap:DomesticCountryMember2022-12-310000050863us-gaap:ForeignCountryMember2022-12-310000050863us-gaap:AvailableforsaleSecuritiesMember2022-12-310000050863us-gaap:AvailableforsaleSecuritiesMember2021-12-250000050863us-gaap:AvailableforsaleSecuritiesMember2021-12-262022-12-310000050863us-gaap:AvailableforsaleSecuritiesMember2020-12-272021-12-250000050863us-gaap:AvailableforsaleSecuritiesMember2019-12-292020-12-260000050863us-gaap:CostmethodInvestmentsMember2021-12-262022-12-310000050863us-gaap:CostmethodInvestmentsMember2020-12-272021-12-250000050863us-gaap:CostmethodInvestmentsMember2019-12-292020-12-260000050863intc:McAfeeMember2022-12-310000050863intc:McAfeeMember2022-10-022022-12-310000050863intc:McAfeeMember2021-12-262022-12-310000050863intc:McAfeeMemberintc:McAfeeEnterpriseBusinessMember2021-12-262022-12-310000050863intc:McAfeeMember2020-12-272021-12-250000050863intc:BejingUnisocTechnologyLtdMember2021-12-262022-04-020000050863intc:BejingUnisocTechnologyLtdMember2022-12-310000050863intc:BejingUnisocTechnologyLtdMember2021-12-250000050863us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2021-12-262022-12-31intc:Acquisition0000050863us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2020-12-272021-12-250000050863intc:MoovitMember2020-05-042020-05-040000050863intc:MoovitMember2020-05-040000050863intc:NANDMemoryBusinessMember2020-10-192020-10-190000050863srt:ScenarioForecastMemberintc:NANDMemoryBusinessMember2025-03-012025-03-310000050863intc:NANDMemoryBusinessMember2021-12-290000050863intc:NANDMemoryBusinessMember2022-12-310000050863us-gaap:DiscontinuedOperationsHeldforsaleMemberintc:NANDMemoryBusinessMember2021-12-250000050863intc:NANDMemoryBusinessMember2020-10-310000050863srt:ScenarioForecastMemberintc:NANDMemoryBusinessMember2023-01-012023-06-240000050863intc:NANDMemoryBusinessDivestitureMember2022-12-310000050863intc:HomeGatewayPlatformDivisionMember2020-07-312020-07-310000050863intc:ClientComputingGroupMember2021-12-250000050863intc:ClientComputingGroupMember2022-12-310000050863intc:DatacenterAndAIMember2021-12-250000050863intc:DatacenterAndAIMember2022-12-310000050863intc:NetworkAndEdgeMember2021-12-250000050863intc:NetworkAndEdgeMember2022-12-310000050863intc:MobileyeSegmentMember2021-12-250000050863intc:MobileyeSegmentMember2022-12-310000050863intc:AcceleratedComputingSystemsAndGraphicsMember2021-12-250000050863intc:AcceleratedComputingSystemsAndGraphicsMember2022-12-310000050863us-gaap:AllOtherSegmentsMember2021-12-250000050863us-gaap:AllOtherSegmentsMember2022-12-310000050863intc:ClientComputingGroupMember2020-12-260000050863intc:DatacenterAndAIMember2020-12-260000050863intc:NetworkAndEdgeMember2020-12-260000050863intc:MobileyeSegmentMember2020-12-260000050863intc:AcceleratedComputingSystemsAndGraphicsMember2020-12-260000050863us-gaap:AllOtherSegmentsMember2020-12-260000050863srt:ScenarioPreviouslyReportedMemberintc:ClientComputingGroupMember2021-12-250000050863intc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersOutMemberintc:ClientComputingGroupMember2021-12-250000050863intc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersInMemberintc:ClientComputingGroupMember2021-12-250000050863intc:DataCenterGroupMembersrt:ScenarioPreviouslyReportedMember2021-12-250000050863intc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersOutMemberintc:DataCenterGroupMember2021-12-250000050863intc:DataCenterGroupMemberintc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersInMember2021-12-250000050863intc:DataCenterGroupMember2021-12-250000050863srt:ScenarioPreviouslyReportedMemberintc:DatacenterAndAIMember2021-12-250000050863intc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersOutMemberintc:DatacenterAndAIMember2021-12-250000050863intc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersInMemberintc:DatacenterAndAIMember2021-12-250000050863intc:InternetOfThingsGroupMembersrt:ScenarioPreviouslyReportedMember2021-12-250000050863intc:InternetOfThingsGroupMemberintc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersOutMember2021-12-250000050863intc:InternetOfThingsGroupMemberintc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersInMember2021-12-250000050863intc:InternetOfThingsGroupMember2021-12-250000050863intc:NetworkAndEdgeMembersrt:ScenarioPreviouslyReportedMember2021-12-250000050863intc:NetworkAndEdgeMemberintc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersOutMember2021-12-250000050863intc:NetworkAndEdgeMemberintc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersInMember2021-12-250000050863srt:ScenarioPreviouslyReportedMemberintc:MobileyeSegmentMember2021-12-250000050863intc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersOutMemberintc:MobileyeSegmentMember2021-12-250000050863intc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersInMemberintc:MobileyeSegmentMember2021-12-250000050863intc:AcceleratedComputingSystemsAndGraphicsMembersrt:ScenarioPreviouslyReportedMember2021-12-250000050863intc:AcceleratedComputingSystemsAndGraphicsMemberintc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersOutMember2021-12-250000050863intc:AcceleratedComputingSystemsAndGraphicsMemberintc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersInMember2021-12-250000050863intc:ProgrammableSolutionsGroupMembersrt:ScenarioPreviouslyReportedMember2021-12-250000050863intc:ProgrammableSolutionsGroupMemberintc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersOutMember2021-12-250000050863intc:ProgrammableSolutionsGroupMemberintc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersInMember2021-12-250000050863intc:ProgrammableSolutionsGroupMember2021-12-250000050863srt:ScenarioPreviouslyReportedMember2021-12-250000050863intc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersOutMember2021-12-250000050863intc:RevisionOfPriorPeriodReclassificationAdjustmentTransfersInMember2021-12-250000050863us-gaap:AllOtherSegmentsMember2022-04-032022-07-020000050863intc:DataCenterGroupMember2022-12-310000050863intc:InternetOfThingsGroupMember2022-12-310000050863us-gaap:DevelopedTechnologyRightsMember2022-12-310000050863us-gaap:DevelopedTechnologyRightsMember2021-12-250000050863us-gaap:CustomerRelationshipsMember2022-12-310000050863us-gaap:CustomerRelationshipsMember2021-12-250000050863intc:LicensedTechnologyAndPatentsMember2022-12-310000050863intc:LicensedTechnologyAndPatentsMember2021-12-250000050863intc:LicensedTechnologyMember2021-12-262022-12-310000050863us-gaap:DevelopedTechnologyRightsMember2021-12-262022-12-310000050863us-gaap:DevelopedTechnologyRightsMember2020-12-272021-12-250000050863us-gaap:DevelopedTechnologyRightsMember2019-12-292020-12-260000050863us-gaap:CustomerRelationshipsMember2021-12-262022-12-310000050863us-gaap:CustomerRelationshipsMember2020-12-272021-12-250000050863us-gaap:CustomerRelationshipsMember2019-12-292020-12-260000050863intc:LicensedTechnologyAndPatentsMember2021-12-262022-12-310000050863intc:LicensedTechnologyAndPatentsMember2020-12-272021-12-250000050863intc:LicensedTechnologyAndPatentsMember2019-12-292020-12-260000050863us-gaap:CommercialPaperMember2022-12-310000050863intc:DebtInstrumentFortyMember2022-12-310000050863intc:DebtInstrumentFortyMember2021-12-250000050863intc:DebtInstrumentThirtyNineMember2022-12-310000050863intc:DebtInstrumentThirtyNineMember2021-12-250000050863intc:DebtInstrumentFifteenMember2022-12-310000050863intc:DebtInstrumentFifteenMember2021-12-250000050863intc:DebtInstrumentTwentyThreeMember2022-12-310000050863intc:DebtInstrumentTwentyThreeMember2021-12-250000050863intc:DebtInstrumentTenMember2022-12-310000050863intc:DebtInstrumentTenMember2021-12-250000050863intc:DebtInstrumentTwentyNineMember2022-12-310000050863intc:DebtInstrumentTwentyNineMember2021-12-250000050863intc:DebtInstrumentFortyOneMember2022-12-310000050863intc:DebtInstrumentFortyOneMember2021-12-250000050863intc:DebtInstrumentFortyFourMember2022-12-310000050863intc:DebtInstrumentFortyFourMember2021-12-250000050863intc:FixedRateSeniorNotes340DueMarch2025Member2022-12-310000050863intc:FixedRateSeniorNotes340DueMarch2025Member2021-12-250000050863intc:DebtInstrumentSixteenMember2022-12-310000050863intc:DebtInstrumentSixteenMember2021-12-250000050863intc:DebtInstrumentThirtyTwoMember2022-12-310000050863intc:DebtInstrumentThirtyTwoMember2021-12-250000050863intc:FixedRateSeniorNotes375DueMarch2027Member2022-12-310000050863intc:FixedRateSeniorNotes375DueMarch2027Member2021-12-250000050863intc:DebtInstrumentFortyTwoMember2022-12-310000050863intc:DebtInstrumentFortyTwoMember2021-12-250000050863intc:FixedRateSeniorNotes375DueAugust2027Member2022-12-310000050863intc:FixedRateSeniorNotes375DueAugust2027Member2021-12-250000050863intc:FixedRateSeniorNotes160DueAugust2028Member2022-12-310000050863intc:FixedRateSeniorNotes160DueAugust2028Member2021-12-250000050863intc:FixedRateSeniorNotes405DueAugust2029Member2022-12-310000050863intc:FixedRateSeniorNotes405DueAugust2029Member2021-12-250000050863intc:A2019SeniorNotesDueNovember2029At245Member2022-12-310000050863intc:A2019SeniorNotesDueNovember2029At245Member2021-12-250000050863intc:FixedRateSeniorNotes390DueMarch2030Member2022-12-310000050863intc:FixedRateSeniorNotes390DueMarch2030Member2021-12-250000050863intc:FixedRateSeniorNotes200DueAugust2031Member2022-12-310000050863intc:FixedRateSeniorNotes200DueAugust2031Member2021-12-250000050863intc:FixedRateSeniorNotes415DueAugust2032Member2022-12-310000050863intc:FixedRateSeniorNotes415DueAugust2032Member2021-12-250000050863intc:DebtInstrumentElevenMember2022-12-310000050863intc:DebtInstrumentElevenMember2021-12-250000050863intc:FixedRateSeniorNotes460DueMarch2040Member2022-12-310000050863intc:FixedRateSeniorNotes460DueMarch2040Member2021-12-250000050863intc:FixedRateSeniorNotes280DueAugust2041Member2022-12-310000050863intc:FixedRateSeniorNotes280DueAugust2041Member2021-12-250000050863intc:DebtInstrumentEightMember2022-12-310000050863intc:DebtInstrumentEightMember2021-12-250000050863intc:DebtInstrumentTwelveMember2022-12-310000050863intc:DebtInstrumentTwelveMember2021-12-250000050863intc:DebtInstrumentSeventeenMember2022-12-310000050863intc:DebtInstrumentSeventeenMember2021-12-250000050863intc:DebtInstrumentThirtyThreeMember2022-12-310000050863intc:DebtInstrumentThirtyThreeMember2021-12-250000050863intc:DebtInstrumentFortyThreeMember2022-12-310000050863intc:DebtInstrumentFortyThreeMember2021-12-250000050863intc:A6404.10SeniorNotesdueAugust2047Member2022-12-310000050863intc:A6404.10SeniorNotesdueAugust2047Member2021-12-250000050863intc:A2017SeniornotesdueDecember2047at3.73Member2022-12-310000050863intc:A2017SeniornotesdueDecember2047at3.73Member2021-12-250000050863intc:A2019SeniorNotesdueDecember2049at3.25Member2022-12-310000050863intc:A2019SeniorNotesdueDecember2049at3.25Member2021-12-250000050863intc:FixedRateSeniorNotes475DueMarch2050Member2022-12-310000050863intc:FixedRateSeniorNotes475DueMarch2050Member2021-12-250000050863intc:FixedRateSeniorNotes305DueAugust2051Member2022-12-310000050863intc:FixedRateSeniorNotes305DueAugust2051Member2021-12-250000050863intc:FixedRateSeniorNotes490DueAugust2052Member2022-12-310000050863intc:FixedRateSeniorNotes490DueAugust2052Member2021-12-250000050863intc:FixedRateSeniorNotes310DueFebruary2060Member2022-12-310000050863intc:FixedRateSeniorNotes310DueFebruary2060Member2021-12-250000050863intc:FixedRateSeniorNotes495DueMarch2060Member2022-12-310000050863intc:FixedRateSeniorNotes495DueMarch2060Member2021-12-250000050863intc:FixedRateSeniorNotes320DueAugust2061Member2022-12-310000050863intc:FixedRateSeniorNotes320DueAugust2061Member2021-12-250000050863intc:FixedRateSeniorNotes505DueAugust2062Member2022-12-310000050863intc:FixedRateSeniorNotes505DueAugust2062Member2021-12-250000050863intc:OregonandArizonaBondsMember2022-12-310000050863intc:OregonandArizonaBondsMember2021-12-250000050863intc:A500OregonAndArizonaBondsDueSeptember2042Member2022-12-310000050863intc:A500OregonAndArizonaBondsDueSeptember2042Member2021-12-250000050863intc:StateofOregonBusinessDevelopmentCommissionMember2022-12-310000050863intc:StateofOregonBusinessDevelopmentCommissionMember2021-12-250000050863intc:IndustrialAuthorityoftheCityofChandlerArizonaMember2022-12-310000050863intc:IndustrialAuthorityoftheCityofChandlerArizonaMember2021-12-250000050863intc:A500OregonAndArizonaBondsDueSeptember2052Member2022-12-310000050863intc:A500OregonAndArizonaBondsDueSeptember2052Member2021-12-250000050863us-gaap:InterestRateSwapMemberus-gaap:LongTermDebtMemberus-gaap:FairValueHedgingMember2021-12-262022-12-310000050863us-gaap:InterestRateSwapMemberus-gaap:LongTermDebtMemberus-gaap:FairValueHedgingMember2020-12-272021-12-250000050863us-gaap:SeniorNotesMember2022-12-310000050863intc:SeniorNotesDueMay2022Member2021-12-262022-12-310000050863intc:SeniorNotesDueJuly2022Member2021-12-262022-12-310000050863intc:SeniorNotesDueDecember2022Member2021-12-262022-12-310000050863intc:SeniorNotesDueNovember2023Member2021-12-262022-12-310000050863us-gaap:SeniorNotesMember2021-12-250000050863intc:DebtInstrumentThirtyOneMember2021-12-262022-12-310000050863intc:DebtInstrumentThirtyOneMember2022-12-310000050863intc:DebtInstrumentSevenMember2021-12-262022-12-310000050863intc:DebtInstrumentSevenMember2022-12-310000050863intc:CIDABondsMemberus-gaap:MunicipalBondsMember2022-12-310000050863us-gaap:MunicipalBondsMemberintc:OregonBusinessDevelopmentCommissionBondsMember2022-03-012022-03-310000050863us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberintc:A2022VariableRateUnsecuredRevolvingCreditAgreementMaturingInNovember2023Member2022-12-310000050863us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberintc:A2022VariableRateUnsecuredRevolvingCreditAgreementMaturingInNovember2023Member2021-12-262022-12-310000050863us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-12-310000050863us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-12-262022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:CashEquivalentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:CashEquivalentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:CashEquivalentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:CashEquivalentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMemberus-gaap:RepurchaseAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMemberus-gaap:RepurchaseAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:CashEquivalentsMemberus-gaap:RepurchaseAgreementsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:CashEquivalentsMemberus-gaap:RepurchaseAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMemberus-gaap:RepurchaseAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMemberus-gaap:RepurchaseAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:CashEquivalentsMemberus-gaap:RepurchaseAgreementsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:CashEquivalentsMemberus-gaap:RepurchaseAgreementsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermInvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:ShortTermInvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermInvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:ShortTermInvestmentsMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermInvestmentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:ShortTermInvestmentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermInvestmentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:ShortTermInvestmentsMemberus-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberintc:GovernmentDebtSecuritiesMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberintc:GovernmentDebtSecuritiesMember2022-12-310000050863us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberintc:GovernmentDebtSecuritiesMember2022-12-310000050863us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberintc:GovernmentDebtSecuritiesMember2022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberintc:GovernmentDebtSecuritiesMember2021-12-250000050863us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberintc:GovernmentDebtSecuritiesMember2021-12-250000050863us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberintc:GovernmentDebtSecuritiesMember2021-12-250000050863us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberintc:GovernmentDebtSecuritiesMember2021-12-250000050863us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel2Memberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:OtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000050863us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-250000050863us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CostmethodInvestmentsMember2021-12-262022-12-310000050863us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CostmethodInvestmentsMember2020-12-272021-12-250000050863us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000050863us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-250000050863us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000050863us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-250000050863us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2019-12-280000050863us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2019-12-280000050863us-gaap:AccumulatedTranslationAdjustmentMember2019-12-280000050863us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-12-280000050863us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2019-12-292020-12-260000050863us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2019-12-292020-12-260000050863us-gaap:AccumulatedTranslationAdjustmentMember2019-12-292020-12-260000050863us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-12-260000050863us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-12-260000050863us-gaap:AccumulatedTranslationAdjustmentMember2020-12-260000050863us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-260000050863us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-12-272021-12-250000050863us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2020-12-272021-12-250000050863us-gaap:AccumulatedTranslationAdjustmentMember2020-12-272021-12-250000050863us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-12-250000050863us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-12-250000050863us-gaap:AccumulatedTranslationAdjustmentMember2021-12-250000050863us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-12-250000050863us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-12-262022-12-310000050863us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2021-12-262022-12-310000050863us-gaap:AccumulatedTranslationAdjustmentMember2021-12-262022-12-310000050863us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000050863us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000050863us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000050863us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000050863us-gaap:ForeignExchangeContractMember2022-12-310000050863us-gaap:ForeignExchangeContractMember2021-12-250000050863us-gaap:ForeignExchangeContractMember2020-12-260000050863us-gaap:InterestRateContractMember2022-12-310000050863us-gaap:InterestRateContractMember2021-12-250000050863us-gaap:InterestRateContractMember2020-12-260000050863us-gaap:OtherContractMember2022-12-310000050863us-gaap:OtherContractMember2021-12-250000050863us-gaap:OtherContractMember2020-12-260000050863us-gaap:InterestRateSwapMemberus-gaap:LongTermDebtMemberus-gaap:FairValueHedgingMember2022-12-310000050863us-gaap:InterestRateSwapMemberus-gaap:LongTermDebtMemberus-gaap:FairValueHedgingMember2021-12-250000050863us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2022-12-310000050863us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2022-12-310000050863us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2021-12-250000050863us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2021-12-250000050863us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:InterestRateContractMember2022-12-310000050863us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember2022-12-310000050863us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:InterestRateContractMember2021-12-250000050863us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember2021-12-250000050863us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2022-12-310000050863us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2022-12-310000050863us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2021-12-250000050863us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2021-12-250000050863us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2022-12-310000050863us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2022-12-310000050863us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2021-12-250000050863us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2021-12-250000050863us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:InterestRateContractMember2022-12-310000050863us-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember2022-12-310000050863us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:InterestRateContractMember2021-12-250000050863us-gaap:NondesignatedMemberus-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember2021-12-250000050863us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:OtherContractMember2022-12-310000050863us-gaap:NondesignatedMemberus-gaap:OtherContractMemberus-gaap:OtherLiabilitiesMember2022-12-310000050863us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:OtherContractMember2021-12-250000050863us-gaap:NondesignatedMemberus-gaap:OtherContractMemberus-gaap:OtherLiabilitiesMember2021-12-250000050863us-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2022-12-310000050863us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2022-12-310000050863us-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2021-12-250000050863us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2021-12-250000050863us-gaap:OtherAssetsMember2022-12-310000050863us-gaap:OtherLiabilitiesMember2022-12-310000050863us-gaap:OtherAssetsMember2021-12-250000050863us-gaap:OtherLiabilitiesMember2021-12-250000050863us-gaap:ForeignExchangeContractMember2021-12-262022-12-310000050863us-gaap:ForeignExchangeContractMember2020-12-272021-12-250000050863us-gaap:ForeignExchangeContractMember2019-12-292020-12-260000050863us-gaap:InterestRateContractMember2021-12-262022-12-310000050863us-gaap:InterestRateContractMember2020-12-272021-12-250000050863us-gaap:InterestRateContractMember2019-12-292020-12-260000050863us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2020-12-272021-12-250000050863us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-12-262022-12-310000050863us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2019-12-292020-12-260000050863us-gaap:DesignatedAsHedgingInstrumentMember2021-12-262022-12-310000050863us-gaap:DesignatedAsHedgingInstrumentMember2020-12-272021-12-250000050863us-gaap:DesignatedAsHedgingInstrumentMember2019-12-292020-12-260000050863us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2021-12-262022-12-310000050863us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2020-12-272021-12-250000050863us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-10-022022-12-310000050863us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2021-12-262022-12-310000050863us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2019-12-292020-12-260000050863us-gaap:NondesignatedMemberus-gaap:InterestRateContractMember2020-12-272021-12-250000050863us-gaap:NondesignatedMemberus-gaap:OtherContractMember2020-12-272021-12-250000050863us-gaap:NondesignatedMemberus-gaap:OtherContractMember2019-12-292020-12-260000050863us-gaap:NondesignatedMemberus-gaap:OtherContractMember2021-12-262022-12-310000050863us-gaap:NondesignatedMember2021-12-262022-12-310000050863us-gaap:NondesignatedMember2020-12-272021-12-250000050863us-gaap:NondesignatedMember2019-12-292020-12-260000050863us-gaap:FairValueHedgingMember2021-12-262022-12-310000050863us-gaap:FairValueHedgingMember2020-12-272021-12-250000050863country:US2021-12-262022-12-310000050863country:US2020-12-272021-12-250000050863country:US2019-12-292020-12-260000050863us-gaap:DefinedBenefitPostretirementHealthCoverageMembercountry:US2022-12-310000050863us-gaap:DefinedBenefitPostretirementHealthCoverageMembercountry:US2021-12-250000050863us-gaap:EquitySecuritiesMemberus-gaap:DefinedBenefitPostretirementHealthCoverageMembercountry:US2022-12-310000050863us-gaap:FixedIncomeSecuritiesMemberus-gaap:DefinedBenefitPostretirementHealthCoverageMembercountry:US2022-12-310000050863us-gaap:DefinedBenefitPostretirementHealthCoverageMember2021-12-262022-12-310000050863intc:OtherlongtermassetsMember2022-12-310000050863intc:OtherlongtermassetsMember2021-12-250000050863intc:OtherlongtermliabilitiesMember2022-12-310000050863intc:OtherlongtermliabilitiesMember2021-12-250000050863country:US2022-12-310000050863us-gaap:ForeignPlanMember2022-12-310000050863country:US2021-12-250000050863us-gaap:ForeignPlanMember2021-12-250000050863country:USus-gaap:PensionPlansDefinedBenefitMember2021-12-262022-12-310000050863country:USus-gaap:PensionPlansDefinedBenefitMember2020-12-272021-12-250000050863country:USus-gaap:PensionPlansDefinedBenefitMember2019-12-292020-12-260000050863us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2022-12-310000050863us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2022-12-310000050863us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310000050863us-gaap:EquitySecuritiesMember2022-12-310000050863us-gaap:EquitySecuritiesMember2021-12-250000050863us-gaap:FairValueInputsLevel1Memberus-gaap:FixedIncomeSecuritiesMember2022-12-310000050863us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-12-310000050863us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310000050863us-gaap:FixedIncomeSecuritiesMember2022-12-310000050863us-gaap:FixedIncomeSecuritiesMember2021-12-250000050863us-gaap:FairValueInputsLevel1Member2022-12-310000050863us-gaap:FairValueInputsLevel2Member2022-12-310000050863us-gaap:FairValueInputsLevel3Member2022-12-310000050863us-gaap:PensionPlansDefinedBenefitMember2022-12-310000050863us-gaap:PensionPlansDefinedBenefitMember2021-12-250000050863intc:AssetsmeasuredatnetassetvalueMember2022-12-310000050863intc:AssetsmeasuredatnetassetvalueMember2021-12-250000050863us-gaap:CashAndCashEquivalentsMember2022-12-310000050863us-gaap:CashAndCashEquivalentsMember2021-12-250000050863us-gaap:FixedIncomeSecuritiesMembercountry:US2022-12-310000050863us-gaap:EquitySecuritiesMembercountry:US2022-12-310000050863us-gaap:HedgeFundsMemberus-gaap:ForeignPlanMember2022-12-310000050863us-gaap:PensionPlansDefinedBenefitMember2021-12-262022-12-310000050863intc:EquityIncentivePlanOneMember2022-12-310000050863srt:MinimumMemberintc:MarketBasedRestrictedStockUnitsMember2022-12-310000050863srt:MaximumMemberintc:MarketBasedRestrictedStockUnitsMember2022-12-310000050863intc:MarketBasedRestrictedStockUnitsMember2022-12-310000050863us-gaap:RestrictedStockUnitsRSUMember2021-12-262022-12-310000050863us-gaap:RestrictedStockUnitsRSUMember2020-12-272021-12-250000050863us-gaap:RestrictedStockUnitsRSUMember2019-12-292020-12-260000050863intc:MarketBasedRestrictedStockUnitsMember2021-12-262022-12-310000050863intc:MarketBasedRestrictedStockUnitsMember2020-12-272021-12-250000050863intc:MarketBasedRestrictedStockUnitsMember2019-12-292020-12-260000050863us-gaap:RestrictedStockUnitsRSUMember2021-12-250000050863us-gaap:RestrictedStockUnitsRSUMember2022-12-310000050863intc:StockPurchasePlanMember2021-12-262022-12-310000050863intc:StockPurchasePlanMember2022-12-310000050863intc:StockPurchasePlanRIghtsMember2021-12-262022-12-310000050863intc:StockPurchasePlanRIghtsMember2020-12-272021-12-250000050863intc:StockPurchasePlanRIghtsMember2019-12-292020-12-260000050863intc:StockPurchasePlanRIghtsMember2022-12-310000050863us-gaap:AccruedLiabilitiesMember2022-12-310000050863us-gaap:OtherNoncurrentLiabilitiesMember2022-12-310000050863srt:MinimumMember2022-12-310000050863srt:MaximumMember2022-12-310000050863intc:SupplierCapacityEightYearLeaseMember2022-12-310000050863intc:SupplierCapacityEightYearLeaseMember2021-12-262022-12-310000050863us-gaap:CapitalAdditionsMember2022-12-310000050863us-gaap:CapitalAdditionsMember2021-12-250000050863intc:SemiconductorCoInvestmentProgramConstructionCostsMember2022-12-310000050863intc:VLSITechnologyLLCVIntelMember2022-11-012022-11-30

☑			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the fiscal year ended December 31, 2022.
			or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from                      to                    .

Delaware

94-1672743

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

2200 Mission College Boulevard,

Santa Clara,

California

95054-1549

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (408) 765-8080

Title of each class

Trading symbol

Name of each exchange on which registered

Common stock, $0.001 par value

INTC

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☑  No ☐

Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☑  No ☐

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

☑

☐

☐

☐

☐

Fundamentals of Our Business						Page
Availability of Company Information						2
Introduction to Our Business						3
A Year in Review						5
Our Strategy						7
Our Capital						10
Management's Discussion and Analysis
Our Products						19
Segment Trends and Results						20
Consolidated Results of Operations						39
Liquidity and Capital Resources						44
Critical Accounting Estimates						47
Non-GAAP Financial Measures						47
Other Key Information
Sales and Marketing						51
Quantitative and Qualitative Disclosures About Market Risk						52
Risk Factors						53
Properties						67
Market for Our Common Stock						68
Information About Our Executive Officers						70
Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934						71
Financial Statements and Supplemental Details
Auditor's Reports						73
Consolidated Financial Statements						76
Notes to Consolidated Financial Statements						81
Key Terms						115
Controls and Procedures						118
Exhibits						119
Form 10-K Cross-Reference Index						124

This Form 10-K contains forward-looking statements that involve a number of risks and uncertainties. Words such as "accelerate," "achieve," "aim," "ambitions," "anticipate," "believe," "committed," "continue," "could," "designed," "estimated," "expect," "forecast," "future," "goals," "grow," "intend," "likely," "may," "might," "milestones," "next generation," "objective," "on track," "opportunity," "outlook," "pending," "plans," "positioned," "possible," "predict," "progress," "roadmap," "potentially," "seek," "should," "strive," "targets," "to be," "upcoming," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to our strategy and its anticipated benefits, including our IDM 2.0 strategy, February 2022 Investor Meeting financial model, Smart Capital strategy, SCIP, our partnership with Brookfield Asset Management (Brookfield), the transition to an internal foundry model, and updates to our reporting structure; manufacturing expansion and financing plans; investment plans and impacts of investment plans, including in the US and abroad; future economic conditions, including regional or global downturns or recessions; business plans; internal and external manufacturing plans, including future internal manufacturing volumes and external foundry usage; future responses to and effects of COVID-19, including manufacturing, transportation, and operational restrictions or disruptions; projections of our future financial performance, including future revenue, gross margins, capital expenditures, and cash flows; future business, social, and environmental performance, goals, measures, and strategies; our anticipated growth, future market share, and trends in our businesses and operations; projected growth and trends in markets relevant to our businesses; future technology trends; plans and goals related to Intel’s foundry business, including with respect to future manufacturing capacity and foundry service offerings, including technology and IP offerings; future products, services, and technology, and the expected regulation, availability, and benefits of such products, services, and technology, including future process nodes and packaging technology, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity, and leadership, and other metrics, and expectations regarding product leadership; projected cost and yield trends; product and manufacturing plans, goals, timelines, ramps, and progress; geopolitical conditions, including the impacts of Russia's war on Ukraine; expected timing and impact of acquisitions, divestitures, and other significant transactions, including statements relating to the completion of our acquisition of Tower Semiconductor Ltd. (Tower), the sale of our NAND memory business, and the wind-down of our Intel® Optane™ memory business; expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives, including those related to the 2022 Restructuring Program; future cash requirements; availability, uses, sufficiency, and cost of capital resources and sources of funding, including future capital and R&D investments, credit rating expectations, and expected returns to stockholders such as stock repurchases and dividends; our valuation; supply expectations, including regarding constraints, limitations, pricing, and industry shortages; expectations regarding government incentives; future production capacity and product supply; anticipated trends and impacts related to industry component, substrate, and foundry capacity utilization, shortages and constraints; the future purchase, use, and availability of products, components, and services supplied by third parties, including third-party IP and foundry services; tax- and accounting-related expectations; LIBOR-related expectations; expectations regarding our relationships with certain sanctioned parties; uncertain events or assumptions, including statements relating to TAM, market opportunity, or projections of future demand; and other characterizations of future events or circumstances are forward-looking statements. Such statements are based on management's expectations as of the date of this filing, unless an earlier date is specified, and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include those described throughout this report and particularly in "Risk Factors" within Other Key Information, including changes in demand for our products; changes in product mix; the complexity of our manufacturing operations; competition; investments in R&D and our business, products, and technologies; vulnerability to product and manufacturing-related risks; the effects of the COVID-19 pandemic; supply chain risks, including from disruptions, delays, trade tensions, or shortages; cybersecurity and privacy risks; investment and transition risk; evolving regulatory and legal requirements; our debt obligations; stock volatility; and the risks of our global operations; among others. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this Form 10-K and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. Unless specifically indicated otherwise, the forward-looking statements in this Form 10-K do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this Form 10-K are made as of the date of this filing, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable, and Intel does not undertake, and expressly disclaims any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

The Bluetooth® word mark and logos are registered trademarks owned by Bluetooth SIG, Inc. and any use of such marks by Intel Corporation is under license.

*    Other names and brands may be claimed as the property of others.

Our Internet address is www.intel.com. We publish voluntary reports on our website that outline our performance and expectations with respect to corporate responsibility, including environmental, health, and safety compliance.

We use our Investor Relations website, www.intc.com, as well as public webcasts, analyst presentations, and investor days, as routine channels for distribution of important information about us, including our business, financial condition, and operations, among other developments. Such information may be material, and you are encouraged to follow these sources in addition to our filings with the SEC. We publish news releases, announcements, information about upcoming webcasts, analyst presentations, and investor days, archives of these events, financial information, corporate governance practices, and corporate responsibility information on www.intc.com. We post our filings at www.intc.com the same day they are electronically filed with, or furnished to, the SEC, including our annual and quarterly reports on Forms 10-K and 10-Q and current reports on Form 8-K, our proxy statements, and any amendments to those reports or statements. We post our quarterly and annual earnings results at www.intc.com, and do not distribute our financial results via a news wire service. All such postings and filings are available on our Investor Relations website free of charge. In addition, our Investor Relations website allows interested persons to sign up to automatically receive e-mail alerts when we post financial information and issue press releases, and to receive information about upcoming events.

A Year in Review

2022 revenue was $63.1 billion, down $16.0 billion, or 20%, from 2021 as CCG revenue decreased 23%, DCAI revenue decreased 15%, and NEX revenue increased 11%. 2022 results were impacted by an uncertain macroeconomic environment—with slowing consumer demand, persistent inflation, and higher interest rates—that we believe impacts our target markets and creates a high level of uncertainty with our customers. CCG revenue was down on lower notebook and desktop volume in the consumer and education market segments, while notebook and desktop ASPs were higher due to a resulting change in product mix. DCAI server volume decreased, led by enterprise customers, and due to customers tempering purchases to reduce existing inventories in a softening data center market. Server ASPs decreased due to customer and product mix. NEX revenue increased primarily due to Ethernet ASPs and increased demand for 5G products, partially offset by lower demand for Network Xeon. We invested $17.5 billion in R&D, made capital investments of $24.8 billion, and generated $15.4 billion in cash from operations and $(4.1) billion of adjusted free cash flow.

Revenue

Gross Margin

Diluted EPS Attributable to Intel

Cash Flows

■ GAAP $B ■ Non-GAAP $B

■ GAAP ■ Non-GAAP

■ GAAP ■ Non-GAAP

■ Operating Cash Flow $B ■ Adjusted Free Cash Flow1 $B

$63.1B

42.6%

47.3%

$1.94

$1.84

$15.4B

$(4.1)B

GAAP

GAAP

non-GAAP1

GAAP

non-GAAP1

GAAP

non-GAAP1

Revenue down 16% from 2021 non-GAAP revenue

Gross margin down 12.8 ppts from 2021

Gross margin down 10.8 ppts from 2021

Diluted EPS down $2.92 or 60% from 2021

Diluted EPS down $3.46 or 65% from 2021

Operating cash flow down $14B or 48%

Adjusted free cash flow down $15B or 137%

Lower revenue in CCG and DCAI, higher revenue in NEX, and lack of NAND revenue compared to 2021 due to the divestiture in Q1 2022.

Lower gross margin from lower revenue, higher unit cost, lack of NAND gross margin, higher period charges from the ramp of Intel 4, and higher inventory reserves.

Lower EPS from lower gross margin, higher operating expenses from additional investment in R&D, partially offset by higher gains on equity investments and a tax benefit.

Lower operating cash flow driven by lower operating income; partially offset by favorable working capital changes.

1 See "Non-GAAP Financial Measures" within MD&A.

▪We launched the 12th Gen Intel® Core™ HX processors—the final products in our Alder Lake family, which utilize desktop-caliber silicon in a mobile package to deliver high levels of performance for professional workflows.

▪We introduced the Intel® Data Center GPU Flex Series for the intelligent visual cloud and revealed the 13th Gen Intel® Core™ processor family with six new unlocked desktop processors for leading gaming, streaming, and recording experiences.

▪We launched the newest Intel® Xeon® D processors and Intel® Arc™ A-series GPUs (also known as Alchemist), and began shipping Mount Evans, a 200G ASIC IPU, as well as the first Intel® Blockscale™ ASIC.

▪We began high-volume manufacturing of Sapphire Rapids, Raptor Lake, and Ponte Vecchio in 2022, with shipments beginning in Q4 2022.

We also look to acquisitions to supplement and strengthen our capital. In Q1 2022, we entered into a definitive agreement to acquire Tower Semiconductor Ltd. (Tower) in a cash-for-stock transaction. Tower is a leading foundry for analog semiconductor solutions. The acquisition is expected to advance our IDM 2.0 strategy by accelerating our global end-to-end foundry business. While we continue to work to close within the first quarter of 2023, the transaction may close in the first half of 2023, subject to certain regulatory approvals and customary closing conditions.

Our Strategy

Product Leadership

Lead and democratize compute with Intel x86 and xPU. Our product offerings provide end-to-end solutions, scaling from edge computing to 5G networks, the cloud, and the emerging fields of AI and autonomous driving, to serve an increasingly smart and connected world.

Open Platforms

Manufacturing at Scale

Strategic use of foundry capacity. We expect to expand our use of third-party foundry manufacturing capacity, which will provide us with increased flexibility and scale to optimize our product roadmaps for cost, performance, schedule, and supply. Our use of foundry capacity will include manufacturing for a range of modular tiles on advanced process technologies.

System foundry. We are building a world-class foundry business to meet the growing long-term global demand for semiconductors. We plan to differentiate our foundry offerings from those of others through a combination of leading-edge packaging and process technology, committed capacity in the US and Europe available for customers globally, and a world-class IP portfolio that will include x86 cores, as well as other ecosystem IP. The current foundry model enabled explosion of ecosystem innovation at the wafer level. We believe this established model has historically served the industry well, but a new mindset is needed in our new era of chipmaking. As innovation evolves, we see the rack has collapsed into a system and the system has collapsed into an advanced package. We are building out a system foundry that has four components: wafer fabrication, packaging, chiplet standard, and software.

Our People

Our world-class talent is at the heart of everything we do. Together we strive to have a positive effect on business, society, and the planet. Delivering on our strategy and growth ambitions requires attracting, developing, and retaining top talent from across the world. Our people build our technology, unlock new business opportunities, and work with our partners and customers to create global impact.

▪Smart capacity investments. We are aggressively building out manufacturing shell space, which gives us flexibility in how and when we bring additional capacity online based on milestone triggers such as product readiness, market conditions, and customer commitments.

▪Government incentives. We are continuing to work with governments in the US and Europe to advance incentives for domestic manufacturing capacity for leading-edge semiconductors.

▪SCIP. We are accessing strategically aligned capital to increase our flexibility and help efficiently accelerate and scale manufacturing build-outs. This type of co-investment also demonstrates how private capital is unlocked and becomes a force multiplier for government incentives for semiconductor manufacturing expansion.

▪Customer commitments. IFS is working closely with potential customers and exploring their willingness to make advance payments to secure capacity. This provides us with the advantage of committed volume, de-risking investments while providing capacity corridors for our foundry customers.

▪External foundries. We intend to continue our use of external foundries where their unique capabilities support our leadership products.

Our Capital

Capital

Strategy

Value

Financial

Leverage financial capital to invest in ourselves and drive our strategy, provide returns to stockholders and supplement and strengthen our capabilities through acquisitions.

We strategically invest financial capital to create long-term value and provide returns to our stockholders.

Intellectual

Invest significantly in R&D and IP to enable us to deliver on our accelerated process technology roadmap, introduce leading x86 and xPU products, and develop new businesses and capabilities.

We develop IP to enable next-generation products, create synergies across our businesses, expand into new markets, and establish and support our brands.

Manufacturing

Build manufacturing capacity efficiently to meet the growing long-term global demand for semiconductors, aligned with our IDM 2.0 strategy.

Our geographically balanced manufacturing scope and scale enable us to provide our customers with a broad range of leading-edge products.

Human

Build a diverse, inclusive, and safe work environment to attract, develop, and retain top talent needed to build transformative products.

Our talented employees enable the development of solutions and enhance the intellectual and manufacturing capital critical to helping our customers win the technology inflections of the future.

Social and Relationship

Build trusted relationships for both Intel and our stakeholders, including employees, suppliers, customers, local communities, and governments.

We collaborate with stakeholders on programs to empower underserved communities through education and technology, and on initiatives to advance accountability and capabilities across our global supply chain, including accountability for the respect of human rights.

Natural

Strive to reduce our environmental footprint through efficient and responsible use of natural resources and materials used to create our products.

With our proactive efforts, we seek to mitigate climate and water impacts, achieve efficiencies, and lower costs, and position ourselves to respond to the expectations of our stakeholders.

We continue to raise the bar for ourselves and leverage our leadership position in the global technology ecosystem to make greater strides in corporate responsibility and apply technology to address social and environmental challenges. Through our RISE strategy, we aim to create a more responsible, inclusive, and sustainable world, enabled by our technology and the expertise and passion of our employees. In addition to our 2030 RISE goals established in 2020, in April 2022 we announced our commitment to achieve net-zero greenhouse gas emissions across our global operations (Scope 1 and 2) by 2040 and to increase the energy efficiency and lower the carbon footprint of our products and platforms. These are ambitious goals that strengthen our commitment to sustainable business practices under our RISE strategy. Our corporate responsibility strategy is designed to increase the scale of our work through collaboration with our stakeholders and other organizations; we know that we cannot achieve the broad social impact to which we aspire by acting alone. More information about our RISE goals, including progress we have made toward achieving them, is included in our Corporate Responsibility Report1.

1 The contents of our Corporate Responsibility Report are referenced for general information only and are not incorporated by reference in this Form 10-K.

			Financial Capital

			Cash from Operating Activities $B

			■ Cash from Operating Activities			■ Adjusted Free Cash Flow1

			R&D and Capital Investments $B						Cash to Stockholders $B

         

■ R&D

■ Logic

■ Memory2

■ Repurchases

■ Dividend

Our capital allocation strategy also includes opportunistic investment in and acquisition of companies that complement our strategic objectives. We look for acquisitions that supplement and strengthen our capital and R&D investments. Our key acquisitions over the last three years include the pending acquisition of Tower and our 2020 acquisition of Moovit to accelerate Mobileye’s MaaS offering.

1 See "Non-GAAP Financial Measures" within MD&A.
2 2021 and 2022 capital investments in Memory are not presented due to the divestiture of the NAND memory business announced in October 2020. 2018-2020 capital investments presented include Memory.

			Intellectual Capital

Process and packaging. Our leading-edge process and packaging technology and world-class IP portfolio are key to the success of our strategy. This year, we have reaffirmed our commitment to achieving process technology leadership in 2025 by planning to deliver five technology nodes in four years. In addition, we have solidified our process and packaging offerings to external customers through IFS.
▪We introduced further optimizations to our Intel 7 process node, which is now in production for our 13th Gen Intel Core processors (Raptor Lake). ▪Intel 4, taking advantage of EUV, is a node that is designed to deliver significant density scaling and approximately 20% performance-per-watt improvement over Intel 7. Meteor Lake is scheduled to be our first high-volume client product on Intel 4. ▪We expect Intel 3 to deliver further logic scaling and up to 18% performance-per-watt improvement over Intel 4. Intel 3 is our first advanced node offered to IFS customers and is optimized for the needs of Data Center products. ▪Intel 20A will follow Intel 3 and will introduce two breakthrough technologies that we expect will deliver up to 15% performance-per-watt improvement over Intel 3: RibbonFET and PowerVia. RibbonFET, our implementation of a gate-all-around transistor, is designed to deliver faster transistor switching speeds while achieving the same drive current as multiple fins, but in a smaller footprint. PowerVia is our unique industry-first implementation of backside power delivery that is designed to optimize signal transmission by eliminating the need for power routing on the front side of the wafer. ▪Intel 18A, our second IFS advanced node offering, improves on Intel 20A by delivering ribbon innovation for design optimization and line width reduction. Intel 18A is on schedule and expected to deliver an additional 10% improvement in performance per watt over Intel 20A. ▪Beyond Intel 18A, we have already initiated definition and development of our next two process nodes and continue to define, build, and develop the next-generation High Numerical Aperture EUV lithography into our process technology roadmap. ▪Our family of 3D advanced packaging technology will usher in the next generation of Foveros technology, enabling us to mix multiple top die tiles with multiple base tiles across mixed fab nodes, giving Intel and our customers greater flexibility for disaggregated chip designs. Our future Foveros Direct technology should scale interconnect pitch below 10µm, enable direct copper-to-copper bonding for low-resistance interconnects, and blur the boundary between wafer and package.
xPU architecture. We believe the future is a diverse mix of scalar, vector, matrix, and spatial architectures deployed in CPU, GPU, accelerator, and FPGA sockets, enabled by a scalable software stack and integrated into systems by advanced packaging technology. We are building processors that span several major computing architectures, moving toward an era of heterogeneous computing:

▪CPU. We started shipping our 4th Gen Intel Xeon Scalable processors (Sapphire Rapids) based on Intel 7 with the new Golden Cove core, built-in AI acceleration, cryptographic acceleration, and advanced security capabilities. We also launched our 13th Gen Intel Core processors (Raptor Lake), which will scale from thin and light laptops to enthusiast desktop and notebook platforms. These are based on a hybrid architecture utilizing Raptor Cove performance cores and Gracemont power-efficient cores and are socket-compatible with Alder Lake systems.

▪GPU and HPC. Following the Q1 2022 launch of the first Intel® Arc™-branded laptop GPUs (A3 series), in Q4 2022 we launched the high-performance desktop GPUs (A7 series). Intel Arc GPUs offer dedicated graphics capability to power premium laptop and desktop experiences. Intel Arc A-Series GPUs come with advanced technologies to enable immersive gaming and powerful content creation in modern, portable designs. In Q4 2022, we also introduced the Intel® Max Series product family with two leading-edge products for high-performance computing and AI: Intel® Xeon® CPU Max Series (also known as Sapphire Rapids HBM) and Intel® Data Center GPU Max Series (also known as Ponte Vecchio). These new products will power the upcoming Aurora supercomputer at Argonne National Laboratory and will help progress our vision of increasing the computing power of every human.

▪Interconnect. Mount Evans, Intel’s first ASIC IPU, is designed to address the complexity of diverse and dispersed data centers. An IPU is designed to enable cloud and communication service providers to reduce overhead and free up performance for CPUs.

▪Matrix Accelerator. In Q2 2022, we launched our second-generation deep learning processors for training and inference: Habana Gaudi2* and Habana Greco*. These new processors address an industry gap by providing customers with high-performance, high-efficiency, deep-learning compute choices for both training workloads and inference deployments in the data center, while lowering the AI barrier to entry for companies of all sizes.

Software. Software unleashes the potential of our hardware platforms across all workloads, domains, and architectures.

▪In 2022, oneAPI adoption continued to expand across the industry. oneAPI enables developers to build cross-architecture applications using a single code base across CPUs, GPUs, and FPGAs to reduce development time and enhance productivity. Our oneAPI-based tools take advantage of unique hardware features and lower software development and maintenance costs. Developers can choose the best architecture for the problem at hand without rewriting their entire code base, accelerating their time to value.

▪We seek to accelerate adoption of oneAPI and Intel software developer tools through diverse ecosystem activities, including developer training, summits, centers of excellence, and access to Intel hardware and software through a developer cloud. The Intel® DevCloud, currently in public beta release, will host global users spanning AI, data science, high-performance computing, media and graphics, and other accelerated computing workloads.

▪We believe AI will be ubiquitous, and with our tools and the broad open software ecosystem, we are well-positioned to scale AI. We optimize for the most widely used AI frameworks and libraries, including TensorFlow, Pytorch, Scikit-learn, NumPy, XGBoost, and Spark, with certain optimizations delivering up to 100 times performance improvements to support end-to-end AI. We also develop innovative Intel software to accelerate developer productivity, such as OpenVINO™, Intel® Neural Compressor, BigDL, and AI software reference kits. 

▪We seek to continually improve our system and foundational-level software in support of our client, data center, networking, and graphics products, delivering AI-optimized software across the stack, including BIOS, firmware, simulation, operating systems, and virtualization.

			Manufacturing Capital

Our global supply chain supports internal partners across architecture, product design, technology development, manufacturing and operations, sales and marketing, and business units, and our supply ecosystem comprises thousands of suppliers globally. Our mission is to enable product and process leadership, industry-leading total cost of ownership, and on-time and uninterrupted supply for our customers. We supplement our own manufacturing capacity through our use of third-party foundries.

			Human Capital

Talent Management
We continue to see significant competition for talent throughout the semiconductor industry. Though we slowed the pace of hiring in the second half of 2022 in line with macroeconomic forecasts, financial performance, and cost-cutting measures, and took actions to rebalance our workforce, the investments we are making to accelerate our process technology require continued and focused efforts to attract and retain talent—especially technical talent. Our undesired turnover rate1 was 5.6% in both 2022 and 2021.

We invest significant resources to develop the talent needed to remain at the forefront of innovation and make Intel an employer of choice. We offer extensive training programs and provide rotational assignment opportunities and are working to update our job architecture to help employees create custom learning curricula for building skills and owning their careers. To further support the growth and development of our people, we continue to increase mentoring in our technical community, drive engagement through employee resource groups, and promote health and wellness resources to all our people. Through our annual Employee Experience Survey and Manager Development Feedback Survey, employees can voice their perceptions of the company, their managers, their work experience, and their learning and development opportunities. Our employees' voices are important to enable our culture of continuous improvement, and as a result, we link a portion of our executive and employee performance bonus to participation in our Employee Experience Survey. Our performance management system is designed to support our cultural evolution and to increase our focus on disciplined OKRs.

Inclusion
Diversity and inclusion are core elements of Intel's values and instrumental to driving innovation and positioning us for growth. Over the past decade, we have taken actions to integrate diversity and inclusion expectations into our culture, performance and management systems, leadership expectations, and annual bonus metrics. We are proud of what we have accomplished to advance diversity and inclusion, but we recognize we can achieve more, including beyond the walls of Intel. Our RISE strategy and 2030 goals set our global ambitions for the rest of the decade, including doubling the number of women in senior leadership; doubling the number of underrepresented minorities in US senior leadership; increasing the percentage of employees who self-identify as having a disability to 10%; and exceeding 40% representation of women in technical roles, including engineering positions and other roles with technical job requirements. To drive accountability, we continue to link a portion of our executive and employee compensation to diversity and inclusion metrics. We have committed our scale, expertise, and reach through our comprehensive RISE strategy to work with customers and other stakeholders to accelerate the adoption of inclusive business practices across industries. As part of the Alliance for Global Inclusion, we worked with a coalition of technology companies to create a Global Inclusion Index Survey, which serves as a benchmark for companies to track diversity and inclusion improvements, provide information on current best practices, and highlight opportunities to improve outcomes across industries. The results of the second Global Inclusion Index Survey were published in 2022 and shared with business leaders across industries. The number of companies that completed the inclusion index in 2022 nearly doubled compared to in 2021. This collective effort will allow the industry to more clearly identify actions needed to advance progress on closing persistent gaps and advancing more inclusive practices in workplaces, industry, and society. The survey results for 2022 showed participants making progress in many of these areas. We will also continue to collaborate on initiatives that expand the diverse pipeline of talent for our industry, advance social equity, make technology fully inclusive, and expand digital readiness for millions of people around the world.

1 Undesired turnover includes all regular Intel employees who voluntarily left Intel, but does not include Intel contract employees, interns, or employees who separated from Intel due to divestiture, retirement, voluntary separation packages, death, job elimination, or redeployment.

2 Senior leadership refers to salary grades 10+ and equivalent grades. While we present male and female, we acknowledge this is not fully encompassing of all gender identities.

3 The term underrepresented minority (URM) is used to describe diverse populations, including Black/African American, Hispanic, and Native American employees in the US.

			Social and Relationship Capital

Economic and social. The health of our business and local economies depends in part on continued investments in innovation. We provide high-skill, high-paying jobs around the world, many of which are manufacturing and R&D jobs located in our own domestic and international factories. As we expand operations in Arizona, Oregon, Ohio, and Europe, we are building a pipeline of qualified workers through our talent strategy and the many investments we are making in education. We also benefit economies through our R&D ecosystem spending, sourcing activities, employee spending, and tax payments. We make sizable capital investments and provide leadership in public-private partnerships to spur economic growth and innovation.

We stand at the forefront of new technologies that are increasingly being used to empower individuals, companies, and governments around the world to solve global challenges. We aim to empower people through education and advance social initiatives to create career pathways into the technology industry. This includes our global Intel Digital Readiness Programs, such as AI for Youth and AI for Workforce, scaled in partnership with governments and institutions to empower individuals with digital readiness and AI skills. Additionally, we invest in multi-year partnerships with historically Black colleges and universities in the US to increase the number of Black/African Americans who pursue electrical engineering, computer engineering, and computer science fields. Our employees and retirees share their expertise through volunteer initiatives in the communities where we operate, volunteering approximately 2.81 million hours over the past three years. These efforts contribute to our RISE goal to volunteer 10 million hours over a decade. COVID-19 presented challenges over the last few years for in-person volunteering, but we continued to see an outpouring of support from employees for virtual volunteering, donations, and innovative technology projects to support our communities, and in 2022, a return to more in-person volunteering. Since 2020, we announced and further expanded upon the Intel RISE Technology Initiative, which provides an expanded channel to build deeper relationships with our customers and partners aligned with our corporate purpose and work to create shared value through our RISE strategy. Specifically, we are funding projects in areas such as using technology to improve health and safety, making technology more inclusive while expanding digital readiness, and carbon-neutral computing to help address climate change.

Human rights commitment. We are committed to maintaining and improving processes to avoid complicity in human rights violations related to our operations, supply chain, and products. We have established an integrated approach to managing human rights across our business, including senior-level management involvement, with board-level oversight. We also meet throughout the year with external stakeholders and experts on human rights to continue to inform and evolve our human rights policies and oversight processes. While we do not always know, nor can we control, what products our customers create or the applications end users may develop, we do not tolerate our products being used to violate human rights. When we become aware of a concern that our products are being used by a business partner in connection with abuses of human rights, our policies require that we restrict or cease business with the third party until we have high confidence that our products are not being used to violate human rights.

1 This is a preliminary estimate. The final number will be reported in our 2022-23 Corporate Responsibility Report, to be issued later in 2023.

Over the past decade, we have directly engaged with our suppliers to verify compliance and build capacity to address risks of forced and bonded labor and other human rights issues. We perform supplier audits and identify critical direct suppliers to engage through capability-building programs, which help suppliers build sustainability acumen and verify compliance with the Responsible Business Alliance and our Code of Conduct. We also engage with indirect suppliers through our programs on forced and bonded labor, responsible minerals, and supplier diversity. To achieve our RISE goals, we are significantly expanding the number of suppliers covered by our engagement activities. The supply chain environmental team is also actively engaging suppliers to measure and reduce their greenhouse gas emissions footprints, and the resulting impact on our footprint, in order to meet our long-term emissions reductions goals.

Natural Capital

Energy

We focus on reducing our own climate change impact, and over the past two decades have reduced our direct and indirect greenhouse gas emissions associated with energy consumption. Through our RISE goals, we have committed to a goal of conserving 4 billion kWh of energy this decade. We have conserved approximately 973 million kWh1 of energy cumulatively since 2020. We also invest in renewable electricity and on-site alternative energy projects in support of our 2030 goal to achieve 100% renewable electricity use across our global operations. In 2022, continuing our practice of linking a portion of our executive and employee performance bonus to our corporate sustainability metrics, we linked a portion of the performance bonus to our 2022 target to reach 90% renewable electricity use globally. We reached our target and achieved approximately 91%1 renewable electricity usage globally in 2022.

1 This is a preliminary estimate. The final number will be reported in our 2022-23 Corporate Responsibility Report, to be issued later in 2023.

Water Stewardship

Water is essential to the semiconductor manufacturing process. We use ultrapure water to remove impurities from our silicon wafers, and we use fresh and reclaimed water to run our manufacturing facility systems. Through our RISE goals, we have committed to achieve net positive water globally, and as part of that effort, conserve 60 billion gallons of water in this decade. Water conservation reduces the amount of water needed from fresh water sources; we have conserved approximately 26.2 billion gallons1 of water and enabled restoration of approximately 6.6 billion gallons1 of water since 2020. In 2022, we linked a portion of our executive and employee performance bonus to our targets to conserve 8.5 billion gallons of water and restore 2.5 billion gallons of water to local watersheds, both of which we achieved.

We have long been committed to waste management, recycling, and circular economy strategies that enable the recovery and productive re-use of waste streams. Our 2030 goals include a target of zero total waste2 to landfill, as well as implementation of circular economy strategies for 60% of our manufacturing waste streams in partnership with our suppliers. We continue to focus on opportunities to upcycle waste by improving waste segregation practices and collaborating with our suppliers to evaluate new technologies for waste recovery.

Governance and Disclosure

1 This is a preliminary estimate. The final number will be reported in our 2022-23 Corporate Responsibility Report, to be issued later in 2023.

2 Intel defines zero waste as less than 1%.

3 The contents of our website and our Corporate Responsibility Report, Climate Change Policy, and CDP Climate Change Survey are referenced for general information only and are not incorporated by reference in this Form 10-K.

Management's Discussion and Analysis

Our CPU and related product offerings provide end-to-end solutions, scaling from edge computing to 5G networks, the cloud, and the emerging fields of AI and autonomous driving. Products, such as our gaming CPUs, may be sold directly to end consumers, or they may be further integrated by our customers into end products such as notebooks and storage servers. Combining some of these products—for example, integrating FPGAs with Intel Xeon processors in a data center solution—enables incremental synergistic value and performance. We launched new products in 2022, such as the 12th Gen Intel Core HX processors, the final products in our Alder Lake family; Raptor Lake, our 13th Gen Intel 7 client product; and Sapphire Rapids, the first of our 4th Gen Intel Xeon Scalable processors. We also added to our graphics offerings with the introduction of Ponte Vecchio and Alchemist.

Our diverse product line includes CPU and chipset, an SoC, or a multichip package based on Intel® architecture that processes data and controls other devices in a system. The primary CPU products in CCG are our Intel Core processors, which include designs specifically for notebook and desktop applications. The primary CPU product in DCAI is our Intel Xeon processor, which includes solutions for data center compute, networking, and the intelligent edge. The primary offerings of NEX include Intel Xeon, Intel Core, and Intel Atom® processor products.

Overview						% Intel Revenue
We are committed to advancing PC experiences by delivering an annual cadence of leadership products and deepening our relationships with industry partners to co-engineer and deliver leading platform innovation. We engage in an intentional effort focused on long-term operating system, system architecture, hardware, and application integration that enables industry-leading PC experiences. We will embrace these opportunities by simplifying and focusing our roadmap, ramping PC capabilities even more aggressively, and designing PC experiences even more deliberately. By doing this, we believe we will continue to fuel innovation across Intel, providing a growing source of IP, scale, and cash flow.
Key Developments
■			Our revenue was $31.7 billion, down 23% in 2022, driven by macroeconomic weakness that negatively impacted PC TAM, particularly in the consumer, education and small/medium business markets. Operating margin was $6.3 billion, down 60% year over year primarily due to lower notebook and desktop revenue, higher unit costs, increased investments in leadership products, and higher inventory reserves.
■			COVID-related dynamics like work- and learn-from-home solidified the PC as an essential tool in the post-pandemic world. We launched our 12th Gen Intel Core H, S, U, and P-series processors and introduced our 13th Gen Intel Core processor family starting with our desktop processors, the second iteration of our performance hybrid architecture built on Intel 7 process technology.
■			We worked with industry partners to co-engineer and deliver more than 153 verified Intel® Evo™ designs and grew the commercial market segment with the launch of our Intel vPro® platform with the 12th Gen Intel Core processor and commercial offerings.

1 Source: Intel calculated 2022 TAM derived from industry analyst reports.

2 Source. Intel calculated PC density from industry analyst reports.

3 Source: Intel calculated volume of devices over four years old from industry analyst reports and internal data.

CCG Revenue $B

CCG Operating Income $B

■ | ■ Notebook

■ | ■ Desktop

■ | ■ Other

Revenue Summary

▪Notebook revenue was $18.8 billion, down $6.7 billion from 2021. Notebook unit sales decreased 36%, driven by lower demand in the consumer and education market segments, and notebook ASPs increased 15% due to an increased mix of commercial and consumer products and a lower mix of education products.

▪Desktop revenue was $10.7 billion, down $1.8 billion from 2021. Desktop unit sales decreased 19%, driven by lower demand in the consumer and education market segments, and desktop ASPs increased 5%, primarily from an increased mix of commercial products.

▪Other revenue was $2.3 billion, down $923 million from 2021, primarily driven by the continued ramp down from the exit of our 5G smartphone modem business and lower demand for our wireless and connectivity products.

▪Notebook revenue increased $546 million. Notebook unit sales increased 8%, driven by consumer and commercial recovery from COVID-19 lows offset by 6% lower ASPs due to strength in consumer and education market segments.

▪Desktop revenue increased $1.3 billion. Desktop unit sales increased 8%, driven by recovery in desktop demand driven by consumer and commercial recovery from COVID-19 lows, and ASP increased 3%, driven by commercial recovery from COVID-19.

▪Other revenue decreased $1.3 billion, primarily driven by the continued ramp down from the exit of our 5G smartphone modem and Home Gateway Platform businesses, partially offset by strength in wireless and connectivity.

Operating Income Summary

(In Millions)
$	6,266					2022 Operating Income
(3,047)						Lower gross margin from notebook revenue
(2,183)						Higher notebook and desktop unit cost primarily from increased mix of Intel 7 products
(1,306)						Lower gross margin from desktop revenue
(1,284)						Higher operating expenses driven by increased investments in leadership products
(969)						Higher period charges primarily driven by inventory reserves taken in 2022
(320)						Lower CCG other product gross margin driven by lower demand for our wireless and connectivity products and the continued ramp down from the exit of our 5G smartphone modem business
(262)						Higher period charges primarily associated with the ramp of Intel 4
(162)						Higher period charges related excess capacity charges
192						Lower period charges due to a benefit related to insurance proceeds received for business interruption and property damage that occurred in 2020
(97)						Other
$	15,704					2021 Operating Income
(840)						Higher period charges primarily associated with ramp up of Intel 4 and subsequent ramp down of 14nm
(675)						Higher operating expenses driven by increased investment in leadership products
(290)						Lower gross margin from notebook revenue
(140)						Higher period charges driven by less sell-through of reserves on products in 2021 as compared to in 2020, and additional reserves taken in 2021
1,080						Higher gross margin from desktop revenue
660						Lower unit cost primarily due to cost improvements in 10nm SuperFin
165						Lower period charges primarily driven by a decrease in engineering samples
(56)						Other
$	15,800					2020 Operating Income

Overview						% Intel Revenue
DCAI delivers industry-leading workload-optimized solutions to cloud service providers and enterprise customers, along with silicon devices for communications service providers and high-performance computing customers. We are uniquely positioned to deliver solutions to help solve our customers’ most complex challenges with the depth and breadth of our hardware and software portfolio combined with silicon and platforms, advanced packaging, and at-scale manufacturing made possible by being the world’s only IDM at scale. Our customers and partners include cloud hyperscalers, MNCs, small and medium-sized businesses, independent software vendors, systems integrators, communications service providers, and governments around the world.
Key Developments
■			Our revenue was $19.2 billion, down 15% in 2022, driven by challenging macroeconomic conditions and industry supply constraints, that both negatively impacted TAM, in addition to competitive pressures and product execution delays. Operating margin was $2.3 billion, down 73% year over year, primarily due to top-line headwinds paired with process node acceleration and increased investments in leadership products.
■			We began high-volume manufacturing of 4th Gen Intel Xeon Scalable processors and started shipping to customers, including Amazon Web Services and Google Cloud.
■			We launched five new Intel FPGA products, including the Intel® Agilex™ FPGA, which extends capabilities to cost-optimized, lower-power, and small-form factor applications, including embedded and edge. We also launched Habana Gaudi2 and Habana Greco, our second-generation deep-learning processors for training and inference.
■			We introduced an innovative service-based security implementation, named Project Amber, which provides customers and partners with a secure foundation for confidential computing, secure and responsible AI, and quantum-resistant crypto in the quantum era.

Our technology is differentiated at the system level and in high-growth workloads based on our integrated hardware acceleration engines and software. For example, architected into our Intel Xeon processors are Intel® Advanced Matrix Extensions (Intel® AMX) for AI acceleration; Intel® Software Guard Extensions (Intel® SGX), providing enclaves of protected memory to deliver enhanced security for sensitive data; and Intel® Crypto Acceleration that delivers breakthrough performance across a host of important cryptographic algorithms. This is the type of acceleration and differentiated performance that we believe will continue to drive our value and growth across our customer base.

■			A portfolio of hardware, including Intel Xeon processors, Intel Agilex and Intel® Stratix® FPGAs, Intel® eASIC™ devices, Habana Gaudi and Habana Greco AI accelerators.
■			Platform enabling and validation in partnership with ODMs, OEMs, and independent software vendors.
■			Optimized solutions for leading workloads such as AI, cryptography, security, and networking, leveraging differentiated features supporting diverse compute environments.

DCAI Revenue $B

DCAI Operating Income $B

Revenue Summary

Operating Income Summary

(In Millions)
$	2,288					2022 Operating Income
(3,330)						Lower gross margin from server revenue
(1,139)						Higher period charges primarily associated with the ramp up of Intel 4
(1,001)						Higher operating expenses driven by increased investments in leadership products
(671)						Higher server unit cost from increased mix of 10nm SuperFin products
(441)						Higher period charges driven by inventory reserves taken in 2022
(305)						Higher other period charges primarily related to product development costs
(189)						Higher period charges related to excess capacity charges
702						Higher gross margin from DCAI other product revenue
223						Lower period charges due to a benefit related to insurance proceeds received for business interruption and property damage that occurred in 2020
$	8,439					2021 Operating Income
(1,050)						Higher DCAI server unit cost primarily from increased mix of 10nm SuperFin products
(820)						Higher period charges primarily driven by ramp up of Intel 4 and subsequent ramp down of 14nm
(725)						Lower gross margin from server revenue
(475)						Higher operating expenses driven by investment in leadership products
(65)						Higher period charges driven by increased engineering samples
375						Higher gross margin from other DCAI product revenue
130						Lower period charges driven by absence of reserves taken in 2020, partially offset by reserves recorded in 2021
(7)						Other
$	11,076					2020 Operating Income

Overview						% Intel Revenue
NEX lifts the world's networks and edge compute systems from inflexible fixed-function hardware to general-purpose compute, acceleration, and networking devices running cloud native software on programmable hardware. We work with partners and customers to deliver and deploy intelligent edge platforms that allow software developers to achieve agility and to drive automation using AI for efficient operations while securing the integrity of their data at the edge. We have a broad portfolio of hardware and software platforms, tools, and ecosystem partnerships for the rapid digital transformation happening from the cloud to the edge. We are leveraging our core strengths in process, software, and manufacturing at scale to grow traditional markets and to accelerate entry into emerging ones.
Key Developments
■			Our revenue was $8.9 billion, up 11% in 2022, driven by the cloud networking and telecommunications market segments. Most notably, we saw strength in our Ethernet ASPs and in 5G product demand. Operating margin was $740 million, down $971 million year over year primarily due to higher investments in product roadmap leadership and process node acceleration, and higher inventory reserves.
■			We announced the Mount Evans IPU, Intel's first dedicated ASIC-based IPU, the Intel Xeon D-1700 series, the Intel Xeon D-2700 series, and the 4th Gen Intel Xeon processor with Intel® vRAN Boost.
■			We continue to update solutions to improve developers' digital strategies and to accelerate market adoption of edge and AI applications. We announced 12th Gen Intel Core Processors for Internet of Things Edge and the Intel® Geti™ computer vision platform with OpenVINO toolkit built in.
■			We continue to work with our ecosystem partners like Ericsson, Nokia, Cisco, Dell Technologies, HPE, Lenovo, Amazon, Google, and Microsoft to drive the software defined transformation of the world’s network and edge infrastructure and accelerate AI driven automation of physical operations.

Cloud Networking: Our cloud customers require uncompromised data center network performance and reliability. Intel® Intelligent Fabric allows customers to program network behavior from end to end, from one Intel Xeon server to the next, through Intel® Ethernet NICs, IPUs, and Ethernet Switch ASICs. This control gives customers the ability to advance and differentiate their cloud infrastructure based on the unique needs of their business. The IPU, a new class of product introduced by Intel, is an open and programmable compute platform that frees up more compute cycles for customers by running infrastructure workloads in a separate, secure, and isolated set of CPU cores. Our Intel® Silicon Photonics Optical Transceivers are the backbone of the data center network, building reliable optical links on an industry-leading manufacturing process.

Telecommunications Networks: Intel led the world’s shift to running networking workloads in software and created network function virtualization, providing customers with more efficient, cost-effective, and programmable platforms. Now we are leading the first wave of 5G core network deployments and demonstrating that 5G base stations can be almost entirely built from software running on Intel Xeon processors with Intel vRAN Boost.

On-premises Edge: More than just a silicon provider, we partner with companies to design and deliver solutions to help a wide range of customers transform their businesses and take advantage of the rapidly increasing number of connected devices and customers. We develop high-performance compute platforms that solve for technology and business use cases that scale across vertical industries and embedded markets such as retail, banking, hospitality, education, manufacturing, energy, healthcare, and medical.

Software and Platforms: Our customers’ need for flexibility, programmability, and versatility drives workloads toward software and away from fixed-function hardware. As networking in the cloud, core network, 5G, and private networks move to software, and as our edge customers increasingly deploy AI inference applications, we aim to simplify innovation on Intel hardware. We support our customers with open, containerized software frameworks, such as Intel® Smart Edge, the OpenVINO toolkit, and the Infrastructure Programmer Developer Kit, enabling the network to continue to improve and evolve without locking customers into a single solution. Intel Geti software is designed to enable teams to rapidly develop AI models, and its intuitive computer vision solution is designed to reduce the time needed to build models by easing the complexities of model development and harnessing greater collaboration between teams at the edge.

NEX Revenue $B

NEX Operating Income $B

Revenue Summary

Operating Income Summary

(In Millions)
$	740					2022 Operating Income
(530)						Higher operating expenses driven by increased investments in leadership products
(461)						Higher period charges primarily associated with the ramp up of Intel 4
(359)						Higher period charges driven by reserves taken in 2022 and lack of sell-through of reserves compared to 2021
(150)						Higher period charges primarily due to other product enhancements
(98)						Lower gross margin from Network Xeon revenue
522						Higher gross margin from Ethernet revenue
191						Lower unit cost primarily from10nm SuperFin products
(86)						Other
$	1,711					2021 Operating Income
895						Lower NEX unit cost due to cost improvements in the 10nm SuperFin process
285						Lower period charges due to reserve sell through and a decrease in engineering samples
215						Higher gross margin from NEX revenue, primarily driven by Ethernet and Edge
(300)						Higher operating expenses primarily due to roadmap investments
(220)						Higher period charges primarily associated with the ramp of Intel 4
(10)						Other
$	846					2020 Operating Income

Overview						% Intel Revenue
Mobileye is a global leader in driving assistance and self-driving solutions. Our product portfolio is designed to encompass the entire stack required for assisted and autonomous driving, including compute platforms, computer vision, and machine learning-based perception; mapping and localization, driving policy, and active sensors in development. We pioneered ADAS technology more than 20 years ago, and have continuously expanded the scope of our ADAS offerings while leading the evolution to autonomous driving solutions. Our unique assets in ADAS allow for building a scalable self-driving stack that meets the requirements for both robotaxi and consumer-owned autonomous vehicles. Our customers and strategic partners include major global OEMs, Tier 1 automotive system integrators, and public transportation operators.
Key Developments
■			We achieved record revenue in 2022 of $1.9 billion, up 35%, primarily driven by higher demand for EyeQ® products and the introduction of Mobileye SuperVision*. Operating income was $690 million, up 25%, primarily due to higher revenues partially offset by increased investments in leadership products.
■			2022 was a very active year as we launched EyeQ-based systems into 233 different vehicle models, achieved a record-setting volume of projected future design wins, including wins for our next-generation EyeQ6 chip, and advanced solutions such as Cloud-enhanced ADAS and Mobileye SuperVision*.
■			On October 26, 2022, we completed the IPO of Mobileye class A common shares (class A shares), and certain other equity financing transactions, which represented approximately 6% of the capital stock of Mobileye, and our class A shares began trading on the Nasdaq Global Select Market under the symbol “MBLY”.

Mobileye Revenue $B

Mobileye Operating Income $B

Revenue and Operating Income Summary

Revenue was $1.9 billion, up $483 million from 2021, primarily driven by higher demand for EyeQ products and Mobileye SuperVision* systems. Operating income was $690 million, up $136 million from 2021, primarily due to higher revenue, partially offset by increased investments in leadership products.

Overview						% Intel Revenue
AXG delivers products and technologies designed to help our customers solve the toughest computational problems. Our vision is to enable persistent and immersive computing, at scale and accessible by billions of people within milliseconds, which drives an incredible demand for compute—from endpoints to data centers. Our portfolio includes CPUs for high-performance computing and GPUs targeted for a range of workloads and platforms, from gaming and content creation on client devices to delivering media and gaming in the cloud, and the most demanding high-performance computing and AI workloads on supercomputers. To address new market opportunities and emerging workloads, we also develop solutions such as custom accelerators with blockchain acceleration.
Key Developments
■			Our revenue was $837 million, up 8% in 2022. Operating loss was $1.7 billion, compared to a loss of $1.2 billion in 2021, primarily due to increased inventory reserves taken and investments in our product roadmap.
■			We launched our Intel Arc A-series GPUs, also known as Alchemist, which offer industry-leading advanced features, including hardware accelerated ray tracing, Xe Super Sampling AI-driven upscaling technology, and Intel® Deep Link technology.
■			We launched Ponte Vecchio, the first Xe-based GPU optimized for high-performance computing and AI workloads.

We leverage Intel’s expansive portfolio of IP cores and technologies, from our process and packaging to our x86 architecture and a rich set of open software tools, libraries, drivers, and operating systems. We build upon the core foundation and combine our scalable Xe Architecture and acceleration IP blocks to address the accelerated computing market.

Our advanced and groundbreaking Xe Architecture excels at rendering content and accelerating computing that scales from the client to the data center. We empower the industry with open and scalable toolkits and software libraries that enable heterogeneous compute through our oneAPI programming model. Intel Arc graphics is our high-performance graphics offering for gaming, content creation, and emerging opportunities to enable persistent and immersive computing. To provide a valuable user experience and bring Intel Arc graphics to market, we work with hundreds of software partners to deliver games and applications that are designed to work seamlessly with our products. We also collaborate with the ecosystem to integrate new functionality and features that take advantage of both our hardware and software technologies to boost performance and enable high-quality rendering and fluid frame rates.

AXG Revenue $B

AXG Operating Income (Loss) $B

Revenue and Operating Income (Loss) Summary

Revenue was $837 million, up $63 million from 2021. We had an operating loss of $1.7 billion, compared to an operating loss of $1.2 billion in 2021, due to increased inventory reserves taken and investments in our product roadmap.

			Overview						% Intel Revenue
			As the first Open System Foundry, we offer customers differentiated full stack solutions created from the best of Intel and the foundry industry ecosystem, delivered from a secure and sustainable source of supply with an array of flexible business models to enable customers to lead in their industry. In addition to a world-class foundry offering enabled by a rich ecosystem, customers have access to our expertise and technologies, including cores, accelerators, and advanced packaging such as EMIB. Our early customers and strategic partners include traditional fabless customers, cloud service providers, automotive customers, and military, aerospace, and defense firms. We also offer mask-making equipment for advanced lithography used by many of the world’s leading-edge foundries.
			Key Developments
			■			Our revenue was $895 million, up 14% in 2022, primarily driven by higher sales of MBMW tools. Operating loss was $320 million, compared to a loss of $23 million in 2021, primarily due to increased spending to drive strategic growth.
			■			We have secured anchor customers and are engaged with seven of ten of the industry’s largest foundry customers. Since beginning production in late 2021 with Amazon Web Services as our lead customer, our packaging business expanded to other customers during the year. We expect Mediatek to be a lead silicon customer using Intel 16 process technology to create smart edge devices, with production expected to begin in 2024.
			■			We launched the IFS Accelerator program, a comprehensive ecosystem alliance designed to help foundry customers seamlessly bring their silicon products from idea to implementation. IFS Accelerator taps the leading capabilities available in the industry to accelerate customer innovation on IFS manufacturing platforms. It features innovative ecosystem partner companies across each of the five alliances of the program: EDA, IP, Design Services, Cloud, and USMAG Alliances.
			■			In Q1 2022, we entered into a definitive agreement to acquire Tower in a cash-for-stock transaction. The acquisition is expected to advance our IDM 2.0 strategy by accelerating our global end-to-end open systems foundry business. While we continue to work to close within the first quarter of 2023, the transaction may close in the first half of 2023, subject to certain regulatory approvals and customary closing conditions. Tower is a leading foundry for analog semiconductor solutions.
			■			We continue to grow the Foundry organization and have hired over 50 leaders from the foundry and fabless industry to complement the talent recruited within Intel. The pending acquisition of Tower would further expand our talent pool. This combination of internal and external talent will help us deliver the best of Intel and the foundry industry to our customers.

▪The digitization of everything, accelerated by the five superpowers: compute, pervasive connectivity, cloud-to-edge infrastructure, AI, and sensing.

▪A generational shift in computer architectures: a move from SoC to chiplets, increased tailoring of chips to workloads, and instruction set diversification.

▪The vertical integration into chip making by OEMs and CSPs.

▪Increasing costs of R&D and capacity for advanced node technologies.

▪Supply chain risk highlighted by the pandemic and geo-political issues.

IFS Revenue $B

IFS Operating Income (Loss) $B

Revenue and Operating Income (Loss) Summary

Revenue was $895 million, up $109 million from 2021, primarily driven by higher sales of MBMW tools. We had an operating loss of $320 million, compared to an operating loss of $23 million from 2021, primarily due to increased spending to drive strategic growth.

Consolidated Results of Operations

Years Ended (In Millions, Except Per Share Amounts)						December 31, 2022												December 25, 2021												December 26, 2020
						Amount						% of Net Revenue						Amount						% of Net Revenue						Amount						% of Net Revenue
Net revenue						$	63,054					100.0		%				$	79,024					100.0		%				$	77,867					100.0		%
Cost of sales						36,188						57.4		%				35,209						44.6		%				34,255						44.0		%
Gross margin						26,866						42.6		%				43,815						55.4		%				43,612						56.0		%
Research and development						17,528						27.8		%				15,190						19.2		%				13,556						17.4		%
Marketing, general and administrative						7,002						11.1		%				6,543						8.3		%				6,180						7.9		%
Restructuring and other charges						2						—		%				2,626						3.3		%				198						0.3		%
Operating income						2,334						3.7		%				19,456						24.6		%				23,678						30.4		%
Gains (losses) on equity investments, net						4,268						6.8		%				2,729						3.5		%				1,904						2.4		%
Interest and other, net						1,166						1.8		%				(482)						(0.6)		%				(504)						(0.6)		%
Income before taxes						7,768						12.3		%				21,703						27.5		%				25,078						32.2		%
Provision for (benefit from) taxes						(249)						(0.4)		%				1,835						2.3		%				4,179						5.4		%
Net income						8,017						12.7		%				19,868						25.1		%				20,899						26.8		%
Less: Net income attributable to non-controlling interests						3						—						—						—						—						—
Net income attributable to Intel						$	8,014					—						$	19,868					—						$	20,899					—
Earnings per share attributable to Intel—diluted						$	1.94											$	4.86											$	4.94

Revenue

Segment Revenue Walk $B

			Gross Margin $B
			(Percentages in chart indicate gross margin as a percentage of total revenue)

(In Millions)
$	26,866					2022 Gross Margin
(4,673)						Lower gross margin from CCG revenue, driven by notebook and desktop revenue
(3,330)						Lower gross margin from DCAI server revenue
(2,663)						Higher unit cost primarily from increased mix of Intel 7 products and 10nm SuperFin
(2,159)						Higher period charges primarily driven by inventory reserves taken in 2022
(2,012)						Higher period charges primarily associated with the ramp up of Intel 4 and other product enhancements
(1,995)						Lower gross margin related to the divested NAND memory business
(723)						Optane inventory impairment related to the wind down of our Intel Optane memory business
(584)						Lack of revenue recognized in Q1 2021 from a prepaid customer supply contract
(313)						Higher stock-based compensation
(423)						Higher period charges due to excess capacity charges
(204)						Corporate charges from patent settlement
484						Lower period charges due to a benefit related to insurance proceeds received for business interruption and property damage that occurred in 2020
522						Higher gross margin from NEX Ethernet revenue
702						Higher gross margin from DCAI other product revenue
422						Other
$	43,815					2021 Gross Margin
790						Higher gross margin from CCG revenue, driven by desktop revenue partially offset by notebook
584						Prepaid customer supply agreement settled and recognized to revenue in Q1 2021
505						Lower unit cost primarily due to cost improvements in 10nm SuperFin
471						Higher gross margin related to the NAND memory business
375						Higher gross margin from DCAI other product revenue
262						Lower period charges due to reserve sell through, partially offset by reserves taken in 2021
215						Higher gross margin from NEX revenue, primarily driven by Ethernet and Edge
(1,880)						Higher period charges primarily associated with ramp up of Intel 4 and subsequent ramp down of 14nm
(725)						Lower gross margin from DCAI server revenue
(394)						Other
$	43,612					2020 Gross Margin

Research and Development $B						Marketing, General and Administrative $B
(Percentages indicate expenses as a percentage of total revenue)

Research and Development

2022 vs. 2021
R&D spending increased by $2.3 billion, or 15%, driven by the following:
+			Investments in our process technology
+			Increase in corporate spending
+			Investments in our businesses to drive strategic growth
-			Incentive-based cash compensation
2021 vs. 2020
R&D spending increased by $1.6 billion, or 12%, driven by the following:
+			Investments in our businesses to drive strategic growth
+			Investments in our process technology
+			Incentive-based cash compensation

Marketing, General and Administrative

2022 vs. 2021
MG&A spending increased by $459 million, or 7%, driven by the following:
+			Increase in corporate spending
-			Incentive-based cash compensation
2021 vs. 2020
MG&A spending increased by $363 million, or 6%, driven by the following:
+			Increase in corporate spending
+			Incentive-based cash compensation

Years Ended (In Millions)						Dec 31, 2022						Dec 25, 2021						Dec 26, 2020
Employee severance and benefit arrangements						$	1,038					$	48					$	124
Litigation charges and other						(1,187)						2,291						67
Asset impairment charges						151						287						7
Total restructuring and other charges						$	2					$	2,626					$	198

Litigation charges and other includes a $1.2 billion benefit in 2022 from the annulled penalty related to an EC fine that was recorded and paid in 2009, and a charge of $2.2 billion in 2021 related to the VLSI litigation.

Years Ended (In Millions)						Dec 31, 2022						Dec 25, 2021						Dec 26, 2020
Ongoing mark-to-market adjustments on marketable equity securities						$	(787)					$	(130)					$	(133)
Observable price adjustments on non-marketable equity securities						299						750						176
Impairment charges						(190)						(154)						(303)
Sale of equity investments and other						4,946						2,263						2,164
Gains (losses) on equity investments, net						$	4,268					$	2,729					$	1,904
Interest and other, net						$	1,166					$	(482)					$	(504)

In 2022, the sale of McAfee Corp. (McAfee) consumer business was completed and we received $4.6 billion in cash for the sale of our remaining share of McAfee, recognizing a $4.6 billion gain in Sale of equity investments and other. In 2021, we recognized McAfee dividends of $1.3 billion, which included a special dividend of $1.1 billion paid in connection with the sale of McAfee's enterprise business, and recognized $228 million related to the partial sale of our investment in McAfee. We recognized McAfee dividends of $126 million in 2020.

In 2022, we also recognized $278 million of initial fair value adjustments in Sale of equity investments and other related to five companies that went public; in 2021, we recognized $447 million of initial fair value adjustments related to four companies that went public; in 2020, we recognized $1.1 billion from Montage becoming marketable and $606 million related to four other equity investments that went public.

Years Ended (Dollars in Millions)						Dec 31, 2022						Dec 25, 2021						Dec 26, 2020
Income before taxes						$	7,768					$	21,703					$	25,078
Provision for (benefit from) taxes						$	(249)					$	1,835					$	4,179
Effective tax rate						(3.2)		%				8.5		%				16.7		%

Our effective tax rate decreased in 2022 compared to 2021, primarily driven by a higher proportion of our income being taxed in non-US jurisdictions and a change in tax law from 2017 Tax Reform related to the capitalization of R&D expenses that went into effect in January 2022. In 2022 we recognized a benefit from taxes as compared to a provision for taxes in 2021 as the higher proportion of our income being taxed in non-US jurisdictions and the change in tax law from 2017 Tax Reform were only partially offset by the tax costs associated with the gains recognized from the equity sale of McAfee and the divestiture of our NAND memory business.

We believe we have sufficient sources of funding to meet our business requirements for the next 12 months and in the longer term. Cash generated by operations, supplemented by our total cash and investments1, is our primary source of liquidity for funding our strategic business requirements. Our short-term funding requirements include capital expenditures for worldwide manufacturing and assembly and test, including investments in our process technology roadmap; working capital requirements; and potential and pending acquisitions, strategic investments, and dividends. This includes a commitment of $5.4 billion associated with our pending acquisition of Tower. See “Note 10: Acquisitions and Divestitures” within the Notes to Consolidated Financial Statements for further information. Our long-term funding requirements incrementally contemplate investments in significant manufacturing expansion plans and investments to accelerate our process technology. These plans include an investment to build two new fabs in Arizona and capacity expansions in Ohio and Europe and involve utilizing SCIP and smart capacity investments, both elements of our Smart Capital strategy. We also expect to benefit from government incentives; any incentives above our current expectations would enable us to increase the pace and size of our investments. Conversely, incentives below our expectations would increase our anticipated cash requirements. We expect our planned capital investments to continue to put pressure on our adjusted free cash flow in the short term.

When assessing our current sources of liquidity, we include our total cash and investments1 as shown in the following table:

(In Millions)						Dec 31, 2022						Dec 25, 2021
Cash and cash equivalents						$	11,144					$	4,827
Short-term investments						17,194						24,426
Loans receivable and other						463						240
Total cash and investments1						$	28,801					$	29,493
Total debt						$	42,051					$	38,101

1 See "Non-GAAP Financial Measures" within MD&A

Other potential sources of liquidity include our commercial paper program and our automatic shelf registration statement on file with the SEC, pursuant to which we may offer an unspecified amount of debt, equity, other securities, and non-recourse factoring arrangements with third-party financial institutions. Under our commercial paper program, we have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion and, as of December 31, 2022, we had $3.9 billion of commercial paper obligations outstanding. During 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. We are using the proceeds from the green bond offering to fund projects that support our investments in sustainable operations. We intend to use the proceeds from the remainder of the offering for general corporate purposes, including, but not limited to, refinancing our outstanding debt and funding for working capital and capital expenditures. We received proceeds of $600 million in the aggregate from the sale of bonds issued by the Industrial Development Authority of the City of Chandler, Arizona (CIDA). We amended our $5.0 billion variable-rate revolving credit facility, extending that maturity date by one year to March 2027 and transitioning the interest terms from LIBOR to term SOFR. In November 2022, we entered into a $5.0 billion, 364-day variable rate revolving credit facility. We repaid $1.6 billion of our senior notes that matured in May 2022; $1.0 billion due July 2022; $1.9 billion due December 2022; and $400 million due November 2023. We settled $138 million bonds issued by the Oregon Business Development Commission in March 2022. As of December 31, 2022, we had no borrowings outstanding on the revolving credit facilities.

Years Ended (In Millions)						Dec 31, 2022						Dec 25, 2021						Dec 26, 2020
Net cash provided by operating activities						$	15,433					$	29,456					$	35,864
Net cash used for investing activities						(10,477)						(24,449)						(21,524)
Net cash provided by (used for) financing activities						1,361						(6,045)						(12,669)
Net increase (decrease) in cash and cash equivalents						$	6,317					$	(1,038)					$	1,671

▪Inventories—the transition of manufacturing costs to inventory, net of factory excess capacity costs. Inventory reflected at the lower of cost or net realizable value considering forecasted future demand and market conditions;

▪Long-lived assets—the valuation methods and assumptions used in assessing the impairment and evaluation of useful lives of property, plant and equipment, identified intangibles, and impairment of goodwill, including the determination of asset groupings and the identification and allocation of goodwill to reporting units;

▪Non-marketable equity investments—the valuation estimates and assessment of impairment and observable price adjustments; and

▪Loss contingencies—the estimation of when a loss is probable and reasonably estimable.

Non-GAAP adjustment or measure			Definition			Usefulness to management and investors
NAND memory business			We completed the first closing of the divestiture of our NAND memory business to SK hynix on December 29, 2021 and fully deconsolidated our ongoing interests in the NAND OpCo Business in the first quarter of 2022.			We exclude the impact of our NAND memory business in certain non-GAAP measures. While the second closing of the sale is still pending and subject to closing conditions, we deconsolidated this business in Q1 2022 and management does not view the historical results of the business as a part of our core operations. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model and how management currently evaluates core operational performance. In making these adjustments, we have not made any changes to our methods for measuring and calculating revenue or other financial statement amounts.