XXXXXXXXXXQ4) - 10K Document
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 26, 2020.
o
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from XXXXXXXXXXto .
Commission File Number XXXXXXXXXX
INTEL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware XXXXXXXXXX
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
2200 Mission College Boulevard, Santa Clara, California XXXXXXXXXX
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code XXXXXXXXXX
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol Name of each exchange on which registered
Common stock, $0.001 par value INTC Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑
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
equirements 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 (§ XXXXXXXXXXof this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an
emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Accelerated Filer Non-Accelerated Filer Smaller Reporting Company Emerging Growth Company
☑ ☐ ☐ ☐ ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
evised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sa
anes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or
issued its audit report. ☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
Aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant as of June 26, 2020, based upon the closing price
of the common stock as reported by the Nasdaq Global Select Market on such date, was $244.5 billion. 4,063 million shares of common stock were
outstanding as of January 15, 2021.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s proxy statement related to its 2021 Annual Stockholders' Meeting to be filed subsequently are incorporated by reference into
Part III of this Form 10-K. Except as expressly incorporated by reference, the registrant's proxy statement shall not be deemed to be part of this report.
Table of Contents
Organization of Our Form 10-K
The order and presentation of content in our Form 10-K differs from the traditional SEC Form 10-K format. Our format is designed to
improve readability and better present how we organize and manage our business. See "Form 10-K Cross-Reference Index" within the
Financial Statements and Supplemental Details for a cross-reference index to the traditional SEC Form 10-K format. To reflect our focus
on transforming from a PC-centric1 company to a data-centric company, we have presented our data-centric businesses1 first in the
"Segment Trends and Results" within MD&A.
We have defined certain terms and a
eviations used throughout our Form 10-K in "Key Terms" within the Financial Statements and
Supplemental Details.
The preparation of our Consolidated Financial Statements is in conformity with U.S. GAAP. Our Form 10-K includes key metrics that we
use to measure our business, some of which are non-GAAP measures. See "Non-GAAP Financial Measures" within MD&A for an
explanation of these measures and why management uses them and believes they provide investors with useful supplemental
information.
Fundamentals of Our Business Page
Introduction to Our Business 2
A Year in Review 4
Our Strategy 6
Our Capital 8
Management's Discussion and Analysis
Our Products 17
How We Organize Our Business 18
Segment Trends and Results 20
Consolidated Results of Operations 37
Liquidity and Capital Resources 42
Contractual Obligations 45
Quantitative and Qualitative Disclosures About Market Risk 46
Non-GAAP Financial Measures 48
Other Key Information
Selected Financial Data 50
Sales and Marketing 51
Intellectual Property Rights and Licensing 52
Critical Accounting Estimates 52
Risk Factors 53
Properties 65
Market for Our Common Stock 66
Information About Our Executive Officers 68
Availability of Company Information 69
Financial Statements and Supplemental Details
Auditor's Reports 71
Consolidated Financial Statements 74
Notes to the Consolidated Financial Statements 79
Key Terms 110
Financial Information by Quarter 112
Controls and Procedures 113
Exhibits 114
Form 10-K Cross-Reference Index 119
1 Intel's definition is included in "Key Terms" within the Financial Statements and Supplemental Details.
Forward-Looking Statements
This Form 10-K contains forward-looking statements that involve a number of risks and uncertainties. Words such as "anticipates,"
"expect," "intend," "strive," "goals," "plans," "ambitions," "opportunity," "future," "to be," "achieve," "grow," "committed," "believes," "seeks,"
"targets," "estimated," "continues," "likely," "possible," "may," "might," "potentially," "will," "would," "should," "could," "on track," and
variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that
efer to future responses to and effects of COVID-19; projections of our future financial performance; future business, social, and
environmental performance, goals, and measures; our anticipated growth and trends in our businesses and operations; projected growth
and trends in markets relevant to our businesses; business and investment plans; future products and technology, and the expected
egulation, availability and benefits of such products and technology; projected cost and yield trends; expected timing and impact of
acquisitions, divestitures, and other significant transactions, including statements relating to the pending divestiture of our NAND memory
usiness to SK hynix Inc. (SK hynix); expected completion of restructuring activities; availability, uses, sufficiency, and cost of capital of
capital resources, including expected returns to stockholders such as dividends and share repurchases, and the expected timing of future
epurchases; our valuation; future production capacity and product supply; the future purchase, use, and availability of products,
components, and services supplied by third parties, including third-party IP and manufacturing services; tax- and accounting-related
expectations; LIBOR-related expectations; uncertain events or assumptions, including statements relating to TAM or market opportunity,
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. Given these
isks 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.
Note Regarding Third-Party Information
This Form 10-K includes market data and certain other statistical information and estimates that are based on reports and other
publications from industry analysts, market research firms, and other independent sources, as well as management's own good faith
estimates and analyses. Intel believes these third-party reports to be reputable, but has not independently verified the underlying data
sources, methodologies, or assumptions. The reports and other publications referenced are generally available to the public and were not
commissioned by Intel. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is
inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances reflected in
this information.
* Other names and
ands may be claimed as the property of others.
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.
Intel, 3D XPoint, A
ia, Celeron, Intel Agilex, Intel Atom, Intel Core, eASIC, Intel Evo, Intel Inside, the Intel logo, the Intel Inside logo, Intel Optane, Iris,
Itanium, Movidius, Myriad, OpenVINO, OpenVino logo, Pentium, Quark, Stratix, Thunde
olt, Tofino, Intel vPro, and Xeon are trademarks of Intel
Corporation or its subsidiaries.
Table of Contents
1
A Year in Review
We achieved record revenue of $77.9 billion, with 49% from our data-centric
usinesses, amid the effects of the