2022 Q1 Form 10-K Financial Statement

#000005086322000007 Filed on January 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $20.53B $79.02B
YoY Change 2.75% 1.49%
Cost Of Revenue $9.519B $35.21B
YoY Change 10.3% 2.78%
Gross Profit $11.01B $43.82B
YoY Change -2.99% 0.47%
Gross Profit Margin 53.63% 55.45%
Selling, General & Admin $1.942B $6.543B
YoY Change 10.53% 5.87%
% of Gross Profit 17.64% 14.93%
Research & Development $4.049B $15.19B
YoY Change 10.78% 12.05%
% of Gross Profit 36.78% 34.67%
Depreciation & Amortization $3.074B $9.953B
YoY Change 2.36% -5.05%
% of Gross Profit 27.92% 22.72%
Operating Expenses $5.991B $24.36B
YoY Change 10.7% 22.2%
Operating Profit $5.018B $19.46B
YoY Change -15.46% -17.83%
Interest Expense $258.0M $597.0M
YoY Change -83.74% -5.09%
% of Operating Profit 5.14% 3.07%
Other Income/Expense, Net -$53.00M -$482.0M
YoY Change -411.76% -4.37%
Pretax Income $5.194B $21.70B
YoY Change -30.64% -13.46%
Income Tax $571.0M $1.835B
% Of Pretax Income 10.99% 8.46%
Net Earnings $4.623B $19.87B
YoY Change -21.07% -4.93%
Net Earnings / Revenue 22.52% 25.14%
Basic Earnings Per Share $4.89
Diluted Earnings Per Share $1.129M $4.86
COMMON SHARES
Basic Shares Outstanding 4.072B shares 4.059B shares
Diluted Shares Outstanding 4.090B shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.25B $29.25B
YoY Change 258.62% 22.42%
Cash & Equivalents $4.827B $4.827B
Short-Term Investments $24.43B $24.43B
Other Short-Term Assets $2.130B $9.072B
YoY Change -22.4% 13.2%
Inventory $10.78B $10.78B
Prepaid Expenses
Receivables $9.457B $9.457B
Other Receivables $0.00 $0.00
Total Short-Term Assets $58.56B $58.56B
YoY Change 23.93% 23.93%
LONG-TERM ASSETS
Property, Plant & Equipment $63.25B $63.25B
YoY Change 11.77% 10.59%
Goodwill $26.96B
YoY Change -0.03%
Intangibles $7.270B
YoY Change -19.45%
Long-Term Investments $16.00M $6.298B
YoY Change -11.11% -14.24%
Other Assets $6.072B $6.072B
YoY Change 2.62% 14.29%
Total Long-Term Assets $109.8B $109.8B
YoY Change 3.78% 3.78%
TOTAL ASSETS
Total Short-Term Assets $58.56B $58.56B
Total Long-Term Assets $109.8B $109.8B
Total Assets $168.4B $168.4B
YoY Change 10.0% 10.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.747B $5.747B
YoY Change 2.97% 2.97%
Accrued Expenses $17.12B $17.12B
YoY Change 5.97% 11.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.591B $4.591B
YoY Change 83.35% 83.35%
Total Short-Term Liabilities $27.46B $27.46B
YoY Change 10.94% 10.94%
LONG-TERM LIABILITIES
Long-Term Debt $33.51B $33.51B
YoY Change -1.14% -1.14%
Other Long-Term Liabilities $5.071B $9.376B
YoY Change 40.32% -1.91%
Total Long-Term Liabilities $38.58B $42.89B
YoY Change 2.85% -1.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.46B $27.46B
Total Long-Term Liabilities $38.58B $42.89B
Total Liabilities $66.04B $73.02B
YoY Change 6.07% 1.34%
SHAREHOLDERS EQUITY
Retained Earnings $68.27B
YoY Change 21.4%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $95.39B $95.39B
YoY Change
Total Liabilities & Shareholders Equity $168.4B $168.4B
YoY Change 10.0% 10.0%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income $4.623B $19.87B
YoY Change -21.07% -4.93%
Depreciation, Depletion And Amortization $3.074B $9.953B
YoY Change 2.36% -5.05%
Cash From Operating Activities $5.797B $29.99B
YoY Change -41.39% -15.24%
INVESTING ACTIVITIES
Capital Expenditures -$7.632B $18.73B
YoY Change 97.36% 31.38%
Acquisitions $209.0M
YoY Change -75.03%
Other Investing Activities $2.598B -$658.0M
YoY Change -242.98% -52.49%
Cash From Investing Activities -$5.034B -$25.17B
YoY Change -11.44% 21.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.415B
YoY Change -83.03%
Debt Paid & Issued, Net $2.500B
YoY Change -44.75%
Cash From Financing Activities -3.806B -$5.862B
YoY Change 124.28% -54.62%
NET CHANGE
Cash From Operating Activities 5.797B $29.99B
Cash From Investing Activities -5.034B -$25.17B
Cash From Financing Activities -3.806B -$5.862B
Net Change In Cash -3.043B -$1.038B
YoY Change -221.28% -162.12%
FREE CASH FLOW
Cash From Operating Activities $5.797B $29.99B
Capital Expenditures -$7.632B $18.73B
Free Cash Flow $13.43B $11.26B
YoY Change -2.38% -46.71%

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CY2020 us-gaap Restructuring Settlement And Impairment Provisions
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CY2019 us-gaap Amortization Of Intangible Assets
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CY2019 us-gaap Increase Decrease In Equity Securities Fv Ni
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CY2019 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Increase Decrease In Inventories
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CY2020 us-gaap Increase Decrease In Inventories
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CY2019 us-gaap Increase Decrease In Inventories
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2020 us-gaap Increase Decrease In Accounts Payable
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CY2019 us-gaap Increase Decrease In Accounts Payable
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CY2020 us-gaap Increase Decrease In Employee Related Liabilities
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CY2019 us-gaap Increase Decrease In Employee Related Liabilities
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CY2020 us-gaap Increase Decrease In Contract With Customer Liability
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CY2019 us-gaap Increase Decrease In Contract With Customer Liability
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CY2020 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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1620000000 USD
CY2019 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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885000000 USD
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CY2020 us-gaap Increase Decrease In Other Operating Capital Net
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437000000 USD
CY2019 us-gaap Increase Decrease In Other Operating Capital Net
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CY2020 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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CY2019 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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12097000000 USD
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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1596000000 USD
CY2020 intc Divestiture Additions To Property Plant And Equipment Held For Sale
DivestitureAdditionsToPropertyPlantAndEquipmentHeldForSale
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CY2019 intc Divestiture Additions To Property Plant And Equipment Held For Sale
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CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2020 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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837000000 USD
CY2019 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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1958000000 USD
CY2021 us-gaap Payments To Acquire Available For Sale Securities Debt
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5051000000 USD
CY2020 us-gaap Payments To Acquire Available For Sale Securities Debt
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6862000000 USD
CY2019 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2020 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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4226000000 USD
CY2021 us-gaap Payments To Acquire Short Term Investments
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CY2020 us-gaap Payments To Acquire Short Term Investments
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7178000000 USD
CY2021 us-gaap Payments To Acquire Other Investments
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613000000 USD
CY2020 us-gaap Payments To Acquire Other Investments
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CY2019 us-gaap Payments To Acquire Other Investments
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522000000 USD
CY2021 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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581000000 USD
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910000000 USD
CY2019 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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2688000000 USD
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CY2020 us-gaap Payments For Proceeds From Other Investing Activities
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CY2019 us-gaap Payments For Proceeds From Other Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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4974000000 USD
CY2020 us-gaap Proceeds From Issuance Of Long Term Debt
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10247000000 USD
CY2019 us-gaap Proceeds From Issuance Of Long Term Debt
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3392000000 USD
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2500000000 USD
CY2020 us-gaap Repayments Of Long Term Debt
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4525000000 USD
CY2019 us-gaap Repayments Of Long Term Debt
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CY2021 us-gaap Proceeds From Stock Plans
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CY2020 us-gaap Proceeds From Stock Plans
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897000000 USD
CY2019 us-gaap Proceeds From Stock Plans
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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1175000000 USD
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5865000000 USD
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CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2019 us-gaap Income Taxes Paid Net
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892000000 USD
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CY2020 us-gaap Net Income Loss
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488000000 USD
CY2019 us-gaap Dividends Common Stock
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1018000000 USD
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CY2021 us-gaap Comprehensive Income Net Of Tax
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1022000000 USD
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2036000000 USD
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0 USD
CY2021 us-gaap Stock Repurchased During Period Value
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2415000000 USD
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420000000 USD
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5644000000 USD
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CY2021 intc Prq Max
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CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#0068b5;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Credit Risk</span></div><div style="margin-bottom:9pt"><span style="color:#262626;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Financial instruments that potentially subject us to concentrations of credit risk consist principally of investments in debt instruments, derivative financial instruments, loans receivable, reverse repurchase agreements, and trade receivables. We generally place investments with high-credit-quality counterparties and, by policy, we limit the amount of credit exposure to any one counterparty based on our analysis of that counterparty's relative credit standing. As required per our investment policy, substantially all of our investments in debt instruments are in investment-grade instruments. Credit-rating criteria for derivative instruments are similar to those for other investments. </span></div><div style="margin-bottom:9pt"><span style="color:#262626;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. Due to master netting arrangements, the amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which the counterparty's obligations exceed our obligations with that counterparty. As of December 25, 2021, our total credit exposure to any single counterparty, excluding money market funds invested in US treasury and US agency securities and reverse repurchase agreements collateralized by treasury and agency securities, did not exceed $2.6 billion. To further reduce credit risk, we enter into collateral security arrangements with certain of our derivative counterparties and obtain and secure collateral from counterparties against obligations, including securities lending transactions when we deem it appropriate. Cash collateral exchanged under our collateral security arrangements are included in other current assets, other long-term assets, other accrued liabilities, or other long-term liabilities. For reverse repurchase agreements collateralized by other securities, we do not record the collateral as an asset or a liability unless the collateral is repledged.</span></div><div style="margin-bottom:9pt"><span style="color:#262626;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:115%">A substantial majority</span><span style="color:#262626;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:115%"> </span><span style="color:#262626;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:115%">of our trade receivables are derived from sales to OEMs and ODMs. We also have accounts receivable derived from sales to industrial and communications equipment manufacturers in the computing and communications industries. We believe the net accounts receivable balances from our three largest customers (42% as of December 25, 2021) do not represent a significant credit risk, based on cash flow forecasts, balance sheet analysis, and past collection experience. </span></div><div style="margin-bottom:9pt"><span style="color:#262626;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have adopted credit policies and standards intended to accommodate industry growth and inherent risk. We believe credit risks are moderated by the financial stability of our major customers. We assess credit risk through quantitative and qualitative analysis. From this analysis, we establish shipping and credit limits, and determine whether we will seek to use one or more credit support protection devices, such as obtaining a parent guarantee, standby letter of credit, or credit insurance.</span></div>
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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77867000000 USD
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71965000000 USD
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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77867000000 USD
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71965000000 USD
CY2021 us-gaap Net Income Loss
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19868000000 USD
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20899000000 USD
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21048000000 USD
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4059000000 shares
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4199000000 shares
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4417000000 shares
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31000000 shares
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33000000 shares
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41000000 shares
CY2021 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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0 shares
CY2020 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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0 shares
CY2019 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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15000000 shares
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4090000000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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4232000000 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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4473000000 shares
CY2021 us-gaap Earnings Per Share Basic
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4.89
CY2020 us-gaap Earnings Per Share Basic
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4.98
CY2019 us-gaap Earnings Per Share Basic
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4.77
CY2021 us-gaap Earnings Per Share Diluted
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4.86
CY2020 us-gaap Earnings Per Share Diluted
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4.94
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.71
CY2021Q4 us-gaap Contract With Customer Liability
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498000000 USD
CY2020Q4 us-gaap Contract With Customer Liability
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1900000000 USD
CY2021Q1 intc Contract With Customer Liability Contract Termination
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1600000000 USD
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908000000 USD
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5693000000 USD
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1826000000 USD
CY2021Q4 us-gaap Inventory Net
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10776000000 USD
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8427000000 USD
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148539000000 USD
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134229000000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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85294000000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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77645000000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
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63245000000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
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56584000000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
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63245000000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
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56584000000 USD
CY2021Q4 us-gaap Deferred Compensation Liability Current
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2800000000 USD
CY2020Q4 us-gaap Deferred Compensation Liability Current
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2500000000 USD
CY2021Q4 us-gaap Derivative Asset Fair Value Of Collateral
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CY2020Q4 us-gaap Securities Purchased Under Agreements To Resell
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CY2020Q4 intc Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash Or Non Cash
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CY2019Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2020Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2020Q4 us-gaap Defined Benefit Plan Amounts Recognized In Balance Sheet
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CY2020Q4 us-gaap Defined Benefit Plan Accumulated Benefit Obligation
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CY2020Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
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CY2021Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
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CY2020Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
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CY2021 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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CY2020 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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CY2019 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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CY2021 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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0.027
CY2020 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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0.033
CY2019 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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0.047
CY2021 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
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CY2020 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.032
CY2019 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
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0.035
CY2021Q4 us-gaap Defined Benefit Plan Funded Percentage
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0.28
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CY2020Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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2878000000 USD
CY2021Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
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147000000 USD
CY2021Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
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144000000 USD
CY2021Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
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141000000 USD
CY2021Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
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142000000 USD
CY2021Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
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146000000 USD
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765000000 USD
CY2021 us-gaap Share Based Compensation
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CY2020 us-gaap Share Based Compensation
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CY2019 us-gaap Share Based Compensation
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CY2021 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2020 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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380000000 USD
CY2019 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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359000000 USD
CY2021Q4 us-gaap Lessor Operating Lease Renewal Term
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P37Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y9M18D
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CY2021 us-gaap Operating Lease Expense
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CY2020 us-gaap Operating Lease Expense
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CY2019 us-gaap Operating Lease Expense
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CY2021 us-gaap Variable Lease Cost
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CY2021Q4 us-gaap Finance Lease Liability Payments Due
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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183000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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499000000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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451000000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Two
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529000000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due
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980000000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1455000000 USD
CY2021Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
12400000000 USD
CY2020Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
2600000000 USD

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