Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Intel Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Federal	538)	4,106)	1,304)	1,120)	1,391)
State	23)	68)	75)	46)	37)
Non-U.S.	535)	735)	1,198)	1,244)	1,060)
Current provision for taxes	1,096)	4,909)	2,577)	2,410)	2,488)
Federal	(2,048)	(5,806)	(863)	1,369)	597)
State	(21)	(40)	(25)	25)	1)
Other	60)	688)	146)	375)	(76)
Deferred provision for (benefit from) taxes	(2,009)	(5,158)	(742)	1,769)	522)
Provision for (benefit from) taxes	(913)	(249)	1,835)	4,179)	3,010)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Item	Description	The company
Current provision for taxes	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Intel Corp. current provision for taxes increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Deferred provision for (benefit from) taxes	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Intel Corp. deferred provision for (benefit from) taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Provision for (benefit from) taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Intel Corp. provision for (benefit from) taxes decreased from 2021 to 2022 and from 2022 to 2023.

Intel Corp., effective income tax rate (EITR) reconciliation

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
Research and development tax credits	-99.00%	-11.40%	-2.40%	-2.10%	-2.30%
Non-US income taxed at different rates	-60.60%	-13.40%	-5.90%	-3.70%	-3.70%
Foreign derived intangible income benefit	-25.10%	-9.70%	-2.20%	-1.90%	-3.20%
Restructuring of certain non-U.S. subsidiaries	-15.80%	-2.20%	-3.40%	0.00%	0.00%
Share-based compensation	34.30%	3.00%	0.00%	0.00%	0.00%
Unrecognized tax benefits and settlements	16.30%	4.50%	1.10%	0.60%	0.00%
Non-deductibility of European Commission fine	11.10%	-4.10%	0.00%	0.00%	0.00%
Change in permanent reinvestment assertion	0.00%	0.00%	0.00%	1.60%	0.00%
Other	-2.00%	9.10%	0.30%	1.20%	0.70%
Effective tax rate	-119.80%	-3.20%	8.50%	16.70%	12.50%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Intel Corp. effective tax rate decreased from 2021 to 2022 and from 2022 to 2023.

Intel Corp., components of deferred tax assets and liabilities

US$ in millions

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
R&D expenditures capitalization	7,726)	5,067)	519)	—)	—)
State credits and net operating losses	2,624)	2,259)	2,010)	1,829)	1,511)
Inventory	1,430)	1,788)	914)	835)	760)
Accrued compensation and other benefits	931)	1,031)	1,019)	865)	740)
Share-based compensation	586)	557)	477)	324)	294)
Litigation charge	308)	470)	467)	—)	—)
Other, net	926)	709)	819)	617)	515)
Gross deferred tax assets	14,531)	11,881)	6,225)	4,470)	3,820)
Valuation allowance	(3,047)	(2,586)	(2,259)	(1,963)	(1,534)
Deferred tax assets	11,484)	9,295)	3,966)	2,507)	2,286)
Property, plant and equipment	(5,156)	(4,776)	(4,213)	(3,109)	(1,807)
Licenses and intangibles	(494)	(386)	(486)	(725)	(720)
Convertible debt	—)	—)	—)	—)	(88)
Unrealized gains on investments and derivatives	(358)	(415)	(819)	(735)	(292)
Unremitted earnings of non-US subsidiaries	—)	—)	—)	(403)	(28)
Other, net	(203)	(470)	(241)	(146)	(186)
Deferred tax liabilities	(6,211)	(6,047)	(5,759)	(5,118)	(3,121)
Net deferred tax assets (liabilities)	5,273)	3,248)	(1,793)	(2,611)	(835)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Intel Corp. gross deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Intel Corp. deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Intel Corp. net deferred tax assets (liabilities) increased from 2021 to 2022 and from 2022 to 2023.

Intel Corp., deferred tax assets and liabilities, classification

US$ in millions

		Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
	Deferred tax assets (included within Other long-term assets)	5,459)	3,450)	874)	1,232)	1,209)
	Deferred tax liabilities (included within Other long-term liabilities)	186)	202)	2,667)	3,843)	2,044)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Item	Description	The company
Deferred tax assets (included within Other long-term assets)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Intel Corp. deferred tax assets (included within Other long-term assets) increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax liabilities (included within Other long-term liabilities)	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Intel Corp. deferred tax liabilities (included within Other long-term liabilities) decreased from 2021 to 2022 and from 2022 to 2023.

Intel Corp., adjustments to financial statements

US$ in millions

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Adjustment to Total Assets
Total assets (as reported)	191,572)	182,103)	168,406)	153,091)	136,524)
Less: Noncurrent deferred tax assets, net	5,459)	3,450)	874)	1,232)	1,209)
Total assets (adjusted)	186,113)	178,653)	167,532)	151,859)	135,315)
Adjustment to Total Liabilities
Total liabilities (as reported)	81,607)	78,817)	73,015)	72,053)	58,865)
Less: Noncurrent deferred tax liabilities, net	186)	202)	2,667)	3,843)	2,044)
Total liabilities (adjusted)	81,421)	78,615)	70,348)	68,210)	56,821)
Adjustment to Total Intel Stockholders’ Equity
Total Intel stockholders’ equity (as reported)	105,590)	101,423)	95,391)	81,038)	77,504)
Less: Net deferred tax assets (liabilities)	5,273)	3,248)	(1,793)	(2,611)	(835)
Total Intel stockholders’ equity (adjusted)	100,317)	98,175)	97,184)	83,649)	78,339)
Adjustment to Net Income Attributable To Intel
Net income attributable to Intel (as reported)	1,689)	8,014)	19,868)	20,899)	21,048)
Add: Deferred income tax expense (benefit)	(2,009)	(5,158)	(742)	1,769)	522)
Net income attributable to Intel (adjusted)	(320)	2,856)	19,126)	22,668)	21,570)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

Intel Corp., Financial Data: Reported vs. Adjusted

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Intel Corp., adjusted financial ratios

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Net Profit Margin
Reported net profit margin	3.11%	12.71%	25.14%	26.84%	29.25%
Adjusted net profit margin	-0.59%	4.53%	24.20%	29.11%	29.97%
Total Asset Turnover
Reported total asset turnover	0.28	0.35	0.47	0.51	0.53
Adjusted total asset turnover	0.29	0.35	0.47	0.51	0.53
Financial Leverage
Reported financial leverage	1.81	1.80	1.77	1.89	1.76
Adjusted financial leverage	1.86	1.82	1.72	1.82	1.73
Return on Equity (ROE)
Reported ROE	1.60%	7.90%	20.83%	25.79%	27.16%
Adjusted ROE	-0.32%	2.91%	19.68%	27.10%	27.53%
Return on Assets (ROA)
Reported ROA	0.88%	4.40%	11.80%	13.65%	15.42%
Adjusted ROA	-0.17%	1.60%	11.42%	14.93%	15.94%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Intel Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Intel Corp. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Intel Corp. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Intel Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Intel Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Intel Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Intel	1,689)	8,014)	19,868)	20,899)	21,048)
Net revenue	54,228)	63,054)	79,024)	77,867)	71,965)
Profitability Ratio
Net profit margin¹	3.11%	12.71%	25.14%	26.84%	29.25%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Intel	(320)	2,856)	19,126)	22,668)	21,570)
Net revenue	54,228)	63,054)	79,024)	77,867)	71,965)
Profitability Ratio
Adjusted net profit margin²	-0.59%	4.53%	24.20%	29.11%	29.97%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

2023 Calculations

¹ Net profit margin = 100 × Net income attributable to Intel ÷ Net revenue
= 100 × 1,689 ÷ 54,228 = 3.11%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Intel ÷ Net revenue
= 100 × -320 ÷ 54,228 = -0.59%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Intel Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net revenue	54,228)	63,054)	79,024)	77,867)	71,965)
Total assets	191,572)	182,103)	168,406)	153,091)	136,524)
Activity Ratio
Total asset turnover¹	0.28	0.35	0.47	0.51	0.53
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net revenue	54,228)	63,054)	79,024)	77,867)	71,965)
Adjusted total assets	186,113)	178,653)	167,532)	151,859)	135,315)
Activity Ratio
Adjusted total asset turnover²	0.29	0.35	0.47	0.51	0.53

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

2023 Calculations

¹ Total asset turnover = Net revenue ÷ Total assets
= 54,228 ÷ 191,572 = 0.28

² Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 54,228 ÷ 186,113 = 0.29

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Intel Corp. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	191,572)	182,103)	168,406)	153,091)	136,524)
Total Intel stockholders’ equity	105,590)	101,423)	95,391)	81,038)	77,504)
Solvency Ratio
Financial leverage¹	1.81	1.80	1.77	1.89	1.76
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	186,113)	178,653)	167,532)	151,859)	135,315)
Adjusted total Intel stockholders’ equity	100,317)	98,175)	97,184)	83,649)	78,339)
Solvency Ratio
Adjusted financial leverage²	1.86	1.82	1.72	1.82	1.73

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

2023 Calculations

¹ Financial leverage = Total assets ÷ Total Intel stockholders’ equity
= 191,572 ÷ 105,590 = 1.81

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Intel stockholders’ equity
= 186,113 ÷ 100,317 = 1.86

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Intel Corp. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Intel	1,689)	8,014)	19,868)	20,899)	21,048)
Total Intel stockholders’ equity	105,590)	101,423)	95,391)	81,038)	77,504)
Profitability Ratio
ROE¹	1.60%	7.90%	20.83%	25.79%	27.16%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Intel	(320)	2,856)	19,126)	22,668)	21,570)
Adjusted total Intel stockholders’ equity	100,317)	98,175)	97,184)	83,649)	78,339)
Profitability Ratio
Adjusted ROE²	-0.32%	2.91%	19.68%	27.10%	27.53%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

2023 Calculations

¹ ROE = 100 × Net income attributable to Intel ÷ Total Intel stockholders’ equity
= 100 × 1,689 ÷ 105,590 = 1.60%

² Adjusted ROE = 100 × Adjusted net income attributable to Intel ÷ Adjusted total Intel stockholders’ equity
= 100 × -320 ÷ 100,317 = -0.32%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Intel Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Intel	1,689)	8,014)	19,868)	20,899)	21,048)
Total assets	191,572)	182,103)	168,406)	153,091)	136,524)
Profitability Ratio
ROA¹	0.88%	4.40%	11.80%	13.65%	15.42%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Intel	(320)	2,856)	19,126)	22,668)	21,570)
Adjusted total assets	186,113)	178,653)	167,532)	151,859)	135,315)
Profitability Ratio
Adjusted ROA²	-0.17%	1.60%	11.42%	14.93%	15.94%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

2023 Calculations

¹ ROA = 100 × Net income attributable to Intel ÷ Total assets
= 100 × 1,689 ÷ 191,572 = 0.88%

² Adjusted ROA = 100 × Adjusted net income attributable to Intel ÷ Adjusted total assets
= 100 × -320 ÷ 186,113 = -0.17%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Intel Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Intel Corp. (NASDAQ:INTC)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Intel Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Intel Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)