Stock Analysis on Net
Stock Analysis on Net

Intel Corp. (NASDAQ:INTC)

Analysis of Operating Leases

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An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases

Intel Corp., adjustments to financial statements

US$ in millions

Microsoft Excel
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
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 — — — — —
Total assets (adjusted) 191,572 182,103 168,406 153,091 136,524
Adjustment to Total Debt
Total debt (as reported) 49,266 42,051 38,101 36,401 29,001
Add: Operating lease liability (before adoption of FASB Topic 842)2 — — — — —
Add: Operating lease liability (recognized in Accrued liabilities) 142 173 180 173 175
Add: Operating lease liability (recognized in Other long-term liabilities) 289 236 295 354 375
Total debt (adjusted) 49,697 42,460 38,576 36,928 29,551

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).

1, 2 Equal to total present value of future operating lease payments.

Intel Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios for Operating Leases (Summary)

Intel Corp., adjusted financial ratios

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Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Total Asset Turnover1
Reported total asset turnover 0.28 0.35 0.47 0.51 0.53
Adjusted total asset turnover 0.28 0.35 0.47 0.51 0.53
Debt to Equity2
Reported debt to equity 0.47 0.41 0.40 0.45 0.37
Adjusted debt to equity 0.47 0.42 0.40 0.46 0.38
Return on Assets3 (ROA)
Reported ROA 0.88% 4.40% 11.80% 13.65% 15.42%
Adjusted ROA 0.88% 4.40% 11.80% 13.65% 15.42%

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).

1 See details »

2 See details »

3 See details »

Financial 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.
Adjusted debt to equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Intel Corp. adjusted debt to equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as 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

Adjusted Total Asset Turnover

Microsoft Excel
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 Operating Leases
Selected Financial Data (US$ in millions)
Net revenue 54,228 63,054 79,024 77,867 71,965
Adjusted total assets 191,572 182,103 168,406 153,091 136,524
Activity Ratio
Adjusted total asset turnover2 0.28 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 ÷ 191,572 = 0.28

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.

Adjusted Debt to Equity

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Total debt 49,266 42,051 38,101 36,401 29,001
Total Intel stockholders’ equity 105,590 101,423 95,391 81,038 77,504
Solvency Ratio
Debt to equity1 0.47 0.41 0.40 0.45 0.37
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt 49,697 42,460 38,576 36,928 29,551
Total Intel stockholders’ equity 105,590 101,423 95,391 81,038 77,504
Solvency Ratio
Adjusted debt to equity2 0.47 0.42 0.40 0.46 0.38

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 Debt to equity = Total debt ÷ Total Intel stockholders’ equity
= 49,266 ÷ 105,590 = 0.47

2 Adjusted debt to equity = Adjusted total debt ÷ Total Intel stockholders’ equity
= 49,697 ÷ 105,590 = 0.47

Solvency ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Intel Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
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 Operating Leases
Selected Financial Data (US$ in millions)
Net income attributable to Intel 1,689 8,014 19,868 20,899 21,048
Adjusted total assets 191,572 182,103 168,406 153,091 136,524
Profitability Ratio
Adjusted ROA2 0.88% 4.40% 11.80% 13.65% 15.42%

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

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