Stock Analysis on Net

Intel Corp. (NASDAQ:INTC)

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Total Assets

Intel Corp., adjusted total assets

US$ in millions

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
As Reported
Total assets 191,572 182,103 168,406 153,091 136,524
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Less: Deferred tax assets (included within Other long-term assets)2 5,459 3,450 874 1,232 1,209
After Adjustment
Adjusted total assets 186,113 178,653 167,532 151,859 135,315

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 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred tax assets (included within Other long-term assets). See details »


Adjustments to Current Liabilities

Intel Corp., adjusted current liabilities

US$ in millions

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
As Reported
Current liabilities 28,053 32,155 27,462 24,754 22,310
Adjustments
Less: Current accrued restructuring balance 82 873
After Adjustment
Adjusted current liabilities 27,971 31,282 27,462 24,754 22,310

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).


Adjustments to Total Liabilities

Intel Corp., adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
As Reported
Total liabilities 81,607 78,817 73,015 72,053 58,865
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Deferred tax liabilities (included within Other long-term liabilities)2 186 202 2,667 3,843 2,044
Less: Accrued restructuring balance 82 873
After Adjustment
Adjusted total liabilities 81,339 77,742 70,348 68,210 56,821

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 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities (included within Other long-term liabilities). See details »


Adjustments to Stockholders’ Equity

Intel Corp., adjusted total Intel stockholders’ equity

US$ in millions

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
As Reported
Total Intel stockholders’ equity 105,590 101,423 95,391 81,038 77,504
Adjustments
Less: Net deferred tax assets (liabilities)1 5,273 3,248 (1,793) (2,611) (835)
Add: Accrued restructuring balance 82 873
Add: Temporary equity 155
Add: Non-controlling interests 4,375 1,863
After Adjustment
Adjusted total stockholders’ equity 104,774 100,911 97,184 83,649 78,494

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 Net deferred tax assets (liabilities). See details »


Adjustments to Capitalization Table

Intel Corp., adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
As Reported
Short-term debt 2,288 4,367 4,591 2,504 3,693
Long-term debt 46,978 37,684 33,510 33,897 25,308
Total reported 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
Total reported capital 154,856 143,474 133,492 117,439 106,505
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Operating lease liability (recognized in Accrued liabilities)2 142 173 180 173 175
Add: Operating lease liability (recognized in Other long-term liabilities)3 289 236 295 354 375
Adjusted total debt 49,697 42,460 38,576 36,928 29,551
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 5,273 3,248 (1,793) (2,611) (835)
Add: Accrued restructuring balance 82 873
Add: Temporary equity 155
Add: Non-controlling interests 4,375 1,863
Adjusted total stockholders’ equity 104,774 100,911 97,184 83,649 78,494
After Adjustment
Adjusted total capital 154,471 143,371 135,760 120,577 108,045

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 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Operating lease liability (recognized in Accrued liabilities). See details »

3 Operating lease liability (recognized in Other long-term liabilities). See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Reported Income

Intel Corp., adjusted net income attributable to Intel

US$ in millions

Microsoft Excel
12 months ended: Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
As Reported
Net income attributable to Intel 1,689 8,014 19,868 20,899 21,048
Adjustments
Add: Deferred income tax expense (benefit)1 (2,009) (5,158) (742) 1,769 522
Add: Increase (decrease) in accrued restructuring balance (791) 873
Add: Other comprehensive income (loss) 347 318 (129) 529 (306)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest (14) 3
After Adjustment
Adjusted net income (778) 4,050 18,997 23,197 21,264

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 Deferred income tax expense (benefit). See details »