Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Intel Corp. (NASDAQ:INTC)

Analysis of Debt

Advanced level

Total Debt (Carrying Amount)

Intel Corp., balance sheet: debt

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Short-term debt 2,504  3,693  1,261  1,776  4,634 
Long-term debt 33,897  25,308  25,098  25,037  20,649 
Total debt (carrying amount) 36,401  29,001  26,359  26,813  25,283 

Based on: 10-K (filing date: 2021-01-22), 10-K (filing date: 2020-01-24), 10-K (filing date: 2019-02-01), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).

Debt item Description The company
Total debt (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. Intel Corp.’s total debt increased from 2018 to 2019 and from 2019 to 2020.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Dec 26, 2020
Selected Financial Data (US$ in millions)
Commercial paper and drafts payable — 
Short- and long-term debt, including current portion 40,900 
Total debt (fair value) 40,900 
Financial Ratio
Debt, fair value to carrying amount ratio 1.12

Based on: 10-K (filing date: 2021-01-22).


Weighted-average Interest Rate on Debt

Weighted-average effective interest rate on debt: 2.84%

Interest rate Debt amount1 Interest rate × Debt amount Weighted-average interest rate2
1.25% 800  10 
1.79% 500 
2.99% 2,000  60 
1.96% 750  15 
2.70% 1,000  27 
2.83% 417  12 
2.28% 1,500  34 
3.22% 400  13 
2.31% 1,250  29 
2.14% 600  13 
3.46% 1,500  52 
2.93% 2,250  66 
1.36% 1,000  14 
3.80% 1,000  38 
1.91% 1,000  19 
2.39% 2,000  48 
3.94% 1,500  59 
1.84% 750  14 
4.62% 750  35 
2.82% 802  23 
2.01% 567  11 
2.90% 772  22 
2.13% 1,250  27 
2.07% 1,000  21 
1.64% 640  10 
2.39% 1,967  47 
3.20% 2,000  64 
4.76% 2,250  107 
3.12% 1,000  31 
5.00% 1,000  50 
2.49% 423  11 
2.13% 138 
2.15% 438 
Total 35,214  1,001 
2.84%

Based on: 10-K (filing date: 2021-01-22).

1 US$ in millions

2 Weighted-average interest rate = 100 × 1,001 ÷ 35,214 = 2.84%


Interest Costs Incurred

Intel Corp., interest costs incurred

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Interest expense 629  489  468  646  733 
Interest capitalized 338  472  496  313  135 
Interest costs incurred 967  961  964  959  868 

Based on: 10-K (filing date: 2021-01-22), 10-K (filing date: 2020-01-24), 10-K (filing date: 2019-02-01), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).

Debt item Description The company
Interest expense Amount of the cost of borrowed funds accounted for as interest expense for debt. Intel Corp.’s interest expense increased from 2018 to 2019 and from 2019 to 2020.
Interest capitalized Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Intel Corp.’s interest capitalized decreased from 2018 to 2019 and from 2019 to 2020.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. Intel Corp.’s interest costs incurred decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Net income 20,899  21,048  21,053  9,601  10,316 
Add: Income tax expense 4,179  3,010  2,264  10,751  2,620 
Add: Interest expense 629  489  468  646  733 
Earnings before interest and tax (EBIT) 25,707  24,547  23,785  20,998  13,669 
 
Interest costs incurred 967  961  964  959  868 
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1 40.87 50.20 50.82 32.50 18.65
Adjusted interest coverage ratio (with capitalized interest)2 26.58 25.54 24.67 21.90 15.75

Based on: 10-K (filing date: 2021-01-22), 10-K (filing date: 2020-01-24), 10-K (filing date: 2019-02-01), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).

2020 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 25,707 ÷ 629 = 40.87

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 25,707 ÷ 967 = 26.58


Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). Intel Corp.’s adjusted interest coverage ratio improved from 2018 to 2019 and from 2019 to 2020.