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Form 10-Q Intel Corporation

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Form 10-Q Intel Corporation UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 30, 2013. Or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-06217 INTEL CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-1672743 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2200 Mission College Boulevard, Santa Clara, California 95054-1549 (Address of principal executive offices) (Zip Code) (408) 765-8080 (Registrant’s telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer þ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ¨ (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ Shares outstanding of the Registrant’s common stock: Class Outstanding as of April 19, 2013 Common stock, $0.001 par value 4,971 million PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) Three Months Ended Mar 30, Mar 31, (In Millions, Except Per Share Amounts) 2013 2012 Net revenue $ 12,580 $ 12,906 Cost of sales 5,514 4,641 Gross margin 7,066 8,265 Research and development 2,527 2,401 Marketing, general and administrative 1,947 1,973 Amortization of acquisition-related intangibles 73 81 Operating expenses 4,547 4,455 Operating income 2,519 3,810 Gains (losses) on equity investments, net (26) (19) Interest and other, net (50) 23 Income before taxes 2,443 3,814 Provision for taxes 398 1,076 Net income $ 2,045 $ 2,738 Basic earnings per common share $ 0.41 $ 0.55 Diluted earnings per common share $ 0.40 $ 0.53 Cash dividends declared per common share $ 0.45 $ 0.42 Weighted average common shares outstanding: Basic 4,948 4,999 Diluted 5,080 5,192 See accompanying notes. 2 INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended Mar 30, Mar 31, (In Millions) 2013 2012 Net income $ 2,045 $ 2,738 Other comprehensive income, net of tax: Change in net unrealized holding gains (losses) on available-for-sale investments 173 166 Change in net unrealized holding gains (losses) on derivatives (156) (34) Change in net prior service costs 1 1 Change in net actuarial losses 34 16 Change in net foreign currency translation adjustment (63) 28 Other comprehensive income (loss) (11) 177 Total comprehensive income $ 2,034 $ 2,915 See accompanying notes. 3 INTEL CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) Mar 30, Dec 29, (In Millions) 2013 2012 Assets Current assets: Cash and cash equivalents $ 5,698 $ 8,478 Short-term investments 4,323 3,999 Trading assets 7,052 5,685 Accounts receivable, net 3,536 3,833 Inventories 4,358 4,734 Deferred tax assets 2,109 2,117 Other current assets 1,601 2,512 Total current assets 28,677 31,358 Property, plant and equipment, net of accumulated depreciation of $39,023 ($38,063 as of December 29, 2012) 28,418 27,983 Marketable equity securities 4,698 4,424 Other long-term investments 1,309 493 Goodwill 9,756 9,710 Identified intangible assets, net 5,807 6,235 Other long-term assets 4,418 4,148 Total assets $ 83,083 $ 84,351 Liabilities and stockholders’ equity Current liabilities: Short-term debt $ 88 $ 312 Accounts payable 2,654 3,023 Accrued compensation and benefits 1,501 2,972 Accrued advertising 987 1,015 Deferred income 1,901 1,932 Other accrued liabilities 4,667 3,644 Total current liabilities 11,798 12,898 Long-term debt 13,143 13,136 Long-term deferred tax liabilities 3,427 3,412 Other long-term liabilities 3,521 3,702 Contingencies (Note 18) Stockholders’ equity: Preferred stock — — Common stock and capital in excess of par value, 4,948 shares issued and outstanding (4,944 as of December 29, 2012) 20,098 19,464 Accumulated other comprehensive income (loss) (410) (399) Retained earnings 31,506 32,138 Total stockholders’ equity 51,194 51,203 Total liabilities and stockholders’ equity $ 83,083 $ 84,351 See accompanying notes. 4 INTEL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended Mar 30, Mar 31, (In Millions) 2013 2012 Cash and cash equivalents, beginning of period $ 8,478 $ 5,065 Cash flows provided by (used for) operating activities: Net income 2,045 2,738 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 1,682 1,519 Share-based compensation 295 274 Excess tax benefit from share-based payment arrangements (1) (19) Amortization of intangibles 382 266 (Gains) losses on equity investments, net 26 19 Deferred taxes (56) (45) Changes in assets and liabilities: Accounts receivable 293 (387) Inventories 372 (381) Accounts payable (17) 37 Accrued compensation and benefits (1,370) (1,450) Income taxes payable and receivable 257 760 Other assets and liabilities 377 (359) Total adjustments 2,240 234 Net cash provided by operating activities 4,285 2,972 Cash flows provided by (used for) investing activities: Additions to property, plant and equipment (2,174) (2,974) Acquisitions, net of cash acquired (98) (176) Purchases of available-for-sale investments (3,475) (1,529) Sales of available-for-sale investments 304 333 Maturities of available-for-sale investments 1,711 1,827 Purchases of trading assets (5,191) (4,303) Maturities and sales of trading assets 3,558 4,567 Collection of loans receivable 8 133 Investments in non-marketable equity investments (35) (116) Return of equity method investments 13 67 Purchases of licensed technology and patents (33) (3) Other investing 95 63 Net cash used for investing activities (5,317) (2,111) Cash flows provided by (used for) financing activities: Increase (decrease) in short-term debt, net (224) 115 Excess tax benefit from share-based payment arrangements 1 19 Proceeds from sales of shares through employee equity incentive plans 465 1,244 Repurchase of common stock (559) (1,519) Payment of dividends to stockholders (1,114) (1,049) Other financing (307) (305) Net cash used for financing activities (1,738) (1,495) Effect of exchange rate fluctuations on cash and cash equivalents (10) (2) Net increase (decrease) in cash and cash equivalents (2,780) (636) Cash and cash equivalents, end of period $ 5,698 $ 4,429 Supplemental disclosures of cash flow information: Cash paid during the period for: Interest, net of capitalized interest $ — $ 9 Income taxes, net of refunds $ 200 $ 376 See accompanying notes. 5 INTEL CORPORATION NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS — Unaudited Note 1: Basis of Presentation We prepared our interim consolidated condensed financial statements that accompany these notes in conformity with U.S. generally accepted accounting principles, consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 29, 2012. We have made estimates and judgments affecting the amounts reported in our consolidated condensed financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. The interim financial information is unaudited, but reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This interim information should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 29, 2012. Note 2: Fair Value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider assumptions that market participants would use when pricing the asset or liability. Our financial assets are measured and recorded at fair value, except for equity method investments, cost method investments, cost method loans receivable, and reverse repurchase agreements with original maturities greater than approximately three months. Most of our liabilities are not measured and recorded at fair value. Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: Level 1. Quoted prices in active markets for identical assets or liabilities.
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