Company Quick10K Filing
Intel
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 4,543 $215,611
10-Q 2019-10-25 Quarter: 2019-09-28
10-Q 2019-07-26 Quarter: 2019-06-29
10-Q 2019-04-26 Quarter: 2019-03-30
10-K 2019-02-01 Annual: 2018-12-29
10-Q 2018-10-26 Quarter: 2018-09-29
10-Q 2018-07-27 Quarter: 2018-06-30
10-Q 2018-04-27 Quarter: 2018-03-31
10-K 2018-02-16 Annual: 2017-12-30
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-27 Quarter: 2017-07-01
10-Q 2017-04-27 Quarter: 2017-04-01
10-K 2017-02-17 Annual: 2016-12-31
10-Q 2016-10-31 Quarter: 2016-10-01
10-Q 2016-08-01 Quarter: 2016-07-02
10-Q 2016-05-02 Quarter: 2016-04-02
10-K 2016-02-12 Annual: 2015-12-26
10-Q 2015-10-28 Quarter: 2015-09-26
10-Q 2015-07-27 Quarter: 2015-06-27
10-Q 2015-04-27 Quarter: 2015-03-28
10-K 2015-02-13 Annual: 2014-12-27
10-Q 2014-10-29 Quarter: 2014-09-27
10-Q 2014-07-25 Quarter: 2014-06-28
10-Q 2014-04-25 Quarter: 2014-03-29
10-K 2014-02-14 Annual: 2013-12-28
10-Q 2013-10-28 Quarter: 2013-09-28
10-Q 2013-07-29 Quarter: 2013-06-29
10-Q 2013-04-29 Quarter: 2013-03-30
10-K 2013-02-19 Annual: 2012-12-29
10-Q 2012-10-31 Quarter: 2012-09-29
10-Q 2012-08-01 Quarter: 2012-06-30
10-Q 2012-05-04 Quarter: 2012-03-31
10-K 2012-02-23 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-10-01
10-Q 2011-08-08 Quarter: 2011-07-02
10-Q 2011-05-09 Quarter: 2011-04-02
10-K 2011-02-18 Annual: 2010-12-25
10-Q 2010-11-02 Quarter: 2010-09-25
10-Q 2010-07-30 Quarter: 2010-06-26
10-Q 2010-05-03 Quarter: 2010-03-27
10-K 2010-02-22 Annual: 2009-12-26
8-K 2019-11-25 Other Events, Exhibits
8-K 2019-11-20 Regulation FD, Exhibits
8-K 2019-11-18 Other Events, Exhibits
8-K 2019-11-14 Officers, Regulation FD, Exhibits
8-K 2019-10-24 Earnings, Regulation FD, Exhibits
8-K 2019-09-19 Officers
8-K 2019-09-10 Officers
8-K 2019-07-25 Earnings, Regulation FD, Exhibits
8-K 2019-05-16 Officers, Shareholder Vote
8-K 2019-05-08 Regulation FD, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-08 Officers
8-K 2019-04-02 Officers, Regulation FD, Exhibits
8-K 2019-03-22 Officers, Other Events, Exhibits
8-K 2019-03-13 Officers
8-K 2019-01-29 Officers, Regulation FD, Exhibits
8-K 2019-01-24 Earnings, Regulation FD, Exhibits
8-K 2019-01-16 Amend Bylaw, Exhibits
8-K 2018-11-15 Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-08-02 Officers
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-06-20 Officers
8-K 2018-05-17 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-03-14 Officers, Amend Bylaw, Regulation FD, Other Events, Exhibits
8-K 2018-02-14 Officers, Regulation FD, Exhibits
8-K 2018-01-25 Earnings, Regulation FD, Exhibits
INTC 2019-09-28
Note 1 : Basis of Presentation
Note 2 : Recent Accounting Standards and Accounting Policies
Note 3 : Operating Segments
Note 4 : Earnings per Share
Note 5 : Contract Liabilities
Note 6 : Other Financial Statement Details
Note 7 : Restructuring and Other Charges
Note 8 : Investments
Note 9 : Borrowings
Note 10 : Fair Value
Note 11 : Derivative Financial Instruments
Note 12 : Contingencies
EX-4.1 a09282019ex41.htm
EX-31.1 a09282019ex311.htm
EX-31.2 a09282019ex312.htm
EX-32.1 a09282019ex321.htm

Intel Earnings 2019-09-28

INTC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
INTC 215,611 130,759 55,812 70,386 42,554 19,746 23,722 237,833 60% 10.0 15%
AVGO 121,934 69,767 48,264 22,265 12,266 2,992 10,354 154,331 55% 14.9 4%
NVDA 111,009 14,775 4,439 10,185 5,965 2,743 2,785 105,893 59% 38.0 19%
TXN 110,530 17,384 8,898 15,240 9,832 5,331 7,284 112,567 65% 15.5 31%
AMAT 48,374 18,805 10,689 14,868 6,532 2,884 4,058 50,760 44% 12.5 15%
ADI 43,001 21,567 9,776 6,144 4,165 1,518 2,699 42,389 68% 15.7 7%
MU 39,365 46,288 9,999 26,976 14,458 10,098 16,172 37,694 54% 2.3 22%
AUO 38,208 398,551 190,766 0 0 0 0 8,074 0%
AMD 32,449 5,102 3,201 5,875 2,340 191 450 32,512 40% 72.2 4%
NXPI 30,694 21,530 10,840 0 0 0 0 34,152 0%

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the quarterly period ended
September 28, 2019
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
a001intellogocolor_cover.jpg
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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.001 par value
INTC
Nasdaq Global Select Market
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      No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).  Yes      No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated filer  
Non-accelerated filer 
Smaller reporting company 
Emerging growth company  
¨
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No 
As of September 28, 2019, the registrant had outstanding 4,350 million shares of common stock.



TABLE OF CONTENTS
THE ORGANIZATION OF OUR QUARTERLY REPORT ON FORM 10-Q
The order and presentation of content in our Quarterly Report on Form 10-Q (Form 10-Q) differs from the traditional U.S. Securities and Exchange Commission (SEC) Form 10-Q format. We believe that our format improves readability and better presents how we organize and manage our business. See "Form 10-Q Cross-Reference Index" within Other Key Information for a cross-reference index to the traditional SEC Form 10-Q format.
The preparation of our consolidated condensed financial statements is in conformity with U.S. generally accepted accounting principles (GAAP). We have included key metrics that we use to measure our business, some of which are non-GAAP measures. See these "Non-GAAP Financial Measures" within Other Key Information.
 
 
 
Page
FORWARD-LOOKING STATEMENTS
A QUARTER IN REVIEW
CONSOLIDATED CONDENSED FINANCIAL STATEMENTS AND SUPPLEMENTAL DETAILS
 
 
Consolidated Condensed Statements of Income
 
Consolidated Condensed Statements of Comprehensive Income
 
Consolidated Condensed Balance Sheets
 
Consolidated Condensed Statements of Cash Flows
 
Consolidated Condensed Statements of Stockholders' Equity
 
Notes to Consolidated Condensed Financial Statements
 
 
 
 
MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)
 
 
Overview
 
Revenue, Gross Margin, and Operating Expenses
 
Business Unit Trends and Results
 
Other Consolidated Results of Operations
 
Liquidity and Capital Resources
 
Quantitative and Qualitative Disclosures about Market Risk
 
 
 
 
OTHER KEY INFORMATION
 
 
Risk Factors
 
Controls and Procedures
 
Non-GAAP Financial Measures
 
Issuer Purchases of Equity Securities
 
Exhibits
 
Form 10-Q Cross-Reference Index





Table of Contents


FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements that involve a number of risks and uncertainties. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "seeks," "estimates," "continues," "may," "will," "would," "should," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, projected growth of markets relevant to our businesses, future products and technology and the expected availability and benefits of such products and technology, expected timing and impact of acquisitions, divestitures, and other significant transactions, expected completion of restructuring activities, uncertain events or assumptions, and other characterizations of future events or circumstances are forward-looking statements. Such statements are based on management's expectations as of the date of this filing and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include those described throughout this report and our Annual Report on Form 10-K for the year ended December 29, 2018, particularly the "Risk Factors" sections of such reports. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this Form 10-Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. Unless specifically indicated otherwise, the forward-looking statements in this Form 10-Q do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that had not been completed as of the date of this filing. In addition, the forward-looking statements in this Form 10-Q are made as of the date of this filing, including expectations based on third-party information and projections that management believes to be reputable, and Intel does not undertake, and expressly disclaims any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.
INTEL UNIQUE TERMS
We use specific terms throughout this document to describe our business and results. Below are key terms and how we define them:
PLATFORM PRODUCTS
 
A microprocessor (processor or central processing unit (CPU)) and chipset, a stand-alone System-on-Chip (SoC), or a multichip package, based on Intel® architecture. Platform products, or platforms, are primarily used in solutions sold through the Client Computing Group (CCG), Data Center Group (DCG), and Internet of Things Group (IOTG) segments.
 
 
 
ADJACENT PRODUCTS
 
All of our non-platform products for CCG, DCG, and IOTG, such as modem, Ethernet and silicon photonics, as well as Mobileye, Non-Volatile Memory Solutions Group (NSG), and Programmable Solutions Group (PSG) products. Combined with our platform products, adjacent products form comprehensive platform solutions to meet customer needs.
 
 
 
PC-CENTRIC BUSINESS
 
Our CCG business, including both platform and adjacent products.
 
 
 
DATA-CENTRIC BUSINESSES
 
Our DCG, Internet of Things (IOTG and Mobileye), NSG, PSG, and all other businesses.
Intel, the Intel logo, Intel Agilex, Intel Core, Intel Optane, Thunderbolt, Xeon, 3D NAND, and 3D XPoint are trademarks of Intel Corporation or its subsidiaries in the U.S. and/or other countries.
* Other names and brands may be claimed as the property of others.


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A QUARTER IN REVIEW
Third quarter revenue was $19.2 billion as our data-centric businesses grew 6% year over year, offset by the PC-centric business decline of 5%. Data-centric revenue was up compared to a year ago, driven by a strong mix of high-performance Intel® Xeon® processors in our DCG business and growth across all businesses. Our PC-centric business was down on lower year over year platform volume, partially offset by a strong mix of higher performance products as the commercial segment of the PC market remained strong. Lower platform unit sales and margin compression on memory products resulted in lower gross margins and operating income, which was partially offset by platform ASP strength and lower investments in modem. In the first nine months we generated $23.3 billion of cash flow from operations and returned $14.3 billion to stockholders, including $4.2 billion in dividends and $10.1 billion in buybacks.
REVENUE
 
OPERATING INCOME
 
DILUTED EPS
 PC-CENTRIC $B  DATA-CENTRIC $B
 
GAAP $B   NON-GAAP $B
 
GAAP   NON-GAAP
overview_revenue.jpg overview_opincome.jpg overview_eps.jpg
 
 
 
 
 
$19.2B
 
 
 
$6.4B
 
$6.9B
 
$1.35
 
$1.42
GAAP
 
 
 
GAAP
 
non-GAAP1
 
GAAP
 
non-GAAP1
flat in comparison to Q3 2018
 
down $902M or 12% from Q3 2018
 
down $714M or 9% from Q3 2018
 
down $0.03 or 2% from Q3 2018
 
up $0.02 or 1% from Q3 2018
 
 
 
 
 
 
 
 
 
Growth in data-centric businesses with record revenue from DCG, NSG, IOTG and Mobileye, offset by decline in PC-centric business
 
Lower gross margin from decrease in platform unit sales and lower NAND market pricing, partially offset by platform ASP strength
 
Impact from lower platform volume and lower NAND market pricing, partially offset by lower shares outstanding and ASP strength
BUSINESS SUMMARY
We launched the first wave of 10th generation Intel® Core processors, with 11 new 10 nanometer (nm)-based Ice Lake processors that integrate artificial intelligence, graphics, Wi-Fi 6 and Thunderbolt™ 3 all on the SoC. We began shipping our 10nm Intel® Agilex® field programmable gate arrays (FPGAs) to early access program customers.
We experienced growth across all data-centric businesses. DCG grew across all segments, with the cloud and enterprise and government market segments returning to growth. NSG grew with NAND and Intel® Optane™ bit growth, partially offset by lower NAND market pricing. Demand for edge compute drove double digit revenue growth for Mobileye and high single digit growth for IOTG.
PC-centric decline was driven by lower product shipments compared to Q3 2018, when internal inventory was drawn on to meet demand, partially offset by adjacencies growth and ASP strength. We continued to be supply constrained in Q3, particularly at the value-end of the market, as higher than expected PC demand strength continues to outpace our supply despite capacity additions we have made this year.
In July, we signed an agreement to divest the majority of our smartphone modem business, including certain employees, intellectual property, equipment and leases. The transaction enables us to increase the focus of our 5G efforts on the broader opportunity to modernize network and edge infrastructure, and is expected to close in the fourth quarter of 2019.




1 See "Non-GAAP Financial Measures" within Other Key Information.


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CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 
 
Three Months Ended
 
Nine Months Ended
(In Millions, Except Per Share Amounts; Unaudited)
 
Sep 28,
2019
 
Sep 29,
2018
 
Sep 28,
2019
 
Sep 29,
2018
Net revenue
 
$
19,190

 
$
19,163

 
$
51,756

 
$
52,191

Cost of sales
 
7,895

 
6,803

 
21,494

 
19,681

Gross margin
 
11,295

 
12,360

 
30,262

 
32,510

Research and development
 
3,208

 
3,428

 
9,978

 
10,110

Marketing, general and administrative
 
1,486

 
1,605

 
4,608

 
5,230

Restructuring and other charges
 
104

 
(72
)
 
288

 
(72
)
Amortization of acquisition-related intangibles
 
50

 
50

 
150

 
150

Operating expenses
 
4,848

 
5,011

 
15,024

 
15,418

Operating income
 
6,447

 
7,349

 
15,238

 
17,092

Gains (losses) on equity investments, net
 
318

 
(75
)
 
922

 
365

Interest and other, net
 
(46
)
 
(132
)
 
(170
)
 
225

Income before taxes
 
6,719

 
7,142

 
15,990

 
17,682

Provision for taxes
 
729

 
744

 
1,847

 
1,824

Net income
 
$
5,990

 
$
6,398

 
$
14,143

 
$
15,858

Earnings per share – basic
 
$
1.36

 
$
1.40

 
$
3.18

 
$
3.42

Earnings per share – diluted
 
$
1.35

 
$
1.38

 
$
3.14

 
$
3.35

Weighted average shares of common stock outstanding:
 
 
 
 
 
 
 
 
Basic
 
4,391

 
4,574

 
4,450

 
4,632

Diluted
 
4,433

 
4,648

 
4,507

 
4,728

See accompanying notes.

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CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
 
 
Three Months Ended
 
Nine Months Ended
(In Millions; Unaudited)
 
Sep 28,
2019
 
Sep 29,
2018
 
Sep 28,
2019
 
Sep 29,
2018
Net income
 
$
5,990

 
$
6,398

 
$
14,143

 
$
15,858

Changes in other comprehensive income, net of tax:
 
 
 
 
 
 
 
 
Net unrealized holding gains (losses) on derivatives
 
(115
)
 
(25
)
 
138

 
(199
)
Actuarial valuation and other pension benefits (expenses), net
 
9

 
13

 
26

 
39

Translation adjustments and other
 
6

 
(2
)
 
88

 
(15
)
Other comprehensive income (loss)
 
(100
)
 
(14
)
 
252

 
(175
)
Total comprehensive income
 
$
5,890

 
$
6,384

 
$
14,395

 
$
15,683

See accompanying notes.

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CONSOLIDATED CONDENSED BALANCE SHEETS
(In Millions)
 
Sep 28,
2019
 
Dec 29,
2018
 
 
(unaudited)
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
3,935

 
$
3,019

Short-term investments
 
1,849

 
2,788

Trading assets
 
6,241

 
5,843

Accounts receivable
 
6,880

 
6,722

Inventories
 
8,638

 
7,253

Other current assets
 
2,414

 
3,162

Total current assets
 
29,957

 
28,787

Property, plant and equipment, net of accumulated depreciation of $71,183 ($65,342 as of December 29, 2018)
 
53,563

 
48,976

Equity investments
 
4,819

 
6,042

Other long-term investments
 
3,428

 
3,388

Goodwill
 
24,727

 
24,513

Identified intangible assets, net
 
11,019

 
11,836

Other long-term assets
 
6,255

 
4,421

Total assets
 
$
133,768

 
$
127,963

 
 
 
 
 
Liabilities, temporary equity, and stockholders’ equity
 
 
 
 
Current liabilities:
 
 
 
 
Short-term debt
 
$
5,200

 
$
1,261

Accounts payable
 
4,809

 
3,824

Accrued compensation and benefits
 
3,220

 
3,622

Other accrued liabilities
 
11,835

 
7,919

Total current liabilities

25,064

 
16,626

Debt
 
23,707

 
25,098

Contract liabilities
 
1,413

 
2,049

Income taxes payable, non-current
 
4,974

 
4,897

Deferred income taxes
 
1,696

 
1,665

Other long-term liabilities
 
2,506

 
2,646

Contingencies (Note 12)
 

 

Temporary equity
 
166

 
419

Stockholders’ equity:
 
 
 
 
Preferred stock
 

 

Common stock and capital in excess of par value, 4,350 issued and outstanding (4,516 issued and outstanding as of December 29, 2018)
 
25,290

 
25,365

Accumulated other comprehensive income (loss)
 
(722
)
 
(974
)
Retained earnings
 
49,674

 
50,172

Total stockholders’ equity
 
74,242

 
74,563

Total liabilities, temporary equity, and stockholders’ equity
 
$
133,768

 
$
127,963

See accompanying notes.

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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
 
 
Nine Months Ended
(In Millions; Unaudited)
 
Sep 28,
2019
 
Sep 29,
2018
 
 
 
 
 
Cash and cash equivalents, beginning of period
 
$
3,019

 
$
3,433

Cash flows provided by (used for) operating activities:
 
 
 
 
Net income
 
14,143

 
15,858

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation
 
6,647

 
5,420

Share-based compensation
 
1,290

 
1,203

Amortization of intangibles
 
1,211

 
1,172

(Gains) losses on equity investments, net
 
(395
)
 
(329
)
Changes in assets and liabilities:
 
 
 
 
Accounts receivable
 
(156
)
 
(449
)
Inventories
 
(1,376
)
 
(362
)
Accounts payable
 
728

 
430

Accrued compensation and benefits
 
(365
)
 
(801
)
Customer deposits and prepaid supply agreements
 
(674
)
 
1,472

Income taxes
 
435

 
(1,057
)
Other assets and liabilities
 
1,769

 
(25
)
Total adjustments
 
9,114

 
6,674

Net cash provided by operating activities
 
23,257

 
22,532

Cash flows provided by (used for) investing activities:
 
 
 
 
Additions to property, plant and equipment
 
(11,547
)
 
(11,291
)
Purchases of available-for-sale debt investments
 
(2,028
)
 
(3,090
)
Sales of available-for-sale debt investments
 
1,198

 
135

Maturities of available-for-sale debt investments
 
1,920

 
2,232

Purchases of trading assets
 
(5,769
)
 
(8,316
)
Maturities and sales of trading assets
 
5,467

 
9,705

Sales of equity investments
 
1,414

 
1,646

Other investing
 
(575
)
 
(440
)
Net cash used for investing activities
 
(9,920
)
 
(9,419
)
Cash flows provided by (used for) financing activities:
 
 
 
 
Increase (decrease) in short-term debt, net
 
835

 
1,707

Issuance of long-term debt, net of issuance costs
 
650

 
423

Repayment of debt and debt conversion
 
(1,478
)
 
(1,928
)
Proceeds from sales of common stock through employee equity incentive plans
 
797

 
545

Repurchase of common stock
 
(10,100
)
 
(8,464
)
Payment of dividends to stockholders
 
(4,214
)
 
(4,173
)
Other financing
 
1,089

 
(1,249
)
Net cash provided by (used for) financing activities
 
(12,421
)
 
(13,139
)
Net increase (decrease) in cash and cash equivalents
 
916

 
(26
)
Cash and cash equivalents, end of period
 
$
3,935

 
$
3,407

 
 
 
 
 
Supplemental disclosures of noncash investing activities and cash flow information:
 
 
 
 
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities
 
$
2,376

 
$
1,988

Cash paid during the period for:
 
 
 
 
Interest, net of capitalized interest
 
$
312

 
$
316

Income taxes, net of refunds
 
$
1,334

 
$
2,854

See accompanying notes.

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CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
 
 
Common Stock and Capital in Excess of Par Value
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Total
(In Millions, Except Per Share Amounts)
 
Shares
 
Amount
 
 
 
Three Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 29, 2019
 
4,430

 
$
25,140

 
$
(622
)
 
$
50,429

 
$
74,947

Net income
 

 

 

 
5,990

 
5,990

Other comprehensive income (loss)
 

 

 
(100
)
 

 
(100
)
Employee equity incentive plans and other
 
13

 
466

 

 

 
466

Share-based compensation
 

 
427

 

 

 
427

Temporary equity reduction
 

 
80

 

 

 
80

Convertible debt
 

 
(278
)
 

 

 
(278
)
Repurchase of common stock
 
(92
)
 
(523
)
 

 
(3,966
)
 
(4,489
)
Restricted stock unit withholdings
 
(1
)
 
(22
)
 

 
(6
)
 
(28
)
Cash dividends declared ($0.63 per share)
 

 

 

 
(2,773
)
 
(2,773
)
Balance as of September 28, 2019
 
4,350

 
$
25,290

 
$
(722
)
 
$
49,674

 
$
74,242

 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2018
 
4,607

 
$
25,470

 
$
(1,089
)
 
$
45,666

 
$
70,047

Net income
 

 

 

 
6,398

 
6,398

Other comprehensive income (loss)
 

 

 
(14
)
 

 
(14
)
Employee equity incentive plans and other
 
8

 
300

 

 

 
300

Share-based compensation
 

 
377

 

 

 
377

Temporary equity reduction
 

 
139

 

 

 
139

Convertible debt
 

 
(497
)
 

 

 
(497
)
Repurchase of common stock
 
(50
)
 
(275
)
 

 
(2,219
)
 
(2,494
)
Restricted stock unit withholdings
 
(1
)
 
(22
)
 

 
(6
)
 
(28
)
Cash dividends declared ($0.60 per share)
 

 

 

 
(2,745
)
 
(2,745
)
Balance as of September 29, 2018
 
4,564

 
$
25,492

 
$
(1,103
)
 
$
47,094

 
$
71,483

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 29, 2018
 
4,516

 
$
25,365

 
$
(974
)
 
$
50,172

 
$
74,563

Net income
 

 

 

 
14,143

 
14,143

Other comprehensive income (loss)
 

 

 
252

 

 
252

Employee equity incentive plans and other
 
52

 
869

 

 

 
869

Share-based compensation
 

 
1,287

 

 

 
1,287

Temporary equity reduction
 

 
253

 

 

 
253

Convertible debt
 

 
(990
)
 

 

 
(990
)
Repurchase of common stock
 
(209
)
 
(1,182
)
 

 
(8,902
)
 
(10,084
)
Restricted stock unit withholdings
 
(9
)
 
(312
)
 

 
(137
)
 
(449
)
Cash dividends declared ($1.26 per share)
 

 

 

 
(5,602
)
 
(5,602
)
Balance as of September 28, 2019
 
4,350

 
$
25,290

 
$
(722
)
 
$
49,674

 
$
74,242

 
 
 
 
 
 
 
 
 
 
 
Balance as of December 30, 2017
 
4,687

 
$
26,074

 
$
862

 
$
42,083

 
$
69,019

Adjustment for change in accounting principle
 

 

 
(1,790
)
 
2,424

 
634

Opening balance as of December 31, 2017
 
4,687

 
26,074

 
(928
)
 
44,507

 
69,653

Net income
 

 

 

 
15,858

 
15,858

Other comprehensive income (loss)
 

 

 
(175
)
 

 
(175
)
Employee equity incentive plans and other¹
 
54

 
358

 

 

 
358

Share-based compensation
 

 
1,202

 

 

 
1,202

Temporary equity reduction
 

 
351

 

 

 
351

Convertible debt
 

 
(1,267
)
 

 

 
(1,267
)
Repurchase of common stock
 
(167
)
 
(924
)
 

 
(7,538
)
 
(8,462
)
Restricted stock unit withholdings
 
(10
)
 
(302
)
 

 
(187
)
 
(489
)
Cash dividends declared ($1.20 per share)
 

 

 

 
(5,546
)
 
(5,546
)
Balance as of September 29, 2018
 
4,564

 
$
25,492

 
$
(1,103
)
 
$
47,094

 
$
71,483

1 
Includes approximately $375 million of non-controlling interest activity due to our acquisition of Mobileye in 2017, which was eliminated in 2018 due to the purchase of remaining shares.
See accompanying notes.

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NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
NOTE 1 :
BASIS OF PRESENTATION
We prepared our interim consolidated condensed financial statements that accompany these notes in conformity with GAAP, consistent in all material respects with those applied in our Annual Report on Form 10-K for the fiscal year ended December 29, 2018 (2018 Form 10-K), except for changes associated with leases as detailed in "Note 2: Recent Accounting Standards and Accounting Policies." We have reclassified certain prior period amounts to conform to current period presentation.
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, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with the consolidated financial statements in our 2018 Form 10-K.
NOTE 2 :
RECENT ACCOUNTING STANDARDS AND ACCOUNTING POLICIES

We assess the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on our financial statements and below describe impacts from newly adopted standards, as well as material updates to our previous assessments, if any, from our 2018 Form 10-K.
ACCOUNTING STANDARDS ADOPTED
Leases
Standard/Description: This new lease accounting standard requires that we recognize leased assets and corresponding liabilities on the balance sheet and provide enhanced disclosure of lease activity.
Effective Date and Adoption Considerations: Effective in the first quarter of 2019. The standard was adopted applying the modified retrospective approach at the beginning of the period of adoption. Our leased assets and corresponding liabilities exclude non-lease components.
Effect on Financial Statements or Other Significant Matters: Within the opening balances for the fiscal year beginning December 30, 2018, we recognized leased assets and corresponding liabilities in other long-term assets of $706 million, which includes $81 million of previously recognized prepaid land use rights, as well as corresponding accrued liabilities of $180 million and other long-term liabilities of $445 million.
Accounting Policy Updates and Disclosures: We determine if an arrangement is a lease at inception and classify it as finance or operating. Leased assets and corresponding liabilities are recognized based on the present value of the lease payments over the lease term. Our lease terms may include options to extend when it is reasonably certain that we will exercise that option. We have lease agreements with lease and non-lease components, and the non-lease components are accounted for separately and not included in our leased assets and corresponding liabilities. Leases primarily consist of real property, and, to a lesser extent, certain machinery and equipment.
We recognized leased assets in other long-term assets of $652 million and corresponding accrued liabilities of $174 million, and other long-term liabilities of $399 million as of September 28, 2019. Our leases have remaining lease terms of 1 to 9 years, some of which may include options to extend the leases for up to 39 years. The weighted average remaining lease term was 4.8 years, and the weighted average discount rate was 3.4% as of September 28, 2019.
For the nine months ended September 28, 2019, lease expense was $141 million. In accordance with the new leases standard, discounted and undiscounted lease payments under non-cancelable leases as of September 28, 2019, excluding non-lease components, are as follows:
(In Millions)
 
Remainder of 2019
 
2020
 
2021
 
2022
 
2023
 
2024 and Thereafter
 
Total
Lease payments
 
$
44

 
$
178

 
$
125

 
$
96

 
$
71

 
$
108

 
$
622

Present value of lease payments
 
 
 
 
 
 
 
 
 
 
 
 
 
$
573


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Lease expense was $231 million in 2018 ($264 million in 2017). Prior to our adoption of the new leases standard,