Company Quick10K Filing
Quick10K
Intel
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$46.62 4,477 $208,720
10-Q 2019-03-30 Quarter: 2019-03-30
10-K 2018-12-29 Annual: 2018-12-29
10-Q 2018-09-29 Quarter: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-30 Annual: 2017-12-30
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-Q 2017-04-01 Quarter: 2017-04-01
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-10-01 Quarter: 2016-10-01
10-Q 2016-07-02 Quarter: 2016-07-02
10-Q 2016-04-02 Quarter: 2016-04-02
10-K 2015-12-26 Annual: 2015-12-26
10-Q 2015-09-26 Quarter: 2015-09-26
10-Q 2015-06-27 Quarter: 2015-06-27
10-Q 2015-03-28 Quarter: 2015-03-28
10-K 2014-12-27 Annual: 2014-12-27
10-Q 2014-09-27 Quarter: 2014-09-27
10-Q 2014-06-28 Quarter: 2014-06-28
10-Q 2014-03-29 Quarter: 2014-03-29
10-K 2013-12-28 Annual: 2013-12-28
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 2019-01-24 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 2018-01-25 Earnings, Regulation FD, Exhibits
PSDO Presidio 1,180
GSBC Great Southern Bancorp 814
HNGR Hanger 709
CYD China Yuchai 629
VNRX Volitionrx 130
GDSI Global Digital Solutions 0
PUBC Purebase 0
CRTG Coretec Group 0
AEI24 AEI Income & Growth Fund 24 0
DIFU Diversified 2000 Futures Fund 0
INTC 2019-03-30
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 : Investments
Note 8 : Fair Value
Note 9 : Derivative Financial Instruments
Note 10 : Contingencies
EX-10.3 a03302019ex103.htm
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EX-10.9 a03302019ex109.htm
EX-10.10 a03302019ex1010.htm
EX-10.11 a03302019ex1011.htm
EX-10.12 a03302019ex1012.htm
EX-31.1 a03302019ex311.htm
EX-31.2 a03302019ex312.htm
EX-32.1 a03302019ex321.htm

Intel Earnings 2019-03-30

INTC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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, 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
a001intellogocolora16.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)
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 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  þ    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 þ
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  þ
Shares outstanding of the Registrant’s common stock:
Class
 
Outstanding as of March 30, 2019
Common stock, $0.001 par value
 
4,477 million



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 consolidated 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 the expected availability and benefits of such products, 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. 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, IOTG, Mobileye, NSG, PSG, and all other businesses.
Intel, the Intel logo, Intel Agilex, Intel Optane, Thunderbolt, Xeon and 3D XPoint are trademarks of Intel Corporation or its subsidiaries in the U.S. and/or other countries.


a002intellogofooter.jpg 
 
1

Table of Contents


A QUARTER IN REVIEW
Total revenue of $16.1 billion was flat year over year as our PC-centric business grew 4% and our data-centric businesses were down 5%. Compared to a year ago, data-centric revenue was down as data center market growth slowed and NAND pricing remains under pressure. Our PC-centric business was up due to an increase in platform average selling price (ASP) driven by a richer mix of higher performance products. Our continued ramp of the 10 nanometer (nm) process node and further margin compression on memory products resulted in lower gross margins and operating income, which was partially offset by executing the quarter with continued operating margin leverage. In the first three months we generated $5.0 billion of cash flow from operations and returned $3.9 billion to stockholders, including $1.4 billion in dividends and $2.5 billion in buybacks.
REVENUE
 
OPERATING INCOME
 
DILUTED EPS
 PC-CENTRIC $B  DATA-CENTRIC $B
 
GAAP $B   NON-GAAP $B
 
GAAP  NON-GAAP
c001kpirevenue.jpg c002kpiopincome.jpg c003kpieps.jpg
 
 
 
 
 
$16.1B
 
 
 
$4.2B
 
$4.5B
 
$0.87
 
$0.89
GAAP
 
 
 
GAAP
 
non-GAAP1
 
GAAP
 
non-GAAP1
flat in comparison to Q1 2018
 
down $296M or 7% from Q1 2018
 
down $290M or 6% from Q1 2018
 
down $0.06 or 6% from Q1 2018
 
up $0.02 or 2% from Q1 2018
 
 
 
 
 
 
 
 
 
Growth in PC-centric, Internet of Things, and Mobileye, offset by declines in other data-centric businesses
 
Lower gross margin from ramp of 10nm and sustained ASP pressure on NAND, partially offset by increased spending leverage
 
Impact from lower gross margin driven by 10nm ramp, offset by positive spending leverage and the receipt of McAfee, Inc. dividend, as well as lower shares outstanding
BUSINESS SUMMARY
We have maintained an intense, company-wide focus on improving execution while accelerating innovation. We are on track with 10nm process technology and continue to expect product on shelves for the 2019 holiday season. We are increasing the velocity of our product development while also announcing new 10nm products like the 10nm-based Snow Ridge network SoC for use in 5G base stations and Intel® Agilex™, our next generation field-programmable gate array (FPGA) product family.
At our Data-Centric Innovation Day event, we unveiled a broad portfolio of tools and technologies that underscore our unmatched depth, scale, and ability to move, store, and process data across the most demanding workloads from the data center to the edge, including our newly-released 2nd generation Intel® Xeon® Scalable processors which connect directly to another breakthrough innovation—Intel® Optane™ DC persistent memory.
DCG experienced challenges as cloud customers absorb capacity purchased in 2018, inventory consumption in enterprise and government and communication service providers market segments led to a deceleration in spending, and China demand weakened. NSG declined as industry-wide pricing pressure for NAND intensified. However, demand for edge compute drove double digit revenue growth for Mobileye and IOTG (excluding the effects of the Wind River Systems, Inc. (Wind River) divestiture).
PC-centric growth was driven by strength in our gaming and large commercial market segments. Platform volumes declined and pricing increased as we prioritized production to server and high-performance PC market segments. We continue to invest in capacity expansion for 14nm production, improving our supply in the second half of 2019, although product mix will continue to be a challenge in the third quarter.
We will be exiting the 5G smartphone modem business but will continue to meet current customer commitments for our existing 4G smartphone modem product lines. 5G continues to be a strategic priority and we will continue to invest in our 5G network infrastructure business. We are assessing opportunities for 4G and 5G modems in PCs, Internet of Things and other data-centric devices.  
1 See "Non-GAAP Financial Measures" within Other Key Information.


a002intellogofooter.jpg  A QUARTER IN REVIEW
 
2

Table of Contents


CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 
 
Three Months Ended
(In Millions, Except Per Share Amounts; Unaudited)
 
Mar 30,
2019
 
Mar 31,
2018
Net revenue
 
$
16,061

 
$
16,066

Cost of sales
 
6,972

 
6,335

Gross margin
 
9,089

 
9,731

Research and development
 
3,332

 
3,311

Marketing, general and administrative
 
1,533

 
1,900

Amortization of acquisition-related intangibles
 
50

 
50

Operating expenses
 
4,915

 
5,261

Operating income
 
4,174

 
4,470

Gains (losses) on equity investments, net
 
434

 
643

Interest and other, net
 
(61
)
 
(102
)
Income before taxes
 
4,547

 
5,011

Provision for taxes
 
573

 
557

Net income
 
$
3,974

 
$
4,454

Earnings per share – basic
 
$
0.88

 
$
0.95

Earnings per share – diluted
 
$
0.87

 
$
0.93

Weighted average shares of common stock outstanding:
 
 
 
 
Basic
 
4,492

 
4,674

Diluted
 
4,564

 
4,790

See accompanying notes.

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CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
 
 
Three Months Ended
(In Millions; Unaudited)
 
Mar 30,
2019
 
Mar 31,
2018
Net income
 
$
3,974

 
$
4,454

Changes in other comprehensive income, net of tax:
 
 
 
 
Net unrealized holding gains (losses) on derivatives
 
102

 
119

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

 
148

Translation adjustments and other
 
50

 
(22
)
Other comprehensive income (loss)
 
161

 
245

Total comprehensive income
 
$
4,135

 
$
4,699

See accompanying notes.

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CONSOLIDATED CONDENSED BALANCE SHEETS
(In Millions)
 
Mar 30,
2019
 
Dec 29,
2018
 
 
(unaudited)
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
3,154

 
$
3,019

Short-term investments
 
2,698

 
2,788

Trading assets
 
6,181

 
5,843

Accounts receivable
 
6,957

 
6,722

Inventories
 
7,765

 
7,253

Other current assets
 
2,305

 
3,162

Total current assets
 
29,060

 
28,787

Property, plant and equipment, net of accumulated depreciation of $67,438 ($65,342 as of December 29, 2018)
 
50,040

 
48,976

Equity investments
 
5,254

 
6,042

Other long-term investments
 
3,465

 
3,388

Goodwill
 
24,521

 
24,513

Identified intangible assets, net
 
11,457

 
11,836

Other long-term assets
 
5,661

 
4,421

Total assets
 
$
129,458

 
$
127,963

 
 
 
 
 
Liabilities, temporary equity, and stockholders’ equity
 
 
 
 
Current liabilities:
 
 
 
 
Short-term debt
 
$
2,750

 
$
1,261

Accounts payable
 
4,059

 
3,824

Accrued compensation and benefits
 
1,984

 
3,622

Other accrued liabilities
 
10,118

 
7,919

Total current liabilities

18,911

 
16,626

Debt
 
25,737

 
25,098

Contract liabilities
 
1,775

 
2,049

Income taxes payable, non-current
 
4,781

 
4,897

Deferred income taxes
 
1,521

 
1,665

Other long-term liabilities
 
2,797

 
2,646

Contingencies (Note 10)
 

 

Temporary equity
 
275

 
419

Stockholders’ equity:
 
 
 
 
Preferred stock
 

 

Common stock and capital in excess of par value, 4,477 issued and outstanding (4,516 issued and outstanding as of December 29, 2018)
 
25,346

 
25,365

Accumulated other comprehensive income (loss)
 
(813
)
 
(974
)
Retained earnings
 
49,128

 
50,172

Total stockholders’ equity
 
73,661

 
74,563

Total liabilities, temporary equity, and stockholders’ equity
 
$
129,458

 
$
127,963

See accompanying notes.

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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
 
 
Three Months Ended
(In Millions; Unaudited)
 
Mar 30,
2019
 
Mar 31,
2018
Cash and cash equivalents, beginning of period
 
$
3,019

 
$
3,433

Cash flows provided by (used for) operating activities:
 
 
 
 
Net income
 
3,974

 
4,454

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation
 
2,229

 
1,806

Share-based compensation
 
389

 
433

Amortization of intangibles
 
396

 
390

(Gains) losses on equity investments, net
 
(274
)
 
(643
)
Changes in assets and liabilities:
 
 
 
 
Accounts receivable
 
(235
)
 
102

Inventories
 
(512
)
 
(96
)
Accounts payable
 
196

 
73

Accrued compensation and benefits
 
(1,620
)
 
(1,307
)
Customer deposits and prepaid supply agreements
 
(228
)
 
1,599

Income taxes
 
440

 
295

Other assets and liabilities
 
204

 
(822
)
Total adjustments
 
985

 
1,830

Net cash provided by operating activities
 
4,959

 
6,284

Cash flows provided by (used for) investing activities:
 
 
 
 
Additions to property, plant and equipment
 
(3,321
)
 
(2,910
)
Purchases of available-for-sale debt investments
 
(872
)
 
(859
)
Maturities of available-for-sale debt investments
 
940

 
893

Purchases of trading assets
 
(1,869
)
 
(5,398
)
Maturities and sales of trading assets
 
1,554

 
3,760

Sales of equity investments
 
1,077

 
163

Other investing
 
(231
)
 
(440
)
Net cash used for investing activities
 
(2,722
)
 
(4,791
)
Cash flows provided by (used for) financing activities:
 
 
 
 
Increase (decrease) in short-term debt, net
 
1,682

 
2,142

Repayment of debt and debt conversion
 
(861
)
 
(327
)
Proceeds from sales of common stock through employee equity incentive plans
 
290

 
289

Repurchase of common stock
 
(2,530
)
 
(1,914
)
Payment of dividends to stockholders
 
(1,414
)
 
(1,400
)
Other financing
 
731

 
(162
)
Net cash provided by (used for) financing activities
 
(2,102
)
 
(1,372
)
Net increase (decrease) in cash and cash equivalents
 
135

 
121

Cash and cash equivalents, end of period
 
$
3,154

 
$
3,554

 
 
 
 
 
Supplemental disclosures of noncash investing activities and cash flow information:
 
 
 
 
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities
 
$
2,259

 
$
2,904

Cash paid during the period for:
 
 
 
 
Interest, net of capitalized interest
 
$
109

 
$
60

Income taxes, net of refunds
 
$
125

 
$
228

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 December 29, 2018
 
4,516

 
$
25,365

 
$
(974
)
 
$
50,172

 
$
74,563

Net income
 

 

 

 
3,974

 
3,974

Other comprehensive income (loss)
 

 

 
161

 

 
161

Employee equity incentive plans and other
 
11

 
372

 

 

 
372

Share-based compensation
 

 
389

 

 

 
389

Temporary equity reduction
 

 
145

 

 

 
145

Convertible debt
 

 
(592
)
 

 

 
(592
)
Repurchase of common stock
 
(49
)
 
(278
)
 

 
(2,172
)
 
(2,450
)
Restricted stock unit withholdings
 
(1
)
 
(55
)
 

 
(17
)
 
(72
)
Cash dividends declared ($0.63 per share)
 

 

 

 
(2,829
)
 
(2,829
)
Balance as of March 30, 2019
 
4,477

 
$
25,346

 
$
(813
)
 
$
49,128

 
$
73,661

 
 
 
 
 
 
 
 
 
 
 
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
 

 

 

 
4,454

 
4,454

Other comprehensive income (loss)
 

 

 
245

 

 
245

Employee equity incentive plans and other
 
15

 
323

 

 

 
323

Share-based compensation
 

 
453

 

 

 
453

Temporary equity reduction
 

 
65

 

 

 
65

Convertible debt
 

 
(207
)
 

 

 
(207
)
Repurchase of common stock
 
(41
)
 
(225
)
 

 
(1,730
)
 
(1,955
)
Restricted stock unit withholdings
 
(1
)
 
(53
)
 

 
(12
)
 
(65
)
Cash dividends declared ($0.60 per share)
 

 

 

 
(2,801
)
 
(2,801
)
Balance as of March 31, 2018
 
4,660

 
$
26,430

 
$
(683
)
 
$
44,418

 
$
70,165



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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 $696 million and corresponding accrued liabilities of $177 million, and other long-term liabilities of $438 million as of March 30, 2019. Our leases have remaining lease terms of 1 to 10 years, some of which may include options to extend the leases for up to 40 years. The weighted average remaining lease term was 5.2 years, and the weighted average discount rate was 3.7% as of March 30, 2019.
For the three months ended March 30, 2019, lease expense was $47 million. In accordance with the new leases standard, discounted and undiscounted lease payments under non-cancelable leases as of March 30, 2019, excluding non-lease components, are as follows:
(In Millions)
 
Remainder of 2019
 
2020
 
2021
 
2022
 
2023
 
2024 and Thereafter
 
Total
Lease payments
 
$
138

 
$
160

 
$
116

 
$
91

 
$
65

 
$
106

 
$
676

Present value of lease payments
 
 
 
 
 
 
 
 
 
 
 
 
 
$
615


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Lease expense was $231 million in 2018 ($264 million in 2017). Prior to our adoption of the new leases standard, future minimum lease payments as of December 29, 2018, which were undiscounted and included lease and non-lease components, were as follows:
(In Millions)
 
2019
 
2020
 
2021
 
2022
 
2023
 
2024 and Thereafter
 
Total
Minimum rental commitments under all non-cancelable leases
 
$
229

 
$
181

 
$
133

 
$
101

 
$
70

 
$
121

 
$
835


    
NOTE 3 :
OPERATING SEGMENTS

We manage our business through the following operating segments:
Client Computing Group (CCG)
Data Center Group (DCG)
Internet of Things Group (IOTG)
Mobileye
Non-Volatile Memory Solutions Group (NSG)
Programmable Solutions Group (PSG)
All Other
We offer platform products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone SoC, or a multichip package. A platform product may be enhanced by additional hardware, software, and services offered by Intel. Platform products are used in various form factors across our CCG, DCG, and IOTG operating segments. We derive a substantial majority of our revenue from platform products, which are our principal products and considered as one class of product.
CCG and DCG are our reportable operating segments. IOTG, Mobileye, NSG, and PSG do not meet the quantitative thresholds to qualify as reportable operating segments; however, we have elected to disclose the results of these non-reportable operating segments. 
The “all other” category includes revenue, expenses, and charges such as:
results of operations from non-reportable segments not otherwise presented;
historical results of operations from divested businesses;
results of operations of start-up businesses that support our initiatives, including our foundry business;
amounts included within restructuring and other charges;
a portion of employee benefits, compensation, and other expenses not allocated to the operating segments; and
acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill.
The Chief Operating Decision Maker (CODM), which is our Chief Executive Officer, does not evaluate operating segments using discrete asset information. Operating segments do not record inter-segment revenue. We do not allocate gains and losses from equity investments, interest and other income, or taxes to operating segments. Although the CODM uses operating income to evaluate the segments, operating costs included in one segment may benefit other segments. Except for these differences, the accounting policies for segment reporting are the same as for Intel as a whole.

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Net revenue and operating income (loss) for each period were as follows:
 
 
Three Months Ended
(In Millions)
 
Mar 30,
2019
 
Mar 31,
2018
Net revenue:
 
 
 
 
Client Computing Group
 
 
 
 
Platform
 
$
7,824

 
$
7,615

Adjacent
 
762

 
605

 
 
8,586

 
8,220

Data Center Group
 
 
 
 
Platform
 
4,482

 
4,824

Adjacent
 
420

 
410

 
 
4,902

 
5,234

Internet of Things Group
 
 
 
 
Platform
 
825

 
719

Adjacent
 
85

 
121

 
 
910

 
840

 
 
 
 
 
Mobileye
 
209

 
151

Non-Volatile Memory Solutions Group
 
915

 
1,040

Programmable Solutions Group
 
486

 
498

All other
 
53

 
83

Total net revenue
 
$
16,061

 
$
16,066

 
 
 
 
 
Operating income (loss):
 
 
 
 
Client Computing Group
 
$
3,072

 
$
2,791

Data Center Group
 
1,841

 
2,602

Internet of Things Group
 
251

 
227

Mobileye
 
68

 
10

Non-Volatile Memory Solutions Group
 
(297
)
 
(81
)
Programmable Solutions Group
 
89

 
97

All other
 
(850
)
 
(1,176
)
Total operating income
 
$
4,174

 
$
4,470


Disaggregated net revenue for each period was as follows:
 
 
Three Months Ended
(In Millions)
 
Mar 30,
2019
 
Mar 31,
2018
Platform revenue
 
 
 
 
Desktop platform
 
$
2,886

 
$
2,907

Notebook platform
 
4,926

 
4,689

DCG platform
 
4,482

 
4,824

Other platform1
 
837

 
738

 
 
13,131

 
13,158

 
 
 
 
 
Adjacent revenue2
 
2,930

 
2,908

Total revenue
 
$
16,061

 
$
16,066


1 
Includes our tablet, service provider, and IOTG platform revenue.
2 
Includes all of our non-platform products for CCG, DCG, and IOTG such as modem, Ethernet, and silicon photonics, as well as Mobileye, NSG, and PSG products.

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NOTE 4 :
EARNINGS PER SHARE

We computed basic earnings per share of common stock based on the weighted average number of shares of common stock outstanding during the period. We computed diluted earnings per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period.
 
 
Three Months Ended
(In Millions, Except Per Share Amounts)
 
Mar 30,
2019
 
Mar 31,
2018
Net income available to common stockholders
 
$
3,974

 
$
4,454

Weighted average shares of common stock outstanding – basic
 
4,492

 
4,674

Dilutive effect of employee equity incentive plans
 
53

 
65

Dilutive effect of convertible debt
 
19

 
51

Weighted average shares of common stock outstanding – diluted
 
4,564

 
4,790

Earnings per share – basic
 
$
0.88

 
$
0.95

Earnings per share – diluted
 
$
0.87

 
$
0.93

Potentially dilutive shares of common stock from employee equity incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding restricted stock units (RSUs), and the assumed issuance of common stock under the stock purchase plan. Our convertible debentures due 2039 (2009 debentures) require settlement of the principal amount of the debt in cash upon conversion. Since the conversion premium is paid in cash or stock at our option, we determined the potentially dilutive shares of common stock by applying the treasury stock method.
In all periods presented, securities which would have been anti-dilutive are insignificant and are excluded from the computation of diluted earnings per share. In all periods presented, we included our 2009 debentures in the calculation of diluted earnings per share of common stock because the average market price was above the conversion price. We could potentially exclude the 2009 debentures in the future if the average market price is below the conversion price.
NOTE 5 :
CONTRACT LIABILITIES

(In Millions)
 
Mar 30,
2019
 
Dec 29,
2018
Prepaid supply agreements
 
$
2,359

 
$
2,587

Other
 
129

 
122

Total contract liabilities
 
$
2,488

 
$
2,709


Contract liabilities are primarily related to partial prepayments received from customers on long-term supply agreements towards future NSG product delivery. As new prepaid supply agreements are entered into and performance obligations are negotiated, this component of the contract liability balance will increase, and as customers purchase product and utilize their prepaid balances, the balance will decrease. The short-term portion of prepayments from supply agreements is reported on the consolidated condensed balance sheets within other accrued liabilities.
The following table shows the changes in contract liability balances relating to prepaid supply agreements during the first three months of 2019:
(In Millions)
 
 
Prepaid supply agreements balance as of December 29, 2018
 
$
2,587

Prepaids utilized
 
(228
)
Prepaid supply agreements balance as of March 30, 2019
 
$
2,359



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NOTE 6 :
OTHER FINANCIAL STATEMENT DETAILS

INVENTORIES
(In Millions)
 
Mar 30,
2019
 
Dec 29,
2018
Raw materials
 
$
789

 
$
813

Work in process
 
4,758

 
4,511

Finished goods
 
2,218

 
1,929

Total inventories
 
$
7,765

 
$
7,253


INTEREST AND OTHER, NET
The components of interest and other, net for each period were as follows:
 
 
Three Months Ended
(In Millions)
 
Mar 30,
2019
 
Mar 31,
2018
Interest income
 
$
135

 
$
91

Interest expense
 
(138
)
 
(112
)
Other, net
 
(58
)
 
(81
)
Total interest and other, net
 
$
(61
)
 
$
(102
)

Interest expense in the preceding table is net of $125 million of interest capitalized in the first quarter of 2019 ($113 million in the first quarter of 2018).

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NOTE 7 :
INVESTMENTS

DEBT INVESTMENTS
Trading Assets
Net gains related to trading assets still held at the reporting date were $16 million in the first three months of 2019 ($175 million of net gains in the first three months of 2018). Net gains on the related derivatives were $2 million in the first three months of 2019 (net losses of $149 million in the first three months of 2018).
Available-for-Sale Debt Investments
 
 
March 30, 2019
 
December 29, 2018
(In Millions)
 
Adjusted Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Adjusted Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
Corporate debt
 
$
3,033

 
$
26

 
$
(11
)
 
$
3,048

 
$
3,068

 
$
2

 
$
(28
)
 
$
3,042

Financial institution instruments
 
3,172

 
11

 
(5
)
 
3,178

 
3,076

 
3

 
(11
)
 
3,068

Government debt
 
930

 
2

 
(3
)
 
929

 
1,069

 
1

 
(9
)
 
1,061

Total available-for-sale debt investments
 
$
7,135

 
$
39

 
$
(19
)
 
$
7,155

 
$
7,213

 
$
6

 
$
(48
)
 
$
7,171


Government debt includes instruments such as non-U.S. government bonds and U.S. agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms such as commercial paper, fixed and floating rate bonds, money market fund deposits, and time deposits. Substantially all time deposits were issued by institutions outside the U.S. as of March 30, 2019 and December 29, 2018.
The fair value of available-for-sale debt investments, by contractual maturity, as of March 30, 2019, was as follows:
(In Millions)
 
Fair Value
Due in 1 year or less
 
$
3,210

Due in 1–2 years
 
427

Due in 2–5 years
 
2,934

Due after 5 years
 
102

Instruments not due at a single maturity date
 
482

Total
 
$
7,155


EQUITY INVESTMENTS
(In Millions)
 
Mar 30,
2019
 
Dec 29,
2018
Marketable equity securities
 
$
568

 
$
1,440

Non-marketable equity securities
 
3,117

 
2,978

Equity method investments
 
1,569

 
1,624

Total
 
$
5,254


$
6,042



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