Intel Corp., balance sheet: debt

US$ in millions

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
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 debt (carrying amount)	49,266)	42,051)	38,101)	36,401)	29,001)

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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. total debt increased from 2021 to 2022 and from 2022 to 2023.

	Dec 30, 2023
Selected Financial Data (US$ in millions)
Commercial paper and drafts payable	—)
Issued debt	47,600)
Total debt (fair value)	47,600)
Financial Ratio
Debt, fair value to carrying amount ratio	0.97

Weighted-average effective interest rate on debt: 4.72%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.32%	1,250)	29)
2.14%	600)	13)
3.45%	1,500)	52)
7.29%	2,250)	164)
4.96%	1,500)	74)
5.79%	1,000)	58)
3.79%	1,000)	38)
6.35%	1,000)	64)
3.82%	1,250)	48)
4.94%	1,750)	86)
1.67%	1,000)	17)
4.06%	850)	35)
2.39%	2,000)	48)
5.17%	1,250)	65)
3.93%	1,500)	59)
2.03%	1,250)	25)
4.18%	1,250)	52)
7.21%	750)	54)
5.25%	2,250)	118)
4.61%	750)	35)
2.81%	750)	21)
7.16%	802)	57)
7.45%	567)	42)
5.64%	1,000)	56)
7.29%	772)	56)
6.58%	1,250)	82)
6.53%	1,000)	65)
6.09%	640)	39)
6.99%	1,967)	137)
3.20%	2,000)	64)
4.74%	2,250)	107)
3.06%	1,250)	38)
4.90%	1,750)	86)
5.71%	2,000)	114)
3.11%	1,000)	31)
4.99%	1,000)	50)
3.21%	750)	24)
5.05%	900)	45)
5.91%	1,250)	74)
3.89%	423)	16)
3.64%	131)	5)
2.15%	438)	9)
4.26%	445)	19)
Total	50,285)	2,373)
4.72%

¹ US$ in millions

² Weighted-average interest rate = 100 × 2,373 ÷ 50,285 = 4.72%

Intel Corp., interest costs incurred

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Interest expense	878)	496)	597)	629)	489)
Interest capitalized	1,500)	785)	398)	338)	472)
Interest costs incurred	2,378)	1,281)	995)	967)	961)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Intel Corp. interest expense decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Intel Corp. interest capitalized increased from 2021 to 2022 and from 2022 to 2023.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Intel Corp. interest costs incurred increased from 2021 to 2022 and from 2022 to 2023.

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Selected Financial Data (US$ in millions)
Net income attributable to Intel	1,689)	8,014)	19,868)	20,899)	21,048)
Add: Net income attributable to noncontrolling interest	(14)	3)	—)	—)	—)
Add: Income tax expense	(913)	(249)	1,835)	4,179)	3,010)
Add: Interest expense	878)	496)	597)	629)	489)
Earnings before interest and tax (EBIT)	1,640)	8,264)	22,300)	25,707)	24,547)

Interest costs incurred	2,378)	1,281)	995)	967)	961)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	1.87	16.66	37.35	40.87	50.20
Adjusted interest coverage ratio (with capitalized interest)²	0.69	6.45	22.41	26.58	25.54

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 1,640 ÷ 878 = 1.87

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 1,640 ÷ 2,378 = 0.69

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Intel Corp. adjusted interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Intel Corp. (NASDAQ:INTC)

Analysis of Debt