News Release News Release• | Fourth-quarter revenue was $18.7 billion, up 9 percent year-over-year (YoY); and full-year revenue set an all-time record of $70.8 billion, up 13 percent YoY. |
• | Delivered outstanding fourth-quarter earnings per share of $1.12 ($1.28 on a non-GAAP basis); achieved record full-year operating income, net income and EPS. |
• | In 2018, Intel generated a record $29.4 billion cash from operations, generated $14.3 billion of free cash flow and returned nearly $16.3 billion to shareholders. |
• | Expecting record 2019 revenue of approximately $71.5 billion and first-quarter revenue of approximately $16 billion. |
GAAP | Non-GAAP | ||||||
Q4 2018 | Q4 2017 | vs. Q4 2017 | Q4 2018 | Q4 2017 | vs. Q4 2017 | ||
Revenue ($B) | $18.7 | $17.1 | up 9% | $18.7^ | $17.1^ | up 9% | |
Gross Margin | 60.2% | 63.2% | down 3 pts | 61.7% | 64.9% | down 3.2 pts | |
R&D and MG&A ($B) | $5.0 | $5.1 | down 3% | $5.0^ | $5.1^ | down 3% | |
Operating Income ($B) | $6.2 | $5.4 | up 15% | $6.6 | $6.0 | up 10% | |
Tax Rate | 7.8% | 111.4% | n/m1 | 8.8% | 21.2% | down 12.4 pts | |
Net Income (Loss) ($B) | $5.2 | $(0.7) | n/m1 | $5.9 | $5.2 | up 14% | |
due to tax impact | |||||||
Earnings Per Share | $1.12 | $(0.15) | n/m1 | $1.28 | $1.08 | up 18% | |
due to tax impact | |||||||
GAAP | Non-GAAP | ||||||
2018 | 2017 | vs. 2017 | 2018 | 2017 | vs. 2017 | ||
Revenue ($B) | $70.8 | $62.8 | up 13% | $70.8^ | $62.8^ | up 13% | |
Gross Margin | 61.7% | 62.3% | down 0.6 pts | 63.3% | 63.8% | down 0.5 pts | |
R&D and MG&A ($B) | $20.3 | $20.5 | down 1% | $20.3^ | $20.4 | flat 0% | |
Operating Income ($B) | $23.3 | $18.1 | up 29% | $24.5 | $19.7 | up 25% | |
Tax Rate | 9.7% | 52.8% | n/m1 | 11.0% | 22.5% | down 11.5 pts | |
Net Income ($B) | $21.1 | $9.6 | n/m1 | $21.5 | $16.8 | up 28% | |
Earnings Per Share | $4.48 | $1.99 | n/m1 | $4.58 | $3.46 | up 32% | |
Key Business Unit Revenue and Trends | |||||||
Q4 2018 | vs. Q4 2017 | 2018 | vs. 2017 | ||||
PC-centric | CCG | $9.8 billion | up | 10% | $37.0 billion | up | 9% |
Data-centric | DCG | $6.1 billion | up | 9% | $23.0 billion | up | 21% |
IOTG | $816 million | down | 7% | $3.5 billion | up | 9% | |
NSG | $1.1 billion | up | 25% | $4.3 billion | up | 22% | |
PSG | $612 million | up | 8% | $2.1 billion | up | 12% | |
up | 9%* | up | 20%* | ||||
Q1 2019 | GAAP | Non-GAAP | |
Approximately | Approximately | ||
Revenue | $16.0 billion | $16.0 billion^ | |
Operating margin | 27% | 29% | |
Tax rate | 14% | 14%^ | |
Earnings per share | $0.81 | $0.87 | |
Full-Year 2019 | GAAP | Non-GAAP | |
Approximately | Approximately | ||
Revenue | $71.5 billion | $71.5 billion^ | |
Operating margin | 32% | 34% | |
Tax rate | 13.5% | 13.5%^ | |
Earnings per share | $4.35 | $4.60 | |
Full-year capital spending | $15.5 billion | $15.5 billion^ | |
Free cash flow | N/A | $16.0 billion | |
• | Demand for Intel's products is highly variable and could differ from expectations due to factors including changes in business and economic conditions; customer confidence or income levels, and the levels of customer capital spending; the introduction, availability and market acceptance of Intel's products, products used together with Intel products, and competitors' products; competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns including order cancellations; changes in customer needs and emerging technology trends; and changes in the level of inventory at customers. |
• | Intel's results could vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources; and product manufacturing quality/yields. Variations in results may also be caused by the timing of Intel product introductions and related expenses, including marketing programs, and Intel's ability to respond quickly to technological developments and to introduce new products or incorporate new features into existing products, which may result in restructuring and asset impairment charges. |
• | Intel's results could be affected by adverse economic, social, political and physical/infrastructure conditions in countries where Intel, its customers or its suppliers operate, including recession or slowing growth, military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns, fluctuations in currency exchange rates, sanctions and tariffs, and continuing uncertainty regarding social, political, immigration, and tax and trade policies in the U.S. and abroad, including the United Kingdom's vote to withdraw from the European Union. Results may also be affected by the formal or informal imposition by countries of new or revised export and/or import and doing-business regulations, which could be changed without prior notice. |
• | Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. In addition, in connection with our strategic transformation to a data-centric company, we have entered new areas and introduced adjacent products, where we face new sources of competition and uncertain market demand or acceptance of our products, and these new areas and products may not grow as projected. |
• | The amount, timing and execution of Intel's stock repurchase program may fluctuate based on Intel's priorities for the use of cash for other purposes—such as investing in our business, including operational and capital spending, acquisitions, and returning cash to our stockholders as dividend payments—and because of changes in cash flows, tax laws, or the market price of our common stock. |
• | Intel's expected tax rate is based on current tax law, including current interpretations of the Tax Cuts and Jobs Act of 2017 (”TCJA”), and current expected income and may be affected by evolving interpretations of TCJA; changes in the volume and mix of profits earned across jurisdictions with varying tax rates; changes in the estimates of credits, benefits and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets. |
• | Intel's results could be affected by gains or losses from equity securities and interest and other, which could vary depending on gains or losses on the change in fair value, sale, exchange, or impairments of equity and debt investments, interest rates, cash balances, and changes in fair value of derivative instruments. |
• | Product defects or errata (deviations from published specifications) may adversely impact our expenses, revenues and reputation. |
• | We or third parties regularly identify security vulnerabilities with respect to our processors and other products as well as the operating systems and workloads running on them. Security vulnerabilities and any limitations of, or adverse effects resulting from, mitigation techniques can adversely affect our results of operations, financial condition, customer relationships, prospects, and reputation in a number of ways, any of which may be material, including incurring significant costs related to developing and deploying updates and mitigations, writing down inventory value, a reduction in the competitiveness of our products, defending against product claims and litigation, responding to regulatory inquiries or actions, paying damages, addressing customer satisfaction considerations, or taking other remedial steps with respect to third parties. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. A detailed description of these risks is set forth in the "Risk Factors" section of our most recent reports on Forms 10-K and 10-Q. |
• | Intel's results could be affected by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust, commercial, disclosure and other issues. An unfavorable ruling could include monetary damages or an injunction prohibiting Intel from manufacturing or selling one or more products, precluding particular business practices, impacting Intel's ability to design its products, or requiring other remedies such as compulsory licensing of intellectual property. |
• | Intel's results may be affected by the timing of closing of acquisitions, divestitures and other significant transactions. |
Three Months Ended | Twelve Months Ended | |||||||||||||||
(In Millions, Except Per Share Amounts; Unaudited) | Dec 29, 2018 | Dec 30, 2017(1) | Dec 29, 2018 | Dec 30, 2017(1) | ||||||||||||
NET REVENUE | $ | 18,657 | $ | 17,053 | $ | 70,848 | $ | 62,761 | ||||||||
Cost of sales | 7,430 | 6,275 | 27,111 | 23,663 | ||||||||||||
GROSS MARGIN | 11,227 | 10,778 | 43,737 | 39,098 | ||||||||||||
Research and development (R&D) | 3,433 | 3,253 | 13,543 | 13,035 | ||||||||||||
Marketing, general and administrative (MG&A) | 1,520 | 1,842 | 6,750 | 7,452 | ||||||||||||
R&D AND MG&A | 4,953 | 5,095 | 20,293 | 20,487 | ||||||||||||
Restructuring and other charges | — | 195 | (72 | ) | 384 | |||||||||||
Amortization of acquisition-related intangibles | 50 | 53 | 200 | 177 | ||||||||||||
OPERATING EXPENSES | 5,003 | 5,343 | 20,421 | 21,048 | ||||||||||||
OPERATING INCOME | 6,224 | 5,435 | 23,316 | 18,050 | ||||||||||||
Gains (losses) on equity investments, net | (490 | ) | 1,211 | (125 | ) | 2,651 | ||||||||||
Interest and other, net | (99 | ) | (611 | ) | 126 | (349 | ) | |||||||||
INCOME BEFORE TAXES | 5,635 | 6,035 | 23,317 | 20,352 | ||||||||||||
Provision for taxes | 440 | 6,722 | 2,264 | 10,751 | ||||||||||||
NET INCOME (LOSS) | $ | 5,195 | $ | (687 | ) | $ | 21,053 | $ | 9,601 | |||||||
EARNINGS PER SHARE - BASIC | $ | 1.14 | $ | (0.15 | ) | $ | 4.57 | $ | 2.04 | |||||||
EARNINGS PER SHARE - DILUTED | $ | 1.12 | $ | (0.15 | ) | $ | 4.48 | $ | 1.99 | |||||||
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | ||||||||||||||||
BASIC | 4,549 | 4,683 | 4,611 | 4,701 | ||||||||||||
DILUTED | 4,619 | 4,683 | 4,701 | 4,835 | ||||||||||||
(In Millions) | Dec 29, 2018 | Dec 30, 2017 | ||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 3,019 | $ | 3,433 | ||||
Short-term investments | 2,788 | 1,814 | ||||||
Trading assets | 5,843 | 8,755 | ||||||
Total cash investments | 11,650 | 14,002 | ||||||
Accounts receivable | 6,722 | 5,607 | ||||||
Inventories | ||||||||
Raw materials | 813 | 738 | ||||||
Work in process | 4,511 | 4,213 | ||||||
Finished goods | 1,929 | 2,032 | ||||||
7,253 | 6,983 | |||||||
Other current assets | 3,162 | 2,908 | ||||||
TOTAL CURRENT ASSETS | 28,787 | 29,500 | ||||||
Property, plant and equipment, net | 48,976 | 41,109 | ||||||
Equity investments | 6,042 | 8,579 | ||||||
Other long-term investments | 3,388 | 3,712 | ||||||
Goodwill | 24,513 | 24,389 | ||||||
Identified intangible assets, net | 11,836 | 12,745 | ||||||
Other long-term assets | 4,421 | 3,215 | ||||||
TOTAL ASSETS | $ | 127,963 | $ | 123,249 | ||||
CURRENT LIABILITIES | ||||||||
Short-term debt | $ | 1,261 | $ | 1,776 | ||||
Accounts payable | 3,824 | 2,928 | ||||||
Accrued compensation and benefits | 3,622 | 3,526 | ||||||
Deferred income | — | 1,656 | ||||||
Other accrued liabilities | 7,919 | 7,535 | ||||||
TOTAL CURRENT LIABILITIES | 16,626 | 17,421 | ||||||
Debt | 25,098 | 25,037 | ||||||
Contract liabilities | 2,049 | — | ||||||
Income taxes payable, non-current | 4,897 | 4,069 | ||||||
Deferred income taxes | 1,665 | 3,046 | ||||||
Other long-term liabilities | 2,646 | 3,791 | ||||||
TEMPORARY EQUITY | 419 | 866 | ||||||
Stockholders' equity | ||||||||
Preferred stock | — | — | ||||||
Common stock and capital in excess of par value | 25,365 | 26,074 | ||||||
Accumulated other comprehensive income (loss) | (974 | ) | 862 | |||||
Retained earnings | 50,172 | 42,083 | ||||||
TOTAL STOCKHOLDERS' EQUITY | 74,563 | 69,019 | ||||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $ | 127,963 | $ | 123,249 | ||||
Three Months Ended | ||||||||
(In Millions) | Dec 29, 2018 | Dec 30, 2017 | ||||||
SELECTED CASH FLOW INFORMATION: | ||||||||
Operating activities: | ||||||||
Net cash provided by operating activities | $ | 6,900 | $ | 7,241 | ||||
Depreciation | $ | 2,100 | $ | 1,762 | ||||
Share-based compensation | $ | 343 | $ | 307 | ||||
Amortization of intangibles | $ | 393 | $ | 378 | ||||
Investing activities: | ||||||||
Additions to property, plant and equipment | $ | (3,890 | ) | $ | (4,069 | ) | ||
Financing activities: | ||||||||
Repayment of debt and debt conversion | $ | (1,098 | ) | $ | (6,578 | ) | ||
Repurchase of common stock | $ | (2,266 | ) | $ | (4 | ) | ||
Payment of dividends to stockholders | $ | (1,368 | ) | $ | (1,278 | ) | ||
EARNINGS PER SHARE OF COMMON STOCK INFORMATION: | ||||||||
Weighted average shares of common stock outstanding - basic | 4,549 | 4,683 | ||||||
Dilutive effect of employee equity incentive plans | 43 | — | ||||||
Dilutive effect of convertible debt | 27 | — | ||||||
Weighted average shares of common stock outstanding - diluted | 4,619 | 4,683 | ||||||
STOCK BUYBACK: | ||||||||
Shares repurchased | 51 | — | ||||||
Cumulative shares repurchased (in billions) | 5.2 | 4.9 | ||||||
Remaining dollars authorized for buyback (in billions) | $ | 17.3 | $ | 13.2 | ||||
OTHER INFORMATION: | ||||||||
Employees (in thousands) | 107.4 | 102.7 | ||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
(In Millions) | Dec 29, 2018 | Dec 30, 2017(1) | Dec 29, 2018 | Dec 30, 2017(1) | ||||||||||||
Net Revenue | ||||||||||||||||
Client Computing Group | ||||||||||||||||
Platform | $ | 8,531 | $ | 8,063 | $ | 33,234 | $ | 31,226 | ||||||||
Adjacency | 1,291 | 891 | 3,770 | 2,777 | ||||||||||||
9,822 | 8,954 | 37,004 | 34,003 | |||||||||||||
Data Center Group | ||||||||||||||||
Platform | 5,594 | 5,095 | 21,155 | 17,439 | ||||||||||||
Adjacency | 475 | 487 | 1,836 | 1,625 | ||||||||||||
6,069 | 5,582 | 22,991 | 19,064 | |||||||||||||
Internet of Things Group | ||||||||||||||||
Platform | 746 | 719 | 3,065 | 2,645 | ||||||||||||
Adjacency | 70 | 160 | 390 | 524 | ||||||||||||
816 | 879 | 3,455 | 3,169 | |||||||||||||
Non-Volatile Memory Solutions Group | 1,107 | 889 | 4,307 | 3,520 | ||||||||||||
Programmable Solutions Group | 612 | 568 | 2,123 | 1,902 | ||||||||||||
All Other | 231 | 181 | 968 | 1,103 | ||||||||||||
TOTAL NET REVENUE | $ | 18,657 | $ | 17,053 | $ | 70,848 | $ | 62,761 | ||||||||
Operating income (loss) | ||||||||||||||||
Client Computing Group | $ | 3,665 | $ | 3,263 | $ | 14,222 | $ | 12,919 | ||||||||
Data Center Group | 3,055 | 2,992 | 11,476 | 8,395 | ||||||||||||
Internet of Things Group | 189 | 260 | 980 | 650 | ||||||||||||
Non-Volatile Memory Solutions Group | (19 | ) | 31 | (5 | ) | (260 | ) | |||||||||
Programmable Solutions Group | 162 | 156 | 466 | 458 | ||||||||||||
All Other | (828 | ) | (1,267 | ) | (3,823 | ) | (4,112 | ) | ||||||||
TOTAL OPERATING INCOME | $ | 6,224 | $ | 5,435 | $ | 23,316 | $ | 18,050 | ||||||||
• | CCG includes platforms designed for end-user form factors, focusing on higher growth segments of 2-in-1, thin-and-light, commercial and gaming, and growing adjacencies such as WiFi and modem. |
• | DCG includes workload-optimized platforms and related products designed for cloud, enterprise, and communication infrastructure market segments. |
• | IOTG includes high-performance compute solutions for targeted verticals and embedded applications in market segments such as retail, manufacturing, health care, energy, automotive, and government. |
• | NSG includes Intel® Optane™ technology and 3D NAND flash memory, primarily used in solid-state drives (SSDs). |
• | PSG includes programmable semiconductors, primarily field-programmable gate arrays (FPGAs), and related products for a broad range of markets, such as communications, data center, industrial, and military. |
• | results of operations from non-reportable segments not otherwise presented, including Mobileye results; |
• | historical results of operations from divested businesses, including Intel Security Group (ISecG) results; |
• | 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. |
Q4 2018 | Q4 2018 | YTD 2018 | ||||
compared to Q3 2018 | compared to Q4 2017 | compared to YTD 2017 | ||||
Client Computing Group Platform | ||||||
Notebook platform volumes | (10)% | 1% | 4% | |||
Notebook platform average selling prices | 3% | 6% | 3% | |||
Desktop platform volumes | (7)% | (8)% | (6)% | |||
Desktop platform average selling prices | 5% | 13% | 11% | |||
Data Center Group Platform | ||||||
Unit Volumes | (3)% | 9% | 13% | |||
Average Selling Prices | 2% | 1% | 7% | |||
• | Inventory valuation adjustments: Business combination accounting principles require us to measure acquired inventory at fair value. The fair value of inventory reflects the acquired company’s cost of manufacturing plus a portion of the expected profit margin. The non-GAAP adjustments to our cost of sales exclude the expected profit margin component that is recorded under business combination accounting principles associated with our acquisition of Mobileye. We believe the adjustments are useful to investors as an additional means to reflect cost of sales and gross margin trends of our business. |
• | Amortization of acquisition-related intangible assets: Amortization of acquisition-related intangible assets consists of amortization of intangible assets such as developed technology, brands, and customer relationships acquired in connection with business combinations. We record charges related to the amortization of these intangibles within both cost of sales and operating expenses in our GAAP financial statements. Amortization charges for our acquisition-related intangible assets are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. Consequently, our non-GAAP adjustments exclude these charges to facilitate an evaluation of our current operating performance and comparisons to our past operating performance. |
• | Other acquisition-related charges: Other acquisition-related charges exclude the impact of other charges associated with the acquisition of Mobileye. These charges primarily include bankers' fees, compensation-related costs, and valuation charges for stock-based compensation incurred related to the acquisition. We believe these adjustments are useful to investors as an additional means to reflect the spending trends of our business. |
Q1 2019 Outlook | Full-Year 2019 | |||||||
Approximately | Approximately | |||||||
GAAP OPERATING MARGIN | 27 | % | 32 | % | ||||
Amortization of acquisition-related intangible assets | 2 | % | 2 | % | ||||
NON-GAAP OPERATING MARGIN | 29 | % | 34 | % | ||||
EARNINGS PER SHARE - DILUTED | $ | 0.81 | $ | 4.35 | ||||
Amortization of acquisition-related intangible assets | 0.07 | 0.29 | ||||||
Income tax effect | (0.01 | ) | (0.04 | ) | ||||
NON-GAAP EARNINGS PER SHARE - DILUTED | $ | 0.87 | $ | 4.60 | ||||
(In Billions) | Full-Year 2019 | |||
GAAP CASH FROM OPERATIONS | $ | 31.5 | ||
Additions to property, plant and equipment | (15.5 | ) | ||
FREE CASH FLOW | $ | 16.0 | ||
Three Months Ended | Twelve Months Ended | ||||||||||||||
(In Millions, Except Per Share Amounts) | Dec 29, 2018 | Dec 30, 2017(1) | Dec 29, 2018 | Dec 30, 2017(1) | |||||||||||
GAAP GROSS MARGIN | $ | 11,227 | $ | 10,778 | $ | 43,737 | $ | 39,098 | |||||||
Inventory valuation adjustments | — | 28 | — | 55 | |||||||||||
Amortization of acquisition-related intangible assets | 279 | 262 | 1,105 | 912 | |||||||||||
NON-GAAP GROSS MARGIN | $ | 11,506 | $ | 11,068 | $ | 44,842 | $ | 40,065 | |||||||
GAAP GROSS MARGIN PERCENTAGE | 60.2 | % | 63.2 | % | 61.7 | % | 62.3 | % | |||||||
Inventory valuation adjustments | — | % | 0.2 | % | — | % | 0.1 | % | |||||||
Amortization of acquisition-related intangible assets | 1.5 | % | 1.5 | % | 1.6 | % | 1.4 | % | |||||||
NON-GAAP GROSS MARGIN PERCENTAGE | 61.7 | % | 64.9 | % | 63.3 | % | 63.8 | % | |||||||
GAAP R&D PLUS MG&A SPENDING | $ | 4,953 | $ | 5,095 | $ | 20,293 | $ | 20,487 | |||||||
Other acquisition-related charges | — | — | — | (113 | ) | ||||||||||
NON-GAAP TOTAL DIRECT EXPENSES | $ | 4,953 | $ | 5,095 | $ | 20,293 | $ | 20,374 | |||||||
GAAP OPERATING INCOME | $ | 6,224 | $ | 5,435 | $ | 23,316 | $ | 18,050 | |||||||
Inventory valuation adjustments | — | 28 | — | 55 | |||||||||||
Amortization of acquisition-related intangible assets | 329 | 315 | 1,305 | 1,089 | |||||||||||
Other acquisition-related charges | — | — | — | 113 | |||||||||||
Restructuring and other charges | — | 195 | (72 | ) | 384 | ||||||||||
NON-GAAP OPERATING INCOME | $ | 6,553 | $ | 5,973 | $ | 24,549 | $ | 19,691 | |||||||
GAAP TAX RATE | 7.8 | % | 111.4 | % | 9.7 | % | 52.8 | % | |||||||
Divestiture of Intel Security | — | % | — | % | — | % | (3.6 | )% | |||||||
Tax Reform | — | % | (90.2 | )% | — | % | (26.7 | )% | |||||||
Other | 1.0 | % | — | % | 1.3 | % | — | % | |||||||
NON-GAAP TAX RATE | 8.8 | % | 21.2 | % | 11.0 | % | 22.5 | % | |||||||
GAAP NET INCOME | $ | 5,195 | $ | (687 | ) | $ | 21,053 | $ | 9,601 | ||||||
Inventory valuation adjustments | — | 28 | — | 55 | |||||||||||
Amortization of acquisition-related intangible assets | 329 | 315 | 1,305 | 1,089 | |||||||||||
Other acquisition-related charges | — | — | — | 113 | |||||||||||
Restructuring and other charges | — | 195 | (72 | ) | 384 | ||||||||||
Ongoing mark-to-market on marketable equity securities | 508 | — | 129 | — | |||||||||||
(Gains) losses from divestitures | — | — | (494 | ) | (387 | ) | |||||||||
Tax Reform | — | 5,444 | (294 | ) | 5,444 | ||||||||||
Income tax effect | (130 | ) | (114 | ) | (102 | ) | 454 | ||||||||
NON-GAAP NET INCOME | $ | 5,902 | $ | 5,181 | $ | 21,525 | $ | 16,753 | |||||||
EARNINGS PER SHARE - DILUTED | $ | 1.12 | $ | (0.15 | ) | $ | 4.48 | $ | 1.99 | ||||||
Inventory valuation adjustments | — | 0.01 | — | 0.01 | |||||||||||
Amortization of acquisition-related intangible assets | 0.07 | 0.06 | 0.28 | 0.22 | |||||||||||
Other acquisition-related charges | — | — | — | 0.02 | |||||||||||
Restructuring and other charges | — | 0.04 | (0.02 | ) | 0.08 | ||||||||||
(Gains) losses from divestitures | — | — | (0.11 | ) | (0.08 | ) | |||||||||
Ongoing mark-to-market on marketable equity securities | 0.11 | — | 0.03 | — | |||||||||||
Tax Reform | — | 1.14 | (0.06 | ) | 1.13 | ||||||||||
Income tax effect | (0.02 | ) | (0.02 | ) | (0.02 | ) | 0.09 | ||||||||
NON-GAAP EARNINGS PER SHARE - DILUTED | $ | 1.28 | $ | 1.08 | $ | 4.58 | $ | 3.46 | |||||||
Twelve Months Ended | |||
(In Millions) | Dec 29, 2018 | ||
GAAP CASH FROM OPERATIONS | $ | 29,432 | |
Additions to property, plant and equipment | (15,181 | ) | |
FREE CASH FLOW | $ | 14,251 | |
GAAP CASH USED FOR INVESTING ACTIVITIES | $ | (11,239 | ) |
GAAP CASH USED FOR FINANCING ACTIVITIES | $ | (18,607 | ) |