Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 28, 2019
Dec. 29, 2018
Dec. 30, 2017
Income Statement [Abstract]      
Net revenue $ 71,965 $ 70,848 $ 62,761
Cost of sales 29,825 27,111 23,663
Gross margin 42,140 43,737 39,098
Research and development 13,362 13,543 13,035
Marketing, general and administrative 6,150 6,750 7,452
Restructuring and other charges 393 (72) 384
Amortization of acquisition-related intangibles 200 200 177
Operating expenses 20,105 20,421 21,048
Operating income 22,035 23,316 18,050
Gains (losses) on equity investments, net 1,539 (125) 2,651
Interest and other, net 484 126 (349)
Income before taxes 24,058 23,317 20,352
Provision for taxes 3,010 2,264 10,751
Net income $ 21,048 $ 21,053 $ 9,601
Earnings per share—Basic $ 4.77 $ 4.57 $ 2.04
Earnings per share—Diluted $ 4.71 $ 4.48 $ 1.99
Weighted average shares of common stock outstanding:      
Basic (shares) 4,417 4,611 4,701
Diluted (shares) 4,473 4,701 4,835