Intel Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 27, 2021

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

Total gross notional amounts for outstanding derivatives at the end of each period were as follows:


(In Millions)	Mar 27, 2021		Dec 26, 2020
Foreign currency contracts	$	31,349	$	31,209
Interest rate contracts	14,556		14,461
Other	2,139		2,026
Total	$	48,044	$	47,696

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Fair Value of Derivative Instruments


	Mar 27, 2021				Dec 26, 2020
(In Millions)	Assets1		Liabilities2		Assets1		Liabilities2
Derivatives designated as hedging instruments:
Foreign currency contracts3	$	215	$	110	$	551	$	2
Interest rate contracts	986		—		1,498		—
Total derivatives designated as hedging instruments	1,201		110		2,049		2
Derivatives not designated as hedging instruments:
Foreign currency contracts3	221		404		142		685
Interest rate contracts	6		98		3		128
Equity contracts	33		6		48		—
Total derivatives not designated as hedging instruments	260		508		193		813
Total derivatives	$	1,461	$	618	$	2,242	$	815

1Derivative assets are recorded as other assets, current and non-current.

2Derivative liabilities are recorded as other liabilities, current and non-current.

3The majority of these instruments mature within 12 months.

The amounts recorded on the Consolidated Condensed Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:


Line Item in the Consolidated Condensed Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Item Asset/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
(In Millions)	Mar 27, 2021		Dec 26, 2020		Mar 27, 2021		Dec 26, 2020
Long-term debt	$	(12,983)	$	(13,495)	$	(986)	$	(1,498)

Offsetting Assets [Table Text Block]

The gross amounts of our derivative instruments and reverse repurchase agreements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows:


	Mar 27, 2021
							Gross Amounts Not Offset in the Balance Sheet
(In Millions)	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments		Cash and Non-Cash Collateral Received or Pledged		Net Amount
Assets:
Derivative assets subject to master netting arrangements	$	1,455			$	1,455	$	(404)	$	(1,036)	$	15
Reverse repurchase agreements	1,350		—		1,350		—		(1,350)		—
Total assets	2,805		—		2,805		(404)		(2,386)		15
Liabilities:
Derivative liabilities subject to master netting arrangements	516		—		516		(404)		(112)		—
Total liabilities	$	516	$	—	$	516	$	(404)	$	(112)	$	—


	Dec 26, 2020
							Gross Amounts Not Offset in the Balance Sheet
(In Millions)	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments		Cash and Non-Cash Collateral Received or Pledged		Net Amount
Assets:
Derivative assets subject to master netting arrangements	$	2,235	$	—	$	2,235	$	(264)	$	(1,904)	$	67
Reverse repurchase agreements	1,900		—		1,900		—		(1,900)		—
Total assets	4,135		—		4,135		(264)		(3,804)		67
Liabilities:
Derivative liabilities subject to master netting arrangements	711		—		711		(264)		(447)		—
Total liabilities	$	711	$	—	$	711	$	(264)	$	(447)	$	—

Offsetting Liabilities [Table Text Block]


	Mar 27, 2021
							Gross Amounts Not Offset in the Balance Sheet
(In Millions)	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments		Cash and Non-Cash Collateral Received or Pledged		Net Amount
Assets:
Derivative assets subject to master netting arrangements	$	1,455			$	1,455	$	(404)	$	(1,036)	$	15
Reverse repurchase agreements	1,350		—		1,350		—		(1,350)		—
Total assets	2,805		—		2,805		(404)		(2,386)		15
Liabilities:
Derivative liabilities subject to master netting arrangements	516		—		516		(404)		(112)		—
Total liabilities	$	516	$	—	$	516	$	(404)	$	(112)	$	—


	Dec 26, 2020
							Gross Amounts Not Offset in the Balance Sheet
(In Millions)	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments		Cash and Non-Cash Collateral Received or Pledged		Net Amount
Assets:
Derivative assets subject to master netting arrangements	$	2,235	$	—	$	2,235	$	(264)	$	(1,904)	$	67
Reverse repurchase agreements	1,900		—		1,900		—		(1,900)		—
Total assets	4,135		—		4,135		(264)		(3,804)		67
Liabilities:
Derivative liabilities subject to master netting arrangements	711		—		711		(264)		(447)		—
Total liabilities	$	711	$	—	$	711	$	(264)	$	(447)	$	—

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The effects of derivative instruments not designated as hedging instruments on the Consolidated Condensed Statements of Income for each period were as follows:


		Three Months Ended
(In Millions)	Location of Gains (Losses) Recognized in Income on Derivatives	Mar 27, 2021		Mar 28, 2020
Foreign currency contracts	Interest and other, net	$	234	$	154
Interest rate contracts	Interest and other, net	23		(77)
Other	Various	55		(268)
Total		$	312	$	(191)

Interest and other, net [Member] | Fair Value Hedging

Derivative [Line Items]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows:


	Gains (Losses) Recognized in Consolidated Condensed Statements of Income on Derivatives

(In Millions)	Mar 27, 2021		Mar 28, 2020
Interest rate contracts	$	(512)	$	954
Hedged items	512		(954)
Total	$	—	$	—