Intel Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Non-Controlling Interests

Non-Controlling Interests

3 Months Ended

Mar. 29, 2025


Note 3 :			Non-Controlling Interests


	Non-Controlling Ownership %
	Mar 29, 2025		Mar 30, 2024
Ireland SCIP	49	%	—	%
Arizona SCIP	49	%	49	%
Mobileye	12	%	12	%
IMS	32	%	32	%


(In Millions)	Ireland SCIP		Arizona SCIP		Mobileye		IMS		Total
Non-controlling interests as of Dec 28, 2024	$	61	$	3,888	$	1,672	$	141	$	5,762
Partner contributions	—		957		—		—		957
Partner distributions	(58)		—		—		—		(58)
Changes in equity of non-controlling interest holders	—		—		62		—		62
Net income (loss) attributable to non-controlling interests	39		(92)		(12)		(1)		(66)
Non-controlling interests as of Mar 29, 2025	$	42	$	4,753	$	1,722	$	140	$	6,657


(In Millions)	Ireland SCIP		Arizona SCIP		Mobileye		IMS		Total
Non-controlling interests as of Dec 30, 2023	$	—	$	2,359	$	1,838	$	178	$	4,375
Partner contributions	—		423		—		—		423

Changes in equity of non-controlling interest holders	—		—		40		1		41
Net income (loss) attributable to non-controlling interests	—		(22)		(24)		(10)		(56)
Non-controlling interests as of Mar 30, 2024	$	—	$	2,760	$	1,854	$	169	$	4,783

Semiconductor Co-Investment Program

Ireland SCIP

We consolidate the results of an Irish limited liability company (Ireland SCIP), a VIE, into our Consolidated Condensed Financial Statements because we are the primary beneficiary. Generally, distributions will be received from Ireland SCIP based on each investor's respective ownership of Ireland SCIP, of which Intel's is 51%. Ireland SCIP has rights to factory output of an Intel owned wafer fabrication plant in Ireland (Fab 34) and rights to resell the factory output to us. We retain sole ownership of Fab 34 and we are engaged as the Fab 34 operator in exchange for variable payments from Ireland SCIP based on the related factory output. We are required to substantially complete construction of Fab 34 in accordance with contractual parameters and timelines or we will be required to pay delay-related liquidated damages to Apollo Global Management, Inc., the other investor, beginning in 2026, not to exceed $1.1 billion in total. Though we expect certain construction delays in the near term, we intend to complete construction of Fab 34. We will be required to purchase minimum quantities of the related factory output from Ireland SCIP, or we will be subject to certain volume-related damages payable to Ireland SCIP, beginning at the earlier of when construction is complete or the third quarter of 2027. As of March 29, 2025, other than cash and cash equivalents held by Ireland SCIP, substantially all of the remaining assets and liabilities of Ireland SCIP were eliminated in our Consolidated Condensed Financial Statements.

Arizona SCIP

We consolidate the results of an Arizona limited liability company (Arizona SCIP), a VIE, into our Consolidated Condensed Financial Statements because we are the primary beneficiary. Generally, contributions will be made to, and distributions will be received from Arizona SCIP based on our and Brookfield Asset Management's (Brookfield's) proportional ownership of Arizona SCIP; we will be the sole operator and main beneficiary of two new chip factories that are being constructed by Arizona SCIP; and we will be required to both operate Arizona SCIP at minimum production levels (measured in wafer starts per week) and limit excess inventory held on site or we will be subject to certain volume-related damages payable to Arizona SCIP. The assets held by Arizona SCIP, which are not available to us as they can be used only to settle obligations of the VIE and substantially consisted of property, plant, and equipment, were $14.3 billion as of March 29, 2025 ($11.5 billion as of December 28, 2024). The remaining assets and liabilities of Arizona SCIP were eliminated in our Consolidated Condensed Financial Statements.