ACC 561 ACC/561 Week 1 Financial Statement Review

Week 1 Financial Statement Review

Looking for answers to this paper or similar paper?

Classwork Helper will give you the most accurate answers to this question and many more.

High Quality Work Guaranteed!

Order Custom Paper Now

Select an American corporation.

Visit its website and download the Income Statement, Statement of Stockholders Equity, Balance Sheet, and Statement of Cash Flows.

Complete the University of Phoenix Material: Financial Statement Review Worksheet.

Submit the completed worksheet, copies of the downloaded financial statements, and a link to the website.

………………………………………………………………………………………………………………………………………………….

 

INTEL CORPORATION 2013
Select Financial Data
Five Years Ended December 28, 2013
(Dollars in Millions, Except Per Share Amounts) 2013 2012 2011 2010 2009
Net revenue $ 52,708 $ 53,341 $ 53,999 $ 43,623 $ 35,127
Gross margin $ 31,521 $ 33,151 $ 33,757 $ 28,491 $ 19,561
Gross margin percentage 59.8% 62.1% 62.5% 65.3% 55.7%
Research and development (R&D) $ 10,611 $ 10,148 $ 8,350 $ 6,576 $ 5,653
Marketing, general and administrative
(MG&A) $ 8,088 $ 8,057 $ 7,670 $ 6,309 $ 7,931
R&D and MG&A as percentage of revenue 35.5% 34.1% 29.7% 29.5% 38.7%
Operating income $ 12,291 $ 14,638 $ 17,477 $ 15,588 $ 5,711
Net income $ 9,620 $ 11,005 $ 12,942 $ 11,464 $ 4,369
Earnings per common share
Basic $ 1.94 $ 2.20 $ 2.46 $ 2.06 $ 0.79
Diluted $ 1.89 $ 2.13 $ 2.39 $ 2.01 $ 0.77
Weighted average diluted common shares
outstanding 5,097 5,160 5,411 5,696 5,645
Dividends per common share
Declared $ 0.90 $ 0.87 $ 0.78 $ 0.63 $ 0.56
Paid $ 0.90 $ 0.87 $ 0.78 $ 0.63 $ 0.56
Net cash provided by operating activities $ 20,776 $ 18,884 $ 20,963 $ 16,692 $ 11,170
Additions to property, plant and equipment $ 10,711 $ 11,027 $ 10,764 $ 5,207 $ 4,515
Repurchase of common stock $ 2,440 $ 5,110 $ 14,340 $ 1,736 $ 1,762
Payment of dividends to stockholders $ 4,479 $ 4,350 $ 4,127 $ 3,503 $ 3,108
(Dollars in Millions) Dec. 28, 2013 Dec. 29, 2012 Dec. 31, 2011 Dec. 25, 2010 Dec. 26, 2009
Property, plant and equipment, net $ 31,428 $ 27,983 $ 23,627 $ 17,899 $ 17,225
Total assets $ 92,358 $ 84,351 $ 71,119 $ 63,186 $ 53,095
Long-term debt $ 13,165 $ 13,136 $ 7,084 $ 2,077 $ 2,049
Stockholders’ equity $ 58,256 $ 51,203 $ 45,911 $ 49,430 $ 41,704
Employees (in thousands) 107.6 105.0 100.1 82.5 79.8
During the third quarter of 2013, management approved and communicated several restructuring actions including
targeted workforce reductions as well as exit of certain businesses and facilities. For further information, see “Note
13: Restructuring and Asset Impairment Charges” in the Notes to Consolidated Financial Statements in 2013 Form
10-K filed with the SEC.
In 2011, we acquired McAfee, Inc. and the Wireless Solution business of Infineon Technologies AG, which operates
as part of our Multi-Comm and Phone Group operating segments. For further information, see “Note 8: Acquisitions”
in the Notes to Consolidated Financial Statements in 2013 Form 10-K filed with the SEC.
INTEL CORPORATION 2013
Consolidated Statements of Income
Three Years Ended December 28, 2013
(In Millions, Except Per Share Amounts) 2013 2012 2011
Net revenue $ 52,708 $ 53,341 $ 53,999
Cost of sales 21,187 20,190 20,242
Gross margin 31,521 33,151 33,757
Research and development 10,611 10,148 8,350
Marketing, general and administrative 8,088 8,057 7,670
Restructuring and asset impairment charges 240 — —
Amortization of acquisition-related intangibles 291 308 260
Operating expenses 19,230 18,513 16,280
Operating income 12,291 14,638 17,477
Gains (losses) on equity investments, net 471 141 112
Interest and other, net (151) 94 192
Income before taxes 12,611 14,873 17,781
Provision for taxes 2,991 3,868 4,839
Net income $ 9,620 $ 11,005 $ 12,942
Basic earnings per common share $ 1.94 $ 2.20 $ 2.46
Diluted earnings per common share $ 1.89 $ 2.13 $ 2.39
Weighted average common shares outstanding:
Basic 4,970 4,996 5,256
Diluted 5,097 5,160 5,411
See Notes to Consolidated Financial Statements in the 2013 Form 10-K filed with the SEC.
INTEL CORPORATION 2013
Consolidated Statements of Comprehensive Income
Three Years Ended December 28, 2013
(In Millions) 2013 2012 2011
Net income $ 9,620 $ 11,005 $ 12,942
Other comprehensive income, net of tax:
Change in net unrealized holding gains (losses) on available-forsale
investments 1,181 470 (170)
Change in net deferred tax asset valuation allowance (26) (11) (99)
Change in net unrealized holding gains (losses) on derivatives (89) 85 (119)
Change in net prior service costs 18 — 4
Change in net actuarial losses 520 (172) (588)
Change in net foreign currency translation adjustment 38 10 (142)
Other comprehensive income (loss) 1,642 382 (1,114)
Total comprehensive income $ 11,262 $ 11,387 $ 11,828
See Notes to Consolidated Financial Statements in the 2013 Form 10-K filed with the SEC.
INTEL CORPORATION 2013
Consolidated Balance Sheets
December 28, 2013 and December 29, 2012
(In Millions, Except Par Value) 2013 2012
Assets
Current assets:
Cash and cash equivalents $ 5,674 $ 8,478
Short-term investments 5,972 3,999
Trading assets 8,441 5,685
Accounts receivable, net of allowance for doubtful accounts of $38 ($38 in 2012) 3,582 3,833
Inventories 4,172 4,734
Deferred tax assets 2,594 2,117
Other current assets 1,649 2,512
Total current assets 32,084 31,358
Property, plant and equipment, net 31,428 27,983
Marketable equity securities 6,221 4,424
Other long-term investments 1,473 493
Goodwill 10,513 9,710
Identified intangible assets, net 5,150 6,235
Other long-term assets 5,489 4,148
Total assets $ 92,358 $ 84,351
Liabilities and stockholders’ equity
Current liabilities:
Short-term debt $ 281 $ 312
Accounts payable 2,969 3,023
Accrued compensation and benefits 3,123 2,972
Accrued advertising 1,021 1,015
Deferred income 2,096 1,932
Other accrued liabilities 4,078 3,644
Total current liabilities 13,568 12,898
Long-term debt 13,165 13,136
Long-term deferred tax liabilities 4,397 3,412
Other long-term liabilities 2,972 3,702
Commitments and contingencies (Notes 18 and 26)
Stockholders’ equity:
Preferred stock, $0.001 par value, 50 shares authorized; none issued — —
Common stock, $0.001 par value, 10,000 shares authorized; 4,967 issued and
outstanding (4,944 issued and outstanding in 2012) and capital in excess of par
value 21,536 19,464
Accumulated other comprehensive income (loss) 1,243 (399)
Retained earnings 35,477 32,138
Total stockholders’ equity 58,256 51,203
Total liabilities and stockholders’ equity $ 92,358 $ 84,351
See Notes to Consolidated Financial Statements in the 2013 Form 10-K filed with the SEC.
INTEL CORPORATION 2013
Consolidated Statements of Cash Flows
Three Years Ended December 28, 2013
(In Millions) 2013 2012 2011
Cash and cash equivalents, beginning of year $ 8,478 $ 5,065 $ 5,498
Cash flows provided by (used for) operating activities:
Net income 9,620 11,005 12,942
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation 6,790 6,357 5,141
Share-based compensation 1,118 1,102 1,053
Restructuring and asset impairment charges 240 — —
Excess tax benefit from share-based payment arrangements (49) (142) (37)
Amortization of intangibles 1,242 1,165 923
(Gains) losses on equity investments, net (425) (141) (112)
(Gains) losses on divestitures — — (164)
Deferred taxes (900) (242) 790
Changes in assets and liabilities:
Accounts receivable 271 (176) (678)
Inventories 563 (626) (243)
Accounts payable 267 67 596
Accrued compensation and benefits 155 192 (95)
Income taxes payable and receivable 1,019 229 660
Other assets and liabilities 865 94 187
Total adjustments 11,156 7,879 8,021
Net cash provided by operating activities 20,776 18,884 20,963
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment (10,711) (11,027) (10,764)
Acquisitions, net of cash acquired (925) (638) (8,721)
Purchases of available-for-sale investments (12,493) (8,694) (11,230)
Sales of available-for-sale investments 934 2,282 9,076
Maturities of available-for-sale investments 8,336 5,369 11,029
Purchases of trading assets (16,718) (16,892) (11,314)
Maturities and sales of trading assets 13,677 15,786 11,771
Collection of loans receivable 132 149 134
Origination of loans receivable (200) (216) (206)
Investments in non-marketable equity investments (440) (475) (693)
Proceeds from the sale of IM Flash Singapore, LLP assets and certain
IM Flash Technologies, LLC assets — 605 —
Return of equity method investments 45 137 263
Purchases of licensed technology and patents (36) (815) (66)
Proceeds from divestitures — — 50
Other investing 326 369 370
Net cash used for investing activities (18,073) (14,060) (10,301)
Cash flows provided by (used for) financing activities:
Increase (decrease) in short-term debt, net (31) 65 209
Proceeds from government grants 129 63 124
Excess tax benefit from share-based payment arrangements 49 142 37
Issuance of long-term debt, net of issuance costs — 6,124 4,962
Repayment of debt — (125) —
Proceeds from sales of shares through employee equity incentive plans 1,588 2,111 2,045
Repurchase of common stock (2,440) (5,110) (14,340)
Payment of dividends to stockholders (4,479) (4,350) (4,127)
Other financing (314) (328) (10)
Net cash used for financing activities (5,498) (1,408) (11,100)
Effect of exchange rate fluctuations on cash and cash equivalents (9) (3) 5
Net increase (decrease) in cash and cash equivalents (2,804) 3,413 (433)
Cash and cash equivalents, end of year $ 5,674 $ 8,478 $ 5,065
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest $ 204 $ 71 $ —
Income taxes, net of refunds $ 2,874 $ 3,930 $ 3,338
See Notes to Consolidated Financial Statements in the 2013 Form 10-K filed with the SEC.
INTEL CORPORATION 2013
Consolidated Statements of Stockholders’ Equity
Three Years Ended December 28, 2013
Common Stock and Capital
in Excess of Par Value Accumulated
Other
Comprehensive
Income (Loss)
Retained
(In Millions, Except Per Share Amounts) Earnings Total
Number of
Shares Amount
Balance as of December 25, 2010 5,511 $ 16,178 $ 333 $ 32,919 $ 49,430
Components of comprehensive income, net
of tax:
Net income — — — 12,942 12,942
Other comprehensive income (loss) — — (1,114) — (1,114)
Total comprehensive income 11,828
Proceeds from sales of shares through
employee equity incentive plans, net tax
deficiency, and other 142 2,019 — — 2,019
Assumption of equity awards in connection
with acquisitions — 48 — — 48
Share-based compensation — 1,053 — — 1,053
Repurchase of common stock (653) (2,262) — (12,078) (14,340)
Cash dividends declared ($0.7824 per
common share) — — — (4,127) (4,127)
Balance as of December 31, 2011 5,000 17,036 (781) 29,656 45,911
Components of comprehensive income, net
of tax:
Net income — — — 11,005 11,005
Other comprehensive income (loss) — — 382 — 382
Total comprehensive income 11,387
Proceeds from sales of shares through
employee equity incentive plans, net
excess tax benefit, and other 148 2,257 — — 2,257
Share-based compensation — 1,108 — — 1,108
Repurchase of common stock (204) (937) — (4,173) (5,110)
Cash dividends declared ($0.87 per common
share) — — — (4,350) (4,350)
Balance as of December 29, 2012 4,944 19,464 (399) 32,138 51,203
Components of comprehensive income, net
of tax:
Net income — — — 9,620 9,620
Other comprehensive income (loss) — — 1,642 — 1,642
Total comprehensive income 11,262
Proceeds from sales of shares through
employee equity incentive plans, net tax
deficiency, and other 130 1,593 — — 1,593
Share-based compensation — 1,117 — — 1,117
Repurchase of common stock (107) (638) — (1,802) (2,440)
Cash dividends declared ($0.90 per common
share) — — — (4,479) (4,479)
Balance as of December 28, 2013 4,967 $ 21,536 $ 1,243 $ 35,477 $ 58,256
See Notes to Consolidated Financial Statements in the 2013 Form 10-K filed with the SEC.
INTEL CORPORATION 2013
Financial Information by Quarter (Unaudited)
2013 for Quarter Ended
(In Millions, Except Per Share Amounts) December 28 September 28 June 29 March 30
Net revenue $ 13,834 $ 13,483 $ 12,811 $ 12,580
Gross margin $ 8,571 $ 8,414 $ 7,470 $ 7,066
Net income $ 2,625 $ 2,950 $ 2,000 $ 2,045
Basic earnings per common share $ 0.53 $ 0.59 $ 0.40 $ 0.41
Diluted earnings per common share $ 0.51 $ 0.58 $ 0.39 $ 0.40
Dividends per common share
Declared $ — $ 0.4500 $ — $ 0.4500
Paid $ 0.2250 $ 0.2250 $ 0.2250 $ 0.2250
Market price range common stock1
High $ 25.70 $ 24.25 $ 25.47 $ 22.68
Low $ 22.48 $ 21.92 $ 20.94 $ 20.23
2012 for Quarter Ended
(In Millions, Except Per Share Amounts) December 29 September 29 June 30 March 31
Net revenue $ 13,477 $ 13,457 $ 13,501 $ 12,906
Gross margin $ 7,817 $ 8,515 $ 8,554 $ 8,265
Net income $ 2,468 $ 2,972 $ 2,827 $ 2,738
Basic earnings per common share $ 0.50 $ 0.59 $ 0.56 $ 0.55
Diluted earnings per common share $ 0.48 $ 0.58 $ 0.54 $ 0.53
Dividends per common share
Declared $ — $ 0.4500 $ — $ 0.4200
Paid $ 0.2250 $ 0.2250 $ 0.2100 $ 0.2100
Market price range common stock1
High $ 22.84 $ 26.88 $ 29.18 $ 28.19
Low $ 19.36 $ 22.54 $ 25.04 $ 24.54
1Intel’s common stock (symbol INTC) trades on The NASDAQ Global Select Market*. All stock prices are closing
prices per The NASDAQ Global Select Market*.

Leave a Comment

Your email address will not be published. Required fields are marked *