INTEL CORPINTC
INTEL CORP Fair Value Disclosure
| Note 14 : | Fair Value | ||||
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
| December 27, 2025 | December 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measured and Recorded at Reporting Date Using | Total | Fair Value Measured and Recorded at Reporting Date Using | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(In Millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash equivalents: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate debt | $ | — | $ | 150 | $ | — | $ | 150 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Financial institution instruments1 | 7,292 | 1,800 | — | 9,092 | 4,121 | 743 | — | 4,864 | ||||||||||||||||||||||||||||||||||||||||||
| Reverse repurchase agreements | — | 4,262 | — | 4,262 | — | 2,654 | — | 2,654 | ||||||||||||||||||||||||||||||||||||||||||
| Short-term investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate debt | — | 7,248 | — | 7,248 | — | 5,365 | — | 5,365 | ||||||||||||||||||||||||||||||||||||||||||
Financial institution instruments1 | 183 | 3,991 | — | 4,174 | 195 | 3,356 | — | 3,551 | ||||||||||||||||||||||||||||||||||||||||||
Government debt2 | 5,296 | 6,433 | — | 11,729 | 33 | 4,864 | — | 4,897 | ||||||||||||||||||||||||||||||||||||||||||
| Other current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 431 | 608 | — | 1,039 | 348 | 733 | — | 1,081 | |||||||||||||||||||||||||||||||||||||||||||
Marketable equity investments | 484 | — | — | 484 | 848 | — | — | 848 | ||||||||||||||||||||||||||||||||||||||||||
| Other long-term assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| — | 2 | — | 2 | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||
| Total assets measured and recorded at fair value | $ | 13,686 | $ | 24,494 | $ | — | $ | 38,180 | $ | 5,545 | $ | 17,716 | $ | — | $ | 23,261 | ||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other accrued liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 6 | $ | 1,524 | $ | 304 | $ | 1,834 | $ | — | $ | 562 | $ | 134 | $ | 696 | |||||||||||||||||||||||||||||||||||
| Other long-term liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| — | 1,714 | 576 | 2,290 | — | 416 | 755 | 1,171 | |||||||||||||||||||||||||||||||||||||||||||
| Total liabilities measured and recorded at fair value | $ | 6 | $ | 3,238 | $ | 880 | $ | 4,124 | $ | — | $ | 978 | $ | 889 | $ | 1,867 | ||||||||||||||||||||||||||||||||||
1 Level 1 investments consist of money market funds. Level 2 investments consist primarily of time deposits, notes and bonds issued by financial institutions.
2 Level 1 investments consist primarily of U.S. Treasury securities. Level 2 investments consist primarily of non-U.S. government debt.
3 Level 1 derivative liabilities consist of equity contracts for our deferred compensation program. Level 2 derivative liabilities include a forward contract related to Escrowed Shares held. Level 3 derivative liabilities include liquidated damage provisions related to our Ireland SCIP arrangement.
Assets Measured and Recorded at Fair Value on a Non-Recurring Basis
Our non-marketable equity investments and certain non-financial assets—such as intangible assets, goodwill and property, plant and equipment—are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. If an observable price adjustment or impairment is recognized on our non-marketable equity investments during the period, we classify these assets as Level 3. Similarly, impairments recognized on our goodwill, intangible assets and property, plant and equipment are categorized as Level 3 within the fair value hierarchy, as we utilize unobservable inputs such as prospective financial information, market segment growth rates and discount rates in the fair value measurement process.
Our non-recurring fair value measurements include the valuation of our non-marketable equity investment in Altera on the September 12, 2025 transaction close date, the fair value for which was measured and recorded using Level 3 inputs. See "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements for further information.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
Financial instruments not recorded at fair value on a recurring basis include non-marketable equity investments that have not been remeasured or impaired in the current period, grants receivable, issued debt and our outstanding receivable from SLP of $463 million which was measured and recorded using Level 2 inputs, as of December 27, 2025.
We classify the fair value of grants receivable as Level 2. The estimated fair value of these financial assets approximates their carrying value. The aggregate carrying value of grants receivable as of December 27, 2025 was $652 million (the aggregate carrying value of grants receivable as of December 28, 2024 was $1.7 billion).
We classify the fair value of issued debt (excluding commercial paper) as Level 2. The fair value of these instruments was $41.8 billion as of December 27, 2025 ($43.5 billion as of December 28, 2024).Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 23, 2026 | Showing above |
| 2024 | Jan 31, 2025 | |
| 2023 | Jan 26, 2024 | |
| 2022 | Jan 27, 2023 | |
| 2021 | Jan 27, 2022 | |
| 2020 | Jan 22, 2021 | |
| 2019 | Jan 24, 2020 | |
| 2018 | Feb 1, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 12, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.