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Earnings Release Q2 2015
Exhibit 99.1

Intel Corporation
2200 Mission College Blvd.
Santa Clara, CA 95054-1549
News Release


Intel Reports Second-Quarter Revenue of $13.2 Billion,
Consistent with Outlook

News Highlights:
•
Revenue of $13.2 billion consistent with outlook, gross margin of 62.5%, slightly better than outlook
◦
Client Computing Group revenue of $7.5 billion, up 2 percent sequentially and down 14 percent year-over-year
◦
Data Center Group revenue of $3.9 billion, up 5 percent sequentially and up 10 percent year-over-year    
◦
Internet of Things Group revenue of $559 million, up 5 percent sequentially and up 4 percent year-over-year
◦
Software and services operating segments revenue of $534 million, flat sequentially and down 3 percent year-over-year
•
Qualified Intel 6th Gen Intel® Core™ processor (“Skylake”) for production, which will deliver exciting new PC experiences in the second half of 2015

SANTA CLARA, Calif., July 15, 2015 -- Intel Corporation today reported second-quarter revenue of $13.2 billion, operating income of $2.9 billion, net income of $2.7 billion and EPS of 55 cents. The company generated approximately $3.4 billion in cash from operations, paid dividends of $1.1 billion, and used $697 million to repurchase 22 million shares of stock.

“Second-quarter results demonstrate the transformation of our business as growth in data center, memory and IoT accounted for more than 70 percent of our operating profit and helped offset a challenging PC market," said Intel CEO Brian Krzanich. “We continue to be confident in our growth strategy and are focused on innovation and execution. We expect the launches of Skylake, Microsoft's Windows* 10 and new OEM systems will bring excitement to client computing in the second half of 2015.”








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Intel/Page 2


Financial Comparison
Quarterly Year-Over-Year
 
Q2 2015
Q2 2014
vs. Q2 2014
Revenue
$13.2 billion
$13.8 billion
down 5%
Gross Margin
62.5%
64.5%
down 2.0 points
R&D and MG&A
$5.0 billion
$4.9 billion
up 2%
Operating Income
$2.9 billion
$3.8 billion
down 25%
Tax Rate
9.3%
28.7%
down 19.4 points
Net Income
$2.7 billion
$2.8 billion
down 3%
Earnings Per Share
55 cents
55 cents
flat
Financial Comparison
Quarterly Sequential
 
Q2 2015
Q1 2015
vs. Q1 2015
Revenue
$13.2 billion
$12.8 billion
up 3%
Gross Margin
62.5%
60.5%
up 2.0 points
R&D and MG&A
$5.0 billion
$4.9 billion
up 2%
Operating Income
$2.9 billion
$2.6 billion
up 11%
Tax Rate
9.3%
25.5%
down 16.2 points
Net Income
$2.7 billion
$2.0 billion
up 36%
Earnings Per Share
55 cents
41 cents
up 34%




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Intel/Page 3


Business Outlook
Intel’s Business Outlook does not include the potential impact of any business combinations, asset acquisitions, divestitures, strategic investments and other significant transactions that may be completed after July 15.

Q3 2015
•
Revenue: $14.3 billion, plus or minus $500 million.
•
Gross margin percentage: 63 percent, plus or minus a couple of percentage points.
•
R&D plus MG&A spending: approximately $4.9 billion.
•
Restructuring charges: approximately $175 million.
•
Amortization of acquisition-related intangibles: approximately $70 million.
•
Impact of equity investments and interest and other: approximately $100 million net gain.
•
Depreciation: approximately $2.0 billion.

Full-Year 2015
•
Revenue: down approximately one percent.
•
Gross margin percentage: 61.5 percent, plus or minus a couple of percentage points.
•
R&D plus MG&A spending: $19.8 billion, plus or minus $400 million.
•
Amortization of acquisition-related intangibles: approximately $265 million.
•
Depreciation: $7.9 billion, plus or minus $100 million.
•
Tax rate: approximately 26 percent for the third and fourth quarters.
•
Full-year capital spending: $7.7 billion, plus or minus $500 million.

For additional information regarding Intel’s results and Business Outlook, please see the CFO commentary at: www.intc.com/results.cfm.

Status of Business Outlook
Intel’s Business Outlook is posted on intc.com and may be reiterated in public or private meetings with investors and others. The Business Outlook will be effective through the close of business on September 11 unless earlier updated; except that the Business Outlook for amortization of acquisition-related intangibles, impact of equity investments and interest and other, restructuring charges, and tax rate, will be effective only through the close of business on July 22. Intel’s Quiet Period will start from the close of business on September 11 until publication of the company’s third-quarter earnings release, scheduled for October 13. During the Quiet Period, all of the Business Outlook and other forward-looking statements disclosed in the company’s news releases and filings with the SEC should be considered as historical, speaking as of prior to the Quiet Period only and not subject to an update by the company.


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Intel/Page 4


Risk Factors
The above statements and any others in this release that refer to plans and expectations for the second quarter, the year and the future are forward-looking statements that involve a number of risks and uncertainties. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "seeks," "estimates," "continues," "may," "will," "should," and variations of such words and similar expressions are intended to identify such forward-looking statements.Statements that refer to or are based on projections, uncertain events or assumptions also identify forward-looking statements. Many factors could affect Intel's actual results, and variances from Intel's current expectations regarding such factors could cause actual results to differ materially from those expressed in these forward-looking statements. Intel presently considers the following to be important factors that could cause actual results to differ materially from the company's expectations.

•
Demand for Intel's products is highly variable and could differ from expectations due to factors including changes in business and economic conditions; consumer confidence or income levels; the introduction, availability and market acceptance of Intel's products, products used together with Intel products and competitors' products; competitive and pricing pressures, including actions taken by competitors; supply constraints and other disruptions affecting customers; changes in customer order patterns including order cancellations; and changes in the level of inventory at customers.

•
Intel's gross margin percentage could vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources; and product manufacturing quality/yields. Variations in gross margin may also be caused by the timing of Intel product introductions and related expenses, including marketing expenses, and Intel's ability to respond quickly to technological developments and to introduce new products or incorporate new features into existing products, which may result in restructuring and asset impairment charges.
•
Intel's results could be affected by adverse economic, social, political and physical/infrastructure conditions in countries where Intel, its customers or its suppliers operate, including military conflict and other security risks, natural disasters, infrastructure disruptions, health concerns and fluctuations in currency exchange rates. Results may also be affected by the formal or informal imposition by countries of new or revised export and/or import and doing-business regulations, which could be changed without prior notice.

•
Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term.

•
The amount, timing and execution of Intel's stock repurchase program could be affected by changes in Intel's priorities for the use of cash, such as operational spending, capital spending, acquisitions, and as a result of changes to Intel's cash flows or changes in tax laws.

•
Intel's expected tax rate is based on current tax law and current expected income and may be affected by the jurisdictions in which profits are determined to be earned and taxed; changes in the estimates of credits, benefits and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets.

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Intel/Page 5


 
•
Gains or losses from equity securities and interest and other could vary from expectations depending on gains or losses on the sale, exchange, change in the fair value or impairments of debt and equity investments, interest rates, cash balances, and changes in fair value of derivative instruments.

•
Product defects or errata (deviations from published specifications) may adversely impact our expenses, revenues and reputation.

•
Intel's results could be affected by litigation or regulatory matters involving intellectual property, stockholder, consumer, antitrust, disclosure and other issues. An unfavorable ruling could include monetary damages or an injunction prohibiting Intel from manufacturing or selling one or more products, precluding particular business practices, impacting Intel's ability to design its products, or requiring other remedies such as compulsory licensing of intellectual property.

•
Intel's results may be affected by the timing of closing of acquisitions, divestitures and other significant transactions. In addition, risks associated with our proposed acquisition of Altera are described in the “Forward Looking Statements” paragraph of Intel’s press release dated June 1, 2015, which risk factors are incorporated by reference herein.

A detailed discussion of these and other factors that could affect Intel's results is included in Intel's SEC filings, including the company's most recent reports on Forms 10-K and 10-Q.

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Intel/Page 6




Earnings Webcast
Intel will hold a public webcast at 2 p.m. PDT today on its Investor Relations website at www.intc.com. A webcast replay and MP3 download will also be available on the site.

Intel plans to report its earnings for the third quarter of 2015 on October 13. Immediately following the earnings report, the company plans to publish a commentary by Stacy J. Smith, Intel CFO and executive vice president, at www.intc.com/results.cfm. A public webcast of Intel’s earnings conference call will follow at 2 p.m. PDT at www.intc.com.

About Intel
Intel (NASDAQ: INTC) is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world’s computing devices. As a leader in corporate responsibility and sustainability, Intel also manufactures the world's first commercially available "conflict-free" microprocessors. Additional information about Intel is available at newsroom.intel.com and blogs.intel.com and about Intel's conflict-free efforts at conflictfree.intel.com.






Intel, the Intel logo, Core and Ultrabook are trademarks of Intel Corporation in the United States and other countries.
*Other names and brands may be claimed as the property of others.



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Intel/Page 7


INTEL CORPORATION
CONSOLIDATED SUMMARY STATEMENT OF INCOME DATA
(In millions, except per share amounts)

 
 
Three Months Ended
 
Six Months Ended
 
 
Jun 27,
2015
 
Jun 28,
2014
 
Jun 27,
2015
 
Jun 28,
2014
NET REVENUE
 
$
13,195

 
$
13,831

 
$
25,976

 
$
26,595

Cost of sales
 
4,947

 
4,914

 
9,998

 
10,065

GROSS MARGIN
 
8,248

 
8,917

 
15,978

 
16,530

 
 
 
 
 
 
 
 
 
Research and development
 
3,087

 
2,859

 
6,082

 
5,705

Marketing, general and administrative
 
1,949

 
2,061

 
3,902

 
4,108

R&D AND MG&A
 
5,036

 
4,920

 
9,984

 
9,813

Restructuring and asset impairment charges
 
248

 
81

 
353

 
218

Amortization of acquisition-related intangibles
 
68

 
72

 
130

 
145

OPERATING EXPENSES
 
5,352

 
5,073

 
10,467

 
10,176

OPERATING INCOME
 
2,896

 
3,844

 
5,511

 
6,354

Gains (losses) on equity investments, net
 
100

 
95

 
132

 
143

Interest and other, net
 
(13
)
 
(17
)
 
13

 
95

INCOME BEFORE TAXES
 
2,983

 
3,922

 
5,656

 
6,592

Provision for taxes
 
277

 
1,126

 
958

 
1,866

NET INCOME
 
$
2,706

 
$
2,796

 
$
4,698

 
$
4,726

 
 
 
 
 
 
 
 
 
BASIC EARNINGS PER SHARE OF COMMON STOCK
 
$
0.57

 
$
0.56

 
$
0.99

 
$
0.95

DILUTED EARNINGS PER SHARE OF COMMON STOCK
 
$
0.55

 
$
0.55

 
$
0.96

 
$
0.92

 
 
 
 
 
 
 
 
 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
 
 
 
 
 
 
 
 
BASIC
 
4,759

 
4,981

 
4,750

 
4,977

DILUTED
 
4,909

 
5,123

 
4,912

 
5,120



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Intel/Page 8


INTEL CORPORATION
CONSOLIDATED SUMMARY BALANCE SHEET DATA
(In millions)
 
 
Jun 27,
2015
 
Mar 28,
2015
 
Dec 27,
2014
CURRENT ASSETS
 
 
 
 
 
 
Cash and cash equivalents
 
$
4,454

 
$
4,244

 
$
2,561

Short-term investments
 
2,606

 
1,864

 
2,430

Trading assets
 
6,810

 
8,010

 
9,063

Accounts receivable, net
 
3,860

 
3,246

 
4,427

Inventories
 
 
 
 
 
 
Raw materials
 
490

 
528

 
462

Work in process
 
2,668

 
2,190

 
2,375

Finished goods
 
1,660

 
1,700

 
1,436

 
 
4,818

 
4,418

 
4,273

Deferred tax assets
 
1,895

 
2,048

 
1,958

Other current assets
 
2,267

 
2,636

 
3,018

TOTAL CURRENT ASSETS
 
26,710

 
26,466

 
27,730

 
 
 
 
 
 
 
Property, plant and equipment, net
 
32,683

 
33,296

 
33,238

Marketable equity securities
 
7,208

 
6,549

 
7,097

Other long-term investments
 
1,727

 
1,675

 
2,023

Goodwill
 
11,037

 
10,766

 
10,861

Identified intangible assets, net
 
4,226

 
4,211

 
4,446

Other long-term assets
 
6,901

 
6,603

 
6,561

TOTAL ASSETS
 
$
90,492

 
$
89,566

 
$
91,956

 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
Short-term debt
 
$
1,118

 
$
1,121

 
$
1,604

Accounts payable
 
2,359

 
2,775

 
2,748

Accrued compensation and benefits
 
2,572

 
2,011

 
3,475

Accrued advertising
 
1,021

 
1,014

 
1,092

Deferred income
 
2,082

 
2,196

 
2,205

Other accrued liabilities
 
4,377

 
5,918

 
4,895

TOTAL CURRENT LIABILITIES
 
13,529

 
15,035

 
16,019

 
 
 
 
 
 
 
Long-term debt
 
12,116

 
12,112

 
12,107

Long-term deferred tax liabilities
 
3,251

 
3,462

 
3,775

Other long-term liabilities
 
2,996

 
3,125

 
3,278

 
 
 
 
 
 
 
TEMPORARY EQUITY
 
905

 
908

 
912

 
 
 
 
 
 
 
Stockholders' equity
 
 
 
 
 
 
Preferred Stock
 
—

 
—

 
—

Common stock and capital in excess of par value
 
22,625

 
22,395

 
21,781

Accumulated other comprehensive income (loss)
 
645

 
68

 
666

Retained Earnings
 
34,425

 
32,461

 
33,418

TOTAL STOCKHOLDERS' EQUITY
 
57,695

 
54,924

 
55,865

TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY
 
$
90,492

 
$
89,566

 
$
91,956


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Intel/Page 9


INTEL CORPORATION
SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION
(In millions)
 
 
Q2 2015
 
Q1 2015
 
Q2 2014
CASH INVESTMENTS:
 
 
 
 
 
 
Cash and short-term investments
 
$
7,060

 
$
6,108

 
$
7,540

Trading assets
 
6,810

 
8,010

 
9,771

Total cash investments
 
$
13,870

 
$
14,118

 
$
17,311

 
 
 
 
 
 
 
CURRENT DEFERRED INCOME:
 
 
 
 
 
 
Deferred income on shipments of components to distributors
 
$
853

 
$
965

 
$
951

Deferred income from software and services
 
1,229

 
1,231

 
1,220

Total current deferred income
 
$
2,082

 
$
2,196

 
$
2,171

 
 
 
 
 
 
 
SELECTED CASH FLOW INFORMATION:
 
 
 
 
 
 
Depreciation
 
$
1,977

 
$
1,848

 
$
1,880

Share-based compensation
 
$
332

 
$
368

 
$
303

Amortization of intangibles
 
$
214

 
$
251

 
$
290

Additions to property, plant and equipment1
 
$
(1,767
)
 
$
(2,025
)
 
$
(2,828
)
Acquisitions, net of cash acquired
 
$
(467
)
 
$
(57
)
 
$
(29
)
Investments in non-marketable equity investments
 
$
(280
)
 
$
(278
)
 
$
(971
)
Repurchase of common stock
 
$
(697
)
 
$
(750
)
 
$
(2,081
)
Proceeds from sales of common stock to employees & excess tax benefit
 
$
244

 
$
363

 
$
584

Payment of dividends to stockholders
 
$
(1,146
)
 
$
(1,137
)
 
$
(1,126
)
 
 
 
 
 
 
 
EARNINGS PER SHARE OF COMMON STOCK INFORMATION:
 
 
 
 
 
 
Weighted average shares of common stock outstanding - basic
 
4,759

 
4,741

 
4,981

Dilutive effect of employee equity incentive plans
 
62

 
82

 
68

Dilutive effect of convertible debt
 
88

 
91

 
74

Weighted average shares of common stock outstanding - diluted
 
4,909

 
4,914

 
5,123

 
 
 
 
 
 
 
STOCK BUYBACK:
 
 
 
 
 
 
Shares repurchased2
 
24

 
21

 
76

Cumulative shares repurchased (in billions)
 
4.7

 
4.7

 
4.5

Remaining dollars authorized for buyback (in billions)
 
$
10.9

 
$
11.6

 
$
0.5

 
 
 
 
 
 
 
OTHER INFORMATION:
 
 
 
 
 
 
Employees (in thousands)
 
106.7

 
106.4

 
104.9


1$20 million of equipment received in Q2 2015 is excluded from Q2 2015 capital spending. A substantial majority of the equipment was prepaid in 2013, and was reflected as cash from operations in the respective periods in which the cash was paid.
2 Shares repurchased in Q2 2015 and Q2 2014 included a small portion paid for in cash during the subsequent quarter.

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Intel/Page 10


INTEL CORPORATION
SUPPLEMENTAL OPERATING SEGMENT RESULTS
(In millions)
 
 
Three Months Ended
 
Six Months Ended
 
 
Jun 27,
2015
 
Jun 28,
2014
 
Jun 27,
2015
 
Jun 28,
2014
Net Revenue
 
 
 
 
 
 
 
 
Client Computing Group
 
 
 
 
 
 
 
 
Platform
 
$
7,124

 
$
8,323

 
$
14,173

 
$
15,995

Other
 
413

 
395

 
784

 
820

 
 
7,537

 
8,718

 
14,957

 
16,815

Data Center Group
 
 
 
 
 
 
 
 
Platform
 
3,579

 
3,254

 
6,998

 
6,105

Other
 
271

 
255

 
531

 
491

 
 
3,850

 
3,509

 
7,529

 
6,596

Internet of Things Group
 
 
 
 
 
 
 
 
Platform
 
487

 
454

 
949

 
864

Other
 
72

 
85

 
143

 
157

 
 
559

 
539

 
1,092

 
1,021

 
 
 
 
 
 
 
 
 
Software and services operating segments
 
534

 
548

 
1,068

 
1,101

All other
 
715

 
517

 
1,330

 
1,062

TOTAL NET REVENUE
 
$
13,195

 
$
13,831

 
$
25,976

 
$
26,595

 
 
 
 
 
 
 
 
 
Operating income (loss)
 
 
 
 
 
 
 
 
Client Computing Group
 
$
1,602

 
$
2,586

 
$
3,012

 
$
4,433

Data Center Group
 
1,843

 
1,842

 
3,544

 
3,178

Internet of Things Group
 
145

 
146

 
232

 
261

Software and services operating segments
 
14

 
19

 
17

 
27

All other
 
(708
)
 
(749
)
 
(1,294
)
 
(1,545
)
TOTAL OPERATING INCOME
 
$
2,896

 
$
3,844

 
$
5,511

 
$
6,354

During the first quarter of 2015, we combined the PC Client Group and Mobile and Communications Group to create the Client Computing Group (CCG). This change in our organizational structure reflects our strategy to address all aspects of the client computing market segment and utilize our intellectual property to offer compelling customer solutions. All prior-period amounts have been retrospectively adjusted to reflect the way we internally manage and monitor segment performance starting in fiscal year 2015 and includes other minor reorganizations.
Our operating segment results shown above are comprised of the following:
•
Client Computing Group: Includes platforms designed for the notebook (including Ultrabook™ devices), 2 in 1 systems, the desktop (including all-in-ones and high-end enthusiast PCs), tablets, and smartphones; wireless and wired connectivity products; as well as mobile communication components.
•
Data Center Group: Includes server, network, and storage platforms designed for enterprise, cloud, communications infrastructure, and technical computing segments.
•
Internet of Things Group: Includes platforms designed for embedded market segments including retail, transportation, industrial, and buildings and home, along with a broad range of other market segments.
•
Software and services operating segments: Includes software and hardware products for endpoint security, network and content security, risk and compliance, and consumer and mobile security from our McAfee business, and software products and services that promote Intel architecture as the platform of choice for software development.
•
All other category includes revenue, expenses, and charges such as:
◦
results of operations from our Non-Volatile Memory Solutions Group and New Devices Group;
◦
amounts included within restructuring and asset impairment charges;
◦
a portion of profit-dependent compensation and other expenses not allocated to the operating segments;
◦
divested businesses for which discrete operating results are not regularly reviewed by our CODM;
◦
results of operations of start-up businesses that support our initiatives, including our foundry business; and
◦
acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill.

A substantial majority of our revenue is generated from the sale of platforms. Platforms incorporate various components and technologies, including a microprocessor and chipset, a stand-alone SoC, or a multichip package. Our remaining primary product lines are incorporated in "other."

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Intel/Page 11


INTEL CORPORATION
SUPPLEMENTAL PLATFORM REVENUE INFORMATION
 
 
Q2 2015
 
Q2 2015
 
Q2 YTD 2015
 
 
compared to Q1 2015
 
compared to Q2 2014
 
compared to Q2 YTD 2014
Client Computing Group Platform
 
 
 
 
 
 
Unit Volumes
 
—%
 
(10)%
 
(3)%
Average Selling Prices
 
2%
 
(3)%
 
(8)%
 
 
 
 
 
 
 
Data Center Group Platform
 
 
 
 
 
 
Unit Volumes
 
2%
 
5%
 
10%
Average Selling Prices
 
3%
 
5%
 
4%

Client Computing Group Notebook, Desktop and Tablet Platform Key Drivers                        
- Notebook platform volumes decreased 11% from Q2 2014 to Q2 2015
- Notebook platform average selling prices decreased 2% from Q2 2014 to Q2 2015
- Desktop platform volumes decreased 22% from Q2 2014 to Q2 2015
- Desktop platform average selling prices increased 6% from Q2 2014 to Q2 2015
- Tablet platform volumes increased 11% from Q2 2014 to Q2 2015, up to 10 million units

- Notebook platform volumes decreased 4% from the first six months of 2014 to the first six months of 2015
- Notebook platform average selling prices decreased 2% from the first six months of 2014 to the first six months of 2015
- Desktop platform volumes decreased 19% from the first six months of 2014 to the first six months of 2015
- Desktop platform average selling prices increased 4% from the first six months of 2014 to the first six months of 2015
- Tablet platform volumes increased 23% from the first six months of 2014 to the first six months of 2015, up to 17 million units

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Intel/Page 12


INTEL CORPORATION
EXPLANATION OF NON-GAAP MEASURES

In addition to disclosing financial results in accordance with United States (U.S.) generally accepted accounting principles (GAAP), the accompanying Q2 2015 earnings conference contains references to non-GAAP financial measures of gross cash, net cash and other longer term investments, which are used by management when assessing our sources of liquidity and capital resources. We believe these non-GAAP financial measures are helpful to investors in understanding our capital structure and how we manage our resources. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated.


SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
 
 
Jun 27,
2015
 
Mar 28,
2015
 
Dec 27,
2014
 
 
 
 
 
 
 
GAAP CASH AND CASH EQUIVALENTS
 
$
4,454

 
$
4,244

 
$
2,561

Short-term investments
 
2,606

 
1,864

 
2,430

Trading assets
 
6,810

 
8,010

 
9,063

Total cash investments
 
$
13,870

 
$
14,118

 
$
14,054

 
 
 
 
 
 
 
GAAP OTHER LONG-TERM INVESTMENTS
 
$
1,727

 
$
1,675

 
$
2,023

Loans receivable and other
 
1,202

 
1,354

 
1,335

Reverse repurchase agreements with original maturities greater than approximately three months
 
450

 
450

 
450

NON-GAAP OTHER LONGER TERM INVESTMENTS
 
$
3,379

 
$
3,479

 
$
3,808

NON-GAAP GROSS CASH
 
$
17,249

 
$
17,597

 
$
17,862

 
 
 
 
 
 
 
 
 
Jun 27,
2015
 
Mar 28,
2015
 
Dec 27,
2014
 
 
 
 
 
 
 
GAAP CASH AND CASH EQUIVALENTS
 
$
4,454

 
$
4,244

 
$
2,561

Short-term investments
 
2,606

 
1,864

 
2,430

Trading assets
 
6,810

 
8,010

 
9,063

Total cash investments
 
$
13,870

 
$
14,118

 
$
14,054

Short-term debt
 
(1,118
)
 
(1,121
)
 
(1,604
)
Unsettled trade liabilities and other
 
(418
)
 
(106
)
 
(77
)
Long-term debt
 
(12,116
)
 
(12,112
)
 
(12,107
)
NON-GAAP NET CASH (excluding other longer term investments)
 
$
218

 
$
779

 
$
266

 
 
 
 
 
 
 
GAAP OTHER LONG-TERM INVESTMENTS
 
$
1,727

 
$
1,675

 
$
2,023

Loans receivable and other
 
1,202

 
1,354

 
1,335

Reverse repurchase agreements with original maturities greater than approximately three months
 
450

 
450

 
450

NON-GAAP OTHER LONGER TERM INVESTMENTS
 
$
3,379

 
$
3,479

 
$
3,808

NON-GAAP NET CASH (including other longer term investments)
 
$
3,597

 
$
4,258

 
$
4,074


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