XML 59 R26.htm IDEA: XBRL DOCUMENT
v3.25.4

Retirement Benefit Plans | 12 Months Ended
--- | ---
Dec. 27, 2025
Retirement Benefits [Abstract] |
Retirement Benefit Plans [Text Block] |
Note 17 : | Retirement Benefit Plans
Defined Contribution Plans We provide tax-qualified defined contribution plans for the benefit of eligible employees, former employees and retirees in the U.S. and certain other countries. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis. For the benefit of eligible U.S. employees, we also provide an unfunded non-tax-qualified supplemental deferred compensation plan for certain highly compensated employees, which had a balance of $3.2 billion as of December 27, 2025 ($3.3 billion as of December 28, 2024), recorded within other accrued liabilities on the Consolidated Balance Sheets. We expensed $347 million in 2025, $541 million in 2024 and $272 million in 2023 for matching contributions based on the amount of employee contributions under the U.S. qualified defined contribution and non-qualified deferred compensation plans. The matching contribution in the U.S. qualified defined contribution plan was reduced from March 1 through December 31, 2023, increased from January 1 through December 31, 2024, and decreased beginning January 1, 2025. U.S. Retiree Medical Plan Upon retirement, we provide certain benefits to eligible U.S. employees who were hired prior to 2014 under the U.S. Retiree Medical Plan. The benefits can be used to pay all or a portion of the cost to purchase eligible coverage in a medical plan. As of December 27, 2025 and December 28, 2024, the projected benefit obligations were $505 million and $493 million, which used the discount rates of 5.3% and 5.7%. The December 27, 2025 and December 28, 2024 corresponding fair values of plan assets were $549 million and $542 million. As of December 27, 2025 and December 28, 2024, the U.S. Retiree Medical Plan was in the net asset position. The investment strategy for U.S. Retiree Medical Plan assets is to invest primarily in liquid assets, due to the level of expected future benefit payments. The assets are invested in tax-aware global equity and fixed-income long credit portfolios. Both portfolios are actively managed by external managers. The tax-aware global equity portfolio is composed of a diversified mix of equities in developed countries. The tax-aware fixed-income long credit portfolio is composed of domestic securities. The allocation to each asset class will fluctuate with market conditions, such as volatility and liquidity concerns, and will typically be rebalanced when outside the target ranges, which are 50% equity and 50% fixed-income investments. As of December 27, 2025 a significant amount (majority amount as of December 28, 2024) of the U.S. Retiree Medical Plan assets were invested in exchange-traded equity securities and were measured at fair value using Level 1 inputs. The remaining U.S. Retiree Medical Plan assets were invested in fixed-income investments and were measured at fair value using Level 2 inputs. As of December 27, 2025, the estimated benefit payments for this plan over the next 10 years are as follows:
(In Millions) |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031-2035
Postretirement medical benefits |  | $ | 47 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | 45 |  |  | $ | 44 |  |  | $ | 208 |
Pension Benefit Plans We provide defined-benefit pension plans in certain countries, most significantly Ireland, the U.S., Israel and Germany. The majority of the plans' benefits have been frozen. Benefit Obligation and Plan Assets for Pension Benefit Plans The vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement.
Years Ended (In Millions) |  | Dec 27, 2025 |  | Dec 28, 2024
Changes in projected benefit obligation for pension benefit plans: |  |  |  |
Beginning projected benefit obligation |  | $ | 2,646 |  |  | $ | 2,825 |
Service cost |  | 35 |  |  | 33 |
Interest cost |  | 124 |  |  | 122 |
Actuarial (gain) loss |  | (137) |  |  | (40) |
Currency exchange rate changes |  | 249 |  |  | (107) |
Plan curtailments |  | (12) |  |  | (4) |
Plan settlements |  | (182) |  |  | (143) |
Other |  | (66) |  |  | (40) |
Ending projected benefit obligation 1 |  | 2,657 |  |  | 2,646 |
Changes in fair value of plan assets for pension benefit plans: |  |  |  |
Beginning fair value of plan assets |  | 2,142 |  |  | 2,212 |
Actual return on plan assets |  | 34 |  |  | 121 |
Currency exchange rate changes |  | 178 |  |  | (74) |
Plan settlements |  | (182) |  |  | (143) |
Other |  | 26 |  |  | 26 |
Ending fair value of plan assets 2 |  | 2,198 |  |  | 2,142 |
Net unfunded status of pension benefit plans |  | $ | 459 |  |  | $ | 504 |
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |
Other long-term assets |  | $ | 217 |  |  | $ | 135 |
Current liabilities |  | $ | 12 |  |  | $ | 7 |
Other long-term liabilities |  | $ | 664 |  |  | $ | 632 |
Accumulated other comprehensive loss (income), before tax 3 |  | $ | 240 |  |  | $ | 337 |
Accumulated benefit obligation |  | $ | 2,479 |  |  | $ | 2,509 |
1 The projected benefit obligation was approximately 30% in the U.S. and 70% outside of the U.S. as of December 27, 2025 and December 28, 2024. 2 The fair value of plan assets was approximately 35% in the U.S. and 65% outside of the U.S. as of December 27, 2025 (approximately 40% in the U.S. and 60% outside of the U.S. as of December 28, 2024). 3 The accumulated other comprehensive loss (income), before tax, was approximately 95% in the U.S. and 5% outside of the U.S. as of December 27, 2025 (approximately 80% in the U.S. and 20% outside of the U.S. as of December 28, 2024). Changes in actuarial gains and losses in the projected benefit obligation are generally driven by discount rate movement. We use the corridor approach to amortize actuarial gains and losses. Under this approach, net actuarial gains or losses in excess of 10% of the larger of the projected benefit obligation or the fair value of plan assets are amortized on a straight-line basis over the average remaining service period of active plan participants. As of December 27, 2025, the accumulated benefit obligations were $728 million and $1.8 billion for the U.S. plan and non-U.S. plans, respectively. As of December 28, 2024, the accumulated benefit obligations were $763 million and $1.7 billion for the U.S. plan and non-U.S. plans, respectively. As of December 27, 2025 and December 28, 2024, only non-U.S. plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets.
(In Millions) |  | Dec 27, 2025 |  | Dec 28, 2024
Plans with accumulated benefit obligation in excess of plan assets: |  |  |  |
Accumulated benefit obligation |  | $ | 888 |  |  | $ | 850 |
Plan assets |  | $ | 366 |  |  | $ | 348 |
Plans with projected benefit obligation in excess of plan assets: |  |  |  |
Projected benefit obligation |  | $ | 1,042 |  |  | $ | 987 |
Plan assets |  | $ | 366 |  |  | $ | 348 |
Assumptions for Pension Benefit Plans
|  | Dec 27, 2025 |  | Dec 28, 2024
Weighted average actuarial assumptions used to determine benefit obligations |  |  |  |
Discount rate |  | 4.8 | % |  | 4.6 | %
Rate of compensation increase |  | 3.8 | % |  | 3.4 | %
Years Ended |  | Dec 27, 2025 |  | Dec 28, 2024 |  | Dec 30, 2023
Weighted average actuarial assumptions used to determine costs |  |  |  |  |  |
Discount rate |  | 4.6 | % |  | 4.5 | % |  | 4.9 | %
Expected long-term rate of return on plan assets |  | 4.8 | % |  | 5.1 | % |  | 5.0 | %
Rate of compensation increase |  | 3.4 | % |  | 3.3 | % |  | 3.7 | %
We establish the discount rate for each pension plan by analyzing current market long-term bond rates and matching the bond maturity with the average duration of the pension liabilities. We establish the expected long-term rate of return on plan assets by developing a forward-looking, long-term return assumption for each pension fund asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class. Funding Our practice is to fund the various pension plans in amounts sufficient to meet the minimum requirements of applicable local laws and regulations. On a worldwide basis, our pension and retiree medical plans were 87% funded as of December 27, 2025. Funded status is not indicative of our ability to pay ongoing pension benefits or of our obligation to fund retirement trusts. Net Periodic Benefit Cost The net periodic benefit cost for pension and U.S. retiree medical benefits was $82 million in 2025 ($69 million in 2024 and $107 million in 2023). Pension Plan Assets
|  | December 27, 2025 |  | December 28, 2024
|  | Fair Value Measurements |  |  |  | Fair Value Measurements |  |
(In Millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities |  | $ | — |  |  | $ | 259 |  |  | $ | — |  |  | $ | 259 |  |  | $ | — |  |  | $ | 344 |  |  | $ | — |  |  | $ | 344 |
Fixed income investments |  | — |  |  | 184 |  |  | 28 |  |  | 212 |  |  | — |  |  | 142 |  |  | 24 |  |  | 166 |
Assets measured by fair value hierarchy |  | $ | — |  |  | $ | 443 |  |  | $ | 28 |  |  | $ | 471 |  |  | $ | — |  |  | $ | 486 |  |  | $ | 24 |  |  | $ | 510 |
Assets measured at net asset value |  |  |  |  |  |  |  | 1,712 |  |  |  |  |  |  |  |  | 1,618 |
Cash and cash equivalents |  |  |  |  |  |  |  | 15 |  |  |  |  |  |  |  |  | 14 |
Total pension plan assets at fair value |  |  |  |  |  |  |  | $ | 2,198 |  |  |  |  |  |  |  |  | $ | 2,142 |
U.S. Plan Assets The investment strategy for U.S. Pension Plan assets is to manage the funded status volatility, taking into consideration the investment horizon and expected volatility to help enable sufficient assets to be available to pay pension benefits as they come due. The allocation to each asset class will fluctuate with market conditions, such as volatility and liquidity concerns, and will typically be rebalanced when outside the target ranges, which are 90% fixed income and 10% equity investments. During 2025 and 2024, the U.S. Pension Plan assets were invested in collective investment trust funds, which are measured at net asset value. Non-U.S. Plan Assets The investments of the non-U.S. plans are managed by insurance companies, pension funds or third-party trustees, consistent with regulations or market practice of the country where the assets are invested. The investment manager makes investment decisions within the guidelines set by Intel or local regulations. Investments managed by qualified insurance companies or pension funds under standard contracts follow local regulations, and we are not actively involved in their investment strategies. For the assets that we have the discretion to set investment guidelines, the assets are invested in developed country equity investments and fixed-income investments, either through index funds or direct investment. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes or individual securities to reduce market risk and to help enable sufficient pension assets to be available to pay benefits as they come due. The equity investments in the non-U.S. plan assets are invested in a diversified mix of equities of developed countries, including the U.S., and emerging markets throughout the world. We have control over the investment strategy related to the majority of the assets measured at net asset value, which are invested in hedge funds, bond index funds and equity index funds. The target allocation of the non-U.S. plan assets that we have control over was approximately 60% fixed income, 30% equity and 10% hedge fund investments in 2025 (approximately 50% fixed income, 35% equity, and 15% hedge fund investments in 2024). Estimated Future Benefit Payments for Pension Benefit Plans As of December 27, 2025, estimated benefit payments over the next 10 years are as follows:
(In Millions) |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031-2035
Pension benefits |  | $ | 108 |  |  | $ | 97 |  |  | $ | 99 |  |  | $ | 108 |  |  | $ | 115 |  |  | $ | 668 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration