UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
X ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 2021
OR
TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
to
Commission file number
000-06217
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
INTEL 401(k) SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal
executive office:
INTEL CORPORATION
2200 MISSION COLLEGE BOULEVARD
SANTA CLARA, CALIFORNIA, 95054-1549
Intel 401(k) Savings Plan
Financial Statements and
Supplemental Schedule
As of December 31, 2021 and 2020, and
for the Year Ended December 31, 2021
Contents
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1 |
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3 |
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Audited Financial Statements
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4 |
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5 |
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6 |
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Supplemental Schedule
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17 |
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19 |
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Exhibit 23.1 - Consent of Independent Registered Public Accounting
Firm (Successor Auditor) |
20 |
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Exhibit 23.2 - Consent of Independent Registered Public Accounting
Firm (Predecessor Auditor) |
21 |
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Report of Independent Registered Public Accounting
Firm
Plan Participants and Retirement Plans Administrative Committee of
the
Intel 401(k) Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statement of net assets available
for benefits of Intel 401(k) Savings Plan (the "Plan") as of
December 31, 2021, and the related statement of changes in net
assets available for benefits for the year ended December 31, 2021,
and the related notes
(collectively referred to as the "financial statements"). In our
opinion, the financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of
December 31, 2021, and the changes in net assets available for
benefits for the year ended December 31, 2021, in conformity with
accounting principles generally accepted in the United States of
America.
Basis for Opinion
These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on the
Plan's financial statements based on our audit. We are a public
accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("PCAOB") and are required to be
independent with respect to the Plan in accordance with the U.S.
federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud. The Plan is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting.
As part of our audit, we are required to obtain an understanding of
internal control over financial reporting but not for the purpose
of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express
no such opinion.
Our audit included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audit also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audit provide a reasonable basis
for our opinion.
Supplemental Information
The supplemental Schedule H, Line 4(i) - Schedule of Assets (Held
at End of Year) as of December 31, 2021 has been subjected to audit
procedures performed in conjunction with the audit of the Plan’s
financial statements. The supplemental schedule is the
responsibility of the Plan’s management. Our audit procedures
included determining whether the information presented in the
supplemental schedule reconciles to the financial statements or the
underlying accounting and other records, as applicable, and
performing procedures to test the completeness and accuracy of the
information presented in the supplemental schedule. In forming our
opinion on the supplemental schedule, we evaluated whether the
supplemental schedule, including its form and content, is presented
in conformity with the Department of Labor’s Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. In our opinion, the supplemental schedule is
fairly stated in all material respects in relation to the financial
statements as a whole.
/s/ Crowe LLP
Crowe LLP
We have served as the Plan's auditor since 2022.
Oak Brook, Illinois
June 9, 2022
Report of Independent Registered Public Accounting
Firm
The Plan Participants and the Plan Administrator
Intel 401(k) Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of Intel 401(k) Savings Plan (the Plan) as of December
31, 2020, and the related notes (collectively referred to as the
“financial statements”). In our opinion, the financial statements
present fairly, in all material respects, the net assets available
for benefits of the Plan at December 31, 2020, in conformity with
U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on the
Plan’s financial statements based on our audit. We are a public
accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be
independent with respect to the Plan in accordance with the U.S.
federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error
or fraud. The Plan is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting.
As part of our audit we are required to obtain an understanding of
internal control over financial reporting but not for the purpose
of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express
no such opinion.
Our audit included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial
statements. Our audit also included evaluating the accounting
principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that our audit provides a reasonable basis
for our opinion.
We served as the Plan’s auditor from 1996 to 2021.
/s/ Ernst & Young LLP
San Jose, California
June 10, 2021
Intel 401(k) Savings Plan
Statements of Net Assets Available for Benefits
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December 31 |
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2021 |
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2020 |
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Investments, at fair value |
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$ |
21,334,345,746 |
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$ |
17,841,763,446 |
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Receivables: |
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Notes receivable from participants |
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107,609,472 |
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93,405,728 |
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Participant contributions |
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16,275,895 |
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14,402,964 |
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Employer matching contributions |
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66,012,584 |
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63,382,963 |
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Total receivables |
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189,897,951 |
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171,191,655 |
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Net assets available for benefits |
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$ |
21,524,243,697 |
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$ |
18,012,955,101 |
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See accompanying notes.
Intel 401(k) Savings Plan
Statement of Changes in Net Assets Available for
Benefits
Year Ended December 31, 2021
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Additions to (deductions from) net assets attributed
to: |
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Participant contributions |
$ |
1,069,981,628 |
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Employer matching contributions |
412,365,475 |
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Net realized and unrealized appreciation in fair
value of investments |
2,682,200,604 |
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Interest, dividend and other income |
243,388,976 |
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Benefits paid to participants and participant
withdrawals |
(895,203,773) |
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Administrative expenses |
(169,212) |
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Net increase before transfer out to other plan |
3,512,563,698 |
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Transfer out to other plan |
(1,275,102) |
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Net increase |
3,511,288,596 |
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Net assets available for benefits: |
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Beginning of year |
18,012,955,101 |
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End of year |
$ |
21,524,243,697 |
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See accompanying notes.
Intel 401(k) Savings Plan
Notes to Financial Statements
December 31, 2021
1. Description of the Plan
The following description of the Intel 401(k) Savings Plan (the
Plan) provides only general information. Participants should refer
to the summary plan description for a more complete description of
the Plan’s provisions. The plan document contains the definitive
legal provisions governing the Plan.
General
The Plan is a defined contribution plan covering all eligible
United States (U.S.) employees of Intel Corporation (the Company or
Plan sponsor). Eligible employees may participate in the Plan at
any time on or after their date of hire. All employees who become
eligible to participate are automatically enrolled in the Plan,
unless they choose a different deferral rate or make an affirmative
election not to participate. Deferrals for participants who are
automatically enrolled are deposited in the appropriate Target Date
Fund, based on the participants' ages. Employee deferrals are
subject to the limitations as set forth in the plan
document.
Effective January 1, 2020, the Plan added employer matching
contributions with immediate eligibility and vesting. The Plan was
also amended to allow for after-tax contributions with Roth In-Plan
conversions.
Effective December 29, 2021, the Plan was amended to designate
certain subsidiaries of Intel Corporation as a Participating
Company as defined in the Plan.
The Plan is intended to be qualified under Section 401(a) of the
Internal Revenue Code of 1986 (the Code), as amended, and is
subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA), as amended.
Trustee
State Street Bank and Trust Company (State Street) is the trustee
for the Plan and holds substantially all of the investments of the
Plan or through a sub-trust for which Fidelity Management Trust
Company is the sub-trustee.
Administration of the Plan
The Company’s Chief Financial Officer appoints the members of the
Retirement Plans Administrative Committee (RPAC) and the Investment
Policy Committee (IPC). The RPAC is the fiduciary responsible for
the general operation and administration of the Plan. The IPC is
the fiduciary responsible for management and control of the Plan
assets. Fidelity Workplace Services LLC (Fidelity) is the Plan’s
record keeper.
Intel 401(k) Savings Plan
Notes to Financial Statements
Contributions and Participant Accounts
Participant Contributions
Eligible participants may make pre-tax deferrals, after-tax Roth
401(k) deferrals, after-tax deferrals or a combination of deferral
types, up to 50% of their annual eligible compensation, provided
the amounts do not exceed the annual IRS limits. Participants who
are 50 years of age or older by the end of a particular plan year
are eligible to defer an additional portion of their annual
compensation as catch-up deferrals, up to the annual IRS
limit.
Effective January 1, 2020, an employee who was an eligible employee
before September 27, 2019 and who did not enroll in the Plan or
enrolled in the Plan at less than 5% of eligible compensation, as
defined by the Plan, was automatically enrolled or re-enrolled in
the Plan as of January 1, 2020 at 5% of eligible compensation,
provided the participant was an eligible participant and did not
make an affirmative election to not enroll in the Plan. An employee
who becomes an eligible participant on or after January 1, 2020 is
automatically enrolled in the Plan at 5% of eligible compensation
as soon as administratively possible, following 45 days after
becoming an eligible employee, unless the participant makes an
affirmative election to not enroll in the Plan. The participant's
automatic enrollment election of 5% will increase by 2% effective
the first payroll period ending on or after April 1 of the plan
year following the plan year in which the eligible employee's
automatic enrollment begins and each successive year until a
maximum election of 15% pre-tax deferral is reached, subject to
certain limitations.
Deferrals are withheld by the Company from each participant’s
compensation and deposited in the appropriate investment option in
accordance with the participant’s directives. Participants can
elect to invest in any combination of the available investment
options offered under the Plan, in addition to mutual funds and
exchange-traded funds available through a self-directed brokerage
account. However, participants may not elect to invest more than
20% of their account in the Intel Stock Fund. Participants may
change their investment elections daily.
Company Contributions
Prior to January 1, 2020, the Plan provided for the Company, at its
discretion, to make an annual contribution to the eligible
participants' Discretionary Intel Contribution
Accounts.
Effective January 1, 2020, eligible employees began receiving
Company matching contributions with immediate eligibility. The
Company matching contribution made each payroll period was 200% of
each eligible employee’s eligible elective deferrals up to 5% of
eligible earnings. Effective January 1, 2021, and thereafter, the
Company matching contribution made each payroll period is 100% of
each eligible employee’s eligible elective deferrals up to 5% of
eligible compensation. The Company matching contribution will be
trued-up each Plan year to attain the appropriate allocation rate
for the plan year as a whole.
Participants have authority over the investment allocation of
Company contributions.
Intel 401(k) Savings Plan
Notes to Financial Statements
Participant Accounts
Each participant's account is credited with the participant's
contributions, Company matching contributions, as well as Plan
earnings. Allocations are based on participant earnings, account
balances, or specific participant transactions, as defined. The
benefit to which a participant is entitled is the benefit that can
be provided from the participant's vested account.
Employee Stock Ownership Plan (ESOP)
Under the terms of the Plan, the Intel Stock Fund is an ESOP in
accordance with Code Section 4975(e)(7). As such, participants will
have the option to receive dividends on their shares of stock held
in the Intel Stock Fund distributed in cash or reinvested within
the Intel Stock Fund.
Vesting
Participants are immediately 100% vested with respect to employee
deferrals, Company matching contributions and related earnings.
Participants vest in their Discretionary Intel Contribution Account
according to the following schedule:
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Years of Service |
Vesting |
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Fewer than 2
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0 |
% |
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2 but less than 3
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20 |
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3 but less than 4
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40 |
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4 but less than 5
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60 |
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5 but less than 6
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80 |
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6 or more
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100 |
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The value of each participant’s account becomes 100% vested when
the participant reaches age 60 or upon death while actively
employed, or upon total and permanent disability. In addition, the
value of each participant’s account may also become 100% vested
upon job elimination or upon termination of employment due to a
divestiture.
For participants who withdrew from the Plan during 2021, unvested
account balances of approximately $7,003,000 were forfeited during
the year ended December 31, 2021. As of December 31, 2021
and 2020, approximately $8,930,000 and $6,224,000 of forfeitures
were available to be used to reduce future Company matching
contributions.
Intel 401(k) Savings Plan
Notes to Financial Statements
Payment of Benefits
Participants are eligible for a distribution of plan benefits upon
termination of service, whether by disability, retirement, death or
leaving the Company. Participants may also withdraw amounts from
pre-tax and Roth accounts after reaching age 591/2
or age 65 in the case of participants employed by Intel
Semiconductor of Canada Ltd. In the event of financial hardship (as
defined in the plan document), participants may withdraw amounts
from the employee contribution portion of their plan accounts while
they are still employed. Upon termination of service, a participant
or applicable beneficiary may elect to have benefits paid as a
single lump-sum distribution, monthly annuity payments (only
pre-tax sources), partial distribution (not available to
beneficiaries), or may request that the Plan make a direct rollover
distribution to another eligible retirement plan.
Participants who elect monthly annuity payments will have the
balance of their account transferred to the Intel Minimum Pension
Plan. An annuity is paid to those participants based on the value
of their plan account in accordance with the terms of the two
plans. There were transfers under this option of $1,275,102 for the
year ended December 31, 2021.
Notes Receivable from Participants
Active participants are permitted to obtain loans of up to 50% of
their vested account balance in the Plan up to a maximum of $50,000
when combined with all other loans from the Plan and the Intel
Retirement Contribution Plan (Intel Contribution Plan). No more
than two loans may be outstanding at any time. Participants’
account balances secure their loans. The interest rate on these
loans is based on the prime rate plus 1% as reported by
Reuters
on the last business day of the previous month. Loan provisions are
established by the RPAC and administered by the record
keeper.
Participants may choose to obtain loans from the Plan, the Intel
Contribution Plan or a combination of both. Repayments of loans are
transferred to the participants’ Plan and Intel Contribution Plan
accounts in the ratio to which their accounts provided funding for
the loan.
2. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared on the accrual
basis of accounting.
Intel 401(k) Savings Plan
Notes to Financial Statements
Investment Valuation
Investments held are stated at fair value. See Note 3, "Fair Value
Measurements," for discussion on fair value
measurements.
The self-directed brokerage accounts consist of mutual funds,
exchange traded funds, money market funds and corporate
stock.
The fair value of corporate stocks, exchange traded funds, money
market funds and mutual funds are valued at quoted prices in an
active market.
The Plan invests in units of participation in collective investment
trust funds held within a proprietary collective investment trust,
the Intel Retirement Plans Collective Investment Trust (the CIT
Trust). The Global Trust Company is the trustee and investment
manager of each collective investment trust fund offered by the CIT
Trust.
The fair value of participation units in the collective investment
trust funds and common collective trust funds, from here on termed
collective trust funds, are valued using net asset value (NAV) of
units held. The NAV is used as a practical expedient to estimate
fair value. The NAV is based on the fair value of the underlying
investments held by the fund less its liabilities. There are no
future commitments on any of the collective trust
funds.
Income Recognition
Net realized and unrealized appreciation (depreciation) in fair
value of investments includes the net realized gain (loss) on
investments sold during the year and the net change in unrealized
appreciation (depreciation) during the year on investments held at
the end of the year.
Investment transactions are recognized as of their trade dates.
Interest is accrued daily; dividends are accrued on the ex-dividend
date.
Notes Receivable from Participants
Participant loans are classified as notes receivable from
participants on the statements of net assets available for benefits
and are valued at their unpaid principal balance, plus accrued but
unpaid interest. The interest earned on these loans is included
with interest and dividend income on the statement of changes in
net assets available for benefits.
Benefit Payments
Benefits are recorded when paid.
Administrative Expenses
The Company pays the expenses for administration of the
Plan.
Intel 401(k) Savings Plan
Notes to Financial Statements
Contributions
Participant deferrals are accrued when withheld from the
participants' eligible compensation. Company contributions are
accrued in the period in which they become obligations of the
Company, pursuant to the terms of the plan document.
Use of Estimates
The preparation of financial statements in accordance with
accounting principles generally accepted in the United States
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and changes therein,
and disclosure of contingent assets and liabilities. Actual results
could differ from those estimates.
3. Fair Value Measurements
The framework for measuring fair value provides a fair value
hierarchy that prioritizes the inputs to valuation techniques used
to measure fair value. The hierarchy gives the highest priority to
unadjusted quoted prices in active markets for identical assets or
liabilities (Level 1) and the lowest priority to unobservable
inputs (Level 3). The three levels of the fair value hierarchy are
described as follows:
•Level
1.
Inputs to the valuation methodology are unadjusted quoted prices
for identical assets or liabilities in active markets that the Plan
has the ability to access.
•Level
2.
Inputs to the valuation methodology include quoted prices for
similar assets or liabilities in active markets; quoted prices for
identical or similar assets or liabilities in inactive markets;
inputs other than quoted prices that are observable for the asset
or liability; inputs that are derived principally from or
corroborated by observable market data by correlation or other
means. If the asset or liability has a specified (contractual)
term, the level 2 input must be observable for substantially the
full term of the asset or liability.
•Level
3.
Inputs to the valuation methodology are unobservable and
significant to the fair value measurement.
The asset or liability's fair value measurement level within the
fair value hierarchy is based on the lowest level of any input that
is significant to the fair value measurement. Valuation techniques
maximize the use of relevant observable inputs and minimize the use
of unobservable inputs.
Intel 401(k) Savings Plan
Notes to Financial Statements
Assets and Liabilities Measured at Fair Value on a Recurring
Basis
The following table sets forth by level, within the fair value
hierarchy, the Plan's assets at fair value as of December 31,
2021.
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Assets at Fair Value Classified as Level 1 |
Investments Measured at Net Asset Value |
Total |
|
Assets
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|
|
|
Company Common Stock |
$ |
545,634,753 |
|
$ |
— |
|
$ |
545,634,753 |
|
|
Mutual funds |
1,013,317,956 |
|
— |
|
1,013,317,956 |
|
|
Self-directed brokerage accounts |
2,377,664,122 |
|
— |
|
2,377,664,122 |
|
|
Collective trust funds |
— |
|
17,397,728,915 |
|
17,397,728,915 |
|
|
Total investments, at fair value |
$ |
3,936,616,831 |
|
$ |
17,397,728,915 |
|
$ |
21,334,345,746 |
|
The following table sets forth by level, within the fair value
hierarchy, the Plan's assets at fair value as of December 31,
2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets at Fair Value Classified as Level 1 |
Investments Measured at Net Asset Value |
Total |
|
Assets |
|
|
|
|
Company Common Stock |
$ |
527,839,770 |
|
$ |
— |
|
$ |
527,839,770 |
|
|
Mutual funds |
996,549,487 |
|
— |
|
996,549,487 |
|
|
Self-directed brokerage accounts |
1,938,506,175 |
|
— |
|
1,938,506,175 |
|
|
Collective trust funds |
— |
|
14,378,868,014 |
|
14,378,868,014 |
|
|
Total investments, at fair value |
$ |
3,462,895,432 |
|
$ |
14,378,868,014 |
|
$ |
17,841,763,446 |
|
Assets Reported at Net Asset Value
The following table summarizes investments held by the Plan
measured at fair valued based on net asset value per share as of
December 31, 2021 and 2020, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
Redemption Period |
Redemption Notice |
|
Collective trust funds |
$ |
17,397,728,915 |
|
$ |
14,378,868,014 |
|
Daily |
0-5 days |
Intel 401(k) Savings Plan
Notes to Financial Statements
4. Party-In-Interest Transactions
Transactions in shares of the Intel Stock Fund qualify as
party-in-interest transactions under the provisions of ERISA.
During 2021, the Plan made purchases of the Company’s common stock
of $41,847,996 and sales and distributions totaling $42,511,084. In
addition, the Plan holds investments managed by affiliates of
Fidelity and State Street, which also qualify as party-in-interest
transactions. As of December 31, 2021 and 2020, the Plan held
$4,578,604,064 and $3,635,340,751, respectively, of investments
managed by affiliates of Fidelity and $521,396 and $400,540,
respectively, of investments managed by State Street.
The Plan also invests in collective investment trust funds within
the CIT Trust, a proprietary collective investment trust, which
qualifies as party-in-interest transactions. As of
December 31, 2021 and 2020, the Plan held $9,194,867,817 and
$7,808,463,184, respectively, in collective investment trust funds
within the CIT Trust.
In addition, notes receivable from participants, as disclosed in
the statements of net assets available for benefits, qualify as
party-in-interest transactions.
5. Concentration of Credit Risk
The Plan’s exposure to a concentration of credit risk is limited by
the diversification of investments across multiple
participant-directed fund elections. With the exception of the
Intel Stock Fund, the investments within each participant-directed
fund election are further diversified into varied financial
instruments.
The Intel Stock Fund invests in a single security, the trading
value of which is used to determine the entire fair value of the
Intel Stock Fund. Policies have been established by the IPC to
limit the Plan’s risk exposure through prudent diversification and
investment of the Plan’s assets.
6. Risks and Uncertainties
The Plan invests in various investment securities. Investment
securities are exposed to various risks such as interest rate,
market, and credit risks. Due to the level of risk associated with
certain investment securities, it is at least reasonably possible
that changes in the values of investment securities will occur in
the near term and that such changes could materially affect
participants' account balances and the amounts reported in the
statements of net assets available for benefits.
Intel 401(k) Savings Plan
Notes to Financial Statements
7. Income Tax Status
The Plan received a determination letter dated October 16, 2015
from the Internal Revenue Service (IRS) stating that the Plan and
related trust are designed in accordance with applicable sections
of the Code. Subsequent to this determination by the IRS, the Plan
was amended and restated. Once qualified, the Plan is required to
operate in conformity with the Code to maintain its qualified
status. The Plan sponsor has indicated that it will take the
necessary steps, if any, to bring the Plan's operations into
compliance with the Code and to maintain the tax qualified status
of the Plan.
Accounting principles generally accepted in the United States
require plan management to evaluate tax positions taken by the Plan
and recognize a tax liability if the Plan has taken an uncertain
position that more likely than not would not be sustained upon
examination by the IRS. Plan management has analyzed the tax
positions taken by the Plan, and has concluded that there are no
uncertain positions taken or expected to be taken. The Plan is
subject to routine audits by taxing jurisdictions. The Plan was
under audit for the years 2011 to 2017. The audit was closed in
April of 2020.
8. Plan Termination
The Company has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of a plan termination,
participants will become 100% vested in their
accounts.
9. Reconciliation of Financial Statements to the Form
5500
The following is a reconciliation of the net assets available for
benefits per the financial statements to the
Form 5500:
|
|
|
|
|
|
|
|
|
|
December 31 |
|
2021 |
2020 |
|
|
|
|
Net assets available for benefits per the financial
statements |
$ |
21,524,243,697 |
|
$ |
18,012,955,101 |
|
Amounts allocated to withdrawing participants |
(1,856,576) |
|
(1,817,565) |
|
|
Net assets available for benefits per the
Form 5500 |
$ |
21,522,387,121 |
|
$ |
18,011,137,536 |
Intel 401(k) Savings Plan
Notes to Financial Statements
The following is a reconciliation of benefits paid to participants
per the financial statements for the year ended December 31,
2021 to the Form 5500:
|
|
|
|
|
|
|
Benefits paid to participants per the financial
statements |
$ |
895,203,773 |
|
|
Less: Amount allocated to withdrawing participants at
December 31, 2020 |
(1,817,565) |
|
|
Add: Amount allocated to withdrawing participants at
December 31, 2021 |
1,856,576 |
|
|
Benefits paid to participants per the Form 5500 |
$ |
895,242,784 |
|
Amounts allocated to participants are recorded on the Form 5500 for
benefit payments that have been processed and approved for payment
prior to December 31, but not yet paid as of that
date.
10. Subsequent Events
The plan changed trustees from State Street to The Bank of New York
Mellon for plan years beginning 2022.
Supplemental Schedule
Intel 401(k) Savings Plan
EIN: 94-1672743 Plan Number: 003
Schedule H, Line 4(i) – Schedule of Assets (Held at End of
Year)
December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
(b) |
(c) |
|
|
(e) |
|
|
Identity of Issue, Borrower, Lessor, or
Similar Party |
Description of Investment, Including Maturity Date, Rate of
Interest, Collateral, Par, or Maturity Value |
|
Current
Value |
|
|
|
|
|
|
|
|
Mutual funds: |
|
|
|
|
|
American Funds EuroPacific Growth Fund |
|
|
|
$ |
394,775,537 |
|
|
Dodge & Cox Stock Fund |
|
|
|
618,542,419 |
|
|
Total mutual funds |
|
|
|
1,013,317,956 |
|
|
|
|
|
|
|
|
Collective trust funds: |
|
|
|
|
|
BlackRock Total Return Bond Fund |
|
|
|
16,497,191 |
|
|
BlackRock U.S. Debt Index Fund F |
|
|
|
569,653,098 |
|
|
BlackRock 2500 Index Fund F |
|
|
|
916,854,322 |
|
|
BlackRock ACWI EX US IMI Index Fund |
|
|
|
273,298,693 |
|
|
BlackRock Equity Index Fund F |
|
|
|
2,920,788,018 |
|
|
* |
Fidelity Growth Company Fund |
|
|
|
2,935,763,555 |
|
|
* |
Fidelity Low-Priced Stock Fund |
|
|
|
570,006,221 |
|
|
* |
Intel Retirement Plans Collective Investment Trust |
|
|
|
|
|
Intel Target Date Income
Fund |
|
|
|
105,412,876 |
|
|
Intel Target Date 2015
Fund |
|
|
|
163,424,732 |
|
|
Intel Target Date 2020
Fund |
|
|
|
517,601,180 |
|
|
Intel Target Date 2025
Fund |
|
|
|
1,309,594,100 |
|
|
Intel Target Date 2030
Fund |
|
|
|
1,463,953,756 |
|
|
Intel Target Date 2035
Fund |
|
|
|
1,752,689,395 |
|
|
Intel Target Date 2040
Fund |
|
|
|
1,044,616,671 |
|
|
Intel Target Date 2045
Fund |
|
|
|
921,189,854 |
|
|
Intel Target Date 2050
Fund |
|
|
|
576,953,695 |
|
|
Intel Target Date 2055
Fund |
|
|
|
282,773,649 |
|
|
Intel Target Date 2060
Fund |
|
|
|
28,981,753 |
|
|
Intel Global Diversified
Fund |
|
|
|
79,503,585 |
|
|
Intel Stable Value Fund |
|
|
|
948,172,571 |
|
|
Total Intel Retirement Plans
Collective Investment Trust |
|
|
|
9,194,867,817 |
|
|
Total collective trust funds |
|
|
|
17,397,728,915 |
|
|
|
|
|
|
|
|
* |
Self-directed brokerage accounts |
|
|
|
2,377,664,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Intel 401(k) Savings Plan
EIN: 94-1672743 Plan Number: 003
Schedule H, Line 4(i) – Schedule of Assets (Held at End of
Year)
December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
(b) |
(c) |
|
|
(e) |
|
|
Identity of Issue, Borrower, Lessor, or
Similar Party |
Description of Investment, Including Maturity Date, Rate of
Interest, Collateral, Par, or Maturity Value |
|
Current
Value |
|
|
|
|
|
|
|
|
Common stock: |
|
|
|
|
|
* |
Intel Corporation |
|
|
|
$ |
545,634,753 |
|
|
|
|
|
|
|
|
Total investments |
|
|
|
$ |
21,334,345,746 |
|
|
|
|
|
|
|
|
* |
Participant loans |
Interest at 4.25% - 6.50%, maturing through 2031 |
|
$ |
107,609,472 |
|
|
|
|
|
|
|
|
Column (d) for cost has been omitted as all investments are
participant-directed. |
|
|
|
|
* Indicates party-in-interest to the Plan. The Self directed
brokerage accounts include certain investments considered to be
party-in-interest investments. |
|
|
|
SIGNATURES
The Plan.
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly
authorized.
INTEL 401(k) SAVINGS PLAN
|
|
|
|
|
|
|
|
|
|
|
|
|
Date: June 9, 2022 |
|
By: /s/ Barbara Santiago |
|
|
|
|
|
Barbara Santiago, Vice President, Corporate Accounting
Controller |
|
|
|
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