Supplementary Financial Information (unaudited)

12 Months Ended

Dec. 26, 2020

Supplementary Financial Information (unaudited)

The Company uses a 52- or 53-week fiscal year ending on the last Saturday in December. All quarters of 2020 and 2019 consisted of 13 weeks.


	(In millions, except per share amounts)
	2020								2019
	Dec 26		Sep 26		June 27		Mar 28		Dec 28		Sep 28		June 29		Mar 30
Net revenue	$	3,244	$	2,801	$	1,932	$	1,786	$	2,127	$	1,801	$	1,531	$	1,272
Cost of sales	1,793		1,571		1,084		968		1,178		1,024		910		751
Gross profit	1,451		1,230		848		818		949		777		621		521
Research and development	573		508		460		442		395		406		373		373
Marketing, general and administrative	308		273		215		199		206		185		189		170
Licensing gain	—		—		—		—		—		—		—		(60)
Operating income	570		449		173		177		348		186		59		38
Interest expense	(9)		(11)		(14)		(13)		(18)		(24)		(25)		(27)
Other income (expense), net	(15)		(37)		1		4		(125)		(36)		3		(7)
Income before income taxes	546		401		160		168		205		126		37		4
Income tax provision (benefit) (1)	(1,232)		12		4		6		35		7		2		(13)
Equity income (loss) in investee	3		1		1		—		—		1		—		(1)
Net income	$	1,781	$	390	$	157	$	162	$	170	$	120	$	35	$	16
Earnings per share
Basic	$	1.48	$	0.33	$	0.13	$	0.14	$	0.15	$	0.11	$	0.03	$	0.01
Diluted	$	1.45	$	0.32	$	0.13	$	0.14	$	0.15	$	0.11	$	0.03	$	0.01
Shares used in per share calculation
Basic	1,205		1,184		1,174		1,170		1,140		1,097		1,084		1,044
Diluted	1,226		1,215		1,227		1,224		1,188		1,117		1,109		1,094

(1) During the fourth quarter of 2020, the Company recognized a $1.3 billion income tax benefit upon the release of a portion of the valuation allowance on U.S. deferred tax assets.