Delaware | 000-06217 | 94-1672743 | ||||||
(State or other jurisdiction | (Commission | (IRS Employer | ||||||
of incorporation) | File Number) | Identification No.) | ||||||
2200 Mission College Boulevard, Santa Clara, California |
95054-1549 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $0.001 par value | INTC | Nasdaq Global Select Market |
Exhibit Number | Description | ||||
99.1 | |||||
99.2 | |||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101. |
INTEL CORPORATION
(Registrant)
|
|||||||||||||||||
Date: | April 25, 2024 | By: | /s/ DAVID ZINSNER | ||||||||||||||
David Zinsner | |||||||||||||||||
Executive Vice President, Chief Financial Officer, and Principal Financial Officer |
GAAP | Non-GAAP | ||||||||||||||||||||||
Q1 2024 | Q1 2023 | vs. Q1 2023 | Q1 2024 | Q1 2023 | vs. Q1 2023 | ||||||||||||||||||
Revenue ($B) | $12.7 | $11.7 | up 9% | ||||||||||||||||||||
Gross Margin | 41.0% | 34.2% | up 6.8 ppts | 45.1% | 38.4% | up 6.7 ppts | |||||||||||||||||
R&D and MG&A ($B) | $5.9 | $5.4 | up 10% | $5.0 | $4.8 | up 5% | |||||||||||||||||
Operating Margin | (8.4)% | (12.5)% | up 4.1 ppts | 5.7% | (2.5)% | up 8.2 ppts | |||||||||||||||||
Tax Rate | 39.2% | (139.0)% | n/m* | 13.0% | 13.0% | — | |||||||||||||||||
Net Income (loss) Attributable to Intel ($B) | $(0.4) | $(2.8) | up 86% | $0.8 | $(0.2) | n/m* | |||||||||||||||||
Earnings (loss) Per Share Attributable to Intel | $(0.09) | $(0.66) | up 86% | $0.18 | $(0.04) | n/m* |
Business Unit Revenue and Trends | Q1 2024 | vs. Q1 2023 | |||||||||||||||
Intel Products: | |||||||||||||||||
Client Computing Group (CCG) | $7.5 billion | up | 31% | ||||||||||||||
Data Center and AI (DCAI) | $3.0 billion | up | 5% | ||||||||||||||
Network and Edge (NEX) | $1.4 billion | down | 8% | ||||||||||||||
Total Intel Products revenue |
$11.9 billion | up | 17% | ||||||||||||||
Intel Foundry | $4.4 billion | down | 10% | ||||||||||||||
All other: |
|||||||||||||||||
Altera |
$342 million | down | 58% | ||||||||||||||
Mobileye |
$239 million | down | 48% | ||||||||||||||
Other |
$194 million | up | 17% | ||||||||||||||
Total all other revenue |
$775 million | down | 46% | ||||||||||||||
Intersegment eliminations |
$(4.4) billion | ||||||||||||||||
Total net revenue |
$12.7 billion | up | 9% | ||||||||||||||
Q2 2024 | GAAP |
Non-GAAP |
||||||||||||
Revenue | $12.5-13.5 billion |
|||||||||||||
Gross Margin | 40.2% | 43.5% | ||||||||||||
Tax Rate | 61% | 13% | ||||||||||||
Earnings (Loss) Per Share Attributable to Intel—Diluted | $(0.05) | $0.10 |
Three Months Ended | ||||||||||||||
(In Millions, Except Per Share Amounts; Unaudited) |
Mar 30, 2024 | Apr 1, 2023 | ||||||||||||
Net revenue | $ | 12,724 | $ | 11,715 | ||||||||||
Cost of sales | 7,507 | 7,707 | ||||||||||||
Gross margin | 5,217 | 4,008 | ||||||||||||
Research and development | 4,382 | 4,109 | ||||||||||||
Marketing, general, and administrative | 1,556 | 1,303 | ||||||||||||
Restructuring and other charges | 348 | 64 | ||||||||||||
Operating expenses | 6,286 | 5,476 | ||||||||||||
Operating income (loss) | (1,069) | (1,468) | ||||||||||||
Gains (losses) on equity investments, net | 205 | 169 | ||||||||||||
Interest and other, net | 145 | 141 | ||||||||||||
Income (loss) before taxes | (719) | (1,158) | ||||||||||||
Provision for (benefit from) taxes | (282) | 1,610 | ||||||||||||
Net income (loss) | (437) | (2,768) | ||||||||||||
Less: Net income (loss) attributable to non-controlling interests | (56) | (10) | ||||||||||||
Net income (loss) attributable to Intel | $ | (381) | $ | (2,758) | ||||||||||
Earnings (loss) per share attributable to Intel—basic | $ | (0.09) | $ | (0.66) | ||||||||||
Earnings (loss) per share attributable to Intel—diluted | $ | (0.09) | $ | (0.66) | ||||||||||
Weighted average shares of common stock outstanding: | ||||||||||||||
Basic | 4,242 | 4,154 | ||||||||||||
Diluted | 4,242 | 4,154 | ||||||||||||
Three Months Ended | ||||||||||||||
(In Millions; Unaudited) |
Mar 30, 2024 | Apr 1, 2023 | ||||||||||||
Earnings per share of common stock information: | ||||||||||||||
Weighted average shares of common stock outstanding—basic | 4,242 | 4,154 | ||||||||||||
Weighted average shares of common stock outstanding—diluted | 4,242 | 4,154 | ||||||||||||
Other information: | ||||||||||||||
Employees (in thousands) | 130.7 | 130.1 | ||||||||||||
(In Millions; Unaudited) |
Mar 30, 2024 | Dec 30, 2023 | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 6,923 | $ | 7,079 | ||||||||||
Short-term investments | 14,388 | 17,955 | ||||||||||||
Accounts receivable, net | 3,323 | 3,402 | ||||||||||||
Inventories | ||||||||||||||
Raw materials | 1,209 | 1,166 | ||||||||||||
Work in process | 6,560 | 6,203 | ||||||||||||
Finished goods | 3,725 | 3,758 | ||||||||||||
11,494 | 11,127 | |||||||||||||
Other current assets | 6,480 | 3,706 | ||||||||||||
Total current assets | 42,608 | 43,269 | ||||||||||||
Property, plant, and equipment, net | 99,924 | 96,647 | ||||||||||||
Equity investments | 6,139 | 5,829 | ||||||||||||
Goodwill | 27,440 | 27,591 | ||||||||||||
Identified intangible assets, net | 4,675 | 4,589 | ||||||||||||
Other long-term assets | 11,947 | 13,647 | ||||||||||||
Total assets | $ | 192,733 | $ | 191,572 | ||||||||||
Liabilities and stockholders’ equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term debt | $ | 4,581 | $ | 2,288 | ||||||||||
Accounts payable | 8,559 | 8,578 | ||||||||||||
Accrued compensation and benefits | 2,506 | 3,655 | ||||||||||||
Income taxes payable | 346 | 1,107 | ||||||||||||
Other accrued liabilities | 11,221 | 12,425 | ||||||||||||
Total current liabilities | 27,213 | 28,053 | ||||||||||||
Debt | 47,869 | 46,978 | ||||||||||||
Other long-term liabilities | 6,895 | 6,576 | ||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock and capital in excess of par value, 4,257 issued and outstanding (4,228 issued and outstanding as of December 30, 2023) | 38,291 | 36,649 | ||||||||||||
Accumulated other comprehensive income (loss) | (542) | (215) | ||||||||||||
Retained earnings | 68,224 | 69,156 | ||||||||||||
Total Intel stockholders' equity | 105,973 | 105,590 | ||||||||||||
Non-controlling interests | 4,783 | 4,375 | ||||||||||||
Total stockholders' equity | 110,756 | 109,965 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 192,733 | $ | 191,572 |
Three Months Ended | ||||||||||||||
(In Millions; Unaudited) |
Mar 30, 2024 | Apr 1, 2023 | ||||||||||||
Cash and cash equivalents, beginning of period | $ | 7,079 | $ | 11,144 | ||||||||||
Cash flows provided by (used for) operating activities: | ||||||||||||||
Net income (loss) | (437) | (2,768) | ||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation | 2,200 | 1,901 | ||||||||||||
Share-based compensation | 1,179 | 739 | ||||||||||||
Restructuring and other charges | 348 | 55 | ||||||||||||
Amortization of intangibles | 351 | 465 | ||||||||||||
(Gains) losses on equity investments, net | (208) | (167) | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable | 80 | 286 | ||||||||||||
Inventories | (366) | 231 | ||||||||||||
Accounts payable | (386) | (771) | ||||||||||||
Accrued compensation and benefits | (1,289) | (1,560) | ||||||||||||
Income taxes | (591) | 1,344 | ||||||||||||
Other assets and liabilities | (2,104) | (1,540) | ||||||||||||
Total adjustments | (786) | 983 | ||||||||||||
Net cash provided by (used for) operating activities | (1,223) | (1,785) | ||||||||||||
Cash flows provided by (used for) investing activities: | ||||||||||||||
Additions to property, plant, and equipment | (5,970) | (7,413) | ||||||||||||
Proceeds from capital-related government incentives | 592 | — | ||||||||||||
Purchases of short-term investments | (6,460) | (16,132) | ||||||||||||
Maturities and sales of short-term investments | 9,598 | 14,173 | ||||||||||||
Other investing | (323) | 851 | ||||||||||||
Net cash provided by (used for) investing activities | (2,563) | (8,521) | ||||||||||||
Cash flows provided by (used for) financing activities: | ||||||||||||||
Issuance of commercial paper, net of issuance costs | 793 | — | ||||||||||||
Repayment of commercial paper | — | (2,930) | ||||||||||||
Payments on finance leases | — | (15) | ||||||||||||
Partner contributions | 423 | 449 | ||||||||||||
Issuance of long-term debt, net of issuance costs | 2,537 | 10,968 | ||||||||||||
Proceeds from sales of common stock through employee equity incentive plans | 626 | 659 | ||||||||||||
Payment of dividends to stockholders | (529) | (1,512) | ||||||||||||
Other financing | (220) | (225) | ||||||||||||
Net cash provided by (used for) financing activities | 3,630 | 7,394 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (156) | (2,912) | ||||||||||||
Cash and cash equivalents, end of period | $ | 6,923 | $ | 8,232 |
Three Months Ended | ||||||||||||||
(In Millions) | Mar 30, 2024 | Apr 1, 2023 | ||||||||||||
Operating segment revenue: | ||||||||||||||
Intel Products: |
||||||||||||||
Client Computing Group |
||||||||||||||
Desktop |
$ | 2,461 | $ | 1,879 | ||||||||||
Notebook |
4,681 | 3,407 | ||||||||||||
Other |
391 | 481 | ||||||||||||
7,533 | 5,767 | |||||||||||||
Data Center and AI |
3,036 | 2,901 | ||||||||||||
Network and Edge |
1,364 | 1,489 | ||||||||||||
Total Intel Products revenue | $ | 11,933 | $ | 10,157 | ||||||||||
Intel Foundry | $ | 4,369 | $ | 4,831 | ||||||||||
All other |
||||||||||||||
Altera |
342 | 816 | ||||||||||||
Mobileye |
239 | 458 | ||||||||||||
Other |
194 | 166 | ||||||||||||
Total all other revenue |
775 | 1,440 | ||||||||||||
Total operating segment revenue |
$ | 17,077 | $ | 16,428 | ||||||||||
Intersegment eliminations |
(4,353) | (4,713) | ||||||||||||
Total net revenue | $ | 12,724 | $ | 11,715 | ||||||||||
Segment operating income (loss): |
||||||||||||||
Intel Products: |
||||||||||||||
Client Computing Group |
$ | 2,645 | $ | 1,180 | ||||||||||
Data Center and AI |
482 | 22 | ||||||||||||
Network and Edge |
184 | (69) | ||||||||||||
Total Intel Products operating income (loss) |
$ | 3,311 | $ | 1,133 | ||||||||||
Intel Foundry | $ | (2,474) | $ | (2,360) | ||||||||||
All Other |
||||||||||||||
Altera |
(39) | 290 | ||||||||||||
Mobileye |
(68) | 123 | ||||||||||||
Other |
(105) | (66) | ||||||||||||
Total all other operating income (loss) |
(212) | 347 | ||||||||||||
Total segment operating income (loss) | $ | 625 | $ | (880) | ||||||||||
Intersegment eliminations |
494 | 456 | ||||||||||||
Corporate unallocated expenses |
(2,188) | (1,044) | ||||||||||||
Total operating income (loss) | $ | (1,069) | $ | (1,468) |
Non-GAAP adjustment or measure | Definition | Usefulness to management and investors | ||||||
Acquisition-related adjustments | Amortization of acquisition-related intangible assets consists of amortization of intangible assets such as developed technology, brands, and customer relationships acquired in connection with business combinations. Charges related to the amortization of these intangibles are recorded within both cost of sales and MG&A in our US GAAP financial statements. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years. | We exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. These adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. | ||||||
Share-based compensation | Share-based compensation consists of charges related to our employee equity incentive plans. | We exclude charges related to share-based compensation for purposes of calculating certain non-GAAP measures because we believe these adjustments provide comparability to peer company results and because these charges are not viewed by management as part of our core operating performance. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model, how management currently evaluates core operational performance, and additional means to evaluate expense trends, including in comparison to other peer companies. | ||||||
Non-GAAP adjustment or measure | Definition | Usefulness to management and investors | ||||||
Restructuring and other charges | Restructuring charges are costs associated with a restructuring plan and are primarily related to employee severance and benefit arrangements. Other charges include periodic goodwill and asset impairments, certain pension charges, and costs associated with restructuring activity. |
We exclude restructuring and other charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures because these costs do not reflect our core operating performance. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends. | ||||||
(Gains) losses on equity investments, net | (Gains) losses on equity investments, net consists of ongoing mark-to-market adjustments on marketable equity securities, observable price adjustments on non-marketable equity securities, related impairment charges, and the sale of equity investments and other. | We exclude these non-operating gains and losses for purposes of calculating certain non-GAAP measures because it provides comparability between periods. The exclusion reflects how management evaluates the core operations of the business. | ||||||
(Gains) losses from divestiture | (Gains) losses are recognized at the close of a divestiture, or over a specified deferral period when deferred consideration is received at the time of closing. Based on our ongoing obligation under the NAND wafer manufacturing and sale agreement entered into in connection with the first closing of the sale of our NAND memory business on December 29, 2021, a portion of the initial closing consideration was deferred and will be recognized between first and second closing. | We exclude gains or losses resulting from divestitures for purposes of calculating certain non-GAAP measures because they do not reflect our current operating performance. These adjustments facilitate a useful evaluation of our current operating performance and comparisons to past operating results. | ||||||
Adjusted free cash flow | We reference a non-GAAP financial measure of adjusted free cash flow, which is used by management when assessing our sources of liquidity, capital resources, and quality of earnings. Adjusted free cash flow is operating cash flow adjusted for (1) additions to property, plant, and equipment, net of proceeds from capital-related government incentives and partner contributions, and (2) payments on finance leases. | This non-GAAP financial measure is helpful in understanding our capital requirements and sources of liquidity by providing an additional means to evaluate the cash flow trends of our business. |
||||||
Three Months Ended | |||||||||||||||||
(In Millions, Except Per Share Amounts) | Mar 30, 2024 | Apr 1, 2023 | |||||||||||||||
GAAP gross margin | $ | 5,217 | $ | 4,008 | |||||||||||||
Acquisition-related adjustments | 224 | 328 | |||||||||||||||
Share-based compensation | 298 | 158 | |||||||||||||||
Non-GAAP gross margin | $ | 5,739 | $ | 4,494 | |||||||||||||
GAAP gross margin percentage | 41.0 | % | 34.2 | % | |||||||||||||
Acquisition-related adjustments | 1.8 | % | 2.8 | % | |||||||||||||
Share-based compensation | 2.3 | % | 1.4 | % | |||||||||||||
Non-GAAP gross margin percentage | 45.1 | % | 38.4 | % | |||||||||||||
GAAP R&D and MG&A | $ | 5,938 | $ | 5,412 | |||||||||||||
Acquisition-related adjustments | (41) | (43) | |||||||||||||||
Share-based compensation | (881) | (581) | |||||||||||||||
Non-GAAP R&D and MG&A | $ | 5,016 | $ | 4,788 | |||||||||||||
GAAP operating income (loss) | $ | (1,069) | $ | (1,468) | |||||||||||||
Acquisition-related adjustments | 265 | 371 | |||||||||||||||
Share-based compensation | 1,179 | 739 | |||||||||||||||
Restructuring and other charges | 348 | 64 | |||||||||||||||
Non-GAAP operating income (loss) | $ | 723 | $ | (294) | |||||||||||||
GAAP operating margin (loss) | (8.4) | % | (12.5) | % | |||||||||||||
Acquisition-related adjustments | 2.1 | % | 3.2 | % | |||||||||||||
Share-based compensation | 9.3 | % | 6.3 | % | |||||||||||||
Restructuring and other charges | 2.7 | % | 0.5 | % | |||||||||||||
Non-GAAP operating margin (loss) | 5.7 | % | (2.5) | % | |||||||||||||
GAAP tax rate | 39.2 | % | (139.0) | % | |||||||||||||
Income tax effects | (26.2) | % | 152.0 | % | |||||||||||||
Non-GAAP tax rate | 13.0 | % | 13.0 | % | |||||||||||||
GAAP net income (loss) attributable to Intel | $ | (381) | $ | (2,758) | |||||||||||||
Acquisition-related adjustments | 265 | 371 | |||||||||||||||
Share-based compensation | 1,179 | 739 | |||||||||||||||
Restructuring and other charges | 348 | 64 | |||||||||||||||
(Gains) losses on equity investments, net | (205) | (169) | |||||||||||||||
(Gains) losses from divestiture | (39) | (39) | |||||||||||||||
Adjustments attributable to non-controlling interest | (18) | (12) | |||||||||||||||
Income tax effects | (390) | 1,635 | |||||||||||||||
Non-GAAP net income attributable to Intel |
$ | 759 | $ | (169) | |||||||||||||
Three Months Ended | |||||||||||||||||
(In Millions, Except Per Share Amounts) | Mar 30, 2024 | Apr 1, 2023 | |||||||||||||||
GAAP earnings (loss) per share attributable to Intel—diluted | $ | (0.09) | $ | (0.66) | |||||||||||||
Acquisition-related adjustments | 0.06 | 0.09 | |||||||||||||||
Share-based compensation | 0.28 | 0.18 | |||||||||||||||
Restructuring and other charges | 0.08 | 0.01 | |||||||||||||||
(Gains) losses on equity investments, net | (0.05) | (0.04) | |||||||||||||||
(Gains) losses from divestiture | (0.01) | (0.01) | |||||||||||||||
Adjustments attributable to non-controlling interest | — | — | |||||||||||||||
Income tax effects | (0.09) | 0.39 | |||||||||||||||
Non-GAAP earnings per share attributable to Intel—diluted |
$ | 0.18 | $ | (0.04) | |||||||||||||
GAAP net cash used for operating activities |
$ | (1,223) | $ | (1,785) | |||||||||||||
Net additions to property, plant, and equipment | (4,955) | (6,964) | |||||||||||||||
Payments on finance leases | — | (15) | |||||||||||||||
Adjusted free cash flow | $ | (6,178) | $ | (8,764) | |||||||||||||
GAAP net cash used for investing activities | $ | (2,563) | $ | (8,521) | |||||||||||||
GAAP net cash provided by financing activities |
$ | 3,630 | $ | 7,394 | |||||||||||||
Q2 2024 Outlook1 |
|||||||||||
Approximately | |||||||||||
GAAP gross margin percentage | 40.2 | % | |||||||||
Acquisition-related adjustments | 1.7 | % | |||||||||
Share-based compensation | 1.6 | % | |||||||||
Non-GAAP gross margin percentage | 43.5 | % | |||||||||
GAAP tax rate | 61 | % | |||||||||
Income tax effects | (48) | % | |||||||||
Non-GAAP tax rate | 13 | % | |||||||||
GAAP earnings (loss) per share attributable to Intel—diluted | $ | (0.05) | |||||||||
Acquisition-related adjustments | 0.06 | ||||||||||
Share-based compensation | 0.22 | ||||||||||
(Gains) losses from divestiture | (0.01) | ||||||||||
Adjustments attributable to non-controlling interest | — | ||||||||||
Income tax effects | (0.12) | ||||||||||
Non-GAAP earnings per share attributable to Intel—diluted |
$ | 0.10 | |||||||||
Year Ended (In Millions) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | ||||||||||||||||||||||
Operating segment revenue: | ||||||||||||||||||||||||||
Intel Products: |
||||||||||||||||||||||||||
Client Computing | ||||||||||||||||||||||||||
Desktop | $ | 1,879 | $ | 2,370 | $ | 2,753 | $ | 3,164 | ||||||||||||||||||
Notebook | 3,407 | 3,896 | 4,503 | 5,184 | ||||||||||||||||||||||
Other | 481 | 514 | 611 | 496 | ||||||||||||||||||||||
5,767 | 6,780 | 7,867 | 8,844 | |||||||||||||||||||||||
Data Center and AI | 2,901 | 3,155 | 3,076 | 3,503 | ||||||||||||||||||||||
Network and Edge | 1,489 | 1,364 | 1,450 | 1,471 | ||||||||||||||||||||||
Total Intel Products revenue |
$ | 10,157 | $ | 11,299 | $ | 12,393 | $ | 13,818 | ||||||||||||||||||
Intel Foundry | $ | 4,831 | $ | 4,172 | $ | 4,732 | $ | 5,175 | ||||||||||||||||||
All other |
||||||||||||||||||||||||||
Altera | 816 | 848 | 735 | 480 | ||||||||||||||||||||||
Mobileye | 458 | 454 | 530 | 637 | ||||||||||||||||||||||
Other |
166 | 117 | 187 | 180 | ||||||||||||||||||||||
Total all other revenue |
1,440 | 1,419 | 1,452 | 1,297 | ||||||||||||||||||||||
Total operating segment revenue | $ | 16,428 | $ | 16,890 | $ | 18,577 | $ | 20,290 | ||||||||||||||||||
Intersegment eliminations |
(4,713) | (3,941) | (4,419) | (4,884) | ||||||||||||||||||||||
Total net revenue | $ | 11,715 | $ | 12,949 | $ | 14,158 | $ | 15,406 | ||||||||||||||||||
Segment operating income (loss): |
||||||||||||||||||||||||||
Intel Products: |
||||||||||||||||||||||||||
Client Computing | $ | 1,180 | $ | 1,986 | $ | 2,780 | $ | 3,567 | ||||||||||||||||||
Data Center and AI | 22 | 469 | 391 | 738 | ||||||||||||||||||||||
Network and Edge | (69) | 64 | 100 | 109 | ||||||||||||||||||||||
Total Intel Products operating income |
$ | 1,133 | $ | 2,519 | $ | 3,271 | $ | 4,414 | ||||||||||||||||||
Intel Foundry | $ | (2,360) | $ | (1,869) | $ | (1,407) | $ | (1,319) | ||||||||||||||||||
All other |
||||||||||||||||||||||||||
Altera | 290 | 346 | 263 | 4 | ||||||||||||||||||||||
Mobileye | 123 | 129 | 170 | 242 | ||||||||||||||||||||||
Other |
(66) | (120) | (198) | (104) | ||||||||||||||||||||||
Total all other operating income | 347 | 355 | 235 | 142 | ||||||||||||||||||||||
Total segment operating income (loss) | $ | (880) | $ | 1,005 | $ | 2,099 | $ | 3,237 | ||||||||||||||||||
Intersegment eliminations | 456 | (413) | 5 | (251) | ||||||||||||||||||||||
Corporate unallocated expenses | (1,044) | (1,608) | (2,112) | (401) | ||||||||||||||||||||||
Total operating income (loss) | $ | (1,468) | $ | (1,016) | $ | (8) | $ | 2,585 |