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Intel: Balance Sheet Analysis

|Includes: Intel Corporation (INTC)

Intel became less liquid and increased long-term debt. The company used almost $10 billion of its cash position at the beginning of 2011 and increased long-term debt between June 30, 2011 and September 30, 2011. The increase in liabilities decreased common equity as a percentage of total assets.       

On September 30, 2010 Intel reported $20.75 billion in cash and short-term investments and reported $10.93 on September 30, 2011. Cash and short-term investments as a percentage of total assets declined from 34.25 to 15.49 per cent. Between December 31, 2010 and March 31, 2011 cash and short-term investments declined by almost $10 billion. 

Other current assets increased from$2.42 billion to $7.99 billion between September 30 2010 and the same date in 2011. Other current assets as a percentage of total assets increased from 4 to 11.33 per cent. Between June 30, 2011 and September 30, 2011 other current assets increased by almost $4 billion. 

Total current assets declined from $29.5 billion to $26.7 billion from September 2010 to September 2011. The decline was from 48.7 per cent of total assets to 37.9 per cent of total assets. Total current assets decreased by almost $10 billion between December 31, 2010 and March 31, 2010 and increased by $4 between March and September 30, 2011. 

On September 30, 2010 net property, plant & equipment was reported at $17.1 and increased to $22.2 billion on September 30, 2011. Net property, plant & equipment increased to 31.4 per cent of total assets from 28.4 per cent.  

Total investments and advances started out at $1.05 billion or 1.7 per cent of total assets and increased to $4.2 billion or almost 6% of total assets. The largest increase was between December 31, 2010 and March 31, 2011 when total investment and advances increased from $1.79 billion to $5.67 billion or 8.65 per cent of total assets. 

Intangible assets increased by over $10 billion between December 31, 2010 and March 31, 2011, a balance sheet adjustment of similar size and timing as the cash adjustment previously mentioned. Intangible assets increased from 8.53 per cent of total assets to 24.32 per cent of total assets during the December to March period.            

Other assets decreased from $8.12 billion or 13.4 per cent of total assets to $825 million or 1.17 per cent of total assets between September 2010 and September 2011.

On September 30, 2011 total current liabilities were reported at $8.84 billion or 14.59 per cent of total assets and increased to $11.91 billion or 16.88 per cent of total assets on September 30, 2011. Long-term debt increased from $2 billion or 3.42 per cent of total assets to just over $7 billion or 10 per cent of total assets. 

Total liabilities increased from $12.9 billion or 21.3 per cent of total assets to $24.4 billion or 34.64 per cent of total assets. Common equity decreased from 78.7 per cent of total assets to 65.4 per cent and retained earnings decreased to 42.4 per cent from 51.3 per cent of total assets. Between September 30, 2010 and September 31, 2011.   

Bullish Factors
Net plant, property & equipment increased as a percentage of total assets. Total investments and advances increased as a percentage of total assets. Intangible assets increased from 8.53 to 24.32 per cent of total assets.

Bearish Factors
Liquidity decreased with the investment of almost $10 billion in cash and short-term securities. Total liabilities increased to 34.64 per cent of total assets.
    

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.