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Table of Contents
INTEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Assets Measured and Recorded at Fair Value on a Non
-Recurring Basis
The following table presents the financial instruments and non-financial assets that were measured and recorded at fair value
on a non-recurring basis during 2009, and the gains (losses) recorded during 2009 on those assets:
The following table presents the financial instruments that were measured and recorded at fair value on a non-recurring basis
during 2008, and the gains (losses) recorded during 2008 on those assets:
The carrying value of our impaired non-marketable equity investments may not equal our fair value measurement at the time
of impairment due to the subsequent recognition of equity method adjustments.
A portion of our non-marketable equity investments were measured and recorded at fair value in 2009 and 2008 due to events
or circumstances that significantly impacted the fair value of those investments, resulting in other-than-temporary impairment
charges.
During 2008, we recorded a $762 million impairment charge on our investment in Clearwire Communications, LLC
(Clearwire LLC) to write down our investment to its fair value, primarily due to the fair value being significantly lower than
the cost basis of our investment. The impairment charge was included in gains (losses) on equity method investments, net. We
determine the fair value of our investment in Clearwire LLC primarily using the quoted prices for its parent company,
Clearwire Corporation. The effects of adjusting the quoted price for premiums that we believe market participants would
consider for Clearwire LLC, such as tax benefits and voting rights associated with our investments, were mostly offset by the
effects of discounts to the fair value, such as those due to transfer restrictions, lack of liquidity, and differences in dividend
rights that are included in the value of Clearwire Corporation stock. We classified our investment in Clearwire LLC as Level
2, as the unobservable inputs to the valuation methodology were not significant to the measurement of fair value. For further
information about Clearwire LLC and Clearwire Corporation, see “Note 11: Non-Marketable Equity Investments.”
66
Total Gains
Net Carrying
(Losses) for 12
Value as of
Fair Value Measured and Recorded Using
Months Ended
(In Millions)
Dec. 26, 2009
Level 1
Level 2
Level 3
Dec. 26, 2009
Non
-
marketable equity investments
$
208
$
—
$
—
$
211
$
(187
)
Property, plant and equipment
$
27
$
—
$
27
$
—
$
(
16
)
Total gains (losses) for assets held as of
December 26, 2009
$
(203
)
Gains (losses) for non-marketable equity
investments no longer held
$
(34
)
Gains (losses) for property, plant and
equipment no longer held
$
(136
)
Total gains (losses) for recorded
non-recurring measurement
$
(373
)
Total Gains
Net Carrying
(Losses) for 12
Value as of
Fair Value Measured and Recorded Using
Months Ended
(In Millions)
Dec. 27, 2008
Level 1
Level 2
Level 3
Dec. 27, 2008
Clearwire Communications, LLC
$
238
$
—
$
238
$
—
$
(
762
)
Numonyx B.V.
$
484
$
—
$
—
$
503
$
(250
)
Other non
-
marketable equity investments
$
84
$
—
$
—
$
$
(200
)
Total gains (losses) for assets held as of
December 27, 2008
$
(1,212
)