Intel 2013 Annual Report Download - page 53

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48
As of December 28, 2013, the fair value of our marketable equity investments and our equity derivative instruments,
including hedging positions, was $6.3 billion ($4.4 billion as of December 29, 2012). Our marketable equity
investment in ASML was carried at a total fair market value of $5.9 billion, or 94% of our marketable equity portfolio,
as of December 28, 2013. Our marketable equity method investments are excluded from our analysis, as the
carrying value does not fluctuate based on market price changes unless an other-than-temporary impairment is
deemed necessary. To determine reasonably possible decreases in the market value of our marketable equity
investments, we have analyzed the historical market price sensitivity of our marketable equity investment portfolio.
Assuming a loss of 25% in market prices, and after reflecting the impact of hedges and offsetting positions, the
aggregate value of our marketable equity investments could decrease by approximately $1.6 billion, based on the
value as of December 28, 2013 (a decrease in value of approximately $1.6 billion, based on the value as of
December 29, 2012 using an assumed loss of 35%).
Many of the same factors that could result in an adverse movement of equity market prices affect our non-
marketable equity investments, although we cannot always quantify the impact directly. Financial markets are
volatile, which could negatively affect the prospects of the companies we invest in, their ability to raise additional
capital, and the likelihood of our ability to realize value in our investments through liquidity events such as initial
public offerings, mergers, and private sales. These types of investments involve a great deal of risk, and there can
be no assurance that any specific company will grow or become successful; consequently, we could lose all or part
of our investment. Our non-marketable equity investments, excluding investments accounted for under the equity
method, had a carrying amount of $1.3 billion as of December 28, 2013 ($1.2 billion as of December 29, 2012). The
carrying amount of our non-marketable equity method investments was $1.0 billion as of December 28, 2013 ($1.0
billion as of December 29, 2012). The majority of our non-marketable equity method investments balance as of
December 28, 2013, was concentrated in our IMFT investment of $646 million ($642 million as of December 29,
2012).
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