Intel 2009 Annual Report Download - page 54
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Table of Contents
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (Continued)
Contractual obligations that are contingent upon the achievement of certain milestones are not included in the table above.
These obligations include contingent funding/payment obligations and milestone-based equity investment funding. These
arrangements are not considered contractual obligations until the milestone is met by the third party. Assuming that all future
milestones are met, additional required payments related to these obligations were not significant as of December 26, 2009.
For the majority of restricted stock units granted, the number of shares issued on the date the restricted stock units vest is net
of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our
employees. The obligation to pay the relative taxing authority is not included in the table above, as the amount is contingent
upon continued employment. In addition, the amount of the obligation is unknown, as it is based in part on the market price of
our common stock when the awards vest.
We have a contractual obligation to purchase the output of IMFT in proportion to our investments, 49% as of December 26,
2009. We also have several agreements with Micron related to intellectual property rights, and R&D funding related to NAND
flash manufacturing and IMFT. The obligation to purchase our proportion of IMFT’s inventory was $100 million as of
December 26, 2009. See “Note 11: Non-Marketable Equity Investments” in Part II, Item 8 of this Form 10-K.
The expected timing of payments of the obligations above are estimates based on current information. Timing of payments and
actual amounts paid may be different, depending on the time of receipt of goods or services, or changes to
agreed-upon amounts for some obligations.
Off-Balance-Sheet Arrangements
As of December 26, 2009, with the exception of a guarantee for the repayment of $275 million in principal of the payment
obligations of Numonyx under its senior credit facility, as well as accrued unpaid interest, expenses of the lenders, and
penalties, we did not have any significant off-balance-sheet arrangements, as defined in Item 303(a)(4)(ii) of SEC Regulation
S-K. In February 2010, we signed a definitive agreement with Micron and Numonyx under which Micron agreed to acquire
Numonyx in an all
-stock transaction. The senior credit facility that is supported by Intel’
s guarantee is expected to be repaid in
full following the closing of this transaction. See “Note 11: Non-Marketable Equity Investments” in Part II, Item 8 of this
Form 10-K.
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