Supplemental Balance Sheet Information

3 Months Ended

Mar. 27, 2021

Balance Sheet Related Disclosures [Abstract]

Supplemental Balance Sheet Information

Supplemental Financial Statement Information

Short-term Investments

	March 27, 2021		December 26, 2020
	(In millions)
Commercial paper	$	1,003	$	295
Time deposits	350		400
Total short-term investments	$	1,353	$	695

Accounts Receivable, net

As of March 27, 2021 and December 26, 2020, Accounts receivable, net included unbilled accounts receivable of $150 million and $123 million, respectively. Unbilled receivables primarily represent work completed on development services recognized as revenue but not yet invoiced to customers and semi-custom products under non-cancellable purchase orders that have no alternative use to the Company at contract inception, for which revenue has been recognized but not yet invoiced to customers. All unbilled accounts receivable are expected to be billed and collected within 12 months.

Inventories

	March 27, 2021		December 26, 2020
	(In millions)
Raw materials	$	89	$	93
Work in process	1,376		1,139
Finished goods	188		167
Total inventories	$	1,653	$	1,399

Property and Equipment, net

	March 27, 2021		December 26, 2020
	(In millions)
Leasehold improvements	$	211	$	208
Equipment	1,265		1,209
Construction in progress	180		136
Property and equipment, gross	1,656		1,553
Accumulated depreciation	(975)		(912)
Total property and equipment, net	$	681	$	641

Other Non-Current Assets

	March 27, 2021		December 26, 2020
	(In millions)
Software technology and licenses, net	$	203	$	229
Other	209		144
Total other non-current assets	$	412	$	373

Accrued Liabilities

	March 27, 2021		December 26, 2020
	(In millions)
Accrued compensation and benefits	$	334	$	513
Accrued marketing programs and advertising expenses	836		839
Other accrued and current liabilities	609		444
Total accrued liabilities	$	1,779	$	1,796

Revenue

Revenue allocated to remaining performance obligations that were unsatisfied (or partially unsatisfied) as of March 27, 2021 was $292 million, which may include amounts received from customers but not yet earned and amounts that will be invoiced and recognized as revenue in future periods associated with any combination of development services, IP licensing and product revenue. The Company expects to recognize $159 million of revenue allocated to remaining performance obligations in the next 12 months. The revenue allocated to remaining performance obligations does not include amounts which have an original expected duration of one year or less.

Revenue recognized over time associated with custom products and development services accounted for approximately 22% and 5% of the Company’s revenue for the three months ended March 27, 2021 and March 28, 2020, respectively.