Supplemental Balance Sheet Information

3 Months Ended

Mar. 26, 2022

Balance Sheet Related Disclosures [Abstract]

Supplemental Balance Sheet Information

Supplemental Financial Statement Information

Accounts Receivable, net

As of March 26, 2022 and December 25, 2021, Accounts receivable, net included unbilled accounts receivable of $619 million and $329 million, respectively. Unbilled accounts receivables primarily represent work completed on development services and on custom products for which revenue has been recognized but not yet invoiced. All unbilled accounts receivable are expected to be billed and collected within 12 months.

Inventories	March 26, 2022		December 25, 2021
	(In millions)
Raw materials	$	112	$	82
Work in process	1,966		1,676
Finished goods	353		197
Total inventories	$	2,431	$	1,955

Prepaid Expenses and Other Current Assets	March 26, 2022		December 25, 2021
	(In millions)
Prepaid supply agreements	$	449	$	74
Other	276		238
Total prepaid expenses and other current assets	$	725	$	312

Prepaid supply agreements relate to the short-term portion of payments made to vendors to secure long-term supply capacity.

Property and Equipment, net	March 26, 2022		December 25, 2021
	(In millions)
Land	$	120	$	—
Building and leasehold improvements	562		206
Equipment	1,766		1,534
Construction in progress	144		96
Property and equipment, gross	2,592		1,836
Accumulated depreciation	(1,186)		(1,134)
Total property and equipment, net	$	1,406	$	702

Other Non-Current Assets	March 26, 2022		December 25, 2021
	(In millions)
Long-term prepaid supply agreements	$	798	$	916
Software and technology licenses, net	516		328
Other	391		234
Total other non-current assets	$	1,705	$	1,478

Accrued Liabilities	March 26, 2022		December 25, 2021
	(In millions)
Accrued marketing programs	$	964	$	933
Accrued compensation and benefits	744		705
Other accrued and current liabilities	1,362		786
Total accrued liabilities	$	3,070	$	2,424

Revenue

Revenue allocated to remaining performance obligations that are unsatisfied (or partially unsatisfied) include amounts received from customers and amounts that will be invoiced and recognized as revenue in future periods for development services, IP licensing and product revenue. As of March 26, 2022, the aggregate transaction price allocated to remaining performance obligations under contracts with an original expected duration of more than one year was $206 million, of which $148 million is expected to be recognized 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 24% and 22% of the Company’s revenue for the three months ended March 26, 2022 and March 27, 2021, respectively.