Annual report pursuant to Section 13 and 15(d)

Supplemental Balance Sheet Information

v3.22.4
Supplemental Balance Sheet Information
 12 Months Ended
Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]  
Supplemental Balance Sheet Information Supplemental Financial Statement Information
Accounts Receivable, net
As of December 31, 2022 and December 25, 2021, Accounts receivable, net included unbilled accounts receivable of $1.1 billion and $329 million, respectively. Unbilled accounts receivables primarily represent work completed for 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
 December 31,
2022		 December 25,
2021
  (In millions)
Raw materials $ 231  $ 82 
Work in process 2,648  1,676 
Finished goods 892  197 
Total inventories $ 3,771  $ 1,955 
Property and Equipment, net
 December 31,
2022		 December 25,
2021
  (In millions)
Land $ 120  $ — 
Building and leasehold improvements 594  206 
Equipment 2,163  1,534 
Construction in progress 143  96 
Property and equipment, gross 3,020  1,836 
Accumulated depreciation (1,507) (1,134)
Total property and equipment, net $ 1,513  $ 702 
Depreciation expense for 2022, 2021 and 2020 was $439 million, $296 million and $217 million, respectively.
Other Non-current Assets
 December 31,
2022		 December 25,
2021
  (In millions)
Prepaid long-term supply agreements $ 1,252  $ 916 
Software and technology licenses, net 362  323 
Other 538  239 
Total other non-current assets $ 2,152  $ 1,478 
Prepaid long-term supply agreements relate to payments made to vendors to secure long-term supply capacity.
Accrued Liabilities
 December 31,
2022		 December 25,
2021
  (In millions)
Accrued marketing programs $ 876  $ 933 
Accrued compensation and benefits 701  705 
Customer program liabilities 859  314 
Other accrued and current liabilities 641  472 
Total accrued liabilities $ 3,077  $ 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 December 31, 2022, the aggregate transaction price allocated to remaining performance obligations under contracts with an original expected duration of more than one year was $247 million, of which $213 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%, 23% and 18% of the Company’s revenue in 2022, 2021 and 2020, respectively.