Quarterly report pursuant to Section 13 or 15(d)

Supplemental Balance Sheet Information

v3.22.1
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.