Quarterly report pursuant to Section 13 or 15(d)

Supplemental Balance Sheet Information

v3.22.2
Supplemental Balance Sheet Information
 6 Months Ended
Jun. 25, 2022
Balance Sheet Related Disclosures [Abstract]  
Supplemental Balance Sheet Information Supplemental Financial Statement Information
Accounts Receivable, net
As of June 25, 2022 and December 25, 2021, Accounts receivable, net included unbilled accounts receivable of $868 million and $329 million, respectively. Unbilled accounts receivable primarily represents 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
 June 25,
2022		 December 25,
2021
  (In millions)
Raw materials $ 160  $ 82 
Work in process 2,171  1,676 
Finished goods 317  197 
Total inventories $ 2,648  $ 1,955 
Prepaid Expenses and Other Current Assets June 25,
2022		 December 25,
2021
(In millions)
Prepaid supply agreements $ 400  $ 74 
Other 369  238 
Total prepaid expenses and other current assets $ 769  $ 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
 June 25,
2022		 December 25,
2021
  (In millions)
Land $ 120  $ — 
Building and leasehold improvements 581  206 
Equipment 1,892  1,534 
Construction in progress 159  96 
Property and equipment, gross 2,752  1,836 
Accumulated depreciation (1,311) (1,134)
Total property and equipment, net $ 1,441  $ 702 
Other Non-Current Assets
 June 25,
2022		 December 25,
2021
(In millions)
Long-term prepaid supply agreements $ 769  $ 916 
Software and technology licenses, net 505  328 
Other 383  234 
Total other non-current assets $ 1,657  $ 1,478 
Accrued Liabilities
June 25,
2022		 December 25,
2021
  (In millions)
Accrued marketing programs $ 1,021  $ 933 
Accrued compensation and benefits 741  705 
Other accrued and current liabilities 1,312  786 
Total accrued liabilities $ 3,074  $ 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 June 25, 2022, the aggregate transaction price allocated to remaining performance obligations under contracts with an original expected duration of more than one year was $171 million, of which $125 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 20% and 21% of the Company’s revenue for the three and six months ended June 25, 2022, respectively, and 22% for both the three and six months ended June 26, 2021.