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.
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