CONTRACT ASSETS AND CONTRACT LIABILITIES

12 Months Ended

Jan. 03, 2025

Revenue from Contract with Customer [Abstract]

CONTRACT ASSETS AND CONTRACT LIABILITIES

NOTE 3: CONTRACT ASSETS AND CONTRACT LIABILITIES

Contract assets and contract liabilities are summarized below:

(In millions)	January 3, 2025	December 29, 2023
Contract assets	$3,230	$3,196
Contract liabilities, current	(2,142)	(1,900)
Contract liabilities, non-current(1)	(91)	(94)
Net contract assets	$997	$1,202

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(1)The non-current portion of contract liabilities is included as a component of the “Other long-term liabilities” line item in our Consolidated

Balance Sheet.

Contract assets and liabilities as of January 3, 2025 and December 29, 2023 were impacted primarily by the

timing of contractual billing milestones. In fiscal 2024, 2023 and 2022, we recognized $1,433 million, $1,247

million and $1,057 million, respectively, of revenue related to contract liabilities that were outstanding at the end of

the respective prior fiscal year.