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Related Party - Equity Joint Ventures
3 Months Ended
Mar. 29, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Related Parties - Equity Joint Ventures Related Party — Equity Joint Ventures
ATMP Joint Ventures
The Company holds a 15% equity interest in two joint ventures (collectively, the ATMP JV) with affiliates of Tongfu Microelectronics Co., Ltd, a Chinese joint stock company. The Company has no obligation to fund the ATMP JV. The Company accounts for its equity interests in the ATMP JV under the equity method of accounting due to its significant influence over the ATMP JV. The carrying value of the Company’s investment in ATMP JV was $157 million and $149 million as of March 29, 2025 and December 28, 2024, respectively, and is recorded within Other non-current assets on the Company’s Condensed Consolidated Balance Sheets.
The ATMP JV provides assembly, test, mark and packaging (ATMP) services to the Company. The Company’s purchases from the ATMP JV during the three months ended March 29, 2025 and March 30, 2024 were $497 million and $450 million, respectively. As of March 29, 2025 and December 28, 2024, the amounts payable to the ATMP JV were $434 million and $476 million, respectively, and are included in Accounts payable on the Condensed Consolidated Balance Sheets.
On October 9, 2024, the Company entered into a one-year term loan agreement with one of the ATMP JVs for $100 million to provide funds for the ATMP JV’s general corporate purposes. The loan bears interest, payable quarterly, at the three months term Secured Overnight Financing Rate (SOFR) plus 50 basis points. The loan receivable is included within Prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheets.
During each of the three months ended March 29, 2025 and March 30, 2024, the Company recorded income related to the ATMP JV of $7 million in Equity income in investee on its Condensed Consolidated Statements of Operations