Related Parties - Equity Joint Ventures

12 Months Ended

Dec. 27, 2025

Equity Method Investments and Joint Ventures [Abstract]

Related Parties - Equity Joint Ventures

Related Parties—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 investment was $176 million and $149 million as of December 27, 2025 and December 28, 2024, respectively, and are recorded within Other non-current assets on the Company’s 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 were $2.0 billion and $1.7 billion in 2025 and 2024, respectively. The amounts payable to the ATMP JV were $408 million and $476 million as of December 27, 2025 and December 28, 2024, respectively, and are recorded within Accounts payable on the Company’s Consolidated Balance Sheets.

In 2024, the Company provided a $100 million term loan to one of the ATMP JVs for general corporate purposes, with interest at the three months term Secured Overnight Financing Rate (SOFR) plus 50 basis points, payable quarterly. The loan matures on October 16, 2026. The loan and related interest receivable are recorded within Prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets.

During 2025, 2024 and 2023, the Company recorded income related to the ATMP JV of $26 million, $33 million and $16 million in Equity income in investee on its Consolidated Statement of Operations, respectively.