Supplemental Balance Sheet Information

6 Months Ended

Jun. 28, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventories

The components of inventories are as follows:




(In millions)	June 28, 2025		December 31, 2024
Raw materials	$	1,947	$	1,803
Work in process	947		755
Finished goods	2,665		2,420
Inventories	$	5,559	$	4,978

Contract-related Balances

Contract asset and liability balances are as follows:




(In millions)	June 28, 2025		December 31, 2024
Current contract assets, net	$	1,441	$	1,435
Noncurrent contract assets, net	1		6
Current contract liabilities	2,805		2,852
Noncurrent contract liabilities	1,122		1,138

In the three- and six-month periods ended June 28, 2025, the company recognized revenues of $0.73 billion and $2.09 billion, respectively, that were included in the contract liabilities balance at December 31, 2024. In the three- and six-month periods ended June 29, 2024, the company recognized revenues of $0.67 billion and $2.00 billion, respectively, that were included in the contract liabilities balance at December 31, 2023.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of June 28, 2025, was $25.04 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 54% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.