Quarterly report pursuant to Section 13 or 15(d)

Composition of Certain Financial Statement Items (Tables)

v3.24.2
Composition of Certain Financial Statement Items (Tables)
 9 Months Ended
Jun. 23, 2024
Condensed Financial Information Disclosure [Abstract]  
Inventories
Inventories (in millions)
June 23,
2024		 September 24,
2023
Raw materials $ 264  $ 176 
Work-in-process 3,316  4,096 
Finished goods 2,440  2,150 
$ 6,020  $ 6,422 
Other Current Liabilities
Other Current Liabilities (in millions)
June 23,
2024		 September 24,
2023
Customer incentives and other customer-related liabilities
 $ 2,241  $ 1,821 
Income taxes payable
 701  1,717 
Other
 812  953 
$ 3,754  $ 4,491 
QCT Revenues Disaggregated
QCT revenue streams were as follows (in millions):
Three Months Ended Nine Months Ended
June 23,
2024		 June 25,
2023		 June 23,
2024		 June 25,
2023
Handsets (1) $ 5,899  $ 5,255  $ 18,766  $ 17,114 
Automotive (2) 811  434  2,012  1,337 
IoT (internet of things) (3)
 1,359  1,485  3,740  4,557 
Total QCT revenues $ 8,069  $ 7,174  $ 24,518  $ 23,008 
(1) Includes revenues from products sold for use in mobile handsets.
(2) Includes revenues from products sold for use in automobiles, including connectivity, digital cockpit and advanced driver assistance systems (ADAS) and automated driving (AD).
(3) Primarily includes products sold for use in the following industries and applications: consumer (including computing, voice and music and extended reality (XR)), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).
Revenue recognized from performance obligations satisfied in previous periods
Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods generally include certain QCT sales-based royalty revenues related to system software, certain amounts related to QCT customer incentives and QTL royalty revenues recognized related to devices sold in prior periods (including adjustments to prior period royalty estimates, which includes the impact of the reporting by our licensees of actual royalties due) and were as follows (in millions):
Three Months Ended Nine Months Ended
June 23,
2024		 June 25,
2023		 June 23,
2024		 June 25,
2023
Revenues recognized from previously satisfied performance obligations $ 163  $ 216  $ 364  $ 521 
Customer Concentrations - Revenues Revenues from each customer/licensee that were 10% or greater of total revenues were as follows:
Three Months Ended Nine Months Ended
June 23,
2024		 June 25,
2023		 June 23,
2024		 June 25,
2023
Customer/licensee (x)
 18  % 24  % 20  % 21  %
Customer/licensee (y)
 17  23  20  28 
Customer/licensee (z) 11  * 13  *
*Less than 10%
Investment and Other Income (Expense), Net
Investment and Other Income (Expense), Net (in millions)
Three Months Ended Nine Months Ended
June 23,
2024		 June 25,
2023		 June 23,
2024		 June 25,
2023
Interest and dividend income $ 182  $ 79  $ 490  $ 193 
Net gains (losses) on marketable securities
 8  (23) 16  (3)
Net gains on other investments 10  17  170  17 
Net gains on deferred compensation plan assets
 26  48  153  95 
Impairment losses on other investments (5) (19) (66) (120)
Other 5  4  5  (16)
$ 226  $ 106  $ 768  $ 166