The components of inventories are as follows:


(In millions)	June 27, 2026		December 31, 2025
Raw materials	$	1,991	$	1,877
Work in process	952		889
Finished goods	2,683		2,659
Inventories	$	5,627	$	5,425

Contract asset and liability balances are as follows:


(In millions)	June 27, 2026		December 31, 2025
Current contract assets, net	$	1,688	$	1,666
Noncurrent contract assets, net	—		1
Current contract liabilities	2,918		2,710
Noncurrent contract liabilities	1,043		1,183

In the three- and six-month periods ended June 27, 2026, the company recognized revenues of $0.71 billion and $2.00 billion, respectively, that were included in the contract liabilities balance at December 31, 2025. 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.

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of June 27, 2026, was $29.70 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 52% 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.