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NET REVENUE
 9 Months Ended
Sep. 30, 2023
Revenue from Contracts with Customers [Abstract]  
Net Revenue Net Revenue
The following table presents the Company’s revenue disaggregated based on revenue source and timing of revenue recognition for the three and nine month periods ended September 30, 2023 and 2022. The Company believes these categories best depict the nature and timing of revenue:

(in millions)Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Type of goods and services:
Wafer fabrication$1,700 $1,958 $5,107 $5,667 
Engineering and other pre-fabrication services152 116 431 340 
$1,852 $2,074 $5,538 $6,007 
Timing of revenue recognition:
Revenue recognized over time$117 $111 $332 $344 
Revenue recognized at a point in time1,735 1,963 5,206 5,663 
$1,852 $2,074 $5,538 $6,007