“A portion of that, we will get some time next year, probably by fourth quarter next year is when we expect to get that cash, so that's when the cash will start flowing in.”

In context

“e. Very helpful. Follow-on for Rafael. Rafael, thank you for the depreciation numbers for the next few years. Do you also have an update us on the timing of the offsets to the depreciation, especially in relation to ITC and the CHIPS Act and anything new there? Rafael Lizardi: So nothing new, frankly. The ITC is the expectation is similar, which is about a 20% to 25% credit on everything that is spent on CapEx in the U.S. for fabs. So what we said back in February is that that's going to be roughly $4 billion of the $20 billion or so that for CapEx, the $5 billion more. So roughly about $4 billion of that we're going to get back on ITC about one year offset. Of that, we have already accrued $1.2 billion on the balance sheet. So you'll see that on our balance sheet on the long-term assets. A portion of that, we will get some time next year, probably by fourth quarter next year is when we expect to get that cash, so that's when the cash will start flowing in. As I mentioned in an earlier call, on an earlier question, we are actively applying for the grant. So that's going to be in addition to the ITC. We're not counting on that. We don't have any numbers on that because you have to apply, you have to wait until the Department of Commerce makes that decision. But we are -- we're planning on receiving the funding from the CHIPS Act grant was comprehended in our decision, and we firmly believe we are very well positioned to receive those funds, and we're a great candidate for that, and we believe there will be meaningful to manufacturing operations in Texas and Utah to support semiconductor growth and the objectives of the CHIPS program office. Dave Pahl: Great. Thank you, Tore. Let's go to the next caller, please. Operator: Our next question com”