Income Taxes (Tables)

12 Months Ended

Dec. 28, 2024

Income Tax Disclosure [Abstract]

Schedule of Loss before Income Tax

Income before income taxes consists of the following:

	Year Ended
	December 28, 2024		December 30, 2023		December 31, 2022
	(In millions)
U.S.	$	2,369	$	454	$	2,093
Non-U.S.	(347)		54		(895)
Total pre-tax income including equity income in investee	$	2,022	$	508	$	1,198

Provision (Benefit) for Income Taxes

The income tax provision (benefit) consists of:

	Year Ended
	December 28, 2024		December 30, 2023		December 31, 2022
	(In millions)
Current:
U.S. federal	$	1,338	$	496	$	1,191
U.S. state and local	64		27		31
Non-U.S.	142		150		161
Total	1,544		673		1,383
Deferred:
U.S. federal	(311)		(860)		(1,365)
U.S. state and local	6		(29)		(26)
Non-U.S.	(858)		(130)		(114)
Total	(1,163)		(1,019)		(1,505)
Income tax provision (benefit)	$	381	$	(346)	$	(122)

Schedule of Effective Income Tax Rate Reconciliation

The table below displays the reconciliation between statutory federal income taxes and the total income tax provision (benefit).

	Year Ended
	December 28, 2024		December 30, 2023		December 31, 2022
	(In millions)
Statutory federal income tax expense at 21%	$	425	$	107	$	252
Tax effect from intercompany integration transaction	373		—		—
Foreign rate detriment (benefit)	153		(11)		195
Interest and penalty	136		53		33
State income taxes, net of federal benefit	22		(2)		(3)
Foreign-Derived Intangible Income (FDII) deduction	(275)		(185)		(261)
Research credits	(232)		(169)		(241)
GILTI and other foreign inclusion	(133)		(138)		(96)
Stock-based and non-deductible compensation	(101)		(17)		(6)
Other	13		16		5
Income tax provision (benefit)	$	381	$	(346)	$	(122)

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of tax carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the balances for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 28, 2024 and December 30, 2023 were as follows:

	December 28, 2024		December 30, 2023
	(In millions)
Deferred tax assets:
Capitalized R&D	$	2,892	$	1,753
Net operating loss carryovers	962		992
Accruals and reserves not currently deductible	829		574
Federal and state tax credit carryovers	679		660
Foreign R&D and investment tax credits	579		597
Employee benefits not currently deductible	334		302
Lease liability	182		181
Foreign tax credits	77		71
Other	111		96
Total deferred tax assets	6,645		5,226
Less: valuation allowance	(2,136)		(2,124)
Total deferred tax assets, net of valuation allowance	4,509		3,102
Deferred tax liabilities:
Acquired intangibles	(3,614)		(3,104)
GILTI	(222)		(524)
Right-of-use assets	(182)		(175)
Other	(152)		(135)
Total deferred tax liabilities	(4,170)		(3,938)
Net deferred tax assets (liabilities)	$	339	$	(836)

During 2024, the Company executed an intercompany integration transaction and remeasured associated deferred taxes, resulting in increases to the deferred tax liability for acquisition-related intangibles and the deferred tax asset for Capitalized R&D, partially offset by a decrease in the deferred tax liability for GILTI.

The movement in the deferred tax valuation allowance was as follows:

	December 28, 2024		December 30, 2023		December 31, 2022
	(In millions)
Balance at beginning of year	$	2,124	$	2,078	$	1,735
Charges to income tax expense and other accounts	9		41		112
Acquisition-related	3		5		231
Balance at end of year	$	2,136	$	2,124	$	2,078

Schedule of Unrecognized Tax Benefits Roll Forward

reconciliation of the Company's gross unrecognized tax benefits was as follows:

	December 28, 2024		December 30, 2023		December 31, 2022
	(In millions)
Balance at beginning of year	$	1,463	$	1,361	$	275
Increases for tax positions taken in the current year	57		53		748
Increases for tax positions taken in prior years	24		57		104
Decreases for tax positions taken in prior years	(18)		(8)		(12)
Increases to tax positions taken in prior years through acquisitions	—		—		252
Decreases for settlements with taxing authorities and statute of limitation lapses	(28)		—		(6)
Balance at end of year	$	1,498	$	1,463	$	1,361