Income Taxes (Tables)

12 Months Ended

Dec. 27, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss before Income Tax

Income before income taxes consists of the following:

	Year Ended
	December 27, 2025		December 28, 2024		December 30, 2023
	(In millions)
U.S.	$	4,588	$	2,369	$	454
Non-U.S.	(422)		(347)		54
Total pre-tax income including equity income in investee	$	4,166	$	2,022	$	508

Provision (Benefit) for Income Taxes

The income tax provision (benefit) consists of:

	Year Ended
	December 27, 2025		December 28, 2024		December 30, 2023
	(In millions)
Current:
U.S. federal	$	(493)	$	1,338	$	496
U.S. state and local	32		64		27
Non-U.S.	106		142		150
Total	(355)		1,544		673
Deferred:
U.S. federal	308		(311)		(860)
U.S. state and local	(16)		6		(29)
Non-U.S.	(40)		(858)		(130)
Total	252		(1,163)		(1,019)
Income tax provision (benefit)	$	(103)	$	381	$	(346)

Schedule of Effective Income Tax Rate Reconciliation

	Year Ended
	December 27, 2025
	Amount		Percentage
	(In millions)
Statutory federal income tax expense at 21%	$	875	21.0	%
State taxes, net of federal benefit*	8		0.2	%
Foreign tax effects
Canada
Scientific Research and Experimental Development investment tax credits	(55)		(1.3)	%
Valuation allowance	51		1.2	%
Other	25		0.6	%
Singapore
Development and expansion incentive	70		1.7	%
Other	31		0.7	%
Other foreign jurisdictions	43		1.0	%
Effect of changes in tax laws or rates enacted in the current period	(18)		(0.4)	%
Effect of cross-border tax laws
Global Intangible Low-Taxed Income (GILTI)	157		3.8	%
Foreign-Derived Intangible Income (FDII) deduction	(195)		(4.7)	%
Other	(27)		(0.6)	%
Tax credits
Research credits	(211)		(5.1)	%
Other tax credits	(31)		(0.7)	%
Nontaxable or nondeductible items
Stock-based and non-deductible employee compensation	(88)		(2.1)	%
Tax effect from post-acquisition transaction	47		1.1	%
Other	8		0.2	%
Changes in unrecognized tax benefits (including interest and penalties)	(793)		(19.0)	%
Income tax (benefit)	$	(103)	(2.5)	%

*State tax expense in Illinois and Arizona made up the majority (greater than 50%) of the tax effect in this category

The following table presents required disclosures prior to the adoption of ASU 2023-09 and displays the reconciliation between statutory federal income taxes and the total income tax provision (benefit).

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

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 27, 2025 and December 28, 2024 were as follows:

	December 27, 2025		December 28, 2024
	(In millions)
Deferred tax assets:
Capitalized R&D	$	2,556	$	2,892
Net operating loss carryovers	61		962
Accruals and reserves not currently deductible	727		829
Federal and state tax credit carryovers	709		679
Foreign R&D and investment tax credits	631		579
Employee benefits not currently deductible	402		334
Lease liability	231		182
Foreign tax credits	91		77
Other	85		111
Total deferred tax assets	5,493		6,645
Less: valuation allowance	(1,338)		(2,136)
Total deferred tax assets, net of valuation allowance	4,155		4,509
Deferred tax liabilities:
Acquired intangibles	(3,227)		(3,614)
GILTI	(348)		(222)
Right-of-use assets	(228)		(182)
Depreciation	(101)		(75)
Other	(180)		(77)
Total deferred tax liabilities	(4,084)		(4,170)
Net deferred tax assets	$	71	$	339

The reduction in the Company’s Net operating loss carryovers and the valuation allowance items followed the receipt of the reasonable cause relief for dual consolidated losses approved by the IRS in April 2025. Other reductions in the Company’s net deferred tax assets during 2025 were primarily driven by the impact of OBBBA.

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

	December 27, 2025		December 28, 2024		December 30, 2023
	(In millions)
Balance at beginning of year	$	2,136	$	2,124	$	2,078
Charges to income tax expense and other accounts	(798)		9		41
Acquisition-related	—		3		5
Balance at end of year	$	1,338	$	2,136	$	2,124

Schedule of Unrecognized Tax Benefits Roll Forward

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

	December 27, 2025		December 28, 2024		December 30, 2023
	(In millions)
Balance at beginning of year	$	1,498	$	1,463	$	1,361
Increases for tax positions taken in the current year	50		57		53
Increases for tax positions taken in prior years	10		24		57
Decreases for tax positions taken in prior years	(4)		(18)		(8)
Decreases for settlements with taxing authorities	(685)		—		—
Decreases for lapses in statutes of limitation	(63)		(28)		—
Balance at end of year	$	806	$	1,498	$	1,463