Income Taxes

6 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 : Income Taxes

	Three Months Ended						Six Months Ended
(In Millions)	Jun 29, 2024			Jul 1, 2023			Jun 29, 2024			Jul 1, 2023
Income (loss) before taxes	$	(2,004)		$	(816)		$	(2,723)		$	(1,974)
Provision for (benefit from) taxes	$	(350)		$	(2,289)		$	(632)		$	(679)
Effective tax rate	17.5		%	280.5		%	23.2		%	34.4		%

In the second quarter of 2024 and YTD 2024, our benefit from income taxes was determined using the actual effective tax rate, adjusted for discrete items. We also utilized the actual effective tax rate method for the YTD 2023 period, and had a catch up adjustment to benefit from taxes during the second quarter of 2023 to conform to this methodology. We use the actual effective tax rate for the year-to-date period, adjusted for discrete items, if any, under certain circumstances where we are unable to make a reliable estimate of the annual effective tax rate. We used this approach in all periods presented due to the variability of the rate as a result of fluctuations in forecasted income and the effects of being taxed in multiple tax jurisdictions.