XML 64 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax and Provision for Income Taxes [Table Text Block]
(millions)202420232022
Income before income taxes
United States$891 $577 $360 
Foreign763 463 542 
 1,654 1,040 902 
Income taxes
Current tax provision
Federal74 153 110 
State35 29 19 
Foreign170 114 101 
 279 296 230 
Deferred tax provision (benefit)
Federal46 (49)(43)
State8 23 (6)
Foreign(29)(12)(1)
 25 (38)(50)
Total income taxes$304 $258 $180 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
202420232022
U.S. statutory income tax rate21.0 %21.0 %21.0 %
Foreign rates varying from U.S. statutory rate(1.3)(2.9)(3.6)
State income taxes, net of federal benefit2.3 2.0 1.0 
Cost (benefit) of remitted and unremitted foreign earnings(0.3)1.7 2.0 
Net change in valuation allowance(1.7)3.0 4.6 
Statutory rate changes, deferred tax impact0.1 0.1 0.3 
Divestiture(2.5)2.2 — 
Foreign derived intangible income(0.9)(1.3)(1.6)
Other1.7 (1.0)(3.7)
Effective income tax rate18.4 %24.8 %20.0 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  
Deferred tax
assets
Deferred tax
liabilities
(millions)2024202320242023
U.S. state income taxes$ $— $30 $
Advertising and promotion-related15 12  — 
Wages and payroll taxes12 15  — 
Inventory valuation7 12  — 
Employee benefits95 99  — 
Operating loss, credit and other carryforwards299 350  — 
Research and development capitalization53 40  — 
Hedging transactions — 83 
Depreciation and asset disposals — 147 177 
Operating lease right-of-use assets — 150 149 
Operating lease liabilities149 147  — 
Trademarks and other intangibles — 442 466 
Deferred compensation20 13  — 
Stock options34 43  — 
Other36 64  — 
720 795 852 809 
Less valuation allowance(249)(300) — 
Total deferred taxes$471 $495 $852 $809 
Net deferred tax asset (liability)$(381)$(314)  
Classified in balance sheet as:
Other assets$160 $183 
Deferred income taxes(541)(497)   
Net deferred tax asset (liability)$(381)$(314)  
Summary of Valuation Allowance [Table Text Block]
(millions)202420232022
Balance at beginning of year$300 $263 $248 
Additions charged to income tax expense16 65 44 
Reductions credited to income tax expense(41)(34)(3)
Currency translation adjustments(26)6 (26)
Balance at end of year$249 $300 $263 
Schedule of Unrecognized Tax Benefits Roll Forward
(millions)202420232022
Balance at beginning of year$32 $36 $50 
Tax positions related to current year:
Additions7 
Tax positions related to prior years:
Additions1 
Reductions (2)(10)(18)
Settlements(2)(1)(1)
Lapses in statutes of limitation(2)(2)(2)
Balance at end of year$34 $32 $36