Income Taxes (Tables)

6 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of the Provision for Income Taxes

The provision for income taxes in the accompanying statements of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following:

	Six months ended
(In millions)	June 29, 2024			July 1, 2023
Statutory federal income tax rate	21		%	21		%
Provision for income taxes at statutory rate	$	704		$	587
Increases (decreases) resulting from:
Foreign rate differential	(76)			(125)
Income tax credits	(141)			(136)
Global intangible low-taxed income	25			46
Foreign-derived intangible income	(47)			(55)
Excess tax benefits from stock options and restricted stock units	(45)			(37)
Provision for (reversal of) tax reserves, net	195			8
Intra-entity transfers	(102)			(144)
Foreign exchange loss on inter-company debt refinancing	—			(112)
Provision for (reversal of) valuation allowances, net	(67)			66
Withholding taxes	9			12
Tax return reassessments and settlements	(35)			(38)
State income taxes, net of federal tax	39			53
Equity method investments	(45)			(6)
Other, net	(4)			(21)
Provision for income taxes	$	408		$	98

Schedule of Unrecognized Tax Benefits

(In millions)	2024
Balance at beginning of year	$	540
Additions for tax positions of current year	9
Additions for tax positions of prior years	199
Reductions for tax positions of prior years	(46)
Balance at end of period	$	702