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Income Taxes (Tables) | 12 Months Ended
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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 |

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