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Income Taxes | 9 Months Ended
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Sep. 27, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company determines its income taxes for interim reporting periods by applying the Company’s estimated annual effective tax rate to the year-to-date results, adjusted for tax items discrete to each period. Continuing Operations For the three and nine months ended September 27, 2025, the Company recorded an income tax provision of $153 million and an income tax benefit of $558 million representing an effective tax rate of 11.5% and (26.7)%, respectively. The tax provision (benefit) for both periods reflected the income tax benefit from foreign-derived intangible income (FDII) and research and development (R&D) tax credits, partially offset by the tax rate detriment from foreign earnings, as well as a discrete tax benefit related to stock-based compensation. In addition, the tax benefit for the nine months ended September 27, 2025 also included a discrete tax benefit of $853 million related to the release of uncertain tax positions pertaining to the reasonable cause relief for dual consolidated losses approved by the Internal Revenue Service (IRS) in April 2025. For the three and nine months ended September 28, 2024, the Company recorded an income tax benefit of $27 million and $38 million representing an effective tax rate of (3.6)% and (3.3)%, respectively. The tax benefit for the three and nine months ended September 28, 2024 reflected discrete tax benefits primarily related to stock-based compensation, partially offset by the interest and penalties accrued for uncertain tax positions. In July 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law. For the three and nine months ended September 27, 2025, the primary impact of the OBBBA to the Company’s tax provision was the accelerated expensing of domestic R&D activities which decreased the Company’s estimated income eligible for FDII resulting in a higher estimated annual effective tax rate. The OBBBA is also expected to reduce the Company’s deferred tax assets and current income tax liability for fiscal year 2025. Other OBBBA changes did not have a material impact on the Company’s financial statements. As of September 27, 2025 and December 28, 2024, the Company had long-term income tax liabilities related to unrecognized tax benefits of $763 million and $1.4 billion, respectively, recorded under Other long-term liabilities in the Company’s consolidated balance sheets. The reduction in long-term income tax liabilities was primarily due to the release of $853 million of uncertain tax positions pertaining to reasonable cause relief for dual consolidated losses approved by the IRS in April 2025. Discontinued Operations For the three and nine months ended September 27, 2025, the Company recorded income tax provisions of $25 million and $1 million, respectively, related to discontinued operations. The $1 million provision for the nine months ended September 27, 2025 primarily reflects a tax expense from the ZT Manufacturing Business, offset by a discrete tax benefit from its expected sale.

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