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v3.22.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
Years Ended (In Millions) |  | Dec 31, 2022 |  | Dec 25, 2021 |  | Dec 26, 2020
Income before taxes: |  |  |  |  |  |
US |  | $ | (1,161) |  |  | $ | 9,361 |  |  | $ | 15,452 |
Non-US |  | 8,929 |  |  | 12,342 |  |  | 9,626 |
Total income before taxes |  | 7,768 |  |  | 21,703 |  |  | 25,078 |
Provision for (benefit from) taxes: |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | 4,106 |  |  | 1,304 |  |  | 1,120 |
State |  | 68 |  |  | 75 |  |  | 46 |
Non-US |  | 735 |  |  | 1,198 |  |  | 1,244 |
Total current provision for (benefit from) taxes |  | 4,909 |  |  | 2,577 |  |  | 2,410 |
Deferred: |  |  |  |  |  |
Federal |  | (5,806) |  |  | (863) |  |  | 1,369 |
State |  | (40) |  |  | (25) |  |  | 25 |
Non-US |  | 688 |  |  | 146 |  |  | 375 |
Total deferred provision for (benefit from) taxes |  | (5,158) |  |  | (742) |  |  | 1,769 |
Total provision for (benefit from) taxes |  | $ | (249) |  |  | $ | 1,835 |  |  | $ | 4,179 |
Effective tax rate |  | (3.2) | % |  | 8.5 | % |  | 16.7 | %
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
Years Ended (In Millions) |  | Dec 31, 2022 |  | Dec 25, 2021 |  | Dec 26, 2020
Income before taxes: |  |  |  |  |  |
US |  | $ | (1,161) |  |  | $ | 9,361 |  |  | $ | 15,452 |
Non-US |  | 8,929 |  |  | 12,342 |  |  | 9,626 |
Total income before taxes |  | 7,768 |  |  | 21,703 |  |  | 25,078 |
Provision for (benefit from) taxes: |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | 4,106 |  |  | 1,304 |  |  | 1,120 |
State |  | 68 |  |  | 75 |  |  | 46 |
Non-US |  | 735 |  |  | 1,198 |  |  | 1,244 |
Total current provision for (benefit from) taxes |  | 4,909 |  |  | 2,577 |  |  | 2,410 |
Deferred: |  |  |  |  |  |
Federal |  | (5,806) |  |  | (863) |  |  | 1,369 |
State |  | (40) |  |  | (25) |  |  | 25 |
Non-US |  | 688 |  |  | 146 |  |  | 375 |
Total deferred provision for (benefit from) taxes |  | (5,158) |  |  | (742) |  |  | 1,769 |
Total provision for (benefit from) taxes |  | $ | (249) |  |  | $ | 1,835 |  |  | $ | 4,179 |
Effective tax rate |  | (3.2) | % |  | 8.5 | % |  | 16.7 | %
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before income taxes (effective tax rate) for each period was as follows:
Years Ended |  | Dec 31, 2022 |  | Dec 25, 2021 |  | Dec 26, 2020
Statutory federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (reduction) in rate resulting from: |  |  |  |  |  |
Non-US income taxed at different rates |  | (13.4) |  |  | (5.9) |  |  | (3.7) |
Research and development tax credits |  | (11.4) |  |  | (2.4) |  |  | (2.1) |
Foreign derived intangible income benefit |  | (9.7) |  |  | (2.2) |  |  | (1.9) |
Unrecognized tax benefits and settlements |  | 4.5 |  |  | 1.1 |  |  | 0.6 |
Restructuring of certain non-US subsidiaries |  | — |  |  | (3.4) |  |  | — |
Change in permanent reinvestment assertion |  | — |  |  | — |  |  | 1.6 |
Other |  | 5.8 |  |  | 0.3 |  |  | 1.2 |
Effective tax rate |  | (3.2) | % |  | 8.5 | % |  | 16.7 | %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities at the end of each period were as follows:
(In Millions) |  | Dec 31, 2022 |  | Dec 25, 2021
Deferred tax assets: |  |  |  |
R&D expenditures capitalization |  | $ | 5,067 |  |  | $ | 519 |
State credits and net operating losses |  | 2,259 |  |  | 2,010 |
Inventory |  | 1,788 |  |  | 914 |
Accrued compensation and other benefits |  | 1,031 |  |  | 1,019 |
Share-based compensation |  | 557 |  |  | 477 |
Litigation charge |  | 470 |  |  | 467 |
Other, net |  | 709 |  |  | 819 |
Gross deferred tax assets |  | 11,881 |  |  | 6,225 |
Valuation allowance |  | (2,586) |  |  | (2,259) |
Total deferred tax assets |  | 9,295 |  |  | 3,966 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | (4,776) |  |  | (4,213) |
Licenses and intangibles |  | (386) |  |  | (486) |
Unrealized gains on investments and derivatives |  | (415) |  |  | (819) |
Other, net |  | (470) |  |  | (241) |
Total deferred tax liabilities |  | (6,047) |  |  | (5,759) |
Net deferred tax assets (liabilities) |  | $ | 3,248 |  |  | $ | (1,793) |
Reported as: |  |  |  |
Deferred tax assets |  | 3,450 |  |  | 874 |
Deferred tax liabilities |  | (202) |  |  | (2,667) |
Net deferred tax assets (liabilities) |  | $ | 3,248 |  |  | $ | (1,793) |
Summary of Valuation Allowance [Table Text Block] | Changes in the valuation allowance for deferred tax assets were as follows:
Years Ended (In Millions) |  | Balance at Beginning of Year |  | Additions Charged to Expenses/ Other Accounts |  | Net (Deductions) Recoveries |  | Balance at End of Year
Valuation allowance for deferred tax assets |  |  |  |  |  |  |  |
December 31, 2022 |  | $ | 2,259 |  |  | $ | 401 |  |  | $ | (74) |  |  | $ | 2,586 |
December 25, 2021 |  | $ | 1,963 |  |  | $ | 442 |  |  | $ | (146) |  |  | $ | 2,259 |
December 26, 2020 |  | $ | 1,534 |  |  | $ | 378 |  |  | $ | 51 |  |  | $ | 1,963 |
Schedule of Unrecognized Tax Benefits Roll Forward | Uncertain Tax Positions
(In Millions) |  | Dec 31, 2022 |  | Dec 25, 2021 |  | Dec 26, 2020
Beginning gross unrecognized tax benefits |  | $ | 1,020 |  |  | $ | 828 |  |  | $ | 548 |
Settlements and effective settlements with tax authorities |  | (18) |  |  | (25) |  |  | (142) |
Changes in balances related to tax position taken during prior periods |  | (120) |  |  | (26) |  |  | 165 |
Changes in balances related to tax position taken during current period |  | 347 |  | 243 |  | 257
Ending gross unrecognized tax benefits |  | $ | 1,229 |  |  | $ | 1,020 |  |  | $ | 828 |

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