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Income Taxes | 9 Months Ended
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Sep. 28, 2024
Income Tax Disclosure [Abstract] |
Income Taxes |
Note 7 : | Income Taxes
|  | Three Months Ended |  | Nine Months Ended
($ In Millions) |  | Sep 28, 2024 |  | Sep 30, 2023 |  | Sep 28, 2024 |  | Sep 30, 2023
Income (loss) before taxes |  | $ | (9,086) |  |  | $ | (52) |  |  | $ | (11,809) |  |  | $ | (2,026) |
Provision for (benefit from) taxes |  | $ | 7,903 |  |  | $ | (362) |  |  | $ | 7,271 |  |  | $ | (1,041) |
Effective tax rate |  | (87.0) | % |  | 696.2 | % |  | (61.6) | % |  | 51.4 | %
In the three and nine months ended September 28, 2024, we established a valuation allowance of $9.9 billion as a discrete non-cash tax expense against our US deferred tax assets. We assess the recoverability of our deferred tax assets quarterly, weighing available positive and negative evidence. As a result of our assessment in the third quarter of 2024, we determined it is more likely than not that the deferred tax assets will not be recoverable based upon our three-year cumulative historical loss position as of September 28, 2024, largely resulting from the asset impairment and restructuring and other charges incurred during the current quarter. Deferred tax liabilities of $1.7 billion and $186 million were included within other long-term liabilities on the Consolidated Condensed Balance Sheets as of September 28, 2024 and December 30, 2023, respectively, and deferred tax assets of $634 million and $5.5 billion were included within other long-term assets on the Consolidated Condensed Balance Sheets as of of September 28, 2024 and December 30, 2023, respectively. In the three and nine months ended September 28, 2024 and September 30, 2023, our provisions for, or benefit from, income taxes were determined using an actual annual effective tax rate, adjusted for discrete items, if any, as we were unable to make a reliable estimate of our annual effective tax rate as a result of fluctuations in forecasted annual income and the effects of being taxed in multiple tax jurisdictions.

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