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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 29, 2023
Income Tax Disclosure [Abstract] |
Schedule of Provision For Income Tax | The provisions for current and deferred income taxes attributable to continuing operations are as follows:
| Fiscal Year Ended
(In millions) | December 29, 2023 |  | December 30, 2022 |  | December 31, 2021
Current: |  |  |  |  |
United States | $ | 328 |  |  | $ | 633 |  |  | $ | 415 |
International | 50 |  |  | 82 |  |  | 70 |
State and local | 66 |  |  | 98 |  |  | 65 |
Total current income taxes | 444 |  |  | 813 |  |  | 550 |
Deferred: |  |  |  |  |
United States | (380) |  |  | (523) |  |  | (55) |
International | 10 |  |  | (61) |  |  | (34) |
State and local | (51) |  |  | (17) |  |  | (21) |
Total deferred income taxes | (421) |  |  | (601) |  |  | (110) |
Total income taxes | $ | 23 |  |  | $ | 212 |  |  | $ | 440 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory income tax rate to our effective income tax rate is as follows:
| Fiscal Year Ended
| December 29, 2023 |  | December 30, 2022 |  | December 31, 2021
U.S. statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes | 1.1 |  |  | 2.2 |  |  | 1.8 |
International income | — |  |  | — |  |  | 0.4 |
Non-deductible goodwill impairment | 3.6 |  |  | 14.2 |  |  | 0.6 |
Research and development tax credit | (12.5) |  |  | (13.0) |  |  | (5.9) |
FDII deduction | (4.4) |  |  | (5.1) |  |  | (1.4) |
Changes in valuation allowance | 0.5 |  |  | 0.1 |  |  | 0.9 |
Impact of divestitures and reorganizations | (8.5) |  |  | (1.3) |  |  | 4.1 |
Equity-based compensation(1) | 0.2 |  |  | (0.2) |  |  | (1.1) |
Settlement of tax audits | (1.1) |  |  | (0.7) |  |  | (1.1) |
Other items | 2.0 |  |  | (0.5) |  |  | — |
Effective income tax rate | 1.9 | % |  | 16.7 | % |  | 19.3 | %
_______________ (1)Includes non-deductible equity-based compensation and excess tax benefits from equity-based compensation.
Schedule of Deferred Tax Assets, Net of Valuation Allowance | The components of deferred income tax assets (liabilities) were as follows:
(In millions) | December 29, 2023 |  | December 30, 2022
Deferred tax assets, net: |  |  |
Accruals | $ | 334 |  |  | $ | 227 |
Tax loss and credit carryforwards | 217 |  |  | 194 |
Operating lease obligation | 243 |  |  | 239 |
Capitalized research and experimental expenditures | 1,125 |  |  | 646 |
Other | 272 |  |  | 372 |
Valuation allowance(1) | (240) |  |  | (243) |
Deferred tax assets, net | 1,951 |  |  | 1,435 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (252) |  |  | (167) |
Acquired intangibles | (2,143) |  |  | (1,566) |
Operating lease right-of-use asset | (219) |  |  | (210) |
Other | (61) |  |  | (138) |
Deferred tax liabilities | (2,675) |  |  | (2,081) |
Net deferred tax liabilities | $ | (724) |  |  | $ | (646) |
_______________ (1)The valuation allowance has been established to offset certain domestic and foreign deferred tax assets due to uncertainty regarding our ability to realize them in the future. The net change in our valuation allowance in fiscal 2023 and 2022 was a decrease of $3 million and $14 million, respectively. Net deferred tax assets (liabilities) were classified as follows in our Consolidated Balance Sheet:
(In millions) | December 29, 2023 |  | December 30, 2022
Deferred income tax assets | $ | 91 |  |  | $ | 73 |
Deferred income tax liabilities | (815) |  |  | (719) |
Net deferred tax liabilities | $ | (724) |  |  | $ | (646) |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| Fiscal Year Ended
(In millions) | December 29, 2023 |  | December 30, 2022 |  | December 31, 2021
Balance at beginning of period | $ | 613 |  |  | $ | 587 |  |  | $ | 542 |
Additions based on tax positions taken during current period | 99 |  |  | 124 |  |  | 115 |
Additions based on tax positions taken during prior period | 8 |  |  | 4 |  |  | 11 |
Additions from tax positions related to acquired entities | 86 |  |  | — |  |  | — |
Decreases based on tax positions taken during prior period | (133) |  |  | (76) |  |  | (64) |
Decreases from lapse in statutes of limitations | (11) |  |  | (6) |  |  | (15) |
Decreases from settlements | (10) |  |  | (20) |  |  | (2) |
Balance at end of fiscal year | $ | 652 |  |  | $ | 613 |  |  | $ | 587 |

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