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INCOME TAXES | 9 Months Ended
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Oct. 03, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE F: INCOME TAXES On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, introducing amendments to the U.S. federal income tax code, including permanent reinstatement of immediate expensing for domestic research expenditures, a reduction in the benefit of the research and development (“R&D”) credit, restoration of full expensing for qualified machinery, equipment and other short-lived assets, and several modifications to existing international tax provisions. Certain provisions are effective for 2025, the effects of which have been recognized in third quarter 2025 and are reflected in the Condensed Consolidated Financial Statements and these Notes. Certain other provisions are effective in future fiscal years.
| Third Quarter |  | Year to Date
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Income tax expense | $ | (105) |  |  | $ | (26) |  |  | $ | (244) |  |  | $ | (54) |
Effective tax rate (“ETR”) | 18.5 | % |  | 6.0 | % |  | 15.7 | % |  | 4.9 | %
ETR for all periods benefited from favorable impacts of R&D credits, tax deductions for foreign derived intangible income (“FDII”) and adjustments recognized upon finalization of our tax returns. Both year to date 2025 and 2024 ETR also benefited from favorable resolution of audit uncertainties. The increase in ETR for third quarter 2025 compared with third quarter 2024 was primarily due to the enactment of OBBBA and the CAS disposal group divestiture, representing unfavorable impacts of 7.4% and 3.7%, respectively. The increase in ETR for year to date 2025 compared with year to date 2024 was primarily due to the enactment of OBBBA, the CAS disposal group divestiture, and a state legislative change that required us to establish a valuation allowance on state R&D credit carryforwards, representing unfavorable impacts of 3.9%, 3.5% and 2.1%, respectively.

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