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Income Taxes (Tables) | 12 Months Ended
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Jan. 03, 2025
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes for the periods presented included the following:
|  | Year Ended
(in millions) |  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Current: |  |  |  |  |  |
Federal |  | $ | 381 |  |  | $ | 212 |  |  | $ | 290 |
State |  | 84 |  |  | 68 |  |  | 80 |
Foreign |  | 22 |  |  | 23 |  |  | 33 |
Deferred: |  |  |  |  |  |
Federal |  | (77) |  |  | (75) |  |  | (169) |
State |  | (13) |  |  | (20) |  |  | (36) |
Foreign |  | (9) |  |  | (13) |  |  | (5) |
Total |  | $ | 388 |  |  | $ | 195 |  |  | $ | 193 |
Schedule of Reconciliation of the Provision for Income Taxes | A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to income before income taxes for the periods presented was as follows:
|  | Year Ended
(in millions) |  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Amount computed at the statutory federal income tax rate |  | $ | 344 |  |  | $ | 85 |  |  | $ | 186 |
State income taxes, net of federal tax benefit |  | 28 |  |  | 26 |  |  | 36 |
Goodwill |  | — |  |  | 104 |  |  | — |
Research and development credits |  | (25) |  |  | (19) |  |  | (31) |
Excess tax benefits from stock-based compensation |  | (15) |  |  | (2) |  |  | (13) |
Change in valuation allowance for deferred tax assets |  | 4 |  |  | 3 |  |  | 3 |
Impact of foreign operations |  | (5) |  |  | (13) |  |  | 2 |
Dividends paid to employee stock ownership plan |  | (2) |  |  | (2) |  |  | (2) |
Change in accruals for uncertain tax positions |  | 39 |  |  | 14 |  |  | (1) |
Other |  | 20 |  |  | (1) |  |  | 13 |
Total |  | $ | 388 |  |  | $ | 195 |  |  | $ | 193 |
Effective income tax rate |  | 23.7 | % |  | 48.4 | % |  | 21.8 | %
Schedule of Deferred Tax Assets (Liabilities) | Deferred income taxes are recorded for differences in the basis of assets and liabilities for financial reporting purposes and tax reporting purposes. Deferred tax assets (liabilities) were comprised of the following:
(in millions) |  | January 3, 2025 |  | December 29, 2023
Capitalized research and development |  | $ | 370 |  |  | $ | 290 |
Operating lease liabilities |  | 179 |  |  | 156 |
Accrued vacation and bonuses |  | 85 |  |  | 95 |
Reserves |  | 39 |  |  | 33 |
Deferred compensation |  | 42 |  |  | 39 |
Credits and net operating losses carryovers |  | 46 |  |  | 36 |
Vesting stock awards |  | 30 |  |  | 29 |
Deferred revenue |  | 9 |  |  | — |
Accumulated other comprehensive loss |  | 6 |  |  | — |
Other |  | 30 |  |  | 18 |
Total deferred tax assets |  | 836 |  |  | 696 |
Valuation allowance |  | (31) |  |  | (27) |
Deferred tax assets, net of valuation allowance |  | $ | 805 |  |  | $ | 669 |
Purchased intangible assets |  | $ | (361) |  |  | $ | (347) |
Operating lease right-of-use assets |  | (138) |  |  | (126) |
Property, plant and equipment |  | (98) |  |  | (90) |
Deferred revenue |  | — |  |  | (3) |
Other |  | (7) |  |  | (4) |
Total deferred tax liabilities |  | (604) |  |  | (570) |
Net deferred tax assets |  | $ | 201 |  |  | $ | 99 |
Schedule of Income Tax Related Balance on Balance Sheet | Income tax balance sheet items are included in the accompanying consolidated balance sheets as follows:
(in millions) |  | January 3, 2025 |  | December 29, 2023
Other current assets: |  |  |  |
Prepaid income taxes and tax refunds receivable |  | $ | 86 |  |  | $ | 40 |
Other long-term assets: |  |  |  |
Deferred tax assets |  | $ | 203 |  |  | $ | 102 |
Accounts payable and accrued liabilities: |  |  |  |
Income taxes payable |  | $ | 21 |  |  | $ | 3 |
Other long-term liabilities: |  |  |  |
Deferred tax liabilities |  | $ | 2 |  |  | $ | 3 |
Unrecognized tax benefits |  | $ | 162 |  |  | $ | 114 |
Schedule of Changes in the Unrecognized Tax Benefits | The changes in the unrecognized tax benefits were as follows:
|  | Year Ended
(in millions) |  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Unrecognized tax benefits at beginning of year |  | $ | 110 |  |  | $ | 92 |  |  | $ | 2 |
Additions for tax positions related to current year |  | 81 |  |  | 58 |  |  | 91 |
Additions for tax positions related to prior years |  | 46 |  |  | 15 |  |  | — |
Reductions for tax positions related to current year |  | (1) |  |  | (1) |  |  | — |
Reductions for tax positions related to prior years |  | (59) |  |  | (54) |  |  | — |
Settlements with taxing authorities |  | (3) |  |  | — |  |  | — |
Lapse of statute of limitations |  | (1) |  |  | — |  |  | (1) |
Unrecognized tax benefits at end of year |  | $ | 173 |  |  | $ | 110 |  |  | $ | 92 |
Unrecognized tax benefits that, if recognized, would affect the effective income tax rate |  | $ | 57 |  |  | $ | 15 |  |  | $ | — |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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