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Income Taxes | 3 Months Ended
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Jul. 04, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following table summarizes our effective tax rate for the periods presented:
| Three Months Ended |  |
(In millions, except percentages) | July 4, 2025 |  | June 28, 2024 |  |  |  |
Income (loss) before income taxes | $ | 300 |  |  | $ | 276 |  |  |  |  |
Income tax expense (benefit) | $ | 165 |  |  | $ | 95 |  |  |  |  |
Effective tax rate | 55 | % |  | 34 | % |  |  |  |
Our effective tax rate for the three months ended July 4, 2025 and three months ended June 28, 2024, differs from the federal statutory income tax rate primarily due to state taxes, changes in unrecognized tax benefits and related interest and penalties, foreign exchange impacts, and the U.S. taxation on foreign earnings. On July 4, 2025, the One Big Beautiful Bill Act (the Act) was enacted into law in the United States. The Act includes various provisions that are applicable to Gen beginning in FY26. These provisions include an allowance to accelerate tax deductions of certain capital expenditures, research & experimentation expenditures, and an increase to the annual limitation of tax-deductible interest expenses. As the Act was signed into law on the last day of our first quarter, the impacts are included in our operating results for the three months ended July 4, 2025. Based on our preliminary assessment, the Act is not expected to have a material impact on the Company’s effective tax rate.

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