v3.25.4

Income Taxes | 9 Months Ended
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Jan. 02, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following table summarizes our effective tax rate for the periods presented:
| Three Months Ended |  | Nine Months Ended
(In millions, except percentages) | January 2, 2026 |  | December 27, 2024 |  | January 2, 2026 |  | December 27, 2024
Income (loss) before income taxes | $ | 309 |  |  | $ | 208 |  |  | $ | 842 |  |  | $ | 742 |
Income tax expense (benefit) | $ | 117 |  |  | $ | 49 |  |  | $ | 381 |  |  | $ | 241 |
Effective tax rate | 38 | % |  | 24 | % |  | 45 | % |  | 32 | %
Our effective tax rate for the three and nine months ended January 2, 2026 and three and nine months ended December 27, 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, increases in valuation allowances, 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 us beginning in fiscal year 2026. 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. The impacts of the Act are included in our operating results for the three and nine months ended January 2, 2026. The Act has not had, and is not expected to have, a material impact on our effective tax rate.

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