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Income Taxes (Tables)

12 Months Ended

Dec. 28, 2024

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income from continuing operations before income taxes is as follows:

(In millions)			2024			2023			2022
U.S.			$	739		$	905		$	810
Non-U.S.			204			182			206
Income from continuing operations before income taxes			$	943		$	1,087		$	1,016

Income Tax Expense (Benefit)

Income tax expense is summarized as follows:

(In millions)			2024			2023			2022
Current expense:
Federal			$	84		$	267		$	272
State			21			18			33
Non-U.S.			61			72			69
			166			357			374
Deferred expense (benefit):
Federal			(34)			(181)			(182)
State			(24)			1			(29)
Non-U.S.			10			(12)			(9)
			(48)			(192)			(220)
Income tax expense			$	118		$	165		$	154

Effective Income Tax Rate Reconciliation

The following table reconciles the U.S. Federal statutory income tax rate to our effective income tax rate:

			2024			2023			2022
U.S. Federal statutory income tax rate			21.0%			21.0%			21.0%
Increase (decrease) resulting from:
State income taxes, net of federal tax benefit			(0.2)			1.4			0.3
Non-U.S. tax rate differential and foreign tax credits			2.1			1.5			1.8
Research and development tax credits			(5.4)			(4.7)			(5.0)
Uncertain tax positions release for 2012 to 2017 IRS audit			(2.9)			—			—
Foreign-derived intangible income deduction			(1.7)			(3.2)			(2.5)
Other, net			(0.4)			(0.8)			(0.4)
Effective income tax rate			12.5%			15.2%			15.2%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of these unrecognized tax benefits is as follows:

(In millions)			2024			2023			2022
Balance at beginning of year			$	222		$	231		$	207
Additions for tax positions related to current year			17			16			24
Additions for tax positions of prior years			4			3			—
Reductions for tax positions of prior years			—			(28)			—
Reductions for settlements			(28)			—			—
Balance at end of year			$	215		$	222		$	231

Deferred Taxes

The significant components of our net deferred tax assets/(liabilities) are provided below:

(In millions)			December 28, 2024			December 30, 2023
Capitalized research and development expenditures			$	631		$	520
Accrued liabilities (a)			224			228
U.S. operating loss and tax credit carryforwards (b)			212			216
Obligation for pension and postretirement benefits			109			123
Deferred compensation			94			103
Operating lease liabilities			93			102
Non-U.S. operating loss and tax credit carryforwards (c)			88			73
Prepaid pension benefits			(562)			(387)
Property, plant and equipment, principally depreciation			(198)			(211)
Amortization of goodwill and other intangibles			(184)			(185)
Operating lease right-of-use assets			(90)			(99)
Valuation allowance on deferred tax assets			(82)			(82)
Other leasing transactions, principally leveraged leases			(42)			(47)
Other, net			(32)			(5)
Deferred taxes, net			$	261		$	349

(a)Accrued liabilities include warranty reserves, self-insured liabilities and interest.

(b)At December 28, 2024, U.S. operating loss and tax credit carryforward benefits of $166 million expire through 2044 if not utilized and $46 million may be carried forward indefinitely.

(c)At December 28, 2024, non-U.S. operating loss and tax credit carryforward benefits of $80 million may be carried forward indefinitely.

The following table presents the breakdown of our deferred taxes:

(In millions)			December 28, 2024			December 30, 2023
Manufacturing group:
Deferred tax assets, net of valuation allowance			$	394		$	443
Deferred tax liabilities			(96)			(56)
Finance group – Deferred tax liabilities			(37)			(38)
Net deferred tax asset			$	261		$	349

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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