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Income Taxes (Tables) | 12 Months Ended
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Dec. 29, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) from continuing operations before income taxes consists of the following:
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in millions)
U.S. | $ | 1,008 |  |  | $ | (134) |  |  | $ | 1,059 |
Foreign | 53 |  |  | 5 |  |  | (12) |
Total income (loss) from continuing operations before income taxes | $ | 1,061 |  |  | $ | (129) |  |  | $ | 1,047 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) from continuing operations consists of the following:
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in millions)
Current income tax expense: |  |  |  |  |
Federal | $ | 161 |  |  | $ | 55 |  |  | $ | 206 |
State | 19 |  |  | 33 |  |  | 23 |
Foreign | — |  |  | — |  |  | — |
| 180 |  |  | 89 |  |  | 229 |
Deferred income tax expense (benefit): |  |  |  |  |
Federal | 72 |  |  | (120) |  |  | (6) |
State | 8 |  |  | (6) |  |  | 4 |
Foreign | 11 |  |  | (4) |  |  | 4 |
| 91 |  |  | (130) |  |  | 2 |
Total income tax expense (benefit) | $ | 271 |  |  | $ | (41) |  |  | $ | 231 |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the federal statutory income tax rate to our effective tax rate:
| Fiscal Year
| 2024 |  | 2023 |  | 2022
Federal income taxes at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Uncertain tax positions | 3.5 |  |  | (13.0) |  |  | 0.4 |
State income taxes, net of federal tax benefit | 1.7 |  |  | (3.5) |  |  | 2.2 |
Impact of foreign operations | 0.5 |  |  | 0.1 |  |  | (1.0) |
Equity method investments (1) | 0.2 |  |  | 7.4 |  |  | (0.1) |
Officers’ life insurance | (0.1) |  |  | 2.9 |  |  | 0.5 |
Foreign income taxes | (0.4) |  |  | 4.3 |  |  | — |
Tax credits (2) | (1.3) |  |  | 13.0 |  |  | (1.3) |
Other | 0.5 |  |  | — |  |  | 0.4 |
Effective tax rate | 25.5 | % |  | 32.2 | % |  | 22.1 | %
________________ (1)The results of our equity method investments are excluded from income (loss) from continuing operations before income taxes. However, to the extent applicable, income taxes on our equity method investments are included in income tax expense (benefit), which can have significant impact on our computed effective tax rate. (2)We recognized federal tax credits of $14 million, $17 million and $13 million in fiscal years 2024, 2023 and 2022, respectively.
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences between the tax basis and book basis of our assets and liabilities are presented in the table below:
| December 29, 2024 |  | December 31, 2023
| (in millions)
Deferred tax assets: |  |  |
Research and development expenses | $ | 104 |  |  | $ | 98 |
Operating lease obligations | 79 |  |  | 92 |
Pension and other retirement liabilities | 72 |  |  | 67 |
Accrued expenses and other current liabilities | 46 |  |  | 101 |
Tax credits, carryforwards and net operating losses (1) | 26 |  |  | 38 |
Employee benefits | 14 |  |  | 18 |
Deferred payroll taxes | 3 |  |  | 24 |
Other | 28 |  |  | 21 |
Total deferred tax asset before valuation allowance | 372 |  |  | 458 |
Valuation allowance (2) | (8) |  |  | (12) |
Total deferred tax asset | $ | 364 |  |  | $ | 446 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | 412 |  |  | 425 |
Intangible assets | 307 |  |  | 309 |
Operating lease assets | 78 |  |  | 90 |
Inventory | 38 |  |  | 56 |
Investments | 27 |  |  | 25 |
Other | 20 |  |  | 15 |
Total deferred tax liability | $ | 882 |  |  | $ | 920 |
Net deferred tax liability | $ | 518 |  |  | $ | 474 |
________________ (1)We have $3 million of gross foreign net operating losses that will expire between 2030 and 2032. We have $643 million of gross state net operating losses, $37 million of which have no expiration, and $606 million that will expire between 2025 and 2043. We have $3 million of state tax credits that will expire between 2025 and 2038. (2)Valuation allowances are established if the Company’s deferred tax assets are not more likely than not to be realized. The valuation allowance primarily relates to state credits and state net operating loss carryforwards, which are expected to expire unused.
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending liability, excluding interest and penalties, for unrecognized tax benefits is as follows:
| (in millions)
Balance, January 2, 2022 | $ | 21 |
Additions for tax positions taken in fiscal year 2022 | 11 |
Lapse of statute of limitations | (3) |
Balance, January 1, 2023 | 28 |
Additions for tax positions taken in fiscal year 2023 | 1 |
Additions for tax positions taken for prior years | 17 |
Lapse of statute of limitations | (1) |
Balance, December 31, 2023 | 45 |
Additions for tax positions taken in fiscal year 2024 | 5 |
Additions for tax positions taken for prior years | 59 |
Reductions for cash remittances for tax positions taken in prior years | (17) |
Lapse of statute of limitations | (5) |
Balance, December 29, 2024 | $ | 87 |

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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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