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Income Taxes (Tables)

12 Months Ended

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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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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