Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
 6 Months Ended
Jun. 29, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
Note 7 : Income Taxes
Three Months Ended Six Months Ended
(In Millions)
 Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023
Income (loss) before taxes $ (2,004) $ (816) $ (2,723) $ (1,974)
Provision for (benefit from) taxes $ (350) $ (2,289) $ (632) $ (679)
Effective tax rate
 17.5  % 280.5  % 23.2  % 34.4  %
In the second quarter of 2024 and YTD 2024, our benefit from income taxes was determined using the actual effective tax rate, adjusted for discrete items. We also utilized the actual effective tax rate method for the YTD 2023 period, and had a catch up adjustment to benefit from taxes during the second quarter of 2023 to conform to this methodology. We use the actual effective tax rate for the year-to-date period, adjusted for discrete items, if any, under certain circumstances where we are unable to make a reliable estimate of the annual effective tax rate. We used this approach in all periods presented due to the variability of the rate as a result of fluctuations in forecasted income and the effects of being taxed in multiple tax jurisdictions.