Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.26.1
Income Taxes
 3 Months Ended
Mar. 28, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Note 7 : Income Taxes
Three Months Ended
($ In Millions)
 Mar 28, 2026 Mar 29, 2025
Income (loss) before taxes
$
(3,946)
$
(586)
Provision for (benefit from) taxes
$
335 
$
301 
Effective tax rate
(8.5)
%
(51.4)
%
In the three months ended March 28, 2026 and March 29, 2025, our provision for income taxes was determined using our estimated annual effective tax rate applied to our year-to-date ordinary income (loss) before taxes, adjusted for discrete items. In both periods presented, we were not able to benefit from our current year domestic loss before taxes due to the domestic valuation allowance. Our provision for taxes increased in the three months ended March 28, 2026 compared to March 29, 2025 primarily due to an increase in foreign profitability after exclusion of non-deductible goodwill impairment charges recognized for our Mobileye reporting unit (see "Note 10: Goodwill" within Notes to Consolidated Condensed Financial Statements). Additionally, our Consolidated Condensed Balance Sheets as of March 28, 2026 and December 27, 2025 contain certain tax receivables of $7.7 billion and $7.6 billion, respectively, within other current assets, and $824 million and $182 million, respectively, within other long-term assets, primarily associated with AMIC claims.