Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.26.1
Income Taxes
 6 Months Ended
Jun. 27, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Note 7 : Income Taxes
Three Months Ended Six Months Ended
($ In Millions) Jun 27, 2026 Jun 28, 2025 Jun 27, 2026 Jun 28, 2025
Income (loss) before taxes $ (10,819) $ (2,769) $ (14,765) $ (3,355)
Provision for (benefit from) taxes $ 29  $ 255  $ 364  $ 556 
Effective tax rate (0.3) % (9.2) % (2.5) % (16.6) %
In the three and six months ended June 27, 2026 and June 28, 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 all 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 decreased in the three and six months ended June 27, 2026 compared to the three and six months ended June 28, 2025 primarily due to increased share-based compensation deductions. Additionally, our Consolidated Condensed Balance Sheets as of June 27, 2026 and December 27, 2025 contain certain tax receivables of $7.5 billion and $7.6 billion, respectively, within other current assets, and $1.3 billion and $182 million, respectively, within other long-term assets, primarily associated with AMIC claims.