Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.26.3
Income Taxes
 9 Months Ended
Sep. 26, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Note 7 : Income Taxes
Three Months Ended Nine Months Ended
($ In Millions) Sep 26, 2026 Sep 27, 2025 Sep 26, 2026 Sep 27, 2025
Income (loss) before taxes $ 3,982  $ 4,574  $ (10,783) $ 1,219 
Provision for (benefit from) taxes $ 462  $ 304  $ 826  $ 860 
Effective tax rate 11.6  % 6.6  % (7.7) % 70.5  %
In the three and nine months ended September 26, 2026 and September 27, 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 increased in the three months ended September 26, 2026 compared to the three months ended September 27, 2025 primarily due to increased profitability in the U.S. Our provision for taxes decreased in the nine months ended September 26, 2026 compared to the nine months ended September 27, 2025 primarily due to increased share-based compensation deductions. Additionally, our Consolidated Condensed Balance Sheets as of September 26, 2026 and December 27, 2025 contain certain tax receivables of $7.4 billion and $7.6 billion, respectively, within other current assets, and $2.5 billion and $182 million, respectively, within other long-term assets, primarily associated with AMIC claims.