Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Before Taxes And Provisions For Taxes [Table Text Block] |
Income before taxes and the provision for taxes consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended
(In Millions) |
|
Dec 31,
2016 |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
Income before taxes: |
|
|
|
|
|
|
U.S. |
|
$ |
6,957 |
|
|
$ |
8,800 |
|
|
$ |
11,565 |
|
Non-U.S. |
|
5,979 |
|
|
5,412 |
|
|
4,236 |
|
Total income before taxes |
|
12,936 |
|
|
14,212 |
|
|
15,801 |
|
Provision for taxes: |
|
|
|
|
|
|
Current: |
|
|
|
|
|
|
Federal |
|
1,319 |
|
|
2,828 |
|
|
3,374 |
|
State |
|
13 |
|
|
40 |
|
|
38 |
|
Non-U.S. |
|
756 |
|
|
842 |
|
|
969 |
|
Total current provision for taxes |
|
2,088 |
|
|
3,710 |
|
|
4,381 |
|
Deferred: |
|
|
|
|
|
|
Federal |
|
658 |
|
|
(862 |
) |
|
(263 |
) |
Other |
|
(126 |
) |
|
(56 |
) |
|
(21 |
) |
Total deferred provision for taxes |
|
532 |
|
|
(918 |
) |
|
(284 |
) |
Total provision for taxes |
|
$ |
2,620 |
|
|
$ |
2,792 |
|
|
$ |
4,097 |
|
Effective tax rate |
|
20.3 |
% |
|
19.6 |
% |
|
25.9 |
% |
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before income taxes (effective tax rate) for each period was as follows:
|
|
|
|
|
|
|
|
|
|
|
Years Ended |
|
Dec 31,
2016 |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
Statutory federal income tax rate |
|
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
Increase (reduction) in rate resulting from: |
|
|
|
|
|
|
Non-U.S. income taxed at different rates |
|
(11.7 |
) |
|
(7.9 |
) |
|
(6.1 |
) |
Research and development tax credits |
|
(2.3 |
) |
|
(1.7 |
) |
|
(1.7 |
) |
Domestic manufacturing deduction benefit |
|
(1.4 |
) |
|
(2.0 |
) |
|
(2.1 |
) |
Settlements, effective settlements, and related remeasurements |
|
(0.1 |
) |
|
(2.9 |
) |
|
— |
|
Other |
|
0.8 |
|
|
(0.9 |
) |
|
0.8 |
|
Effective tax rate |
|
20.3 |
% |
|
19.6 |
% |
|
25.9 |
% |
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities at the end of each period were as follows:
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Dec 31,
2016 |
|
Dec 26,
2015 |
Deferred tax assets: |
|
|
|
|
Accrued compensation and other benefits |
|
$ |
1,182 |
|
|
$ |
931 |
|
Share-based compensation |
|
373 |
|
|
424 |
|
Deferred income |
|
596 |
|
|
694 |
|
Inventory |
|
1,044 |
|
|
598 |
|
State credits and net operating losses |
|
846 |
|
|
613 |
|
Other, net |
|
1,187 |
|
|
760 |
|
Gross deferred tax assets |
|
5,228 |
|
|
4,020 |
|
Valuation allowance |
|
(953 |
) |
|
(701 |
) |
Total deferred tax assets |
|
4,275 |
|
|
3,319 |
|
Deferred tax liabilities: |
|
|
|
|
Property, plant and equipment |
|
(1,574 |
) |
|
(505 |
) |
Licenses and intangibles |
|
(1,036 |
) |
|
(563 |
) |
Convertible debt |
|
(1,098 |
) |
|
(1,042 |
) |
Unrealized gains on investments and derivatives |
|
(940 |
) |
|
(717 |
) |
Investment in non-U.S. subsidiaries |
|
— |
|
|
(37 |
) |
Other, net |
|
(450 |
) |
|
(358 |
) |
Total deferred tax liabilities |
|
(5,098 |
) |
|
(3,222 |
) |
Net deferred tax assets (liabilities) |
|
(823 |
) |
|
97 |
|
|
|
|
|
|
Reported as: |
|
|
|
|
Deferred tax assets |
|
907 |
|
|
1,051 |
|
Deferred tax liabilities |
|
(1,730 |
) |
|
(954 |
) |
Net deferred tax assets (liabilities) |
|
$ |
(823 |
) |
|
$ |
97 |
|
|
| Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
The aggregate changes in the balance of gross unrecognized tax benefits for each period were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended
(In Millions) |
|
Dec 31,
2016 |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
Beginning gross unrecognized tax benefits |
|
$ |
101 |
|
|
$ |
577 |
|
|
$ |
207 |
|
Settlements and effective settlements with tax authorities
and related remeasurements |
|
(11 |
) |
|
(452 |
) |
|
(220 |
) |
Lapse of statute of limitations |
|
(16 |
) |
|
— |
|
|
— |
|
Increases in balances related to tax positions taken during prior periods |
|
81 |
|
|
4 |
|
|
173 |
|
Decreases in balances related to tax positions taken during prior periods |
|
(11 |
) |
|
(34 |
) |
|
(1 |
) |
Increases in balances related to tax positions taken during current period |
|
10 |
|
|
6 |
|
|
418 |
|
Ending gross unrecognized tax benefits |
|
$ |
154 |
|
|
$ |
101 |
|
|
$ |
577 |
|
|