Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.25.1
Income Taxes
 3 Months Ended
Mar. 29, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Note 7 : Income Taxes
Three Months Ended
($ In Millions)
 Mar 29, 2025 Mar 30, 2024
Income (loss) before taxes $ (586) $ (719)
Provision for (benefit from) taxes $ 301  $ (282)
Effective tax rate
 (51.4) % 39.2  %
In the three months ended March 29, 2025, our provision for income taxes was determined using our estimated annual effective tax rate, adjusted for discrete items, applied to our year-to-date measure of ordinary income (loss) before taxes, which reflects our jurisdictional mix of ordinary income and losses, including the valuation allowance applied to U.S. deferred tax balances.
In the three months ended March 30, 2024, our benefit from income taxes was determined using an actual annual effective tax rate, adjusted for discrete items, as we were unable to make a reliable estimate of our annual effective tax rate as a result of fluctuations in forecasted annual income and the effects of being taxed in multiple tax jurisdictions.