Income Taxes

6 Months Ended

Jul. 01, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 : Income Taxes

	Three Months Ended						Six Months Ended
(In Millions)	Jul 1, 2023			Jul 2, 2022			Jul 1, 2023			Jul 2, 2022
Income (loss) before taxes	$	(816)		$	(909)		$	(1,974)		$	8,752
Provision for (benefit from) taxes	$	(2,289)		$	(455)		$	(679)		$	1,093
Effective tax rate	280.5		%	50.1		%	34.4		%	12.5		%

Our provision for, or benefit from, income taxes for an interim period has historically been determined using an estimated annual effective tax rate, adjusted for discrete items, if any. Under certain circumstances where we are unable to make a reliable estimate of the annual effective tax rate, we use the actual effective tax rate for the year-to-date period. In the second quarter of 2023, we used this approach due to the variability of the rate as a result of fluctuations in forecasted income and the effects of being taxed in multiple tax jurisdictions.