Income Taxes (Tables)

3 Months Ended

Apr. 01, 2023

Income Tax Disclosure [Abstract]

Schedule of the Provision for Income Taxes

The provision for income taxes in the accompanying statements of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following:

	Three months ended
(In millions)	April 1, 2023			April 2, 2022
Statutory federal income tax rate	21		%	21		%
Provision for income taxes at statutory rate	$	286		$	533
Increases (decreases) resulting from:
Foreign rate differential	(52)			(82)
Income tax credits	(83)			(64)
Global intangible low-taxed income	12			26
Foreign-derived intangible income	(23)			(37)
Excess tax benefits from stock options and restricted stock units	(27)			(18)
Provision for (reversal of) tax reserves, net	9			—
Intra-entity transfers	(144)			—
Valuation allowances	67			(87)
Withholding taxes	5			12
Tax return reassessments and settlements	(3)			(5)
State income taxes, net of federal tax	24			31
Other, net	(25)			(8)
Provision for income taxes	$	46		$	301

Schedule of Unrecognized Tax Benefits

(In millions)	2023
Balance at beginning of year	$	572
Additions for tax positions of current year	4
Additions for tax positions of prior years	26
Reductions for tax positions of prior years	(27)
Settlements	(15)
Balance at end of period	$	560