Income Taxes (Tables)

6 Months Ended

Jul. 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:

	Six months ended
(In millions)	July 1, 2023			July 2, 2022
Statutory federal income tax rate	21		%	21		%
Provision for income taxes at statutory rate	$	587		$	936
Increases (decreases) resulting from:
Foreign rate differential	(125)			(138)
Income tax credits	(136)			(117)
Global intangible low-taxed income	46			46
Foreign-derived intangible income	(55)			(71)
Excess tax benefits from stock options and restricted stock units	(37)			(31)
Provision for (reversal of) tax reserves, net	8			13
Intra-entity transfers	(144)			(18)
Foreign exchange loss on inter-company debt refinancing	(112)			—
Provision for (reversal of) valuation allowances, net	66			(175)
Withholding taxes	12			33
Tax return reassessments and settlements	(38)			(4)
State income taxes, net of federal tax	53			67
Other, net	(27)			(42)
Provision for income taxes	$	98		$	499

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	(18)
Balance at end of period	$	557