v3.26.1
Income Taxes (Tables)
 6 Months Ended
Jun. 27, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
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
(Dollars in millions)June 27, 2026June 28, 2025
U.S. federal statutory tax rate$768 21.0 %$699 21.0 %
State and local income taxes, net of federal income tax effect44 1.2 %43 1.3 %
Foreign tax effects(431)(11.8)%(73)(2.2)%
Effect of changes in tax laws or rates enacted in the current period— 0.0 %5 0.1 %
Effect of cross-border tax laws129 3.5 %46 1.4 %
Tax credits(96)(2.6)%(99)(3.0)%
Changes in valuation allowances— 0.0 %(122)(3.7)%
Nontaxable or nondeductible items7 0.2 %(5)(0.1)%
Changes in unrecognized tax benefits28 0.8 %(28)(0.8)%
Other adjustments(212)(5.8)%(279)(8.4)%
Effective tax rate$238 6.5 %$187 5.6 %
Schedule of Reconciliation of Unrecognized Tax Benefits A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(In millions)2026
Balance at beginning of year
$419 
Additions due to acquisitions
5 
Additions for tax positions of current year
3 
Additions for tax positions of prior years
21 
Reductions for tax positions of prior years
(1)
Settlements
(43)
Balance at end of period
$405