v3.26.3
Income Taxes (Tables)
 9 Months Ended
Sep. 26, 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:
Nine months ended
(Dollars in millions)September 26, 2026September 27, 2025
U.S. federal statutory tax rate$1,207 21.0 %$1,082 21.0 %
State and local income taxes, net of federal income tax effect72 1.3 %31 0.6 %
Foreign tax effects(955)(16.6)%(145)(2.8)%
Effect of changes in tax laws or rates enacted in the current period— 0.0 %9 0.2 %
Effect of cross-border tax laws592 10.3 %16 0.3 %
Tax credits(140)(2.4)%(180)(3.5)%
Changes in valuation allowances— 0.0 %(138)(2.7)%
Nontaxable or nondeductible items5 0.1 %5 0.1 %
Changes in unrecognized tax benefits38 0.7 %(30)(0.6)%
Other adjustments(228)(4.0)%(258)(5.0)%
Effective tax rate$590 10.3 %$394 7.6 %
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
8 
Additions for tax positions of current year
10 
Additions for tax positions of prior years
21 
Settlements
(46)
Balance at end of period
$413