XML 82 R44.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Income Taxes (Tables)
 12 Months Ended
Apr. 26, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Before Income Taxes, Based on Jurisdiction The components of income before income taxes, based on tax jurisdiction, are as follows:
 Fiscal Year
(in millions)202420232022
U.S.$750 $1,295 $436 
International4,087 4,069 5,081 
Income before income taxes$4,837 $5,364 $5,517 
Schedule of Income Tax (Benefit) Provision
The income tax provision consists of the following:
 Fiscal Year
(in millions)202420232022
Current tax expense:   
U.S.$756 $1,303 $467 
International905 530 599 
Total current tax expense1,661 1,833 1,066 
Deferred tax (benefit) expense:
U.S.(435)(336)(402)
International(93)83 (209)
Net deferred tax benefit(528)(253)(611)
Income tax provision
$1,133 $1,580 $456 
Schedule of Deferred Tax Assets and Liabilities
Tax assets (liabilities), shown before jurisdictional netting of deferred tax assets (liabilities), are comprised of the following:
(in millions)April 26, 2024April 28, 2023
Deferred tax assets:  
Net operating loss, capital loss, and credit carryforwards$11,775 $10,803 
Intangible assets2,858 2,259 
Capitalization of research and development1,255 971 
Other accrued liabilities404 458 
Accrued compensation374 312 
Pension and post-retirement benefits— 66 
Stock-based compensation147 141 
Inventory138 135 
Deferred revenue172 37 
Lease obligations 157 150 
Federal and state benefit on uncertain tax positions21 79 
Interest limitation608 377 
Unrealized gain on available-for-sale securities and derivative financial instruments13 39 
Other355 240 
Gross deferred tax assets18,277 16,067 
Valuation allowance(13,271)(11,311)
Total deferred tax assets5,0064,756
Deferred tax liabilities:  
Intangible assets(1,406)(1,551)
Realized loss on derivative financial instruments(70)(70)
Right of use leases(149)(147)
Accumulated depreciation(110)(109)
Outside basis difference of subsidiaries(90)(119)
Pension and post-retirement benefits(45)— 
Other(90)(80)
Total deferred tax liabilities(1,960)(2,076)
Prepaid income taxes520 480 
Income tax receivables 406 494 
Tax assets, net$3,972 $3,654 
Reported as (after valuation allowance and jurisdictional netting):  
Other current assets$830 $885 
Tax assets3,657 3,477 
Deferred tax liabilities(515)(708)
Tax assets, net$3,972 $3,654 
Schedule of Effective Income Tax Rate Reconciliation
The Company’s effective income tax rate varied from the U.S. federal statutory tax rate as follows:
 Fiscal Year
 202420232022
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Increase (decrease) in tax rate resulting from:   
U.S. state taxes, net of federal tax benefit0.2 0.1 0.2 
Research and development credit(2.2)(1.9)(1.3)
Puerto Rico excise tax— (1.0)(1.1)
International(6.7)(8.0)(10.9)
Stock based compensation0.3 0.2 (0.8)
Uncertain tax positions and interest1.3 1.2 0.2 
Base erosion anti-abuse tax0.3 — 0.9 
Foreign derived intangible income benefit(1.7)(1.2)(1.0)
Certain tax adjustments6.2 17.0 (0.9)
U.S. tax on foreign earnings3.5 2.5 2.2 
Other, net1.2 (0.4)(0.2)
Effective tax rate23.4 %29.5 %8.3 %
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal years 2024, 2023, and 2022 is as follows:
 Fiscal Year
(in millions)202420232022
Gross unrecognized tax benefits at beginning of fiscal year$2,682 $1,661 $1,668 
Gross increases:   
Prior year tax positions121 980 1 
Current year tax positions85 89 40 
Gross decreases:   
Prior year tax positions(2)(12)(29)
Settlements(55)(4)(8)
Statute of limitation lapses(7)(32)(11)
Gross unrecognized tax benefits at end of fiscal year2,824 2,682 1,661 
Cash advance paid to taxing authorities(934)(918)(859)
Gross unrecognized tax benefits at end of fiscal year, net of cash advance$1,890 $1,764 $802 
Schedule of Major Tax Jurisdictions Which Remain Subject to Examination
The major tax jurisdictions where the Company conducts business which remain subject to examination are as follows:
JurisdictionEarliest Year Open
United States - federal and state2005
Australia2023
Brazil2018
Canada2013
China2015
Costa Rica2020
Dominican Republic2020
France2021
Germany2017
India2002
Ireland2020
Israel2010
Italy2019
Japan2020
Korea2022
Luxembourg2019
Mexico2018
Puerto Rico2014
Singapore2019
Switzerland2010
United Kingdom2020