Income Taxes

3 Months Ended

Jan. 29, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Our provision for income taxes and effective tax rate are affected by the geographical composition of pre-tax income which includes jurisdictions with differing tax rates, conditional reduced tax rates and other income tax incentives. It is also affected by events that vary from period to period, such as changes in income tax laws and the resolution of prior years’ income tax filings.

Our effective tax rates for the first quarter of fiscal 2023 and 2022 were 12.4 percent and 6.9 percent, respectively. The effective tax rate for the first quarter of fiscal 2023 was higher than the same period in the prior fiscal year primarily due to the settlement of uncertain tax positions and larger excess tax benefits from share-based compensation during the first quarter of fiscal 2022 relative to the first quarter of fiscal 2023.