Income Taxes

9 Months Ended

Jul. 28, 2024

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 third quarter of fiscal 2024 and 2023 were 13.0 percent and 13.6 percent, respectively. The effective tax rate for the third quarter of fiscal 2024 was lower than the same period in the prior fiscal year primarily due to larger excess tax benefits from share-based compensation in fiscal 2024.

Our effective tax rates for the first nine months of fiscal 2024 and 2023 were 13.0 percent and 12.5 percent, respectively. The effective tax rate for the first nine months of fiscal 2024 was higher than the same period in the prior fiscal year primarily due to lower tax credits in fiscal 2024, partially offset by larger excess tax benefits from share-based compensation in fiscal 2024.