Income Taxes

6 Months Ended

Jan. 23, 2021

The following table provides details of income taxes (in millions, except percentages):


	Three Months Ended						Six Months Ended
	January 23, 2021			January 25, 2020			January 23, 2021			January 25, 2020
Income before provision for income taxes	$	3,255		$	3,534		$	5,936		$	7,220
Provision for income taxes	$	710		$	656		$	1,217		$	1,416
Effective tax rate	21.8		%	18.6		%	20.5		%	19.6		%

As of January 23, 2021, we had $2.5 billion of unrecognized tax benefits, of which $2.1 billion, if recognized, would favorably impact the effective tax rate. We regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We believe it is reasonably possible that certain federal, foreign and state tax matters may be concluded in the next 12 months. Specific positions that may be resolved include issues involving transfer pricing and various other matters.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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