Income Taxes

9 Months Ended

Apr. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

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

	Three Months Ended						Nine Months Ended
	April 30, 2022			May 1, 2021			April 30, 2022			May 1, 2021
Income before provision for income taxes	$	3,801		$	3,591		$	11,061		$	9,527
Provision for income taxes	$	757		$	728		$	2,064		$	1,945
Effective tax rate	19.9		%	20.3		%	18.7		%	20.4		%

As of April 30, 2022, we had $3.1 billion of unrecognized tax benefits, of which $2.3 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.