Income Taxes

9 Months Ended

Apr. 29, 2023

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 29, 2023			April 30, 2022			April 29, 2023			April 30, 2022
Income before provision for income taxes	$	3,957		$	3,801		$	10,847		$	11,061
Provision for income taxes	$	745		$	757		$	2,192		$	2,064
Effective tax rate	18.8		%	19.9		%	20.2		%	18.7		%

As of April 29, 2023, we had $3.4 billion of unrecognized tax benefits, of which $2.4 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.