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Income Taxes (Tables)

12 Months Ended

Jul. 31, 2021

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following (in millions):

Years Ended			July 31, 2021						July 25, 2020						July 27, 2019
Federal:
Current			$	1,959					$	1,101					$	1,760
Deferred			(203)						(374)						(84)
			1,756						727						1,676
State:
Current			513						264						302
Deferred			(46)						287						(2)
			467						551						300
Foreign:
Current			583						1,429						1,238
Deferred			(135)						49						(264)
			448						1,478						974
Total			$	2,671					$	2,756					$	2,950

Income Before Provision for Income Taxes

Income before provision for income taxes consists of the following (in millions):

Years Ended			July 31, 2021						July 25, 2020						July 27, 2019
United States			$	12,335					$	7,534					$	7,611
International			927						6,436						6,960
Total			$	13,262					$	13,970					$	14,571

Difference Between Income Taxes at Federal Statutory Rate and Provision for Income Taxes

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes consist of the following:

Years Ended			July 31, 2021						July 25, 2020						July 27, 2019
Federal statutory rate			21.0		%				21.0		%				21.0		%
Effect of:
State taxes, net of federal tax benefit			2.7						3.5						2.0
Foreign income at other than U.S. rates			1.5						(1.5)						(4.5)
Tax credits			(1.4)						(0.9)						(1.7)
Foreign-derived intangible income deduction			(4.2)						(2.6)						(1.3)
Stock-based compensation			0.6						(0.1)						(0.6)
Impact of the Tax Act			—						—						6.1
Other, net			(0.1)						0.3						(0.8)
Total			20.1		%				19.7		%				20.2		%

Aggregate Changes in Gross Unrecognized Tax Benefits

The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in millions):

Years Ended			July 31, 2021						July 25, 2020						July 27, 2019
Beginning balance			$	2,518					$	1,925					$	2,000
Additions based on tax positions related to the current year			224						188						185
Additions for tax positions of prior years			618						554						84
Reductions for tax positions of prior years			(122)						(136)						(283)
Settlements			(93)						(4)						(38)
Lapse of statute of limitations			(39)						(9)						(23)
Ending balance			$	3,106					$	2,518					$	1,925

Components of Deferred Tax Assets and Liabilities

The following table presents the breakdown for net deferred tax assets (in millions):

			July 31, 2021						July 25, 2020
Deferred tax assets			$	4,360					$	3,990
Deferred tax liabilities			(134)						(81)
Total net deferred tax assets			$	4,226					$	3,909

The following table presents the components of the deferred tax assets and liabilities (in millions):

			July 31, 2021						July 25, 2020
ASSETS
Allowance for accounts receivable and returns			$	68					$	110
Sales-type and direct-financing leases			157						179
Inventory write-downs and capitalization			392						350
Deferred foreign income			164						253
IPR&D and purchased intangible assets			1,195						1,289
Deferred revenue			1,526						1,182
Credits and net operating loss carryforwards			1,264						1,105
Share-based compensation expense			123						135
Accrued compensation			333						353
Lease liabilities			277						240
Capitalized research expenditures			303						223
Other			454						348
Gross deferred tax assets			6,256						5,767
Valuation allowance			(771)						(700)
Total deferred tax assets			5,485						5,067
LIABILITIES
Goodwill and purchased intangible assets			(686)						(577)
Depreciation			(164)						(179)
Unrealized gains on investments			(112)						(119)
ROU lease assets			(260)						(222)
Other			(37)						(61)
Total deferred tax liabilities			(1,259)						(1,158)
Total net deferred tax assets			$	4,226					$	3,909

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