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v3.22.2.2

Income Taxes (Tables) | 12 Months Ended
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Jul. 30, 2022
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | The provision for income taxes consists of the following (in millions):
Years Ended | July 30, 2022 |  | July 31, 2021 |  | July 25, 2020
Federal: |  |  |  |  |
Current | $ | 2,203 |  |  | $ | 1,959 |  |  | $ | 1,101 |
Deferred | (176) |  |  | (203) |  |  | (374) |
| 2,027 |  |  | 1,756 |  |  | 727 |
State: |  |  |  |  |
Current | 458 |  |  | 513 |  |  | 264 |
Deferred | (156) |  |  | (46) |  |  | 287 |
| 302 |  |  | 467 |  |  | 551 |
Foreign: |  |  |  |  |
Current | 313 |  |  | 583 |  |  | 1,429 |
Deferred | 23 |  |  | (135) |  |  | 49 |
| 336 |  |  | 448 |  |  | 1,478 |
Total | $ | 2,665 |  |  | $ | 2,671 |  |  | $ | 2,756 |
Income Before Provision for Income Taxes | Income before provision for income taxes consists of the following (in millions):
Years Ended | July 30, 2022 |  | July 31, 2021 |  | July 25, 2020
United States | $ | 13,550 |  |  | $ | 12,335 |  |  | $ | 7,534 |
International | 927 |  |  | 927 |  |  | 6,436 |
Total | $ | 14,477 |  |  | $ | 13,262 |  |  | $ | 13,970 |
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 30, 2022 |  | July 31, 2021 |  | July 25, 2020
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of: |  |  |  |  |
State taxes, net of federal tax benefit | 1.7 |  |  | 2.7 |  |  | 3.5 |
Foreign income at other than U.S. rates | 0.8 |  |  | 1.5 |  |  | (1.5) |
Tax credits | (1.6) |  |  | (1.4) |  |  | (0.9) |
Foreign-derived intangible income deduction | (3.9) |  |  | (4.2) |  |  | (2.6) |
Stock-based compensation | 0.3 |  |  | 0.6 |  |  | (0.1) |
Other, net | 0.1 |  |  | (0.1) |  |  | 0.3 |
Total | 18.4 | % |  | 20.1 | % |  | 19.7 | %
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 30, 2022 |  | July 31, 2021 |  | July 25, 2020
Beginning balance | $ | 3,106 |  |  | $ | 2,518 |  |  | $ | 1,925 |
Additions based on tax positions related to the current year | 157 |  |  | 224 |  |  | 188 |
Additions for tax positions of prior years | 74 |  |  | 618 |  |  | 554 |
Reductions for tax positions of prior years | (81) |  |  | (122) |  |  | (136) |
Settlements | (69) |  |  | (93) |  |  | (4) |
Lapse of statute of limitations | (86) |  |  | (39) |  |  | (9) |
Ending balance | $ | 3,101 |  |  | $ | 3,106 |  |  | $ | 2,518 |
Components of Deferred Tax Assets and Liabilities | The following table presents the breakdown for net deferred tax assets (in millions):
| July 30, 2022 |  | July 31, 2021
Deferred tax assets | $ | 4,449 |  |  | $ | 4,360 |
Deferred tax liabilities | (55) |  |  | (134) |
Total net deferred tax assets | $ | 4,394 |  |  | $ | 4,226 |
The following table presents the components of the deferred tax assets and liabilities (in millions):
| July 30, 2022 |  | July 31, 2021
ASSETS |  |  |
Allowance for accounts receivable and returns | $ | 90 |  |  | $ | 68 |
Sales-type and direct-financing leases | 29 |  |  | 39 |
Inventory write-downs and capitalization | 430 |  |  | 392 |
Deferred foreign income | 210 |  |  | 164 |
IPR&D and purchased intangible assets | 1,184 |  |  | 1,195 |
Depreciation | 10 |  |  | — |
Deferred revenue | 1,744 |  |  | 1,526 |
Credits and net operating loss carryforwards | 1,336 |  |  | 1,264 |
Share-based compensation expense | 138 |  |  | 123 |
Accrued compensation | 333 |  |  | 333 |
Lease liabilities | 248 |  |  | 277 |
Capitalized research expenditures | 149 |  |  | 303 |
Other | 439 |  |  | 454 |
Gross deferred tax assets | 6,340 |  |  | 6,138 |
Valuation allowance | (834) |  |  | (771) |
Total deferred tax assets | 5,506 |  |  | 5,367 |
LIABILITIES |  |  |
Goodwill and purchased intangible assets | (767) |  |  | (686) |
Depreciation | — |  |  | (46) |
Unrealized gains on investments | (26) |  |  | (112) |
ROU lease assets | (237) |  |  | (260) |
Other | (82) |  |  | (37) |
Total deferred tax liabilities | (1,112) |  |  | (1,141) |
Total net deferred tax assets | $ | 4,394 |  |  | $ | 4,226 |
Change in Valuation Allowance for Deferred Tax Assets | The changes in the valuation allowance for deferred tax assets are summarized as follows (in millions):
|  | July 30, 2022 |  | July 31, 2021 |  | July 25, 2020
Balance at beginning of fiscal year |  | $ | 771 |  |  | $ | 700 |  |  | $ | 457 |
Additions |  | 84 |  |  | 91 |  |  | 279 |
Deductions |  | (10) |  |  | (5) |  |  | (29) |
Write-offs |  | (12) |  |  | (16) |  |  | (7) |
Foreign exchange and other |  | 1 |  |  | 1 |  |  | — |
Balance at end of fiscal year |  | $ | 834 |  |  | $ | 771 |  |  | $ | 700 |

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