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Income Taxes | 3 Months Ended
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Oct. 26, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following table provides details of income taxes (in millions, except percentages):
| Three Months Ended
| October 26, 2024 |  | October 28, 2023
Income before provision for (benefit from) income taxes | $ | 2,267 |  |  | $ | 4,442 |
Provision for (benefit from) income taxes | $ | (444) |  |  | $ | 804 |
Effective tax rate | (19.6) | % |  | 18.1 | %
As of October 26, 2024, we had $2.1 billion of unrecognized tax benefits, of which $1.5 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. On August 26, 2024, the U.S. Tax Court issued an opinion in Varian Medical Systems, Inc. v. Commissioner. The opinion related to the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act (our fiscal 2018). While we were not a party to the case, the opinion resulted in a change to our tax position. As such, we recorded a tax benefit of $720 million as a reduction to the provision for income taxes in the first quarter of fiscal 2025 due to this recent U.S. Tax Court opinion.

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