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Income Taxes | 3 Months Ended
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Nov. 28, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Our income tax (provision) benefit consisted of the following:
Three months ended | November 28, 2024 | November 30, 2023
Income (loss) before taxes | $ | 2,152 |  | $ | (1,155) |
Income tax (provision) benefit | (283) |  | (73) |
Effective tax rate | 13.2 | % | (6.3) | %
For the first quarter of 2024, our tax expense was based on actual results for jurisdictions where small changes in our projected pre-tax income would have caused significant changes in the estimated annual effective tax rate. Beginning in the second quarter of 2024, we were able to estimate a more reliable annual effective tax rate and reverted to a global annual effective tax rate method for all jurisdictions. The change in our effective tax rate for the first quarter of 2025 as compared to the first quarter of 2024 was primarily due to changes in profitability and the calculation of our tax expense using actual results in the first quarter of 2024. We operate in a number of jurisdictions outside the United States, including Singapore, where we have tax incentive arrangements. These incentives expire, in whole or in part, at various dates through 2034 and are conditional, in part, upon meeting certain business operations and employment thresholds. The effect of tax incentive arrangements reduced our tax provision by $212 million (benefiting our diluted earnings per share by $0.19) for the first quarter of 2025. As a result of a loss before taxes and geographic mix of income, the benefit from tax incentive arrangements was not material for the first quarter 2024.

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