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Income Taxes | 6 Months Ended
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Feb. 27, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Our income tax (provision) benefit consisted of the following:
| Quarter Ended |  | Six months ended
| February 27, 2025 | February 29, 2024 |  | February 27, 2025 | February 29, 2024
Income (loss) before taxes | $ | 1,758 |  | $ | 170 |  |  | 3,910 |  | (985) |
Income tax (provision) benefit | (177) |  | 622 |  |  | (460) |  | 549 |
Effective tax rate | 10.1 | % | (365.9) | % |  | 11.8 | % | 55.7 | %
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. Applying this updated rate to our year-to-date earnings resulted in the tax benefit of $622 million recognized in the second quarter of 2024. The change in our effective tax rate for the second quarter of 2025 as compared to the second quarter of 2024 was primarily due to changes in profitability and the aforementioned calculation of our tax expense in the second quarter of 2024. The change in our effective tax rate for the first six months of 2025 as compared to the first six months of 2024 was primarily due to changes in profitability. 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 $171 million (benefiting our diluted earnings per share by $0.15) and $383 million (benefiting our diluted earnings per share by $0.34) for the second quarter and first six months of 2025, respectively. As a result of the low level of profitability and geographic mix of income, the benefit from tax incentive arrangements was not material for the second quarter and first six months of 2024.

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