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Income Taxes (Tables)

12 Months Ended

Dec. 03, 2021

Income Tax Disclosure [Abstract]

Income before income taxes, domestic and foreign

Income before income taxes for fiscal 2021, 2020 and 2019 consisted of the following:

(in millions)						2021						2020						2019
Domestic						$	1,736					$	1,090					$	438
Foreign						3,969						3,086						2,767
Income before income taxes						$	5,705					$	4,176					$	3,205

Provision for (benefit from) income taxes, current and deferred

The provision for (benefit from) income taxes for fiscal 2021, 2020 and 2019 consisted of the following:

(in millions)						2021						2020						2019
Current:
United States federal						$	391					$	119					$	7
Foreign						197						222						211
State and local						103						79						31
Total current						691						420						249
Deferred:
United States federal						(148)						(123)						23
Foreign						359						(1,313)						(12)
State and local						(19)						(68)						(6)
Total deferred						192						(1,504)						5
Provision for (benefit from) income taxes						$	883					$	(1,084)					$	254

Reconciliation of provision for income taxes

Total income tax expense differed from the expected tax expense, computed by multiplying the U.S. federal statutory rate of 21% in fiscal 2021, 2020 and 2019 by income before income taxes, as a result of the following:

(in millions)						2021						2020						2019
Computed “expected” tax expense						$	1,198					$	877					$	673
Impacts of intra-entity IP transfers						—						(1,360)						—
Effects of non-U.S. operations						(23)						(337)						(224)
Stock-based compensation						(157)						(154)						(86)
Tax credits						(149)						(101)						(100)
Resolution of income tax examinations						(58)						(23)						(39)
State tax expense, net of federal benefit						66						10						24
Other						6						4						6
Provision for (benefit from) income taxes						$	883					$	(1,084)					$	254

Deferred tax assets and liabilities

The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of December 3, 2021 and November 27, 2020 were as follows:

(in millions)						2021						2020
Deferred tax assets:
Intangible assets						$	997					$	1,368
Capitalized expenses						355						292
Credit carryforwards						287						218
Operating lease liabilities						122						131
Net operating loss carryforwards of acquired companies						131						54
Stock-based compensation						91						92
Reserves and accruals						89						71
Benefits relating to tax positions						39						44
Other						46						37
Total gross deferred tax assets						2,157						2,307
Valuation allowance						(335)						(276)
Total deferred tax assets						1,822						2,031
Deferred tax liabilities:
Acquired intangible assets						447						330
Operating lease right-of-use assets						111						131
Prepaid expenses						123						107
Depreciation and amortization						49						52
Undistributed earnings of foreign subsidiaries						12						51
Total deferred tax liabilities						742						671
Net deferred tax assets						$	1,080					$	1,360

Gross amount of unrecognized tax benefits

During fiscal 2021 and 2020, the aggregate changes in our total gross amount of unrecognized tax benefits were as follows:

(in millions)						2021						2020
Beginning balance						$	201					$	173
Gross increases in unrecognized tax benefits – prior year tax positions						30						14
Gross increases in unrecognized tax benefits – current year tax positions						86						44
Lapse of statute of limitations						(21)						(23)
Settlements with taxing authorities						(4)						(11)
Foreign exchange gains and losses						(3)						4
Ending balance						$	289					$	201

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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