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Income Taxes (Tables)

12 Months Ended

Dec. 01, 2023

Income Tax Disclosure [Abstract]

Income Before Income Taxes, Domestic and Foreign

Income before income taxes for fiscal 2023, 2022 and 2021 consisted of the following:

(in millions)						2023						2022						2021
Domestic						$	3,465					$	1,958					$	1,736
Foreign						3,334						4,050						3,969
Income before income taxes						$	6,799					$	6,008					$	5,705

Provision for (Benefit from) Income Taxes, Current and Deferred

The provision for income taxes for fiscal 2023, 2022 and 2021 consisted of the following:

(in millions)						2023						2022						2021
Current:
United States federal						$	1,198					$	465					$	391
Foreign						335						329						197
State and local						260						132						103
Total current						1,793						926						691
Deferred:
United States federal						(556)						(45)						(148)
Foreign						227						360						359
State and local						(93)						11						(19)
Total deferred						(422)						326						192
Provision for income taxes						$	1,371					$	1,252					$	883

Reconciliation of Provision for Income Taxes

Total income tax expense differed from the income tax expense computed at the U.S. federal statutory rate of 21% as a result of the following:

(in millions)						2023						2022						2021
Tax expense computed at U.S. federal statutory rate						$	1,428					$	1,262					$	1,198
Tax credits						(130)						(116)						(149)
Effects of non-U.S. operations						(116)						(7)						(23)
Tax settlements						(14)						(14)						(58)
State tax expense, net of federal benefit						132						113						66
Stock-based compensation						29						—						(157)
Other						42						14						6
Provision for income taxes						$	1,371					$	1,252					$	883

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 1, 2023 and December 2, 2022 were as follows:

(in millions)						2023						2022
Deferred tax assets:
Capitalized expenses						$	984					$	298
Intangible assets						320						653
Credit carryforwards						366						333
Reserves and accruals						125						98
Operating lease liabilities						97						104
Stock-based compensation						65						108
Net operating loss carryforwards of acquired companies						44						88
Benefits relating to tax positions						68						56
Other						48						41
Total gross deferred tax assets						2,117						1,779
Valuation allowance						(405)						(402)
Total deferred tax assets						1,712						1,377
Deferred tax liabilities:
Acquired intangible assets						263						354
Prepaid expenses						107						110
Operating lease right-of-use assets						89						97
Depreciation and amortization						77						67
Total deferred tax liabilities						536						628
Net deferred tax assets						$	1,176					$	749

Gross Amount of Unrecognized Tax Benefits

During fiscal 2023 and 2022, the aggregate changes in our total gross amount of unrecognized tax benefits were as follows:

(in millions)						2023						2022
Beginning balance						$	321					$	289
Gross increases in unrecognized tax benefits – prior year tax positions						103						20
Gross decreases in unrecognized tax benefits – prior year tax positions						(9)						(18)
Gross increases in unrecognized tax benefits – current year tax positions						108						53
Lapse of statute of limitations						(14)						(4)
Tax settlements						(13)						(18)
Foreign exchange gains and losses						5						(1)
Ending balance						$	501					$	321

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