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Income Taxes (Tables) | 12 Months Ended
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Nov. 29, 2024
Income Tax Disclosure [Abstract] |
Income Before Income Taxes, Domestic and Foreign | Income before income taxes for fiscal 2024, 2023 and 2022 consisted of the following:
(in millions) |  | 2024 |  | 2023 |  | 2022
Domestic |  | $ | 4,160 |  |  | $ | 3,465 |  |  | $ | 1,958 |
Foreign |  | 2,771 |  |  | 3,334 |  |  | 4,050 |
Income before income taxes |  | $ | 6,931 |  |  | $ | 6,799 |  |  | $ | 6,008 |
Provision for (Benefit from) Income Taxes, Current and Deferred | The provision for income taxes for fiscal 2024, 2023 and 2022 consisted of the following:
(in millions) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
United States federal |  | $ | 1,292 |  |  | $ | 1,198 |  |  | $ | 465 |
Foreign |  | 315 |  |  | 335 |  |  | 329 |
State and local |  | 232 |  |  | 260 |  |  | 132 |
Total current |  | 1,839 |  |  | 1,793 |  |  | 926 |
Deferred: |  |  |  |  |  |
United States federal |  | (580) |  |  | (556) |  |  | (45) |
Foreign |  | 179 |  |  | 227 |  |  | 360 |
State and local |  | (67) |  |  | (93) |  |  | 11 |
Total deferred |  | (468) |  |  | (422) |  |  | 326 |
Provision for income taxes |  | $ | 1,371 |  |  | $ | 1,371 |  |  | $ | 1,252 |
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) |  | 2024 |  | 2023 |  | 2022
Tax expense computed at U.S. federal statutory rate |  | $ | 1,456 |  |  | $ | 1,428 |  |  | $ | 1,262 |
Effects of non-U.S. operations |  | (198) |  |  | (116) |  |  | (7) |
Tax credits |  | (150) |  |  | (130) |  |  | (116) |
Tax settlements |  | (85) |  |  | (14) |  |  | (14) |
Stock-based compensation |  | (23) |  |  | 29 |  |  | — |
Acquisition termination fee |  | 210 |  |  | — |  |  | — |
State tax expense, net of federal benefit |  | 139 |  |  | 132 |  |  | 113 |
Other |  | 22 |  |  | 42 |  |  | 14 |
Provision for income taxes |  | $ | 1,371 |  |  | $ | 1,371 |  |  | $ | 1,252 |
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 November 29, 2024 and December 1, 2023 were as follows:
(in millions) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Capitalized expenses |  | $ | 1,625 |  |  | $ | 984 |
Credit carryforwards |  | 343 |  |  | 366 |
Net operating loss and capital loss carryforwards |  | 308 |  |  | 44 |
Intangible assets |  | 117 |  |  | 320 |
Reserves and accruals |  | 129 |  |  | 125 |
Operating lease liabilities |  | 79 |  |  | 97 |
Stock-based compensation |  | 66 |  |  | 65 |
Benefits relating to tax positions |  | 64 |  |  | 68 |
Other |  | 34 |  |  | 48 |
Total gross deferred tax assets |  | 2,765 |  |  | 2,117 |
Valuation allowance |  | (725) |  |  | (405) |
Total deferred tax assets |  | 2,040 |  |  | 1,712 |
Deferred tax liabilities: |  |  |  |
Acquired intangible assets |  | 180 |  |  | 263 |
Prepaid expenses |  | 112 |  |  | 107 |
Depreciation and amortization |  | 70 |  |  | 77 |
Operating lease right-of-use assets |  | 52 |  |  | 89 |
Total deferred tax liabilities |  | 414 |  |  | 536 |
Net deferred tax assets |  | $ | 1,626 |  |  | $ | 1,176 |
Gross Amount of Unrecognized Tax Benefits | During fiscal 2024 and 2023, the aggregate changes in our total gross amount of unrecognized tax benefits were as follows:
(in millions) |  | 2024 |  | 2023
Beginning balance |  | $ | 501 |  |  | $ | 321 |
Gross increases in unrecognized tax benefits – prior year tax positions |  | 6 |  |  | 103 |
Gross decreases in unrecognized tax benefits – prior year tax positions |  | (10) |  |  | (9) |
Gross increases in unrecognized tax benefits – current year tax positions |  | 269 |  |  | 108 |
Lapse of statute of limitations |  | (63) |  |  | (14) |
Tax settlements |  | (20) |  |  | (13) |
Foreign exchange gains and losses |  | — |  |  | 5 |
Ending balance |  | $ | 683 |  |  | $ | 501 |

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