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Income Taxes (Tables)

12 Months Ended

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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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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