v3.25.2
Income Taxes
 9 Months Ended
May 29, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

Our income tax (provision) benefit consisted of the following:
Quarter Ended
Nine Months Ended
May 29, 2025May 30, 2024May 29, 2025May 30, 2024
Income (loss) before taxes$2,113 $715 $6,023 $(270)
Income tax (provision) benefit(235)(377)(695)172 
Effective tax rate
11.1 %52.7 %11.5 %63.7 %

The change in our effective tax rate for the third quarter of 2025 and the first nine months of 2025 as compared to the respective periods in 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 $240 million (benefiting our diluted earnings per share by $0.21) and $623 million (benefiting our diluted earnings per share by $0.55) for the third quarter and first nine 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 third quarter and first nine months of 2024.